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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: 04/30/18

Item 1. Report to Stockholders.

	Semiannual Report to Shareholders	April 30, 2018
	Invesco All Cap Market Neutral Fund
	Nasdaq:
	A: CPNAX  ∎  C: CPNCX  ∎  R: CPNRX  ∎  Y: CPNYX  ∎  R5: CPNFX  ∎  R6: CPNSX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
14	Financial Statements
16	Notes to Financial Statements
24	Financial Highlights
25	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-5.72	%
Class C Shares	-6.10
Class R Shares	-5.87
Class Y Shares	-5.56
Class R5 Shares	-5.54
Class R6 Shares	-5.54
FTSE US 3-Month Treasury Bill Index▼ (Broad Market/Style-Specific Index)	0.67
Lipper Alternative Equity Market Neutral Funds Index∎ (Peer Group Index)	0.14
Source(s): ▼FactSet Research Systems Inc.; ∎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.

2                      Invesco All Cap Market Neutral Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	0.25	%
1 Year	-10.60
Class C Shares
Inception (12/17/13)	0.80	%
1 Year	-7.02
Class R Shares
Inception (12/17/13)	1.30	%
1 Year	-5.68
Class Y Shares
Inception (12/17/13)	1.80	%
1 Year	-5.19
Class R5 Shares
Inception (12/17/13)	1.85	%
1 Year	-5.07
Class R6 Shares
Inception	1.83	%
1 Year	-5.07

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.41%, 2.16%, 1.66%, 1.16%, 1.04% and 1.04%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.42%, 2.17%, 1.67%, 1.17%, 1.05% and 1.05%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	0.62	%
1 Year	-10.72
Class C Shares
Inception (12/17/13)	1.20	%
1 Year	-7.12
Class R Shares
Inception (12/17/13)	1.69	%
1 Year	-5.80
Class Y Shares
Inception (12/17/13)	2.17	%
1 Year	-5.43
Class R5 Shares
Inception (12/17/13)	2.22	%
1 Year	-5.22
Class R6 Shares
Inception	2.20	%
1 Year	-5.32

report that are based on expenses incurred during the period covered by this report.

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2020. See current prospectus for more information.

3                      Invesco All Cap Market Neutral Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

 

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco All Cap Market Neutral Fund

Schedule of Investments^(a)

April 30, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–94.51%
Advertising–0.18%
Interpublic Group of Cos., Inc. (The)		8,300	$	195,797
Aerospace & Defense–0.11%
Triumph Group, Inc.		5,100		120,615
Airlines–0.27%
Copa Holdings, S.A.–Class A (Panama)(b)		2,450		287,067
Alternative Carriers–0.22%
Vonage Holdings Corp.		21,250		237,575
Apparel Retail–3.71%
Abercrombie & Fitch Co.–Class A		50,300		1,288,686
Tailored Brands, Inc.		69,100		2,180,105
Tilly’s Inc.–Class A		45,600		511,176
				3,979,967
Apparel, Accessories & Luxury Goods–0.73%
Fossil Group, Inc.		10,050		150,248
Michael Kors Holdings Ltd.(b)		6,500		444,730
Ralph Lauren Corp.		1,750		192,237
				787,215
Application Software–0.33%
Datawatch Corp.		16,250		149,500
Upland Software, Inc.		7,700		209,209
				358,709
Auto Parts & Equipment–0.54%
Delphi Technologies PLC(b)		3,000		145,230
Shiloh Industries, Inc.		15,750		130,883
Stoneridge, Inc.		11,400		300,162
				576,275
Automobile Manufacturers–0.27%
Winnebago Industries, Inc.		7,700		291,830
Biotechnology–9.59%
Adverum Biotechnologies, Inc.		36,350		227,188
Akebia Therapeutics, Inc.		7,750		71,378
BioSpecifics Technologies Corp.		5,100		216,342
Catalyst Biosciences, Inc.		16,950		482,905
ChemoCentryx, Inc.		48,550		530,651
Concert Pharmaceuticals, Inc.		28,900		527,425
CytomX Therapeutics, Inc.		29,600		778,480
Emergent Biosolutions, Inc.		2,750		142,615
Enanta Pharmaceuticals, Inc.		17,400		1,619,070
ImmunoGen, Inc.		159,150		1,749,058
Madrigal Pharmaceuticals, Inc.		3,850		435,666
Myriad Genetics, Inc.		31,400		888,306
Pieris Pharmaceuticals, Inc.		76,500		487,305
Sangamo BioSciences, Inc.		85,600		1,352,480

	Shares		Value
Biotechnology–(continued)
Spectrum Pharmaceuticals, Inc.(b)		11,500	$	183,080
Strongbridge Biopharma PLC		13,600		104,040
Vericel Corp.(b)		16,000		213,600
XOMA Corp.(b)		11,650		277,503
				10,287,092
Broadcasting–0.20%
Beasley Broadcast Group, Inc.–Class A		18,850		213,948
Cable & Satellite–0.08%
MSG Networks, Inc.–Class A(b)		4,100		84,050
Casinos & Gaming–1.07%
Scientific Games Corp.(b)		21,500		1,145,950
Coal & Consumable Fuels–1.10%
Arch Coal, Inc.–Class A		4,950		400,108
Cloud Peak Energy Inc.		85,150		271,628
CONSOL Energy, Inc.		4,850		152,533
Hallador Energy Co.		54,950		359,373
				1,183,642
Commercial Printing–1.08%
Cimpress N.V. (Netherlands)		4,650		668,717
Ennis, Inc.(b)		9,300		166,470
Quad/Graphics, Inc.		13,200		326,172
				1,161,359
Commodity Chemicals–0.54%
Methanex Corp. (Canada)(b)		9,550		576,820
Communications Equipment–2.03%
Comtech Telecommunications Corp.		37,700		1,153,243
Extreme Networks, Inc.		73,700		788,590
NETGEAR, Inc.(b)		900		49,770
PC-Tel, Inc.(b)		26,800		191,620
				2,183,223
Computer & Electronics Retail–0.59%
Conn’s, Inc.		24,850		633,675
Construction Machinery & Heavy Trucks–1.16%
Commercial Vehicle Group, Inc.		37,700		252,967
Manitowoc Co., Inc. (The)		24,900		613,785
Meritor, Inc.		19,150		372,850
				1,239,602
Consumer Electronics–0.41%
ZAGG, Inc.(b)		38,950		436,240
Consumer Finance–0.25%
Navient Corp.		13,250		175,695
Nelnet, Inc.–Class A		1,800		95,058
				270,753

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

5                         Invesco All Cap Market Neutral Fund

	Shares		Value
Copper–0.47%
Freeport-McMoRan Inc.		33,500	$	509,535
Data Processing & Outsourced Services–1.37%
Alliance Data Systems Corp.		650		131,982
Everi Holdings Inc.		109,900		704,459
StarTek, Inc.		14,700		129,948
Syntel, Inc.(b)		17,300		499,624
				1,466,013
Department Stores–1.36%
Dillard’s, Inc.–Class A		8,750		652,312
Macy’s, Inc.		26,100		810,927
				1,463,239
Diversified Chemicals–0.67%
Huntsman Corp.		24,000		714,480
Diversified Metals & Mining–0.53%
Teck Resources Ltd.–Class B (Canada)		22,750		571,708
Education Services–0.49%
Cambium Learning Group Inc.(b)		51,600		523,224
Electronic Components–0.30%
Bel Fuse, Inc.–Class B		5,450		105,458
IntriCon Corp.		9,100		212,030
				317,488
Electronic Equipment & Instruments–1.58%
Control4 Corp.		39,400		821,096
Electro Scientific Industries, Inc.		48,500		873,000
				1,694,096
Fertilizers & Agricultural Chemicals–1.32%
CF Industries Holdings, Inc.		36,500		1,416,200
Food Distributors–0.12%
Chefs Warehouse, Inc. (The)		5,450		132,163
Footwear–1.67%
Crocs, Inc.		21,500		339,700
Deckers Outdoor Corp.		13,250		1,235,695
Rocky Brands, Inc.		9,250		220,612
				1,796,007
Health Care Equipment–3.53%
Accuray Inc.(b)		90,150		450,750
Cutera, Inc.		20,550		1,030,582
Fonar Corp.		8,100		230,445
iRadimed Corp.		5,050		88,123
Novocure Ltd.		72,800		1,987,440
				3,787,340
Health Care Facilities–1.46%
AAC Holdings, Inc.		18,550		210,171
Community Health Systems, Inc.		26,600		100,548
Quorum Health Corp.		41,400		291,870

	Shares		Value
Health Care Facilities–(continued)
Tenet Healthcare Corp.(b)		40,050	$	958,797
				1,561,386
Health Care Services–1.75%
American Renal Associates Holdings, Inc.(b)		20,850		305,453
Psychemedics Corp.		9,750		205,335
RadNet, Inc.		60,600		802,950
Tivity Health, Inc.(b)		15,550		559,022
				1,872,760
Health Care Supplies–1.49%
Haemonetics Corp.		4,600		358,984
Lantheus Holdings, Inc.		58,850		1,047,530
STAAR Surgical Co.		11,750		190,937
				1,597,451
Health Care Technology–1.13%
Simulations Plus, Inc.		4,500		74,025
Tabula Rasa Healthcare, Inc.		27,850		1,141,571
				1,215,596
Homebuilding–0.55%
KB Home		22,050		585,428
Homefurnishing Retail–2.06%
Aaron’s, Inc.		18,800		785,276
RH(b)		14,950		1,426,977
				2,212,253
Independent Power Producers & Energy Traders–0.19%
NRG Energy, Inc.		6,700		207,700
Industrial Machinery–2.38%
DMC Global, Inc.		8,250		319,275
Harsco Corp.		92,250		1,886,512
L.B. Foster Co.–Class A		14,750		347,363
				2,553,150
Integrated Telecommunication Services–0.09%
Frontier Communications Corp.		11,250		93,375
Internet & Direct Marketing Retail–1.19%
PetMed Express, Inc.(b)		33,850		1,132,621
Qurate Retail Group, Inc.–Class A		5,950		139,289
				1,271,910
Internet Software & Services–3.14%
Blucora, Inc.		14,950		388,700
Care.com, Inc.		38,550		601,380
eGain Corp.		37,750		326,538
QuinStreet, Inc.		62,550		703,062
Stamps.com, Inc.		1,200		273,300
Twitter, Inc.(b)		35,350		1,071,458
				3,364,438

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

6                         Invesco All Cap Market Neutral Fund

	Shares		Value
IT Consulting & Other Services–0.32%
Teradata Corp.		3,650	$	149,358
Unisys Corp.(b)		17,650		197,680
				347,038
Leisure Facilities–0.32%
Town Sports International Holdings, Inc.(b)		37,000		344,100
Leisure Products–0.17%
Johnson Outdoors Inc.–Class A(b)		2,800		181,328
Life Sciences Tools & Services–0.33%
Codexis, Inc.		4,350		48,938
Fluidigm Corp.		51,550		304,145
				353,083
Managed Health Care–0.17%
Triple-S Management Corp.–Class B (Puerto Rico)(b)		6,350		180,023
Marine–0.10%
Genco Shipping & Trading Ltd.(b)		7,000		112,000
Metal & Glass Containers–0.10%
Myers Industries, Inc.		4,700		109,510
Oil & Gas Drilling–1.88%
Diamond Offshore Drilling, Inc.		54,500		1,002,255
Noble Corp. PLC		91,600		427,772
Rowan Cos. PLC–Class A		40,450		584,098
				2,014,125
Oil & Gas Equipment & Services–0.49%
ION Geophysical Corp.		18,450		531,360
Oil & Gas Exploration & Production–6.47%
Bonanza Creek Energy, Inc.		7,300		221,409
California Resources Corp.(b)		30,700		781,315
CNX Resources, Corp.		50,400		748,944
Comstock Resources, Inc.		21,450		148,648
Enerplus Corp. (Canada)		106,200		1,232,982
Evolution Petroleum Corp.		55,700		518,010
Marathon Oil Corp.		41,100		750,075
Murphy Oil Corp.		5,000		150,550
Panhandle Oil & Gas, Inc.–Class A(b)		14,400		280,080
W&T Offshore, Inc.		198,100		1,208,410
Whiting Petroleum Corp.(b)		22,050		900,081
				6,940,504
Oil & Gas Refining & Marketing–1.06%
Adams Resources & Energy, Inc.		4,000		183,200
HollyFrontier Corp.(b)		15,750		955,868
				1,139,068
Oil & Gas Storage & Transportation–0.57%
Overseas Shipholding Group, Inc.–Class A		59,250		221,003
Teekay Corp. (Bermuda)		44,300		390,726
				611,729

	Shares		Value
Packaged Foods & Meats–0.22%
Sanderson Farms, Inc.		2,100	$	233,436
Paper Products–0.76%
Verso Corp.–Class A		44,900		810,894
Personal Products–1.17%
Medifast, Inc.		12,550		1,259,769
Pharmaceuticals–8.75%
Assembly Biosciences, Inc.		27,450		1,193,526
Corcept Therapeutics Inc.		86,850		1,448,658
Cymabay Therapeutics, Inc.		15,950		185,498
Endo International PLC(b)		78,000		446,940
Endocyte, Inc.		86,900		831,633
Innoviva, Inc.		105,100		1,523,950
Intersect ENT, Inc.		37,300		1,490,135
MyoKardia, Inc.		29,150		1,440,010
Supernus Pharmaceuticals Inc.		14,950		701,155
Zogenix, Inc.(b)		3,150		123,795
				9,385,300
Real Estate Development–0.29%
Maui Land & Pineapple Co., Inc.		29,050		309,383
Real Estate Services–0.53%
Altisource Asset Management Corp.		2,625		173,250
Altisource Portfolio Solutions S.A.		14,300		391,534
				564,784
Reinsurance–0.21%
Third Point Reinsurance Ltd. (Bermuda)(b)		17,000		226,100
Research & Consulting Services–0.13%
RPX Corp.		12,750		138,083
Residential REITs–0.09%
BRT Apartments Corp.		8,150		98,534
Semiconductor Equipment–1.73%
Amtech Systems, Inc.		18,100		125,433
SolarEdge Technologies, Inc.		32,850		1,729,552
				1,854,985
Semiconductors–3.67%
Adesto Technologies Corp.		21,450		193,050
First Solar, Inc.		24,100		1,708,931
Micron Technology, Inc.(b)		39,900		1,834,602
Pixelworks, Inc.(b)		45,800		196,024
				3,932,607
Specialized Consumer Services–2.35%
H&R Block, Inc.		25,800		713,370
Liberty Tax, Inc.		4,950		50,985
Weight Watchers International, Inc.		25,100		1,758,255
				2,522,610
Specialized REITs–1.46%
CoreCivic, Inc.		41,150		829,584

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

7                         Invesco All Cap Market Neutral Fund

	Shares		Value
Specialized REITs–(continued)
SBA Communications Corp.(b)		4,600	$	737,058
				1,566,642
Specialty Stores–1.09%
GNC Holdings, Inc.–Class A(b)		111,800		396,890
Hibbett Sports, Inc.(b)		28,550		776,560
				1,173,450
Technology Distributors–1.29%
Systemax, Inc.		44,150		1,387,634
Technology Hardware, Storage & Peripherals–0.50%
Avid Technology, Inc.		25,150		112,672
Pure Storage, Inc.–Class A		2,750		55,633
Quantum Corp.		44,100		172,872
Western Digital Corp.(b)		2,450		193,035
				534,212
Thrifts & Mortgage Finance–1.95%
Charter Financial Corp.(b)		5,900		137,234
Federal Agricultural Mortgage Corp.–Class C		17,000		1,453,670
FS Bancorp, Inc.		2,300		132,434
Walker & Dunlop, Inc.		6,500		371,215
				2,094,553
Tobacco–0.23%
Alliance One International, Inc.		11,700		244,530

	Shares		Value
Trading Companies & Distributors–1.79%
H&E Equipment Services, Inc.		11,800	$	381,730
Textainer Group Holdings Ltd.		66,050		1,136,060
Titan Machinery, Inc.		16,650		321,678
W.W. Grainger, Inc.(b)		300		84,405
				1,923,873
Trucking–1.02%
Avis Budget Group, Inc.		16,350		807,854
USA Truck, Inc.		11,800		283,554
				1,091,408
Total Common Stocks & Other Equity Interests (Cost $89,182,325)				101,394,999
Money Market Funds–11.24%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(c)		4,220,390		4,220,390
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(c)		3,013,939		3,014,240
Invesco Treasury Portfolio–Institutional Class, 1.62%(c)		4,823,302		4,823,302
Total Money Market Funds (Cost $12,057,798)				12,057,932
TOTAL INVESTMENTS IN SECURITIES–105.75% (Cost $101,240,123)				113,452,931
OTHER ASSETS LESS LIABILITIES–(5.75)%				(6,169,424	)
NET ASSETS–100.00%			$	107,283,507

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)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

Open Over-The-Counter Total Return Swap Agreements — Equity Risk
Reference Entity	Counterparty		Maturity Dates		Floating Rate Index(1)		Payment Frequency		Notional Amount			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)			Net Value of Reference Entities
Equity Securities — Short		Morgan Stanley & Co. LLC		04/24/2019		Federal Funds floating rate		Monthly	$	(101,853,887	)	$	—	$	(34,135	)(2)(3)	$	(34,135	)(2)(3)	$	(101,858,801	)

⁽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 $(29,221) of dividends payable and financing fees related to the reference entities.

⁽³⁾  Swaps are collaterized by $22,383 cash held with Morgan Stanley & Co. LLC, the Counterparty.

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

8                         Invesco All Cap Market Neutral Fund

The following table represents the individual short positions and related values of equity securities underlying the total return swap with Morgan Stanley & Co. LLC, as of April 30, 2018.

	Shares			Value			Percentage of Reference Entities
Equity Securities — Short
Advertising
Fluent, Inc.		(2,534	)	$	(6,969	)		(0.01	)
Aerospace & Defense
KeyW Holding Corp. (The)		(64,250	)		(497,295	)		(0.52	)
Wesco Aircraft Holdings, Inc.		(67,250	)		(679,225	)		(0.72	)
					(1,176,520	)
Air Freight & Logistics
Radiant Logistics, Inc.		(42,900	)		(151,437	)		(0.16	)
Airlines
Allegiant Travel Co.		(2,200	)		(352,550	)		(0.31	)
Spirit Airlines, Inc.		(9,000	)		(321,480	)		(0.34	)
					(674,030	)
Apparel Retail
Francesca’s Holdings Corp.		(44,200	)		(218,790	)		(0.21	)
Genesco, Inc.		(4,950	)		(211,612	)		(0.20	)
					(430,402	)
Apparel, Accessories & Luxury Goods
Under Armour, Inc.–Class A		(55,350	)		(983,016	)		(0.91	)
Under Armour, Inc.–Class C		(39,550	)		(607,093	)		(0.57	)
					(1,590,109	)
Application Software
Asure Software, Inc.		(15,500	)		(234,670	)		(0.23	)
Digimarc Corp.		(15,500	)		(447,175	)		(0.40	)
Ellie Mae, Inc.		(12,550	)		(1,215,718	)		(1.11	)
Park City Group, Inc.		(10,250	)		(80,975	)		(0.09	)
PROS Holdings, Inc.		(4,700	)		(138,744	)		(0.15	)
SITO Mobile Ltd.		(23,950	)		(80,951	)		(0.09	)
					(2,198,233	)
Asset Management & Custody Banks
Safeguard Scientifics, Inc.		(6,900	)		(89,355	)		(0.08	)
Auto Parts & Equipment
Horizon Global Corp.		(30,500	)		(227,835	)		(0.24	)
Automobile Manufacturers
Tesla, Inc.		(4,260	)		(1,252,014	)		(1.19	)
Automotive Retail
Advance Auto Parts, Inc.		(9,250	)		(1,058,662	)		(0.96	)
CarMax, Inc.		(17,100	)		(1,068,750	)		(1.03	)
Lithia Motors, Inc.–Class A		(450	)		(43,137	)		(0.04	)
Monro, Inc.		(7,350	)		(411,232	)		(0.39	)
Sonic Automotive, Inc.–Class A		(3,900	)		(77,220	)		(0.08	)
					(2,659,001	)

	Shares			Value			Percentage of Reference Entities
Biotechnology
ACADIA Pharmaceuticals Inc.		(45,750	)	$	(723,307	)		(0.89	)
ADMA Biologics, Inc.		(52,450	)		(260,676	)		(0.26	)
Advaxis, Inc.		(48,550	)		(77,680	)		(0.08	)
Agios Pharmaceuticals, Inc.		(850	)		(71,324	)		(0.07	)
Aldeyra Therapeutics, Inc.		(16,800	)		(131,880	)		(0.12	)
Bellicum Pharmaceuticals, Inc.		(36,600	)		(244,854	)		(0.26	)
bluebird bio, Inc.		(350	)		(59,553	)		(0.06	)
Cara Therapeutics, Inc.		(6,100	)		(75,518	)		(0.07	)
Clovis Oncology, Inc.		(14,000	)		(607,320	)		(0.66	)
Coherus Biosciences, Inc.		(80,000	)		(968,000	)		(0.93	)
Corbus Pharmaceuticals Holdings, Inc.		(66,500	)		(395,675	)		(0.43	)
Eiger BioPharmaceuticals, Inc.		(4,000	)		(35,200	)		(0.04	)
Flexion Therapeutics, Inc.		(26,250	)		(654,150	)		(0.63	)
Intercept Pharmaceuticals, Inc.		(9,200	)		(625,692	)		(0.61	)
Intrexon Corp.		(7,250	)		(131,805	)		(0.13	)
Invitae Corp.		(44,150	)		(244,149	)		(0.24	)
Nymox Pharmaceutical Corp. (Canada)		(11,850	)		(48,467	)		(0.05	)
Portola Pharmaceuticals, Inc.		(18,000	)		(650,340	)		(0.59	)
Radius Health, Inc.		(25,650	)		(774,630	)		(0.83	)
Sage Therapeutics, Inc.		(5,600	)		(805,952	)		(0.80	)
TESARO, Inc.		(21,400	)		(1,089,474	)		(1.09	)
Tyme Technologies, Inc.		(106,700	)		(244,343	)		(0.23	)
Ultragenyx Pharmaceutical Inc.		(19,700	)		(1,001,548	)		(1.04	)
					(9,921,537	)
Building Products
Johnson Controls International PLC		(15,100	)		(511,437	)		(0.51	)
Casinos & Gaming
Empire Resorts, Inc.		(8,135	)		(154,972	)		(0.16	)
Commodity Chemicals
Loop Industries, Inc.		(8,800	)		(114,400	)		(0.12	)
Trecora Resources		(12,050	)		(156,048	)		(0.16	)
					(270,448	)
Communications Equipment
Infinera Corp.		(130,450	)		(1,528,874	)		(1.47	)
Construction Machinery & Heavy Trucks
Wabtec Corp.		(16,850	)		(1,496,449	)		(1.46	)
Construction Materials
Forterra, Inc.		(85,700	)		(629,038	)		(0.74	)
Martin Marietta Materials, Inc.		(250	)		(48,693	)		(0.05	)
Vulcan Materials Co.		(800	)		(89,352	)		(0.09	)
					(767,083	)

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

9                         Invesco All Cap Market Neutral Fund

	Shares			Value			Percentage of Reference Entities
Consumer Electronics
Universal Electronics, Inc.		(7,450	)	$	(344,935	)		(0.36	)
Data Processing & Outsourced Services
Square, Inc.–Class A		(3,300	)		(156,222	)		(0.16	)
Distributors
Core-Mark Holding Co., Inc.		(46,400	)		(956,304	)		(0.95	)
LKQ Corp.		(7,700	)		(238,854	)		(0.29	)
Pool Corp.		(3,000	)		(416,430	)		(0.41	)
					(1,611,588	)
Diversified Chemicals
LSB Industries, Inc.		(35,750	)		(197,697	)		(0.21	)
Diversified Metals & Mining
Compass Minerals International, Inc.		(13,000	)		(874,900	)		(0.87	)
Diversified Support Services
Ritchie Bros. Auctioneers Inc. (Canada)		(28,850	)		(944,261	)		(0.94	)
Education Services
Career Education Corp.		(4,550	)		(59,014	)		(0.06	)
Electric Utilities
NextEra Energy, Inc.		(350	)		(57,369	)		(0.06	)
Electrical Components & Equipment
American Superconductor Corp.		(27,275	)		(160,922	)		(0.17	)
Revolution Lighting Technologies, Inc.		(23,350	)		(83,126	)		(0.08	)
Sunrun Inc.		(139,850	)		(1,289,417	)		(1.21	)
Vivint Solar, Inc.		(48,300	)		(190,785	)		(0.19	)
					(1,724,250	)
Electronic Components
Akoustis Technologies, Inc.		(26,200	)		(132,834	)		(0.13	)
II-VI, Inc.		(23,600	)		(899,160	)		(0.94	)
Universal Display Corp.		(6,350	)		(559,117	)		(0.57	)
					(1,591,111	)
Electronic Equipment & Instruments
Iteris, Inc.		(42,250	)		(214,207	)		(0.21	)
Electronic Manufacturing Services
Fabrinet (Thailand)		(18,000	)		(507,780	)		(0.53	)
Maxwell Technologies, Inc.		(50,050	)		(256,756	)		(0.27	)
					(764,536	)
Environmental & Facilities Services
Team, Inc.		(38,200	)		(647,490	)		(0.64	)
Food Retail
Natural Grocers by Vitamin Cottage, Inc.		(21,900	)		(156,585	)		(0.16	)
Footwear
NIKE, Inc.–Class B		(1,550	)		(106,005	)		(0.10	)

	Shares			Value			Percentage of Reference Entities
General Merchandise Stores
Fred’s, Inc.–Class A		(12,700	)	$	(30,417	)		(0.04	)
Tuesday Morning Corp.		(53,550	)		(190,103	)		(0.21	)
					(220,520	)
Gold
Tahoe Resources Inc.		(90,950	)		(457,479	)		(0.45	)
Health Care Equipment
ConforMIS Inc.		(42,000	)		(54,390	)		(0.07	)
CytoSorbents Corp.		(34,100	)		(257,455	)		(0.25	)
DexCom, Inc.		(20,450	)		(1,496,531	)		(1.47	)
GenMark Diagnostics Inc.		(72,200	)		(451,972	)		(0.44	)
Invacare Corp.		(40,250	)		(732,550	)		(0.75	)
Invuity, Inc.		(22,050	)		(72,765	)		(0.08	)
K2M Group Holdings, Inc.		(3,700	)		(70,670	)		(0.07	)
Nevro Corp.		(11,750	)		(1,049,980	)		(1.03	)
NuVasive, Inc.		(18,700	)		(995,027	)		(0.97	)
Oxford Immunotec Global PLC		(32,750	)		(420,183	)		(0.40	)
Penumbra, Inc.		(6,100	)		(758,535	)		(0.74	)
Pulse Biosciences, Inc.		(22,450	)		(394,896	)		(0.39	)
Tandem Diabetes Care, Inc.		(59,600	)		(454,748	)		(0.43	)
ViewRay Inc.		(92,500	)		(682,650	)		(0.70	)
Viveve Medical, Inc.		(26,000	)		(89,440	)		(0.08	)
Wright Medical Group N.V.		(41,200	)		(807,932	)		(0.78	)
					(8,789,724	)
Health Care Services
Envision Healthcare Corp.		(8,450	)		(314,086	)		(0.31	)
Health Care Supplies
Endologix, Inc.		(105,450	)		(454,489	)		(0.43	)
Quotient Ltd.		(55,950	)		(233,312	)		(0.22	)
					(687,801	)
Health Care Technology
Evolent Health, Inc.–Class A		(25,250	)		(416,625	)		(0.41	)
Heavy Electrical Equipment
Babcock & Wilcox Enterprises, Inc.		(53,800	)		(122,664	)		(0.13	)
Home Improvement Retail
Tile Shop Holdings, Inc.		(68,300	)		(467,855	)		(0.43	)
Homebuilding
New Home Co. Inc. (The)		(9,950	)		(99,301	)		(0.10	)
Homefurnishing Retail
At Home Group, Inc.		(3,350	)		(117,886	)		(0.11	)
Hotels, Resorts & Cruise Lines
Marriott International Inc.–Class A		(650	)		(88,842	)		(0.09	)
Red Lion Hotels Corp.		(9,400	)		(92,590	)		(0.09	)
					(181,432	)

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

10                         Invesco All Cap Market Neutral Fund

	Shares			Value			Percentage of Reference Entities
Housewares & Specialties
Newell Brands Inc.		(56,900	)	$	(1,572,147	)		(1.48	)
Hypermarkets & Super Centers
PriceSmart, Inc.		(2,200	)		(192,720	)		(0.19	)
Independent Power Producers & Energy Traders
Algonquin Power & Utilities Corp. (Canada)		(5,200	)		(50,648	)		(0.05	)
Industrial Machinery
CIRCOR International, Inc.		(3,200	)		(135,584	)		(0.14	)
Energy Recovery, Inc.		(8,500	)		(72,165	)		(0.07	)
ExOne Co. (The)		(20,000	)		(138,400	)		(0.15	)
					(346,149	)
Integrated Telecommunication Services
IDT Corp.–Class B		(23,950	)		(129,809	)		(0.13	)
Internet & Direct Marketing Retail
Duluth Holdings, Inc.–Class B		(39,750	)		(689,662	)		(0.70	)
Wayfair, Inc.–Class A		(22,150	)		(1,379,945	)		(1.59	)
					(2,069,607	)
Internet Software & Services
Benefitfocus, Inc.		(5,250	)		(158,550	)		(0.14	)
Instructure, Inc.		(2,450	)		(99,348	)		(0.10	)
Liquidity Services, Inc.		(41,250	)		(266,062	)		(0.25	)
MercadoLibre Inc. (Argentina)		(380	)		(129,052	)		(0.12	)
Nutanix, Inc.–Class A		(1,800	)		(91,062	)		(0.10	)
Pandora Media, Inc.		(98,550	)		(552,866	)		(0.51	)
Shopify, Inc. (Canada)–Class A		(10,800	)		(1,443,204	)		(1.30	)
					(2,740,144	)
Leisure Products
American Outdoor Brands Corp.		(19,450	)		(213,950	)		(0.22	)
Life Sciences Tools & Services
NanoString Technologies, Inc.		(30,600	)		(290,700	)		(0.27	)
Marine
Matson, Inc.		(11,600	)		(339,068	)		(0.33	)
Movies & Entertainment
AMC Entertainment Holdings, Inc.–Class A		(66,050	)		(1,152,572	)		(1.11	)
Global Eagle Entertainment Inc.		(96,500	)		(112,905	)		(0.11	)
IMAX Corp.		(10,250	)		(237,800	)		(0.23	)
					(1,503,277	)
Oil & Gas Equipment & Services
Basic Energy Services, Inc.		(15,800	)		(255,644	)		(0.25	)
Forum Energy Technologies, Inc.		(36,600	)		(461,160	)		(0.44	)
Frank’s International N.V.		(40,800	)		(285,192	)		(0.27	)
Gulf Island Fabrication, Inc.		(19,000	)		(190,000	)		(0.18	)
Key Energy Services, Inc.		(26,450	)		(423,993	)		(0.39	)
Smart Sand, Inc.		(10,200	)		(74,664	)		(0.07	)
					(1,690,653	)

	Shares			Value			Percentage of Reference Entities
Oil & Gas Exploration & Production
Callon Petroleum Co.		(74,150	)	$	(1,031,426	)		(1.04	)
Centennial Resource Development, Inc.–Class A		(29,900	)		(553,150	)		(0.56	)
Diamondback Energy Inc.		(3,350	)		(430,307	)		(0.42	)
Energy XXI Gulf Coast, Inc.		(44,200	)		(255,476	)		(0.25	)
Extraction Oil & Gas, Inc.		(45,950	)		(648,814	)		(0.63	)
Gulfport Energy Corp.		(62,800	)		(584,040	)		(0.55	)
Lilis Energy, Inc.		(81,800	)		(337,834	)		(0.32	)
Parsley Energy Inc.–Class A		(50,700	)		(1,522,521	)		(1.52	)
Resolute Energy Corp.		(30,750	)		(1,026,743	)		(0.97	)
Ring Energy, Inc.		(18,300	)		(305,976	)		(0.31	)
Sanchez Energy Corp.		(75,650	)		(232,246	)		(0.23	)
					(6,928,533	)
Oil & Gas Refining & Marketing
Amyris, Inc.		(35,050	)		(231,680	)		(0.22	)
Green Plains, Inc.		(51,800	)		(963,480	)		(0.90	)
					(1,195,160	)
Oil & Gas Storage & Transportation
Cheniere Energy, Inc.		(6,850	)		(398,396	)		(0.39	)
Enbridge, Inc. (Canada)		(19,550	)		(591,778	)		(0.60	)
Frontline Ltd. (Norway)		(120,000	)		(519,600	)		(0.57	)
Targa Resources Corp.		(7,050	)		(331,139	)		(0.33	)
					(1,840,913	)
Paper Products
Clearwater Paper Corp.		(2,050	)		(48,483	)		(0.05	)
P.H. Glatfelter Co.		(2,650	)		(55,359	)		(0.06	)
					(103,842	)
Personal Products
Coty Inc.–Class A		(71,950	)		(1,248,332	)		(1.18	)
Revlon, Inc.–Class A		(15,350	)		(349,980	)		(0.34	)
					(1,598,312	)
Pharmaceuticals
Aclaris Therapeutics, Inc.		(2,800	)		(49,700	)		(0.05	)
Aerie Pharmaceuticals, Inc.		(15,100	)		(773,120	)		(0.81	)
Axsome Therapeutics, Inc.		(23,550	)		(80,070	)		(0.06	)
Collegium Pharmaceutical, Inc.		(3,350	)		(79,228	)		(0.08	)
Intra-Cellular Therapies, Inc.		(34,550	)		(601,861	)		(0.66	)
Johnson & Johnson		(4,550	)		(575,529	)		(0.57	)
Medicines Co. (The)		(28,250	)		(850,042	)		(0.81	)
Ocular Therapeutix, Inc.		(48,100	)		(302,549	)		(0.30	)
Paratek Pharmaceuticals, Inc.		(38,200	)		(408,740	)		(0.41	)
Pfizer, Inc.		(9,000	)		(329,490	)		(0.33	)
Prestige Brands Holdings, Inc.		(14,400	)		(423,936	)		(0.43	)
Reata Pharmaceuticals, Inc.–Class A		(34,050	)		(900,282	)		(0.85	)
Revance Therapeutics, Inc.		(47,800	)		(1,336,010	)		(1.39	)
TherapeuticsMD, Inc.		(123,650	)		(680,075	)		(0.69	)
Theravance Biopharma, Inc. (Cayman Islands)		(4,000	)		(96,280	)		(0.09	)

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

11                         Invesco All Cap Market Neutral Fund

	Shares			Value			Percentage of Reference Entities
Pharmaceuticals–(continued)
WaVe Life Sciences Ltd.		(20,500	)	$	(911,225	)		(0.90	)
Zoetis, Inc.		(750	)		(62,610	)		(0.06	)
					(8,460,747	)
Railroads
Canadian National Railway Co. (Canada)		(2,350	)		(181,608	)		(0.17	)
Real Estate Operating Companies
Transcontinental Realty Investors, Inc.		(2,150	)		(94,256	)		(0.11	)
Trinity Place Holdings, Inc.		(9,400	)		(61,570	)		(0.06	)
					(155,826	)
Regional Banks
Banc of California, Inc.		(3,850	)		(73,920	)		(0.07	)
First BanCorp. (Puerto Rico)		(73,250	)		(528,865	)		(0.49	)
MidSouth Bancorp, Inc.		(19,450	)		(271,327	)		(0.26	)
Republic First BanCorp., Inc.		(29,500	)		(244,850	)		(0.24	)
					(1,118,962	)
Reinsurance
Maiden Holdings Ltd.		(103,650	)		(792,922	)		(0.80	)
Research & Consulting Services
Willdan Group, Inc.		(10,850	)		(310,310	)		(0.32	)
Restaurants
Chipotle Mexican Grill, Inc.		(4,480	)		(1,896,518	)		(1.45	)
Fiesta Restaurant Group, Inc.		(15,800	)		(331,800	)		(0.30	)
Habit Restaurants, Inc. (The)–Class A		(31,200	)		(315,120	)		(0.28	)
Jamba, Inc.		(6,950	)		(65,469	)		(0.06	)
Noodles & Co.		(25,600	)		(185,600	)		(0.19	)
Papa John’s International, Inc.		(13,000	)		(806,000	)		(0.79	)
Shake Shack Inc.–Class A		(1,350	)		(64,274	)		(0.06	)
Zoe’s Kitchen, Inc.		(24,350	)		(359,163	)		(0.33	)
					(4,023,944	)
Retail REITs
CBL & Associates Properties, Inc.		(215,300	)		(899,954	)		(0.81	)
Pennsylvania Real Estate Investment Trust		(85,600	)		(828,608	)		(0.75	)
					(1,728,562	)
Semiconductor Equipment
AXT, Inc.		(52,200	)		(305,370	)		(0.31	)
Brooks Automation, Inc.		(2,250	)		(55,980	)		(0.06	)
CyberOptics Corp.		(9,150	)		(139,537	)		(0.15	)
PDF Solutions, Inc.		(41,000	)		(457,150	)		(0.45	)
Photronics, Inc.		(18,450	)		(141,143	)		(0.14	)
					(1,099,180	)
Semiconductors
Advanced Micro Devices Inc.		(151,000	)		(1,642,880	)		(1.49	)

	Shares			Value			Percentage of Reference Entities
Semiconductors–(continued)
Alpha & Omega Semiconductor Ltd.		(8,600	)	$	(130,376	)		(0.13	)
Analog Devices, Inc.		(4,500	)		(393,075	)		(0.39	)
Cree, Inc.		(1,600	)		(59,712	)		(0.06	)
Everspin Technologies, Inc.		(23,150	)		(158,114	)		(0.17	)
GSI Technology, Inc.		(8,850	)		(64,871	)		(0.07	)
Impinj, Inc.		(25,600	)		(314,624	)		(0.32	)
Inphi Corp.		(18,400	)		(525,872	)		(0.55	)
Integrated Device Technology, Inc.		(5,150	)		(143,324	)		(0.15	)
MACOM Technology Solutions Holdings, Inc.		(24,300	)		(403,866	)		(0.40	)
NeoPhotonics Corp.		(54,450	)		(279,873	)		(0.32	)
Power Integrations, Inc.		(4,800	)		(325,440	)		(0.32	)
Semtech Corp.		(10,950	)		(430,335	)		(0.45	)
SunPower Corp.		(14,350	)		(122,406	)		(0.13	)
					(4,994,768	)
Soft Drinks
Celsius Holdings, Inc.		(14,400	)		(76,176	)		(0.08	)
Coca-Cola Co. (The)		(2,150	)		(92,902	)		(0.09	)
					(169,078	)
Specialized Finance
On Deck Capital, Inc.		(82,150	)		(431,288	)		(0.43	)
Specialty Chemicals
Advanced Emissions Solutions, Inc.		(25,350	)		(279,357	)		(0.28	)
Albemarle Corp.		(3,650	)		(353,904	)		(0.34	)
Flotek Industries, Inc.		(65,450	)		(233,656	)		(0.27	)
Sherwin-Williams Co. (The)		(1,000	)		(367,660	)		(0.38	)
					(1,234,577	)
Specialty Stores
Barnes & Noble, Inc.		(89,150	)		(494,782	)		(0.49	)
Big 5 Sporting Goods Corp.		(26,100	)		(219,240	)		(0.22	)
Build-A-Bear Workshop, Inc.		(11,250	)		(102,375	)		(0.10	)
MarineMax, Inc.		(31,850	)		(687,960	)		(0.57	)
Tiffany & Co.		(1,050	)		(107,972	)		(0.10	)
Ulta Beauty Inc.		(6,500	)		(1,630,915	)		(1.51	)
Vitamin Shoppe, Inc.		(27,250	)		(134,888	)		(0.13	)
					(3,378,132	)
Steel
AK Steel Holding Corp.		(32,850	)		(150,781	)		(0.15	)
Ampco-Pittsburgh Corp.		(12,550	)		(123,617	)		(0.13	)
Haynes International, Inc.		(1,650	)		(68,987	)		(0.07	)
Ramaco Resources, Inc.		(7,750	)		(52,933	)		(0.05	)
					(396,318	)
Systems Software
SecureWorks Corp.–Class A		(33,250	)		(363,090	)		(0.35	)

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

12                         Invesco All Cap Market Neutral Fund

	Shares			Value			Percentage of Reference Entities
Technology Distributors
PCM Inc.		(13,500	)	$	(174,825	)		(0.14	)
Technology Hardware, Storage & Peripherals
3D Systems Corp.		(45,500	)		(456,820	)		(0.51	)
Diebold Nixdorf, Inc.		(29,700	)		(455,895	)		(0.46	)
Immersion Corp.		(35,800	)		(394,158	)		(0.39	)
					(1,306,873	)
Thrifts & Mortgage Finance
Meta Financial Group, Inc.		(11,850	)		(1,317,127	)		(1.31	)

	Shares			Value			Percentage of Reference Entities
Trading Companies & Distributors
EnviroStar, Inc.		(7,800	)	$	(284,700	)		(0.28	)
Huttig Building Products, Inc.		(29,300	)		(181,953	)		(0.17	)
NOW Inc.		(42,550	)		(516,131	)		(0.50	)
					(982,784	)
Total Equity Securities — Short				$	(101,858,801	)

Portfolio Composition

By sector, based on total net assets

as of April 30, 2018

	Equity Securities						Gross Exposure 3			Net Exposure4
	Long1			Short2
Health Care		28.2	%		26.9	%		55.1	%		1.3	%
Consumer Discretionary		19.0			20.8			39.8			-1.8
Information Technology		16.3			16.0			32.3			0.3
Energy		11.6			10.9			22.5			0.7
Industrials		8.0			8.9			16.9			-0.9
Materials		4.4			4.0			8.4			0.4
Financials		2.4			3.5			5.9			-1.1
Real Estate		2.4			1.7			4.1			0.7
Consumer Staples		1.7			2.0			3.7			-0.3
Telecommunication Services		0.3			0.1			0.4			0.2
Utilities		0.2			0.1			0.3			0.1
Money Market Funds Plus Other Assets Less Liabilities		5.5			—			5.5			5.5
Total		100.0	%		94.9	%		194.9	%		5.1	%

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.

13                         Invesco All Cap Market Neutral Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $89,182,325)	$	101,394,999
Investments in affiliated money market funds, at value (Cost $12,057,798)		12,057,932
Deposits with brokers:
Cash collateral — OTC derivatives		22,383
Receivable for:
Investments sold		73,127
Fund shares sold		243,731
Dividends and interest		32,098
Investment for trustee deferred compensation and retirement plans		11,035
Other assets		42,427
Total assets		113,877,732
Liabilities:
Other investments:
Swaps payable — OTC		25,780
Unrealized depreciation on swap agreements — OTC		34,135
Payable for:
Investments purchased		118,930
Fund shares reacquired		6,301,242
Amount due custodian		31,240
Accrued fees to affiliates		21,653
Accrued trustees’ and officers’ fees and benefits		2,983
Accrued other operating expenses		47,227
Trustee deferred compensation and retirement plans		11,035
Total liabilities		6,594,225
Net assets applicable to shares outstanding	$	107,283,507
Net assets consist of:
Shares of beneficial interest	$	102,113,276
Undistributed net investment income (loss)		(1,097,382	)
Undistributed net realized gain (loss)		(5,911,052	)
Net unrealized appreciation		12,178,665
	$	107,283,507

Net Assets:
Class A	$	11,855,017
Class C	$	3,043,905
Class R	$	107,448
Class Y	$	28,540,180
Class R5	$	8,602
Class R6	$	63,728,355
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,420,503
Class C		377,951
Class R		13,032
Class Y		3,384,767
Class R5		1,018
Class R6		7,548,242
Class A:
Net asset value per share	$	8.35
Maximum offering price per share
(Net asset value of $8.35 ¸ 94.50%)	$	8.84
Class C:
Net asset value and offering price per share	$	8.05
Class R:
Net asset value and offering price per share	$	8.24
Class Y:
Net asset value and offering price per share	$	8.43
Class R5:
Net asset value and offering price per share	$	8.45
Class R6:
Net asset value and offering price per share	$	8.44

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

14                         Invesco All Cap Market Neutral Fund

Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $3,432)	$	417,925
Dividends from affiliated money market funds		70,547
Total investment income		488,472
Expenses:
Advisory fees		510,322
Administrative services fees		24,795
Custodian fees		8,632
Distribution fees:
Class A		13,890
Class C		18,786
Class R		252
Transfer agent fees — A, C, R and Y		35,505
Transfer agent fees — R6		204
Trustees’ and officers’ fees and benefits		13,107
Registration and filing fees		41,934
Reports to shareholders		14,755
Professional services fees		40,896
Other		6,443
Total expenses		729,521
Less: Fees waived and expense offset arrangement(s)		(6,608	)
Net expenses		722,913
Net investment income (loss)		(234,441	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		7,692,794
Swap agreements		(13,354,190	)
		(5,661,396	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(278,610	)
Foreign currencies		(10	)
Swap agreements		(890,434	)
		(1,169,054	)
Net realized and unrealized gain (loss)		(6,830,450	)
Net increase (decrease) in net assets resulting from operations	$	(7,064,891	)

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

15                         Invesco All Cap Market Neutral Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income (loss)	$	(234,441	)	$	(460,525	)
Net realized gain (loss)		(5,661,396	)		8,680,730
Change in net unrealized appreciation (depreciation)		(1,169,054	)		(3,456,205	)
Net increase (decrease) in net assets resulting from operations		(7,064,891	)		4,764,000
Distributions to shareholders from net realized gains:
Class A		(1,336,998	)		(23,299	)
Class C		(538,114	)		(5,884	)
Class R		(12,967	)		(63	)
Class Y		(4,735,077	)		(23,998	)
Class R5		(1,189	)		(290	)
Class R6		(8,552,565	)		(40,229	)
Total distributions from net realized gains		(15,176,910	)		(93,763	)
Share transactions-net:
Class A		2,779,374			(32,641,294	)
Class C		(1,003,749	)		(5,491,479	)
Class R		17,538			3,532
Class Y		(5,384,227	)		(1,328,111	)
Class R5		—			(484,975	)
Class R6		4,406,574			(4,100,374	)
Net increase (decrease) in net assets resulting from share transactions		815,510			(44,042,701	)
Net increase (decrease) in net assets		(21,426,291	)		(39,372,464	)
Net assets:
Beginning of period		128,709,798			168,082,262
End of period (includes undistributed net investment income (loss) of $(1,097,382) and $(862,941), respectively)	$	107,283,507		$	128,709,798

Notes to Financial Statements

April 30, 2018

(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 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.

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

16                         Invesco All Cap Market Neutral Fund

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 economic conditions, interest rates, investor perceptions 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. 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

17                         Invesco All Cap Market Neutral Fund

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 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.

18                         Invesco All Cap Market Neutral Fund

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 two parties (“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. 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		0.85%
Next $250 million		0.82%
Next $500 million		0.80%
Next $1.5 billion		0.77%
Next $2.5 billion		0.75%
Next $2.5 billion		0.72%
Next $2.5 billion		0.70%
Over $10 billion		0.67%

For the six months ended April 30, 2018, the effective advisory fees 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, 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, 2019, 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

19                         Invesco All Cap Market Neutral Fund

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, 2019. 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, 2020, 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, 2018, the Adviser waived advisory fees of $6,322.

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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2018, 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 months ended April 30, 2018, 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, 2018, IDI advised the Fund that IDI retained $846 in front-end sales commissions from the sale of Class A shares and $298 and $186 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, 2018. 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.

20                         Invesco All Cap Market Neutral Fund

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were no material transfers between valuation levels.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	101,394,999	$	—		$	—	$	101,394,999
Money Market Funds		12,057,932		—			—		12,057,932
Total Investments in Securities		113,452,931		—			—		113,452,931
Other Investments — Liabilities*
Swap Agreements		—		(34,135	)		—		(34,135	)
Total Investments	$	113,452,931	$	(34,135	)	$	—	$	113,418,796

* 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, 2018:

	Value
Derivative Liabilities	Equity Risk
Unrealized depreciation on swap agreements — OTC	$	(34,135	)
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	(34,135	)

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, 2018.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Morgan Stanley & Co. LLC	$	—	$	(59,915	)	$	(59,915	)	$	—	$	22,383	$	(37,532	)

Effect of Derivative Investments for the six months ended April 30, 2018

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

	Location of Gain (Loss) on Statement of Operations
	Equity Risk
Realized Gain (Loss):
Swap agreements	$	(13,354,190	)
Change in Net Unrealized Appreciation (Depreciation):
Swap agreements		(890,434	)
Total	$	(14,244,624	)

The table below summarizes the average notional value of swap agreements outstanding during the period.

	Swap Agreements
Average notional value	$	91,571,000

21                         Invesco All Cap Market Neutral 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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $286.

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

NOTE 8—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, 2017.

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, 2018 was $72,134,044 and $94,721,543, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	15,944,074
Aggregate unrealized (depreciation) of investments		(4,822,213	)
Net unrealized appreciation of investments	$	11,121,861

Cost of investments for tax purposes is $102,296,935.

22                         Invesco All Cap Market Neutral Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		450,667		$	3,957,856			450,565		$	4,530,754
Class C		9,567			81,341			58,328			578,322
Class R		1,623			13,723			3,876			38,742
Class Y		598,624			5,417,213			3,880,773			39,331,445
Class R6		1,095,701			9,609,117			941,211			9,425,954
Issued as reinvestment of dividends:
Class A		158,230			1,335,467			1,971			20,639
Class C		65,856			537,385			573			5,875
Class R		1,414			11,798			6			57
Class Y		555,587			4,733,602			2,159			22,736
Class R6		1,003,683			8,551,375			3,792			39,939
Reacquired:
Class A		(288,872	)		(2,513,949	)		(3,693,539	)		(37,192,687	)
Class C		(193,105	)		(1,622,475	)		(618,543	)		(6,075,676	)
Class R		(968	)		(7,983	)		(3,557	)		(35,267	)
Class Y		(1,795,034	)		(15,535,042	)		(4,055,298	)		(40,682,292	)
Class R5		—			—			(48,983	)		(484,975	)
Class R6		(1,616,517	)		(13,753,918	)		(1,336,039	)		(13,566,267	)
Net increase (decrease) in share activity		46,456		$	815,510			(4,412,705	)	$	(44,042,701	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 19% 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 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 this entity are also owned beneficially.

In addition, 59% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

23                         Invesco All Cap Market Neutral Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets (including interest expense and dividends on short sales expense) with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets (including interest expense and dividends on short sales expense) without fee waivers and/or expenses absorbed			Ratio of expenses to average net assets (excluding interest expense and dividends on short sales expense) with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets (excluding interest expense and dividends on short sales expense) without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	10.07	$	(0.03	)	$	(0.52	)	$	(0.55	)	$	—		$	(1.17	)	$	(1.17	)	$	8.35		(5.60	)%	$	11,855		1.48	%(d)		1.49	%(d)		1.48	%(d)		1.49	%(d)		(0.67	)%(d)		66	%
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	(e)		4.62	(e)		1.60			2.53			(1.85	)		175
Year ended 10/31/14(f)		10.00		(0.27	)		0.97			0.70			—			—			—			10.70		7.00			9,742		4.53	(e)(g)		7.28	(e)(g)		1.60	(g)		4.35	(g)		(3.03	)(g)		105
Class C
Six months ended 04/30/18		9.80		(0.06	)		(0.52	)		(0.58	)		—			(1.17	)		(1.17	)		8.05		(6.10	)		3,044		2.23	(d)		2.24	(d)		2.23	(d)		2.24	(d)		(1.42	)(d)		66
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	(e)		5.37	(e)		2.35			3.28			(2.60	)		175
Year ended 10/31/14(f)		10.00		(0.34	)		0.97			0.63			—			—			—			10.63		6.30			857		5.28	(e)(g)		8.03	(e)(g)		2.35	(g)		5.10	(g)		(3.78	)(g)		105
Class R
Six months ended 04/30/18		9.98		(0.05	)		(0.52	)		(0.57	)		—			(1.17	)		(1.17	)		8.24		(5.87	)		107		1.73	(d)		1.74	(d)		1.73	(d)		1.74	(d)		(0.92	)(d)		66
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	(e)		4.87	(e)		1.85			2.78			(2.10	)		175
Year ended 10/31/14(f)		10.00		(0.29	)		0.97			0.68			—			—			—			10.68		6.80			40		4.78	(e)(g)		7.53	(e)(g)		1.85	(g)		4.60	(g)		(3.28	)(g)		105
Class Y
Six months ended 04/30/18		10.15		(0.02	)		(0.53	)		(0.55	)		—			(1.17	)		(1.17	)		8.43		(5.56	)		28,540		1.23	(d)		1.24	(d)		1.23	(d)		1.24	(d)		(0.42	)(d)		66
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	(e)		4.37	(e)		1.35			2.28			(1.60	)		175
Year ended 10/31/14(f)		10.00		(0.25	)		0.97			0.72			—			—			—			10.72		7.20			14,651		4.28	(e)(g)		7.03	(e)(g)		1.35	(g)		4.10	(g)		(2.78	)(g)		105
Class R5
Six months ended 04/30/18		10.18		(0.01	)		(0.55	)		(0.56	)		—			(1.17	)		(1.17	)		8.45		(5.63	)		9		1.09	(d)		1.10	(d)		1.09	(d)		1.10	(d)		(0.28	)(d)		66
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	(e)		4.28	(e)		1.35			2.19			(1.60	)		175
Year ended 10/31/14(f)		10.00		(0.25	)		0.97			0.72			—			—			—			10.72		7.20			648		4.28	(e)(g)		7.00	(e)(g)		1.35	(g)		4.07	(g)		(2.78	)(g)		105
Class R6
Six months ended 04/30/18		10.16		(0.01	)		(0.54	)		(0.55	)		—			(1.17	)		(1.17	)		8.44		(5.54	)		63,728		1.09	(d)		1.10	(d)		1.09	(d)		1.10	(d)		(0.28	)(d)		66
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	(e)		4.28	(e)		1.35			2.19			(1.60	)		175
Year ended 10/31/14(f)		10.00		(0.25	)		0.97			0.72			—			—			—			10.72		7.20			584		4.28	(e)(g)		6.99	(e)(g)		1.35	(g)		4.06	(g)		(2.78	)(g)		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 $11,204, $3,788, $101, $34,649, $9 and $71,319 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Ratio of interest expense and dividends on short sales to average net assets for the years ended October 31, 2015 and October 31, 2014 were 2.09% and 2.93%, respectively.

^(f)  Commencement date of December 17, 2013.

^(g)  Annualized.

24                         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, 2017 through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	942.80	$	7.13	$	1,017.46	$	7.40		1.48	%
C		1,000.00		939.00		10.72		1,013.74		11.13		2.23
R		1,000.00		941.30		8.33		1,016.22		8.65		1.73
Y		1,000.00		944.40		5.93		1,018.70		6.16		1.23
R5		1,000.00		944.60		5.26		1,019.39		5.46		1.09
R6		1,000.00		944.60		5.26		1,019.39		5.46		1.09

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

25                         Invesco All Cap Market Neutral 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.

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 house-hold, 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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.

SEC file numbers: 811-05426 and 033-19338                       Invesco Distributors, Inc.                                                                                 ACMN-SAR-1               06132018      1506

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Balanced-Risk Allocation Fund
	Nasdaq:
	A: ABRZX  ∎  C: ABRCX  ∎  R: ABRRX  ∎  Y: ABRYX  ∎  R5: ABRIX  ∎  R6: ALLFX

2	Fund Performance
4	Letters to Shareholders
5	Consolidated Schedule of Investments
10	Consolidated Financial Statements
12	Notes to Consolidated Financial Statements
22	Financial Highlights
23	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, 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	2.19	%
Class C Shares	1.80
Class R Shares	1.94
Class Y Shares	2.25
Class R5 Shares	2.25
Class R6 Shares	2.34
S&P 500 Index▼ (Broad Market Index)	3.82
Custom Invesco Balanced-Risk Allocation Style Index∎ (Style-Specific Index)	1.35
Lipper Alternative Global Macro Funds Index◆ (Peer Group Index)	1.67
Source(s): ▼FactSet Research Systems Inc.; ∎Invesco, FactSet Research Systems Inc.; ◆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 consists 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 Invesco 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 Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

    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 JP Morgan GBI Global (Traded) Index is a total return, market capitalization weighted index, rebalanced monthly, consisting of the following countries: Australia, Germany, Spain, Belgium, Italy, Sweden, Canada, Japan, the United Kingdom, Denmark, the Netherlands and the United States.

    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.

2                      Invesco Balanced-Risk Allocation Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (6/2/09)	6.76	%
5 Years	2.68
1 Year	0.58
Class C Shares
Inception (6/2/09)	6.63	%
5 Years	3.07
1 Year	4.62
Class R Shares
Inception (6/2/09)	7.16	%
5 Years	3.58
1 Year	6.14
Class Y Shares
Inception (6/2/09)	7.70	%
5 Years	4.10
1 Year	6.64
Class R5 Shares
Inception (6/2/09)	7.73	%
5 Years	4.14
1 Year	6.73
Class R6 Shares
Inception	7.68	%
5 Years	4.22
1 Year	6.82

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C,

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (6/2/09)	6.67	%
5 Years	2.60
1 Year	-0.37
Class C Shares
Inception (6/2/09)	6.54	%
5 Years	2.99
1 Year	3.69
Class R Shares
Inception (6/2/09)	7.07	%
5 Years	3.51
1 Year	5.24
Class Y Shares
Inception (6/2/09)	7.62	%
5 Years	4.02
1 Year	5.76
Class R5 Shares
Inception (6/2/09)	7.64	%
5 Years	4.05
1 Year	5.76
Class R6 Shares
Inception	7.60	%
5 Years	4.15
1 Year	5.85

Class R, Class Y, Class R5 and Class R6 shares was 1.31%, 2.06%, 1.56%, 1.06%, 1.01% and 0.94%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.37%, 2.12%, 1.62%, 1.12%, 1.07% and 1.00%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2020. See current prospectus for more information.

3                      Invesco Balanced-Risk Allocation Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Balanced-Risk Allocation Fund

Consolidated Schedule of Investments

April 30, 2018

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Securities–33.98%
U.S. Treasury Bills–13.30%(a)
U.S. Treasury Bills		1.45	%		06/14/2018	$	260,000,000	$	259,478,050
U.S. Treasury Bills		1.56	%		07/05/2018		161,000,000		160,494,283
U.S. Treasury Bills		1.67	%		08/09/2018		207,200,000		206,138,887
									626,111,220
U.S. Treasury Notes–20.68%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate)(b)		1.84	%		01/31/2020		390,000,000		389,982,918
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)		1.87	%		04/30/2020		346,240,000		346,294,949
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)		2.01	%		07/31/2018		237,520,000		237,655,315
									973,933,182
Total U.S. Treasury Securities (Cost $1,600,084,976)									1,600,044,402
				Expiration Date
Commodity-Linked Securities–3.61%
Canadian Imperial Bank of Commerce EMTN, U.S. Federal Funds Effective Rate minus 0.03% (linked to the Canadian Imperial Bank of Commerce Custom 6 Agriculture Commodity Index, multiplied by 2) (Canada)(c)(d)					03/29/2019		75,700,000		74,109,295
RBC Capital Markets, LLC, Commodity-Linked Notes, U.S. Federal Funds Effective Rate minus 0.04% (linked to the RBC Enhanced Agricultural Basket 06 Excess Return Index)(c)(d)					03/29/2019		98,500,000		96,131,557
Total Commodity-Linked Securities (Cost $174,200,000)									170,240,852
						Shares
Money Market Funds–56.76%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(e)							890,055,230		890,055,230
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(e)							226,773,119		226,795,796
Invesco Treasury Obligations Portfolio–Institutional Class, 1.59%(e)							1,000,000,000		1,000,000,000
Invesco Treasury Portfolio–Institutional Class, 1.62%(e)							362,833,406		362,833,406
STIC (Global Series) PLC–U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class, 1.84%(e)							193,069,414		193,069,414
Total Money Market Funds (Cost $2,672,751,450)									2,672,753,846
TOTAL INVESTMENTS IN SECURITIES–94.35% (Cost $4,447,036,426)									4,443,039,100
OTHER ASSETS LESS LIABILITIES–5.65%									265,908,532
NET ASSETS–100.00%								$	4,708,947,632

Open Futures Contracts(f)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Brent Crude		1,558		August-2018	$	115,556,860	$	11,173,022		$	11,173,022
Gasoline Reformulated Blendstock Oxygenate Blending		1,802		June-2018		161,267,467		5,680,535			5,680,535
New York Harbor Ultra-Low Sulfur Diesel		798		June-2018		72,035,939		8,252,089			8,252,089
Silver		1,578		July-2018		129,403,890		(2,501,982	)		(2,501,982	)
WTI Crude		1,160		October-2018		77,824,400		6,639,690			6,639,690
Subtotal — Commodity Risk								29,243,354			29,243,354

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

5                         Invesco Balanced-Risk Allocation Fund

Open Futures Contracts(f)—(continued)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Dow Jones EURO STOXX 50 Index		6,600		June-2018	$	276,906,287	$	12,075,500		$	12,075,500
E-Mini Russell 2000 Index		3,290		June-2018		253,955,100		(9,046,023	)		(9,046,023	)
E-Mini S&P 500 Index		1,795		June-2018		237,568,250		(6,811,591	)		(6,811,591	)
FTSE 100 Index		2,860		June-2018		293,705,870		14,363,803			14,363,803
Hang Seng Index		1,465		May-2018		286,192,601		4,014,540			4,014,540
Tokyo Stock Price Index		2,310		June-2018		376,019,484		14,376,923			14,376,923
Subtotal — Equity Risk								28,973,152			28,973,152
Australia 10 Year Bonds		10,150		June-2018		977,092,586		(4,343,819	)		(4,343,819	)
Canada 10 Year Bonds		7,870		June-2018		805,882,605		1,519,379			1,519,379
Euro Bonds		3,170		June-2018		607,721,645		6,272,326			6,272,326
Long Gilt		3,325		June-2018		559,607,861		6,187,633			6,187,633
U.S. Treasury Long Bonds		2,200		June-2018		316,456,250		4,087,762			4,087,762
Subtotal — Interest Rate Risk								13,723,281			13,723,281
Total Futures Contracts							$	71,939,787		$	71,939,787

Open Over-The-Counter Total Return Swap Agreements(g)
Counterparty	Pay/ Receive		Reference Entity(d)		Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Barclays Bank PLC		Receive		Barclays Commodity Strategy 1727 Excess Return Index		0.45	%		Monthly		338,000		February-2019	$	93,004,249	$	—	$	450,216		$	450,216
Cargill, Inc.		Receive		Monthly Rebalance Commodity Excess Return Index		0.47			Monthly		132,000		February-2019		109,710,506		—		0			0
Cargill, Inc.		Receive		Single Commodity Index Excess Return		0.12			Monthly		78,500		January-2019		71,191,556		—		0			0
J.P. Morgan Chase Bank, N.A.		Receive		J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25			Monthly		280,000		April-2019		75,726,056		—		823,760			823,760
Macquarie Bank Ltd.		Receive		Macquarie Aluminum Dynamic Selection Index		0.30			Monthly		450,000		December-2018		26,637,075		—		68,940			68,940
Merrill Lynch International		Receive		Merrill Lynch Gold Excess Return Index		0.14			Monthly		495,000		June-2018		82,388,048		—		0			0
Merrill Lynch International		Receive		MLCX Natural Gas Annual Excess Return Index		0.25			Monthly		1,225,000		November-2018		51,369,236		—		0			0
Subtotal — Commodity Risk																	—		1,342,916			1,342,916
Goldman Sachs International		Receive		Hang Seng Index Futures		—			Monthly		235		May-2018		45,908,028		—		612,452			612,452
Subtotal — Equity Risk																	—		612,452			612,452
Subtotal — Appreciation																	—		1,955,368			1,955,368
Barclays Bank PLC		Receive		Barclays Commodity Strategy 1452 Excess Return Index		0.33			Monthly		142,200		October-2018		79,535,816		—		(1,219,564	)		(1,219,564	)
Canadian Imperial Bank of Commerce		Receive		Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.30			Monthly		1,090,000		April-2019		95,451,845		—		(2,004,401	)		(2,004,401	)
Canadian Imperial Bank of Commerce		Receive		Canadian Imperial Bank of Commerce Custom 6 Agriculture Commodity Index		0.47			Monthly		252,000		February-2019		22,560,149		—		(85,831	)		(85,831	)
Goldman Sachs International		Receive		Goldman Sachs Commodity Strategy 1057 Index		0.40			Monthly		1,098,000		February-2019		94,454,275		—		(1,242,145	)		(1,242,145	)
J.P. Morgan Chase Bank, N.A.		Receive		S&P GSCI Gold Index Excess Return		0.09			Monthly		621,000		October-2018		66,191,583		—		(240,017	)		(240,017	)
Morgan Stanley Capital Services LLC		Receive		S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.38			Monthly		596,000		October-2018		74,107,653		—		(3,594,714	)		(3,594,714	)
Subtotal — Depreciation — Commodity Risk																	—		(8,386,672	)		(8,386,672	)
Total — Total Return Swap Agreements																$	—	$	(6,431,304	)	$	(6,431,304	)

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

6                         Invesco Balanced-Risk Allocation Fund

Investments Abbreviations:

EMTN – European Medium-Term Notes

Notes to Consolidated Schedule of Investments:

^(a)  Securities traded on a discount basis. The interest rates shown represent the discount rates 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, 2018.

^(c)  Security purchased or received in 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, 2018 was $170,240,852, which represented 3.61% 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.

Reference Entity Components
Reference Entity	Underlying Components	Percentage
Canadian Imperial Bank of Commerce Custom 6 Agriculture Commodity Index
	Long Futures Contracts
	Cocoa		0.17	%
	Coffee ‘C’		4.77
	Corn		4.94
	Cotton No. 2		20.60
	Lean Hogs		0.54
	Live Cattle		0.44
	Soybean Meal		19.74
	Soybean Oil		4.57
	Soybeans		19.36
	Sugar No. 11		20.15
	Wheat		4.72
	Total		100.00	%
RBC Enhanced Agricultural Basket 06 Excess Return Index
	Long Futures Contracts
	Cocoa		0.17	%
	Coffee ‘C’		4.77
	Corn		4.94
	Cotton No. 2		20.60
	Lean Hogs		0.54
	Live Cattle		0.44
	Soybean Meal		19.74
	Soybean Oil		4.57
	Soybeans		19.36
	Sugar No. 11		20.15
	Wheat		4.72
	Total		100.00	%
Barclays Commodity Strategy 1727 Excess Return Index
	Long Futures Contracts
	Cocoa		0.17	%
	Coffee ‘C’		4.77
	Corn		4.94
	Cotton No. 2		20.60
	Lean Hogs		0.54
	Live Cattle		0.44
	Soybean Meal		19.74
	Soybean Oil		4.57
	Soybeans		19.36
	Sugar No. 11		20.15
	Wheat		4.72
	Total		100.00	%

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

7                         Invesco Balanced-Risk Allocation Fund

Reference Entity Components—(continued)
Reference Entity	Underlying Components	Percentage
Monthly Rebalance Commodity Excess Return Index
	Long Futures Contracts
	Cocoa		0.17	%
	Coffee ‘C’		5.28
	Corn		7.70
	Cotton No. 2		18.88
	Lean Hogs		0.52
	Live Cattle		1.24
	Soybean Meal		18.81
	Soybean Oil		4.79
	Soybeans		18.38
	Sugar No. 11		19.42
	Wheat		4.81
	Total		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	%
Macquarie Aluminum Dynamic Selection Index
	Long Futures Contracts
	Aluminum		100.00	%
Merrill Lynch Gold Excess Return Index
	Long Futures Contracts
	Gold		100.00	%
MLCX Natural Gas Annual Excess Return Index
	Long Futures Contracts
	Natural Gas		100.00	%
Barclays Commodity Strategy 1452 Excess Return Index
	Long Futures Contracts
	Copper		100.00	%
Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2
	Long Futures Contracts
	Copper		100.00	%

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
Goldman Sachs Commodity Strategy 1057 Index
	Long Futures Contracts
	Cocoa		0.17	%
	Coffee ‘C’		4.77
	Corn		4.94
	Cotton No. 2		20.60
	Lean Hogs		0.54
	Live Cattle		0.44
	Soybean Meal		19.74
	Soybean Oil		4.57
	Soybeans		19.36
	Sugar No. 11		20.15
	Wheat		4.72
	Total		100.00	%
S&P GSCI Gold Index Excess Return
	Long Futures Contracts
	Gold		100.00	%
S&P GSCI Aluminum Dynamic Roll Index Excess Return
	Long Futures Contracts
	Aluminum		100.00	%

^(e)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

^(f)  Futures contracts collateralized by $177,720,000 cash held with Bank of America Merrill Lynch, the futures commission merchant.

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

Target Risk Allocation and Notional Asset Weights as of 04/30/2018

By asset class

Asset Class	Target Risk Allocation*			Notional Asset Weights**
Equities		35.02	%		36.86	%
Fixed Income		25.08			70.89
Commodities		39.90			38.27
Total		100.00			146.02

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

** Proprietary models determine the Notional Asset Weights necessary to achieve the Target Risk 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.

9                         Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,774,284,976)	$	1,770,285,254
Investments in affiliated money market funds, at value (Cost $2,672,751,450)		2,672,753,846
Other investments:
Variation margin receivable — futures contracts		13,612,691
Swaps receivable — OTC		94,475
Unrealized appreciation on swap agreements — OTC		1,955,368
Deposits with brokers:
Cash collateral — exchange-traded futures contracts		177,720,000
Cash collateral — OTC Derivatives		59,625,501
Cash		22,891,580
Receivable for:
Fund shares sold		6,017,438
Dividends and interest		4,060,331
Investment for trustee deferred compensation and retirement plans		630,406
Other assets		103,630
Total assets		4,729,750,520
Liabilities:
Other investments:
Swaps payable — OTC		3,036,803
Unrealized depreciation on swap agreements — OTC		8,386,672
Payable for:
Fund shares reacquired		6,330,867
Accrued fees to affiliates		2,165,670
Accrued trustees’ and officers’ fees and benefits		5,706
Accrued other operating expenses		157,566
Trustee deferred compensation and retirement plans		719,604
Total liabilities		20,802,888
Net assets applicable to shares outstanding	$	4,708,947,632
Net assets consist of:
Shares of beneficial interest	$	4,576,002,407
Undistributed net investment income		1,800,227
Undistributed net realized gain		69,633,841
Net unrealized appreciation		61,511,157
	$	4,708,947,632

Net Assets:
Class A	$	1,226,058,725
Class C	$	917,385,254
Class R	$	22,633,972
Class Y	$	1,971,122,153
Class R5	$	128,812,492
Class R6	$	442,935,036
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		113,459,887
Class C		89,009,500
Class R		2,130,839
Class Y		179,687,188
Class R5		11,735,826
Class R6		40,304,398
Class A:
Net asset value per share	$	10.81
Maximum offering price per share
(Net asset value of $10.81 ¸ 94.50%)	$	11.44
Class C:
Net asset value and offering price per share	$	10.31
Class R:
Net asset value and offering price per share	$	10.62
Class Y:
Net asset value and offering price per share	$	10.97
Class R5:
Net asset value and offering price per share	$	10.98
Class R6:
Net asset value and offering price per share	$	10.99

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 Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Interest	$	14,372,703
Dividends from affiliated money market funds		17,840,412
Total investment income		32,213,115
Expenses:
Advisory fees		20,941,754
Administrative services fees		308,792
Custodian fees		72,187
Distribution fees:
Class A		1,587,236
Class B		10,835
Class C		4,862,916
Class R		56,747
Transfer agent fees — A, B, C, R and Y		2,556,887
Transfer agent fees — R5		53,945
Transfer agent fees — R6		24,107
Trustees’ and officers’ fees and benefits		41,005
Registration and filing fees		112,412
Reports to shareholders		160,317
Professional services fees		89,402
Other		47,334
Total expenses		30,925,876
Less: Fees waived and expense offset arrangement(s)		(1,563,880	)
Net expenses		29,361,996
Net investment income		2,851,119
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		13,637,939
Foreign currencies		(850,188	)
Futures contracts		79,785,019
Swap agreements		36,995,966
		129,568,736
Change in net unrealized appreciation (depreciation) of:
Investment securities		(3,439,546	)
Futures contracts		(25,445,608	)
Swap agreements		(6,703,615	)
		(35,588,769	)
Net realized and unrealized gain		93,979,967
Net increase in net assets resulting from operations	$	96,831,086

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 Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income (loss)	$	2,851,119		$	(27,225,221	)
Net realized gain		129,568,736			214,440,934
Change in net unrealized appreciation (depreciation)		(35,588,769	)		194,728,338
Net increase in net assets resulting from operations		96,831,086			381,944,051
Distributions to shareholders from net investment income:
Class A		—			(66,255,742	)
Class B		—			(237,993	)
Class C		—			(36,855,169	)
Class R		—			(922,264	)
Class Y		—			(66,982,783	)
Class R5		—			(5,634,379	)
Class R6		—			(11,414,824	)
Total distributions from net investment income		—			(188,303,154	)
Distributions to shareholders from net realized gains:
Class A		(80,624,310	)		(74,624,430	)
Class B		(290,393	)		(342,193	)
Class C		(65,247,506	)		(52,991,448	)
Class R		(1,429,505	)		(1,119,513	)
Class Y		(128,170,205	)		(70,271,304	)
Class R5		(7,249,597	)		(5,814,960	)
Class R6		(19,300,763	)		(11,561,935	)
Total distributions from net realized gains		(302,312,279	)		(216,725,783	)
Share transactions–net:
Class A		(56,990,770	)		(502,289,546	)
Class B		(4,780,164	)		(3,444,466	)
Class C		(85,005,510	)		(214,072,180	)
Class R		94,265			(3,615,578	)
Class Y		(92,401,377	)		376,209,099
Class R5		14,505,203			(24,107,384	)
Class R6		135,350,822			32,561,955
Net increase (decrease) in net assets resulting from share transactions		(89,227,531	)		(338,758,100	)
Net increase (decrease) in net assets		(294,708,724	)		(361,842,986	)
Net assets:
Beginning of period		5,003,656,356			5,365,499,342
End of period (includes undistributed net investment income (loss) of $1,800,227 and $(1,050,892), respectively)	$	4,708,947,632		$	5,003,656,356

Notes to Consolidated Financial Statements

April 30, 2018

(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. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

12                         Invesco Balanced-Risk Allocation Fund

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 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. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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.

13                         Invesco Balanced-Risk Allocation Fund

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 economic conditions, interest rates, investor perceptions 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. 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 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 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

14                         Invesco Balanced-Risk Allocation Fund

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

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

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

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

15                         Invesco Balanced-Risk Allocation Fund

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.

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. 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 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.

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	.95%
Next $250 million		0	.925%
Next $500 million		0	.90%
Next $1.5 billion		0	.875%
Next $2.5 billion		0	.85%
Next $2.5 billion		0	.825%
Next $2.5 billion		0	.80%
Over $10 billion		0	.775%

For the six months ended April 30, 2018, the effective advisory fees incurred by the Fund was 0.87%.

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 June 30, 2019, 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

16                         Invesco Balanced-Risk Allocation Fund

daily net assets (the “expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 2.75% of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2019. 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, 2020, 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, 2018, the Adviser waived advisory fees of $1,549,101.

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, 2018, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees.

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, 2018, 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. Prior to their conversion to Class A shares, the Fund paid an annual rate of 1.00% of the average daily net assets of Class B 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $96,718 in front-end sales commissions from the sale of Class A shares and $4,084 and $25,420 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, 2018. 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.

17                         Invesco Balanced-Risk Allocation Fund

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were no material transfers between valuation levels.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Treasury Securities	$	—		$	1,600,044,402		$	—	$	1,600,044,402
Commodity-Linked Securities		—			170,240,852			—		170,240,852
Money Market Funds		2,672,753,846			—			—		2,672,753,846
Total Investments in Securities		2,672,753,846			1,770,285,254			—		4,443,039,100
Other Investments — Assets*
Futures Contracts		94,643,202			—			—		94,643,202
Swap Agreements		—			1,955,368			—		1,955,368
		94,643,202			1,955,368			—		96,598,570
Other Investments — Liabilities*
Futures Contracts		(22,703,415	)		—			—		(22,703,415	)
Swap Agreements		—			(8,386,672	)		—		(8,386,672	)
		(22,703,415	)		(8,386,672	)		—		(31,090,087	)
Total Other Investments		71,939,787			(6,431,304	)		—		65,508,483
Total Investments	$	2,744,693,633		$	1,763,853,950		$	—	$	4,508,547,583

* 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 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, 2018:

	Value
Derivative Assets	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	31,745,336		$	44,830,766		$	18,067,100		$	94,643,202
Unrealized appreciation on swap agreements — OTC		1,342,916			612,452			—			1,955,368
Total Derivative Assets		33,088,252			45,443,218			18,067,100			96,598,570
Derivatives not subject to master netting agreements		(31,745,336	)		(44,830,766	)		(18,067,100	)		(94,643,202	)
Total Derivative Assets subject to master netting agreements	$	1,342,916		$	612,452			—			1,955,368
	Value
Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	(2,501,982	)	$	(15,857,614	)	$	(4,343,819	)	$	(22,703,415	)
Unrealized depreciation on swap agreements — OTC		(8,386,672	)		—			—			(8,386,672	)
Total Derivative Liabilities		(10,888,654	)		(15,857,614	)		(4,343,819	)		(31,090,087	)
Derivatives not subject to master netting agreements		2,501,982			15,857,614			4,343,819			22,703,415
Total Derivative Liabilities subject to master netting agreements	$	(8,386,672	)	$	—		$	—		$	(8,386,672	)

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

18                         Invesco Balanced-Risk Allocation Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2018.

	Financial Derivative Assets		Financial Derivative Liabilities			Net Value of Derivatives			Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements						Non-Cash		Cash		Net Amount(a)
Parent
Goldman Sachs International	$	612,452	$	—		$	612,452		$	—	$	—	$	612,452
Subsidiary
Barclays Bank PLC		450,216		(1,247,336	)		(797,120	)		—		797,120		—
Canadian Imperial Bank of Commerce		94,475		(2,206,210	)		(2,111,735	)		—		2,111,735		—
Cargill, Inc.		—		(1,317,700	)		(1,317,700	)		—		1,050,000		(267,700	)
Goldman Sachs International		—		(1,264,918	)		(1,264,918	)		—		1,264,918		—
J.P. Morgan Chase Bank, N.A.		823,760		(244,434	)		579,326			—		—		579,326
Macquarie Bank, Ltd.		68,940		(1,314	)		67,626			—		—		67,626
Merrill Lynch International		—		(1,535,276	)		(1,535,276	)		—		1,535,276		—
Morgan Stanley Capital Services LLC		—		(3,606,287	)		(3,606,287	)		—		3,606,287		—
Subtotal — Subsidiary		1,437,391		(11,423,475	)		(9,986,084	)		—		10,365,336		379,252
Total	$	2,049,843	$	(11,423,475	)	$	(9,373,632	)	$	—	$	10,365,336	$	991,704

^(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, 2018

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	$	54,294,626		$	109,474,503		$	(83,984,110	)	$	79,785,019
Swap agreements		30,402,344			7,721,109			(1,127,487	)		36,995,966
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		5,390,648			(65,526,896	)		34,690,640			(25,445,608	)
Swap agreements		(7,418,026	)		714,411			—			(6,703,615	)
Total	$	82,669,592		$	52,383,127		$	(50,420,957	)	$	84,631,762

The table below summarizes the average notional value of futures contracts and swap agreements outstanding during the period.

	Futures Contracts		Swap Agreements
Average notional value	$	5,415,892,294	$	1,051,582,894

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $14,779.

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.

19                         Invesco Balanced-Risk Allocation Fund

NOTE 7—Cash Balances

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

NOTE 8—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 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 did not have a capital loss carryforward as of October 31, 2017.

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, 2018 was $174,200,000 and $181,919,135, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $736,240,000 and $759,590,000, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	36,621,757
Aggregate unrealized (depreciation) of investments		(35,280,083	)
Net unrealized appreciation of investments	$	1,341,674

Cost of investments for tax purposes is $4,507,205,909.

20                         Invesco Balanced-Risk Allocation Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		5,624,467		$	61,248,163			18,344,979		$	199,052,527
Class B(b)		1,847			19,646			17,226			180,479
Class C		2,625,514			27,177,568			7,991,905			83,300,692
Class R		327,342			3,492,907			613,374			6,597,183
Class Y		22,059,818			242,566,550			91,480,150			1,002,638,508
Class R5		1,354,269			15,038,814			367,417			4,048,073
Class R6		14,112,269			155,288,535			5,656,103			62,767,897
Issued as reinvestment of dividends:
Class A		7,313,148			77,958,155			12,977,593			136,394,509
Class B(b)		28,468			290,375			57,085			579,412
Class C		5,839,115			59,558,974			7,791,943			79,088,220
Class R		118,620			1,244,328			164,218			1,702,944
Class Y		9,951,049			107,570,841			10,355,586			109,976,321
Class R5		667,562			7,223,017			1,071,434			11,378,630
Class R6		1,782,157			19,300,763			2,159,386			22,932,683
Automatic conversion of Class B shares to Class A shares:(c)
Class A		393,583			4,329,415			254,966			2,780,044
Class B		(411,272	)		(4,329,415	)		(264,857	)		(2,780,044	)
Reacquired:
Class A		(18,436,791	)		(200,526,503	)		(77,488,915	)		(840,516,626	)
Class B(b)		(71,742	)		(760,770	)		(135,528	)		(1,424,313	)
Class C		(16,507,768	)		(171,742,052	)		(35,969,659	)		(376,461,092	)
Class R		(431,265	)		(4,642,970	)		(1,109,646	)		(11,915,705	)
Class Y		(40,241,480	)		(442,538,768	)		(66,911,066	)		(736,405,730	)
Class R5		(704,539	)		(7,756,628	)		(3,647,987	)		(39,534,087	)
Class R6		(3,565,318	)		(39,238,476	)		(4,816,169	)		(53,138,625	)
Net increase (decrease) in share activity		(8,170,947	)	$	(89,227,531	)		(31,040,462	)	$	(338,758,100	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% 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)  Class B shares activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

21                         Invesco Balanced-Risk Allocation Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	11.28	$	0.01		$	0.22		$	0.23		$	—		$	(0.70	)	$	(0.70	)	$	10.81		2.10	%	$	1,226,059		1.21	%(d)		1.27	%(d)		0.13	%(d)		79	%
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
Year ended 10/31/14		12.88		(0.14	)		0.53			0.39			—			(0.91	)		(0.91	)		12.36		3.52			2,938,957		1.20			1.24			(1.16	)		72
Year ended 10/31/13		12.88		(0.14	)		0.78			0.64			(0.29	)		(0.35	)		(0.64	)		12.88		5.15			4,229,859		1.14			1.21			(1.07	)		0
Class B
Six months ended 04/30/18(e)		10.83		(0.01	)		0.40			0.39			—			(0.70	)		(0.70	)		10.52		3.78			—		1.96	(d)		2.02	(d)		(0.62	)(d)		79
Year ended 10/31/17		10.90		(0.12	)		0.84			0.72			(0.32	)		(0.47	)		(0.79	)		10.83		7.05			4,903		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			8,491		1.95			2.02			(1.64	)		96
Year ended 10/31/15		11.92		(0.22	)		(0.05	)		(0.27	)		(0.14	)		(0.66	)		(0.80	)		10.85		(2.40	)		13,242		1.96			2.01			(1.91	)		10
Year ended 10/31/14		12.53		(0.23	)		0.53			0.30			—			(0.91	)		(0.91	)		11.92		2.85			20,853		1.95			1.99			(1.91	)		72
Year ended 10/31/13		12.59		(0.22	)		0.75			0.53			(0.24	)		(0.35	)		(0.59	)		12.53		4.34			31,381		1.89			1.96			(1.82	)		0
Class C
Six months ended 04/30/18		10.83		(0.03	)		0.21			0.18			—			(0.70	)		(0.70	)		10.31		1.70			917,385		1.96	(d)		2.02	(d)		(0.62	)(d)		79
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
Year ended 10/31/14		12.53		(0.23	)		0.52			0.29			—			(0.91	)		(0.91	)		11.91		2.77			1,930,318		1.95			1.99			(1.91	)		72
Year ended 10/31/13		12.59		(0.22	)		0.75			0.53			(0.24	)		(0.35	)		(0.59	)		12.53		4.34			2,550,094		1.89			1.96			(1.82	)		0
Class R
Six months ended 04/30/18		11.11		(0.00	)		0.21			0.21			—			(0.70	)		(0.70	)		10.62		1.94			22,634		1.46	(d)		1.52	(d)		(0.12	)(d)		79
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
Year ended 10/31/14		12.75		(0.17	)		0.53			0.36			—			(0.91	)		(0.91	)		12.20		3.30			28,166		1.45			1.49			(1.41	)		72
Year ended 10/31/13		12.77		(0.17	)		0.77			0.60			(0.27	)		(0.35	)		(0.62	)		12.75		4.89			29,964		1.39			1.46			(1.32	)		0
Class Y
Six months ended 04/30/18		11.43		0.02			0.22			0.24			—			(0.70	)		(0.70	)		10.97		2.16			1,971,122		0.96	(d)		1.02	(d)		0.38	(d)		79
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
Year ended 10/31/14		12.99		(0.11	)		0.54			0.43			—			(0.91	)		(0.91	)		12.51		3.81			3,699,738		0.95			0.99			(0.91	)		72
Year ended 10/31/13		12.97		(0.10	)		0.78			0.68			(0.31	)		(0.35	)		(0.66	)		12.99		5.42			4,846,950		0.89			0.96			(0.82	)		0
Class R5
Six months ended 04/30/18		11.43		0.02			0.23			0.25			—			(0.70	)		(0.70	)		10.98		2.25			128,812		0.93	(d)		0.99	(d)		0.41	(d)		79
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
Year ended 10/31/14		12.99		(0.11	)		0.54			0.43			—			(0.91	)		(0.91	)		12.51		3.81			186,943		0.93			0.97			(0.89	)		72
Year ended 10/31/13		12.97		(0.10	)		0.78			0.68			(0.31	)		(0.35	)		(0.66	)		12.99		5.45			206,573		0.86			0.93			(0.79	)		0
Class R6
Six months ended 04/30/18		11.44		0.03			0.22			0.25			—			(0.70	)		(0.70	)		10.99		2.25			442,935		0.86	(d)		0.92	(d)		0.48	(d)		79
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
Year ended 10/31/14		12.99		(0.10	)		0.55			0.45			—			(0.91	)		(0.91	)		12.53		3.97			480,626		0.83			0.87			(0.79	)		72
Year ended 10/31/13		12.97		(0.09	)		0.77			0.68			(0.31	)		(0.35	)		(0.66	)		12.99		5.48			521,099		0.79			0.86			(0.72	)		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 $1,280,303, $4,550, $980,643, $22,887, $2,059,894, $124,747 and $372,646 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Reflects activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

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 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, 2017, through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,021.90	$	6.07	$	1,018.79	$	6.06		1.21	%
C		1,000.00		1,018.00		9.81		1,015.08		9.79		1.96
R		1,000.00		1,019.40		7.31		1,017.55		7.30		1.46
Y		1,000.00		1,022.50		4.81		1,020.03		4.81		0.96
R5		1,000.00		1,022.50		4.66		1,020.18		4.66		0.93
R6		1,000.00		1,023.40		4.31		1,020.53		4.31		0.86

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

23                         Invesco Balanced-Risk Allocation 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

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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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.     

SEC file numbers: 811-05426 and 033-19338                      Invesco Distributors, Inc.                                                                                      IBRA-SAR-1            06142018      0953

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Balanced-Risk Commodity Strategy Fund
	Nasdaq:
	A: BRCAX  ∎  C: BRCCX  ∎  R: BRCRX  ∎  Y: BRCYX  ∎  R5: BRCNX  ∎  R6: IBRFX

2	Fund Performance
4	Letters to Shareholders
5	Consolidated Schedule of Investments
9	Consolidated Financial Statements
11	Notes to Consolidated Financial Statements
20	Financial Highlights
21	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	5.52	%
Class C Shares	5.16
Class R Shares	5.29
Class Y Shares	5.59
Class R5 Shares	5.74
Class R6 Shares	5.59
Bloomberg Commodity Index▼ (Broad Market/Style-Specific Index)	4.74
Source(s): ▼Bloomberg L.P.

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.

2                      Invesco Balanced-Risk Commodity Strategy Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (11/30/10)	-4.80	%
5 Years	-5.74
1 Year	2.76
Class C Shares
Inception (11/30/10)	-4.78	%
5 Years	-5.37
1 Year	6.85
Class R Shares
Inception (11/30/10)	-4.28	%
5 Years	-4.90
1 Year	8.40
Class Y Shares
Inception (11/30/10)	-3.79	%
5 Years	-4.42
1 Year	8.94
Class R5 Shares
Inception (11/30/10)	-3.74	%
5 Years	-4.31
1 Year	9.09
Class R6 Shares
Inception	-3.80	%
5 Years	-4.29
1 Year	9.09

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C,

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (11/30/10)	-5.13	%
5 Years	-7.27
1 Year	-1.84
Class C Shares
Inception (11/30/10)	-5.11	%
5 Years	-6.93
1 Year	2.13
Class R Shares
Inception (11/30/10)	-4.59	%
5 Years	-6.44
1 Year	3.64
Class Y Shares
Inception (11/30/10)	-4.11	%
5 Years	-5.97
1 Year	4.15
Class R5 Shares
Inception (11/30/10)	-4.07	%
5 Years	-5.91
1 Year	4.16
Class R6 Shares
Inception	-4.12	%
5 Years	-5.84
1 Year	4.31

Class R, Class Y, Class R5 and Class R6 shares was 1.58%, 2.33%, 1.83%, 1.33%, 1.25%, and 1.17%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.65%, 2.40%, 1.90%, 1.40%, 1.32%, and 1.24%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2020. See current prospectus for more information.

3                      Invesco Balanced-Risk Commodity Strategy Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Schedule of Investments

April 30, 2018

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Securities–27.49%
U.S. Treasury Bills–12.41%(a)
U.S. Treasury Bills		1.45	%		06/14/2018	$	43,000,000	$	42,913,677
U.S. Treasury Bills(b)		1.56	%		07/05/2018		25,650,000		25,569,430
U.S. Treasury Bills		1.67	%		08/09/2018		72,440,000		72,069,020
									140,552,127
U.S. Treasury Notes–15.08%(c)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate)		1.84	%		01/31/2020		62,880,000		62,877,246
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)		1.87	%		04/30/2020		64,000,000		64,010,157
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)		2.01	%		07/31/2018		43,910,000		43,935,016
									170,822,419
Total U.S. Treasury Securities (Cost $311,395,461)									311,374,546
				Expiration Date
Commodity–Linked Securities–5.94%
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)(d)					07/19/2018		21,150,000		37,627,175
International Bank for Reconstruction and Development, 3 month USD LIBOR rate minus 0.78% (linked to the Barclays Diversified Energy-Metals Total Return Index, multiplied by 2)					01/30/2020		30,000,000		29,625,169
Total Commodity-Linked Securities (Cost $51,150,000)									67,252,344
						Shares
Exchange-Traded Fund–0.95%
Invesco DB Gold Fund (Cost $14,018,282)(e)							260,000		10,805,601
Money Market Funds–62.15%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(f)							223,769,157		223,769,157
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(f)							139,723,783		139,737,755
Invesco Treasury Portfolio–Institutional Class, 1.62%(f)							223,561,321		223,561,321
STIC (Global Series) PLC–U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class (Ireland), 1.70%(f)							117,052,808		117,052,808
Total Money Market Funds (Cost $704,123,214)									704,121,041
TOTAL INVESTMENTS IN SECURITIES–96.53% (Cost $1,080,686,957)									1,093,553,532
OTHER ASSETS LESS LIABILITIES–3.47%									39,315,058
NET ASSETS–100.00%								$	1,132,868,590

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value		Unrealized Appreciation
Cocoa		277		July-2018	$	7,825,250	$	1,497,123	$	1,497,123
Coffee C		360		July-2018		16,578,000		457,578		457,578
Corn		1,405		July-2018		28,152,688		1,413,728		1,413,728
Cotton No. 2		1,312		December-2018		51,679,680		2,071,176		2,071,176
Lean Hogs		177		December-2018		4,207,290		59,975		59,975
NYH RBOB Gasoline (Globex)		990		July-2018		88,598,664		3,310,265		3,310,265
Soybean		871		July-2018		45,662,175		1,148,023		1,148,023
Wheat		883		July-2018		22,538,575		1,369,802		1,369,802
Total Long Futures Contracts — Commodity Risk							$	11,327,670	$	11,327,670

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

5                         Invesco  Balanced-Risk Commodity Strategy Fund

Open Over-The-Counter Total Return Swap Agreements(g)(h)
Counterparty	Pay/ Receive		Reference Entity(i)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Barclays Bank PLC		Receive	Barclays Heating Oil Roll Yield Excess Return Index		0.37	%		Monthly		137,700		January-2019	$	37,384,022		$—	$	1,597,871		$	1,597,871
Barclays Bank PLC		Receive	Barclays Live Cattle Roll Yield Excess Return Index		0.47			Monthly		29,500		January-2019		3,515,037		—		64,953			64,953
Barclays Bank PLC		Receive	Barclays WTI Crude Roll Yield Excess Return Index		0.35			Monthly		91,700		March-2019		27,698,774		—		1,179,400			1,179,400
Goldman Sachs International		Receive	Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index		0.45			Monthly		1,068,000		October-2018		47,811,455		—		207,683			207,683
Goldman Sachs International		Receive	S&P GSCI Soybean Meal Excess Return Index		0.30			Monthly		74,000		January-2019		96,659,688		—		18,352			18,352
JPMorgan Chase Bank, N.A.		Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25			Monthly		90,800		April-2019		24,556,878		—		267,134			267,134
Macquarie Bank Ltd.		Receive	Macquarie Aluminum Dynamic Selection Index		0.30			Monthly		1,163,000		December-2018		68,842,041		—		178,172			178,172
Macquarie Bank Ltd.		Receive	Modified Macquarie Single Commodity Sugar type A Excess Return Index		0.34			Monthly		183,000		January-2019		27,144,445		—		1,059,826			1,059,826
Merrill Lynch International		Receive	Merrill Lynch Gold Excess Return Index		0.14			Monthly		342,800		June-2018		57,055,803		—		0			0
Merrill Lynch International		Receive	MLCXLXAE Excess Return Index		0.25			Monthly		48,700		March-2019		13,457,758		—		0			0
Merrill Lynch International		Receive	MLCX Dynamic Enhanced Copper Excess Return Index		0.25			Monthly		78,200		September-2018		51,659,624		—		0			0
Merrill Lynch International		Receive	MLCX Natural Gas Annual Excess Return Index		0.25			Monthly		777,000		November-2018		32,582,772		—		0			0
Royal Bank of Canada		Receive	RBC Enhanced Brent Crude Oil 01 Excess Return Index		0.35			Monthly		149,500		March-2018		53,142,032		—		0			0
Royal Bank of Canada		Receive	RBC Enhanced Copper LME 01 Excess Return Index		0.28			Monthly		12,400		June-2018		7,696,751		—		0			0
Royal Bank of Canada		Receive	RBC Gold E0 Excess Return Index		0.12			Monthly		33,800		August-2018		11,623,915		—		0			0
Subtotal — Appreciation																—		4,573,391			4,573,391
Barclays Bank PLC		Receive	Barclays Soybeans Seasonal Excess Return Index		0.30			Monthly		151,000		May-2018		44,950,511		—		(202,733	)		(202,733	)
Canadian Imperial Bank of Commerce		Receive	CIBC Dynamic Roll LME Copper Excess Return Index 2		0.30			Monthly		565,000		April-2019		49,521,118		—		(1,039,898	)		(1,039,898	)
Goldman Sachs International		Receive	Enhanced Strategy Sugar A141 on the S&P GSCI Sugar Excess Return Index		0.37			Monthly		281,000		March-2019		50,268,090		—		(3,177,885	)		(3,177,885	)
JPMorgan Chase Bank, N.A.		Receive	S&P GSCI Gold Index Excess Return		0.09			Monthly		537,500		October-2018		57,291,426		—		(207,744	)		(207,744	)
Macquarie Bank Ltd.		Receive	Macquarie Single Commodity Silver type A Excess Return Index		0.16			Monthly		285,500		December-2018		54,267,155		—		(576,139	)		(576,139	)
Morgan Stanley Capital Services LLC		Receive	MS Soybean Oil Dynamic Roll Index		0.30			Monthly		153,000		April-2019		22,043,062		—		(251,486	)		(251,486	)
Subtotal — Depreciation																—		(5,455,885	)		(5,455,885	)
Total Open Over-The-Counter Total Return Swap Agreements —Commodity Risk															$	—	$	(882,494	)	$	(882,494	)

Investment Abbreviations:

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.
LIBOR	–  London Interbank Offered Rate
USD	–  U.S. Dollar

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

6                         Invesco  Balanced-Risk Commodity Strategy Fund

Notes to 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)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J.

^(c)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2018.

^(d)  Security purchased or received in 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, 2018 represented 3.32% of the Fund’s Net Assets.

^(e)  Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 5.

^(f)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

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

^(h) Open Over-The-Counter Total Return swap agreements are collateralized by cash held with Counterparties in the amount of $56,599,780.

⁽ⁱ⁾  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 Heating Oil Roll Yield Excess Return Index
	Long Futures Contracts
	Heating Oil		100	%
Barclays Live Cattle Roll Yield Excess Return Index
	Long Futures Contracts
	Live Cattle		100	%
Barclays WTI Crude Roll Yield Excess Return Index
	Long Futures Contracts
	WTI Crude		100	%
Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index
	Long Futures Contracts
	Cotton No. 2		100	%
S&P GSCI Soybean Meal Excess Return Index
	Long Futures Contracts
	Soybean Meal		100	%
J.P. Morgan Contag Beta Gas Oil Excess Return Index
	Long Futures Contracts
	Gas Oil		100	%
Macquarie Aluminum Dynamic Selection Index
	Long Futures Contracts
	Aluminum		100	%
Modified Macquarie Single Commodity Sugar type A Excess Return Index
	Long Futures Contracts
	Sugar		100	%
Merrill Lynch Gold Excess Return Index
	Long Futures Contracts
	Gold		100	%
MLCXLXAE Excess Return Index
	Long Futures Contracts
	Zinc		100	%
MLCX Dynamic Enhanced Copper Excess Return Index
	Long Futures Contracts
	Copper		100	%
MLCX Natural Gas Annual Excess Return Index
	Long Futures Contracts
	Natural Gas		100	%
RBC Enhanced Brent Crude Oil 01 Excess Return Index
	Long Futures Contracts
	Brent Crude		100	%
RBC Enhanced Copper LME 01 Excess Return Index
	Long Futures Contracts
	Copper		100	%

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

7                         Invesco  Balanced-Risk Commodity Strategy Fund

Reference Entity Components—(continued)
Reference Entity	Underlying Components	Percentage
RBC Gold E0 Excess Return Index
	Long Futures Contracts
	Gold		100	%
Barclays Soybeans Seasonal Excess Return Index
	Long Futures Contracts
	Soybeans		100	%
CIBC Dynamic Roll LME Copper Excess Return Index 2
	Long Futures Contracts
	Copper		100	%
Enhanced Strategy Sugar A141 on the S&P GSCI Sugar Excess Return Index
	Long Futures Contracts
	Sugar		100	%
S&P GSCI Gold Index Excess Return
	Long Futures Contracts
	Gold		100	%
Macquarie Single Commodity Silver type A Excess Return Index
	Long Futures Contracts
	Silver		100	%
MS Soybean Oil Dynamic Roll Index
	Long Futures Contracts
	Soybean Oil		100	%

Target Risk Allocation and Notional Asset Weights

By asset class, based on Net Assets

as of April 30, 2018

Asset Class	Target Risk Allocation*			% of Net Assets as of 04/30/18**
Agriculture		36.64	%		45.75	%
Energy		34.31			31.32
Industrial Metals		14.80			19.52
Precious Metals		14.25			21.82
Total		100.00	%		118.41	%

* 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  Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $362,545,461)	$	378,626,890
Investments in affiliates, at value (Cost $718,141,496)		714,926,642
Other investments:
Variation margin receivable — futures contracts		190,412
Swaps receivable — OTC		4,770,852
Unrealized appreciation on swap agreements — OTC		4,573,391
Deposits with brokers:
Cash collateral — OTC Derivatives		56,599,780
Cash		5,339,530
Receivable for:
Fund shares sold		5,749,018
Dividends and interest		993,761
Investment for trustee deferred compensation and retirement plans		77,568
Other assets		68,716
Total assets		1,171,916,560
Liabilities:
Other investments:
Swaps payable — OTC		1,780,203
Unrealized depreciation on swap agreements — OTC		5,455,885
Payable for:
Investments purchased		30,000,000
Fund shares reacquired		1,162,568
Accrued fees to affiliates		336,945
Accrued trustees’ and officers’ fees and benefits		2,405
Accrued other operating expenses		173,290
Trustee deferred compensation and retirement plans		136,674
Total liabilities		39,047,970
Net assets applicable to shares outstanding	$	1,132,868,590
Net assets consist of:
Shares of beneficial interest	$	1,116,470,510
Undistributed net investment income		(2,965,454	)
Undistributed net realized gain (loss)		(3,948,217	)
Net unrealized appreciation		23,311,751
	$	1,132,868,590

Net Assets:
Class A	$	45,163,354
Class C	$	10,049,988
Class R	$	1,954,572
Class Y	$	857,305,572
Class R5	$	200,367,061
Class R6	$	18,028,043
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		6,391,460
Class C		1,493,532
Class R		280,304
Class Y		119,103,471
Class R5		27,733,270
Class R6		2,489,361
Class A:
Net asset value per share	$	7.07
Maximum offering price per share
(Net asset value of $7.07 ¸ 94.50%)	$	7.48
Class C:
Net asset value and offering price per share	$	6.73
Class R:
Net asset value and offering price per share	$	6.97
Class Y:
Net asset value and offering price per share	$	7.20
Class R5:
Net asset value and offering price per share	$	7.22
Class R6:
Net asset value and offering price per share	$	7.24

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

9                         Invesco  Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Dividends from affiliates	$	3,839,467
Interest		2,595,720
Total investment income		6,435,187
Expenses:
Advisory fees		4,966,160
Administrative services fees		125,672
Custodian fees		24,187
Distribution fees:
Class A		55,530
Class B		146
Class C		40,042
Class R		4,465
Transfer agent fees — A, B, C, R and Y		641,488
Transfer agent fees — R5		99,991
Transfer agent fees — R6		203
Trustees’ and officers’ fees and benefits		18,244
Registration and filing fees		69,030
Reports to shareholders		92,897
Professional services fees		69,225
Other		16,965
Total expenses		6,224,245
Less: Fees waived and expense offset arrangement(s)		(370,802	)
Net expenses		5,853,443
Net investment income		581,744
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		9,439,362
Futures contracts		5,109,803
Swap agreements		25,300,332
		39,849,497
Change in net unrealized appreciation (depreciation) of:
Investment securities		3,823,693
Futures contracts		12,708,263
Swap agreements		(4,880,252	)
		11,651,704
Net realized and unrealized gain		51,501,201
Net increase in net assets resulting from operations	$	52,082,945

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

10                         Invesco  Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income (loss)	$	581,744		$	(4,538,717	)
Net realized gain (loss)		39,849,497			(9,638,258	)
Change in net unrealized appreciation		11,651,704			16,822,397
Net increase in net assets resulting from operations		52,082,945			2,645,422
Distributions to shareholders from net investment income:
Class A		—			(1,091,128	)
Class B		—			(3,367	)
Class C		—			(160,205	)
Class R		—			(18,396	)
Class Y		(89,361	)		(16,712,187	)
Class R5		(66,877	)		(5,253,994	)
Class R6		(5,557	)		(56,525	)
Total distributions from net investment income		(161,795	)		(23,295,802	)
Share transactions–net:
Class A		(13,459,921	)		16,448,650
Class B		(65,998	)		(85,660	)
Class C		2,594,633			1,425,627
Class R		179,032			892,561
Class Y		242,519,157			19,012,305
Class R5		(16,218,792	)		12,788,459
Class R6		4,937,052			10,313,107
Net increase in net assets resulting from share transactions		220,485,163			60,795,049
Net increase in net assets		272,406,313			40,144,669
Net assets:
Beginning of period		860,462,277			820,317,608
End of period (includes undistributed net investment income (loss) of $(2,965,454) and $(3,385,403), respectively)	$	1,132,868,590		$	860,462,277

Notes to Consolidated Financial Statements

April 30, 2018

(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. 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 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. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the

11                         Invesco  Balanced-Risk Commodity Strategy Fund

month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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 economic conditions, interest rates, investor perceptions 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. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

12                         Invesco  Balanced-Risk Commodity Strategy Fund

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the 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 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

13                         Invesco  Balanced-Risk Commodity Strategy Fund

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 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.

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. 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.

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.

14                         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	.05%
Next $250 million		1	.025%
Next $500 million		1	.00%
Next $1.5 billion		0	.975%
Next $2.5 billion		0	.95%
Next $2.5 billion		0	.925%
Next $2.5 billion		0	.90%
Over $10 billion		0	.875%

For the six months ended April 30, 2018, the effective advisory fees 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, 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 June 30, 2019, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or reimbursements (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 2.75% of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2019. 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, 2020, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives on the Fund’s investments in certain affiliated funds.

For the six months ended April 30, 2018, the Adviser waived advisory fees of $370,056.

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, 2018, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees.

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, 2018, 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. Prior to their conversion to Class A shares, the Fund paid an annual rate of 1.00% of the average daily net assets of Class B 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, 2018, 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

15                         Invesco  Balanced-Risk Commodity Strategy Fund

proceeds prior to remittance to the shareholder. During the six months ended April 30, 2018, IDI advised the Fund that IDI retained $16,369 in front-end sales commissions from the sale of Class A shares and $1,080 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.

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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were no material transfers between valuation levels.

	Level 1		Level 2			Level 3		Total
Investments in Securities
U.S. Treasury Securities	$	—	$	311,374,546		$	—	$	311,374,546
Commodity-Linked Securities		—		67,252,344			—		67,252,344
Exchange-Traded Fund		10,805,601		—			—		10,805,601
Money Market Funds		704,121,041		—			—		704,121,041
Total Investments in Securities		714,926,642		378,626,890			—		1,093,553,532
Other Investments — Assets*
Futures Contracts		11,327,670		—			—		11,327,670
Swap Agreements		—		4,573,391			—		4,573,391
		11,327,670		4,573,391			—		15,901,061
Other Investments — Liabilities*
Swap Agreements		—		(5,455,885	)		—		(5,455,885	)
Total Other Investments		11,327,670		(882,494	)		—		10,445,176
Total Investments	$	726,254,312	$	377,744,396		$	—	$	1,103,998,708

* 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 Consolidated Statement of Assets and Liabilities.

16                         Invesco  Balanced-Risk Commodity 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, 2018:

	Value
Derivative Assets	Commodity Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	11,327,670
Unrealized appreciation on swap agreements — OTC		4,573,391
Total Derivative Assets		15,901,061
Derivatives not subject to master netting agreements		(11,327,670	)
Total Derivative Assets subject to master netting agreements	$	4,573,391

	Value
Derivative Liabilities	Commodity Risk
Unrealized depreciation on swap agreements — OTC	$	(5,455,885	)
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	(5,455,885	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2018.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Subsidiary
Barclays Bank PLC	$	2,842,224	$	(218,623	)	$	2,623,601		$	—	$	—	$	2,623,601
Canadian Imperial Bank of Commerce		—		(1,048,445	)		(1,048,445	)		—		1,048,445		—
Goldman Sachs International		226,035		(3,219,542	)		(2,993,507	)		—		2,993,507		—
JPMorgan Chase Bank, N.A.		267,134		(209,883	)		57,251			—		—		57,251
Macquarie Bank Ltd.		1,237,998		(582,478	)		655,520			—		—		655,520
Merrill Lynch International		645,113		(1,616,230	)		(971,117	)		—		971,117		—
Morgan Stanley Capital Services LLC		—		(252,573	)		(252,573	)		—		—		(252,573	)
Royal Bank of Canada		4,125,739		(88,314	)		4,037,425			—		—		4,037,425
Total	$	9,344,243	$	(7,236,088	)	$	2,108,155		$	—	$	5,013,069	$	7,121,224

Effect of Derivative Investments for the six months ended April 30, 2018

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

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk
Realized Gain:
Futures contracts	$	5,109,803
Swap agreements		25,300,332
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		12,708,263
Swap agreements		(4,880,252	)
Total	$	38,238,146

The table below summarizes the average notional value of futures contracts and swap agreements outstanding during the period.

	Futures Contracts		Swap Agreements
Average notional value	$	233,611,943	$	742,195,617

17                         Invesco  Balanced-Risk Commodity Strategy Fund

NOTE 5—Investments in Affiliates

The Fund’s Adviser and the adviser for Invesco DB Gold Fund are subsidiaries of Invesco Ltd. and therefore, Invesco DB Gold Fund is considered to be affiliated with the Fund. The following is a summary of the transactions in, and earnings from, investments in Invesco DB Gold Fund for the six months ended April 30, 2018.

	Value 10/31/17		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value 04/30/18		Dividend Income
Invesco DB Gold Fund	$	8,284,050	$	2,343,451	$	—	$	178,100	$	—	$	10,805,601	$	8,614

NOTE 6—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $746.

NOTE 7—Trustees’ and Officers’ Fees and Benefits

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

NOTE 8—Cash Balances

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

NOTE 9—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 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, 2017, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	40,365,516	$	5,005,707	$	45,371,223

* 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 limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

18                         Invesco  Balanced-Risk Commodity Strategy Fund

NOTE 10—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2018 was $32,343,450 and $29,679,430, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $126,880,000 and $115,890,000, 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	$	38,192,690
Aggregate unrealized (depreciation) of investments		(13,685,469	)
Net unrealized appreciation of investments	$	24,507,221

Cost of investments for tax purposes is $1,079,491,488.

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		2,052,145		$	14,146,938			4,563,865		$	30,361,277
Class C		585,429			3,899,539			632,764			4,089,805
Class R		75,172			514,572			210,342			1,356,759
Class Y		52,067,439			366,629,005			67,828,430			461,730,692
Class R5		136,616			966,545			2,861,151			18,947,101
Class R6		842,420			5,978,686			2,043,846			13,792,890
Issued as reinvestment of dividends:
Class A		—			—			149,749			1,006,312
Class B(b)		—			—			396			2,565
Class C		—			—			22,851			147,620
Class R		—			—			2,740			18,221
Class Y		8,118			54,310			1,163,388			7,934,306
Class R5		9,913			66,518			763,850			5,224,733
Class R6		825			5,556			8,252			56,525
Conversion of Class B shares to Class A shares:(c)
Class A		8,756			62,252			7,534			49,496
Class B		(9,155	)		(62,252	)		(7,837	)		(49,496	)
Reacquired:
Class A		(4,106,984	)		(27,669,111	)		(2,258,911	)		(14,968,435	)
Class B(b)		(568	)		(3,746	)		(5,968	)		(38,729	)
Class C		(198,462	)		(1,304,906	)		(449,948	)		(2,811,798	)
Class R		(49,166	)		(335,540	)		(74,400	)		(482,419	)
Class Y		(17,643,593	)		(124,164,158	)		(67,046,653	)		(450,652,693	)
Class R5		(2,461,648	)		(17,251,855	)		(1,674,504	)		(11,383,375	)
Class R6		(147,122	)		(1,047,190	)		(541,057	)		(3,536,308	)
Net increase in share activity		31,170,135		$	220,485,163			8,199,880		$	60,795,049

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 83% 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) Reflects activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business on January 26, 2018, all outstanding Class B shares were converted to Class A shares.

19                         Invesco  Balanced-Risk Commodity Strategy Fund

NOTE 12—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	6.70	$	(0.00	)	$	0.37		$	0.37		$	—		$	7.07		5.52	%	$	45,163		1.44	%(d)		1.52	%(d)		(0.12	)%(d)		63	%
Year ended 10/31/17		6.84		(0.05	)		0.08			0.03			(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
Year ended 10/31/14		9.05		(0.11	)		(0.90	)		(1.01	)		—			8.04		(11.16	)		47,339		1.30			1.57			(1.25	)		21
Year ended 10/31/13		10.73		(0.11	)		(1.35	)		(1.46	)		(0.22	)		9.05		(13.89	)		69,350		1.22			1.47			(1.14	)		47
Class B
Six months ended 04/30/18(e)		6.42		(0.01	)		0.39			0.38			—			6.80		5.92			—		2.19	(d)		2.27	(d)		(0.87	)(d)		63
Year ended 10/31/17		6.58		(0.10	)		0.09			0.01			(0.15	)		6.42		(0.19	)		62		2.24			2.31			(1.53	)		10
Year ended 10/31/16		6.34		(0.12	)		0.36			0.24			—			6.58		3.79			152		2.22			2.31			(1.86	)		98
Year ended 10/31/15		7.85		(0.16	)		(1.35	)		(1.51	)		—			6.34		(19.24	)		258		2.30			2.34			(2.22	)		17
Year ended 10/31/14		8.91		(0.17	)		(0.89	)		(1.06	)		—			7.85		(11.90	)		514		2.05			2.32			(2.00	)		21
Year ended 10/31/13		10.59		(0.18	)		(1.33	)		(1.51	)		(0.17	)		8.91		(14.44	)		1,096		1.97			2.22			(1.89	)		47
Class C
Six months ended 04/30/18		6.40		(0.03	)		0.36			0.33			—			6.73		5.16			10,050		2.19	(d)		2.27	(d)		(0.87	)(d)		63
Year ended 10/31/17		6.57		(0.10	)		0.08			(0.02	)		(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
Year ended 10/31/14		8.89		(0.17	)		(0.88	)		(1.05	)		—			7.84		(11.81	)		3,612		2.05			2.32			(2.00	)		21
Year ended 10/31/13		10.58		(0.18	)		(1.34	)		(1.52	)		(0.17	)		8.89		(14.55	)		4,948		1.97			2.22			(1.89	)		47
Class R
Six months ended 04/30/18		6.62		(0.01	)		0.36			0.35			—			6.97		5.29			1,955		1.69	(d)		1.77	(d)		(0.37	)(d)		63
Year ended 10/31/17		6.76		(0.07	)		0.09			0.02			(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
Year ended 10/31/14		9.02		(0.13	)		(0.90	)		(1.03	)		—			7.99		(11.42	)		371		1.55			1.82			(1.50	)		21
Year ended 10/31/13		10.71		(0.13	)		(1.36	)		(1.49	)		(0.20	)		9.02		(14.13	)		504		1.47			1.72			(1.39	)		47
Class Y
Six months ended 04/30/18		6.82		0.00			0.38			0.38			(0.00	)		7.20		5.59			857,306		1.19	(d)		1.27	(d)		0.13	(d)		63
Year ended 10/31/17		6.95		(0.04	)		0.10			0.06			(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
Year ended 10/31/14		9.13		(0.09	)		(0.91	)		(1.00	)		—			8.13		(10.95	)		268,106		1.05			1.32			(1.00	)		21
Year ended 10/31/13		10.81		(0.09	)		(1.36	)		(1.45	)		(0.23	)		9.13		(13.69	)		250,463		0.97			1.22			(0.89	)		47
Class R5
Six months ended 04/30/18		6.84		0.01			0.37			0.38			(0.00	)		7.22		5.60			200,367		1.12	(d)		1.20	(d)		0.20	(d)		63
Year ended 10/31/17		6.97		(0.03	)		0.09			0.06			(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
Year ended 10/31/14		9.13		(0.09	)		(0.91	)		(1.00	)		—			8.13		(10.95	)		269,490		1.02			1.19			(0.97	)		21
Year ended 10/31/13		10.80		(0.09	)		(1.35	)		(1.44	)		(0.23	)		9.13		(13.61	)		266,031		0.97			1.20			(0.89	)		47
Class R6
Six months ended 04/30/18		6.86		0.01			0.37			0.38			(0.00	)		7.24		5.59			18,028		1.03	(d)		1.11	(d)		0.29	(d)		63
Year ended 10/31/17		6.98		(0.02	)		0.09			0.07			(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
Year ended 10/31/14		9.13		(0.08	)		(0.92	)		(1.00	)		—			8.13		(10.95	)		131,076		0.99			1.10			(0.94	)		21
Year ended 10/31/13		10.80		(0.08	)		(1.36	)		(1.44	)		(0.23	)		9.13		(13.61	)		124,497		0.97			1.12			(0.89	)		47

^(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 $44,792, $61, $8,075, $1,801, $712,307, $201,641 and $14,068 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Reflects activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

20                         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 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, 2017, through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,055.20	$	7.34	$	1,017.65	$	7.20		1.44	%
C		1,000.00		1,051.60		11.14		1,013.93		10.94		2.19
R		1,000.00		1,052.90		8.60		1,016.41		8.45		1.69
Y		1,000.00		1,055.90		6.07		1,018.89		5.96		1.19
R5		1,000.00		1,057.40		5.71		1,019.24		5.61		1.12
R6		1,000.00		1,055.90		5.25		1,019.69		5.16		1.03

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

21                         Invesco  Balanced-Risk Commodity Strategy 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.

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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.     

SEC file numbers: 811-05426 and 033-19338                     Invesco Distributors, Inc.                                                                                 BRCS-SAR-1             06142018      1518

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Developing Markets Fund
	Nasdaq:
	A: GTDDX  ∎  C: GTDCX  ∎  Y: GTDYX  ∎  R5: GTDIX  ∎  R6: GTDFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	–1.61	%
Class C Shares	–1.96
Class Y Shares	–1.46
Class R5 Shares	–1.41
Class R6 Shares	–1.40
MSCI Emerging Markets Index▼ (Broad Market/Style-Specific Index)	4.80
Lipper Emerging Market Funds Index∎ (Peer Group Index)	4.01
Source(s): ▼FactSet Research Systems Inc.; ∎Lipper Inc.

The MSCI Emerging Markets Index^SM is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

    The Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market funds tracked by Lipper.

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

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

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.

2                      Invesco Developing Markets Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (1/11/94)	5.32	%
10 Years	2.79
5 Years	0.61
1 Year	4.06
Class C Shares
Inception (3/1/99)	9.17	%
10 Years	2.60
5 Years	1.00
1 Year	8.31
Class Y Shares
10 Years	3.62	%
5 Years	2.01
1 Year	10.41
Class R5 Shares
Inception (10/25/05)	8.73	%
10 Years	3.80
5 Years	2.14
1 Year	10.52
Class R6 Shares
10 Years	3.62	%
5 Years	2.18
1 Year	10.57

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class Y,

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (1/11/94)	5.57	%
10 Years	3.79
5 Years	1.95
1 Year	12.14
Class C Shares
Inception (3/1/99)	9.51	%
10 Years	3.60
5 Years	2.34
1 Year	16.77
Class Y Shares
10 Years	4.63	%
5 Years	3.37
1 Year	18.94
Class R5 Shares
Inception (10/25/05)	9.24	%
10 Years	4.81
5 Years	3.51
1 Year	19.09
Class R6 Shares
10 Years	4.63	%
5 Years	3.55
1 Year	19.14

Class R5 and Class R6 shares was 1.43%, 2.18%, 1.18%, 1.06% and 1.02%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class Y, Class R5 and Class R6 shares was 1.45%, 2.20%, 1.20%, 1.08% and 1.04%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2020. See current prospectus for more information.

3                      Invesco Developing Markets Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Developing Markets Fund

Schedule of Investments

April 30, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–88.63%
Brazil–19.27%
Ambev S.A.–ADR		12,247,028	$	81,075,325
Arcos Dorados Holdings, Inc.–Class A(a)		9,746,094		88,689,455
B3 S.A.–Brasil, Bolsa, Balcão		18,778,020		135,334,667
Banco Bradesco S.A.–ADR		10,439,452		102,306,630
BR Malls Participacoes S.A.		10,462,817		32,551,650
Duratex S.A.		8,965,842		27,638,388
Fleury S.A.		8,772,400		65,376,727
Kroton Educacional S.A.		11,054,789		44,395,856
Raia Drogasil S.A.		1,039,300		20,385,528
TOTVS S.A.		1,387,900		12,633,119
Wilson Sons Ltd.–BDR		962,600		10,852,776
				621,240,121
China–12.96%
Baidu, Inc.–ADR(b)		98,098		24,612,788
China Mobile Ltd.		4,998,000		47,530,948
Henan Shuanghui Investment & Development Co., Ltd.–Class A		11,811,142		46,754,953
Industrial & Commercial Bank of China Ltd.–Class H		58,050,000		51,059,823
Inner Mongolia Yili Industrial Group Co., Ltd.–Class A		15,400,220		64,053,091
Kweichow Moutai Co., Ltd.–Class A		362,161		38,006,586
Lee & Man Paper Manufacturing Ltd.		33,323,000		36,823,147
NetEase, Inc.–ADR		109,332		28,105,977
Sunny Optical Technology Group Co., Ltd.		1,288,700		21,045,793
Want Want China Holdings Ltd.		24,950,000		22,047,664
Wuliangye Yibin Co., Ltd.–Class A		3,509,338		37,815,590
				417,856,360
Egypt–0.59%
Egyptian Financial Group-Hermes Holding Co.		12,922,002		19,118,546
France–1.43%
Bollore S.A.		9,268,497		45,969,579
Hong Kong–4.31%
Galaxy Entertainment Group Ltd.		7,632,000		66,779,196
WH Group Ltd.–REGS(c)		69,636,500		72,188,949
				138,968,145
Hungary–2.20%
Richter Gedeon Nyrt		3,504,462		70,890,553
Indonesia–6.26%
PT Bank Central Asia Tbk		46,011,600		72,753,138
PT Bank Mandiri Persero Tbk		135,218,600		68,784,221
PT Telekomunikasi Indonesia Persero Tbk		221,321,600		60,473,990
				202,011,349

	Shares		Value
Israel–0.54%
Israel Chemicals Ltd.		3,907,788	$	17,477,350
Malaysia–2.52%
Public Bank Bhd.		13,492,400		81,132,524
Mexico–6.99%
Bolsa Mexicana de Valores, S.A.B. de C.V.		20,598,400		39,799,839
Fomento Economico Mexicano, S.A.B. de C.V.–ADR		894,371		86,449,901
GMexico Transportes, S.A.B. de C.V.–REGS(c)		21,580,534		34,343,871
Grupo Aeroportuario del Pacífico, S.A.B. de C.V.–Class B		3,561,097		37,009,395
Kimberly-Clark de Mexico, S.A.B. de C.V.–Class A		15,332,703		27,796,517
				225,399,523
Nigeria–1.20%
Zenith Bank PLC		504,865,834		38,594,015
Peru–1.58%
Credicorp Ltd.		218,960		50,906,010
Philippines–1.52%
SM Investments Corp.		964,330		17,376,123
SM Prime Holdings Inc.		47,832,400		31,553,431
				48,929,554
Russia–10.12%
Gazprom PAO–ADR		8,031,713		37,099,474
Mobile TeleSystems PJSC–ADR		2,786,494		29,258,187
Sberbank of Russia PJSC		17,149,144		61,818,370
Sberbank of Russia PJSC–Preference Shares		35,854,175		111,725,262
Yandex N.V.–Class A(b)		2,592,126		86,473,323
				326,374,616
South Korea–5.78%
NAVER Corp.		125,972		84,034,455
Samsung Electronics Co., Ltd.		41,219		102,270,821
				186,305,276
Taiwan–2.35%
Taiwan Semiconductor Manufacturing Co. Ltd.		10,018,000		75,893,712
Thailand–3.02%
Kasikornbank PCL		15,339,900		97,371,030
Turkey–4.89%
Anadolu Efes Biracilik ve Malt Sanayii A.S.		3,181,985		20,915,477
EIS Eczacibasi Ilaç, Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A.S.		12,948,995		12,924,124

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

5                         Invesco Developing Markets Fund

	Shares		Value
Turkey–(continued)
Haci Omer Sabanci Holding A.S.		36,920,553	$	87,110,341
Tupras-Turkiye Petrol Rafinerileri A.S.		1,435,357		36,661,938
				157,611,880
United Arab Emirates–1.10%
Emaar Properties PJSC		22,548,100		35,420,909
Total Common Stocks & Other Equity Interests (Cost $2,340,465,693)				2,857,471,052
Money Market Funds–11.21%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(d)		126,505,462		126,505,462
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(d)		90,342,527		90,351,562
Invesco Treasury Portfolio–Institutional Class, 1.62%(d)		144,577,671		144,577,671
Total Money Market Funds (Cost $361,435,483)				361,434,695
TOTAL INVESTMENTS IN SECURITIES–99.84% (Cost $2,701,901,176)				3,218,905,747
OTHER ASSETS LESS LIABILITIES–0.16%				5,211,950
NET ASSETS–100.00%			$	3,224,117,697

Investment Abbreviations:

ADR	– American Depositary Receipt
BDR	– Brazilian Depositary Receipt
REGS	– Regulation S

Notes to Schedule of Investments:

^(a)  Affiliated company during the period. The Investment Company Act of 1940 defines an “affiliated person” as an issuance in 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 Investment Company Act of 1940) of that issuer. The value of this security as of April 30, 2018 represented 2.75% of the Fund’s Net Assets. See Note 4.

^(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, 2018 was $106,532,820, which represented 3.30% of the Fund’s Net Assets.

^(d)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2018

Financials	31.6	%
Consumer Staples	16.4
Information Technology	13.5
Consumer Discretionary	6.2
Industrials	4.5
Telecommunication Services	4.3
Health Care	4.2
Real Estate	3.1
Materials	2.5
Energy	2.3
Money Market Funds Plus Other Assets Less Liabilities	11.4

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

6                         Invesco Developing Markets Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $2,241,716,972)	$	2,768,781,597
Investments in affiliates, at value (Cost $460,184,204)		450,124,150
Cash		15,044,967
Foreign currencies, at value (Cost $4,854,047)		4,660,700
Receivable for:
Fund shares sold		4,638,118
Dividends		3,732,946
Fund expenses absorbed		6,736
Investment for trustee deferred compensation and retirement plans		362,300
Other assets		86,029
Total assets		3,247,437,543
Liabilities:
Payable for:
Investments purchased		5,476,266
Fund shares reacquired		7,477,229
Accrued foreign taxes		8,111,748
Accrued fees to affiliates		1,107,158
Accrued trustees’ and officers’ fees and benefits		4,620
Accrued other operating expenses		736,223
Trustee deferred compensation and retirement plans		406,602
Total liabilities		23,319,846
Net assets applicable to shares outstanding	$	3,224,117,697
Net assets consist of:
Shares of beneficial interest	$	2,704,718,932
Undistributed net investment income		14,875,210
Undistributed net realized gain (loss)		(12,239,059	)
Net unrealized appreciation		516,762,614
	$	3,224,117,697

Net Assets:
Class A	$	718,947,230
Class C	$	79,892,379
Class Y	$	1,523,772,858
Class R5	$	428,716,853
Class R6	$	472,788,377
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		20,075,529
Class C		2,289,723
Class Y		42,515,802
Class R5		11,988,791
Class R6		13,225,801
Class A:
Net asset value per share	$	35.81
Maximum offering price per share
(Net asset value of $35.81 ¸ 94.50%)	$	37.89
Class C:
Net asset value and offering price per share	$	34.89
Class Y:
Net asset value and offering price per share	$	35.84
Class R5:
Net asset value and offering price per share	$	35.76
Class R6:
Net asset value and offering price per share	$	35.75

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

7                         Invesco Developing Markets Fund

Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $3,966,342)	$	35,091,245
Dividends from affiliated underlying funds		3,083,728
Total investment income		38,174,973
Expenses:
Advisory fees		15,057,118
Administrative services fees		286,465
Custodian fees		1,555,884
Distribution fees:
Class A		986,903
Class B		11,437
Class C		436,358
Transfer agent fees — A, B, C and Y		2,043,655
Transfer agent fees — R5		135,547
Transfer agent fees — R6		30,571
Trustees’ and officers’ fees and benefits		34,092
Registration and filing fees		92,437
Reports to shareholders		178,353
Professional services fees		57,589
Other		28,500
Total expenses		20,934,909
Less: Fees waived and expense offset arrangement(s)		(256,347	)
Net expenses		20,678,562
Net investment income		17,496,411
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $1,791,574)		93,476,686
Foreign currencies		(1,289,215	)
		92,187,471
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $2,872,214)		(151,410,147	)
Foreign currencies		(80,513	)
		(151,490,660	)
Net realized and unrealized gain (loss)		(59,303,189	)
Net increase (decrease) in net assets resulting from operations	$	(41,806,778	)

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

8                         Invesco Developing Markets Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income	$	17,496,411		$	30,782,524
Net realized gain		92,187,471			119,640,254
Change in net unrealized appreciation (depreciation)		(151,490,660	)		435,366,557
Net increase (decrease) in net assets resulting from operations		(41,806,778	)		585,789,335
Distributions to shareholders from net investment income:
Class A		(5,600,666	)		(6,465,840	)
Class B		(237	)		(9,114	)
Class C		(4,392	)		(88,315	)
Class Y		(16,530,978	)		(11,463,530	)
Class R5		(5,045,947	)		(3,838,802	)
Class R6		(4,921,857	)		(2,041,422	)
Total distributions from net investment income		(32,104,077	)		(23,907,023	)
Share transactions–net:
Class A		(143,637,116	)		(91,568,138	)
Class B		(5,577,356	)		(4,910,609	)
Class C		(6,953,376	)		(9,310,384	)
Class Y		(20,018,243	)		244,683,793
Class R5		(31,296,443	)		64,225,172
Class R6		60,191,392			217,227,291
Net increase (decrease) in net assets resulting from share transactions		(147,291,142	)		420,347,125
Net increase (decrease) in net assets		(221,201,997	)		982,229,437
Net assets:
Beginning of period		3,445,319,694			2,463,090,257
End of period (includes undistributed net investment income of $14,875,210 and $29,482,876, respectively)	$	3,224,117,697		$	3,445,319,694

Notes to Financial Statements

April 30, 2018

(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 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 Y, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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.

9                         Invesco Developing Markets Fund

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 economic conditions, interest rates, investor perceptions 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. 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.

10                         Invesco Developing Markets Fund

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

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 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

11                         Invesco Developing Markets Fund

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 $250 million		0	.935%
Next $250 million		0	.91%
Next $500 million		0	.885%
Next $1.5 billion		0	.86%
Next $2.5 billion		0	.835%
Next $2.5 billion		0	.81%
Next $2.5 billion		0	.785%
Over $10 billion		0	.76%

For the six months ended April 30, 2018, the effective advisory fees 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. 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 June 30, 2019, 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”). Prior to their conversion to Class A shares, the expense limit for Class B was 3.00% of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory 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, 2020, 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, 2018, the Adviser waived advisory fees of $246,316.

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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2018, 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. Prior to their conversion to Class A shares, the Fund paid an annual rate of 1.00% of the average daily net assets of Class B 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $21,001 in front-end sales commissions from the sale of Class A shares and $2,999 and $1,773 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

12                         Invesco Developing Markets 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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were transfers from Level 1 to Level 2 of $714,360,248, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Brazil	$	621,240,121	$	—	$	—	$	621,240,121
China		52,718,765		365,137,595		—		417,856,360
Egypt		—		19,118,546		—		19,118,546
France		—		45,969,579		—		45,969,579
Hong Kong		—		138,968,145		—		138,968,145
Hungary		70,890,553		—		—		70,890,553
Indonesia		—		202,011,349		—		202,011,349
Israel		—		17,477,350		—		17,477,350
Malaysia		—		81,132,524		—		81,132,524
Mexico		225,399,523		—		—		225,399,523
Nigeria		—		38,594,015		—		38,594,015
Peru		50,906,010		—		—		50,906,010
Philippines		—		48,929,554		—		48,929,554
Russia		115,731,510		210,643,106		—		326,374,616
South Korea		—		186,305,276		—		186,305,276
Taiwan		—		75,893,712		—		75,893,712
Thailand		—		97,371,030		—		97,371,030
Turkey		—		157,611,880		—		157,611,880
United Arab Emirates		—		35,420,909		—		35,420,909
Money Market Funds		361,434,695		—		—		361,434,695
Total Investments	$	1,498,321,177	$	1,720,584,570	$	—	$	3,218,905,747

NOTE 4—Investments in Other Affiliates

The 1940 Act defines an “affiliated person” as an issuance in 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 following is a summary of the investments in other affiliates (excluding affiliated money market funds) for the six months ended April 30, 2018.

	Value 10/31/17		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value 04/30/18		Dividend Income
Arcos Dorados Holdings, Inc. — Class A	$	90,686,940	$	6,939,938	$	—	$	(8,937,423	)	$	—	$	88,689,455	$	—

13                         Invesco Developing Markets 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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $10,031.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

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

NOTE 8—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 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, 2017, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	7,328,822	$	96,124,159	$	103,452,981

* 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 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, 2018 was $279,056,783 and $306,001,224, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	714,605,596
Aggregate unrealized (depreciation) of investments		(200,765,893	)
Net unrealized appreciation of investments	$	513,839,703

Cost of investments for tax purposes is $2,705,066,044.

14                         Invesco Developing Markets Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		1,167,724		$	44,172,206			5,580,960		$	179,300,415
Class B(b)		966			35,601			3,460			107,898
Class C		47,172			1,741,177			421,647			13,192,183
Class Y		7,796,495			292,003,514			23,586,261			742,795,060
Class R5		1,342,466			51,300,761			5,214,837			169,419,983
Class R6		2,615,105			99,446,964			7,776,259			262,410,342
Issued as reinvestment of dividends:
Class A		140,820			5,158,251			204,009			5,975,421
Class B(b)		5			189			270			7,751
Class C		112			4,025			2,815			80,594
Class Y		272,609			9,985,678			224,203			6,566,919
Class R5		114,412			4,179,476			124,103			3,625,047
Class R6		104,419			3,812,321			69,519			2,029,942
Conversion of Class B shares to Class A shares:(c)
Class A		119,310			4,815,368			111,089			3,668,845
Class B		(122,363	)		(4,815,368	)		(113,940	)		(3,668,845	)
Reacquired:
Class A		(5,328,459	)		(197,782,941	)		(8,807,768	)		(280,512,819	)
Class B(b)		(21,675	)		(797,778	)		(43,418	)		(1,357,413	)
Class C		(236,565	)		(8,698,578	)		(715,863	)		(22,583,161	)
Class Y		(8,438,282	)		(322,007,435	)		(15,253,958	)		(504,678,186	)
Class R5		(2,295,029	)		(86,776,680	)		(3,301,481	)		(108,819,858	)
Class R6		(1,145,266	)		(43,067,893	)		(1,435,306	)		(47,212,993	)
Net increase (decrease) in share activity		(3,866,024	)	$	(147,291,142	)		13,647,698		$	420,347,125

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 50% 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)  Class B shares activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

15                         Invesco Developing Markets Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	36.66	$	0.15	$	(0.73	)	$	(0.58	)	$	(0.27	)	$	—		$	(0.27	)	$	35.81		(1.61	)%	$	718,947		1.39	%(d)		1.40	%(d)		0.80	%(d)		9	%
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
Year ended 10/31/14		34.42		0.38		(0.65	)		(0.27	)		(0.28	)		(0.10	)		(0.38	)		33.77		(0.73	)		1,251,018		1.39			1.41			1.13			13
Year ended 10/31/13		32.70		0.30		1.66			1.96			(0.24	)		—			(0.24	)		34.42		6.03			1,494,412		1.38			1.40			0.89			14
Class B
Six months ended 04/30/18(e)		35.64		0.00		3.81			3.81			(0.00	)		—			(0.00	)		39.45		10.69			—		2.14	(d)		2.15	(d)		0.05	(d)		9
Year ended 10/31/17		29.82		0.03		5.82			5.85			(0.03	)		—			(0.03	)		35.64		19.65			5,098		2.16			2.18			0.11			16
Year ended 10/31/16		25.06		0.07		4.69			4.76			—			—			—			29.82		18.99			8,848		2.15			2.16			0.26			3
Year ended 10/31/15		32.72		0.06		(7.11	)		(7.05	)		(0.05	)		(0.56	)		(0.61	)		25.06		(21.80	)		12,710		2.18			2.19			0.21			9
Year ended 10/31/14		33.31		0.12		(0.61	)		(0.49	)		(0.00	)		(0.10	)		(0.10	)		32.72		(1.46	)		28,314		2.14			2.16			0.38			13
Year ended 10/31/13		31.66		0.04		1.61			1.65			—			—			—			33.31		5.21			44,403		2.13			2.15			0.14			14
Class C
Six months ended 04/30/18		35.59		0.01		(0.71	)		(0.70	)		(0.00	)		—			(0.00	)		34.89		(1.96	)		79,892		2.14	(d)		2.15	(d)		0.05	(d)		9
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
Year ended 10/31/14		33.27		0.12		(0.61	)		(0.49	)		(0.00	)		(0.10	)		(0.10	)		32.68		(1.47	)		137,867		2.14			2.16			0.38			13
Year ended 10/31/13		31.62		0.04		1.61			1.65			—			—			—			33.27		5.22			168,313		2.13			2.15			0.14			14
Class Y
Six months ended 04/30/18		36.74		0.20		(0.74	)		(0.54	)		(0.36	)		—			(0.36	)		35.84		(1.49	)		1,523,773		1.14	(d)		1.15	(d)		1.05	(d)		9
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
Year ended 10/31/14		34.55		0.46		(0.64	)		(0.18	)		(0.37	)		(0.10	)		(0.47	)		33.90		(0.47	)		1,463,586		1.14			1.16			1.38			13
Year ended 10/31/13		32.83		0.38		1.66			2.04			(0.32	)		—			(0.32	)		34.55		6.27			1,175,003		1.13			1.15			1.14			14
Class R5
Six months ended 04/30/18		36.68		0.22		(0.74	)		(0.52	)		(0.40	)		—			(0.40	)		35.76		(1.43	)		428,717		1.04	(d)		1.05	(d)		1.15	(d)		9
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
Year ended 10/31/14		34.52		0.51		(0.66	)		(0.15	)		(0.40	)		(0.10	)		(0.50	)		33.87		(0.35	)		686,180		0.99			1.01			1.53			13
Year ended 10/31/13		32.80		0.42		1.67			2.09			(0.37	)		—			(0.37	)		34.52		6.43			666,769		1.01			1.03			1.26			14
Class R6
Six months ended 04/30/18		36.67		0.22		(0.72	)		(0.50	)		(0.42	)		—			(0.42	)		35.75		(1.40	)		472,788		1.00	(d)		1.01	(d)		1.19	(d)		9
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
Year ended 10/31/14		34.52		0.52		(0.65	)		(0.13	)		(0.42	)		(0.10	)		(0.52	)		33.87		(0.31	)		179,467		0.97			0.99			1.55			13
Year ended 10/31/13		32.81		0.44		1.66			2.10			(0.39	)		—			(0.39	)		34.52		6.46			154,375		0.97			0.99			1.30			14

^(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 $796,054, $4,803, $87,995, $1,679,339, $476,894 and $466,547 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Reflects activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

16                         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, 2017 through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	983.90	$	6.84	$	1,017.90	$	6.95		1.39	%
C		1,000.00		980.40		10.51		1,014.18		10.69		2.14
Y		1,000.00		985.40		5.61		1,019.14		5.71		1.14
R5		1,000.00		985.90		5.12		1,019.64		5.21		1.04
R6		1,000.00		986.00		4.92		1,019.84		5.01		1.00

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

17                         Invesco Developing Markets 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.

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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.     

SEC file numbers: 811-05426 and 033-19338                     Invesco Distributors, Inc.                                                                                       DVM-SAR-1            06252018      1007

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Emerging Markets Equity Fund
	Nasdaq:
	A: IEMAX  ∎  C: IEMCX  ∎  R: IEMRX  ∎  Y: IEMYX  ∎  R5: IEMIX  ∎  R6: EMEFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	4.72	%
Class C Shares	4.43
Class R Shares	4.56
Class Y Shares	4.86
Class R5 Shares	4.86
Class R6 Shares	4.87
MSCI EAFE Index▼ (Broad Market Index)	3.41
MSCI Emerging Markets Index▼ (Style-Specific Index)	4.80
Lipper Emerging Market Funds Index∎ (Peer Group Index)	4.01
Source(s): ▼FactSet Research Systems Inc.; ∎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^SM is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

    The Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging markets 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.

2                      Invesco Emerging Markets Equity Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (5/31/11)	-0.66	%
5 Years	4.12
1 Year	17.91
Class C Shares
Inception (5/31/11)	-0.59	%
5 Years	4.52
1 Year	22.75
Class R Shares
Inception (5/31/11)	-0.12	%
5 Years	5.02
1 Year	24.42
Class Y Shares
Inception (5/31/11)	0.39	%
5 Years	5.57
1 Year	24.94
Class R5 Shares
Inception (5/31/11)	0.39	%
5 Years	5.55
1 Year	24.95
Class R6 Shares
Inception	0.33	%
5 Years	5.53
1 Year	24.82

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.34%, 2.09%, 1.59%, 1.09%, 1.09% and 1.09%, respectively.¹ The

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (5/31/11)	-0.25	%
5 Years	4.71
1 Year	25.09
Class C Shares
Inception (5/31/11)	-0.19	%
5 Years	5.08
1 Year	30.26
Class R Shares
Inception (5/31/11)	0.30	%
5 Years	5.59
1 Year	31.96
Class Y Shares
Inception (5/31/11)	0.81	%
5 Years	6.15
1 Year	32.77
Class R5 Shares
Inception (5/31/11)	0.81	%
5 Years	6.15
1 Year	32.60
Class R6 Shares
Inception	0.75	%
5 Years	6.13
1 Year	32.47

total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 2.46%, 3.21%, 2.71%, 2.21%, 1.92% and 1.92%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2019. See current prospectus for more information.

3                      Invesco Emerging Markets Equity Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

 

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Emerging Markets Equity Fund

Schedule of Investments

April 30, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.15%
Argentina–4.45%
Banco Macro S.A.–ADR		11,644	$	1,128,536
Grupo Financiero Galicia S.A.–ADR		18,520		1,183,798
MercadoLibre Inc.		2,589		879,250
				3,191,584
Brazil–5.46%
Grendene S.A.		126,300		983,074
Itau Unibanco Holding S.A.–Preference Shares		71,700		1,041,067
Multiplus S.A.		91,300		746,609
Raia Drogasil S.A.		58,500		1,147,458
				3,918,208
China–32.49%
Agricultural Bank of China Ltd.–Class H		2,151,000		1,208,266
Alibaba Group Holding Ltd.–ADR(a)		20,524		3,664,355
Baidu, Inc.–ADR(a)		8,031		2,014,978
Bank of China Ltd.–Class H		2,683,000		1,454,429
Hangzhou Robam Appliances Co. Ltd.–Class A		223,130		1,172,201
Nexteer Automotive Group Ltd.		742,000		1,142,649
PICC Property and Casualty Co. Ltd.–Class H		414,000		741,726
Ping An Insurance (Group) Co. of China Ltd.–Class H		199,000		1,943,510
Shenzhou International Group Holdings Ltd.		121,000		1,318,058
TAL Education Group–ADR		35,280		1,284,898
Tencent Holdings Ltd.		90,700		4,453,079
Wuliangye Yibin Co., Ltd.–Class A		97,586		1,051,558
Xiabuxiabu Catering Management China Holdings Co. Ltd.–REGS(b)		573,000		983,193
Zhengzhou Yutong Bus Co., Ltd.–Class A		274,400		887,370
				23,320,270
Hong Kong–3.72%
AIA Group Ltd.		166,400		1,485,657
Techtronic Industries Co. Ltd.		202,500		1,184,299
				2,669,956
India–11.05%
Asian Paints Ltd.		51,906		931,842
Britannia Industries Ltd.		9,965		821,309
Eicher Motors Ltd.		2,501		1,164,732
HDFC Bank Ltd.		60,881		1,772,731
Housing Development Finance Corp. Ltd.		53,635		1,508,721
Maruti Suzuki India Ltd.		7,608		1,000,964
Tata Consultancy Services Ltd.		13,828		730,301
				7,930,600
Indonesia–2.33%
PT Bank Rakyat Indonesia (Persero) Tbk		4,921,500		1,134,353
PT Link Net Tbk		1,388,200		538,797
				1,673,150

	Shares		Value
Malaysia–1.33%
My E.G. Services Bhd		1,459,800	$	952,991
Mexico–3.20%
Fomento Economico Mexicano, S.A.B. de C.V.–ADR		10,905		1,054,077
Regional S.A.B. de C.V.		195,300		1,243,642
				2,297,719
Peru–1.81%
Credicorp Ltd.		5,575		1,296,132
Poland–2.02%
Benefit Systems S.A.(a)		2,363		713,693
CCC S.A.		10,028		735,867
				1,449,560
Russia–3.53%
Sberbank of Russia PJSC–ADR		102,211		1,511,004
Yandex N.V.–Class A(a)		30,737		1,025,386
				2,536,390
South Africa–4.13%
Clicks Group Ltd.		67,851		1,151,027
Naspers Ltd.–Class N		7,443		1,815,954
				2,966,981
South Korea–10.75%
Koh Young Technology Inc.		14,685		1,393,029
Kakao M Corp.		12,773		1,066,031
Ottogi Corp.		1,463		1,083,677
Samsung Electronics Co., Ltd.		1,682		4,173,306
				7,716,043
Taiwan–7.78%
King Slide Works Co., Ltd.		79,000		1,116,323
President Chain Store Corp.		109,000		1,071,155
Taiwan Semiconductor Manufacturing Co. Ltd.		448,000		3,393,929
				5,581,407
Thailand–3.75%
Beauty Community PCL–NVDR		2,300,500		1,692,015
Kasikornbank PCL		157,000		996,568
				2,688,583
United States–1.35%
EPAM Systems, Inc.(a)		8,499		971,861
Total Common Stocks & Other Equity Interests (Cost $60,848,275)				71,161,435

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

5                         Invesco Emerging Markets Equity Fund

	Shares		Value
Money Market Funds–1.54%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(c)		388,050	$	388,050
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(c)		277,131		277,159
Invesco Treasury Portfolio–Institutional Class, 1.62%(c)		443,486		443,486
Total Money Market Funds (Cost $1,108,693)				1,108,695
TOTAL INVESTMENTS IN SECURITIES–100.69% (Cost $61,956,968)				72,270,130
OTHER ASSETS LESS LIABILITIES–(0.69)%				(498,160	)
NET ASSETS–100.00%			$	71,771,970

Investment Abbreviations:

ADR	– American Depositary Receipt
NVDR	– Non-Voting Depositary Receipt
REGS	– Regulation S

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in 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, 2018 represented 1.37% of the Fund’s Net Assets.

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2018

Information Technology	33.0	%
Financials	27.4
Consumer Discretionary	21.1
Consumer Staples	10.3
Industrials	5.4
Materials	1.3
Telecommunication Services	0.7
Money Market Funds Plus Other Assets Less Liabilities	0.8

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

6                         Invesco Emerging Markets Equity Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $60,848,275)	$	71,161,435
Investments in affiliated money market funds, at value (Cost $1,108,693)		1,108,695
Cash		31,964
Foreign currencies, at value (Cost $51,890)		50,987
Receivable for:
Investments sold		850,391
Fund shares sold		162,356
Dividends		84,386
Fund expenses absorbed		21,186
Investment for trustee deferred compensation and retirement plans		22,411
Other assets		63,279
Total assets		73,557,090
Liabilities:
Payable for:
Investments purchased		1,335,734
Fund shares reacquired		149,932
Accrued foreign taxes		179,278
Accrued fees to affiliates		40,221
Accrued trustees’ and officers’ fees and benefits		1,531
Accrued other operating expenses		55,200
Trustee deferred compensation and retirement plans		23,224
Total liabilities		1,785,120
Net assets applicable to shares outstanding	$	71,771,970
Net assets consist of:
Shares of beneficial interest	$	65,813,982
Undistributed net investment income (loss)		(158,022	)
Undistributed net realized gain (loss)		(4,198,758	)
Net unrealized appreciation		10,314,768
	$	71,771,970

Net Assets:
Class A	$	40,464,608
Class C	$	10,679,437
Class R	$	2,687,173
Class Y	$	15,655,165
Class R5	$	2,055,992
Class R6	$	229,595
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,157,922
Class C		1,132,434
Class R		278,920
Class Y		1,603,487
Class R5		210,574
Class R6		23,535
Class A:
Net asset value per share	$	9.73
Maximum offering price per share
(Net asset value of $9.73 ¸ 94.50%)	$	10.30
Class C:
Net asset value and offering price per share	$	9.43
Class R:
Net asset value and offering price per share	$	9.63
Class Y:
Net asset value and offering price per share	$	9.76
Class R5:
Net asset value and offering price per share	$	9.76
Class R6:
Net asset value and offering price per share	$	9.76

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

7                         Invesco Emerging Markets Equity Fund

Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $29,112)	$	270,854
Dividends from affiliated money market funds		9,100
Total investment income		279,954
Expenses:
Advisory fees		275,917
Administrative services fees		24,795
Custodian fees		44,837
Distribution fees:
Class A		41,784
Class C		44,938
Class R		6,412
Transfer agent fees — A, C, R and Y		63,854
Transfer agent fees — R5		42
Transfer agent fees — R6		2
Trustees’ and officers’ fees and benefits		11,379
Registration and filing fees		47,027
Reports to shareholders		9,916
Professional services fees		34,137
Other		6,050
Total expenses		611,090
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(199,967	)
Net expenses		411,123
Net investment income (loss)		(131,169	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $27,640)		(41,611	)
Foreign currencies		(59,199	)
		(100,810	)
Change in net unrealized appreciation of:
Investment securities (net of foreign taxes of $74,762)		1,373,522
Foreign currencies		2,260
		1,375,782
Net realized and unrealized gain		1,274,972
Net increase in net assets resulting from operations	$	1,143,803

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

8                         Invesco Emerging Markets Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income (loss)	$	(131,169	)	$	84,389
Net realized gain (loss)		(100,810	)		1,767,893
Change in net unrealized appreciation		1,375,782			6,895,427
Net increase in net assets resulting from operations		1,143,803			8,747,709
Distributions to shareholders from net investment income:
Class A		(26,510	)		(11,076	)
Class Y		(20,895	)		(17,401	)
Class R5		(4,874	)		(4,962	)
Class R6		(30	)		(22,501	)
Total distributions from net investment income		(52,309	)		(55,940	)
Share transactions–net:
Class A		15,513,801			8,005,020
Class C		3,715,993			2,423,355
Class R		419,780			449,330
Class Y		8,440,201			758,252
Class R5		4,821			4,962
Class R6		223,071			(7,195,831	)
Net increase in net assets resulting from share transactions		28,317,667			4,445,088
Net increase in net assets		29,409,161			13,136,857
Net assets:
Beginning of period		42,362,809			29,225,952
End of period (includes undistributed net investment income (loss) of $(158,022) and $25,456, respectively)	$	71,771,970		$	42,362,809

Notes to Financial Statements

April 30, 2018

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Emerging Markets 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 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.

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

9                         Invesco Emerging Markets Equity Fund

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 economic conditions, interest rates, investor perceptions 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. 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.

10                         Invesco Emerging Markets Equity Fund

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

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 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.

11                         Invesco Emerging Markets 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	.91%
Next $500 million		0	.885%
Next $1.5 billion		0	.86%
Next $2.5 billion		0	.835%
Next $2.5 billion		0	.81%
Next $2.5 billion		0	.785%
Over $10 billion		0	.76%

For the six months ended April 30, 2018, the effective advisory fees 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, 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, 2019, 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, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits 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, 2020, 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, 2018, the Adviser waived advisory fees of $136,069 and reimbursed class level expenses of $36,763, $9,884, $2,821, $13,023, $42 and $2 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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2018, 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 months ended April 30, 2018, 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, 2018, IDI advised the Fund that IDI retained $17,217 in front-end sales commissions from the sale of Class A shares and $5 and $242 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.

12                         Invesco Emerging Markets Equity Fund

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were transfers from Level 1 to Level 2 of $24,819,798, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Argentina	$	3,191,584	$	—	$	—	$	3,191,584
Brazil		3,918,208		—		—		3,918,208
China		7,851,601		15,468,669		—		23,320,270
Hong Kong		—		2,669,956		—		2,669,956
India		—		7,930,600		—		7,930,600
Indonesia		538,797		1,134,353		—		1,673,150
Malaysia		—		952,991		—		952,991
Mexico		2,297,719		—		—		2,297,719
Peru		1,296,132		—		—		1,296,132
Poland		—		1,449,560		—		1,449,560
Russia		1,025,386		1,511,004		—		2,536,390
South Africa		—		2,966,981		—		2,966,981
South Korea		—		7,716,043		—		7,716,043
Taiwan		—		5,581,407		—		5,581,407
Thailand		—		2,688,583		—		2,688,583
United States		971,861		—		—		971,861
Money Market Funds		1,108,695		—		—		1,108,695
Total Investments	$	22,199,983	$	50,070,147	$	—	$	72,270,130

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,363.

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.

13                         Invesco Emerging Markets Equity Fund

NOTE 6—Cash Balances

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

NOTE 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, 2017, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	4,030,381	$	—	$	4,030,381

* 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 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, 2018 was $33,264,679 and $4,907,242, 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	$	11,381,823
Aggregate unrealized (depreciation) of investments		(1,136,227	)
Net unrealized appreciation of investments	$	10,245,596

Cost of investments for tax purposes is $62,024,534.

14                         Invesco Emerging Markets Equity Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		2,276,278		$	22,715,904			1,833,147		$	14,913,268
Class C		517,405			5,044,768			439,256			3,483,436
Class R		102,244			1,025,411			110,874			878,616
Class Y		945,519			9,480,189			709,532			5,538,744
Class R6		23,917			239,592			51,683			344,289
Issued as reinvestment of dividends:
Class A		2,661			25,488			1,567			10,624
Class Y		2,036			19,542			2,442			16,585
Class R5		501			4,821			723			4,962
Class R6		—			—			3,309			22,501
Reacquired:
Class A		(734,094	)		(7,227,591	)		(885,522	)		(6,918,872	)
Class C		(136,777	)		(1,328,775	)		(139,344	)		(1,060,081	)
Class R		(61,139	)		(605,631	)		(51,809	)		(429,286	)
Class Y		(106,330	)		(1,059,530	)		(629,373	)		(4,797,077	)
Class R6		(1,672	)		(16,521	)		(976,786	)		(7,562,621	)
Net increase in share activity		2,830,549		$	28,317,667			469,699		$	4,445,088

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% 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.

15                         Invesco Emerging Markets Equity Fund

NOTE 10—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	9.30	$	(0.02	)	$	0.46		$	0.44		$	(0.01	)	$	9.73		4.72	%	$	40,465		1.33	%(d)		2.01	%(d)		(0.38	)%(d)		8	%
Year ended 10/31/17		7.13		0.03			2.15			2.18			(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	)		6.53		(13.45	)		10,516		1.85			2.58			0.23			97
Year ended 10/31/14		7.61		0.06			(0.03	)		0.03			(0.06	)		7.58		0.44			10,654		1.85			2.57			0.74			94
Year ended 10/31/13		7.61		0.05			0.03			0.08			(0.08	)		7.61		1.06			15,284		1.85			2.75			0.68			41
Class C
Six months ended 04/30/18		9.04		(0.05	)		0.44			0.39			—			9.43		4.31			10,679		2.08	(d)		2.76	(d)		(1.13	)(d)		8
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
Year ended 10/31/14		7.55		(0.00	)		(0.03	)		(0.03	)		(0.03	)		7.49		(0.40	)		2,825		2.60			3.32			(0.01	)		94
Year ended 10/31/13		7.55		(0.01	)		0.04			0.03			(0.03	)		7.55		0.40			2,191		2.60			3.50			(0.07	)		41
Class R
Six months ended 04/30/18		9.21		(0.03	)		0.45			0.42			—			9.63		4.56			2,687		1.58	(d)		2.26	(d)		(0.63	)(d)		8
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	)		6.50		(13.71	)		1,188		2.10			2.83			(0.02	)		97
Year ended 10/31/14		7.59		0.04			(0.03	)		0.01			(0.05	)		7.55		0.17			1,341		2.10			2.82			0.49			94
Year ended 10/31/13		7.58		0.03			0.04			0.07			(0.06	)		7.59		0.97			739		2.10			3.00			0.43			41
Class Y
Six months ended 04/30/18		9.33		(0.01	)		0.46			0.45			(0.02	)		9.76		4.86			15,655		1.08	(d)		1.76	(d)		(0.13	)(d)		8
Year ended 10/31/17		7.15		0.04			2.16			2.20			(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	)		6.53		(13.28	)		3,607		1.60			2.33			0.48			97
Year ended 10/31/14		7.62		0.08			(0.04	)		0.04			(0.07	)		7.59		0.60			3,295		1.60			2.32			0.99			94
Year ended 10/31/13		7.61		0.07			0.04			0.11			(0.10	)		7.62		1.42			442		1.60			2.50			0.93			41
Class R5
Six months ended 04/30/18		9.33		(0.01	)		0.46			0.45			(0.02	)		9.76		4.86			2,056		1.08	(d)		1.54	(d)		(0.13	)(d)		8
Year ended 10/31/17		7.15		0.04			2.16			2.20			(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	)		6.53		(13.40	)		885		1.60			1.98			0.48			97
Year ended 10/31/14		7.62		0.07			(0.02	)		0.05			(0.07	)		7.60		0.74			896		1.60			2.02			0.99			94
Year ended 10/31/13		7.61		0.07			0.04			0.11			(0.10	)		7.62		1.42			366		1.60			2.26			0.93			41
Class R6
Six months ended 04/30/18		9.32		(0.01	)		0.47			0.46			(0.02	)		9.76		4.97			230		1.08	(d)		1.54	(d)		(0.13	)(d)		8
Year ended 10/31/17		7.15		0.04			2.15			2.19			(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	)		6.54		(13.26	)		7,171		1.60			1.98			0.48			97
Year ended 10/31/14		7.62		0.07			(0.02	)		0.05			(0.07	)		7.60		0.73			8,116		1.60			2.00			0.99			94
Year ended 10/31/13		7.62		0.07			0.03			0.10			(0.10	)		7.62		1.28			8,619		1.60			2.21			0.93			41

^(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 $33,705, $9,062, $2,586, $11,939, $2,098 and $118 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

16                         Invesco Emerging Markets 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, 2017 through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,047.20	$	6.75	$	1,018.20	$	6.66		1.33	%
C		1,000.00		1,044.30		10.54		1,014.48		10.39		2.08
R		1,000.00		1,045.60		8.01		1,016.96		7.90		1.58
Y		1,000.00		1,048.60		5.49		1,019.44		5.41		1.08
R5		1,000.00		1,048.60		5.49		1,019.44		5.41		1.08
R6		1,000.00		1,048.70		5.49		1,019.44		5.41		1.08

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

17                         Invesco Emerging Markets Equity 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

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∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your house-hold, 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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.

SEC file numbers: 811-05426 and 033-19338                       Invesco Distributors, Inc.                                                                               EME-SAR-1                   06072018       1518

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Emerging Markets Flexible Bond Fund
	Nasdaq:
	A: IAEMX  ∎  C: ICEMX  ∎  R: IREMX  ∎  Y: IYEMX  ∎  R5: IIEMX  ∎  R6: IFEMX

2	Fund Performance
4	Letters to Shareholders
5	Consolidated Schedule of Investments
12	Consolidated Financial Statements
14	Notes to Consolidated Financial Statements
25	Financial Highlights
26	Fund Expenses
27	Distribution Information
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, 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	-2.74	%
Class C Shares	-2.96
Class R Shares	-2.72
Class Y Shares	-2.62
Class R5 Shares	-2.62
Class R6 Shares	-2.47
JP Morgan EMBI Global Diversified Index▼ (Broad Market Index)	-2.41
3-Month USD LIBOR Index∎ (Style-Specific Index)	0.92
Lipper Emerging Markets Hard Currency Debt Funds Index◆ (Peer Group Index)	-1.01
Source(s): ▼FactSet Research Systems Inc.; ∎Bloomberg L.P.; ◆Lipper Inc.
The JP Morgan EMBI Global Diversified Index is an unmanaged index that tracks the traded market for US dollar-denominated Brady bonds, eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities.     The 3-Month USD LIBOR Index is unmanaged index considered representative of the average interest rate at which a selection of banks in London are prepared to lend to one another in American dollars with a maturity of three months.     The Lipper Emerging Markets Hard Currency Debt Funds Index is an unmanaged index considered representative of emerging market debt 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.

2                      Invesco Emerging Markets Flexible Bond Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (6/16/10)	-0.63	%
5 Years	-5.89
1 Year	-4.07
Class C Shares
Inception (6/16/10)	-0.82	%
5 Years	-5.77
1 Year	-1.44
Class R Shares
Inception (6/16/10)	-0.34	%
5 Years	-5.32
1 Year	0.02
Class Y Shares
Inception (6/16/10)	0.16	%
5 Years	-4.84
1 Year	0.53
Class R5 Shares
Inception (6/16/10)	0.17	%
5 Years	-4.81
1 Year	0.53
Class R6 Shares
Inception	0.09	%
5 Years	-4.82
1 Year	0.53

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.25%, 2.00%, 1.50%,

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (6/16/10)	-0.42	%
5 Years	-5.03
1 Year	-1.71
Class C Shares
Inception (6/16/10)	-0.61	%
5 Years	-4.94
1 Year	0.86
Class R Shares
Inception (6/16/10)	-0.14	%
5 Years	-4.48
1 Year	2.20
Class Y Shares
Inception (6/16/10)	0.38	%
5 Years	-3.98
1 Year	2.87
Class R5 Shares
Inception (6/16/10)	0.39	%
5 Years	-3.94
1 Year	2.88
Class R6 Shares
Inception	0.29	%
5 Years	-3.99
1 Year	2.71

1.00%, 1.00% and 1.00%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.93%, 2.68%, 2.18%, 1.68%, 1.33% and 1.33%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

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

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

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2019. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2020. See current prospectus for more information.

3                      Invesco Emerging Markets Flexible Bond Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s

prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Emerging Markets Flexible Bond Fund

Consolidated Schedule of Investments

April 30, 2018

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–70.23%
Argentina–6.77%
Argentine Republic Government International Bond, Sr. Unsec. Global Bonds, 6.63%, 07/06/2028	$	850,000	$	822,800
Sr. Unsec. Global Notes, 4.63%, 01/11/2023		419,000		400,459
5.88%, 01/11/2028		887,000		814,155
6.88%, 01/11/2048		753,000		670,452
Provincia de Río Negro, Sr. Unsec. Notes, 7.75%, 12/07/2025(a)		150,000		137,625
				2,845,491
Bahrain–1.94%
CBB International Sukuk Co. 7 S.P.C., Sr. Unsec. Notes, 6.88%, 10/05/2025(a)		600,000		600,522
Oil and Gas Holding Co. B.S.C.C. (The), Sr. Unsec. Notes, 7.50%, 10/25/2027(a)		221,000		215,159
				815,681
Brazil–6.72%
Banco BTG Pactual S.A., Sr. Unsec. Notes, 5.50%, 01/31/2023(a)		271,000		264,902
Banco Nacional de Desenvolvimento Economico e Social, Sr. Unsec. Notes, 4.75%, 05/09/2024(a)		324,000		319,788
Brazilian Government International Bond, Sr. Unsec. Global Notes, 4.63%, 01/13/2028		219,000		211,171
Minerva Luxembourg S.A., Sr. Unsec. Gtd. Notes, 5.88%, 01/19/2028(a)		900,000		804,105
Petrobras Global Finance B.V.,
Sr. Unsec. Gtd. Global Notes, 5.75%, 02/01/2029		713,000		677,707
7.25%, 03/17/2044		550,000		548,350
				2,826,023
Canada–0.91%
Gran Tierra Energy International Holdings Ltd., Sr. Unsec. Gtd. Notes, 6.25%, 02/15/2025(a)		400,000		383,000
Chile–1.42%
GeoPark Ltd., Sr. Sec. First Lien Notes, 6.50%, 09/21/2024(a)		200,000		199,500
REGS, Sr. Sec. First Lien Euro Notes, 6.50%, 09/21/2024(a)		400,000		399,000
				598,500

	Principal Amount		Value
China–1.39%
Panda Green Energy Group Ltd., REGS, Sr. Unsec. Gtd. Euro Bonds, 8.25%, 01/25/2020(a)	$	300,000	$	290,950
Ronshine China Holdings Ltd., REGS, Sr. Sec. Gtd. First Lien Euro Bonds, 6.95%, 12/08/2018(a)(b)		300,000		294,710
				585,660
Colombia–4.02%
Canacol Energy Ltd., Sr. Unsec. Gtd. Notes, 7.25%, 05/03/2025(a)		850,000		844,900
Colombia Telecomunicaciones S.A. ESP, REGS, Jr. Unsec. Sub. Euro Notes, 8.50%(a)(c)		300,000		315,000
Ecopetrol S.A., Sr. Unsec. Global Notes, 5.88%, 05/28/2045		550,000		532,400
				1,692,300
Costa Rica–0.82%
Instituto Costarricense de Electricidad, REGS, Sr. Unsec. Euro Notes, 6.38%, 05/15/2043(a)		400,000		346,500
El Salvador–1.73%
AES El Salvador Trust II, REGS, Sr. Unsec. Gtd. Euro Notes, 6.75%, 03/28/2023(a)		600,000		582,750
El Salvador Government International Bond, Sr. Unsec. Notes, 8.63%, 02/28/2029(a)		127,000		145,415
				728,165
Ghana–0.65%
Tullow Oil PLC, Sr. Unsec. Notes, 7.00%, 03/01/2025(a)		270,000		274,064
India–1.99%
Vedanta Resources PLC,
Sr. Unsec. Notes, 6.13%, 08/09/2024(a)		269,000		259,471
REGS, Sr. Unsec. Euro Notes, 6.13%, 08/09/2024(a)		600,000		578,747
				838,218
Indonesia–0.45%
Indika Energy Capital III Pte., Ltd., Sr. Unsec. Gtd. Notes, 5.88%, 11/09/2024(a)		200,000		188,880

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

5                         Invesco Emerging Markets Flexible Bond Fund

	Principal Amount		Value
Israel–0.18%
Teva Pharmaceutical Finance Netherlands III B.V., Sr. Unsec. Gtd. Notes, 6.00%, 04/15/2024(a)	$	77,000	$	74,780
Jamaica–1.97%
Digicel Group Ltd., REGS, Sr. Unsec. Euro Notes, 8.25%, 09/30/2020(a)		300,000		269,250
Jamaica Government International Bond, Sr. Unsec. Global Notes, 6.75%, 04/28/2028		505,000		559,161
				828,411
Jordan–0.81%
Jordan Government International Bond, Sr. Unsec. Bonds, 7.38%, 10/10/2047(a)		350,000		342,084
Kenya–0.49%
Kenya Government International Bond, Sr. Unsec. Notes, 7.25%, 02/28/2028(a)		200,000		206,907
Lebanon–1.32%
Lebanon Government International Bond,
Sr. Unsec. Medium-Term Euro Notes, 6.40%, 05/26/2023		300,000		285,001
REGS, Sr. Unsec. Euro Notes, 6.75%, 11/29/2027(a)		300,000		271,490
				556,491
Mexico–11.32%
ALFA, S.A.B. de C.V., REGS, Sr. Unsec. Euro Notes, 6.88%, 03/25/2044(a)		550,000		564,806
Cometa Energia, S.A. de C.V., Sr. Sec. Gtd. Notes, 6.38%, 04/24/2035(a)		425,000		418,094
Mexico City Airport Trust, REGS, Sr. Sec. Euro Bonds, 5.50%, 07/31/2047(a)		923,000		824,931
Petróleos Mexicanos,
Sr. Unsec. Gtd. Global Notes, 6.50%, 03/13/2027		66,000		68,260
Sr. Unsec. Gtd. Notes, 5.35%, 02/12/2028(a)		104,000		99,466
Sr. Unsec. Notes, 6.35%, 02/12/2048(a)		690,000		636,180
REGS, Sr. Unsec. Gtd. Euro Notes, 5.35%, 02/12/2028(a)		430,000		411,252
Sr. Unsec. Euro Notes, 6.35%, 02/12/2048(a)		350,000		322,700
SixSigma Networks Mexico, S.A. de C.V., Sr. Unsec. Gtd. Notes, 7.50%, 05/02/2025(a)		550,000		542,438
REGS, Sr. Unsec. Gtd. Euro Notes, 8.25%, 11/07/2021(a)		321,000		334,643

	Principal Amount		Value
Mexico–(continued)
Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R., Sr. Unsec. Notes, 7.38%, 02/12/2026(a)	$	290,000	$	282,387
Sr. Unsec. Gtd. Bonds, 7.25%, 09/27/2023(a)		250,000		253,600
				4,758,757
Oman–3.44%
Oman Government International Bond, Sr. Unsec. Notes, 5.63%, 01/17/2028(a)		551,000		527,272
OmGrid Funding Ltd., Sr. Unsec. Gtd. Bonds, 5.20%, 05/16/2027(a)		200,000		187,903
Oztel Holdings SPC Ltd.
Sr. Sec. Gtd. Bonds, 6.63%, 04/24/2028(a)		384,000		375,122
Sr. Sec. Gtd. Notes, 5.63%, 10/24/2023(a)		361,000		356,036
				1,446,333
Paraguay–0.48%
Paraguay Government International Bond, Sr. Unsec. Notes, 5.60%, 03/13/2048(a)		200,000		200,500
Peru–1.82%
Banco Internacional del Perú S.A.A. Interbank, REGS, Unsec. Sub. Euro Notes, 6.63%, 03/19/2029(a)		300,000		324,000
Inkia Energy Ltd., Sr. Unsec. Notes, 5.88%, 11/09/2027(a)		234,000		224,055
Peru Enhanced Pass-Through Finance Ltd., REGS, Class A-2, Sr. Sec. First Lien Pass Through Euro Ctfs., 0.00%, 06/02/2025(a)(d)		250,000		215,625
				763,680
Qatar–1.52%
Qatar Government International Bond,
Sr. Unsec. Notes, 4.50%, 04/23/2028(a)		254,000		253,886
5.10%, 04/23/2048(a)		389,000		386,279
				640,165
Russia–4.18%
Russian Foreign Bond,
Sr. Unsec. Bonds, 4.38%, 03/21/2029(a)		600,000		582,275
5.25%, 06/23/2047(a)		600,000		582,985
Evraz Group S.A., REGS, Sr. Unsec. Euro Notes, 5.38%, 03/20/2023(a)		600,000		590,700
				1,755,960

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

6                         Invesco Emerging Markets Flexible Bond Fund

	Principal Amount		Value
Senegal–0.58%
Senegal Government International Bond, Unsec. Notes, 6.25%, 05/23/2033(a)	$	250,000	$	241,708
Singapore–0.67%
Puma International Financing S.A., Sr. Unsec. Gtd. Notes, 5.00%, 01/24/2026(a)		300,000		282,633
South Africa–1.78%
Eskom Holdings SOC Ltd., REGS, Sr. Unsec. Medium-Term Euro Notes, 6.75%, 08/06/2023(a)		400,000		405,804
Petra Diamonds US Treasury PLC, Sec. Gtd. Second Lien Notes, 7.25%, 05/01/2022(a)		340,000		340,680
				746,484
Turkey–5.26%
Akbank T.A.S., Unsec. Sub. Notes, 6.80%, 04/27/2028(a)		300,000		296,184
REGS, Unsec. Sub. Medium-Term Euro Notes, 7.20%, 03/16/2027(a)		550,000		560,687
Turkcell Iletisim Hizmetleri A.S., Sr. Unsec. Notes, 5.80%, 04/11/2028(a)		200,000		195,212
Turkey Government International Bond, Sr. Unsec. Global Bonds, 6.13%, 10/24/2028		200,000		199,753
Turkiye Vakiflar Bankasi TAO, Sr. Unsec. Notes, 5.75%, 01/30/2023(a)		450,000		437,310
Yapi ve Kredi Bankasi A.S.,
Sr. Unsec. Notes, 5.85%, 06/21/2024(a)		235,000		226,101
6.10%, 03/16/2023(a)		300,000		296,000
				2,211,247
Ukraine–0.84%
Kernel Holding S.A., Sr. Unsec. Gtd. Notes, 8.75%, 01/31/2022(a)		343,000		354,010
United Arab Emirates–0.47%
Abu Dhabi National Energy Co. PJSC, Sr. Unsec. Notes, 4.88%, 04/23/2030(a)		200,000		198,626
United States–0.78%
Mattel, Inc., Sr. Unsec. Global Notes, 5.45%, 11/01/2041		400,000		326,000
Zambia–3.51%
First Quantum Minerals Ltd.,
Sr. Unsec. Gtd. Notes, 7.25%, 04/01/2023(a)		325,000		324,935
7.50%, 04/01/2025(a)		500,000		496,275

	Principal Amount		Value
Zambia–(continued)
Zambia Government International Bond, Sr. Unsec. Notes, 8.97%, 07/30/2027(a)	$	250,000	$	251,813
REGS, Sr. Unsec. Euro Notes, 8.50%, 04/14/2024(a)		200,000		202,537
8.97%, 07/30/2027(a)		200,000		201,450
				1,477,010
Total U.S.Dollar Denominated Bonds & Notes (Cost $30,214,071)				29,534,268
Non U.S. Dollar Denominated Bonds & Notes–31.46%(e)
Argentina–1.34%
Provincia de Buenos Aires, REGS, Unsec. Floating Rate Bonds, 27.00% (BADLAR + 3.75%), 04/12/2025(a)(f)	ARS	11,460,000		564,248
Brazil–3.52%
Brazil Notas do Tesouro Nacional, Series F, Unsec. Notes, 10.00%, 01/01/2023	BRL	5,000,000		1,481,771
Colombia–2.05%
Colombian Titulos De Tesoreria, Class B, Sr. Unsec. Bonds, 10.00%, 07/24/2024	COP	2,000,000,000		863,985
Dominican Republic–0.53%
Dominican Republic International Bond, Sr. Unsec. Notes, 8.90%, 02/15/2023(a)	DOP	10,600,000		221,585
India–1.67%
Province of British Columbia, Sr. Unsec. Bonds, 6.60%, 01/09/2020(a)	INR	47,000,000		703,109
Indonesia–9.62%
Indonesia Treasury Bond,
Series FR54,
Sr. Unsec. Bonds, 9.50%, 07/15/2031	IDR	32,000,000,000		2,712,228
Series FR72,
Sr. Unsec. Bonds, 8.25%, 05/15/2036	IDR	7,000,000,000		540,358
Series FR75,
Sr. Unsec. Bonds, 7.50%, 05/15/2038	IDR	11,000,000,000		792,999
				4,045,585
Mexico–4.25%
Mexican Bonos, Series M, Sr. Unsec. Bonds, 7.75%, 11/13/2042	MXN	33,000,000		1,784,912
Peru–1.15%
Peru Government Bond, REGS, Sr. Unsec. Bonds, 6.15%, 08/12/2032(a)	PEN	1,500,000		485,188

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

7                         Invesco Emerging Markets Flexible Bond Fund

	Principal Amount		Value
Russia–1.38%
Russian Federal Bond — OFZ, Series 6215, Unsec. Bonds, 7.00%, 08/16/2023	RUB	36,000,000	$	578,435
South Africa–4.59%
Republic of South Africa Government Bond,
Series 2048, Unsec. Bonds, 8.75%, 02/28/2048	ZAR	8,800,000		684,633
Series 2044, Unsec. Bonds, 8.75%, 01/31/2044	ZAR	16,000,000		1,244,252
				1,928,885
Uruguay–1.36%
Uruguay Government International Bond, Sr. Unsec. Global Notes, 4.38%, 12/15/2028	UYU	9,000,000		571,523
Total Non U.S. Dollar Denominated Bonds & Notes (Cost $12,853,498)				13,229,226

	Shares		Value
Money Market Funds–7.98%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(g)		1,174,394	$	1,174,394
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(g)		838,642		838,726
Invesco Treasury Portfolio–Institutional Class, 1.62%(g)		1,342,165		1,342,165
Total Money Market Funds (Cost $3,355,188)				3,355,285
Options Purchased–0.21%(h)
(Cost $100,378)				89,294
TOTAL INVESTMENTS IN SECURITIES–109.88% (Cost $46,523,135)				46,208,073
OTHER ASSETS LESS LIABILITIES–(9.88)%				(4,155,704	)
NET ASSETS–100.00%			$	42,052,369

Investment Abbreviations:

ARS	– Argentine Peso
BADLAR	– Buenos Aires Deposits of Large Amounts Rate
BRL	– Brazilian Real
COP	– Colombian Peso
Ctfs.	– Certificates
DOP	– Dominican Peso

Gtd.	– Guaranteed
IDR	– Indonesian Rupiah
INR	– Indian Rupee
Jr.	– Junior
MXN	– Mexican Peso
PEN	– Peruvian Sol
REGS	– Regulation S

RUB	– Russian Ruble
Sec.	– Secured
Sr.	– Senior
Sub.	– Subordinated
Unsec.	– Unsecured
UYU	– Uruguayan Peso
ZAR	– South Aftrican Rand

Notes to Consolidated Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2018 was $25,392,729, which represented 60.38% of the Fund’s Net Assets.

^(b)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

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

^(d)  Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

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

^(f)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2018.

^(g)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

^(h)  The table below details options purchased. See Notes 1M and 1N.

Open Over-The-Counter Foreign Currency Options Purchased

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

EUR versus JPY

Call

Goldman Sachs International

06/27/2018

JPY

140.000

EUR

2,000,000

$

670

USD versus MXN

Put

Citigroup Global Markets Inc.

07/17/2018

MXN

18.500

USD

1,700,000

23,747

Subtotal Foreign Currency Options Purchased — Currency Risk

$

24,417

Open Over-The-Counter Interest Rate Swaptions Purchased — Interest Rate Risk

Description

Type of Contract

Counterparty

Exercise Rate

Pay/ Receive Exercise Rate

Floating Rate Index

Payment Frequency

Expiration Date

Notional Value

Value

10 Year Interest Rate Swap

Put

Citigroup Global Markets Inc.

2.860

%

Pay

3 Month USD LIBOR

Quarterly

07/19/2025

$

6,500,000

$

64,877

Total Options Purchased (Cost $100,378)

$

89,294

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

8                         Invesco Emerging Markets Flexible Bond Fund

Open Over-The-Counter Foreign Currency Options Written — Currency Risk

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Premiums Received

Notional Value

Value

Unrealized Appreciation

USD versus MXN

Call

Citigroup Global Markets Inc.

07/17/2018

MXN

22.000

$

(38,412

)

USD

1,700,000

$

(2,177

)

$

36,235

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Unrealized Appreciation (Depreciation)
		Deliver			Receive
05/03/2018	Barclays Bank PLC		BRL	4,000,000		USD	1,149,062	$	7,707
05/03/2018	Deutsche Bank Securities Inc.		BRL	4,000,000		USD	1,149,062		7,707
05/03/2018	Goldman Sachs International		BRL	6,710,000		USD	1,994,191		79,568
05/03/2018	Merrill Lynch International		BRL	11,420,000		USD	3,298,107		39,539
05/31/2018	Barclays Bank PLC		CLP	190,000,000		USD	310,412		817
05/31/2018	Barclays Bank PLC		EUR	950,000		USD	1,177,664		27,684
05/31/2018	Barclays Bank PLC		JPY	120,000,000		USD	1,128,368		28,265
05/31/2018	Barclays Bank PLC		RUB	100,000,000		USD	1,606,023		24,162
05/31/2018	Barclays Bank PLC		TRY	4,000,000		USD	1,015,859		41,338
05/31/2018	Citigroup Global Markets Inc.		TRY	2,300,000		USD	586,593		26,243
05/31/2018	Deutsche Bank Securities Inc.		CLP	520,000,000		USD	858,511		11,198
05/31/2018	Deutsche Bank Securities Inc.		EUR	800,000		USD	992,448		24,044
05/31/2018	Deutsche Bank Securities Inc.		HUF	305,000,000		USD	1,209,363		33,027
05/31/2018	Deutsche Bank Securities Inc.		IDR	31,000,000,000		USD	2,237,944		20,060
05/31/2018	Deutsche Bank Securities Inc.		JPY	285,000,000		USD	2,687,161		74,416
05/31/2018	Deutsche Bank Securities Inc.		RUB	18,500,000		USD	297,380		4,735
05/31/2018	Deutsche Bank Securities Inc.		ZAR	11,500,000		USD	952,519		34,135
05/31/2018	Goldman Sachs International		CLP	430,000,000		USD	708,402		7,740
05/31/2018	Goldman Sachs International		EUR	460,000		USD	570,733		13,901
05/31/2018	Goldman Sachs International		MYR	7,000,000		USD	1,793,988		22,574
05/31/2018	Goldman Sachs International		RUB	50,000,000		USD	865,636		74,706
05/31/2018	Goldman Sachs International		USD	1,178,918		COP	3,400,000,000		33,807
05/31/2018	Goldman Sachs International		ZAR	22,000,000		USD	1,789,352		32,443
05/31/2018	J.P. Morgan Securities LLC		CZK	3,000,000		USD	142,020		235
05/31/2018	Merrill Lynch International		IDR	21,700,000,000		USD	1,583,017		30,498
05/31/2018	Merrill Lynch International		INR	50,000,000		USD	763,242		13,774
05/31/2018	Merrill Lynch International		THB	50,000,000		USD	1,587,806		3,462
05/31/2018	Merrill Lynch International		USD	1,234,138		COP	3,500,000,000		14,255
05/31/2018	Merrill Lynch International		USD	450,740		MXN	8,500,000		1,615
05/31/2018	Merrill Lynch International		ZAR	6,780,000		USD	564,575		23,127
05/31/2018	Morgan Stanley & Co. LLC		CLP	740,000,000		USD	1,227,401		21,610
05/31/2018	Morgan Stanley & Co. LLC		CZK	47,000,000		USD	2,278,788		57,485
05/31/2018	Morgan Stanley & Co. LLC		EUR	450,000		USD	550,761		6,033
05/31/2018	Morgan Stanley & Co. LLC		JPY	150,000,000		USD	1,400,710		25,581
05/31/2018	Morgan Stanley & Co. LLC		ZAR	11,000,000		USD	928,190		49,735
06/01/2018	Deutsche Bank Securities Inc.		PLN	3,500,000		USD	1,021,341		23,659
06/01/2018	Morgan Stanley & Co. LLC		PLN	9,900,000		USD	2,902,727		80,712
06/04/2018	Merrill Lynch International		BRL	2,510,000		USD	721,959		8,113
Subtotal — Appreciation									1,029,710
05/03/2018	Barclays Bank PLC		USD	575,457		BRL	2,000,000		(4,779	)
05/03/2018	Deutsche Bank Securities Inc.		USD	577,134		BRL	2,000,000		(6,457	)
05/03/2018	Goldman Sachs International		USD	3,855,103		BRL	13,420,000		(25,858	)
05/03/2018	Merrill Lynch International		USD	2,519,329		BRL	8,710,000		(34,029	)
05/31/2018	Barclays Bank PLC		MXN	69,758,189		USD	3,684,420		(27,991	)
05/31/2018	Barclays Bank PLC		USD	2,973,519		CLP	1,770,000,000		(89,398	)
05/31/2018	Barclays Bank PLC		USD	3,040,267		RUB	174,000,000		(287,830	)

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

9                         Invesco Emerging Markets Flexible Bond Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date	Counterparty	Contract to						Unrealized Appreciation (Depreciation)
		Deliver			Receive
05/31/2018	Barclays Bank PLC		USD	570,055		ZAR	6,700,000	$	(34,996	)
05/31/2018	Deutsche Bank Securities Inc.		USD	2,881,546		CZK	59,000,000		(93,101	)
05/31/2018	Deutsche Bank Securities Inc.		USD	996,271		EUR	810,000		(15,762	)
05/31/2018	Deutsche Bank Securities Inc.		USD	19,552		HUF	5,000,000		(268	)
05/31/2018	Deutsche Bank Securities Inc.		USD	579,374		IDR	8,000,000,000		(7,017	)
05/31/2018	Deutsche Bank Securities Inc.		USD	2,875,372		JPY	306,000,000		(70,109	)
05/31/2018	Deutsche Bank Securities Inc.		USD	779,180		TRY	3,100,000		(23,926	)
05/31/2018	Goldman Sachs International		COP	1,000,000,000		USD	356,179		(505	)
05/31/2018	Goldman Sachs International		TRY	5,300,000		USD	1,288,938		(2,303	)
05/31/2018	Goldman Sachs International		USD	582,072		CLP	350,000,000		(11,766	)
05/31/2018	Goldman Sachs International		USD	1,234,540		EUR	1,000,000		(24,035	)
05/31/2018	Goldman Sachs International		USD	1,199,607		HUF	300,000,000		(42,554	)
05/31/2018	Goldman Sachs International		USD	1,782,985		MYR	7,000,000		(11,571	)
05/31/2018	Goldman Sachs International		USD	1,873,033		TRY	7,600,000		(21,443	)
05/31/2018	Goldman Sachs International		USD	976,109		ZAR	11,700,000		(41,752	)
05/31/2018	J.P. Morgan Securities LLC		TRY	2,300,000		USD	550,820		(9,529	)
05/31/2018	J.P. Morgan Securities LLC		USD	931,756		EUR	750,000		(23,877	)
05/31/2018	J.P. Morgan Securities LLC		USD	535,756		ZAR	6,700,000		(697	)
05/31/2018	Merrill Lynch International		USD	572,150		CLP	340,000,000		(18,138	)
05/31/2018	Merrill Lynch International		USD	1,437,929		JPY	150,000,000		(62,800	)
05/31/2018	Merrill Lynch International		USD	1,609,788		THB	50,000,000		(25,444	)
05/31/2018	Merrill Lynch International		USD	820,497		TRY	3,200,000		(40,880	)
05/31/2018	Merrill Lynch International		USD	454,375		ZAR	5,500,000		(15,148	)
05/31/2018	Morgan Stanley & Co. LLC		COP	3,100,000,000		USD	1,068,818		(36,902	)
05/31/2018	Morgan Stanley & Co. LLC		USD	937,025		JPY	99,000,000		(29,440	)
05/31/2018	Morgan Stanley & Co. LLC		USD	1,170,843		MXN	22,000,000		(41	)
05/31/2018	Morgan Stanley & Co. LLC		USD	803,665		RUB	50,000,000		(12,734	)
06/01/2018	Deutsche Bank Securities Inc.		USD	1,188,756		PLN	4,000,000		(48,548	)
06/01/2018	Goldman Sachs International		USD	2,623,095		PLN	8,900,000		(86,132	)
06/01/2018	Morgan Stanley & Co. LLC		USD	574,380		PLN	2,000,000		(4,275	)
Subtotal — Depreciation									(1,292,035	)
Total Foreign Currency Contracts — Currency Risk								$	(262,325	)

Open Over-The-Counter Interest Rate Swap Agreements — Interest Rate Risk

Counterparty

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

Citigroup Global Markets Inc.

Pay

CFETS 7-Day CNY Fixing Repo Rates

Quarterly

3.91

%

Quarterly

03/05/2023

CNY

15,000,000

$

—

$

32,453

$

32,453

Investment Abbreviations:

BRL	– Brazilian Real
CFETS	– China Foreign Exchange Trade System
CLP	– Chilean Peso
CNY	– Chinese Yuan
COP	– Colombian Peso
CZK	– Czech Koruna
EUR	– Euro
HUF	– Hungarian Forint
IDR	– Indonesian Rupiah
INR	– Indian Rupee

JPY	– Japanese Yen
LIBOR	– London Interbank Offered Rate
MXN	– Mexican Peso
MYR	– Malaysian Ringgit
PLN	– Poland Zloty
RUB	– Russian Ruble
THB	– Thai Baht
TRY	– Turkish Lira
USD	– U.S. Dollar
ZAR	– South African Rand

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

10                         Invesco Emerging Markets Flexible Bond Fund

Portfolio Composition

By industry, based on Total Investments

as of April 30, 2018

Sovereign Debt	47.1	%
Integrated Oil & Gas	7.1
Other Diversified Financial Services	4.8
Diversified Banks	4.6
Wireless Telecommunication Services	3.8
Oil & Gas Exploration & Production	3.7
Independent Power Producers & Energy Traders	2.2
Diversified Metals & Mining	1.8
Copper	1.8
Packaged Foods & Meats	1.7
Integrated Telecommunication Services	1.4
Electric Utilities	1.3
Steel	1.3
Industrial Conglomerates	1.2
Consumer Finance	1.2
Industry Type Each Less Than 1% of Portfolio	7.7
Money Market Funds	7.3

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

11                         Invesco Emerging Markets Flexible Bond Fund

Consolidated Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $43,167,947)	$	42,852,788
Investments in affiliated money market funds, at value (Cost $3,355,188)		3,355,285
Other investments:
Swaps receivable — OTC		14,463
Unrealized appreciation on forward foreign currency contracts outstanding		1,029,710
Unrealized appreciation on swap agreements — OTC		32,453
Deposits with brokers:
Cash collateral — centrally cleared swap agreements		70,000
Cash collateral OTC Derivatives		320,000
Cash		65,348
Receivable for:
Investments sold		10,323,886
Fund shares sold		150,569
Dividends and interest		756,664
Investment for trustee deferred compensation and retirement plans		29,398
Other assets		59,869
Total assets		59,060,433
Liabilities:
Other investments:
Options written, at value (premiums received $38,412)		2,177
Swaps payable — OTC		12,206
Unrealized depreciation on forward foreign currency contracts outstanding		1,292,035
Payable for:
Investments purchased		2,525,116
Fund shares reacquired		13,068,319
Accrued fees to affiliates		15,227
Accrued trustees’ and officers’ fees and benefits		1,518
Accrued other operating expenses		60,941
Trustee deferred compensation and retirement plans		30,525
Total liabilities		17,008,064
Net assets applicable to shares outstanding	$	42,052,369
Net assets consist of:
Shares of beneficial interest	$	44,467,094
Undistributed net investment income		246,628
Undistributed net realized gain (loss)		(2,126,646	)
Net unrealized appreciation (depreciation)		(534,707	)
	$	42,052,369

Net Assets:
Class A	$	4,160,332
Class C	$	1,251,824
Class R	$	111,363
Class Y	$	2,189,640
Class R5	$	6,543
Class R6	$	34,332,667
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		649,824
Class C		195,467
Class R		17,413
Class Y		342,133
Class R5		1,023
Class R6		5,369,914
Class A:
Net asset value per share	$	6.40
Maximum offering price per share (Net asset value of $6.40 ¸ 95.75%)	$	6.68
Class C:
Net asset value and offering price per share	$	6.40
Class R:
Net asset value and offering price per share	$	6.40
Class Y:
Net asset value and offering price per share	$	6.40
Class R5:
Net asset value and offering price per share	$	6.40
Class R6:
Net asset value and offering price per share	$	6.39

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

12                         Invesco Emerging Markets Flexible Bond Fund

Consolidated Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $24,071)	$	1,647,895
Dividends from affiliated money market funds		25,776
Total investment income		1,673,671
Expenses:
Advisory fees		214,340
Administrative services fees		24,795
Custodian fees		23,959
Distribution fees:
Class A		5,710
Class B		155
Class C		7,008
Class R		511
Transfer agent fees — A, B, C, R & Y		11,955
Transfer agent fees — R6		90
Trustees’ and officers’ fees and benefits		10,979
Registration and filing fees		44,644
Reports to shareholders		11,326
Professional services fees		42,643
Other		17,164
Total expenses		415,279
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(121,452	)
Net expenses		293,827
Net investment income		1,379,844
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(176,978	)
Foreign currencies		(78,509	)
Forward foreign currency contracts		(282,728	)
Futures contracts		76,143
Option contracts written		(10,299	)
Swap agreements		(295,408	)
		(767,779	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(1,744,500	)
Foreign currencies		(13,026	)
Forward foreign currency contracts		(568,145	)
Futures contracts		42,905
Option contracts written		35,277
Swap agreements		143,961
		(2,103,528	)
Net realized and unrealized gain (loss)		(2,871,307	)
Net increase (decrease) in net assets resulting from operations	$	(1,491,463	)

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

13                         Invesco Emerging Markets Flexible Bond Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income	$	1,379,844		$	3,383,259
Net realized gain (loss)		(767,779	)		(374,815	)
Change in net unrealized appreciation (depreciation)		(2,103,528	)		1,078,584
Net increase (decrease) in net assets resulting from operations		(1,491,463	)		4,087,028
Distributions to shareholders from net investment income:
Class A		(89,857	)		(163,006	)
Class B		(508	)		(2,408	)
Class C		(22,324	)		(34,538	)
Class R		(3,578	)		(9,158	)
Class Y		(43,069	)		(46,029	)
Class R5		(140	)		(266	)
Class R6		(1,012,176	)		(2,155,646	)
Total distributions from net investment income		(1,171,652	)		(2,411,051	)
Share transactions–net:
Class A		(465,418	)		(467,124	)
Class B		(68,467	)		(54,285	)
Class C		96,320			(4,002	)
Class R		(165,552	)		11,179
Class Y		314,251			1,593,643
Class R6		(12,881,520	)		(12,694,404	)
Net increase (decrease) in net assets resulting from share transactions		(13,170,386	)		(11,614,993	)
Net increase (decrease) in net assets		(15,833,501	)		(9,939,016	)
Net assets:
Beginning of period		57,885,870			67,824,886
End of period (includes undistributed net investment income of $246,628 and $ $38,436, respectively)	$	42,052,369		$	57,885,870

Notes to Consolidated Financial Statements

April 30, 2018

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

The Fund’s investment objective is 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 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. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a

14                         Invesco Emerging Markets Flexible Bond Fund

CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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 economic conditions, interest rates, investor perceptions 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. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

15                         Invesco Emerging Markets Flexible Bond Fund

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the 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 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, 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.

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.

16                         Invesco Emerging Markets Flexible Bond Fund

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

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

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

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

17                         Invesco Emerging Markets Flexible Bond Fund

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Consolidated Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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 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.

O. Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between two parties (“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 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

18                         Invesco Emerging Markets Flexible Bond Fund

entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. 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, 2018 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 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 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.

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $500 million	0.75%
Next $500 million	0.70%
Next $500 million	0.67%
Over $1.5 billion	0.65%

For the six months ended April 30, 2018, the effective advisory fees incurred by the Fund was 0.75%.

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).

19                         Invesco Emerging Markets Flexible Bond Fund

The Adviser has contractually agreed, through at least February 28, 2019, 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 1.24%, 1.99%, 1.49%, 0.99%, 0.99% and 0.99%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 1.99% of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2019. 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, 2020, 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, 2018, the Adviser waived advisory fees of $109,407 and reimbursed class level expenses of $6,476, $44, $1,987, $290, $2,906 and $90 of Class A, Class C, Class R, Class Y 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, 2018, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees.

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, 2018, 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. Prior to their conversion to Class A shares, the Fund paid an annual rate of 1.00% of the average daily net assets of Class B 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $596 in front-end sales commissions from the sale of Class A shares.

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, 2018. 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.

20                         Invesco Emerging Markets Flexible Bond Fund

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were no material transfers between valuation levels.

	Level 1		Level 2			Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	—	$	29,534,268		$	—	$	29,534,268
Non-U.S. Dollar Denominated Bonds & Notes		—		13,229,226			—		13,229,226
Money Market Funds		3,355,285		—			—		3,355,285
Options Purchased		—		89,294			—		89,294
Total Investments in Securities		3,355,285		42,852,788			—		46,208,073
Other Investments — Assets*
Forward Foreign Currency Contracts		—		1,029,710			—		1,029,710
Swap Agreements		—		32,453			—		32,453
		—		1,062,163			—		1,062,163
Other Investments — Liabilities*
Forward Foreign Currency Contracts		—		(1,292,035	)		—		(1,292,035	)
Options Written		—		(2,177	)		—		(2,177	)
		—		(1,294,212	)		—		(1,294,212	)
Total Other Investments		—		(232,049	)		—		(232,049	)
Total Investments	$	3,355,285	$	42,620,739		$	—	$	45,976,024

* Forward foreign currency contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

NOTE 4—Derivative Investments

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

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the 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, 2018:

	Value
Derivative Assets	Currency Risk			Interest Rate Risk		Total
Unrealized appreciation on swap agreements — OTC	$	—		$	32,453	$	32,453
Options purchased, at value — OTC(a)		24,417			64,877		89,294
Unrealized appreciation on forward foreign currency contracts outstanding		1,029,710			—		1,029,710
Total Derivative Assets		1,054,127			97,330		1,151,457
Derivatives not subject to master netting agreements		—			—		—
Total Derivative Assets subject to master netting agreements	$	1,054,127		$	97,330	$	1,151,457
	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk		Total
Options written, at value — OTC	$	(2,177	)	$	—	$	(2,177	)
Unrealized depreciation on forward foreign currency contracts outstanding		(1,292,035	)		—		(1,292,035	)
Total Derivative Liabilities		(1,294,212	)		—		(1,294,212	)
Derivatives not subject to master netting agreements		—			—		—
Total Derivative Liabilities subject to master netting agreements	$	(1,294,212	)	$	—	$	(1,294,212	)

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

21                         Invesco Emerging Markets Flexible Bond Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2018.

	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
Parent
Barclays Bank PLC	$	129,973	$	—	$	—	$	129,973	$	(444,994	)	$	—		$	—		$	(444,994	)	$	(315,021	)	$	—	$	315,021	$	—
Citigroup Global Markets Inc.		26,243		88,624		46,916		161,783		—			(2,177	)		(12,206	)		(14,383	)		147,400			—		—		147,400
Deutsche Bank Securities Inc.		232,981		—		—		232,981		(265,188	)		—			—			(265,188	)		(32,207	)		—		—		(32,207	)
Goldman Sachs International		264,739		670		—		265,409		(267,919	)		—			—			(267,919	)		(2,510	)		—		—		(2,510	)
J.P. Morgan Securities LLC		235		—		—		235		(34,103	)		—			—			(34,103	)		(33,868	)		—		—		(33,868	)
Merrill Lynch International		134,383		—		—		134,383		(196,439	)		—			—			(196,439	)		(62,056	)		—		—		(62,056	)
Morgan Stanley & Co. LLC		241,156		—		—		241,156		(83,392	)		—			—			(83,392	)		157,764			—		—		157,764
Total	$	1,029,710	$	89,294	$	46,916	$	1,165,920	$	(1,292,035	)	$	(2,177	)	$	(12,206	)	$	(1,306,418	)	$	(140,498	)	$	—	$	315,021	$	174,523

Effect of Derivative Investments for the six months ended April 30, 2018

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			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	—		$	—		$	(282,728	)	$	—		$	(282,728	)
Futures contracts		(25,882	)		—			—			102,025			76,143
Options purchased(a)		—			—			(33,180	)		87,552			54,372
Options written		—			—			(10,299	)		—			(10,299	)
Swap agreements		—			(15,600	)		—			(279,808	)		(295,408	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		—			—			(568,145	)		—			(568,145	)
Futures contracts		528			—			—			42,377			42,905
Options purchased(a)		—			—			(1,874	)		900			(974	)
Options written		—			—			35,277			—			35,277
Swap agreements		—			(23,905	)		—			167,866			143,961
Total	$	(25,354	)	$	(39,505	)	$	(860,949	)	$	120,912		$	(804,896	)

^(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 two-month average notional value of futures contracts and the six-month average notional value of forward foreign currency contracts, options purchased, options written and swap agreements.

	Futures Contracts		Forward Foreign Currency Contracts		Options Purchased		Options Written		Swap Agreements
Average notional value	$	9,058,917	$	66,983,506	$	4,098,651	$	1,700,000	$	13,004,601

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $252.

22                         Invesco Emerging Markets Flexible Bond Fund

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

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

NOTE 8—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 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, 2017, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	—	$	1,713,795	$	1,713,795

* 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 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, 2018 was $68,576,932 and $73,239,390, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	1,822,406
Aggregate unrealized (depreciation) of investments		(2,798,341	)
Net unrealized appreciation (depreciation) of investments	$	(975,935	)

Cost of investments for tax purposes is $46,951,959.

23                         Invesco Emerging Markets Flexible Bond Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		118,092		$	781,929			231,935		$	1,537,198
Class B(b)		—			—			4,146			27,896
Class C		79,454			531,730			57,250			378,197
Class R		1,609			10,691			5,432			35,646
Class Y		77,729			515,869			319,698			2,114,044
Class R6		261,654			1,736,507			2,029			13,232
Issued as reinvestment of dividends:
Class A		12,011			78,797			19,843			130,341
Class B(b)		42			280			320			2,095
Class C		2,125			13,958			4,072			26,779
Class R		525			3,456			1,353			8,886
Class Y		3,870			25,340			4,509			29,792
Class R6		154,566			1,012,176			329,038			2,155,646
Conversion of Class B shares to Class A shares:(c)
Class A		9,784			65,942			8,303			54,831
Class B		(9,790	)		(65,942	)		(8,306	)		(54,831	)
Reacquired:
Class A		(210,275	)		(1,392,086	)		(332,849	)		(2,189,494	)
Class B(b)		(420	)		(2,805	)		(4,555	)		(29,445	)
Class C		(68,037	)		(449,368	)		(62,177	)		(408,978	)
Class R		(26,879	)		(179,699	)		(5,144	)		(33,353	)
Class Y		(34,222	)		(226,958	)		(83,659	)		(550,193	)
Class R6(d)		(2,431,329	)		(15,630,203	)		(2,245,209	)		(14,863,282	)
Net increase (decrease) in share activity		(2,059,491	)	$	(13,170,386	)		(1,753,971	)	$	(11,614,993	)

^(a)  82% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)  Class B shares activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

^(d)  On May 1, 2017, 1,545,008 Class R6 shares valued at $10,243,403 were redeemed by affiliated mutual funds.

24                         Invesco Emerging Markets Flexible Bond Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment  operations			Dividends from net investment  income			Return of capital			Total distributions			Net asset  value, end  of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses  to average  net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without  fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	6.71	$	0.15	$	(0.33	)	$	(0.18	)	$	(0.13	)	$	—		$	(0.13	)	$	6.40		(2.74	)%	$	4,160		1.23	%(d)		1.91	%(d)		4.63	%(d)		136	%
Year ended 10/31/17		6.53		0.35		0.07			0.42			(0.24	)		—			(0.24	)		6.71		6.62			4,832		1.23			1.91			5.25			245
Year ended 10/31/16		6.77		0.27		(0.25	)		0.02			—			(0.26	)		(0.26	)		6.53		0.45			5,182		1.23			1.91			4.16			266
Year ended 10/31/15		8.49		0.41		(1.76	)		(1.35	)		—			(0.37	)		(0.37	)		6.77		(16.20	)		6,282		1.24			1.89			5.46			50
Year ended 10/31/14		9.17		0.46		(0.77	)		(0.31	)		(0.06	)		(0.31	)		(0.37	)		8.49		(3.44	)		9,379		1.24			1.84			5.29			69
Year ended 10/31/13		9.88		0.48		(0.79	)		(0.31	)		(0.29	)		(0.11	)		(0.40	)		9.17		(3.25	)		12,998		1.24			1.77			4.96			31
Class B
Six months ended 04/30/18(e)		6.71		0.06		0.02			0.08			(0.05	)		—			(0.05	)		6.74		1.23			—		1.98	(d)		2.66	(d)		3.88	(d)		136
Year ended 10/31/17		6.53		0.30		0.07			0.37			(0.19	)		—			(0.19	)		6.71		5.82			68		1.98			2.66			4.50			245
Year ended 10/31/16		6.77		0.22		(0.25	)		(0.03	)		—			(0.21	)		(0.21	)		6.53		(0.37	)		121		1.98			2.66			3.41			266
Year ended 10/31/15		8.48		0.35		(1.75	)		(1.40	)		—			(0.31	)		(0.31	)		6.77		(16.72	)		296		1.99			2.64			4.71			50
Year ended 10/31/14		9.16		0.40		(0.78	)		(0.38	)		(0.05	)		(0.25	)		(0.30	)		8.48		(4.17	)		349		1.99			2.59			4.54			69
Year ended 10/31/13		9.87		0.41		(0.79	)		(0.38	)		(0.22	)		(0.11	)		(0.33	)		9.16		(3.98	)		570		1.99			2.52			4.21			31
Class C
Six months ended 04/30/18		6.71		0.13		(0.34	)		(0.21	)		(0.10	)		—			(0.10	)		6.40		(3.11	)		1,252		1.98	(d)		2.66	(d)		3.88	(d)		136
Year ended 10/31/17		6.54		0.30		0.06			0.36			(0.19	)		—			(0.19	)		6.71		5.66			1,221		1.98			2.66			4.50			245
Year ended 10/31/16		6.77		0.22		(0.24	)		(0.02	)		—			(0.21	)		(0.21	)		6.54		(0.21	)		1,195		1.98			2.66			3.41			266
Year ended 10/31/15		8.49		0.35		(1.75	)		(1.40	)		—			(0.32	)		(0.32	)		6.77		(16.82	)		1,385		1.99			2.64			4.71			50
Year ended 10/31/14		9.17		0.40		(0.78	)		(0.38	)		(0.05	)		(0.25	)		(0.30	)		8.49		(4.16	)		2,244		1.99			2.59			4.54			69
Year ended 10/31/13		9.88		0.41		(0.79	)		(0.38	)		(0.22	)		(0.11	)		(0.33	)		9.17		(3.97	)		3,532		1.99			2.52			4.21			31
Class R
Six months ended 04/30/18		6.70		0.14		(0.32	)		(0.18	)		(0.12	)		—			(0.12	)		6.40		(2.72	)		111		1.48	(d)		2.16	(d)		4.38	(d)		136
Year ended 10/31/17		6.53		0.33		0.07			0.40			(0.23	)		—			(0.23	)		6.70		6.20			283		1.48			2.16			5.00			245
Year ended 10/31/16		6.76		0.25		(0.24	)		0.01			—			(0.24	)		(0.24	)		6.53		0.33			264		1.48			2.16			3.91			266
Year ended 10/31/15		8.48		0.39		(1.76	)		(1.37	)		—			(0.35	)		(0.35	)		6.76		(16.43	)		363		1.49			2.14			5.21			50
Year ended 10/31/14		9.17		0.44		(0.78	)		(0.34	)		(0.06	)		(0.29	)		(0.35	)		8.48		(3.79	)		460		1.49			2.09			5.04			69
Year ended 10/31/13		9.87		0.46		(0.78	)		(0.32	)		(0.27	)		(0.11	)		(0.38	)		9.17		(3.39	)		776		1.49			2.02			4.71			31
Class Y
Six months ended 04/30/18		6.71		0.16		(0.33	)		(0.17	)		(0.14	)		—			(0.14	)		6.40		(2.62	)		2,190		0.98	(d)		1.66	(d)		4.88	(d)		136
Year ended 10/31/17		6.53		0.36		0.08			0.44			(0.26	)		—			(0.26	)		6.71		6.89			1,977		0.98			1.66			5.50			245
Year ended 10/31/16		6.77		0.29		(0.25	)		0.04			—			(0.28	)		(0.28	)		6.53		0.72			354		0.98			1.66			4.41			266
Year ended 10/31/15		8.49		0.45		(1.78	)		(1.33	)		—			(0.39	)		(0.39	)		6.77		(15.99	)		304		0.99			1.64			5.71			50
Year ended 10/31/14		9.17		0.49		(0.78	)		(0.29	)		(0.06	)		(0.33	)		(0.39	)		8.49		(3.20	)		2,911		0.99			1.59			5.54			69
Year ended 10/31/13		9.88		0.51		(0.79	)		(0.28	)		(0.32	)		(0.11	)		(0.43	)		9.17		(3.01	)		1,529		0.99			1.52			5.21			31
Class R5
Six months ended 04/30/18		6.71		0.16		(0.33	)		(0.17	)		(0.14	)		—			(0.14	)		6.40		(2.62	)		7		0.98	(d)		1.36	(d)		4.88	(d)		136
Year ended 10/31/17		6.53		0.36		0.08			0.44			(0.26	)		—			(0.26	)		6.71		6.89			7		0.98			1.31			5.50			245
Year ended 10/31/16		6.77		0.29		(0.25	)		0.04			—			(0.28	)		(0.28	)		6.53		0.72			7		0.98			1.28			4.41			266
Year ended 10/31/15		8.48		0.45		(1.77	)		(1.32	)		—			(0.39	)		(0.39	)		6.77		(15.89	)		7		0.99			1.34			5.71			50
Year ended 10/31/14		9.16		0.49		(0.78	)		(0.29	)		(0.06	)		(0.33	)		(0.39	)		8.48		(3.20	)		186		0.99			1.31			5.54			69
Year ended 10/31/13		9.87		0.51		(0.79	)		(0.28	)		(0.32	)		(0.11	)		(0.43	)		9.16		(3.01	)		291		0.99			1.36			5.21			31
Class R6
Six months ended 04/30/18		6.70		0.16		(0.33	)		(0.17	)		(0.14	)		—			(0.14	)		6.39		(2.63	)		34,333		0.98	(d)		1.36	(d)		4.88	(d)		136
Year ended 10/31/17		6.53		0.36		0.07			0.43			(0.26	)		—			(0.26	)		6.70		6.73			49,498		0.98			1.31			5.50			245
Year ended 10/31/16		6.77		0.29		(0.25	)		0.04			—			(0.28	)		(0.28	)		6.53		0.73			60,702		0.98			1.28			4.41			266
Year ended 10/31/15		8.48		0.43		(1.75	)		(1.32	)		—			(0.39	)		(0.39	)		6.77		(15.89	)		37,373		0.99			1.33			5.71			50
Year ended 10/31/14		9.16		0.49		(0.78	)		(0.29	)		(0.06	)		(0.33	)		(0.39	)		8.48		(3.21	)		39,617		0.99			1.30			5.54			69
Year ended 10/31/13		9.87		0.50		(0.78	)		(0.28	)		(0.32	)		(0.11	)		(0.43	)		9.16		(3.01	)		33,125		0.99			1.29			5.21			31

^(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 $4,606, $65, $1,413, $206, $2,067, $7 and $49,300 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Reflects activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

25                         Invesco Emerging Markets Flexible Bond Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2017 through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	972.60	$	6.02	$	1,018.70	$	6.16		1.23	%
C		1,000.00		970.40		9.67		1,014.98		9.89		1.98
R		1,000.00		972.80		7.24		1,017.46		7.40		1.48
Y		1,000.00		973.80		4.80		1,019.93		4.91		0.98
R5		1,000.00		973.80		4.80		1,019.93		4.91		0.98
R6		1,000.00		975.30		4.80		1,019.93		4.91		0.98

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

26                         Invesco Emerging Markets Flexible Bond Fund

Distribution Information

Correction notice

The following table sets forth on a per share basis the distribution that was paid in December 2017. Included in the table is a written statement of the sources of the distribution on a generally accepted accounting principles (“GAAP”) basis.

		Net Income		Gain from Sale of Securities		Return of Principal		Total Distribution
12/13/2017	Class A	$	0.0535	$	0.000	$	0.0107	$	0.0642
12/13/2017	Class B	$	0.0408	$	0.000	$	0.0107	$	0.0515
12/13/2017	Class C	$	0.0409	$	0.000	$	0.0107	$	0.0516
12/13/2017	Class R	$	0.0492	$	0.000	$	0.0107	$	0.0599
12/13/2017	Class Y	$	0.0577	$	0.000	$	0.0107	$	0.0684
12/13/2017	Class R5	$	0.0577	$	0.000	$	0.0107	$	0.0684
12/13/2017	Class R6	$	0.0576	$	0.000	$	0.0107	$	0.0683

Please note that the information in the preceding chart is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for U.S. federal income tax purposes. This Notice is sent to comply with certain U.S. Securities and Exchange Commission requirements.

27                         Invesco Emerging Markets Flexible 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.

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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.

SEC file numbers: 811-05426 and 033-19338                      Invesco  Distributors, Inc.                                                                             EMFB-SAR-1                    06152018      0827

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Endeavor Fund
	Nasdaq:
	A: ATDAX  ∎  C: ATDCX  ∎  R: ATDRX  ∎  Y: ATDYX  ∎  R5: ATDIX  ∎  R6: ATDFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
15	Financial Highlights
16	Fund Expenses
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

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 10/31/17 to 4/30/18, 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	0.81	%
Class C Shares	0.45
Class R Shares	0.68
Class Y Shares	0.93
Class R5 Shares	1.00
Class R6 Shares	1.04
S&P 500 Index▼ (Broad Market Index)	3.82
Russell Midcap Index▼ (Style-Specific Index)	3.69
Lipper Mid-Cap Core Funds Index∎ (Peer Group Index)	2.92
Source(s): ▼FactSet Research Systems Inc.; ∎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.

2                      Invesco Endeavor Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (11/4/03)	9.15	%
10 Years	8.84
5 Years	6.96
1 Year	3.18
Class C Shares
Inception (11/4/03)	8.78	%
10 Years	8.65
5 Years	7.37
1 Year	7.40
Class R Shares
Inception (4/30/04)	9.00	%
10 Years	9.20
5 Years	7.90
1 Year	8.90
Class Y Shares
10 Years	9.73	%
5 Years	8.44
1 Year	9.45
Class R5 Shares
Inception (4/30/04)	9.77	%
10 Years	9.97
5 Years	8.57
1 Year	9.60
Class R6 Shares
10 Years	9.75	%
5 Years	8.67
1 Year	9.71

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    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 comparable 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

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (11/4/03)	9.24	%
10 Years	9.15
5 Years	7.06
1 Year	4.46
Class C Shares
Inception (11/4/03)	8.88	%
10 Years	8.96
5 Years	7.47
1 Year	8.73
Class R Shares
Inception (4/30/04)	9.10	%
10 Years	9.51
5 Years	8.00
1 Year	10.24
Class Y Shares
10 Years	10.04	%
5 Years	8.54
1 Year	10.83
Class R5 Shares
Inception (4/30/04)	9.86	%
10 Years	10.28
5 Years	8.67
1 Year	10.93
Class R6 Shares
10 Years	10.05	%
5 Years	8.77
1 Year	10.99

Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.37%, 2.12%, 1.62%, 1.12%, 0.99% and 0.91%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.39%, 2.14%, 1.64%, 1.14%, 1.01% and 0.93%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2020. See current prospectus for more information.

3                      Invesco Endeavor Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Endeavor Fund

Schedule of Investments^(a)

April 30, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–85.63%
Agricultural & Farm Machinery–2.39%
Deere & Co.		41,065	$	5,557,326
Air Freight & Logistics–2.66%
Echo Global Logistics, Inc.(b)		226,792		6,191,422
Airlines–6.05%
Ryanair Holdings PLC–ADR (Ireland)(b)		60,813		6,687,606
Spirit Airlines Inc.(b)		207,235		7,402,434
				14,090,040
Apparel Retail–3.44%
Ross Stores, Inc.		99,076		8,010,295
Asset Management & Custody Banks–6.58%
Affiliated Managers Group, Inc.		43,687		7,202,239
Oaktree Capital Group LLC		205,449		8,115,235
				15,317,474
Automotive Retail–5.83%
AutoZone, Inc.(b)		9,082		5,671,891
CarMax, Inc.(b)		126,486		7,905,375
				13,577,266
Communications Equipment–1.00%
Plantronics, Inc.		35,727		2,327,614
Construction & Engineering–1.87%
Orion Group Holdings, Inc.(b)		719,419		4,359,679
Consumer Finance–3.65%
Encore Capital Group, Inc.(b)		190,343		8,489,298
Data Processing & Outsourced Services–2.11%
Alliance Data Systems Corp.		24,247		4,923,353
Diversified Banks–2.32%
Bank of America Corp.		180,747		5,407,950
Environmental & Facilities Services–2.57%
Stericycle, Inc.(b)		102,090		5,993,704
Health Care Distributors–4.06%
McKesson Corp.		60,513		9,452,736
Health Care Equipment–3.30%
Zimmer Biomet Holdings, Inc.		66,803		7,693,701
Industrial Conglomerates–2.10%
DCC PLC (United Kingdom)		50,956		4,901,143
Integrated Oil & Gas–1.87%
Cenovus Energy Inc. (Canada)		433,667		4,344,440
IT Consulting & Other Services–4.21%
Cognizant Technology Solutions Corp.–Class A		119,977		9,816,518

	Shares		Value
Life & Health Insurance–1.99%
Unum Group		95,729	$	4,631,369
Managed Health Care–4.63%
UnitedHealth Group Inc.		45,660		10,794,024
Multi-Line Insurance–2.04%
Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria)		146,205		4,749,010
Oil & Gas Exploration & Production–2.64%
Devon Energy Corp.		169,120		6,144,130
Real Estate Operating Companies–5.68%
Brookfield Property Partners L.P.		683,918		13,220,135
Research & Consulting Services–2.62%
Nielsen Holdings PLC		193,755		6,093,595
Specialty Chemicals–2.43%
Axalta Coating Systems Ltd.(b)		183,319		5,664,557
Systems Software–3.61%
Check Point Software Technologies Ltd. (Israel)(b)		87,038		8,400,037
Trading Companies & Distributors–3.98%
Grafton Group PLC (United Kingdom)(c)		304,859		3,151,473
Titan Machinery, Inc.(b)		317,106		6,126,488
				9,277,961
Total Common Stocks & Other Equity Interests (Cost $153,382,369)				199,428,777
Money Market Funds–14.41%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(d)		11,744,513		11,744,513
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(d)		8,386,768		8,387,606
Invesco Treasury Portfolio–Institutional Class, 1.62%(d)		13,422,300		13,422,300
Total Money Market Funds (Cost $33,554,840)				33,554,419
TOTAL INVESTMENTS IN SECURITIES–100.04% (Cost $186,937,209)				232,983,196
OTHER ASSETS LESS LIABILITIES–(0.04)%				(91,426	)
NET ASSETS–100.00%			$	232,891,770

Investment Abbreviations:

ADR – American Depositary Receipt

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

5                         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)  Each unit represents one ordinary share, seventeen Class A shares and one Class C share.

^(d)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

Portfolio Composition

By sector, based on Net Assets as of April 30, 2018

Industrials	24.2	%
Financials	16.6
Health Care	12.0
Information Technology	10.9
Consumer Discretionary	9.3
Real Estate	5.7
Energy	4.5
Materials	2.4
Money Market Funds Plus Other Assets Less Liabilities	14.4

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

6                         Invesco Endeavor Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $153,382,369)	$	199,428,777
Investments in affiliated money market funds, at value (Cost $33,554,840)		33,554,419
Foreign currencies, at value (Cost $192)		200
Receivable for:
Fund shares sold		150,689
Dividends		133,893
Investment for trustee deferred compensation and retirement plans		71,407
Other assets		44,282
Total assets		233,383,667
Liabilities:
Payable for:
Fund shares reacquired		191,693
Accrued fees to affiliates		163,907
Accrued trustees’ and officers’ fees and benefits		2,154
Accrued other operating expenses		54,024
Trustee deferred compensation and retirement plans		80,119
Total liabilities		491,897
Net assets applicable to shares outstanding	$	232,891,770
Net assets consist of:
Shares of beneficial interest	$	185,655,038
Undistributed net investment income (loss)		(275,368	)
Undistributed net realized gain		1,463,161
Net unrealized appreciation		46,048,939
	$	232,891,770

Net Assets:
Class A	$	131,193,467
Class C	$	28,549,728
Class R	$	12,128,547
Class Y	$	37,161,323
Class R5	$	21,128,765
Class R6	$	2,729,940
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		6,749,148
Class C		1,702,551
Class R		650,692
Class Y		1,852,793
Class R5		1,021,749
Class R6		131,277
Class A:
Net asset value per share	$	19.44
Maximum offering price per share
(Net asset value of $19.44 ¸ 94.50%)	$	20.57
Class C:
Net asset value and offering price per share	$	16.77
Class R:
Net asset value and offering price per share	$	18.64
Class Y:
Net asset value and offering price per share	$	20.06
Class R5:
Net asset value and offering price per share	$	20.68
Class R6:
Net asset value and offering price per share	$	20.80

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

7                         Invesco Endeavor Fund

Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $5,044)	$	1,250,070
Dividends from affiliated money market funds		276,723
Total investment income		1,526,793
Expenses:
Advisory fees		907,344
Administrative services fees		42,426
Custodian fees		6,703
Distribution fees:
Class A		170,625
Class B		1,399
Class C		153,357
Class R		33,637
Transfer agent fees — A, B, C, R and Y		226,700
Transfer agent fees — R5		11,027
Transfer agent fees — R6		267
Trustees’ and officers’ fees and benefits		12,515
Registration and filing fees		51,283
Reports to shareholders		20,605
Professional services fees		35,540
Other		10,984
Total expenses		1,684,412
Less: Fees waived and expense offset arrangement(s)		(28,490	)
Net expenses		1,655,922
Net investment income (loss)		(129,129	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		2,913,395
Foreign currencies		(19,291	)
		2,894,104
Change in net unrealized appreciation (depreciation) of:
Investment securities		(569,154	)
Foreign currencies		1,446
		(567,708	)
Net realized and unrealized gain		2,326,396
Net increase in net assets resulting from operations	$	2,197,267

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

8                         Invesco Endeavor Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income (loss)	$	(129,129	)	$	(361,707	)
Net realized gain		2,894,104			26,040,264
Change in net unrealized appreciation (depreciation)		(567,708	)		37,845,677
Net increase in net assets resulting from operations		2,197,267			63,524,234
Distributions to shareholders from net realized gains:
Class A		(3,714,684	)		(12,424,004	)
Class B		(17,894	)		(112,920	)
Class C		(970,910	)		(3,915,415	)
Class R		(405,139	)		(1,786,325	)
Class Y		(998,008	)		(2,904,478	)
Class R5		(569,252	)		(2,170,163	)
Class R6		(53,908	)		(4,593,195	)
Total distributions from net realized gains		(6,729,795	)		(27,906,500	)
Share transactions–net:
Class A		1,036,277			(1,049,715	)
Class B		(662,373	)		(628,934	)
Class C		(2,236,727	)		(3,264,441	)
Class R		(2,071,394	)		(5,371,596	)
Class Y		788,788			13,558,855
Class R5		(707,384	)		(2,388,568	)
Class R6		750,179			(52,762,339	)
Net increase (decrease) in net assets resulting from share transactions		(3,102,634	)		(51,906,738	)
Net increase (decrease) in net assets		(7,635,162	)		(16,289,004	)
Net assets:
Beginning of period		240,526,932			256,815,936
End of period (includes undistributed net investment income (loss) of $(275,368) and $(146,239), respectively)	$	232,891,770		$	240,526,932

Notes to Financial Statements

April 30, 2018

(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 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. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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.

9                         Invesco Endeavor Fund

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 economic conditions, interest rates, investor perceptions 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. 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.

10                         Invesco Endeavor Fund

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 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

11                         Invesco Endeavor Fund

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 $250 million		0	.745%
Next $250 million		0	.73%
Next $500 million		0	.715%
Next $1.5 billion		0	.70%
Next $2.5 billion		0	.685%
Next $2.5 billion		0	.67%
Next $2.5 billion		0	.655%
Over $10 billion		0	.64%

For the six months ended April 30, 2018, the effective advisory fees 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, 2019, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 2.75% of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2019. 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, 2020, 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, 2018, the Adviser waived advisory fees of $25,311.

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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2018, 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. Prior to their conversion to Class A shares, the Fund paid an annual rate of 1.00% of the average daily net assets of Class B 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $15,021 in front-end sales commissions from the sale of Class A shares and $95 and $892 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.

12                         Invesco Endeavor Fund

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were transfers from Level 1 to Level 2 of $7,900,483, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	186,627,151	$	12,801,626	$	—	$	199,428,777
Money Market Funds		33,554,419		—		—		33,554,419
Total Investments	$	220,181,570	$	12,801,626	$	—	$	232,983,196

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,179.

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

NOTE 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 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 did not have a capital loss carryforward as of October 31, 2017.

13                         Invesco Endeavor 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, 2018 was $31,304,374 and $28,551,359, 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	$	56,040,560
Aggregate unrealized (depreciation) of investments		(11,464,365	)
Net unrealized appreciation of investments	$	44,576,195

Cost of investments for tax purposes is $188,407,001.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		710,923		$	14,245,025			1,807,365		$	34,503,121
Class B(b)		225			4,018			6,048			102,352
Class C		72,988			1,274,677			530,870			8,932,756
Class R		68,966			1,332,482			245,467			4,520,273
Class Y		312,609			6,476,350			1,335,758			26,384,134
Class R5		88,315			1,891,778			182,739			3,694,560
Class R6		57,632			1,241,821			92,237			1,821,200
Issued as reinvestment of dividends:
Class A		180,366			3,600,097			646,548			12,001,370
Class B(b)		1,018			17,563			6,665			108,737
Class C		53,635			926,282			230,746			3,755,445
Class R		21,115			404,560			99,570			1,782,309
Class Y		42,480			874,239			142,134			2,700,939
Class R5		26,729			566,931			110,165			2,160,340
Class R6		2,510			53,507			233,120			4,593,195
Conversion of Class B shares to Class A shares:(c)
Class A		29,185			617,254			28,063			538,538
Class B		(33,929	)		(617,254	)		(32,635	)		(538,538	)
Reacquired:
Class A		(868,625	)		(17,426,099	)		(2,510,541	)		(48,092,744	)
Class B(b)		(3,851	)		(66,700	)		(17,410	)		(301,485	)
Class C		(255,805	)		(4,437,686	)		(951,649	)		(15,952,642	)
Class R		(198,275	)		(3,808,436	)		(637,158	)		(11,674,178	)
Class Y		(317,856	)		(6,561,801	)		(794,777	)		(15,526,218	)
Class R5		(148,256	)		(3,166,093	)		(411,566	)		(8,243,468	)
Class R6(d)		(25,417	)		(545,149	)		(3,022,821	)		(59,176,734	)
Net increase (decrease) in share activity		(183,318	)	$	(3,102,634	)		(2,681,062	)	$	(51,906,738	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 37% 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)  Class B shares activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

^(d)  On May 5, 2017, 2,459,627 Class R6 shares valued at $47,864,341 were redeemed by affiliated mutual funds.

14                         Invesco Endeavor Fund

NOTE 10—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or  expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net  assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	19.81	$	(0.01	)	$	0.18		$	0.17		$	—		$	(0.54	)	$	(0.54	)	$	19.44		0.81	%	$	131,193		1.33	%(d)		1.35	%(d)		(0.08	)%(d)		14	%
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
Year ended 10/31/14		21.18		(0.09	)		2.35			2.26			(0.01	)		(0.86	)		(0.87	)		22.57		11.13			192,326		1.26			1.29			(0.43	)		27
Year ended 10/31/13		18.19		(0.00	)		4.78			4.78			(0.06	)		(1.73	)		(1.79	)		21.18		28.78			180,568		1.26			1.30			(0.02	)		20
Class B
Six months ended 04/30/18(e)		17.21		(0.03	)		1.63			1.60			—			(0.54	)		(0.54	)		18.27		9.50			—		2.08	(d)		2.10	(d)		(0.83	)(d)		14
Year ended 10/31/17		15.25		(0.15	)		4.03			3.88			—			(1.92	)		(1.92	)		17.21		26.54			629		2.09			2.11			(0.88	)		19
Year ended 10/31/16		17.52		(0.13	)		0.16			0.03			—			(2.30	)		(2.30	)		15.25		1.28			1,127		2.09			2.11			(0.87	)		28
Year ended 10/31/15		20.82		(0.15	)		(1.14	)		(1.29	)		—			(2.01	)		(2.01	)		17.52		(6.50	)		2,161		2.01			2.04			(0.79	)		27
Year ended 10/31/14		19.74		(0.24	)		2.18			1.94			—			(0.86	)		(0.86	)		20.82		10.27			4,855		2.01			2.04			(1.18	)		27
Year ended 10/31/13		17.16		(0.14	)		4.49			4.35			(0.04	)		(1.73	)		(1.77	)		19.74		27.89			5,921		2.01			2.05			(0.77	)		20
Class C
Six months ended 04/30/18		17.22		(0.07	)		0.16			0.09			—			(0.54	)		(0.54	)		16.77		0.45			28,550		2.08	(d)		2.10	(d)		(0.83	)(d)		14
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
Year ended 10/31/14		19.75		(0.24	)		2.18			1.94			—			(0.86	)		(0.86	)		20.83		10.27			53,542		2.01			2.04			(1.18	)		27
Year ended 10/31/13		17.17		(0.14	)		4.49			4.35			(0.04	)		(1.73	)		(1.77	)		19.75		27.87			49,344		2.01			2.05			(0.77	)		20
Class R
Six months ended 04/30/18		19.04		(0.03	)		0.17			0.14			—			(0.54	)		(0.54	)		18.64		0.68			12,129		1.58	(d)		1.60	(d)		(0.33	)(d)		14
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
Year ended 10/31/14		20.77		(0.14	)		2.31			2.17			—			(0.86	)		(0.86	)		22.08		10.89			34,634		1.51			1.54			(0.68	)		27
Year ended 10/31/13		17.91		(0.05	)		4.69			4.64			(0.05	)		(1.73	)		(1.78	)		20.77		28.43			34,556		1.51			1.55			(0.27	)		20
Class Y
Six months ended 04/30/18		20.40		0.02			0.18			0.20			—			(0.54	)		(0.54	)		20.06		0.93			37,161		1.08	(d)		1.10	(d)		0.17	(d)		14
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
Year ended 10/31/14		21.48		(0.04	)		2.38			2.34			(0.05	)		(0.86	)		(0.91	)		22.91		11.39			71,898		1.01			1.04			(0.18	)		27
Year ended 10/31/13		18.38		0.05			4.84			4.89			(0.06	)		(1.73	)		(1.79	)		21.48		29.15			92,483		1.01			1.05			0.23			20
Class R5
Six months ended 04/30/18		21.00		0.03			0.19			0.22			—			(0.54	)		(0.54	)		20.68		1.00			21,129		0.97	(d)		0.99	(d)		0.28	(d)		14
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
Year ended 10/31/14		21.84		(0.02	)		2.43			2.41			(0.07	)		(0.86	)		(0.93	)		23.32		11.51			49,356		0.90			0.93			(0.07	)		27
Year ended 10/31/13		18.65		0.07			4.92			4.99			(0.07	)		(1.73	)		(1.80	)		21.84		29.24			31,593		0.91			0.95			0.33			20
Class R6
Six months ended 04/30/18		21.11		0.04			0.19			0.23			—			(0.54	)		(0.54	)		20.80		1.04			2,730		0.89	(d)		0.91	(d)		0.36	(d)		14
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
Year ended 10/31/14		21.86		0.01			2.42			2.43			(0.08	)		(0.86	)		(0.94	)		23.35		11.62			100,410		0.81			0.84			0.02			27
Year ended 10/31/13		18.65		0.08			4.93			5.01			(0.07	)		(1.73	)		(1.80	)		21.86		29.37			90,291		0.82			0.86			0.42			20

^(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 $137,630, $588, $30,926, $13,566, $38,367, $22,236 and $2,504 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Reflects activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

15                         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, 2017 through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,008.10	$	6.62	$	1,018.20	$	6.66		1.33	%
C		1,000.00		1,004.50		10.34		1,014.48		10.39		2.08
R		1,000.00		1,006.80		7.86		1,016.96		7.90		1.58
Y		1,000.00		1,009.30		5.38		1,019.44		5.41		1.08
R5		1,000.00		1,010.00		4.83		1,019.98		4.86		0.97
R6		1,000.00		1,010.40		4.44		1,020.38		4.46		0.89

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

16                         Invesco Endeavor 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.

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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.     

SEC file numbers: 811-05426 and 033-19338                            Invesco Distributors, Inc.                                                                                  END-SAR-1            06202018     1408

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Global Infrastructure Fund
	Nasdaq:
	A: GIZAX  ∎  C: GIZCX  ∎  R: GIZRX  ∎  Y: GIZYX  ∎  R5: GIZFX  ∎  R6: GIZSX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
18	Distribution Information
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-1.78	%
Class C Shares	-2.15
Class R Shares	-1.90
Class Y Shares	-1.66
Class R5 Shares	-1.66
Class R6 Shares	-1.66
MSCI World Index▼ (Broad Market Index)	3.40
Dow Jones Brookfield Global Infrastructure Index▼ (Style-Specific Index)	-3.22
Lipper Global Infrastructure Funds Classification Average∎ (Peer Group)	-1.63
Source(s): ▼FactSet Research Systems Inc.; ∎Lipper Inc.
The MSCI World Index 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 of 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.

2                      Invesco Global Infrastructure Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (5/2/14)	1.52	%
1 Year	-0.97
Class C Shares
Inception (5/2/14)	2.19	%
1 Year	3.00
Class R Shares
Inception (5/2/14)	2.69	%
1 Year	4.52
Class Y Shares
Inception (5/2/14)	3.20	%
1 Year	4.94
Class R5 Shares
Inception (5/2/14)	3.20	%
1 Year	4.94
Class R6 Shares
Inception (5/2/14)	3.20	%
1 Year	4.94

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.28%, 2.03%, 1.53%, 1.03%, 1.03% and 1.03%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 2.87%, 3.62%, 3.12%, 2.62%, 2.54% and 2.54%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (5/2/14)	1.19	%
1 Year	-0.86
Class C Shares
Inception (5/2/14)	1.90	%
1 Year	3.10
Class R Shares
Inception (5/2/14)	2.41	%
1 Year	4.63
Class Y Shares
Inception (5/2/14)	2.91	%
1 Year	5.14
Class R5 Shares
Inception (5/2/14)	2.93	%
1 Year	5.14
Class R6 Shares
Inception (5/2/14)	2.91	%
1 Year	5.14

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2019. See current prospectus for more information.

3                      Invesco Global Infrastructure Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Global Infrastructure Fund

Schedule of Investments

April 30, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.87%
Australia–5.03%
APA Group		29,843	$	187,051
Macquarie Atlas Roads Group		61,882		298,423
Transurban Group		70,550		614,489
				1,099,963
Canada–13.36%
Enbridge Inc.		31,345		949,604
Pembina Pipeline Corp.		32,815		1,045,264
TransCanada Corp.		21,831		925,824
				2,920,692
China–2.86%
Beijing Capital International Airport Co. Ltd.–Class H		106,000		144,492
China Merchants Port Holdings Co. Ltd.		54,000		120,658
China Resources Gas Group Ltd.		41,335		152,052
ENN Energy Holdings Ltd.		10,000		94,030
Shenzhen Expressway Co. Ltd.–Class H		112,000		113,651
				624,883
France–10.44%
Aéroports de Paris		1,005		220,648
Eiffage S.A.		3,611		428,910
Eutelsat Communications S.A.		4,432		95,839
Getlink S.E.		11,122		157,021
Vinci S.A.		13,810		1,379,090
				2,281,508
Germany–1.06%
Fraport AG Frankfurt Airport Services Worldwide		2,403		232,693
Hong Kong–1.38%
Hong Kong & China Gas Co., Ltd. (The)		144,000		300,802
Italy–1.43%
Atlantia S.p.A.		8,082		267,271
Infrastrutture Wireless Italiane S.p.A.–REGS(a)		5,760		46,354
				313,625
Japan–1.65%
Japan Airport Terminal Co., Ltd.		5,000		204,881
NIPPON GAS CO., LTD.(b)		1,500		73,576
Tokyo Gas Co., Ltd.		3,100		83,143
				361,600
Luxembourg–0.57%
SES S.A.		8,056		124,235
Mexico–0.67%
Grupo Aeroportuario del Pacifico S.A.B. de C.V.–ADR		1,395		145,317
Netherlands–0.58%
InterXion Holding N.V.(b)		1,960		127,439

	Shares		Value
New Zealand–0.46%
Auckland International Airport Ltd.		22,402	$	100,135
Spain–4.56%
Abertis Infraestructuras S.A.		13,282		292,903
Aena SME, S.A.–REGS(a)		1,636		337,228
Cellnex Telecom S.A.–REGS(a)		5,619		150,112
Ferrovial, S.A.		10,157		216,510
				996,753
United Kingdom–9.58%
John Laing Group PLC–REGS(a)		56,762		220,820
National Grid PLC		68,430		792,511
Pennon Group PLC		44,920		427,332
Severn Trent PLC		18,478		492,556
United Utilities Group PLC		15,875		162,124
				2,095,343
United States–45.24%
American Tower Corp.–Class A		11,780		1,606,321
Atmos Energy Corp.		5,112		444,182
CenterPoint Energy, Inc.		12,165		308,139
Cheniere Energy, Inc.(b)		13,428		780,972
CMS Energy Corp.		8,684		409,798
Consolidated Edison, Inc.		4,545		364,191
Crown Castle International Corp.		11,779		1,188,148
Edison International		9,995		654,872
Kinder Morgan, Inc.		27,395		433,389
NiSource Inc.		19,158		467,264
ONEOK, Inc.		13,554		816,222
PG&E Corp.		19,678		907,156
SBA Communications Corp.–Class A(b)		1,378		220,797
Sempra Energy		6,532		730,278
Targa Resources Corp.		3,756		176,419
Williams Cos., Inc. (The)		14,877		382,785
				9,890,933
Total Common Stocks & Other Equity Interests (Cost $20,557,319)				21,615,921
Money Market Funds–0.67%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(c)		42,549		42,549
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(c)		55,294		55,299
Invesco Treasury Portfolio–Institutional Class, 1.62%(c)		48,628		48,628
Total Money Market Funds (Cost $146,469)				146,476
TOTAL INVESTMENTS IN SECURITIES–99.54% (Cost $20,703,788)				21,762,397
OTHER ASSETS LESS LIABILITIES–0.46%				100,424
NET ASSETS–100.00%			$	21,862,821

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

5                         Invesco Global Infrastructure Fund

Investment Abbreviations:

ADR	– American Depositary Receipt
REGS	– Regulation S

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, 2018 was $754,514, which represented 3.45% of the Fund’s Net Assets.

^(b)  Non-income producing security.

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

Portfolio Composition

By Infrastructure Sector, based on Net Assets

as of April 30, 2018

Midstream Services	26.5	%
Towers	20.0
Gas Distribution	15.3
Electric Utilities	10.7
Diversified	10.3
Tolls	7.3
Airports	6.5
Infrastructure Sectors each less than 2.0% of the portfolio	2.3
Money Market Funds Plus Other Assets Less Liabilities	1.1

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

6                         Invesco Global Infrastructure Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $20,557,319)	$	21,615,921
Investments in affiliated money market funds, at value (Cost $146,469)		146,476
Foreign currencies, at value (Cost $86,463)		85,618
Receivable for:
Investments sold		8,221
Fund shares sold		3,968
Dividends		39,169
Fund expenses absorbed		17,865
Investment for trustee deferred compensation and retirement plans		9,549
Other assets		51,695
Total assets		21,978,482
Liabilities:
Payable for:
Fund shares reacquired		9,546
Amount due custodian		36,106
Accrued fees to affiliates		11,284
Accrued trustees’ and officers’ fees and benefits		1,477
Accrued other operating expenses		47,699
Trustee deferred compensation and retirement plans		9,549
Total liabilities		115,661
Net assets applicable to shares outstanding	$	21,862,821
Net assets consist of:
Shares of beneficial interest	$	21,420,915
Undistributed net investment income		28,784
Undistributed net realized gain (loss)		(643,931	)
Net unrealized appreciation		1,057,053
	$	21,862,821

Net Assets:
Class A	$	9,188,175
Class C	$	1,691,347
Class R	$	375,628
Class Y	$	10,390,340
Class R5	$	10,184
Class R6	$	207,147
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		903,532
Class C		166,659
Class R		36,958
Class Y		1,021,373
Class R5		1,001
Class R6		20,362
Class A:
Net asset value per share	$	10.17
Maximum offering price per share
(Net asset value of $10.17 ¸ 94.50%)	$	10.76
Class C:
Net asset value and offering price per share	$	10.15
Class R:
Net asset value and offering price per share	$	10.16
Class Y:
Net asset value and offering price per share	$	10.17
Class R5:
Net asset value and offering price per share	$	10.17
Class R6:
Net asset value and offering price per share	$	10.17

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

7                         Invesco Global Infrastructure Fund

Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $26,750)	$	354,845
Dividends from affiliated money market funds		1,273
Total investment income		356,118
Expenses:
Advisory fees		92,536
Administrative services fees		24,795
Custodian fees		12,735
Distribution fees:
Class A		11,490
Class C		9,711
Class R		815
Transfer agent fees — A, C, R and Y		20,517
Transfer agent fees — R5		4
Transfer agent fees — R6		71
Trustees’ and officers’ fees and benefits		10,875
Registration and filing fees		50,499
Reports to shareholders		9,726
Professional services fees		33,258
Other		6,000
Total expenses		283,032
Less: Fees waived and expenses reimbursed		(147,647	)
Net expenses		135,385
Net investment income		220,733
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		151,483
Foreign currencies		(4,111	)
		147,372
Change in net unrealized appreciation (depreciation) of:
Investment securities		(787,166	)
Foreign currencies		(787	)
		(787,953	)
Net realized and unrealized gain (loss)		(640,581	)
Net increase (decrease) in net assets resulting from operations	$	(419,848	)

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

8                         Invesco Global Infrastructure Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income	$	220,733		$	429,571
Net realized gain		147,372			711,655
Change in net unrealized appreciation (depreciation)		(787,953	)		1,300,196
Net increase (decrease) in net assets resulting from operations		(419,848	)		2,441,422
Distributions to shareholders from net investment income:
Class A		(121,669	)		(133,550	)
Class C		(19,411	)		(16,079	)
Class R		(3,747	)		(3,225	)
Class Y		(152,893	)		(179,756	)
Class R5		(155	)		(215	)
Class R6		(2,871	)		(3,330	)
Total distributions from net investment income		(300,746	)		(336,155	)
Distributions to shareholders from net realized gains:
Class A		(208,415	)		—
Class C		(46,749	)		—
Class R		(6,948	)		—
Class Y		(244,308	)		—
Class R5		(248	)		—
Class R6		(4,499	)		—
Total distributions from net realized gains		(511,167	)		—
Share transactions–net:
Class A		813,313			3,866,129
Class C		(208,996	)		1,400,904
Class R		96,980			202,316
Class Y		268,998			4,473,703
Class R6		23,679			60,864
Net increase in net assets resulting from share transactions		993,974			10,003,916
Net increase (decrease) in net assets		(237,787	)		12,109,183
Net assets:
Beginning of period		22,100,608			9,991,425
End of period (includes undistributed net investment income of $28,784 and $108,797, respectively)	$	21,862,821		$	22,100,608

Notes to Financial Statements

April 30, 2018

(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 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.

9                         Invesco Global Infrastructure Fund

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 economic conditions, interest rates, investor perceptions 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. 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

10                         Invesco Global Infrastructure Fund

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 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.

11                         Invesco Global Infrastructure Fund

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 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 $2.5 billion		0	.84%
Next $2 billion		0	.80%
Next $3.5 billion		0	.785%
Over $8 billion		0	.77%

For the six months ended April 30, 2018, the effective advisory fees incurred by the Fund was 0.84%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, 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, 2019, 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 1.03%, 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, 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, 2019. 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, 2020, 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, 2018, the Adviser waived advisory fees and reimbursed fund level expenses of $127,055 and reimbursed class level expenses of $8,642, $1,826, $307, $9,742, $4 and $71 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

12                         Invesco Global Infrastructure 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 months ended April 30, 2018, 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, 2018, IDI advised the Fund that IDI retained $1,819 in front-end sales commissions from the sale of Class A shares and $49 from Class C shares 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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period.

During the six months ended April 30, 2018, there were transfers from Level 1 to Level 2 of $5,444,585 and from Level 2 to Level 1 of $83,143, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	—	$	1,099,963	$	—	$	1,099,963
Canada		2,920,692		—		—		2,920,692
China		94,030		530,853		—		624,883
France		157,020		2,124,488		—		2,281,508
Germany		—		232,693		—		232,693
Hong Kong		—		300,802		—		300,802
Italy		—		313,625		—		313,625
Japan		83,143		278,457		—		361,600
Luxembourg		—		124,235		—		124,235
Mexico		145,317		—		—		145,317
Netherlands		127,439		—		—		127,439
New Zealand		—		100,135		—		100,135
Spain		292,903		703,850		—		996,753
United Kingdom		220,820		1,874,523		—		2,095,343
United States		9,890,933		—		—		9,890,933
Money Market Funds		146,476		—		—		146,476
Total Investments	$	14,078,773	$	7,683,624	$	—	$	21,762,397

NOTE 4—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

13                         Invesco Global Infrastructure Fund

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 5—Cash Balances

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

NOTE 6—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, 2017, which expires as follows:

Capital Loss Carryforward*					Total
Expiration	Short-Term		Long-Term
Not subject to expiration	$	236,436	$	—	$	236,436

* 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 limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7—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, 2018 was $12,691,936 and $12,377,946, 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	$	1,091,376
Aggregate unrealized (depreciation) of investments		(556,578	)
Net unrealized appreciation of investments	$	534,798

Cost of investments for tax purposes is $21,227,599.

14                         Invesco Global Infrastructure Fund

NOTE 8—Share Information

				Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		238,102		$	2,517,254			540,397		$	5,370,212
Class C		20,787			217,748			167,142			1,644,192
Class R		10,830			111,899			27,781			281,761
Class Y		108,101			1,109,692			604,953			5,980,042
Class R6		3,386			35,029			9,889			97,616
Issued as reinvestment of dividends:
Class A		24,876			260,600			10,009			103,226
Class C		6,072			63,754			1,522			15,805
Class R		985			10,318			292			3,060
Class Y		25,395			266,108			13,517			139,417
Class R6		666			6,967			304			3,114
Reacquired:
Class A		(188,248	)		(1,964,541	)		(157,736	)		(1,607,309	)
Class C		(48,304	)		(490,498	)		(25,138	)		(259,093	)
Class R		(2,419	)		(25,237	)		(7,704	)		(82,505	)
Class Y		(106,971	)		(1,106,802	)		(161,852	)		(1,645,756	)
Class R6		(1,761	)		(18,317	)		(4,001	)		(39,866	)
Net increase in share activity		91,497		$	993,974			1,019,375		$	10,003,916

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 46% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

    In addition, 16% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

15                         Invesco Global Infrastructure Fund

NOTE 9—Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	10.74	$	0.10		$	(0.28	)	$	(0.18	)	$	(0.14	)	$	(0.25	)	$	(0.39	)	$	10.17		(1.78	)%	$	9,188		1.28	%(d)		2.62	%(d)		1.95	%(d)		56	%
Year ended 10/31/17		9.62		0.25	(e)		1.06			1.31			(0.19	)		—			(0.19	)		10.74		13.74			8,899		1.29			2.87			2.40	(e)		99
Year ended 10/31/16		9.50		0.17			0.11			0.28			(0.16	)		—			(0.16	)		9.62		3.01			4,194		1.40			4.29			1.76			85
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
Year ended 10/31/14(f)		10.00		0.08			0.63			0.71			(0.05	)		—			(0.05	)		10.66		7.12			2,497		1.39	(g)		8.60	(g)		1.51	(g)		19
Class C
Six months ended 04/30/18		10.72		0.06			(0.28	)		(0.22	)		(0.10	)		(0.25	)		(0.35	)		10.15		(2.15	)		1,691		2.03	(d)		3.37	(d)		1.20	(d)		56
Year ended 10/31/17		9.60		0.17	(e)		1.06			1.23			(0.11	)		—			(0.11	)		10.72		12.92			2,016		2.04			3.62			1.65	(e)		99
Year ended 10/31/16		9.48		0.10			0.11			0.21			(0.09	)		—			(0.09	)		9.60		2.24			428		2.15			5.04			1.01			85
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
Year ended 10/31/14(f)		10.00		0.04			0.63			0.67			(0.03	)		—			(0.03	)		10.64		6.71			181		2.14	(g)		9.35	(g)		0.76	(g)		19
Class R
Six months ended 04/30/18		10.73		0.09			(0.28	)		(0.19	)		(0.13	)		(0.25	)		(0.38	)		10.16		(1.90	)		376		1.53	(d)		2.87	(d)		1.70	(d)		56
Year ended 10/31/17		9.61		0.22	(e)		1.06			1.28			(0.16	)		—			(0.16	)		10.73		13.47			296		1.54			3.12			2.15	(e)		99
Year ended 10/31/16		9.49		0.14			0.11			0.25			(0.13	)		—			(0.13	)		9.61		2.76			69		1.65			4.54			1.51			85
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
Year ended 10/31/14(f)		10.00		0.07			0.64			0.71			(0.05	)		—			(0.05	)		10.66		7.05			13		1.64	(g)		8.85	(g)		1.26	(g)		19
Class Y
Six months ended 04/30/18		10.74		0.11			(0.28	)		(0.17	)		(0.15	)		(0.25	)		(0.40	)		10.17		(1.66	)		10,390		1.03	(d)		2.37	(d)		2.20	(d)		56
Year ended 10/31/17		9.62		0.27	(e)		1.06			1.33			(0.21	)		—			(0.21	)		10.74		14.02			10,685		1.04			2.62			2.65	(e)		99
Year ended 10/31/16		9.50		0.19			0.11			0.30			(0.18	)		—			(0.18	)		9.62		3.27			5,177		1.15			4.04			2.01			85
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
Year ended 10/31/14(f)		10.00		0.09			0.64			0.73			(0.06	)		—			(0.06	)		10.67		7.29			2,287		1.14	(g)		8.35	(g)		1.76	(g)		19
Class R5
Six months ended 04/30/18		10.74		0.11			(0.28	)		(0.17	)		(0.15	)		(0.25	)		(0.40	)		10.17		(1.66	)		10		1.03	(d)		2.25	(d)		2.20	(d)		56
Year ended 10/31/17		9.62		0.27	(e)		1.06			1.33			(0.21	)		—			(0.21	)		10.74		14.02			11		1.04			2.54			2.65	(e)		99
Year ended 10/31/16		9.50		0.19			0.11			0.30			(0.18	)		—			(0.18	)		9.62		3.27			10		1.15			4.02			2.01			85
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
Year ended 10/31/14(f)		10.00		0.09			0.64			0.73			(0.06	)		—			(0.06	)		10.67		7.29			11		1.14	(g)		8.34	(g)		1.76	(g)		19
Class R6
Six months ended 04/30/18		10.74		0.11			(0.28	)		(0.17	)		(0.15	)		(0.25	)		(0.40	)		10.17		(1.66	)		207		1.03	(d)		2.25	(d)		2.20	(d)		56
Year ended 10/31/17		9.62		0.27	(e)		1.06			1.33			(0.21	)		—			(0.21	)		10.74		14.02			194		1.04			2.54			2.65	(e)		99
Year ended 10/31/16		9.50		0.19			0.11			0.30			(0.18	)		—			(0.18	)		9.62		3.27			114		1.15			4.02			2.01			85
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
Year ended 10/31/14(f)		10.00		0.09			0.64			0.73			(0.06	)		—			(0.06	)		10.67		7.29			38		1.14	(g)		8.34	(g)		1.76	(g)		19

^(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 $9,269, $1,958, $329, $10,447, $10 and $202 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.20 and 1.88%, $0.12 and 1.13%, $0.17 and 1.63%, $0.22 and 2.13%, $0.22 and 2.13% and $0.22 and 2.13% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of May 2, 2014.

^(g)  Annualized.

16                         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, 2017 through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	982.20	$	6.29	$	1,018.45	$	6.41		1.28	%
C		1,000.00		978.50		9.96		1,014.73		10.14		2.03
R		1,000.00		981.00		7.52		1,017.21		7.65		1.53
Y		1,000.00		983.40		5.07		1,019.69		5.16		1.03
R5		1,000.00		983.40		5.07		1,019.69		5.16		1.03
R6		1,000.00		983.40		5.07		1,019.69		5.16		1.03

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

17                         Invesco Global Infrastructure Fund

Distribution Information Correction notice

The following table sets forth on a per share basis the distribution that was paid in March 2018. Included in the table is a written statement of the sources of the distribution on a generally accepted accounting principles (“GAAP”) basis.

		Net Income		Gain from Sale of Securities		Return of Principal		Total Distribution
03/22/18	Class A	$	0.0235	$	0.0000	$	0.0053	$	0.0288
03/22/18	Class C	$	0.0051	$	0.0000	$	0.0053	$	0.0104
03/22/18	Class R	$	0.0174	$	0.0000	$	0.0053	$	0.0227
03/22/18	Class Y	$	0.0297	$	0.0000	$	0.0053	$	0.0350
03/22/18	Class R5	$	0.0297	$	0.0000	$	0.0053	$	0.0350
03/22/18	Class R6	$	0.0297	$	0.0000	$	0.0053	$	0.0350

Please note that the information in the preceding chart is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for U.S. federal income tax purposes. This Notice is sent to comply with certain U.S. Securities and Exchange Commission requirements.

18                         Invesco Global Infrastructure 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.

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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.     

SEC file numbers: 811-05426 and 033-19338                        Invesco Distributors,  Inc.                                                                                     GBLI-SAR-1            06192018      1425

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Global Market Neutral Fund
	Nasdaq:
	A: MKNAX  ∎  C: MKNCX  ∎  R: MKNRX  ∎  Y: MKNYX  ∎  R5: MKNFX  ∎  R6: MKNSX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
10	Financial Statements
12	Notes to Financial Statements
20	Financial Highlights
21	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-1.32	%
Class C Shares	-1.78
Class R Shares	-1.43
Class Y Shares	-1.20
Class R5 Shares	-1.10
Class R6 Shares	-1.20
FTSE US 3-Month Treasury Bill Index▼ (Broad Market/Style-Specific Index)	0.67
Lipper Alternative Equity Market Neutral Funds Index∎ (Peer Group Index)	0.14
Source(s): ▼FactSet Research Systems Inc.; ∎Lipper Inc.

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

2                      Invesco Global Market Neutral Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	-0.96	%*
1 Year	-6.43
Class C Shares
Inception (12/19/13)	-0.41	%*
1 Year	-2.80
Class R Shares
Inception (12/19/13)	0.10	%*
1 Year	-1.23
Class Y Shares
Inception (12/19/13)	0.58	%*
1 Year	-0.80
Class R5 Shares
Inception (12/19/13)	0.61	%*
1 Year	-0.71
Class R6 Shares
Inception (12/19/13)	0.58	%*
1 Year	-0.81
* 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 -2.27%, -1.76%, -1.23%, -0.73%, -0.70% and -0.73% 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 comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	-1.31	%**
1 Year	-7.40
Class C Shares
Inception (12/19/13)	-0.73	%**
1 Year	-3.71
Class R Shares
Inception (12/19/13)	-0.23	%**
1 Year	-2.24
Class Y Shares
Inception (12/19/13)	0.27	%**
1 Year	-1.70
Class R5 Shares
Inception (12/19/13)	0.29	%**
1 Year	-1.60
Class R6 Shares
Inception (12/19/13)	0.27	%**
1 Year	-1.71
**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 -2.65%, -2.12%, -1.61%, -1.09%, -1.06% and -1.09% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 2.88%, 3.63%, 3.13%, 2.63%, 2.55% and 2.55%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2019. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2020. See current prospectus for more information.

3                      Invesco Global Market Neutral Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s

prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Global Market Neutral Fund

Schedule of Investments

April 30, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–92.48%
Australia–1.09%
Beach Energy Ltd.		31,882	$	37,541
Cochlear Ltd.		177		25,756
Metcash Ltd.		40,564		109,531
				172,828
Austria–1.02%
OMV AG		2,623		162,448
Canada–5.24%
BRP Inc.		3,618		146,388
Canfor Corp.(a)		4,812		110,544
Enerplus Corp.		16,411		190,484
Kinross Gold Corp.(a)		20,800		80,530
Russel Metals Inc.		4,133		93,948
Teck Resources Ltd.–Class B		1,120		28,120
West Fraser Timber Co., Ltd.		2,674		181,162
				831,176
China–1.05%
Yangzijiang Shipbuilding Holdings Ltd.		190,600		166,435
Denmark–1.04%
Dfds A/S		709		44,068
H. Lundbeck A/S		1,480		86,116
Royal Unibrew A/S		523		34,658
				164,842
Finland–1.66%
UPM-Kymmene Oyj		7,365		262,742
France–3.65%
Bouygues S.A.		586		29,759
Faurecia S.A.		1,325		108,090
Nexity S.A.		2,200		137,117
Peugeot S.A.		12,324		303,293
				578,259
Germany–4.34%
CANCOM SE		249		29,288
Covestro AG–REGS(b)		2,625		238,580
Hochtief AG		1,070		195,294
Siltronic AG		773		124,085
Software AG		1,244		61,221
TUI AG		1,744		39,330
				687,798
Ireland–0.22%
Smurfit Kappa Group PLC		828		35,266
Japan–22.27%
Aeon Mall Co., Ltd.		1,900		38,274
Asahi Glass Co., Ltd.		3,500		145,353

	Shares		Value
Japan–(continued)
Benesse Holdings, Inc.		1,000	$	36,498
Brother Industries, Ltd.		10,900		233,926
Citizen Watch Co., Ltd.		6,300		46,860
Dai Nippon Printing Co., Ltd.		10,000		215,015
Daiichikosho Co., Ltd.		2,400		125,998
Daiwa House Industry Co., Ltd.		2,500		91,703
Denka Co., Ltd.		2,200		78,580
Electric Power Development Co., Ltd.		1,300		35,261
Fujitsu Ltd.		8,000		48,442
Haseko Corp.		6,300		99,410
Ibiden Co., Ltd.		17,300		285,919
JTEKT Corp.		4,800		77,812
K’s Holdings Corp.		12,400		179,085
Kurita Water Industries Ltd.		1,000		32,474
Leopalace21 Corp.		3,900		33,927
Marubeni Corp.		17,400		131,044
Miraca Holdings Inc.		2,000		77,652
Mitsubishi Corp.		3,200		88,511
Mitsui & Co., Ltd.		11,700		211,324
mixi, Inc.		4,800		158,223
Nippon Express Co., Ltd.		1,600		121,039
Nippon Telegraph & Telephone Corp.		900		42,851
Nishimatsu Construction Co., Ltd.		3,600		99,287
Penta-Ocean Construction Co., Ltd.		21,900		173,285
TDK Corp.		600		51,133
Tokyo Gas Co., Ltd.		8,000		214,563
Toppan Printing Co., Ltd.		19,000		159,050
West Japan Railway Co.		2,800		198,500
				3,530,999
Malta–0.19%
Kindred Group PLC–SDR		2,263		29,321
Netherlands–0.45%
BE Semiconductor Industries N.V.		626		43,197
Koninklijke Ahold Delhaize N.V.		1,195		28,811
				72,008
New Zealand–0.67%
a2 Milk Co. Ltd.(a)		12,552		105,763
Norway–0.51%
SalMar ASA		1,733		80,666
Panama–0.30%
Copa Holdings, S.A.–Class A		408		47,805
Russia–0.82%
Evraz PLC		20,544		129,276
Singapore–0.24%
SATS Ltd.		9,300		38,637

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

5                         Invesco Global Market Neutral Fund

	Shares		Value
Spain–0.65%
Mediaset Espana Comunicacion S.A.		10,715	$	102,485
Sweden–0.74%
Loomis AB–Class B		1,489		54,356
Svenska Cellulosa AB SCA–Class B		5,739		63,690
				118,046
Switzerland–2.13%
Bucher Industries AG		645		235,976
Georg Fischer AG		31		38,511
Oriflame Holding AG		1,337		63,384
				337,871
United Kingdom–7.46%
Electrocomponents PLC		15,299		127,970
Fiat Chrysler Automobiles N.V.(a)		12,787		284,983
GlaxoSmithKline PLC		4,297		86,221
Indivior PLC(a)		11,018		68,143
Moneysupermarket.com Group PLC		19,301		79,630
PageGroup PLC		10,980		80,904
Persimmon PLC		5,061		189,153
Royal Dutch Shell PLC–Class B		1,828		65,295
SSP Group PLC		3,806		34,106
Subsea 7 S.A.		3,779		52,855
WH Smith PLC		4,232		113,478
				1,182,738
United States–36.74%
Aaron’s, Inc.		2,793		116,664
AbbVie Inc.		2,202		212,603
American Equity Investment Life Holding Co.		998		30,140
Amgen Inc.		506		88,287
Assured Guaranty Ltd.		1,540		55,887
AT&T Inc.		2,603		85,118
Baxter International Inc.		529		36,765
Best Buy Co., Inc.		3,195		244,513
Biogen Inc.(a)		717		196,171
Boeing Co. (The)		874		291,531
CF Industries Holdings, Inc.		901		34,959
Cisco Systems, Inc.		6,385		282,792
Citigroup Inc.		4,090		279,224
Darden Restaurants, Inc.		1,562		145,047
Devon Energy Corp.		3,743		135,983
Gap, Inc. (The)		874		25,556
Gilead Sciences, Inc.		3,045		219,940
Greif Inc.–Class A		726		42,485
HollyFrontier Corp.		1,574		95,526

	Shares		Value
United States–(continued)
HP Inc.		12,803	$	275,136
HRG Group, Inc.(a)		5,688		63,933
Humana Inc.		263		77,369
Huntsman Corp.		2,928		87,167
InterDigital, Inc.		1,220		90,829
Juniper Networks, Inc.		1,671		41,090
KB Home		1,309		34,754
Kohl’s Corp.		462		28,699
Lear Corp.		806		150,698
Lincoln National Corp.		678		47,894
LyondelllBasell Industries N.V.–Class A		800		84,584
Macy’s, Inc.		3,266		101,475
Michael Kors Holdings Ltd.(a)		1,904		130,272
Newmont Mining Corp.		3,910		153,624
PotlatchDeltic Corp.		1,165		60,405
Royal Caribbean Cruises Ltd.		264		28,562
Sanderson Farms, Inc.		323		35,905
SBA Communications Corp.(a)		818		131,068
Teradyne, Inc.		1,627		52,959
Transocean Ltd.(a)		13,091		161,936
United Therapeutics Corp.(a)		404		44,484
Valero Energy Corp.		2,887		320,255
VeriSign, Inc.(a)		1,349		158,400
Vertex Pharmaceuticals Inc.(a)		642		98,329
VMware, Inc.–Class A(a)		769		102,477
Voya Financial, Inc.		4,572		239,344
Walmart, Inc.		634		56,084
WellCare Health Plans Inc.(a)		1,406		288,455
Whiting Petroleum Corp.(a)		1,429		58,332
				5,823,710
Total Common Stocks & Other Equity Interests (Cost $11,458,830)				14,661,119
Money Market Funds–6.76%(c)
Invesco Government & Agency Portfolio–Institutional Class, 1.61%		374,808		374,808
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%		267,671		267,698
Invesco Treasury Portfolio–Institutional Class, 1.62%		428,352		428,352
Total Money Market Funds (Cost $1,070,853)				1,070,858
TOTAL INVESTMENTS IN SECURITIES–99.24% (Cost $12,529,683)				15,731,977
OTHER ASSETS LESS LIABILITIES–0.76%				120,981
NET ASSETS–100.00%			$	15,852,958

Investment Abbreviations:

REGS	– Regulation S
SDR	– Swedish Depositary Receipt

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

6                         Invesco Global Market Neutral Fund

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in 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, 2018 represented 1.50% of the Fund’s Net Assets.

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

Open Over-The-Counter Total Return Swap Agreements
Reference Entity	Counterparty	Maturity Date		Floating Rate Index(1)		Payment Frequency		Notional Value			Upfront Payments (Received)		Value(2)(3)			Unrealized Appreciation (Depreciation)(2)(3)			Net Value of Reference Entities
Australia Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly	$	(147,573	)	$	—	$	855		$	855		$	(146,753	)
Canada Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(696,054	)		—		8,283			8,283			(685,952	)
Denmark Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(305,186	)		—		4,087			4,087			(301,170	)
Euro Area Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(1,954,778	)		—		40,564			40,564			(1,911,439	)
Hong Kong Equity Securities-Short	Morgan Stanley & Co. LLC		10/17/2019		Federal Funds floating rate		Monthly		(36,523	)		—		29			29			(36,496	)
Japan Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(3,690,559	)		—		11,136			11,136			(3,680,352	)
New Zealand Equity Securities-Short	Morgan Stanley & Co. LLC		03/24/2020		Federal Funds floating rate		Monthly		(77,300	)		—		99			99			(77,219	)
Singapore Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(260,673	)		—		11,367			11,367			(247,749	)
Spain Equity Securities-Short	Morgan Stanley & Co. LLC		02/25/2019		Federal Funds floating rate		Monthly		(136,752	)		—		6,710			6,710			(130,079	)
Sweden Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(110,496	)		—		562			562			(109,964	)
Switzerland Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(176,889	)		—		13,261			13,261			(163,666	)
United Kingdom Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(1,098,657	)		—		392			392			(1,084,225	)
Subtotal — Appreciation												—		97,345			97,345			(8,575,064	)
Norway Equity Securities-Short	Morgan Stanley & Co. LLC		01/23/2019		Federal Funds floating rate		Monthly		(91,175	)		—		(1,421	)		(1,421	)		(92,620	)
United States Equity Securities-Short	Morgan Stanley & Co. LLC		12/23/2019		Federal Funds floating rate		Monthly		(5,971,062	)		—		(39,739	)		(39,739	)		(5,992,701	)
Subtotal — Depreciation												—		(41,160	)		(41,160	)		(6,085,321	)
Total Return Swap Agreements — Equity Risk											$	—	$	56,185		$	56,185		$	(14,660,385	)

⁽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 $(37,107) of dividends payable and financing fees related to the reference entities.

⁽³⁾  Swap agreements collateralized by $50,000 cash held with Morgan Stanley & Co. LLC, the Counterparty.

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

7                         Invesco Global Market Neutral Fund

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, 2018.

	Shares			Value			Percentage of Reference Entities
Equity Securities — Short
Australia
Brambles Ltd.		(4,096	)	$	(30,430	)		0.20
National Australia Bank Ltd.		(4,078	)		(88,862	)		0.61
QBE Insurance Group Ltd.		(3,663	)		(27,461	)		0.19
					(146,753	)
Canada
Emera Inc.		(3,049	)		(94,983	)		0.66
Enbridge Inc.		(927	)		(28,084	)		0.20
EnerCare Inc.		(2,578	)		(34,863	)		0.24
Hydro One Ltd.		(5,009	)		(79,562	)		0.55
Ivanhoe Mines Ltd.		(20,523	)		(42,367	)		0.31
SNC-Lavalin Group Inc.		(2,400	)		(105,239	)		0.72
Stella-Jones Inc.		(3,516	)		(127,444	)		0.84
Waste Connections, Inc.		(647	)		(46,772	)		0.32
Wheaton Precious Metals Corp.		(6,100	)		(126,638	)		0.88
					(685,952	)
Denmark
Chr. Hansen Holding A/S		(335	)		(30,470	)		0.21
Genmab A/S		(1,334	)		(270,700	)		1.86
					(301,170	)
Euro Area
ANDRITZ AG		(527	)		(28,361	)		0.20
Anheuser-Busch InBev S.A./N.V.		(1,322	)		(132,069	)		0.93
Banco BPM S.p.A.		(25,730	)		(93,735	)		0.65
Banco Comercial Portugues S.A.		(233,456	)		(78,409	)		0.56
Bayerische Motoren Werke AG		(1,367	)		(152,661	)		1.03
Bollore S.A.		(25,568	)		(127,158	)		0.95
Cairn Homes PLC		(12,550	)		(27,221	)		0.19
Daimler AG		(3,584	)		(283,510	)		1.94
GEA Group AG		(1,792	)		(70,142	)		0.50
Getlink		(5,916	)		(83,522	)		0.58
Koninklijke Vopak N.V.		(1,175	)		(58,039	)		0.39
Leonardo S.p.A.		(2,606	)		(30,245	)		0.22
Nokia Oyj		(46,872	)		(281,791	)		1.88
Outokumpu Oyj		(4,345	)		(28,231	)		0.22
Renault S.A.		(1,246	)		(135,191	)		0.97
Rocket Internet SE		(5,078	)		(148,902	)		1.01
Unione di Banche Italiane S.p.A.		(6,717	)		(34,679	)		0.23
Valeo S.A.		(1,756	)		(117,573	)		0.80
					(1,911,439	)
Hong Kong
MGM China Holdings Ltd		(13,200	)		(36,496	)		0.25
Japan
CyberAgent, Inc.		(800	)		(44,201	)		0.27
Daifuku Co., Ltd.		(1,800	)		(96,817	)		0.68
Fast Retailing Co., Ltd.		(100	)		(44,100	)		0.30

	Shares			Value			Percentage of Reference Entities
Japan–(continued)
Hamamatsu Photonics K.K.		(6,900	)	$	(266,356	)		1.84
JGC Corp.		(13,400	)		(329,116	)		2.21
Kansai Paint Co., Ltd.		(10,600	)		(238,917	)		1.63
Keihan Holdings Co., Ltd.		(4,400	)		(142,481	)		0.94
Keyence Corp.		(400	)		(245,042	)		1.60
Kintetsu Group Holdings Co., Ltd.		(800	)		(32,602	)		0.21
Koito Manufacturing Co., Ltd.		(2,000	)		(134,468	)		0.93
Kyudenko Corp.		(600	)		(28,156	)		0.20
Kyushu Electric Power Co., Inc.		(6,100	)		(75,441	)		0.49
LINE Corp.		(800	)		(29,235	)		0.20
M3 Inc.		(2,300	)		(87,207	)		0.66
Maruichi Steel Tube Ltd.		(1,400	)		(47,960	)		0.31
MISUMI Group Inc.		(9,100	)		(252,223	)		1.74
Nidec Corp.		(1,600	)		(250,860	)		1.67
Nihon M&A Center Inc.		(7,000	)		(205,543	)		1.45
Nintendo Co., Ltd.		(100	)		(42,234	)		0.29
Nitori Holdings Co., Ltd.		(1,000	)		(169,045	)		1.15
Ryohin Keikaku Co., Ltd.		(300	)		(103,046	)		0.69
Seria Co., Ltd.		(700	)		(34,321	)		0.23
Shimadzu Corp.		(5,000	)		(136,114	)		0.95
Shimano Inc.		(600	)		(79,802	)		0.53
Start Today Co., Ltd.		(1,000	)		(28,906	)		0.20
Tokuyama Corp.		(2,000	)		(59,733	)		0.43
Topcon Corp.		(7,500	)		(149,561	)		0.99
Toshiba Corp.		(36,000	)		(96,487	)		0.67
Tsuruha Holdings Inc.		(1,100	)		(158,278	)		1.04
Welcia Holdings Co., Ltd.		(1,400	)		(72,100	)		0.48
					(3,680,352	)
New Zealand
Fletcher Building Ltd.		(16,507	)		(73,287	)		0.50
Fletcher Building Ltd., Wts. expiring 05/31/2018		(3,701	)		(3,932	)		0.03
					(77,219	)
Norway
Schibsted ASA–Class A		(925	)		(27,052	)		0.18
Schibsted ASA–Class B		(2,435	)		(65,568	)		0.44
					(92,620	)
Singapore
Sembcorp Industries Ltd.		(107,000	)		(247,749	)		1.77
Spain
Cellnex Telecom S.A.		(4,843	)		(130,079	)		0.93
Sweden
Lundin Petroleum AB		(2,469	)		(68,294	)		0.47
Skanska AB–Class B		(2,130	)		(41,670	)		0.27
					(109,964	)

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

8                         Invesco Global Market Neutral Fund

	Shares			Value			Percentage of Reference Entities
Switzerland
ams AG		(793	)	$	(65,920	)		0.53
Panalpina Welttransport Holding AG		(770	)		(97,746	)		0.67
					(163,666	)
United Kingdom
BBA Aviation PLC		(34,143	)		(150,310	)		1.04
British American Tobacco PLC		(550	)		(30,278	)		0.20
Cairn Energy PLC		(14,423	)		(44,991	)		0.31
Dixons Carphone PLC		(11,903	)		(33,263	)		0.23
Essentra PLC		(13,715	)		(83,261	)		0.59
Fresnillo PLC		(11,081	)		(194,490	)		1.33
Just Eat PLC		(15,709	)		(167,334	)		1.12
Paddy Power Betfair PLC		(2,265	)		(223,872	)		1.57
Serco Group PLC		(30,457	)		(40,355	)		0.28
Shire PLC		(2,181	)		(116,071	)		0.78
					(1,084,225	)
United States
ABM Industries, Inc.		(947	)		(29,480	)		0.21
ACADIA Pharmaceuticals, Inc.		(4,363	)		(68,979	)		0.59
Advance Auto Parts, Inc.		(427	)		(48,870	)		0.31
Advanced Micro Devices, Inc.		(3,876	)		(42,171	)		0.26
Alphabet Inc.–Class A		(32	)		(32,595	)		0.23
Alphabet Inc.–Class C		(133	)		(135,305	)		0.96
Avnet, Inc.		(1,462	)		(57,354	)		0.41
Ball Corp.		(4,734	)		(189,786	)		1.30
Bank of the Ozarks		(864	)		(40,435	)		0.28
Callon Petroleum Co.		(14,411	)		(200,457	)		1.39
Charter Communications, Inc.–Class A		(146	)		(39,608	)		0.31
Cheniere Energy, Inc.		(3,164	)		(184,018	)		1.25
Chipotle Mexican Grill, Inc.		(256	)		(108,373	)		0.57
Compass Minerals International, Inc.		(1,348	)		(90,720	)		0.62
Coty, Inc.–Class A		(10,215	)		(177,230	)		1.15
Dentsply Sirona, Inc.		(1,433	)		(72,137	)		0.48
DexCom, Inc.		(2,411	)		(176,437	)		1.20
Diamondback Energy, Inc.		(1,567	)		(201,281	)		1.36
Dominion Energy, Inc.		(972	)		(64,696	)		0.43
Education Realty Trust, Inc.		(1,480	)		(48,707	)		0.32
Ellie Mae, Inc.		(582	)		(56,378	)		0.35
Envision Healthcare Corp.		(3,701	)		(137,566	)		0.94
FireEye, Inc.		(3,073	)		(55,468	)		0.39
Gartner, Inc.		(922	)		(111,829	)		0.74
General Electric Co.		(4,686	)		(65,932	)		0.46
Gulfport Energy Corp.		(9,282	)		(86,323	)		0.56
Hexcel Corp.		(1,256	)		(83,486	)		0.55
Howard Hughes Corp.		(1,625	)		(219,863	)		1.50
II-VI, Inc.		(667	)		(25,413	)		0.18
IQVIA Holdings, Inc.		(296	)		(28,345	)		0.20
Johnson Controls International PLC		(5,548	)		(187,911	)		1.28
Kennedy-Wilson Holdings, Inc.		(8,592	)		(162,818	)		1.09

	Shares			Value			Percentage of Reference Entities
United States–(continued)
LCI Industries		(283	)	$	(26,970	)		0.18
Markel Corp.		(210	)		(237,308	)		1.66
Martin Marietta Materials, Inc.		(728	)		(141,793	)		0.97
Mattel, Inc.		(17,626	)		(260,865	)		1.65
Medicines Co. (The)		(3,974	)		(119,578	)		0.79
Monro Muffler Brake, Inc.		(2,191	)		(122,586	)		0.81
Murphy USA, Inc.		(980	)		(61,319	)		0.42
Nevro Corp.		(1,530	)		(136,721	)		0.93
Newell Brands, Inc.		(5,944	)		(164,233	)		1.07
O’Reilly Automotive, Inc.		(222	)		(56,848	)		0.33
Parsley Energy, Inc.–Class A		(7,579	)		(227,597	)		1.58
PriceSmart, Inc		(1,225	)		(107,310	)		0.74
TESARO, Inc.		(3,770	)		(191,931	)		1.33
Tractor Supply Co.		(1,851	)		(125,868	)		0.77
Ultimate Software Group, Inc. (The)		(400	)		(95,968	)		0.66
Ultragenyx Pharmaceutical, Inc.		(631	)		(32,080	)		0.23
United Bankshares, Inc.		(4,117	)		(139,772	)		0.98
U.S. Silica Holdings, Inc.		(1,603	)		(48,266	)		0.30
ViaSat, Inc.		(3,193	)		(204,288	)		1.39
Vulcan Materials Co.		(260	)		(29,039	)		0.20
Wabtec Corp.		(1,185	)		(105,240	)		0.71
Wayfair, Inc.–Class A		(445	)		(27,724	)		0.22
Zayo Group Holdings, Inc.		(2,739	)		(99,426	)		0.70
					(5,992,701	)
Total Equity Securities — Short				$	(14,660,385	)

Abbreviations:

Wts. – Warrants

Portfolio Composition

By sector, based on total net assets

as of April 30, 2018

	Equity Long(1)			Securities Short(2)			Gross Exposure(3)			Net Exposure(4)
Industrials		18.7	%		19.0	%		37.7	%		(0.3	)%
Consumer Discretionary		17.6			17.8			35.4			(0.2	)
Information Technology		14.5			14.8			29.3			(0.3	)
Materials		10.2			9.5			19.7			0.7
Health Care		10.1			9.1			19.2			1.0
Energy		8.1			7.2			15.3			0.9
Financials		4.1			4.7			8.8			(0.6	)
Consumer Staples		3.7			4.3			8.0			(0.6	)
Real Estate		3.1			2.7			5.8			0.4
Utilities		1.6			2.0			3.6			(0.4	)
Telecommunication Services		0.8			1.4			2.2			(0.6	)
Money Market Funds Plus Other Assets Less Liabilities		7.5			—			7.5			7.5
Total		100.0	%		92.5	%		192.5	%		7.5	%

⁽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.

9                         Invesco Global Market Neutral Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $11,458,830)	$	14,661,119
Investments in affiliated money market funds, at value (Cost $1,070,853)		1,070,858
Other investments:
Unrealized appreciation on swap agreements — OTC		97,345
Deposits with brokers:
Cash Collateral — OTC derivatives		50,000
Foreign currencies, at value (Cost $12,750)		12,569
Receivable for:
Fund shares sold		285
Dividends		72,238
Fund expenses absorbed		10,615
Investment for trustee deferred compensation and retirement plans		10,586
Other assets		38,607
Total assets		16,024,222
Liabilities:
Other investments:
Unrealized depreciation on swap agreements — OTC		41,160
Payable for:
Fund shares reacquired		4,000
Amount due custodian		49,027
Accrued fees to affiliates		3,389
Accrued trustees’ and officers’ fees and benefits		1,485
Accrued other operating expenses		61,617
Trustee deferred compensation and retirement plans		10,586
Total liabilities		171,264
Net assets applicable to shares outstanding	$	15,852,958
Net assets consist of:
Shares of beneficial interest	$	12,865,609
Undistributed net investment income		(2,874	)
Undistributed net realized gain (loss)		(266,903	)
Net unrealized appreciation		3,257,126
	$	15,852,958

Net Assets:
Class A	$	7,374,137
Class C	$	143,053
Class R	$	45,014
Class Y	$	6,914,413
Class R5	$	466,987
Class R6	$	909,354
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		797,968
Class C		15,978
Class R		4,921
Class Y		741,293
Class R5		50,001
Class R6		97,444
Class A:
Net asset value per share	$	9.24
Maximum offering price per share
(Net asset value of $9.24 ¸ 94.50%)	$	9.78
Class C:
Net asset value and offering price per share	$	8.95
Class R:
Net asset value and offering price per share	$	9.15
Class Y:
Net asset value and offering price per share	$	9.33
Class R5:
Net asset value and offering price per share	$	9.34
Class R6:
Net asset value and offering price per share	$	9.33

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

10                         Invesco Global Market Neutral Fund

Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $14,625)	$	158,334
Dividends from affiliated money market funds		6,594
Total investment income		164,928
Expenses:
Advisory fees		76,043
Administrative services fees		24,795
Custodian fees		4,459
Distribution fees:
Class A		9,128
Class C		1,313
Class R		94
Transfer agent fees — A, C, R and Y		5,961
Transfer agent fees — R5		18
Transfer agent fees — R6		36
Trustees’ and officers’ fees and benefits		11,132
Registration and filing fees		39,754
Reports to shareholders		10,291
Professional services fees		46,285
Other		10,000
Total expenses		239,309
Less: Fees waived and expenses reimbursed		(129,257	)
Net expenses		110,052
Net investment income		54,876
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		887,990
Foreign currencies		(2,231	)
Swap agreements		(1,089,226	)
		(203,467	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(217,911	)
Foreign currencies		(1,243	)
Swap agreements		148,507
		(70,647	)
Net realized and unrealized gain (loss)		(274,114	)
Net increase (decrease) in net assets resulting from operations	$	(219,238	)

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

11                         Invesco Global Market Neutral Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income	$	54,876		$	117,392
Net realized gain (loss)		(203,467	)		(1,415,189	)
Change in net unrealized appreciation (depreciation)		(70,647	)		1,626,538
Net increase (decrease) in net assets resulting from operations		(219,238	)		328,741
Distributions to shareholders from net realized gains:
Class A		(523,418	)		—
Class C		(25,478	)		—
Class R		(2,226	)		—
Class Y		(505,288	)		—
Class R5		(34,326	)		—
Class R6		(65,827	)		—
Total distributions from net realized gains		(1,156,563	)		—
Share transactions–net:
Class A		344,750			(190,910	)
Class C		(204,745	)		(256,799	)
Class R		15,628			8,513
Class Y		34,460			(4,966,606	)
Class R6		21,678			162,755
Net increase (decrease) in net assets resulting from share transactions		211,771			(5,243,047	)
Net increase (decrease) in net assets		(1,164,030	)		(4,914,306	)
Net assets:
Beginning of period		17,016,988			21,931,294
End of period (includes undistributed net investment income of $(2,874) and $(57,750), respectively)	$	15,852,958		$	17,016,988

Notes to Financial Statements

April 30, 2018

(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 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.

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.

12                         Invesco Global Market Neutral Fund

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 economic conditions, interest rates, investor perceptions 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. 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.

13                         Invesco Global Market Neutral Fund

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 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

14                         Invesco Global Market Neutral Fund

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. 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		0.95%
Next $250 million		0.93%
Next $500 million		0.91%
Next $1.5 billion		0.89%
Next $2.5 billion		0.87%
Next $2.5 billion		0.85%
Next $2.5 billion		0.83%
Over $10 billion		0.81%

For the six months ended April 30, 2018, the effective advisory fees 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, 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).

15                         Invesco Global Market Neutral Fund

The Adviser has contractually agreed, through at least February 28, 2019, 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, 2019. 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, 2020, 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, 2018, the Adviser waived advisory fees of $123,242 and reimbursed class level expenses of $2,980, $107, $15, $2,859, $18 and $36 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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2018, 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 months ended April 30, 2018, 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, 2018, IDI advised the Fund that IDI retained $34 in front-end sales commissions from the sale of Class A shares. No CDSC were imposed upon redemptions by shareholders during the period.

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, 2018. 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.

16                         Invesco Global Market Neutral Fund

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were transfers from Level 1 to Level 2 of $2,389,569 and from Level 2 to Level 1 of $1,222,489, due to foreign fair value adjustments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Australia	$	—	$	172,828		$	—	$	172,828
Austria		—		162,448			—		162,448
Canada		831,176		—			—		831,176
China		—		166,435			—		166,435
Denmark		86,116		78,726			—		164,842
Finland		—		262,742			—		262,742
France		—		578,259			—		578,259
Germany		—		687,798			—		687,798
Ireland		35,266		—			—		35,266
Japan		1,288,889		2,242,110			—		3,530,999
Malta		29,321		—			—		29,321
Netherlands		—		72,008			—		72,008
New Zealand		—		105,763			—		105,763
Norway		—		80,666			—		80,666
Panama		47,805		—			—		47,805
Russia		—		129,276			—		129,276
Singapore		—		38,637			—		38,637
Spain		—		102,485			—		102,485
Sweden		—		118,046			—		118,046
Switzerland		—		337,871			—		337,871
United Kingdom		268,783		913,955			—		1,182,738
United States		5,823,710		—			—		5,823,710
Money Market Funds		1,070,858		—			—		1,070,858
Total Investments in Securities		9,481,924		6,250,053			—		15,731,977
Other Investments — Assets*
Swap Agreements		—		97,345			—		97,345
Other Investments — Liabilities*
Swap Agreements		—		(41,160	)		—		(41,160	)
Total Other Investments				56,185					56,185
Total Investments	$	9,481,924	$	6,306,238		$	—	$	15,788,162

* 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.

17                         Invesco Global 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, 2018:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on swap agreements — OTC	$	97,345
Derivatives not subject to master netting agreements		—
Total Derivative Assets subject to master netting agreements	$	97,345
Derivative Liabilities	Equity Risk
Unrealized depreciation on swap agreements — OTC	$	(41,160	)
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	(41,160	)

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, 2018.

	Financial Derivative Assets		Financial Derivative Liabilities			Net Value of Derivatives		Collateral (Received)/Pledged				Net Amount
Counterparty	Swap Agreements		Swap Agreements					Non-Cash		Cash
Morgan Stanley & Co. LLC	$	97,345	$	(41,160	)	$	56,185	$	—	$	—	$	56,185

Effect of Derivative Investments for the six months ended April 30, 2018

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

	Location of Gain (Loss) on Statement of Operations
	Equity Risk
Realized Gain (Loss):
Swap agreements	$	(1,089,226	)
Change in Net Unrealized Appreciation:
Swap agreements		148,507
Total	$	(940,719	)

The table below summarizes the average notional value of swap agreements outstanding during the period.

	Swap Agreements
Average notional value	$	15,050,971

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. Obligations under the deferred compensation plan 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 State Street Bank and Trust Company, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 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.

18                         Invesco Global Market Neutral 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 did not have a capital loss carryforward as of October 31, 2017.

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, 2018 was $2,676,102 and $4,690,530, 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	$	3,596,833
Aggregate unrealized (depreciation) of investments		(450,430	)
Net unrealized appreciation of investments	$	3,146,403

Cost of investments for tax purposes is $12,641,759.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		27,875		$	259,766			50,956		$	506,412
Class C		249			2,238			8,688			84,771
Class R		1,522			14,089			863			8,513
Class Y		5,101			47,230			87,656			880,836
Class R6		6,754			64,297			32,982			330,711
Issued as reinvestment of dividends:
Class A		23,313			215,178			—			—
Class C		1,398			12,539			—			—
Class R		168			1,539			—			—
Class Y		21,188			197,049			—			—
Class R6		3,384			31,502			—			—
Reacquired:
Class A		(13,952	)		(130,194	)		(69,912	)		(697,322	)
Class C		(24,544	)		(219,522	)		(34,891	)		(341,570	)
Class Y		(22,482	)		(209,819	)		(581,028	)		(5,847,442	)
Class R6		(7,903	)		(74,121	)		(16,681	)		(167,956	)
Net increase (decrease) in share activity		22,071		$	211,771			(521,367	)	$	(5,243,047	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate 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, 59% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

19                         Invesco Global Market Neutral Fund

NOTE 10—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	10.06	$	0.03		$	(0.16	)	$	(0.13	)	$	—		$	(0.69	)	$	(0.69	)	$	9.24		(1.32	)%	$	7,374		1.49	%(d)		3.11	%(d)		0.57	%(d)		18	%
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
Year ended 10/31/14(f)		10.00		0.04			0.45			0.49			—			—			—			10.49		4.90	(g)		5,197		1.61	(h)		4.61	(h)		0.43	(h)		46
Class C
Six months ended 04/30/18		9.81		(0.01	)		(0.16	)		(0.17	)		—			(0.69	)		(0.69	)		8.95		(1.78	)		143		2.24	(d)		3.86	(d)		(0.18	)(d)		18
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
Year ended 10/31/14(f)		10.00		(0.03	)		0.44			0.41			—			—			—			10.41		4.10	(g)		123		2.36	(h)		5.36	(h)		(0.32	)(h)		46
Class R
Six months ended 04/30/18		9.98		0.01			(0.15	)		(0.14	)		—			(0.69	)		(0.69	)		9.15		(1.43	)		45		1.74	(d)		3.36	(d)		0.32	(d)		18
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
Year ended 10/31/14(f)		10.00		0.02			0.44			0.46			—			—			—			10.46		4.60	(g)		14		1.86	(h)		4.86	(h)		0.18	(h)		46
Class Y
Six months ended 04/30/18		10.14		0.04			(0.16	)		(0.12	)		—			(0.69	)		(0.69	)		9.33		(1.20	)		6,914		1.24	(d)		2.86	(d)		0.82	(d)		18
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
Year ended 10/31/14(f)		10.00		0.06			0.46			0.52			—			—			—			10.52		5.20	(g)		7,311		1.36	(h)		4.36	(h)		0.68	(h)		46
Class R5
Six months ended 04/30/18		10.14		0.04			(0.15	)		(0.11	)		—			(0.69	)		(0.69	)		9.34		(1.10	)		467		1.24	(d)		2.79	(d)		0.82	(d)		18
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
Year ended 10/31/14(f)		10.00		0.06			0.45			0.51			—			—			—			10.51		5.10	(g)		671		1.36	(h)		4.33	(h)		0.68	(h)		46
Class R6
Six months ended 04/30/18		10.14		0.04			(0.16	)		(0.12	)		—			(0.69	)		(0.69	)		9.33		(1.20	)		909		1.24	(d)		2.79	(d)		0.82	(d)		18
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
Year ended 10/31/14(f)		10.00		0.06			0.45			0.51			—			—			—			10.51		5.10	(g)		573		1.36	(h)		4.33	(h)		0.68	(h)		46

^(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 $7,363 , $265 , $38 , $7,065 , $474 and $937 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.

^(f)  Commencement December 19, 2013.

^(g)  Amount includes the effect of the Adviser pay-in for the economic loss of $0.41 per share. Had the pay-in not been made, the total return would have been 0.80%, 0.10%, 0.60%, 1.00%, 1.00% and 1.00% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(h)  Annualized.

20                         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, 2017 through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	986.80	$	7.34	$	1,017.41	$	7.45		1.49	%
C		1,000.00		982.20		11.01		1,013.69		11.18		2.24
R		1,000.00		985.70		8.57		1,016.17		8.70		1.74
Y		1,000.00		988.00		6.11		1,018.65		6.21		1.24
R5		1,000.00		989.00		6.12		1,018.65		6.21		1.24
R6		1,000.00		988.00		6.11		1,018.65		6.21		1.24

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

21                         Invesco Global Market Neutral 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.

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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.     

SEC file numbers: 811-05426 and 033-19338                     Invesco Distributors, Inc.                                                                                  GMN-SAR-1            06252018      0953

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Global Targeted Returns Fund
	Nasdaq:
	A: GLTAX  ∎  C: GLTCX  ∎  R: GLTRX  ∎  Y: GLTYX  ∎  R5: GLTFX  ∎  R6: GLTSX

2	Fund Performance
4	Letters to Shareholders
5	Consolidated Schedule of Investments
41	Consolidated Financial Statements
44	Notes to Consolidated Financial Statements
55	Financial Highlights
56	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-1.00	%
Class C Shares	-1.33
Class R Shares	-1.11
Class Y Shares	-0.90
Class R5 Shares	-0.90
Class R6 Shares	-0.90
FTSE US 3-Month Treasury Bill Index▼ (Broad Market/Style-Specific Index)	0.67
Source(s): ▼FactSet Research Systems Inc.

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.

2                      Invesco Global Targeted Returns Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	0.31	%
1 Year	-6.25
Class C Shares
Inception (12/19/13)	0.85	%
1 Year	-2.61
Class R Shares
Inception (12/19/13)	1.36	%
1 Year	-1.11
Class Y Shares
Inception (12/19/13)	1.85	%
1 Year	-0.60
Class R5 Shares
Inception (12/19/13)	1.88	%
1 Year	-0.60
Class R6 Shares
Inception (12/19/13)	1.85	%
1 Year	-0.60

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 2.11%, 2.86%, 2.36%, 1.86%, 1.82% and 1.76%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	0.39	%
1 Year	-5.25
Class C Shares
Inception (12/19/13)	0.97	%
1 Year	-1.41
Class R Shares
Inception (12/19/13)	1.46	%
1 Year	0.10
Class Y Shares
Inception (12/19/13)	1.96	%
1 Year	0.60
Class R5 Shares
Inception (12/19/13)	1.99	%
1 Year	0.60
Class R6 Shares
Inception (12/19/13)	1.96	%
1 Year	0.60

report that are based on expenses incurred during the period covered by this report.

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2019. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2020. See current prospectus for more information.

3                      Invesco Global Targeted Returns Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Global Targeted Returns Fund

Consolidated Schedule of Investments

April 30, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–35.93%
Australia–0.33%
Alumina Ltd.		10,563	$	20,813
Amcor Ltd.		6,212		64,093
BHP Billiton PLC		6,008		127,347
Fairfax Media Ltd.		26,334		14,099
Metcash Ltd.		15,187		41,008
Newcrest Mining Ltd.		2,237		35,482
Origin Energy Ltd.(a)		4,372		31,885
QBE Insurance Group Ltd.		6,529		48,809
Woodside Petroleum Ltd.		2,702		65,285
				448,821
Austria–0.07%
OMV AG		1,106		68,497
voestalpine AG		597		31,408
				99,905
Belgium–0.12%
Colruyt S.A.		300		16,871
Proximus S.A.		1,729		52,774
UCB S.A.		1,197		90,211
				159,856
Brazil–0.20%
EZ Tec Empreendimentos e Participacoes S.A.		16,300		92,398
Kroton Educacional S.A.		9,700		38,955
Telefonica Brasil S.A.–Preference Shares		10,487		147,839
				279,192
Canada–0.34%
Agnico Eagle Mines Ltd.		869		36,576
Canadian Natural Resources Ltd.		6,696		241,613
Goldcorp, Inc.		4,586		60,948
Methanex Corp.		1,211		73,145
PrairieSky Royalty Ltd.		2,887		64,028
				476,310
China–2.20%
51job, Inc.–ADR(a)		2,089		172,426
Alibaba Group Holding Ltd.–ADR(a)		739		131,941
Baidu, Inc.–ADR(a)		1,214		304,593
Bank of China Ltd.–Class H		226,000		122,512
Bitauto Holdings Ltd.–ADR(a)		2,763		58,493
Changyou.com Ltd.–ADR		339		6,451
China Communications Services Corp. Ltd.–Class H		54,000		33,985
China Conch Venture Holdings Ltd.		32,000		99,335
China Mobile Ltd.		33,000		313,830
China Resources Power Holdings Co. Ltd.		42,000		80,509
CNOOC Ltd.		155,000		261,519

	Shares		Value
China–(continued)
Dongfeng Motor Group Co. Ltd.–Class H		34,000	$	37,623
ENN Energy Holdings Ltd.		10,000		94,030
FIH Mobile Ltd.(a)		13,000		2,229
Industrial & Commercial Bank of China Ltd.–Class H		260,000		228,692
JD.com, Inc.–ADR(a)		9,480		346,115
Minth Group Ltd.		24,000		114,045
NetEase, Inc.–ADR		912		234,448
Qingdao Port International Co., Ltd.–Class H–REGS(b)		80,000		65,641
Sohu.com Inc.(a)		349		10,812
Tencent Holdings Ltd.		5,500		270,032
Zhejiang Expressway Co., Ltd.–Class H		36,000		36,881
				3,026,142
Denmark–0.44%
A.P. Møller — Maersk A/S–Class B		69		110,486
Carlsberg A/S–Class B		875		97,828
Danske Bank A/S		3,304		115,108
GN Store Nord A/S		1,015		35,589
H. Lundbeck A/S		1,234		71,802
Novo Nordisk A/S–Class B		2,431		114,136
Rockwool International A/S–Class B		51		15,364
Sydbank A/S		391		14,462
William Demant Holding A/S(a)		863		33,582
				608,357
Faroe Islands–0.01%
Bakkafrost P/F		142		8,145
Finland–0.65%
Nokia Oyj		35,607		214,833
Stora Enso Oyj–Class R		14,329		283,073
UPM-Kymmene Oyj		11,074		395,058
				892,964
France–2.39%
Airbus S.E.		2,247		263,254
AXA S.A.		2,771		79,218
BNP Paribas S.A.		3,255		250,896
Bouygues S.A.		1,105		56,115
Capgemini SE		1,977		271,354
Cie Generale des Etablissements Michelin SCA		1,809		253,886
Dassault Aviation S.A.		18		35,898
Engie S.A.		7,663		134,310
Faurecia S.A.		1,514		123,508
Legrand S.A.		926		71,817
Nexity S.A.		260		16,205
Orange S.A.		23,008		418,260
Peugeot S.A.		1,549		38,121

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

5                         Invesco Global Targeted Returns Fund

	Shares		Value
France–(continued)
Safran S.A.		949	$	111,309
Société Générale S.A.		2,072		113,503
TOTAL S.A.		16,871		1,059,526
				3,297,180
Germany–1.56%
Allianz S.E.		441		104,334
Aurubis AG		318		28,330
BASF S.E.		2,331		242,191
Bayer AG		4,325		517,787
Beiersdorf AG		239		27,084
Covestro AG–REGS(b)		1,161		105,520
Deutsche Post AG		8,782		382,450
Deutsche Telekom AG		7,053		123,331
Fraport AG Frankfurt Airport Services Worldwide		695		67,300
Hochtief AG		270		49,280
Muenchener Rueckversicherungs-Gesellschaft AG		211		48,352
Rheinmetall AG		496		64,884
SAP S.E.		902		100,544
Software AG		322		15,847
TAG Immobilien AG		1,341		28,325
TUI AG		5,542		124,980
Volkswagen AG–Preference Shares		568		117,634
				2,148,173
Hong Kong–0.70%
AIA Group Ltd.		41,800		373,200
CK Asset Holdings Ltd.		17,000		146,553
CK Hutchison Holdings Ltd.		22,000		259,835
Pacific Basin Shipping Ltd.(a)		60,000		15,946
Standard Chartered PLC		14,400		151,142
Yue Yuen Industrial (Holdings) Ltd.(a)		7,500		21,357
				968,033
India–0.75%
Adani Ports & Special Economic Zone Ltd.		9,412		57,222
Godrej Consumer Products Ltd.		4,577		76,509
HDFC Bank Ltd.–ADR		3,150		301,801
Housing Development Finance Corp. Ltd.		1,566		44,051
ICICI Bank Ltd.–ADR		19,438		165,419
Infosys Ltd.–ADR		7,822		138,215
Tata Consultancy Services Ltd.		560		29,575
UPL Ltd.		13,145		143,159
Zee Entertainment Enterprises Ltd.		8,852		77,832
				1,033,783
Indonesia–0.06%
PT Bank Negara Indonesia (Persero) Tbk		131,000		75,436
PT Telekomunikasi Indonesia Persero Tbk		29,200		7,979
				83,415

	Shares		Value
Ireland–0.12%
Kingspan Group PLC		3,019	$	136,406
UDG Healthcare PLC		2,467		31,001
				167,407
Italy–0.71%
A2A S.p.A.		10,600		21,279
Banco BPM S.p.A.(a)		42,085		152,725
Eni S.p.A.		8,524		166,358
Intesa Sanpaolo S.p.A.		103,678		394,195
Iren S.p.A.		7,260		22,061
Telecom Italia S.p.A.(a)		228,610		225,101
				981,719
Japan–0.35%
INPEX Corp.		3,000		38,423
Mitsubishi Estate Co., Ltd.		2,700		49,458
NEXON Co., Ltd.(a)		5,500		80,145
Sumitomo Mitsui Financial Group, Inc.		3,500		145,269
Toyota Motor Corp.		2,500		163,757
				477,052
Jersey–0.08%
Randgold Resources Ltd.		1,292		104,615
Luxembourg–0.01%
RTL Group S.A.		226		18,590
Malaysia–0.01%
British American Tobacco Malaysia Bhd.		1,400		8,742
Malta–0.02%
Kindred Group PLC–SDR		2,251		29,165
Mexico–0.13%
Fibra Uno Administracion S.A. de C.V.		111,400		184,555
Netherlands–0.88%
ASM International N.V.		612		36,587
ASR Nederland N.V.		669		31,545
BE Semiconductor Industries N.V.		287		19,804
Heineken Holding N.V.		441		44,681
ING Groep N.V.		21,796		365,699
Koninklijke Ahold Delhaize N.V.		20,786		501,137
Koninklijke DSM N.V.		429		44,273
Philips Lighting N.V.		475		14,436
SBM Offshore N.V.		5,466		91,546
Wolters Kluwer N.V.		1,095		59,084
				1,208,792
Norway–0.65%
Orkla ASA		5,755		53,204
SalMar ASA		787		36,633
Statoil ASA		22,556		577,847
Telenor ASA		5,692		125,898
TGS NOPEC Geophysical Co. ASA		1,264		39,934
Yara International ASA		1,437		60,357
				893,873

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

6                         Invesco Global Targeted Returns Fund

	Shares		Value
Philippines–0.03%
Robinsons Retail Holdings, Inc.		24,140	$	42,456
Russia–0.06%
Evraz PLC		6,607		41,576
Sberbank of Russia PJSC–ADR		3,168		46,833
				88,409
Singapore–0.21%
DBS Group Holdings Ltd.		4,400		101,653
Parkway Life REIT		4,600		9,658
United Overseas Bank Ltd.		7,800		176,193
				287,504
South Africa–0.04%
Naspers Ltd.–Class N		225		54,896
South Korea–1.56%
E-MART Inc.		135		33,994
Hyundai Motor Co.		922		137,922
Hyundai Motor Co.–Preference Shares		1,466		157,656
Hyundai Steel Co.		650		36,794
Kangwon Land, Inc.		1,467		39,695
KB Financial Group Inc.		2,887		164,632
Korea Electric Power Corp.		5,560		194,955
Korea Investment Holdings Co., Ltd.		209		17,644
LG Chem Ltd.		91		30,383
LG Corp.		1,514		114,361
LG Uplus Corp.		1,280		14,663
POSCO		429		147,577
Samsung Electronics Co., Ltd.		245		607,884
Samsung Electronics Co., Ltd.–Preference Shares		139		276,556
Samsung Fire & Marine Insurance Co., Ltd.		197		49,265
Shinhan Financial Group Co., Ltd.		2,997		132,987
				2,156,968
Spain–0.65%
Amadeus IT Group S.A.		1,774		129,292
Atresmedia Corp. de Medios de Comunicación, S.A.		5,347		50,150
Banco Bilbao Vizcaya Argentaria, S.A.		14,153		114,646
Banco Santander S.A.		11,420		73,639
Bankia S.A.		25,320		111,158
CaixaBank S.A.		51,913		252,357
Industria de Diseno Textil, S.A.		1,817		56,287
Mediaset Espana Comunicacion S.A.		3,807		36,412
Merlin Properties SOCIMI, S.A.		3,328		51,347
Obrascon Huarte Lain, S.A.(a)		5,431		25,339
				900,627
Sweden–0.41%
Autoliv, Inc.		331		44,371
Electrolux AB–Series B		3,607		94,828
Loomis AB–Class B		601		21,940
Lundin Petroleum AB(a)		1,983		54,768

	Shares		Value
Sweden–(continued)
Sandvik AB		5,220	$	88,810
SSAB AB–Class A		4,348		24,431
SSAB AB–Class B		10,931		49,132
Svenska Cellulosa AB SCA–Class B		7,900		87,672
Swedish Match AB		2,232		99,767
				565,719
Switzerland–1.90%
Adecco Group AG		2,798		185,193
Barry Callebaut AG		19		34,124
Bucher Industries AG		63		23,049
Coca-Cola HBC AG		1,890		63,480
Flughafen Zürich AG		140		29,213
Georg Fischer AG		38		47,207
Glencore PLC		55,829		268,757
Logitech International S.A.		3,120		115,253
Novartis AG		6,367		489,725
Roche Holding AG		2,829		627,647
SGS S.A.		51		123,704
Sika AG		11		79,721
Swisscom AG		261		125,165
UBS Group AG		10,740		180,447
VAT Group AG–REGS(b)		166		24,464
Zurich Insurance Group AG		626		199,688
				2,616,837
Taiwan–0.81%
Asustek Computer Inc.		6,000		56,176
China Life Insurance Co., Ltd.		22,170		24,023
Delta Electronics Inc.		9,000		32,603
Gigabyte Technology Co., Ltd.		8,000		17,426
Hon Hai Precision Industry Co., Ltd.		47,000		130,754
MediaTek Inc.		11,000		125,192
Quanta Computer Inc.		13,000		23,630
Taiwan Semiconductor Manufacturing Co. Ltd.–ADR		14,087		541,645
Taiwan Semiconductor Manufacturing Co. Ltd.		22,000		166,666
Yageo Corp.		1		15
				1,118,130
Thailand–0.11%
Bangkok Bank PCL–NVDR		6,500		39,592
Bangkok Bank PCL		15,500		98,761
CPN Retail Growth Leasehold REIT		19,700		14,102
				152,455
United Kingdom–13.63%
Anglo American PLC		4,031		94,598
AstraZeneca PLC		4,866		341,131
Aviva PLC		98,929		719,133
Babcock International Group PLC		24,129		243,858
BAE Systems PLC		104,956		880,707
Balfour Beatty PLC		27,932		112,880

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

7                         Invesco Global Targeted Returns Fund

	Shares		Value
United Kingdom–(continued)
Barclays PLC		262,899	$	750,052
Barratt Developments PLC		13,453		103,167
Beazley PLC		28,982		235,989
Bellway PLC		1,317		59,838
BP PLC		214,422		1,584,113
British American Tobacco PLC		12,297		675,712
British Land Co. PLC (The)		19,853		182,971
BT Group PLC		205,217		702,575
BTG PLC(a)		21,135		198,448
Bunzl PLC		6,072		175,791
Capita PLC		21,533		56,586
Dairy Crest Group PLC		12,232		91,153
Derwent London PLC		4,799		210,508
easyJet PLC		26,485		576,802
Electrocomponents PLC		4,499		37,632
Essentra PLC		13,504		81,980
esure Group PLC		19,641		60,863
Experian PLC		984		22,463
Fiat Chrysler Automobiles N.V.(a)		2,859		63,718
G4S PLC		103,297		367,165
GlaxoSmithKline PLC		16,929		339,687
Hays PLC		11,311		27,839
Hiscox Ltd.		16,004		327,009
Howden Joinery Group PLC		3,059		20,074
HSBC Holdings PLC		9,200		91,841
Imperial Brands PLC		7,357		262,679
Indivior PLC(a)		6,568		40,621
InterContinental Hotels Group PLC		1,328		83,706
International Consolidated Airlines Group, S.A.		14,371		123,706
International Consolidated Airlines Group, S.A.		27,788		239,783
Intertek Group PLC		1,126		75,575
J D Wetherspoon PLC		5,032		80,446
J Sainsbury PLC		123,131		521,684
Lancashire Holdings Ltd.		13,663		112,099
Legal & General Group PLC		214,309		794,790
Marks & Spencer Group PLC		83,773		330,457
N Brown Group PLC		20,699		58,299
NewRiver REIT PLC		38,958		155,526
Next PLC		6,212		447,524
PageGroup PLC		3,027		22,304
Pearson PLC		7,580		86,646
Persimmon PLC		3,387		126,588
Provident Financial PLC(a)		16,395		150,086
RELX PLC		17,918		382,722
Rentokil Initial PLC		55,128		232,370
Rightmove PLC		811		50,886
Rolls-Royce Holdings PLC		34,654		398,706
Rolls-Royce Holdings PLC–Preference Shares(a)		2,459,227		3,385
Royal Bank of Scotland Group PLC (The)(a)		67,820		251,782

	Shares		Value
United Kingdom–(continued)
Royal Dutch Shell PLC–Class A		33,635	$	1,168,989
Royal Dutch Shell PLC–Class A		12,737		445,532
Royal Dutch Shell PLC–Class B		7,346		262,394
Royal Mail PLC		12,923		103,202
RSA Insurance Group PLC		26,610		240,496
Smith & Nephew PLC		3,372		64,677
SSE PLC		7,251		137,599
SSP Group PLC		2,186		19,588
Stagecoach Group PLC		29,677		63,559
Standard Chartered PLC		7,163		75,446
TalkTalk Telecom Group PLC		77,292		136,206
Tesco PLC		121,978		396,111
Thomas Cook Group PLC		175,739		298,536
TP ICAP PLC		17,382		112,517
Vectura Group PLC(a)		37,778		42,144
Victrex PLC		482		17,330
Vodafone Group PLC		190,413		553,994
WH Smith PLC		1,011		27,109
William Hill PLC		13,199		53,201
Wm Morrison Supermarkets PLC		27,822		92,953
				18,780,236
United States–3.65%
Allergan PLC		470		72,216
Altria Group, Inc.		4,432		248,680
American Express Co.		1,444		142,595
Amgen Inc.		553		96,487
Aon PLC		788		112,266
Apache Corp.		1,873		76,699
Baker Hughes, a GE Co.		3,203		115,660
Berkshire Hathaway Inc.–Class B(a)		611		118,369
Biogen Inc.(a)		223		61,013
Booking Holdings Inc.(a)		32		69,696
Broadcom Inc.		499		114,481
Carnival PLC		1,992		128,724
Chevron Corp.		2,386		298,512
Citigroup Inc.		4,434		302,709
eBay Inc.(a)		2,934		111,140
First Republic Bank		2,788		258,922
Gilead Sciences, Inc.		2,423		175,013
JPMorgan Chase & Co.		3,296		358,539
Las Vegas Sands Corp.		2,998		219,843
Markel Corp.(a)		77		87,013
Mastercard Inc.–Class A		239		42,607
Microsoft Corp.		1,530		143,086
Nasdaq, Inc.		2,527		223,185
National Oilwell Varco Inc.		3,944		152,515
Newmont Mining Corp.		1,390		54,613
Nielsen Holdings PLC		4,583		144,135
Pfizer Inc.		6,118		223,980
Samsonite International S.A.		12,000		54,214
TE Connectivity Ltd.		1,384		126,982

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 States–(continued)
Union Pacific Corp.		815	$	108,908
United Rentals, Inc.(a)		328		49,200
United Technologies Corp.		2,061		247,629
Wells Fargo & Co.		4,176		216,985
Williams-Sonoma, Inc.		1,439		68,784
				5,025,400
Zambia–0.09%
First Quantum Minerals Ltd.		8,435		121,560
Total Common Stocks & Other Equity Interests (Cost $44,109,183)				49,515,983
	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes–18.27%(c)
Australia–0.09%
Origin Energy Finance Ltd., REGS, Unsec. Sub. Gtd. Euro Bonds, 4.00%, 09/16/2074(b)	EUR	100,000		125,849
Belgium–0.10%
Solvay Finance S.A., REGS, Jr. Unsec. Sub. Gtd. Euro Bonds, 5.87%(b)(d)	EUR	100,000		142,864
Canada–0.02%
Parkland Fuel Corp., Sr. Unsec. Gtd. Notes, 5.63%, 05/09/2025	CAD	40,000		31,433
France–0.58%
Burger King France S.A.S., Sr. Sec. Gtd. Floating Rate Bonds, 5.25% (3 mo. EURIBOR + 5.25%), 05/01/2023(b)(e)	EUR	100,000		122,853
La Financière ATALIAN S.A.S, Sr. Unsec. Notes, 6.63%, 05/15/2025(b)	GBP	100,000		139,570
Orange S.A., REGS, Jr. Unsec. Sub. Euro Notes, 5.88%(b)(d)	GBP	100,000		153,222
Picard Groupe S.A.S., Sr. Sec. Gtd. Floating Rate Notes, 3.00% (3 mo. EURIBOR + 3.00%), 11/30/2023(b)(e)	EUR	100,000		120,515
TOTAL S.A., REGS, Jr. Unsec. Sub. Medium-Term Euro Notes, 2.25%(b)(d)	EUR	100,000		124,918
Électricité de France S.A., REGS, Jr. Unsec. Sub. Medium-Term Euro Notes, 5.88%(b)(d)	GBP	100,000		140,474
				801,552
Germany–0.27%
CBR Fashion Finance B.V., Sr. Sec. Gtd. Bonds, 5.13%, 10/01/2022(b)	EUR	100,000		106,258
Deutsche Bank AG, REGS, Jr. Unsec. Sub. Euro Notes, 7.13%(b)(d)	GBP	100,000		136,291
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, REGS, Sr. Sec. Gtd. First Lien Euro Bonds, 4.63%, 02/15/2026(b)	EUR	100,000		133,107
				375,656

	Principal Amount		Value
Israel–0.09%
Teva Pharmaceutical Finance Netherlands II B.V., Sr. Unsec. Gtd. Notes, 4.50%, 03/01/2025(b)	EUR	100,000	$	122,782
Italy–5.89%
Italy Buoni Poliennali Del Tesoro, Sr. Unsec. Euro Bonds, 1.25%, 12/01/2026	EUR	55,000		64,921
Unsec. Euro Bonds, 2.00%, 02/01/2028	EUR	3,050,000		3,758,146
Unsec. Euro Bonds, 2.20%, 06/01/2027	EUR	3,118,000		3,938,766
Mercury Bondco PLC, Sr. Sec. Gtd. First Lien PIK Bonds, 7.88% PIK Rate, 7.13% Cash Rate, 05/30/2021(b)(f)	EUR	100,000		125,235
Pro-Gest S.p.A., Sr. Unsec. Bonds, 3.25%, 12/15/2024(b)	EUR	100,000		118,303
Wind Tre S.p.A., Sr. Sec. Gtd. Floating Rate First Lien Notes, 2.75% (3 mo. EURIBOR + 2.75%), 01/20/2024(b)(e)	EUR	100,000		112,352
				8,117,723
Japan–0.08%
SoftBank Group Corp., REGS, Sr. Unsec. Gtd. Euro Notes, 3.13%, 09/19/2025(b)	EUR	100,000		112,156
Mexico–3.36%
Mexican Bonos, Series M, Sr. Unsec. Bonds,
6.50%, 06/09/2022	MXN	43,100,000		2,235,637
7.50%, 06/03/2027	MXN	1,500,000		80,343
8.00%, 12/07/2023	MXN	40,400,000		2,225,189
Petróleos Mexicanos, REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 8.25%, 06/02/2022(b)	GBP	50,000		83,798
				4,624,967
Netherlands–0.26%
Constellium N.V., Sr. Unsec. Notes, 4.25%, 02/15/2026(b)	EUR	100,000		122,572
HEMA Bondco I B.V., Sr. Sec. Gtd. Floating Rate First Lien Notes, 6.25% (3 mo. EURIBOR + 6.25%), 07/15/2022(b)(e)	EUR	100,000		121,304
UPC Holding B.V., REGS, Sr. Sec. First Lien Euro Bonds, 3.88%, 06/15/2029(b)	EUR	100,000		115,015
				358,891
Poland–2.95%
Republic of Poland Government Bond, Series 0726, Unsec. Bonds,
2.50%, 07/25/2026	PLN	14,306,000		3,945,422
Series 0727, Unsec. Bonds,
2.50%, 07/25/2027	PLN	440,000		119,965
				4,065,387

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
Portugal–0.06%
Portugal Obrigações do Tesouro, REGS, Sr. Unsec. Euro Bonds, 2.88%, 10/15/2025(b)	EUR	60,000	$	81,472
South Africa–0.13%
Republic of South Africa Government Bond, Series 2048, Unsec. Bonds, 8.75%, 02/28/2048	ZAR	2,300,000		178,938
Spain–0.39%
Caixabank S.A., REGS, Jr. Unsec. Sub. Euro Bonds, 6.75%(b)(d)	EUR	200,000		271,746
Naviera Armas, S.A., Sr. Sec. Gtd. Floating Rate Bonds, 6.50% (3 mo. EURIBOR + 6.50%), 07/31/2023(b)(e)	EUR	100,000		127,945
Spain Government Bond, REGS, Sr. Unsec. Euro Bonds, 1.95%, 04/30/2026(b)	EUR	55,000		71,390
Spain Government Inflation Linked Bond, REGS, Sr. Unsec. Euro Bonds, 0.55%, 11/30/2019(b)	EUR	50,000		62,997
				534,078
Switzerland–0.20%
ELM B.V. for Swiss Reinsurance Co. Ltd., REGS, Jr. Unsec. Sub. Medium-Term Euro Notes, 6.30%(b)(d)	GBP	100,000		143,472
LafargeHolcim Sterling Finance (Netherlands) B.V., REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 3.00%, 05/12/2032(b)	GBP	100,000		132,491
				275,963
United Kingdom–3.55%
AA Bond Co. Ltd., REGS, Sec. Second Lien Euro Notes, 5.50%, 07/31/2043(b)	GBP	100,000		130,096
B.A.T. International Finance PLC, REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 2.25%, 09/09/2052(b)	GBP	100,000		108,145
Barclays Bank PLC, Series RCI, REGS, Jr. Unsec. Sub. Euro Bonds, 14.00%(b)(d)	GBP	150,000		231,873
Boparan Finance PLC, REGS, Sr. Sec. Gtd. First Lien Euro Notes, 5.50%, 07/15/2021(b)	GBP	100,000		131,344
BP Capital Markets PLC, REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 1.18%, 08/12/2023(b)	GBP	100,000		134,208
Centrica PLC, REGS, Jr. Unsec. Sub. Euro Bonds, 5.25%, 04/10/2075(b)	GBP	100,000		146,514
CYBG PLC, REGS, Unsec. Sub. Euro Bonds, 5.00%, 02/09/2026(b)	GBP	100,000		143,191
Ei Group PLC, Sr. Sec. First Mortgage Euro Bonds, 6.50%, 12/06/2018	GBP	50,000		70,106
Fidelity International Ltd., REGS, Sr. Unsec. Medium-Term Euro Notes, 6.75%, 10/19/2020(b)	GBP	50,000		77,080

	Principal Amount		Value
United Kingdom–(continued)
HBOS Capital Funding L.P., REGS, Jr. Unsec. Sub. Gtd. Euro Notes, 6.46%(b)(d)	GBP	100,000	$	141,199
Heathrow Finance PLC, REGS, Sr. Sec. First Lien Euro Notes, 5.75%, 03/03/2025(b)	GBP	100,000		150,978
InterContinental Hotels Group PLC, REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 2.13%, 08/24/2026(b)	GBP	100,000		131,227
Jaguar Land Rover Automotive PLC, REGS, Sr. Unsec. Gtd. Euro Notes, 3.88%, 03/01/2023(b)	GBP	100,000		138,715
John Lewis PLC, REGS, Sr. Unsec. Euro Bonds, 4.25%, 12/18/2034(b)	GBP	100,000		141,967
Lloyds Banking Group PLC, REGS, Jr. Unsec. Sub. Euro Bonds, 7.88%(b)(d)	GBP	200,000		333,825
Marks & Spencer PLC, REGS, Sr. Unsec. Medium-Term Euro Notes, 4.75%, 06/12/2025(b)	GBP	100,000		151,138
Matalan Finance PLC, Sr. Sec. First Lien Bonds, 6.75%, 01/31/2023(b)	GBP	100,000		128,007
Nationwide Building Society, REGS, Jr. Unsec. Sub. Bonds, 10.25%(b)(d)	GBP	68,000		147,785
NatWest Markets PLC, Series 352, Jr. Unsec. Sub. Medium-Term Euro Notes, 6.20%(d)	GBP	13,000		19,788
New Look Secured Issuer PLC, REGS, Sr. Sec. Gtd. First Lien Euro Bonds, 6.50%, 07/01/2022(b)	GBP	100,000		62,879
Next PLC, REGS, Sr. Unsec. Euro Bonds, 3.63%, 05/18/2028(b)	GBP	100,000		138,725
Ocado Group PLC, Sr. Sec. Gtd. Notes, 4.00%, 06/15/2024(b)	GBP	100,000		136,662
Phoenix Group Holdings, REGS, Sr. Unsec. Euro Bonds, 5.75%, 07/07/2021(b)	GBP	100,000		153,694
RAC Bond Co. PLC, REGS, Sr. Sec. Gtd. First Lien Medium-Term Euro Notes, 4.87%, 05/06/2026(b)	GBP	100,000		144,963
RL Finance Bonds No. 3 PLC, REGS, Unsec. Gtd. Sub. Euro Bonds, 6.13%, 11/13/2028(b)	GBP	100,000		159,134
Rothesay Life PLC, REGS, Unsec. Sub. Euro Bonds, 8.00%, 10/30/2025(b)	GBP	100,000		167,976
Royal Bank of Scotland Group PLC (The), REGS, Jr. Unsec. Sub. Variable Rate Euro Notes, 2.00% (3 mo. EURIBOR + 2.33%)(b)(d)(e)	EUR	100,000		120,275
SSE PLC, REGS, Jr. Unsec. Sub. Euro Bonds, 3.88%(b)(d)	GBP	100,000		142,311
Tesco Property Finance 2 PLC, REGS, Sr. Sec. First Lien Mortgage-Backed Euro Bonds, 6.05%, 10/13/2039(b)	GBP	43,549		71,895

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
United Kingdom–(continued)
Thames Water Utilities Cayman Finance Ltd., REGS, Sr. Sec. Gtd. First Lien Medium-Term Euro Notes, 1.88%, 01/24/2024(b)	GBP	100,000	$	134,165
Travis Perkins PLC, REGS, Sr. Unsec. Gtd. Euro Bonds, 4.50%, 09/07/2023(b)	GBP	100,000		142,992
United Kingdom Gilt Inflation-Linked, REGS, Unsec. Bonds, 0.13%, 03/22/2026(b)	GBP	60,000		94,807
Virgin Media Secured Finance PLC, REGS, Sr. Sec. Gtd. First Lien Euro Notes, 6.25%, 03/28/2029(b)	GBP	100,000		145,923
Vodafone Group PLC, REGS, Sr. Unsec. Medium-Term Euro Notes, 3.38%, 08/08/2049(b)	GBP	100,000		127,342
Whitbread Group PLC, REGS, Sr. Unsec. Gtd. Euro Bonds, 3.38%, 10/16/2025(b)	GBP	100,000		139,448
Yorkshire Building Society (The), REGS, Sr. Unsec. Medium-Term Euro Notes, 3.50%, 04/21/2026(b)	GBP	100,000		147,253
				4,887,630
United States–0.25%
AT&T Inc., Sr. Unsec. Euro Bonds, 3.55%, 09/14/2037	GBP	100,000		139,133
Johnson & Johnson, Sr. Unsec. Global Notes, 5.50%, 11/06/2024	GBP	50,000		85,329
Netflix, Inc., Sr. Unsec. Notes, 3.63%, 05/15/2027(b)	EUR	100,000		120,328
				344,790
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $24,213,029)				25,182,131
U.S. Dollar Denominated Bonds & Notes–10.01%
Argentina–0.11%
Transportadora de Gas del Sur S.A., Sr. Unsec. Notes, 6.75%, 05/02/2025(b)	$	150,000		150,075
Australia–0.01%
Nufarm Australia Ltd./Nufarm Americas Inc., Sr. Unsec. Gtd. Notes, 5.75%, 04/30/2026 (b)		16,000		15,980
Belgium–0.07%
Anheuser-Busch InBev Finance, Inc., Sr. Unsec. Gtd. Global Notes, 3.70%, 02/01/2024		100,000		100,403
Brazil–0.21%
JBS USA Lux S.A./JBS USA Finance, Inc., REGS, Sr. Unsec. Gtd. Euro Notes, 5.75%, 06/15/2025(b)		45,000		42,512
MARB BondCo PLC, Sr. Unsec. Gtd. Notes, 7.00%, 03/15/2024(b)		200,000		191,502

	Principal Amount		Value
Brazil–(continued)
Petrobras Global Finance B.V.,
Sr. Unsec. Gtd. Global Notes,
5.75%, 02/01/2029	$	28,000	$	26,614
8.75%, 05/23/2026		25,000		29,425
				290,053
Canada–0.34%
1011778 BC ULC/ New Red Finance, Inc., Sec. Gtd. Second Lien Notes, 5.00%, 10/15/2025(b)		99,000		95,752
Air Canada, Sr. Unsec. Gtd. Notes, 7.75%, 04/15/2021(b)		25,000		27,469
Bombardier Inc.,
Sr. Unsec. Notes,
6.13%, 01/15/2023(b)		65,000		65,731
7.50%, 03/15/2025(b)		18,000		18,810
Cott Holdings Inc., Sr. Unsec. Gtd. Notes, 5.50%, 04/01/2025(b)		50,000		49,750
HudBay Minerals, Inc., Sr. Unsec. Gtd. Notes, 7.63%, 01/15/2025(b)		31,000		32,986
Mercer International Inc.,
Sr. Unsec. Global Notes,
6.50%, 02/01/2024		15,000		15,638
Sr. Unsec. Notes,
5.50%, 01/15/2026(b)		10,000		9,850
Parkland Fuel Corp., Sr. Unsec. Notes, 6.00%, 04/01/2026 (b)		23,000		23,058
Precision Drilling Corp., Sr. Unsec. Gtd. Global Notes,
5.25%, 11/15/2024		65,000		61,568
6.50%, 12/15/2021		11,000		11,275
Teck Resources Ltd.,
Sr. Unsec. Gtd. Global Notes,
4.75%, 01/15/2022		25,000		25,484
Sr. Unsec. Notes,
6.13%, 10/01/2035		33,000		35,227
				472,598
France–0.38%
AXA S.A., Series A, Jr. Unsec. Sub. Notes, 6.46%(b)(d)		100,000		100,750
BNP Paribas S.A., REGS, Jr. Unsec. Sub. Euro Notes, 7.38%(b)(d)		200,000		218,250
Societe Generale S.A., Unsec. Sub. Notes, 4.25%, 04/14/2025(b)		200,000		196,508
				515,508
Germany–0.13%
Allianz S.E., REGS, Series DIP, Jr. Unsec. Sub. Medium-Term Euro Notes, 3.88%(b)(d)		200,000		178,625
Israel–0.03%
Teva Pharmaceutical Finance IV, B.V., Sr. Unsec. Gtd. Global Notes, 3.65%, 11/10/2021		25,000		23,266
Teva Pharmaceutical Finance Netherlands III B.V., Sr. Unsec. Gtd. Notes, 6.00%, 04/15/2024(b)		19,000		18,452
				41,718

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
Italy–0.17%
Telecom Italia Capital S.A.,
Sr. Unsec. Gtd. Global Notes,
6.38%, 11/15/2033	$	7,000	$	7,643
7.20%, 07/18/2036		16,000		18,440
Telecom Italia S.p.A., Sr. Unsec. Notes, 5.30%, 05/30/2024(b)		200,000		204,450
				230,533
Luxembourg–0.21%
Altice Financing S.A., Sr. Sec. Gtd. First Lien Bonds, 7.50%, 05/15/2026(b)		200,000		197,000
Intelsat Jackson Holdings S.A.,
Sr. Unsec. Gtd. Global Bonds,
5.50%, 08/01/2023		22,000		18,507
Sr. Unsec. Gtd. Global Notes,
7.25%, 10/15/2020		51,000		50,044
7.50%, 04/01/2021		29,000		27,586
				293,137
Mexico–0.13%
Fomento Economico Mexicano S.A.B. de C.V., Sr. Unsec. Global Notes, 2.88%, 05/10/2023		150,000		144,643
Petróleos Mexicanos, Sr. Unsec. Gtd. Notes, 5.35%, 02/12/2028(b)		29,000		27,735
				172,378
Spain–0.11%
Telefónica Emisiones, S.A.U., Sr. Unsec. Gtd. Global Notes, 4.90%, 03/06/2048		150,000		148,889
Switzerland–0.15%
Cloverie PLC for Zurich Insurance Co. Ltd., REGS, Unsec. Sub. Medium-Term Euro Notes, 5.63%, 06/24/2046(b)		200,000		207,700
United Kingdom–0.46%
HSBC Holdings PLC, Jr. Unsec. Sub. Global Bonds, 6.00%(d)		200,000		198,040
Noble Holding International Ltd., Sr. Unsec. Gtd. Global Notes, 7.75%, 01/15/2024		28,000		26,390
Royal Bank of Scotland Group PLC (The),
Jr. Unsec. Sub. Bonds, 7.50%(d)		200,000		210,550
Unsec. Sub. Global Bonds,
5.13%, 05/28/2024		100,000		101,654
Series U, Jr. Unsec. Sub. Variable Rate Global Notes, 4.62% (3 mo. USD LIBOR + 2.32%)(d)(e)		100,000		101,250
				637,884
United States–7.46%
AES Corp. (The), Sr. Unsec. Notes, 5.50%, 04/15/2025		85,000		87,337
Aircastle Ltd.,
Sr. Unsec. Global Notes,
7.63%, 04/15/2020		10,000		10,738
Sr. Unsec. Notes,
5.00%, 04/01/2023		13,000		13,390

	Principal Amount		Value
United States–(continued)
Albertsons Cos. LLC/ Safeway Inc./New Albertson’s, Inc./Albertson’s LLC, Sr. Unsec. Gtd. Global Notes, 6.63%, 06/15/2024	$	47,000	$	44,062
Ally Financial Inc.,
Sr. Unsec. Global Notes,
4.63%, 05/19/2022		25,000		25,219
Sr. Unsec. Gtd. Global Notes,
8.00%, 03/15/2020		30,000		32,400
AMC Entertainment Holdings, Inc.,
Sr. Unsec. Gtd. Sub. Global Notes,
5.75%, 06/15/2025		70,000		68,162
5.88%, 11/15/2026		30,000		29,288
AMC Networks Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 04/01/2024		60,000		58,800
AmeriGas Partners, L.P./AmeriGas Finance Corp., Sr. Unsec. Global Notes, 5.88%, 08/20/2026		75,000		74,812
Antero Resources Corp., Sr. Unsec. Gtd. Global Notes, 5.63%, 06/01/2023		48,000		49,260
Apple Inc., Sr. Unsec. Global Notes, 3.45%, 02/09/2045		50,000		44,694
Aramark Services, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 04/01/2025(b)		30,000		30,263
Archrock Partners, L.P./Archrock Partners Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 10/01/2022		15,000		15,075
Ascent Resources—Utica, LLC /ARU Finance Corp., Sr. Unsec. Notes, 10.00%, 04/01/2022(b)		30,000		32,400
Ashland LLC, Sr. Unsec. Gtd. Global Notes, 4.75%, 08/15/2022		60,000		60,675
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec. Notes,
6.75%, 08/01/2025(b)		24,000		23,280
6.88%, 02/15/2021(b)		36,000		36,090
Avis Budget Car Rental LLC/Avis Budget Finance Inc., Sr. Unsec. Gtd. Notes, 5.25%, 03/15/2025(b)		18,000		17,393
B&G Foods, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 04/01/2025		22,000		20,185
Ball Corp.,
Sr. Unsec. Gtd. Global Bonds,
4.00%, 11/15/2023		50,000		49,187
Sr. Unsec. Gtd. Global Notes,
5.25%, 07/01/2025		60,000		62,025
Bank of America Corp., Series M, Jr. Unsec. Sub. Bonds, 8.13%(d)		100,000		100,325
BBA U.S. Holdings, Inc., Sr. Unsec. Notes, 5.38%, 05/01/2026(b)		12,000		12,097
Beazer Homes USA, Inc., Sr. Unsec. Gtd. Global Notes,
5.88%, 10/15/2027		6,000		5,520
6.75%, 03/15/2025		40,000		39,500
8.75%, 03/15/2022		25,000		27,063
BMC East, LLC, Sr. Sec. Gtd. First Lien Notes, 5.50%, 10/01/2024(b)		50,000		49,687

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)
Booking Holdings Inc., Sr. Unsec. Global Notes, 3.60%, 06/01/2026	$	100,000	$	97,008
Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 04/01/2026		40,000		41,979
Brink’s Co. (The), Sr. Unsec. Gtd. Notes, 4.63%, 10/15/2027(b)		62,000		57,195
Callon Petroleum Co., Sr. Unsec. Gtd. Global Notes, 6.13%, 10/01/2024		60,000		61,500
Calpine Corp., Sr. Unsec. Global Notes, 5.38%, 01/15/2023		25,000		24,063
Carrols Restaurant Group, Inc., Sec. Gtd. Second Lien Global Notes, 8.00%, 05/01/2022		13,000		13,569
CB Escrow Corp., Sr. Unsec. Notes, 8.00%, 10/15/2025 (b)		6,000		5,730
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec. Global Notes,
5.75%, 09/01/2023		20,000		20,300
Sr. Unsec. Notes,
5.13%, 05/01/2027(b)		100,000		93,947
5.75%, 02/15/2026(b)		110,000		109,450
CDW LLC/CDW Finance Corp., Sr. Unsec. Gtd. Notes, 5.00%, 09/01/2025		15,000		15,033
CenturyLink, Inc.,
Series S, Sr. Unsec. Notes,
6.45%, 06/15/2021		38,000		39,021
Series Y, Sr. Unsec. Global Notes,
7.50%, 04/01/2024		30,000		30,675
Charles River Laboratories International, Inc., Sr. Unsec. Notes, 5.50%, 04/01/2026(b)		9,000		9,177
Chemours Co. (The), Sr. Unsec. Gtd. Global Notes, 7.00%, 05/15/2025		65,000		70,281
Cincinnati Bell Inc., Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024(b)		40,000		36,896
CIT Group Inc.,
Sr. Unsec. Global Notes,
5.00%, 08/01/2023		53,000		53,927
Unsec. Sub. Global Notes,
6.13%, 03/09/2028		6,000		6,218
Clear Channel Worldwide Holdings, Inc.,
Series B, Sr. Unsec. Gtd. Global Notes,
6.50%, 11/15/2022		50,000		51,437
Sr. Unsec. Gtd. Sub. Global Notes,
7.63%, 03/15/2020		30,000		30,188
Cleaver-Brooks, Inc., Sr. Sec. Notes, 7.88%, 03/01/2023(b)		52,000		53,820
Cleveland-Cliffs Inc., Sr. Unsec. Gtd. Notes, 5.75%, 03/01/2025(b)		40,000		38,725
CommScope Technologies LLC, Sr. Unsec. Gtd. Notes, 6.00%, 06/15/2025(b)		55,000		56,925
Community Health Systems, Inc.,
Sr. Sec. Gtd. First Lien Global Notes,
5.13%, 08/01/2021		40,000		37,000
Sr. Sec. Gtd. First Lien Notes,
6.25%, 03/31/2023		38,000		34,746

	Principal Amount		Value
United States–(continued)
Continental Resources Inc., Sr. Unsec. Gtd. Global Notes, 3.80%, 06/01/2024	$	40,000	$	39,150
Core & Main LP, Sr. Unsec. Notes, 6.13%, 08/15/2025(b)		40,000		39,400
Coty Inc., Sr. Unsec. Notes, 6.50%, 04/15/2026(b)		70,000		68,250
Crown Americas LLC/Crown Americas Capital Corp. V, Sr. Unsec. Gtd. Global Notes, 4.25%, 09/30/2026		20,000		18,550
CSC Holdings LLC, Sr. Unsec. Global Notes, 6.75%, 11/15/2021		121,000		127,655
CyrusOne L.P./CyrusOne Finance Corp.,
Sr. Unsec. Gtd. Global Notes,
5.00%, 03/15/2024		10,000		10,050
5.38%, 03/15/2027		50,000		50,125
Dana Inc., Sr. Unsec. Notes, 5.50%, 12/15/2024		60,000		61,350
DaVita Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/01/2025		10,000		9,502
Dell International LLC/ EMC Corp.,
Sr. Sec. Gtd. First Lien Notes,
8.35%, 07/15/2046(b)		10,000		12,321
Sr. Unsec. Gtd. Notes,
7.13%, 06/15/2024(b)		85,000		90,606
Delphi Technologies PLC, Sr. Unsec. Gtd. Notes, 5.00%, 10/01/2025(b)		27,000		26,038
Diebold Nixdorf, Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 04/15/2024		29,000		30,196
Discover Financial Services, Inc., Series C, Jr. Unsec. Sub. Global Notes, 5.50%(d)		21,000		20,606
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes,
5.88%, 11/15/2024		146,000		125,377
7.88%, 09/01/2019		25,000		25,910
Eagle Holding Co. II, LLC, Sr. Unsec. PIK Notes, 8.38% PIK Rate, 7.63% Cash Rate, 05/15/2022(b)(f)		45,000		45,675
Encompass Health Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 09/15/2025		65,000		66,787
Energy Transfer Equity, L.P., Sr. Sec. First Lien Notes, 5.88%, 01/15/2024		54,000		55,282
Energy Transfer Partners, L.P., Series A, Jr. Unsec. Sub. Global Notes, 6.25%(d)		24,000		22,912
EnerSys, Sr. Unsec. Gtd. Notes, 5.00%, 04/30/2023(b)		60,000		60,525
Ensco PLC, Sr. Unsec. Global Notes,
4.50%, 10/01/2024		3,000		2,453
7.75%, 02/01/2026		31,000		29,256
Entegris Inc., Sr. Unsec. Gtd. Notes, 4.63%, 02/10/2026(b)		15,000		14,550
Envision Healthcare Corp., Sr. Unsec. Gtd. Notes, 6.25%, 12/01/2024(b)		12,000		12,540
EP Energy LLC/Everest Acquisition Finance Inc., Sr. Sec. Gtd. First Lien Notes, 8.00%, 11/29/2024(b)		60,000		62,400

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)
Equinix Inc., Sr. Unsec. Notes, 5.88%, 01/15/2026	$	85,000	$	88,187
Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.50%, 05/01/2021		25,000		24,063
First Data Corp., Sr. Unsec. Gtd. Notes, 7.00%, 12/01/2023(b)		106,000		111,181
Flexi-Van Leasing, Inc., Sec. Second Lien Notes, 10.00%, 02/15/2023(b)		9,000		8,978
Freeport-McMoRan Inc., Sr. Unsec. Gtd. Global Notes, 5.40%, 11/14/2034		59,000		54,722
Frontier Communications Corp., Sr. Unsec. Global Notes,
10.50%, 09/15/2022		51,000		45,087
11.00%, 09/15/2025		27,000		20,858
Gulfport Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 10/15/2024		65,000		62,075
H&E Equipment Services, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 09/01/2025		55,000		55,412
Hanesbrands Inc., Sr. Unsec. Gtd. Notes, 4.63%, 05/15/2024(b)		100,000		96,750
HCA, Inc.,
Sr. Sec. Gtd. First Lien Notes,
5.25%, 04/15/2025		116,000		117,740
Sr. Unsec. Gtd. Notes,
5.88%, 02/15/2026		85,000		86,275
Heartland Dental, LLC, Sr. Unsec. Notes, 8.50%, 05/01/2026(b)		28,000		28,133
Herc Rentals Inc., Sec. Gtd. Second Lien Notes, 7.75%, 06/01/2024(b)		41,000		44,434
Hertz Corp. (The), Sec. Gtd. Second Lien Notes, 7.63%, 06/01/2022(b)		112,000		114,240
Hewlett Packard Enterprise Co., Sr. Unsec. Global Notes, 4.90%, 10/15/2025		50,000		51,448
Hill-Rom Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 02/15/2025(b)		39,000		38,923
Hillman Group Inc. (The), Sr. Unsec. Gtd. Notes, 6.38%, 07/15/2022(b)		53,000		51,547
Holly Energy Partners L.P./Holly Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 08/01/2024(b)		30,000		30,225
Hot Topic, Inc., Sr. Sec. Gtd. First Lien Notes, 9.25%, 06/15/2021(b)		60,000		59,250
HUB International Ltd., Sr. Unsec. Notes, 7.00%, 05/01/2026(b)		12,000		12,060
Hughes Satellite Systems Corp.,
Sr. Sec. Gtd. First Lien Global Notes,
5.25%, 08/01/2026		35,000		34,344
Sr. Unsec. Gtd. Global Notes,
7.63%, 06/15/2021		50,000		53,812
Ingles Markets, Inc., Sr. Unsec. Global Notes, 5.75%, 06/15/2023		64,000		64,160
IRB Holding Corp., Sr. Unsec. Gtd. Notes, 6.75%, 02/15/2026(b)		35,000		33,863
Iron Mountain Inc., Sr. Unsec. Gtd. Notes, 6.00%, 08/15/2023		127,000		131,445

	Principal Amount		Value
United States–(continued)
Iron Mountain US Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.38%, 06/01/2026(b)	$	35,000	$	33,950
Itron, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 01/15/2026(b)		27,000		26,452
J.C. Penney Corp., Inc.,
Sec. Gtd. Second Lien Notes,
8.63%, 03/15/2025(b)		50,000		46,469
Sr. Unsec. Gtd. Deb.,
7.40%, 04/01/2037		50,000		33,250
Sr. Unsec. Gtd. Notes,
6.38%, 10/15/2036		50,000		31,500
J.B. Poindexter & Co., Inc., Sr. Unsec. Bonds, 7.13%, 04/15/2026(b)		58,000		59,305
Jagged Peak Energy LLC, Sr. Unsec. Gtd. Notes, 5.88%, 05/01/2026(b)		17,000		17,096
Jaguar Holding Co. II/Pharmaceutical Product Development, LLC, Sr. Unsec. Gtd. Notes, 6.38%, 08/01/2023(b)		15,000		15,225
KB Home, Sr. Unsec. Gtd. Notes, 7.50%, 09/15/2022		23,000		25,358
Kenan Advantage Group Inc. (The), Sr. Unsec. Notes, 7.88%, 07/31/2023(b)		60,000		61,200
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Sr. Unsec. Gtd. Notes, 4.75%, 06/01/2027(b)		16,000		15,420
Koppers Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2025(b)		35,000		35,700
Kraton Polymers LLC/Kraton Polymers Capital Corp., Sr. Unsec. Gtd. Notes, 10.50%, 04/15/2023(b)		40,000		44,350
L Brands, Inc., Sr. Unsec. Gtd. Global Notes,
5.63%, 02/15/2022		20,000		20,852
6.88%, 11/01/2035		30,000		28,500
Lamar Media Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 02/01/2026		60,000		62,062
Lamb Weston Holdings, Inc., Sr. Unsec. Gtd. Notes, 4.63%, 11/01/2024(b)		60,000		59,775
Lennar Corp.,
Sr. Unsec. Gtd. Global Notes,
4.75%, 11/15/2022		50,000		50,241
Sr. Unsec. Gtd. Notes,
5.25%, 06/01/2026(b)		23,000		22,715
Level 3 Financing, Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 03/15/2026		65,000		63,030
Levi Strauss & Co., Sr. Unsec. Global Notes, 5.00%, 05/01/2025		50,000		50,500
LifePoint Health, Inc., Sr. Unsec. Gtd. Global Notes, 5.38%, 05/01/2024		60,000		57,375
Lithia Motors, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 08/01/2025(b)		17,000		16,873
LPL Holdings Inc., Sr. Unsec. Gtd. Notes, 5.75%, 09/15/2025(b)		32,000		31,120
Mattel, Inc.,
Sr. Unsec. Global Notes,
5.45%, 11/01/2041		13,000		10,595
Sr. Unsec. Gtd. Notes,
6.75%, 12/31/2025(b)		53,000		51,733
Sr. Unsec. Notes,
6.20%, 10/01/2040		7,000		5,968

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

14                         Invesco Global Targeted Returns Fund

	Principal Amount		Value
United States–(continued)
MEDNAX, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2023(b)	$	25,000	$	24,875
Meredith Corp., Sr. Unsec. Notes, 6.88%, 02/01/2026(b)		53,000		53,795
Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 06/01/2025		21,000		21,761
Meritor Inc., Sr. Unsec. Gtd. Notes, 6.25%, 02/15/2024		60,000		61,987
MGM Resorts International, Sr. Unsec. Gtd. Notes, 4.63%, 09/01/2026		60,000		57,075
Microsoft Corp., Sr. Unsec. Global Bonds, 2.40%, 08/08/2026		80,000		73,540
Molina Healthcare, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 06/15/2025(b)		24,000		22,920
MPH Acquisition Holdings LLC, Sr. Unsec. Gtd. Notes, 7.13%, 06/01/2024(b)		60,000		61,225
MPT Operating Partnership L.P./MPT Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.00%, 10/15/2027		50,000		47,500
MSCI Inc., Sr. Unsec. Gtd. Notes, 5.75%, 08/15/2025(b)		50,000		52,390
Mueller Industries, Inc., Unsec. Sub. Deb., 6.00%, 03/01/2027		25,000		24,938
Murphy Oil USA, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 05/01/2027		52,000		51,935
Navient Corp., Sr. Unsec. Medium-Term Notes,
7.25%, 01/25/2022		25,000		26,531
8.00%, 03/25/2020		45,000		48,037
Netflix, Inc., Sr. Unsec. Global Notes, 5.75%, 03/01/2024		33,000		34,279
Newfield Exploration Co., Sr. Unsec. Global Notes, 5.63%, 07/01/2024		48,000		51,120
NGPL PipeCo. LLC, Sr. Unsec. Bonds, 4.88%, 08/15/2027(b)		7,000		6,832
Novelis Corp., Sr. Unsec. Gtd. Notes,
5.88%, 09/30/2026(b)		4,000		3,980
6.25%, 08/15/2024(b)		50,000		51,062
NRG Energy, Inc., Sr. Unsec. Gtd. Global Notes, 6.63%, 01/15/2027		32,000		33,120
Oasis Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 01/15/2023		60,000		61,800
OI European Group B.V., Sr. Unsec. Gtd. Notes, 4.00%, 03/15/2023(b)		9,000		8,573
Oshkosh Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 03/01/2025		30,000		31,125
Parsley Energy LLC/Parsley Finance Corp., Sr. Unsec. Gtd. Notes, 6.25%, 06/01/2024(b)		65,000		68,087
Penske Automotive Group Inc., Sr. Unsec. Sub. Gtd. Notes, 5.50%, 05/15/2026		43,000		41,818
Pisces Midco, Inc., Sr. Sec. Notes, 8.00%, 04/15/2026(b)		10,000		10,053
Plains All American Pipeline, L.P., Series B, Jr. Unsec. Sub. Notes, 6.13%(d)		25,000		24,344

	Principal Amount		Value
United States–(continued)
Plastipak Holdings Inc., Sr. Unsec. Notes, 6.25%, 10/15/2025(b)	$	34,000	$	33,150
Platform Specialty Products Corp., Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2025(b)		49,000		47,836
PolyOne Corp., Sr. Unsec. Global Notes, 5.25%, 03/15/2023		50,000		51,437
Prime Security Services Borrower, LLC/Prime Finance, Inc., Sec. Gtd. Second Lien Notes, 9.25%, 05/15/2023(b)		74,000		79,642
QEP Resources, Inc.,
Sr. Unsec. Global Notes,
5.63%, 03/01/2026		13,000		12,496
Sr. Unsec. Notes,
6.88%, 03/01/2021		60,000		64,800
Rackspace Hosting, Inc., Sr. Unsec. Gtd. Notes, 8.63%, 11/15/2024(b)		20,000		20,325
Range Resources Corp., Sr. Unsec. Gtd. Global Notes,
4.88%, 05/15/2025		34,000		31,641
5.88%, 07/01/2022		29,000		29,508
Rayonier A.M. Products Inc., Sr. Unsec. Gtd. Notes, 5.50%, 06/01/2024(b)		55,000		53,487
Reynolds Group Issuer Inc./LLC, Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024(b)		80,000		83,450
RSP Permian, Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 01/15/2025		65,000		67,437
SBA Communications Corp., Sr. Unsec. Global Notes, 4.88%, 09/01/2024		65,000		62,644
Scientific Games International Inc., Sr. Unsec. Gtd. Global Notes, 10.00%, 12/01/2022		50,000		54,063
SemGroup Corp./ Rose Rock Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.63%, 11/15/2023		30,000		28,425
ServiceMaster Co., LLC (The), Sr. Unsec. Gtd. Notes, 5.13%, 11/15/2024(b)		90,000		87,885
SESI, L.L.C., Sr. Unsec. Gtd. Global Notes, 7.13%, 12/15/2021		61,000		62,144
Sirius XM Radio Inc., Sr. Unsec. Gtd. Notes,
5.38%, 07/15/2026(b)		30,000		29,478
6.00%, 07/15/2024(b)		34,000		35,016
Six Flags Entertainment Corp., Sr. Unsec. Gtd. Notes, 4.88%, 07/31/2024(b)		35,000		34,213
SM Energy Co., Sr. Unsec. Global Notes, 6.13%, 11/15/2022		36,000		36,540
Southwestern Energy Co., Sr. Unsec. Gtd. Global Notes,
4.10%, 03/15/2022		55,000		53,625
7.50%, 04/01/2026		22,000		22,715
Spectrum Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 07/15/2025		60,000		60,243
Sprint Communications Inc., Sr. Unsec. Global Notes, 11.50%, 11/15/2021		40,000		48,000

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

15                         Invesco Global Targeted Returns Fund

	Principal Amount		Value
United States–(continued)
Sprint Corp., Sr. Unsec. Gtd. Global Notes,
7.25%, 09/15/2021	$	35,000	$	37,188
7.63%, 02/15/2025		6,000		6,330
7.88%, 09/15/2023		110,000		118,250
Standard Industries Inc., Sr. Unsec. Notes, 6.00%, 10/15/2025(b)		57,000		59,422
Steel Dynamics, Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 12/15/2026		35,000		34,738
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 5.50%, 06/01/2024		79,000		76,432
SunCoke Energy Partners, L.P./ SunCoke Energy Partners Finance Corp., Sr. Unsec. Gtd. Notes, 7.50%, 06/15/2025(b)		30,000		30,975
Sunoco LP/Sunoco Finance Corp., Sr. Unsec. Gtd. Notes, 4.88%, 01/15/2023(b)		22,000		21,713
Surgery Center Holdings, Inc., Sr. Unsec. Gtd. Notes,
6.75%, 07/01/2025(b)		14,000		13,300
8.88%, 04/15/2021(b)		7,000		7,228
T-Mobile USA, Inc.,
Sr. Unsec. Gtd. Global Bonds,
6.50%, 01/15/2026		105,000		111,825
Sr. Unsec. Gtd. Notes,
6.00%, 04/15/2024		50,000		52,485
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
Sr. Unsec. Gtd. Global Bonds,
5.13%, 02/01/2025		34,000		33,065
Sr. Unsec. Gtd. Notes,
5.88%, 04/15/2026(b)		15,000		14,944
Taylor Morrison Communities Inc./ Taylor Morrison Holdings II, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 04/15/2023(b)		30,000		30,825
Tenet Healthcare Corp., Sr. Unsec. Global Notes,
6.75%, 06/15/2023		75,000		74,016
8.13%, 04/01/2022		30,000		31,350
Terex Corp., Sr. Unsec. Gtd. Notes, 5.63%, 02/01/2025(b)		65,000		64,756
Titan International, Inc., Sr. Sec. Gtd. First Lien Notes, 6.50%, 11/30/2023(b)		57,000		57,980
TransDigm Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.50%, 05/15/2025		87,000		88,740
Transocean Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 04/15/2031		40,000		37,200
TreeHouse Foods, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2024(b)		60,000		59,925
Tribune Media Co., Sr. Unsec. Gtd. Global Notes, 5.88%, 07/15/2022		60,000		61,050
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., Sr. Unsec. Gtd. Notes, 5.38%, 09/01/2025(b)		18,000		17,775

	Principal Amount		Value
United States–(continued)
United Rentals North America, Inc.,
Sr. Unsec. Gtd. Global Notes,
5.50%, 07/15/2025	$	75,000	$	76,969
Sr. Unsec. Gtd. Notes,
5.88%, 09/15/2026		12,000		12,555
United States Steel Corp., Sr. Unsec. Global Notes, 6.88%, 08/15/2025		58,000		59,450
US Foods, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 06/15/2024(b)		60,000		61,350
Valeant Pharmaceuticals International, Inc., Sr. Sec. Gtd. First Lien Notes,
5.50%, 11/01/2025(b)		21,000		20,974
Sr. Unsec. Gtd. Notes,
5.63%, 12/01/2021(b)		60,000		58,275
6.13%, 04/15/2025(b)		65,000		58,872
Valvoline Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 07/15/2024		60,000		61,650
Verizon Communications Inc., Sr. Unsec. Global Notes, 4.40%, 11/01/2034		50,000		48,414
VFH Parent LLC/Orchestra Co-Issuer Inc., Sec. Gtd. Second Lien Notes, 6.75%, 06/15/2022(b)		12,000		12,476
Vistra Energy Corp., Sr. Unsec. Gtd. Global Notes, 7.38%, 11/01/2022		20,000		21,125
Wal-Mart Inc., Sr. Unsec. Notes, 2.65%, 12/15/2024		100,000		95,868
Walt Disney Co. (The), Sr. Unsec. Global Notes, 3.00%, 02/13/2026		50,000		48,205
Waste Pro USA, Inc., Sr. Unsec. Notes, 5.50%, 02/15/2026(b)		15,000		14,883
Weatherford International Ltd., Sr. Unsec. Gtd. Notes, 6.50%, 08/01/2036		45,000		34,425
WellCare Health Plans Inc., Sr. Unsec. Notes, 5.25%, 04/01/2025		60,000		60,456
Western Digital Corp., Sr. Unsec. Gtd. Notes, 4.75%, 02/15/2026		60,000		59,250
Whiting Petroleum Corp., Sr. Unsec. Gtd. Global Notes, 6.25%, 04/01/2023		75,000		77,344
WildHorse Resource Development Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2025		7,000		7,140
William Lyon Homes Inc., Sr. Unsec. Notes, 6.00%, 09/01/2023(b)		8,000		8,018
Williams Cos., Inc. (The),
Sr. Unsec. Global Notes,
4.55%, 06/24/2024		40,000		40,050
Sr. Unsec. Notes,
7.88%, 09/01/2021		22,000		24,530
WPX Energy Inc., Sr. Unsec. Notes, 5.25%, 09/15/2024		65,000		65,812
Wrangler Buyer Corp., Sr. Unsec. Notes, 6.00%, 10/01/2025(b)		8,000		7,920
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., REGS, Sr. Unsec. Gtd. Euro Notes, 5.25%, 05/15/2027(b)		25,000		24,226
				10,277,680

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

16                         Invesco Global Targeted Returns Fund

	Principal Amount			Value
Zambia–0.04%
First Quantum Minerals Ltd., Sr. Unsec. Gtd. Notes, 7.00%, 02/15/2021(b)	$	60,000		$	60,450
Total U.S. Dollar Denominated Bonds & Notes (Cost $13,989,676)					13,793,611
U.S. Treasury Securities–0.55%
U.S. Treasury Notes–0.42%
1.25%, 12/31/2018		486,900			484,009
1.63%, 05/15/2026		100,000			90,631
					574,640
U.S. Treasury Inflation — Indexed Notes–0.13%
0.13%, 04/15/2021		182,561	(g)		180,042
Total U.S. Treasury Securities (Cost $761,709)					754,682
	Shares
Preferred Stocks–0.04%
United States–0.04%
CIT Group Inc., Series A, 5.80% Pfd.		10,000			9,975
Wells Fargo & Co., Class A, Series L, $75.00 Conv. Pfd.		30			38,418
Total Preferred Stocks (Cost $48,100)					48,393

	Shares		Value
Money Market Funds–20.56%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(h)		7,786,347	$	7,786,347
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(h)		6,180,300		6,180,918
Invesco Treasury Portfolio–Institutional Class, 1.62%(h)		8,898,682		8,898,682
STIC (Global Series) PLC–U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class, 1.84%(h)		5,469,989		5,469,989
Total Money Market Funds (Cost $28,335,653)				28,335,936
Options Purchased–5.80%
(Cost $9,467,376)				7,999,354
TOTAL INVESTMENTS IN SECURITIES–91.16% (Cost $120,924,726)				125,630,090
OTHER ASSETS LESS LIABILITIES–8.84%				12,176,923
NET ASSETS–100.00%			$	137,807,013

Investment Abbreviations:

ADR	– American Depositary Receipt
CAD	– Canadian Dollar
Conv.	– Convertible
Deb.	– Debentures
DIP	– Debtor-in-Possession
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
Gtd.	– Guaranteed
Jr.	– Junior
LIBOR	– London Interbank Offered Rate
MXN	– Mexican Peso
NVDR	– Non-Voting Depositary Receipt
Pfd.	– Preferred
PIK	– Pay-in-Kind
PLN	– Poland Zloty
REGS	– Regulation S
REIT	– Real Estate Investment Trust
SDR	– Swedish Depositary Receipt
Sec.	– Secured
Sr.	– Senior
Sub.	– Subordinated
Unsec.	– Unsecured
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, 2018 was $14,394,493, which represented 10.45% of the Fund’s Net Assets.

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

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

^(e)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2018.

^(f)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(g)  Principal amount of security and interest payments are adjusted for inflation. See Note 1I.

^(h)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

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 Purchased

Description

Type of Contract

Broker/Counterparty

Expiration Date

Number of Contracts

Exercise Price

Notional Value(i)

Value

CBOE SPX Volatility Index

Call

Barclays Bank PLC

08/22/2018

419

USD

18

USD

754,200

$

100,683

CBOE SPX Volatility Index

Call

Barclays Bank PLC

09/19/2018

424

USD

19

USD

805,600

104,940

CBOE SPX Volatility Index

Call

Barclays Bank PLC

10/17/2018

410

USD

18

USD

738,000

126,917

CBOE SPX Volatility Index

Call

Morgan Stanley Capital Services LLC

05/16/2018

353

USD

17

USD

600,100

42,373

CBOE SPX Volatility Index

Call

Normuda International PLC

05/16/2018

107

USD

17

USD

181,900

12,845

EURO STOXX 50 Index

Call

Goldman Sachs International

12/20/2019

41

EUR

3,400

EUR

1,394,000

115,505

EURO STOXX 50 Index

Call

J.P. Morgan Securities LLC

12/20/2019

103

EUR

3,350

EUR

3,450,500

322,594

EURO STOXX 50 Index

Call

J.P. Morgan Securities LLC

12/20/2019

144

EUR

3,400

EUR

4,896,000

405,677

EURO STOXX 50 Index

Call

UBS

12/20/2019

103

EUR

3,350

EUR

3,450,500

322,594

FTSE 100 Index

Call

Barclays Bank PLC

09/21/2018

220

GBP

7,400

GBP

8,140,000

628,999

FTSE 100 Index

Call

Societe Generale

09/21/2018

110

GBP

7,150

GBP

7,865,000

569,335

FTSE 100 Index

Call

Societe Generale

09/21/2018

110

GBP

7,400

GBP

8,140,000

314,500

FTSE 100 Index

Call

Societe Generale

09/21/2018

162

GBP

7,650

GBP

12,393,000

203,078

FTSE 100 Index

Call

Societe Generale

09/21/2018

156

GBP

7,725

GBP

12,051,000

145,622

FTSE 100 Index

Call

Societe Generale

12/21/2018

5

GBP

7,100

GBP

355,000

28,034

FTSE 100 Index

Call

UBS

12/21/2018

15

GBP

7,100

GBP

1,065,000

84,103

Hang Seng China Enterprise Index

Call

J.P. Morgan Securities LLC

12/28/2018

55

HKD

11,200

HKD

30,800,000

462,791

Hang Seng China Enterprise Index

Call

J.P. Morgan Securities LLC

12/28/2018

5

HKD

12,400

HKD

3,100,000

20,804

Hang Seng China Enterprise Index

Call

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

12/28/2018

21

HKD

11,200

HKD

11,760,000

176,702

Hang Seng China Enterprise Index

Call

Societe Generale

12/28/2018

83

HKD

11,200

HKD

35,280,000

698,394

Hang Seng China Enterprise Index

Call

UBS

12/28/2018

56

HKD

11,200

HKD

22,400,000

471,205

Nikkei 225 Index

Call

BNP Paribas S.A.

12/14/2018

2

JPY

21,750

JPY

43,500,000

26,560

Nikkei 225 Index

Call

UBS

12/14/2018

45

JPY

22,750

JPY

1,023,750,000

377,880

S&P 500 Index

Call

Bank of America Merrill Lynch

07/20/2018

78

USD

2,740

USD

21,372,000

208,692

S&P 500 Index

Call

Bank of America Merrill Lynch

07/20/2018

78

USD

2,775

USD

21,645,000

126,090

S&P 500 Index

Call

Deutsche Bank Securities Inc.

09/21/2018

36

USD

3,300

USD

11,880,000

445

Subtotal — Over-The-Counter Index Call Options Purchased

3,341

6,097,362

CBOE SPX Volatility Index

Put

Barclays Bank PLC

05/16/2018

419

USD

17

USD

712,300

69,118

CBOE SPX Volatility Index

Put

Barclays Bank PLC

06/20/2018

419

USD

17

USD

712,300

87,990

CBOE SPX Volatility Index

Put

Barclays Bank PLC

07/18/2018

410

USD

17

USD

697,000

90,199

FTSE 100 Index

Put

Barclays Bank PLC

06/15/2018

26

GBP

7,150

GBP

1,501,500

11,553

FTSE 100 Index

Put

Citigroup Global Markets Inc.

06/15/2018

29

GBP

7,150

GBP

2,073,500

12,886

FTSE 100 Index

Put

Deutsche Bank Securities Inc.

06/15/2018

43

GBP

7,150

GBP

3,074,500

19,107

FTSE 100 Index

Put

Deutsche Bank Securities Inc.

06/15/2018

16

GBP

7,400

GBP

1,184,000

17,899

FTSE 100 Index

Put

HSBC New York

06/15/2018

11

GBP

7,150

GBP

786,500

4,888

FTSE 100 Index

Put

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

06/15/2018

25

GBP

7,150

GBP

1,787,500

11,109

FTSE 100 Index

Put

Societe Generale

09/21/2018

55

GBP

6,800

GBP

3,740,000

56,450

FTSE 100 Index

Put

Societe Generale

12/21/2018

7

GBP

6,600

GBP

462,000

11,028

FTSE 100 Index

Put

UBS

06/15/2018

19

GBP

7,150

GBP

1,358,500

8,443

FTSE 100 Index

Put

UBS

12/21/2018

16

GBP

6,600

GBP

1,056,000

25,207

Hang Seng China Enterprise Index

Put

Deutsche Bank Securities Inc.

12/28/2018

16

HKD

10,000

HKD

8,000,000

20,386

Hang Seng China Enterprise Index

Put

Deutsche Bank Securities Inc.

12/28/2018

14

HKD

10,400

HKD

7,280,000

23,641

Hang Seng China Enterprise Index

Put

J.P. Morgan Securities LLC

12/28/2018

58

HKD

10,800

HKD

31,320,000

129,517

Hang Seng China Enterprise Index

Put

J.P. Morgan Securities LLC

12/28/2018

6

HKD

11,400

HKD

3,420,000

20,152

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

18                         Invesco Global Targeted Returns Fund

Open Over-The-Counter Index Options Purchased—(continued)

Description

Type of Contract

Broker/Counterparty

Expiration Date

Number of Contracts

Exercise Price

Notional Value(i)

Value

Hang Seng China Enterprise Index

Put

J.P. Morgan Chase Bank, N.A.

12/28/2018

21

HKD

10,800

HKD

11,340,000

$

46,894

Hang Seng China Enterprise Index

Put

Societe Generale

12/28/2018

84

HKD

10,800

HKD

39,960,000

187,576

Hang Seng China Enterprise Index

Put

UBS

12/28/2018

56

HKD

10,800

HKD

21,600,000

125,051

SMI Index

Put

Citigroup Global Markets Inc.

06/15/2018

22

CHF

8,000

CHF

1,760,000

2,046

SMI Index

Put

Citigroup Global Markets Inc.

06/15/2018

20

CHF

8,200

CHF

1,640,000

3,645

SMI Index

Put

Citigroup Global Markets Inc.

06/15/2018

15

CHF

8,600

CHF

1,290,000

9,380

SMI Index

Put

Deutsche Bank Securities Inc.

06/15/2018

11

CHF

8,000

CHF

880,000

1,023

SMI Index

Put

Deutsche Bank Securities Inc.

06/15/2018

8

CHF

8,200

CHF

656,000

1,458

SMI Index

Put

Deutsche Bank Securities Inc.

06/15/2018

7

CHF

8,600

CHF

602,000

4,377

SMI Index

Put

Goldman Sachs International

06/15/2018

31

CHF

8,000

CHF

2,480,000

2,883

SMI Index

Put

Goldman Sachs International

06/15/2018

30

CHF

8,200

CHF

2,460,000

5,468

SMI Index

Put

Goldman Sachs International

06/15/2018

26

CHF

8,300

CHF

2,158,000

6,530

SMI Index

Put

Goldman Sachs International

06/15/2018

93

CHF

8,600

CHF

7,998,000

58,156

SMI Index

Put

Goldman Sachs International

06/15/2018

16

CHF

8,900

CHF

1,424,000

25,668

SMI Index

Put

Goldman Sachs International

12/21/2018

23

CHF

8,000

CHF

1,840,000

32,794

SMI Index

Put

Goldman Sachs International

12/21/2018

22

CHF

8,100

CHF

1,782,000

35,399

SMI Index

Put

Goldman Sachs International

12/21/2018

21

CHF

8,200

CHF

1,722,000

38,139

SMI Index

Put

J.P. Morgan Securities LLC

06/15/2018

44

CHF

8,600

CHF

3,784,000

27,515

SMI Index

Put

J.P. Morgan Securities LLC

12/21/2018

8

CHF

8,000

CHF

640,000

11,407

SMI Index

Put

J.P. Morgan Securities LLC

12/21/2018

7

CHF

8,100

CHF

567,000

11,264

SMI Index

Put

J.P. Morgan Securities LLC

12/21/2018

7

CHF

8,200

CHF

574,000

12,713

SMI Index

Put

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

06/15/2018

8

CHF

7,700

CHF

616,000

252

SMI Index

Put

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

06/15/2018

7

CHF

8,000

CHF

560,000

651

SMI Index

Put

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

06/15/2018

6

CHF

8,200

CHF

492,000

1,094

SMI Index

Put

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

06/15/2018

61

CHF

8,600

CHF

5,246,000

38,146

SMI Index

Put

Societe Generale

06/15/2018

3

CHF

8,200

CHF

246,000

547

SMI Index

Put

Societe Generale

06/15/2018

3

CHF

8,600

CHF

258,000

1,876

SMI Index

Put

UBS

06/15/2018

12

CHF

7,700

CHF

924,000

379

SMI Index

Put

UBS

06/15/2018

24

CHF

8,000

CHF

1,920,000

2,231

SMI Index

Put

UBS

06/15/2018

51

CHF

8,200

CHF

4,182,000

9,295

SMI Index

Put

UBS

06/15/2018

35

CHF

8,600

CHF

3,010,000

21,887

Subtotal — Over-The-Counter Index Put Options Purchased

2,371

1,345,317

Total Over-The-Counter Index Options Purchased — Equity Risk

5,712

$

7,442,679

⁽ⁱ⁾  Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Over-The-Counter Foreign Currency Options Purchased
Description	Type of Contract		Counterparty	Expiration Date		Exercise Price		Notional Value		Value
CHF versus JPY		Call	Barclays Bank PLC		07/02/2018	JPY	117.100	CHF	2,642,000	$	782
CHF versus JPY		Call	Citigroup Global Markets Inc.		05/02/2018	JPY	123.000	CHF	1,393,374		0
CHF versus JPY		Call	Morgan Stanley Capital Services LLC		05/02/2018	JPY	120.000	CHF	1,393,372		0
CHF versus JPY		Call	Morgan Stanley Capital Services LLC		06/04/2018	JPY	120.000	CHF	2,786,744		22
EUR versus SEK		Call	J.P. Morgan Securities LLC		06/19/2018	SEK	10.500	EUR	2,709,490		44,715
EUR versus SEK		Call	J.P. Morgan Securities LLC		07/17/2018	SEK	10.600	EUR	5,584,020		75,600
EUR versus SEK		Call	Morgan Stanley Capital Services LLC		08/21/2018	SEK	10.700	EUR	670,956		8,186
EUR versus SEK		Call	Morgan Stanley Capital Services LLC		08/21/2018	SEK	10.850	EUR	1,143,926		8,584
EUR versus USD		Call	Citigroup Global Markets Inc.		02/05/2019	USD	1.286	EUR	603,100		7,940
EUR versus USD		Call	J.P. Morgan Securities LLC		02/05/2019	USD	1.351	EUR	8,333,600		37,391
USD versus BRL		Call	J.P. Morgan Securities LLC		01/17/2019	BRL	3.750	USD	728,000		20,283

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

19                         Invesco Global Targeted Returns Fund

Open Over-The-Counter Foreign Currency Options Purchased—(continued)
Description	Type of Contract		Counterparty	Expiration Date		Exercise Price		Notional Value		Value
USD versus BRL		Call	Morgan Stanley Capital Services LLC		01/17/2019	BRL	3.750	USD	1,922,000	$	53,548
Subtotal — Over-The-Counter Foreign Currency Call Options Purchased											257,051
EUR versus USD		Put	J.P. Morgan Securities LLC		02/05/2019	USD	1.248	EUR	8,333,600		299,624
Subtotal — Over-The-Counter Foreign Currency Put Options Purchased											299,624
Total — Over-The-Counter Foreign Currency Options Purchased — Currency Risk											556,675
Total — Options Purchased (Cost $9,467,376)										$	7,999,354

Open Over-The-Counter Index Options Written
Description	Type of Contract		Counterparty	Expiration Date		Number of Contracts		Exercise Price		Premiums Received			Notional Value(j)		Value			Unrealized Appreciation (Depreciation)
CBOE SPX Volatility Index		Call	Barclays Bank PLC		05/16/2018		460	USD	17	$	(105,800	)	USD	782,000	$	(55,217	)	$	50,583
FTSE 100 Index		Call	Barclays Bank PLC		09/21/2018		73	GBP	7,150		(182,628	)	GBP	5,219,500		(377,831	)		(195,203	)
FTSE 100 Index		Call	Societe Generale		09/21/2018		37	GBP	7,150		(94,677	)	GBP	2,645,500		(191,504	)		(96,827	)
FTSE 100 Index		Call	Societe Generale		09/21/2018		52	GBP	7,500		(110,725	)	GBP	3,900,000		(110,152	)		573
FTSE 100 Index		Call	Societe Generale		09/21/2018		54	GBP	7,425		(112,499	)	GBP	4,009,500		(143,773	)		(31,274	)
FTSE 100 Index		Call	Societe Generale		09/21/2018		330	GBP	7,400		(840,121	)	GBP	24,420,000		(943,498	)		(103,377	)
Hang Seng China Enterprise Index		Call	J.P. Morgan Chase Bank, N.A.		12/28/2018		23	HKD	11,200		(151,684	)	HKD	12,880,000		(193,531	)		(41,847	)
Hang Seng China Enterprise Index		Call	Societe Generale		12/28/2018		52	HKD	11,200		(594,000	)	HKD	29,120,000		(437,548	)		156,452
Hang Seng China Enterprise Index		Call	UBS		12/28/2018		39	HKD	11,200		(607,446	)	HKD	21,840,000		(328,161	)		279,285
Nikkei 225 Index		Call	BNP Paribas S.A.		12/14/2018		2	JPY	24,000		(8,348	)	JPY	48,000,000		(8,520	)		(172	)
Nikkei 225 Index		Call	UBS		12/14/2018		45	JPY	25,000		(257,216	)	JPY	1,125,000,000		(104,694	)		152,522
S&P 500 Index		Call	Bank of America Merrill Lynch		05/31/2018		26	USD	2,740		(56,619	)	USD	7,124,000		(20,916	)		35,703
S&P 500 Index		Call	Bank of America Merrill Lynch		05/31/2018		26	USD	2,775		(29,760	)	USD	7,215,000		(8,145	)		21,615
S&P 500 Index		Call	Bank of America Merrill Lynch		07/20/2018		26	USD	2,630		(263,226	)	USD	6,838,000		(214,926	)		48,300
S&P 500 Index		Call	Bank of America Merrill Lynch		07/20/2018		26	USD	2,670		(219,711	)	USD	6,942,000		(152,755	)		66,956
Subtotal — Over-The-Counter Index Call Options Written							1,271				(3,634,460	)				(3,291,171	)		343,289
FTSE 100 Index		Put	Barclays Bank PLC		06/15/2018		34	GBP	7,150		(134,197	)	GBP	2,431,000		(15,108	)		119,089
FTSE 100 Index		Put	Barclays Bank PLC		09/21/2018		37	GBP	6,800		(96,522	)	GBP	2,516,000		(37,976	)		58,546
FTSE 100 Index		Put	Deutsche Bank Securities Inc.		06/15/2018		5	GBP	7,150		(13,733	)	GBP	357,500		(2,222	)		11,511
FTSE 100 Index		Put	Societe Generale		09/21/2018		18	GBP	6,800		(48,041	)	GBP	1,224,000		(18,475	)		29,566
FTSE 100 Index		Put	Societe Generale		09/21/2018		26	GBP	7,150		(45,329	)	GBP	1,859,000		(48,852	)		(3,523	)
FTSE 100 Index		Put	Societe Generale		09/21/2018		27	GBP	7,050		(51,266	)	GBP	1,903,500		(42,457	)		8,809
FTSE 100 Index		Put	UBS		06/15/2018		7	GBP	7,150		(29,352	)	GBP	500,500		(3,111	)		26,241
Hang Seng China Enterprise Index		Put	J.P. Morgan Chase Bank, N.A.		12/28/2018		24	HKD	10,800		(118,665	)	HKD	12,960,000		(53,593	)		65,072
Hang Seng China Enterprise Index		Put	Societe Generale		12/28/2018		65	HKD	10,800		(182,122	)	HKD	35,100,000		(145,148	)		36,974
Hang Seng China Enterprise Index		Put	UBS		12/28/2018		57	HKD	10,800		(100,313	)	HKD	30,780,000		(127,283	)		(26,970	)
Nikkei 225 Index		Put	BNP Paribas S.A.		12/14/2018		2	JPY	20,000		(15,828	)	JPY	40,000,000		(8,367	)		7,461
Nikkei 225 Index		Put	UBS		12/14/2018		45	JPY	21,000		(414,597	)	JPY	945,000,000		(287,221	)		127,376
S&P 500 Index		Put	Bank of America Merrill Lynch		07/20/2018		13	USD	2,370		(43,198	)	USD	3,081,000		(21,050	)		22,148
S&P 500 Index		Put	Bank of America Merrill Lynch		07/20/2018		13	USD	2,405		(29,871	)	USD	3,126,500		(24,993	)		4,878
SMI Index		Put	Citigroup Global Markets Inc.		06/15/2018		3	CHF	7,700		(538	)	CHF	231,000		(95	)		443

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

20                         Invesco Global Targeted Returns Fund

Open Over-The-Counter Index Options Written—(continued)
Description	Type of Contract		Counterparty	Expiration Date		Number of Contracts		Exercise Price		Premiums Received			Notional Value(j)		Value			Unrealized Appreciation (Depreciation)
SMI Index		Put	Citigroup Global Markets Inc.		06/15/2018		11	CHF	8,000	$	(3,369	)	CHF	880,000	$	(1,023	)	$	2,346
SMI Index		Put	Citigroup Global Markets Inc.		06/15/2018		14	CHF	8,200		(6,369	)	CHF	1,148,000		(2,552	)		3,817
SMI Index		Put	Citigroup Global Markets Inc.		06/15/2018		3	CHF	8,300		(1,826	)	CHF	249,000		(754	)		1,072
SMI Index		Put	Citigroup Global Markets Inc.		06/15/2018		17	CHF	8,600		(20,623	)	CHF	1,462,000		(10,631	)		9,992
SMI Index		Put	Citigroup Global Markets Inc.		06/15/2018		2	CHF	8,900		(5,339	)	CHF	178,000		(3,208	)		2,131
SMI Index		Put	Deutsche Bank Securities Inc.		06/15/2018		10	CHF	8,000		(13,033	)	CHF	800,000		(930	)		12,103
SMI Index		Put	Deutsche Bank Securities Inc.		06/15/2018		8	CHF	8,200		(12,992	)	CHF	656,000		(1,458	)		11,534
SMI Index		Put	Deutsche Bank Securities Inc.		06/15/2018		6	CHF	8,600		(15,347	)	CHF	516,000		(3,752	)		11,595
SMI Index		Put	Goldman Sachs International		06/15/2018		2	CHF	8,000		(5,147	)	CHF	160,000		(186	)		4,961
SMI Index		Put	Goldman Sachs International		06/15/2018		2	CHF	8,200		(5,462	)	CHF	164,000		(364	)		5,098
SMI Index		Put	Goldman Sachs International		06/15/2018		85	CHF	8,600		(281,430	)	CHF	7,310,000		(53,152	)		228,278
SMI Index		Put	J.P. Morgan Chase Bank, N.A.		06/15/2018		5	CHF	7,700		(422	)	CHF	385,000		(158	)		264
SMI Index		Put	J.P. Morgan Chase Bank, N.A.		06/15/2018		21	CHF	8,000		(3,585	)	CHF	1,680,000		(1,953	)		1,632
SMI Index		Put	J.P. Morgan Chase Bank, N.A.		06/15/2018		29	CHF	8,200		(8,197	)	CHF	2,378,000		(5,286	)		2,911
SMI Index		Put	J.P. Morgan Chase Bank, N.A.		06/15/2018		7	CHF	8,300		(2,533	)	CHF	581,000		(1,759	)		774
SMI Index		Put	J.P. Morgan Chase Bank, N.A.		06/15/2018		36	CHF	8,600		(29,615	)	CHF	3,096,000		(22,512	)		7,103
SMI Index		Put	J.P. Morgan Chase Bank, N.A.		06/15/2018		4	CHF	8,900		(7,862	)	CHF	356,000		(6,416	)		1,446
SMI Index		Put	Societe Generale		06/15/2018		7	CHF	7,700		(1,018	)	CHF	539,000		(221	)		797
SMI Index		Put	Societe Generale		06/15/2018		28	CHF	8,000		(7,889	)	CHF	2,240,000		(2,603	)		5,286
SMI Index		Put	Societe Generale		06/15/2018		36	CHF	8,200		(16,112	)	CHF	2,952,000		(6,561	)		9,551
SMI Index		Put	Societe Generale		06/15/2018		9	CHF	8,300		(5,127	)	CHF	747,000		(2,261	)		2,866
SMI Index		Put	Societe Generale		06/15/2018		76	CHF	8,600		(141,793	)	CHF	6,536,000		(47,525	)		94,268
SMI Index		Put	Societe Generale		06/15/2018		6	CHF	8,900		(15,642	)	CHF	534,000		(9,625	)		6,017
Subtotal — Over-The-Counter Index Put Options Written							800				(1,934,304	)				(1,020,841	)		913,463
Total — Index Options Written — Equity Risk							2,071			$	(5,568,764	)			$	(4,312,012	)	$	1,256,752

^(j)  Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Over-The-Counter Foreign Currency Options Written
Description	Type of Contract		Counterparty	Expiration Date		Exercise Price		Premiums Received			Notional Value		Value			Unrealized Appreciation (Depreciation)
EUR versus USD		Call	Citigroup Global Markets Inc.		02/05/2019	USD	1.351	$	(4,996	)	EUR	603,100	$	(2,706	)	$	2,290
EUR versus USD		Call	J.P. Morgan Chase Bank, N.A.		02/05/2019	USD	1.286		(283,704	)	EUR	8,333,600		(109,708	)		173,996
USD versus BRL		Call	J.P. Morgan Chase Bank, N.A.		01/17/2019	BRL	3.750		(3,510	)	USD	178,000		(4,959	)		(1,449	)
USD versus CAD		Call	Bank of America Merrill Lynch		05/17/2018	CAD	1.270		(15,094	)	USD	4,096,000		(51,812	)		(36,718	)
Subtotal — Over-The-Counter Foreign Currency Call Options Written									(307,304	)				(169,185	)		138,119
CHF versus JPY		Put	Barclays Bank PLC		07/02/2018	JPY	105.900		(5,768	)	CHF	2,642,000		(3,073	)		2,695
CHF versus JPY		Put	Citigroup Global Markets Inc.		05/02/2018	JPY	112.000		(2,810	)	CHF	1,393,374		(21,676	)		(18,866	)
CHF versus JPY		Put	Morgan Stanley Capital Services LLC		05/02/2018	JPY	108.000		(2,143	)	CHF	1,393,372		(1	)		2,142
CHF versus JPY		Put	Morgan Stanley Capital Services LLC		06/04/2018	JPY	108.000		(5,645	)	CHF	2,786,744		(3,765	)		1,880
EUR versus USD		Put	Citigroup Global Markets Inc.		02/05/2019	USD	1.248		(13,301	)	EUR	603,100		(21,683	)		(8,382	)
Subtotal — Over-The-Counter Foreign Currency Put Options Written									(29,667	)				(50,198	)		(20,531	)
Total — Foreign Currency Options Written — Currency Risk									(336,971	)				(219,383	)		117,588
Total — Options Written								$	(5,905,735	)			$	(4,531,395	)	$	1,374,340

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

21                         Invesco Global Targeted Returns Fund

Open Futures Contracts(k)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
CAC 40 Index		162		May-2018	$	10,707,782		$	376,135		$	376,135
MSCI Taiwan Index		91		May-2018		3,580,850			12,746			12,746
Swiss Market Index		38		June-2018		3,388,557			110,965			110,965
Subtotal — Equity Risk									499,846			499,846
Euro Bonds		1		June-2018		191,710			1,746			1,746
Euro-Boxl 30 Year Bonds		2		June-2018		395,015			6,218			6,218
Euro-Schatz 2 Year Bonds		10		June-2018		1,351,597			1,220			1,220
U.S. Treasury Long Bonds		1		June-2018		143,844			1,617			1,617
Subtotal — Interest Rate Risk									10,801			10,801
Subtotal — Long Futures Contracts									510,647			510,647
Short Futures Contracts
Bovespa Index		95		June-2018		(2,347,139	)		(17,741	)		(17,741	)
DAX Index		28		June-2018		(10,661,213	)		(225,123	)		(225,123	)
EURO STOXX 50 Index		253		June-2018		(10,614,741	)		(466,790	)		(466,790	)
E-Mini S&P 500 Index		66		June-2018		(8,735,100	)		330,147			330,147
FTSE 100 Index		146		June-2018		(14,993,377	)		(578,641	)		(578,641	)
Hang Seng China Enterprises Index		48		May-2018		(3,750,478	)		(52,879	)		(52,879	)
Mexican Bolsa IPC Index		28		June-2018		(725,497	)		10,527			10,527
MSCI AC Asia ex Japan Index		53		June-2018		(2,711,401	)		50,741			50,741
Nikkei 225 Index		13		June-2018		(1,338,707	)		(68,332	)		(68,332	)
Russell UK Mid 150 Futures Index		65		June-2018		(3,493,241	)		(120,259	)		(120,259	)
Subtotal — Equity Risk									(1,138,350	)		(1,138,350	)
Long Gilt		11		June-2018		(1,851,334	)		(25,882	)		(25,882	)
Subtotal — Interest Rate Risk									(25,882	)		(25,882	)
Subtotal — Short Futures Contracts									(1,164,232	)		(1,164,232	)
Total — Futures Contracts								$	(653,585	)	$	(653,585	)

^(k)  Futures contracts collateralized by $4,195,646 cash held with Bank of America Merrill Lynch, the futures commission merchant.

Open Centrally Cleared Credit Default Swap Agreements(l)
Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread(m)		Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)(n)
Markit CDX North America Investment Grade Index, Series 29, Version 1		Buy		(1.00)%			Quarterly		12/20/2022		0.531%	USD	21,768,000	$	(488,332	)	$	(442,043	)	$	46,289
Markit CDX North America Investment Grade Index, Series 30, Version 1		Buy		(1.00)			Quarterly		06/20/2023		0.608	USD	5,941,153		(112,472	)		(110,114	)		2,358
Markit iTraxx Europe Index, Series 28, Version 1		Sell		1.00			Quarterly		12/20/2022		0.459	EUR	4,072,000		108,346			122,870			14,524
Markit iTraxx Europe Index, Series 29, Version 1		Sell		1.00			Quarterly		06/20/2023		0.543	EUR	599,000		16,686			16,777			91
Subtotal — Appreciation															(475,772	)		(412,510	)		63,262
Markit iTraxx Crossover Index, Series 29, Version 1		Buy		(5.00)			Quarterly		06/20/2023		2.703	EUR	300,000		(37,355	)		(38,589	)		(1,234	)
Markit iTraxx Europe Index, Series 27, Version 1		Buy		(1.00)			Quarterly		06/20/2022		0.364	EUR	21,323,000		(268,705	)		(677,966	)		(409,261	)
Markit iTraxx Europe Index, Series 29, Version 1		Buy		(1.00	)		Quarterly		06/20/2023		0.543	EUR	300,000		(7,700	)		(8,403	)		(703	)
Subtotal — Depreciation															(313,760	)		(724,958	)		(411,198	)
Total Credit Default Swap Agreements — Credit Risk														$	(789,532	)	$	(1,137,468	)	$	(347,936	)

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

22                         Invesco Global Targeted Returns Fund

^(m)  Implied credit spreads represent the current level as of April 30, 2018 at which protection could be bought or sold given the terms of the existing credit default swap contract and serve as an indicator of the current status of the payment/performance risk of the credit default swap contract. An implied credit 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 spread markets generally.

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

Open Centrally Cleared Interest Rate Swap Agreements(l)
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)(o)
Receive	3 Month CDOR	Semi-Annually		2.113	%	Semi-Annually		12/20/2022	CAD	792,000	$	—	$	10,513	$	10,513
Receive	3 Month CDOR	Semi-Annually		2.133		Semi-Annually		12/20/2022	CAD	998,000		—		12,560		12,560
Receive	3 Month CDOR	Semi-Annually		2.420		Semi-Annually		12/20/2022	CAD	1,838,630		—		6,354		6,354
Receive	3 Month CDOR	Semi-Annually		2.430		Semi-Annually		12/20/2022	CAD	1,838,630		—		5,741		5,741
Receive	3 Month CDOR	Semi-Annually		2.435		Semi-Annually		12/20/2022	CAD	3,677,259		—		10,869		10,869
Receive	3 Month CDOR	Semi-Annually		2.453		Semi-Annually		12/20/2022	CAD	1,838,630		—		4,361		4,361
Receive	3 Month CDOR	Semi-Annually		2.455		Semi-Annually		12/20/2022	CAD	1,838,630		—		4,208		4,208
Receive	3 Month CDOR	Semi-Annually		2.460		Semi-Annually		12/20/2022	CAD	1,838,630		—		3,902		3,902
Receive	3 Month CDOR	Semi-Annually		2.463		Semi-Annually		12/20/2022	CAD	1,838,630		—		3,748		3,748
Receive	3 Month CDOR	Semi-Annually		2.478		Semi-Annually		12/20/2022	CAD	2,006,110		—		3,086		3,086
Receive	3 Month STIBOR	Quarterly		(0.036	)	Annually		09/21/2021	SEK	10,167,000		—		7,788		7,788
Receive	3 Month STIBOR	Quarterly		0.020		Annually		09/21/2021	SEK	11,493,000		—		6,309		6,309
Receive	3 Month STIBOR	Quarterly		0.020		Annually		12/21/2021	SEK	16,053,000		—		13,382		13,382
Receive	3 Month USD LIBOR	Quarterly		2.655		Semi-Annually		03/18/2027	USD	2,005,530		—		49,889		49,889
Receive	3 Month USD LIBOR	Quarterly		2.661		Semi-Annually		03/18/2027	USD	4,228,055		—		103,666		103,666
Receive	3 Month USD LIBOR	Quarterly		2.665		Semi-Annually		03/18/2027	USD	3,971,347		—		96,379		96,379
Receive	3 Month USD LIBOR	Quarterly		2.671		Semi-Annually		09/15/2047	USD	1,083,000		—		32,074		32,074
Receive	3 Month USD LIBOR	Quarterly		2.672		Semi-Annually		03/18/2027	USD	4,003,118		—		95,478		95,478
Receive	3 Month USD LIBOR	Quarterly		2.676		Semi-Annually		03/18/2027	USD	4,034,889		—		95,256		95,256
Receive	3 Month USD LIBOR	Quarterly		2.678		Semi-Annually		03/18/2027	USD	4,011,061		—		94,206		94,206
Receive	3 Month USD LIBOR	Quarterly		2.678		Semi-Annually		09/15/2047	USD	428,000		—		12,428		12,428
Receive	3 Month USD LIBOR	Quarterly		2.693		Semi-Annually		12/15/2047	USD	395,000		—		10,726		10,726
Receive	3 Month USD LIBOR	Quarterly		2.752		Semi-Annually		12/15/2047	USD	608,000		—		13,468		13,468
Receive	3 Month USD LIBOR	Quarterly		2.758		Semi-Annually		03/21/2023	USD	3,693,735		—		29,052		29,052
Receive	3 Month USD LIBOR	Quarterly		2.770		Semi-Annually		03/21/2023	USD	3,693,735		—		26,999		26,999
Receive	3 Month USD LIBOR	Quarterly		2.777		Semi-Annually		03/21/2023	USD	416,284		—		2,910		2,910
Receive	3 Month USD LIBOR	Quarterly		2.791		Semi-Annually		12/15/2047	USD	439,000		—		8,304		8,304
Receive	3 Month USD LIBOR	Quarterly		2.909		Semi-Annually		03/18/2027	USD	2,264,000		—		21,389		21,389
Receive	3 Month USD LIBOR	Quarterly		2.969		Semi-Annually		06/15/2048	USD	1,656,000		—		4,931		4,931
Receive	3 Month USD LIBOR	Quarterly		2.983		Semi-Annually		03/18/2027	USD	4,845,000		—		23,992		23,992
Receive	3 Month USD LIBOR	Quarterly		3.002		Semi-Annually		06/17/2023	USD	2,129,000		—		2,467		2,467
Receive	6 Month EUR LIBOR	Semi-Annually		1.012		Annually		06/20/2028	EUR	454,000		—		941		941
Receive	6 Month EUR LIBOR	Semi-Annually		1.638		Annually		06/21/2028	EUR	961,000		—		1,060		1,060
Receive	6 Month EUR LIBOR	Semi-Annually		1.714		Annually		06/15/2048	EUR	483,000		—		4,545		4,545
Receive	6 Month EUR LIBOR	Semi-Annually		1.760		Annually		12/15/2047	EUR	504,000		—		2,934		2,934
Receive	6 Month GBP LIBOR	Semi-Annually		1.443		Semi-Annually		06/16/2047	GBP	264,000		—		9,174		9,174
Receive	6 Month GBP LIBOR	Semi-Annually		1.494		Semi-Annually		09/15/2047	GBP	86,000		—		2,224		2,224
Receive	6 Month GBP LIBOR	Semi-Annually		1.500		Semi-Annually		12/15/2047	GBP	304,000		—		7,227		7,227
Receive	6 Month GBP LIBOR	Semi-Annually		1.523		Semi-Annually		09/15/2047	GBP	589,211		—		12,555		12,555
Receive	6 Month GBP LIBOR	Semi-Annually		1.544		Semi-Annually		09/15/2047	GBP	1,206,492		—		21,794		21,794
Receive	6 Month GBP LIBOR	Semi-Annually		1.545		Semi-Annually		09/15/2047	GBP	566,313		—		10,142		10,142
Receive	6 Month GBP LIBOR	Semi-Annually		1.549		Semi-Annually		09/15/2047	GBP	1,206,492		—		20,909		20,909
Receive	6 Month GBP LIBOR	Semi-Annually		1.552		Semi-Annually		03/16/2048	GBP	1,792,964		—		26,542		26,542
Receive	6 Month GBP LIBOR	Semi-Annually		1.558		Semi-Annually		09/15/2047	GBP	1,206,492		—		19,278		19,278

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

23                         Invesco Global Targeted Returns Fund

Open Centrally Cleared Interest Rate Swap Agreements(l)—(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)(o)
Receive	6 Month GBP LIBOR	Semi-Annually		1.576	%	Semi-Annually		03/16/2048	GBP	896,482	$	—	$	10,002	$	10,002
Receive	6 Month GBP LIBOR	Semi-Annually		1.581		Semi-Annually		03/16/2048	GBP	621,229		—		6,407		6,407
Receive	6 Month GBP LIBOR	Semi-Annually		1.598		Semi-Annually		12/15/2047	GBP	570,000		—		5,010		5,010
Receive	6 Month GBP LIBOR	Semi-Annually		1.608		Semi-Annually		12/15/2047	GBP	571,000		—		4,096		4,096
Receive	6 Month GBP LIBOR	Semi-Annually		1.614		Semi-Annually		03/16/2048	GBP	1,361,325		—		7,247		7,247
Receive	6 Month GBP LIBOR	Semi-Annually		1.615		Semi-Annually		09/17/2046	GBP	4,229,880		—		47,141		47,141
Receive	6 Month GBP LIBOR	Semi-Annually		1.648		Semi-Annually		12/15/2047	GBP	586,000		—		593		593
Pay	3 Month AUD BBSW	Quarterly		2.559		Quarterly		03/18/2022	AUD	2,969,629		—		274		274
Pay	3 Month AUD BBSW	Quarterly		2.560		Quarterly		03/18/2022	AUD	2,913,304		—		310		310
Pay	3 Month AUD BBSW	Quarterly		2.564		Quarterly		03/18/2022	AUD	3,458,371		—		563		563
Pay	3 Month AUD BBSW	Quarterly		2.568		Quarterly		03/18/2022	AUD	2,913,304		—		639		639
Pay	3 Month AUD BBSW	Quarterly		2.575		Quarterly		03/18/2022	AUD	3,120,098		—		992		992
Pay	3 Month AUD BBSW	Quarterly		2.583		Quarterly		03/18/2022	AUD	3,007,286		—		1,296		1,296
Pay	3 Month AUD BBSW	Quarterly		2.585		Quarterly		03/18/2022	AUD	3,458,371		—		1,588		1,588
Pay	3 Month AUD BBSW	Quarterly		2.597		Quarterly		03/18/2022	AUD	3,120,098		—		1,962		1,962
Pay	3 Month AUD BBSW	Quarterly		2.631		Quarterly		03/18/2022	AUD	3,767,034		—		4,177		4,177
Pay	3 Month AUD BBSW	Quarterly		2.636		Quarterly		06/17/2022	AUD	2,142,088		—		1,081		1,081
Pay	3 Month AUD BBSW	Quarterly		2.642		Quarterly		03/18/2022	AUD	3,458,372		—		4,372		4,372
Pay	3 Month AUD BBSW	Quarterly		2.653		Quarterly		06/17/2022	AUD	2,142,088		—		1,577		1,577
Pay	3 Month AUD BBSW	Quarterly		2.662		Quarterly		06/17/2022	AUD	3,496,472		—		3,040		3,040
Pay	3 Month AUD BBSW	Quarterly		2.663		Quarterly		06/17/2022	AUD	2,142,088		—		1,878		1,878
Pay	3 Month AUD BBSW	Quarterly		2.664		Quarterly		06/17/2022	AUD	2,142,088		—		1,923		1,923
Pay	3 Month AUD BBSW	Quarterly		2.665		Quarterly		06/17/2022	AUD	2,142,088		—		1,953		1,953
Pay	3 Month AUD BBSW	Quarterly		2.688		Quarterly		06/17/2022	AUD	2,142,088		—		2,644		2,644
Pay	3 Month CDOR	Semi-Annually		2.390		Semi-Annually		06/20/2021	CAD	3,685,472		—		310		310
Pay	3 Month STIBOR	Quarterly		0.598		Annually		06/20/2023	SEK	4,290,000		—		536		536
Pay	3 Month STIBOR	Quarterly		2.234		Annually		03/15/2028	SEK	3,058,000		—		3,502		3,502
Pay	3 Month STIBOR	Quarterly		2.265		Annually		03/15/2028	SEK	3,668,000		—		4,799		4,799
Pay	3 Month STIBOR	Quarterly		2.313		Annually		01/19/2026	SEK	21,817,000		—		92,457		92,457
Pay	3 Month STIBOR	Quarterly		2.534		Annually		12/17/2025	SEK	36,231,000		—		203,173		203,173
Pay	3 Month STIBOR	Quarterly		2.655		Annually		01/04/2026	SEK	34,380,000		—		212,756		212,756
Pay	3 Month USD LIBOR	Quarterly		3.010		Semi-Annually		03/16/2048	USD	1,214,517		—		22		22
Pay	3 Month USD LIBOR	Quarterly		3.038		Semi-Annually		03/16/2048	USD	1,089,017		—		2,534		2,534
Pay	3 Month USD LIBOR	Quarterly		3.048		Semi-Annually		03/16/2048	USD	1,089,950		—		3,451		3,451
Pay	3 Month USD LIBOR	Quarterly		3.055		Semi-Annually		06/15/2048	USD	946,000		—		3,979		3,979
Pay	6 Month EUR LIBOR	Semi-Annually		0.386		Annually		03/21/2023	EUR	13,474,598		—		1,429		1,429
Pay	6 Month EUR LIBOR	Semi-Annually		0.444		Annually		03/21/2023	EUR	334,000		—		1,353		1,353
Pay	6 Month EUR LIBOR	Semi-Annually		1.689		Annually		03/21/2028	EUR	5,493,000		—		22,367		22,367
Pay	6 Month EUR LIBOR	Semi-Annually		1.788		Annually		03/21/2028	EUR	243,000		—		2,373		2,373
Pay	6 Month EUR LIBOR	Semi-Annually		1.798		Annually		06/15/2048	EUR	217,000		—		367		367
Pay	6 Month EUR LIBOR	Semi-Annually		1.812		Annually		03/16/2048	EUR	254,418		—		597		597
Pay	6 Month EUR LIBOR	Semi-Annually		1.813		Annually		03/16/2048	EUR	249,329		—		601		601
Pay	6 Month EUR LIBOR	Semi-Annually		1.814		Annually		03/16/2048	EUR	254,100		—		663		663
Pay	6 Month EUR LIBOR	Semi-Annually		1.816		Annually		09/15/2047	EUR	652,000		—		209		209
Pay	6 Month EUR LIBOR	Semi-Annually		1.817		Annually		03/16/2048	EUR	251,559		—		756		756
Pay	6 Month EUR LIBOR	Semi-Annually		1.820		Annually		03/16/2048	EUR	255,516		—		853		853
Pay	6 Month EUR LIBOR	Semi-Annually		1.821		Annually		09/15/2047	EUR	1,304,000		—		1,298		1,298
Pay	6 Month EUR LIBOR	Semi-Annually		1.822		Annually		09/15/2047	EUR	654,000		—		734		734
Pay	6 Month EUR LIBOR	Semi-Annually		1.824		Annually		09/15/2047	EUR	653,000		—		907		907

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

24                         Invesco Global Targeted Returns Fund

Open Centrally Cleared Interest Rate Swap Agreements(l)—(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)(o)
Pay		6 Month EUR LIBOR		Semi-Annually		1.830	%		Annually		09/15/2047	EUR	652,000	$	—		$	1,385		$	1,385
Pay		6 Month EUR LIBOR		Semi-Annually		1.833			Annually		03/16/2048	EUR	260,371		—			1,335			1,335
Pay		6 Month EUR LIBOR		Semi-Annually		1.835			Annually		03/16/2048	EUR	254,245		—			1,354			1,354
Pay		6 Month EUR LIBOR		Semi-Annually		1.841			Annually		09/15/2047	EUR	1,305,000		—			4,778			4,778
Pay		6 Month EUR LIBOR		Semi-Annually		1.848			Annually		03/16/2048	EUR	251,702		—			1,791			1,791
Pay		6 Month EUR LIBOR		Semi-Annually		1.850			Annually		03/16/2048	EUR	255,516		—			1,869			1,869
Pay		6 Month EUR LIBOR		Semi-Annually		1.866			Annually		03/16/2048	EUR	254,244		—			2,399			2,399
Pay		6 Month EUR LIBOR		Semi-Annually		1.893			Annually		12/15/2047	EUR	353,048		—			4,161			4,161
Pay		6 Month EUR LIBOR		Semi-Annually		1.899			Annually		12/15/2047	EUR	685,952		—			8,710			8,710
Pay		6 Month EUR LIBOR		Semi-Annually		1.937			Annually		12/15/2047	EUR	179,000		—			3,165			3,165
Pay		6 Month GBP LIBOR		Semi-Annually		1.650			Semi-Annually		03/16/2048	GBP	737,000		—			240			240
Pay		6 Month GBP LIBOR		Semi-Annually		1.661			Semi-Annually		12/15/2047	GBP	643,000		—			666			666
Pay		6 Month GBP LIBOR		Semi-Annually		1.670			Semi-Annually		09/15/2047	GBP	538,000		—			754			754
Subtotal — Appreciation															—			1,661,158			1,661,158
Receive		3 Month CDOR		Semi-Annually		2.525			Semi-Annually		12/20/2022	CAD	2,718,440		—			(124	)		(124	)
Receive		3 Month STIBOR		Quarterly		0.348			Annually		06/21/2022	SEK	14,426,000		—			(865	)		(865	)
Receive		3 Month STIBOR		Quarterly		0.354			Annually		06/21/2022	SEK	5,530,800		—			(482	)		(482	)
Receive		3 Month STIBOR		Quarterly		0.390			Annually		04/29/2021	SEK	111,635,138		—			(123,112	)		(123,112	)
Receive		3 Month STIBOR		Quarterly		0.720			Annually		03/21/2023	SEK	3,671,000		—			(4,541	)		(4,541	)
Receive		3 Month USD LIBOR		Quarterly		3.048			Semi-Annually		03/16/2048	USD	202,000		—			(643	)		(643	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.082			Annually		06/20/2021	EUR	8,767,000		—			(2,570	)		(2,570	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.087			Annually		06/20/2021	EUR	17,534,000		—			(8,523	)		(8,523	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.088			Annually		06/20/2021	EUR	26,301,000		—			(13,933	)		(13,933	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.414			Annually		03/21/2023	EUR	374,835		7			(843	)		(850	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.415			Annually		03/21/2023	EUR	2,317,131		6			(5,338	)		(5,344	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.417			Annually		03/21/2023	EUR	411,559		(43	)		(1,006	)		(963	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.418			Annually		03/21/2023	EUR	4,124,942		—			(10,298	)		(10,298	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.419			Annually		03/21/2023	EUR	1,588,293		224			(4,066	)		(4,290	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.420			Annually		03/21/2023	EUR	849,606		116			(2,221	)		(2,337	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.422			Annually		03/21/2023	EUR	1,300,336		(393	)		(3,561	)		(3,168	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.423			Annually		03/21/2023	EUR	773,550		186			(2,160	)		(2,346	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.424			Annually		03/21/2023	EUR	852,874		342			(2,431	)		(2,773	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.425			Annually		03/21/2023	EUR	1,254,613		(156	)		(3,649	)		(3,493	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.426			Annually		03/21/2023	EUR	1,246,560		(15	)		(3,701	)		(3,686	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.427			Annually		03/21/2023	EUR	9,432,655		529			(28,474	)		(29,003	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.430			Annually		03/21/2023	EUR	380,484		81			(1,211	)		(1,292	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.432			Annually		03/21/2023	EUR	1,585,187		(597	)		(5,268	)		(4,671	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.433			Annually		03/21/2023	EUR	1,093,070		81			(3,692	)		(3,773	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.435			Annually		03/21/2023	EUR	846,885		255			(2,976	)		(3,231	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.437			Annually		03/21/2023	EUR	1,250,432		78			(4,525	)		(4,603	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.443			Annually		03/21/2023	EUR	380,376		86			(1,511	)		(1,597	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.493			Annually		03/21/2023	EUR	503,500		—			(3,494	)		(3,494	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.497			Annually		03/21/2023	EUR	503,500		—			(3,598	)		(3,598	)
Receive		6 Month EUR LIBOR		Semi-Annually		0.503			Annually		03/21/2023	EUR	1,298,000		—			(9,773	)		(9,773	)
Receive		6 Month EUR LIBOR		Semi-Annually		1.004			Annually		03/21/2028	EUR	554,371		—			(1,552	)		(1,552	)
Receive		6 Month EUR LIBOR		Semi-Annually		1.005			Annually		03/21/2028	EUR	561,658		—			(1,638	)		(1,638	)
Receive		6 Month EUR LIBOR		Semi-Annually		1.019			Annually		03/21/2028	EUR	554,371		—			(2,555	)		(2,555	)
Receive		6 Month EUR LIBOR		Semi-Annually		1.020			Annually		03/21/2028	EUR	554,372		—			(2,587	)		(2,587	)
Receive		6 Month EUR LIBOR		Semi-Annually		1.032			Annually		03/21/2028	EUR	554,372		—			(3,395	)		(3,395	)

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

25                         Invesco Global Targeted Returns Fund

Open Centrally Cleared Interest Rate Swap Agreements(l)—(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)(o)
Receive	6 Month EUR LIBOR	Semi-Annually		1.035	%	Annually		03/21/2028	EUR	554,371	$	—	$	(3,557	)	$	(3,557	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.035		Annually		03/23/2028	EUR	2,217,484		818		(14,207	)		(15,025	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.803		Annually		03/16/2048	EUR	295,000		—		(336	)		(336	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.811		Annually		12/15/2047	EUR	407,000		—		(393	)		(393	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.880		Annually		03/16/2048	EUR	607,331		—		(6,889	)		(6,889	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.886		Annually		03/16/2048	EUR	641,071		—		(7,739	)		(7,739	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.911		Annually		03/16/2048	EUR	640,397		—		(9,852	)		(9,852	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.915		Annually		03/16/2048	EUR	624,201		—		(9,975	)		(9,975	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.940		Annually		09/15/2047	EUR	199,000		—		(3,362	)		(3,362	)
Receive	6 Month EUR LIBOR	Semi-Annually		1.952		Annually		12/15/2047	EUR	391,000		—		(7,689	)		(7,689	)
Receive	6 Month GBP LIBOR	Semi-Annually		1.693		Semi-Annually		09/17/2046	GBP	1,178,120		—		(1,247	)		(1,247	)
Receive	6 Month GBP LIBOR	Semi-Annually		1.694		Semi-Annually		03/16/2048	GBP	300,300		—		(2,099	)		(2,099	)
Receive	6 Month GBP LIBOR	Semi-Annually		1.695		Semi-Annually		03/16/2048	GBP	300,300		—		(2,168	)		(2,168	)
Receive	6 Month GBP LIBOR	Semi-Annually		1.702		Semi-Annually		03/16/2048	GBP	309,400		—		(2,566	)		(2,566	)
Receive	6 Month GBP LIBOR	Semi-Annually		1.708		Semi-Annually		06/15/2048	GBP	442,000		—		(4,496	)		(4,496	)
Receive	6 Month GBP LIBOR	Semi-Annually		1.713		Semi-Annually		06/15/2048	GBP	442,000		—		(4,834	)		(4,834	)
Receive	6 Month GBP LIBOR	Semi-Annually		1.733		Semi-Annually		03/16/2048	GBP	267,000		—		(3,485	)		(3,485	)
Receive	6 Month GBP LIBOR	Semi-Annually		1.743		Semi-Annually		03/16/2048	GBP	267,000		—		(3,895	)		(3,895	)
Pay	28 Day MXN TIIE	Monthly		6.925		Monthly		06/16/2021	MXN	1,500,000		—		(512	)		(512	)
Pay	3 Month AUD BBSW	Quarterly		2.490		Quarterly		06/17/2022	AUD	2,022,372		—		(3,124	)		(3,124	)
Pay	3 Month AUD BBSW	Quarterly		2.493		Quarterly		06/17/2022	AUD	1,862,985		—		(2,813	)		(2,813	)
Pay	3 Month AUD BBSW	Quarterly		2.534		Quarterly		03/18/2022	AUD	2,454,172		—		(640	)		(640	)
Pay	3 Month AUD BBSW	Quarterly		2.545		Quarterly		03/18/2022	AUD	2,950,961		—		(311	)		(311	)
Pay	3 Month AUD BBSW	Quarterly		2.560		Quarterly		06/17/2022	AUD	2,064,896		—		(1,161	)		(1,161	)
Pay	3 Month AUD BBSW	Quarterly		2.565		Quarterly		06/17/2022	AUD	4,167,854		—		(2,051	)		(2,051	)
Pay	3 Month AUD BBSW	Quarterly		2.570		Quarterly		06/17/2022	AUD	5,911,893		—		(2,494	)		(2,494	)
Pay	3 Month CDOR	Semi-Annually		2.030		Semi-Annually		12/20/2022	CAD	351,536		—		(5,665	)		(5,665	)
Pay	3 Month CDOR	Semi-Annually		2.038		Semi-Annually		12/20/2022	CAD	1,282,813		—		(20,340	)		(20,340	)
Pay	3 Month CDOR	Semi-Annually		2.040		Semi-Annually		12/20/2022	CAD	1,282,814		—		(20,229	)		(20,229	)
Pay	3 Month CDOR	Semi-Annually		2.043		Semi-Annually		12/20/2022	CAD	1,120,930		—		(17,580	)		(17,580	)
Pay	3 Month CDOR	Semi-Annually		2.045		Semi-Annually		12/20/2022	CAD	1,795,907		—		(28,012	)		(28,012	)
Pay	3 Month CDOR	Semi-Annually		2.140		Semi-Annually		09/18/2022	CAD	509,225		—		(5,747	)		(5,747	)
Pay	3 Month CDOR	Semi-Annually		2.145		Semi-Annually		09/15/2022	CAD	1,261,963		—		(13,988	)		(13,988	)
Pay	3 Month CDOR	Semi-Annually		2.150		Semi-Annually		09/15/2022	CAD	1,261,963		—		(13,782	)		(13,782	)
Pay	3 Month CDOR	Semi-Annually		2.153		Semi-Annually		09/15/2022	CAD	1,261,962		—		(13,680	)		(13,680	)
Pay	3 Month CDOR	Semi-Annually		2.155		Semi-Annually		09/18/2022	CAD	1,261,963		—		(13,625	)		(13,625	)
Pay	3 Month CDOR	Semi-Annually		2.160		Semi-Annually		09/18/2022	CAD	1,261,962		—		(13,419	)		(13,419	)
Pay	3 Month CDOR	Semi-Annually		2.163		Semi-Annually		09/18/2022	CAD	1,261,962		—		(13,316	)		(13,316	)
Pay	3 Month CDOR	Semi-Annually		2.169		Semi-Annually		12/20/2022	CAD	1,245,463		—		(14,109	)		(14,109	)
Pay	3 Month CDOR	Semi-Annually		2.170		Semi-Annually		12/20/2022	CAD	1,245,462		—		(14,066	)		(14,066	)
Pay	3 Month CDOR	Semi-Annually		2.174		Semi-Annually		12/20/2022	CAD	1,245,463		—		(13,916	)		(13,916	)
Pay	3 Month CDOR	Semi-Annually		2.175		Semi-Annually		12/20/2022	CAD	2,878,150		—		(31,997	)		(31,997	)
Pay	3 Month CDOR	Semi-Annually		2.190		Semi-Annually		12/20/2022	CAD	1,245,462		—		(13,209	)		(13,209	)
Pay	3 Month CDOR	Semi-Annually		2.340		Semi-Annually		06/20/2021	CAD	3,377,816		—		(3,542	)		(3,542	)
Pay	3 Month CDOR	Semi-Annually		2.348		Semi-Annually		06/20/2021	CAD	3,377,816		—		(2,968	)		(2,968	)
Pay	3 Month CDOR	Semi-Annually		2.350		Semi-Annually		06/20/2021	CAD	3,377,816		—		(2,776	)		(2,776	)
Pay	3 Month CDOR	Semi-Annually		2.355		Semi-Annually		06/20/2021	CAD	3,377,816		—		(2,394	)		(2,394	)
Pay	3 Month CDOR	Semi-Annually		2.368		Semi-Annually		06/20/2021	CAD	3,377,816		—		(1,437	)		(1,437	)
Pay	3 Month CDOR	Semi-Annually		2.370		Semi-Annually		06/20/2021	CAD	3,377,816		—		(1,246	)		(1,246	)

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

26                         Invesco Global Targeted Returns Fund

Open Centrally Cleared Interest Rate Swap Agreements(l)—(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)(o)
Pay	3 Month CDOR	Semi-Annually		2.378	%	Semi-Annually		06/20/2021	CAD	3,377,816	$	—		$	(672	)	$	(672	)
Pay	3 Month CDOR	Semi-Annually		2.380		Semi-Annually		06/20/2021	CAD	3,377,816		—			(481	)		(481	)
Pay	3 Month STIBOR	Quarterly		1.613		Annually		09/15/2026	SEK	16,053,000		—			(9,062	)		(9,062	)
Pay	3 Month USD LIBOR	Quarterly		2.155		Semi-Annually		09/17/2046	USD	751,000		—			(57,987	)		(57,987	)
Pay	3 Month USD LIBOR	Quarterly		2.163		Semi-Annually		09/17/2046	USD	1,123,000		—			(85,928	)		(85,928	)
Pay	3 Month USD LIBOR	Quarterly		2.453		Semi-Annually		03/24/2046	USD	4,233,688		—			(223,655	)		(223,655	)
Pay	3 Month USD LIBOR	Quarterly		2.510		Semi-Annually		06/18/2046	USD	491,000		—			(23,092	)		(23,092	)
Pay	3 Month USD LIBOR	Quarterly		2.535		Semi-Annually		03/18/2023	USD	4,293,033		—			(60,124	)		(60,124	)
Pay	3 Month USD LIBOR	Quarterly		2.538		Semi-Annually		03/18/2023	USD	9,079,468		—			(126,563	)		(126,563	)
Pay	3 Month USD LIBOR	Quarterly		2.547		Semi-Annually		03/18/2023	USD	8,578,125		—			(117,429	)		(117,429	)
Pay	3 Month USD LIBOR	Quarterly		2.549		Semi-Annually		03/18/2023	USD	8,578,125		—			(116,984	)		(116,984	)
Pay	3 Month USD LIBOR	Quarterly		2.549		Semi-Annually		03/21/2023	USD	5,355,119		—			(89,779	)		(89,779	)
Pay	3 Month USD LIBOR	Quarterly		2.553		Semi-Annually		03/18/2023	USD	17,156,249		—			(232,085	)		(232,085	)
Pay	3 Month USD LIBOR	Quarterly		2.553		Semi-Annually		03/21/2023	USD	2,496,881		—			(41,368	)		(41,368	)
Pay	3 Month USD LIBOR	Quarterly		2.591		Semi-Annually		09/15/2047	USD	131,000		—			(4,778	)		(4,778	)
Pay	3 Month USD LIBOR	Quarterly		2.623		Semi-Annually		06/16/2047	USD	376,000		—			(12,946	)		(12,946	)
Pay	3 Month USD LIBOR	Quarterly		2.625		Semi-Annually		04/28/2046	USD	574,000		—			(21,428	)		(21,428	)
Pay	3 Month USD LIBOR	Quarterly		2.691		Semi-Annually		12/15/2047	USD	515,531		—			(14,074	)		(14,074	)
Pay	3 Month USD LIBOR	Quarterly		2.697		Semi-Annually		12/15/2047	USD	515,735		—			(13,843	)		(13,843	)
Pay	3 Month USD LIBOR	Quarterly		2.701		Semi-Annually		06/20/2021	USD	6,035,500		—			(27,876	)		(27,876	)
Pay	3 Month USD LIBOR	Quarterly		2.703		Semi-Annually		12/15/2047	USD	515,734		—			(13,590	)		(13,590	)
Pay	3 Month USD LIBOR	Quarterly		2.709		Semi-Annually		12/15/2047	USD	384,000		—			(9,892	)		(9,892	)
Pay	3 Month USD LIBOR	Quarterly		2.713		Semi-Annually		06/16/2047	USD	959,000		—			(25,635	)		(25,635	)
Pay	3 Month USD LIBOR	Quarterly		2.715		Semi-Annually		06/20/2021	USD	6,035,500		—			(25,362	)		(25,362	)
Pay	3 Month USD LIBOR	Quarterly		2.779		Semi-Annually		03/16/2048	USD	450,000		—			(8,726	)		(8,726	)
Pay	3 Month USD LIBOR	Quarterly		2.788		Semi-Annually		12/15/2047	USD	400,000		—			(7,667	)		(7,667	)
Pay	3 Month USD LIBOR	Quarterly		2.789		Semi-Annually		03/16/2048	USD	441,551		—			(8,192	)		(8,192	)
Pay	3 Month USD LIBOR	Quarterly		2.794		Semi-Annually		03/16/2048	USD	450,562		—			(8,170	)		(8,170	)
Pay	3 Month USD LIBOR	Quarterly		2.796		Semi-Annually		03/16/2048	USD	445,500		—			(8,003	)		(8,003	)
Pay	3 Month USD LIBOR	Quarterly		2.832		Semi-Annually		03/18/2023	USD	7,064,000		—			(41,441	)		(41,441	)
Pay	3 Month USD LIBOR	Quarterly		2.847		Semi-Annually		03/16/2048	USD	461,105		—			(6,290	)		(6,290	)
Pay	3 Month USD LIBOR	Quarterly		2.858		Semi-Annually		03/16/2048	USD	452,509		—			(5,774	)		(5,774	)
Pay	3 Month USD LIBOR	Quarterly		2.863		Semi-Annually		03/16/2048	USD	452,508		—			(5,565	)		(5,565	)
Pay	3 Month USD LIBOR	Quarterly		2.869		Semi-Annually		03/16/2048	USD	450,256		—			(5,310	)		(5,310	)
Pay	3 Month USD LIBOR	Quarterly		2.885		Semi-Annually		03/16/2048	USD	445,753		—			(4,658	)		(4,658	)
Pay	3 Month USD LIBOR	Quarterly		2.895		Semi-Annually		03/16/2048	USD	450,256		—			(4,327	)		(4,327	)
Pay	3 Month USD LIBOR	Quarterly		2.899		Semi-Annually		03/16/2048	USD	919,000		—			(8,586	)		(8,586	)
Pay	3 Month USD LIBOR	Quarterly		2.938		Semi-Annually		03/18/2023	USD	10,154,000		—			(30,103	)		(30,103	)
Pay	3 Month USD LIBOR	Quarterly		3.005		Semi-Annually		03/16/2048	USD	1,214,516		—			(488	)		(488	)
Pay	3 Month USD LIBOR	Quarterly		3.023		Semi-Annually		06/17/2027	USD	1,132,000		—			(3,047	)		(3,047	)
Pay	6 Month EUR LIBOR	Semi-Annually		0.371		Annually		03/21/2023	EUR	1,181,595		—			(1,335	)		(1,335	)
Pay	6 Month EUR LIBOR	Semi-Annually		0.372		Annually		03/21/2023	EUR	2,211,236		—			(2,372	)		(2,372	)
Pay	6 Month EUR LIBOR	Semi-Annually		0.377		Annually		03/21/2023	EUR	4,491,533		—			(1,784	)		(1,784	)
Pay	6 Month EUR LIBOR	Semi-Annually		0.382		Annually		03/21/2023	EUR	8,983,065		—			(1,249	)		(1,249	)
Pay	6 Month EUR LIBOR	Semi-Annually		1.567		Annually		03/21/2028	EUR	929,635		57			(2,773	)		(2,830	)
Pay	6 Month EUR LIBOR	Semi-Annually		1.570		Annually		03/21/2028	EUR	980,247		158			(2,727	)		(2,885	)
Pay	6 Month EUR LIBOR	Semi-Annually		1.575		Annually		03/21/2028	EUR	971,128		(44	)		(2,428	)		(2,384	)
Pay	6 Month EUR LIBOR	Semi-Annually		1.585		Annually		03/21/2028	EUR	968,975		250			(1,866	)		(2,116	)
Pay	6 Month EUR LIBOR	Semi-Annually		1.590		Annually		03/21/2028	EUR	957,200		467			(1,568	)		(2,035	)

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

27                         Invesco Global Targeted Returns Fund

Open Centrally Cleared Interest Rate Swap Agreements(l)—(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)(o)
Pay		6 Month EUR LIBOR		Semi-Annually		1.592	%		Annually		03/21/2028	EUR	946,335	$	364		$	(1,468	)	$	(1,832	)
Pay		6 Month EUR LIBOR		Semi-Annually		1.593			Annually		03/21/2028	EUR	1,335,294		(380	)		(1,957	)		(1,577	)
Pay		6 Month EUR LIBOR		Semi-Annually		1.594			Annually		03/21/2028	EUR	1,533,210		(844	)		(2,167	)		(1,323	)
Pay		6 Month EUR LIBOR		Semi-Annually		1.595			Annually		03/21/2028	EUR	949,976		342			(1,283	)		(1,625	)
Pay		6 Month EUR LIBOR		Semi-Annually		1.607			Annually		03/21/2028	EUR	2,393,000		—			(1,580	)		(1,580	)
Pay		6 Month EUR LIBOR		Semi-Annually		1.789			Annually		03/16/2048	EUR	237,000		—			(182	)		(182	)
Pay		6 Month EUR LIBOR		Semi-Annually		1.804			Annually		12/15/2047	EUR	250,000		—			(5	)		(5	)
Pay		6 Month GBP LIBOR		Semi-Annually		1.468			Semi-Annually		06/16/2047	GBP	260,000		—			(8,028	)		(8,028	)
Pay		6 Month GBP LIBOR		Semi-Annually		1.470			Semi-Annually		03/17/2047	GBP	229,000		—			(7,245	)		(7,245	)
Pay		6 Month GBP LIBOR		Semi-Annually		1.501			Semi-Annually		12/15/2047	GBP	548,000		—			(12,994	)		(12,994	)
Pay		6 Month GBP LIBOR		Semi-Annually		1.509			Semi-Annually		12/15/2047	GBP	548,000		—			(12,303	)		(12,303	)
Pay		6 Month GBP LIBOR		Semi-Annually		1.531			Semi-Annually		12/15/2047	GBP	549,000		—			(10,465	)		(10,465	)
Pay		6 Month GBP LIBOR		Semi-Annually		1.566			Semi-Annually		03/17/2047	GBP	187,000		—			(3,126	)		(3,126	)
Pay		6 Month GBP LIBOR		Semi-Annually		1.635			Semi-Annually		06/15/2048	GBP	1,747,000		—			(1,720	)		(1,720	)
Subtotal — Depreciation															1,975			(2,246,859	)		(2,248,834	)
Total — Interest Rate Swap Agreements — Interest Rate Risk														$	1,975		$	(585,701	)	$	(587,676	)

^(l)  Centrally cleared interest rate swap agreements collateralized by $1,886,774 cash held with Credit Suisse Securities (USA) LLC.

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

Open Over-The-Counter Inflation Swap Agreements(p)
Counterparty	Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	Receive	United States CPI Urban Consumers NSA		At Maturity		1.955	%		At Maturity		10/18/2026	USD	1,314,000	$	—	$	51,399	$	51,399
Barclays Bank PLC	Receive	United States CPI Urban Consumers NSA		At Maturity		1.960			At Maturity		10/18/2026	USD	1,314,000		—		50,769		50,769
Barclays Bank PLC	Receive	United States CPI Urban Consumers NSA		At Maturity		1.995			At Maturity		10/19/2026	USD	1,314,000		—		46,384		46,384
Barclays Bank PLC	Receive	United States CPI Urban Consumers NSA		At Maturity		2.000			At Maturity		10/19/2026	USD	1,288,000		—		44,847		44,847
Barclays Bank PLC	Receive	United States CPI Urban Consumers NSA		At Maturity		2.010			At Maturity		10/20/2026	USD	1,314,000		—		44,522		44,522
Barclays Bank PLC	Receive	United States CPI Urban Consumers NSA		At Maturity		1.993			At Maturity		10/21/2026	USD	1,288,000		—		45,843		45,843
Barclays Bank PLC	Receive	United States CPI Urban Consumers NSA		At Maturity		2.010			At Maturity		10/21/2026	USD	1,314,000		—		44,556		44,556
Barclays Bank PLC	Receive	United States CPI Urban Consumers NSA		At Maturity		1.995			At Maturity		10/24/2026	USD	1,314,000		—		46,557		46,557
Barclays Bank PLC	Receive	United States CPI Urban Consumers NSA		At Maturity		2.225			At Maturity		11/16/2026	USD	1,825,000		—		23,669		23,669
Barclays Bank PLC	Receive	United States CPI Urban Consumers NSA		At Maturity		2.255			At Maturity		11/17/2026	USD	1,867,000		—		18,679		18,679
Goldman Sachs International	Receive	United States CPI Urban Consumers NSA		At Maturity		2.040			At Maturity		11/01/2026	USD	1,320,000		—		41,325		41,325
Goldman Sachs International	Receive	United States CPI Urban Consumers NSA		At Maturity		2.218			At Maturity		11/16/2026	USD	1,762,000		—		24,146		24,146
Morgan Stanley Capital Services LLC	Receive	United States CPI Urban Consumers NSA		At Maturity		2.048			At Maturity		11/01/2026	USD	1,299,000		—		39,727		39,727
Morgan Stanley Capital Services LLC	Receive	United States CPI Urban Consumers NSA		At Maturity		2.249			At Maturity		11/16/2026	USD	1,493,000		—		15,851		15,851
Morgan Stanley Capital Services LLC	Receive	United States CPI Urban Consumers NSA		At Maturity		2.259			At Maturity		11/16/2026	USD	1,276,000		—		12,294		12,294

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 Inflation Swap Agreements(p)—(continued)
Counterparty	Pay/Receive Floating Rate	Floating Rate Index		Payment Frequency		Fixed Rate			Payment Frequency		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services LLC	Receive		United States CPI Urban Consumers NSA		At Maturity		2.284	%		At Maturity		11/16/2026	USD	2,776,000	$	—	$	19,921		$	19,921
Morgan Stanley Capital Services LLC	Receive		United States CPI Urban Consumers NSA		At Maturity		2.255			At Maturity		11/17/2026	USD	1,867,000		—		18,771			18,771
Morgan Stanley Capital Services LLC	Pay		United Kingdom RPI		At Maturity		3.250			At Maturity		07/10/2025	GBP	830,852		—		10,718			10,718
Subtotal — Appreciation																—		599,978			599,978
Barclays Bank PLC	Receive		United Kingdom RPI		At Maturity		3.574			At Maturity		12/15/2026	GBP	3,132,000		—		(102,207	)		(102,207	)
Barclays Bank PLC	Pay		United Kingdom RPI		At Maturity		3.106			At Maturity		06/15/2026	GBP	1,294,000		—		(55,163	)		(55,163	)
Barclays Bank PLC	Pay		United States CPI Urban Consumers NSA		At Maturity		2.233			At Maturity		12/19/2026	USD	2,578,000		—		(29,057	)		(29,057	)
Citigroup Global Markets Inc.	Pay		United Kingdom RPI		At Maturity		2.949			At Maturity		09/15/2025	GBP	840,423		—		(32,018	)		(32,018	)
Citigroup Global Markets Inc.	Pay		United Kingdom RPI		At Maturity		2.801			At Maturity		05/15/2026	GBP	1,018,000		—		(84,047	)		(84,047	)
Goldman Sachs International	Pay		United Kingdom RPI		At Maturity		3.060			At Maturity		12/29/2025	GBP	3,450,000		—		(105,918	)		(105,918	)
Goldman Sachs International	Pay		United Kingdom RPI		At Maturity		2.964			At Maturity		03/15/2026	GBP	2,298,000		—		(124,249	)		(124,249	)
Morgan Stanley Capital Services LLC	Pay		United Kingdom RPI		At Maturity		2.923			At Maturity		02/27/2025	GBP	11,857,170		—		(222,759	)		(222,759	)
Subtotal — Depreciation																—		(755,418	)		(755,418	)
Subtotal — Over-The-Counter Inflation Swap Agreements															$	—	$	(155,440	)	$	(155,440	)

Centrally Cleared Inflation Swap Agreements(p)
Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value		Unrealized Appreciation (Depreciation)(q)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.176	%		At Maturity		07/15/2022	EUR	2,754,047	$	—	$	36,635	$	36,635
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.180			At Maturity		07/15/2022	EUR	2,666,152		—		34,795		34,795
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.202			At Maturity		07/15/2022	EUR	3,984,578		—		46,563		46,563
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.222			At Maturity		07/15/2022	EUR	3,999,227		—		41,490		41,490
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.310			At Maturity		08/15/2022	EUR	6,650,145		—		48,250		48,250
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.315			At Maturity		08/15/2022	EUR	2,996,344		—		20,750		20,750
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.520			At Maturity		04/15/2028	EUR	1,201,000		—		4,880		4,880
Receive	United Kingdom RPI		At Maturity		3.420			At Maturity		06/15/2047	GBP	23,000		—		229		229
Receive	United States CPI Urban Consumers NSA		At Maturity		2.069			At Maturity		08/25/2027	USD	220,120		—		7,187		7,187
Receive	United States CPI Urban Consumers NSA		At Maturity		2.074			At Maturity		08/23/2027	USD	436,000		—		14,022		14,022
Receive	United States CPI Urban Consumers NSA		At Maturity		2.079			At Maturity		08/22/2027	USD	237,000		—		7,504		7,504
Receive	United States CPI Urban Consumers NSA		At Maturity		2.082			At Maturity		08/24/2027	USD	436,000		—		13,685		13,685
Receive	United States CPI Urban Consumers NSA		At Maturity		2.093			At Maturity		08/21/2027	USD	948,000		—		28,734		28,734
Receive	United States CPI Urban Consumers NSA		At Maturity		2.123			At Maturity		10/19/2027	USD	617,000		—		17,879		17,879
Receive	United States CPI Urban Consumers NSA		At Maturity		2.131			At Maturity		10/19/2027	USD	617,000		—		17,382		17,382

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

29                         Invesco Global Targeted Returns Fund

Centrally Cleared Inflation Swap Agreements(p)—(continued)
Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)(q)
Receive	United States CPI Urban Consumers NSA		At Maturity		2.131	%		At Maturity		10/23/2027	USD	308,000	$	—	$	8,617		$	8,617
Receive	United States CPI Urban Consumers NSA		At Maturity		2.147			At Maturity		04/25/2027	USD	198,000		—		3,565			3,565
Receive	United States CPI Urban Consumers NSA		At Maturity		2.148			At Maturity		10/20/2027	USD	617,000		—		16,390			16,390
Receive	United States CPI Urban Consumers NSA		At Maturity		2.150			At Maturity		10/20/2027	USD	308,000		—		8,109			8,109
Receive	United States CPI Urban Consumers NSA		At Maturity		2.199			At Maturity		04/26/2027	USD	397,000		—		5,149			5,149
Receive	United States CPI Urban Consumers NSA		At Maturity		2.294			At Maturity		01/12/2027	USD	866,000		—		4,574			4,574
Receive	United States CPI Urban Consumers NSA		At Maturity		2.300			At Maturity		01/12/2027	USD	866,000		—		4,064			4,064
Pay	United Kingdom RPI		At Maturity		3.352			At Maturity		10/15/2027	GBP	1,109,860		—		11,684			11,684
Pay	United Kingdom RPI		At Maturity		3.353			At Maturity		08/15/2027	GBP	426,036		—		400			400
Pay	United Kingdom RPI		At Maturity		3.370			At Maturity		06/15/2027	GBP	255,000		—		770			770
Pay	United Kingdom RPI		At Maturity		3.374			At Maturity		08/15/2027	GBP	972,670		—		4,339			4,339
Pay	United Kingdom RPI		At Maturity		3.378			At Maturity		08/15/2027	GBP	972,670		—		4,945			4,945
Pay	United Kingdom RPI		At Maturity		3.381			At Maturity		10/15/2027	GBP	1,700,380		—		25,944			25,944
Pay	United Kingdom RPI		At Maturity		3.388			At Maturity		10/15/2027	GBP	2,280,760		—		37,537			37,537
Pay	United Kingdom RPI		At Maturity		3.411			At Maturity		05/15/2027	GBP	1,022,000		—		14,027			14,027
Pay	United Kingdom RPI		At Maturity		3.430			At Maturity		04/15/2048	GBP	91,000		—		1,435			1,435
Pay	United Kingdom RPI		At Maturity		3.480			At Maturity		12/15/2047	GBP	110,000		—		4,922			4,922
Pay	United Kingdom RPI		At Maturity		3.480			At Maturity		02/15/2048	GBP	125,000		—		7,270			7,270
Pay	United Kingdom RPI		At Maturity		3.480			At Maturity		03/15/2048	GBP	47,000		—		2,276			2,276
Pay	United Kingdom RPI		At Maturity		3.483			At Maturity		10/15/2047	GBP	111,000		—		6,148			6,148
Pay	United Kingdom RPI		At Maturity		3.485			At Maturity		06/15/2047	GBP	102,000		—		4,022			4,022
Pay	United Kingdom RPI		At Maturity		3.505			At Maturity		09/15/2047	GBP	131,000		—		8,576			8,576
Pay	United Kingdom RPI		At Maturity		3.630			At Maturity		01/15/2027	GBP	644,421		—		28,198			28,198
Pay	United Kingdom RPI		At Maturity		3.633			At Maturity		01/15/2027	GBP	885,159		—		39,186			39,186
Pay	United Kingdom RPI		At Maturity		3.635			At Maturity		01/15/2027	GBP	644,420		—		28,749			28,749
Subtotal — Appreciation														—		620,881			620,881
Receive	United Kingdom RPI		At Maturity		3.312			At Maturity		04/15/2028	GBP	1,279,000		—		(1,785	)		(1,785	)
Receive	United Kingdom RPI		At Maturity		3.350			At Maturity		02/15/2028	GBP	1,420,000		—		(15,999	)		(15,999	)
Receive	United Kingdom RPI		At Maturity		3.353			At Maturity		10/15/2027	GBP	1,269,000		—		(13,385	)		(13,385	)
Receive	United Kingdom RPI		At Maturity		3.365			At Maturity		12/15/2027	GBP	1,258,000		—		(7,395	)		(7,395	)
Receive	United Kingdom RPI		At Maturity		3.379			At Maturity		03/15/2028	GBP	303,000		—		(2,818	)		(2,818	)
Receive	United Kingdom RPI		At Maturity		3.390			At Maturity		09/15/2027	GBP	1,479,000		—		(18,159	)		(18,159	)
Receive	United Kingdom RPI		At Maturity		3.423			At Maturity		06/15/2027	GBP	1,100,000		—		(12,942	)		(12,942	)
Receive	United Kingdom RPI		At Maturity		3.443			At Maturity		08/15/2047	GBP	34,066		—		(303	)		(303	)
Receive	United Kingdom RPI		At Maturity		3.453			At Maturity		08/15/2047	GBP	68,926		—		(1,134	)		(1,134	)
Receive	United Kingdom RPI		At Maturity		3.454			At Maturity		08/15/2047	GBP	67,943		—		(1,183	)		(1,183	)
Receive	United Kingdom RPI		At Maturity		3.458			At Maturity		08/15/2047	GBP	34,463		—		(698	)		(698	)
Receive	United Kingdom RPI		At Maturity		3.478			At Maturity		08/15/2047	GBP	80,661		—		(2,900	)		(2,900	)
Receive	United Kingdom RPI		At Maturity		3.480			At Maturity		08/15/2047	GBP	80,661		—		(3,016	)		(3,016	)
Receive	United Kingdom RPI		At Maturity		3.495			At Maturity		10/15/2047	GBP	85,540		—		(5,523	)		(5,523	)
Receive	United Kingdom RPI		At Maturity		3.505			At Maturity		02/15/2027	GBP	1,235,000		—		(32,729	)		(32,729	)
Receive	United Kingdom RPI		At Maturity		3.518			At Maturity		10/15/2047	GBP	143,957		—		(11,836	)		(11,836	)
Receive	United Kingdom RPI		At Maturity		3.524			At Maturity		05/15/2047	GBP	458,250		—		(33,733	)		(33,733	)
Receive	United Kingdom RPI		At Maturity		3.531			At Maturity		10/15/2047	GBP	200,503		—		(18,634	)		(18,634	)

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

30                         Invesco Global Targeted Returns Fund

Centrally Cleared Inflation Swap Agreements(p)—(continued)
Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)(q)
Receive	United Kingdom RPI		At Maturity		3.549	%		At Maturity		05/15/2047	GBP	458,250	$	—	$	(42,696	)	$	(42,696	)
Receive	United Kingdom RPI		At Maturity		3.552			At Maturity		05/15/2047	GBP	458,250		—		(43,770	)		(43,770	)
Receive	United Kingdom RPI		At Maturity		3.564			At Maturity		05/15/2047	GBP	458,250		—		(48,244	)		(48,244	)
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.334			At Maturity		06/15/2027	EUR	338,000		—		(8,491	)		(8,491	)
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.370			At Maturity		04/15/2023	EUR	890,000		—		(1,784	)		(1,784	)
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.375			At Maturity		07/15/2027	EUR	2,754,047		—		(53,102	)		(53,102	)
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.380			At Maturity		07/15/2027	EUR	2,666,152		—		(49,706	)		(49,706	)
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.388			At Maturity		07/15/2027	EUR	3,984,578		—		(70,003	)		(70,003	)
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.406			At Maturity		07/15/2027	EUR	3,999,227		—		(61,452	)		(61,452	)
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.462			At Maturity		08/15/2027	EUR	6,650,145		—		(71,036	)		(71,036	)
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA		At Maturity		1.465			At Maturity		08/15/2027	EUR	2,996,344		—		(31,005	)		(31,005	)
Pay	United Kingdom RPI		At Maturity		3.321			At Maturity		08/15/2027	GBP	334,383		—		(1,428	)		(1,428	)
Pay	United Kingdom RPI		At Maturity		3.335			At Maturity		08/15/2027	GBP	839,930		—		(1,644	)		(1,644	)
Pay	United Kingdom RPI		At Maturity		3.343			At Maturity		08/15/2027	GBP	852,071		—		(610	)		(610	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.055			At Maturity		06/08/2027	USD	3,860,000		—		(119,723	)		(119,723	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.081			At Maturity		05/18/2027	USD	3,154,000		—		(83,868	)		(83,868	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.093			At Maturity		06/07/2027	USD	819,000		—		(22,427	)		(22,427	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.120			At Maturity		05/12/2027	USD	3,231,000		—		(71,359	)		(71,359	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.133			At Maturity		05/15/2027	USD	1,117,000		—		(23,973	)		(23,973	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.135			At Maturity		05/11/2027	USD	890,000		—		(18,264	)		(18,264	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.138			At Maturity		05/11/2027	USD	1,574,000		—		(31,922	)		(31,922	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.144			At Maturity		05/11/2027	USD	1,574,000		—		(30,940	)		(30,940	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.165			At Maturity		10/25/2027	USD	693,000		—		(17,111	)		(17,111	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.170			At Maturity		09/18/2027	USD	437,000		—		(10,642	)		(10,642	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.174			At Maturity		12/13/2027	USD	590,000		—		(12,054	)		(12,054	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.281			At Maturity		03/01/2027	USD	919,000		—		(5,885	)		(5,885	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.315			At Maturity		03/15/2028	USD	147,000		—		(930	)		(930	)
Pay	United States CPI Urban Consumers NSA		At Maturity		2.342			At Maturity		04/16/2028	USD	439,000		—		(1,157	)		(1,157	)
Subtotal — Depreciation														—		(1,119,398	)		(1,119,398	)
Subtotal — Centrally Cleared Inflation Swap Agreements														—		(498,517	)		(498,517	)
Total — Interest Rate and Inflation Swap Agreements — Interest Rate Risk													$	1,975	$	(1,239,658	)	$	(1,241,633	)

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

31                         Invesco Global Targeted Returns Fund

^(p)  Centrally cleared inflation swap agreements collateralized by $969,916 cash held with Credit Suisse Securities (USA) LLC.

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

Open Over-The-Counter Variance Swap Agreements

Counterparty

Reference Entity

Pay/ Receive Variance

Volatility Strike Rate

Payment Frequency

Maturity Date

Notional Value

Unrealized Appreciation (Depreciation)

BNP Paribas S.A.

S&P 500 Index

Pay

17.65

%

At Maturity

12/21/2018

USD

6,188

$

11,409

BNP Paribas S.A.

S&P 500 Index

Pay

17.75

At Maturity

12/21/2018

USD

2,071

3,808

Citigroup Global Markets Inc.

S&P 500 Index

Pay

15.40

At Maturity

06/15/2018

USD

2,788

4,117

Citigroup Global Markets Inc.

S&P 500 Index

Pay

16.26

At Maturity

06/15/2018

USD

2,334

5,638

Citigroup Global Markets Inc.

S&P 500 Index

Pay

16.65

At Maturity

12/21/2018

USD

3,485

2,215

Citigroup Global Markets Inc.

S&P 500 Index

Pay

17.41

At Maturity

12/21/2018

USD

3,890

5,792

Citigroup Global Markets Inc.

S&P 500 Index

Pay

17.55

At Maturity

12/21/2018

USD

3,886

8,464

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

S&P 500 Index

Pay

17.31

At Maturity

12/21/2018

USD

2,784

1,195

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

S&P 500 Index

Pay

17.45

At Maturity

12/21/2018

USD

4,851

3,673

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

S&P 500 Index

Pay

17.95

At Maturity

12/21/2018

USD

23,318

60,118

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

S&P 500 Index

Pay

18.58

At Maturity

12/21/2018

USD

2,374

379

Societe Generale

KOSPI 200 Index

Pay

20.00

At Maturity

12/13/2018

KRW

7,789,108

26,916

Societe Generale

S&P 500 Index

Pay

14.95

At Maturity

06/15/2018

USD

3,269

2,922

Societe Generale

S&P 500 Index

Pay

15.90

At Maturity

06/15/2018

USD

2,617

4,374

Societe Generale

S&P 500 Index

Pay

16.85

At Maturity

12/21/2018

USD

4,362

2,682

Societe Generale

S&P 500 Index

Pay

17.36

At Maturity

12/21/2018

USD

9,742

4,866

Societe Generale

S&P 500 Index

Pay

17.70

At Maturity

12/21/2018

USD

23,318

54,952

Societe Generale

S&P 500 Index

Pay

17.80

At Maturity

12/21/2018

USD

7,772

18,594

Societe Generale

S&P 500 Index

Pay

18.15

At Maturity

12/21/2018

USD

2,666

6,362

UBS

KOSPI 200 Index

Pay

19.00

At Maturity

12/13/2018

KRW

7,721,467

20,358

UBS

KOSPI 200 Index

Pay

19.60

At Maturity

12/13/2018

KRW

7,712,584

25,389

UBS

KOSPI 200 Index

Pay

19.70

At Maturity

12/13/2018

KRW

4,834,372

16,280

UBS

KOSPI 200 Index

Pay

20.30

At Maturity

12/13/2018

KRW

13,155,600

58,263

UBS

S&P 500 Index

Pay

14.80

At Maturity

06/15/2018

USD

4,359

3,279

UBS

S&P 500 Index

Pay

15.25

At Maturity

06/15/2018

USD

2,091

2,803

UBS

S&P 500 Index

Pay

15.61

At Maturity

06/15/2018

USD

2,701

4,820

UBS

S&P 500 Index

Pay

15.90

At Maturity

06/15/2018

USD

3,490

5,833

UBS

S&P 500 Index

Pay

16.96

At Maturity

12/21/2018

USD

4,501

4,601

UBS

S&P 500 Index

Pay

17.20

At Maturity

12/21/2018

USD

9,701

5,039

UBS

S&P 500 Index

Pay

17.40

At Maturity

12/21/2018

USD

3,742

7,664

UBS

S&P 500 Index

Pay

17.60

At Maturity

12/21/2018

USD

3,887

8,633

UBS

S&P 500 Index

Pay

18.00

At Maturity

12/21/2018

USD

24,915

63,773

Subtotal — Appreciation

455,211

BNP Paribas S.A.

KOSPI 200 Index

Receive

19.89

At Maturity

12/13/2018

KRW

3,322,882

(13,277

)

BNP Paribas S.A.

KOSPI 200 Index

Receive

20.19

At Maturity

12/13/2018

KRW

3,470,917

(14,239

)

BNP Paribas S.A.

S&P/ASX 200 Index

Receive

15.75

At Maturity

12/20/2018

AUD

4,923

(7,614

)

Citigroup Global Markets Inc.

Hang Seng China Enterprise Index

Receive

22.72

At Maturity

06/28/2018

HKD

20,501

(4,302

)

Citigroup Global Markets Inc.

Hang Seng Index

Receive

19.87

At Maturity

06/28/2018

HKD

19,853

(7,072

)

Citigroup Global Markets Inc.

KOSPI 200 Index

Receive

18.72

At Maturity

12/13/2018

KRW

1,008,074

(2,890

)

Citigroup Global Markets Inc.

KOSPI 200 Index

Receive

19.59

At Maturity

12/13/2018

KRW

2,276,485

(8,282

)

Citigroup Global Markets Inc.

KOSPI 200 Index

Receive

19.85

At Maturity

12/13/2018

KRW

4,414,436

(18,742

)

Citigroup Global Markets Inc.

S&P 500 Index

Receive

17.62

At Maturity

12/21/2018

USD

14,398

(13,881

)

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

Hang Seng China Enterprise Index

Receive

23.99

At Maturity

06/28/2018

HKD

15,696

(4,924

)

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

Hang Seng China Enterprise Index

Receive

25.59

At Maturity

12/28/2018

HKD

13,305

(3,209

)

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

32                         Invesco Global Targeted Returns Fund

Open Over-The-Counter Variance Swap Agreements—(continued)

Counterparty

Reference Entity

Pay/ Receive Variance

Volatility Strike Rate

Payment Frequency

Maturity Date

Notional Value

Unrealized Appreciation (Depreciation)

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

Hang Seng Index

Receive

21.09

%

At Maturity

12/28/2018

HKD

13,915

$

(1,782

)

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

Hang Seng Index

Receive

21.43

At Maturity

12/28/2018

HKD

34,156

(4,583

)

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

Hang Seng Index

Receive

21.50

At Maturity

12/28/2018

HKD

35,751

(8,222

)

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

Hang Seng Index

Receive

21.85

At Maturity

12/28/2018

HKD

25,293

(6,035

)

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

Hang Seng Index

Receive

22.39

At Maturity

12/28/2018

HKD

40,215

(13,977

)

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

Hang Seng Index

Receive

22.44

At Maturity

12/28/2018

HKD

11,809

(3,968

)

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

KOSPI 200 Index

Receive

18.79

At Maturity

12/13/2018

KRW

26,414,363

(89,277

)

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

S&P/ASX 200 Index

Receive

14.28

At Maturity

12/20/2018

AUD

4,715

(330

)

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

S&P/ASX 200 Index

Receive

14.50

At Maturity

12/20/2018

AUD

4,716

(965

)

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

S&P/ASX 200 Index

Receive

15.59

At Maturity

12/20/2018

AUD

4,403

(5,684

)

Societe Generale

Hang Seng China Enterprise Index

Receive

25.95

At Maturity

12/28/2018

HKD

25,936

(7,881

)

Societe Generale

Hang Seng China Enterprise Index

Receive

26.00

At Maturity

12/28/2018

HKD

25,936

(8,029

)

Societe Generale

Hang Seng Index

Receive

19.00

At Maturity

06/28/2018

HKD

29,185

(6,269

)

Societe Generale

Hang Seng Index

Receive

20.63

At Maturity

06/28/2018

HKD

12,274

(4,652

)

Societe Generale

KOSPI 200 Index

Receive

18.35

At Maturity

12/13/2018

KRW

3,878,625

(9,946

)

Societe Generale

KOSPI 200 Index

Receive

19.00

At Maturity

12/13/2018

KRW

17,608,798

(62,264

)

Societe Generale

KOSPI 200 Index

Receive

19.40

At Maturity

12/13/2018

KRW

8,794,672

(34,405

)

Societe Generale

KOSPI 200 Index

Receive

19.90

At Maturity

12/13/2018

KRW

8,824,892

(37,780

)

Societe Generale

KOSPI 200 Index

Receive

19.97

At Maturity

12/13/2018

KRW

4,560,014

(18,895

)

Societe Generale

KOSPI 200 Index

Receive

20.28

At Maturity

12/13/2018

KRW

4,951,830

(19,853

)

UBS

Hang Seng China Enterprise Index

Receive

22.28

At Maturity

06/28/2018

HKD

51,884

(7,229

)

UBS

Hang Seng China Enterprise Index

Receive

24.35

At Maturity

06/28/2018

HKD

16,365

(5,900

)

UBS

Hang Seng China Enterprise Index

Receive

25.00

At Maturity

12/28/2018

HKD

51,858

(8,846

)

UBS

Hang Seng China Enterprise Index

Receive

25.30

At Maturity

12/28/2018

HKD

51,871

(13,550

)

UBS

Hang Seng China Enterprise Index

Receive

26.04

At Maturity

12/28/2018

HKD

103,115

(34,586

)

UBS

Hang Seng Index

Receive

19.29

At Maturity

06/28/2018

HKD

21,916

(5,748

)

UBS

Hang Seng Index

Receive

19.49

At Maturity

06/28/2018

HKD

18,235

(5,526

)

UBS

Hang Seng Index

Receive

21.48

At Maturity

12/28/2018

HKD

28,725

(4,200

)

UBS

Hang Seng Index

Receive

21.68

At Maturity

12/28/2018

HKD

28,721

(6,721

)

UBS

Hang Seng Index

Receive

21.79

At Maturity

12/28/2018

HKD

18,601

(5,394

)

UBS

KOSPI 200 Index

Receive

18.60

At Maturity

12/13/2018

KRW

17,588,568

(58,455

)

UBS

KOSPI 200 Index

Receive

19.30

At Maturity

12/13/2018

KRW

10,458,789

(40,008

)

UBS

KOSPI 200 Index

Receive

19.44

At Maturity

12/13/2018

KRW

1,758,023

(6,123

)

UBS

KOSPI 200 Index

Receive

19.80

At Maturity

12/13/2018

KRW

4,414,527

(18,585

)

UBS

KOSPI 200 Index

Receive

19.95

At Maturity

12/13/2018

KRW

5,617,288

(23,797

)

UBS

S&P/ASX 200 Index

Receive

14.38

At Maturity

12/20/2018

AUD

3,773

(376

)

UBS

S&P/ASX 200 Index

Receive

15.55

At Maturity

12/20/2018

AUD

11,600

(16,788

)

UBS

S&P/ASX 200 Index

Receive

15.65

At Maturity

12/20/2018

AUD

21,214

(32,419

)

UBS

S&P/ASX 200 Index

Receive

15.69

At Maturity

12/20/2018

AUD

4,922

(7,484

)

UBS

S&P/ASX 200 Index

Receive

15.77

At Maturity

12/20/2018

AUD

4,922

(7,676

)

UBS

S&P/ASX 200 Index

Receive

16.03

At Maturity

12/20/2018

AUD

6,961

(11,944

)

Goldman Sachs International

S&P 500 Index

Pay

16.65

At Maturity

12/21/2018

USD

15,210

(21,637

)

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

S&P 500 Index

Pay

16.55

At Maturity

12/21/2018

USD

892

(917

)

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

S&P 500 Index

Pay

16.70

At Maturity

12/21/2018

USD

5,204

(3,537

)

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

S&P 500 Index

Pay

16.90

At Maturity

12/21/2018

USD

6,548

(633

)

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

33                         Invesco Global Targeted Returns Fund

Open Over-The-Counter Variance Swap Agreements—(continued)

Counterparty

Reference Entity

Pay/ Receive Variance

Volatility Strike Rate

Payment Frequency

Maturity Date

Notional Value

Unrealized Appreciation (Depreciation)

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

S&P 500 Index

Pay

18.09

%

At Maturity

12/21/2018

USD

2,373

$

(646

)

Societe Generale

S&P 500 Index

Pay

15.95

At Maturity

12/21/2018

USD

5,448

(958

)

Societe Generale

S&P 500 Index

Pay

16.41

At Maturity

12/21/2018

USD

2,343

(4,905

)

UBS

S&P 500 Index

Pay

15.25

At Maturity

12/21/2018

USD

3,810

(15,886

)

UBS

S&P 500 Index

Pay

15.35

At Maturity

12/21/2018

USD

10,698

(42,907

)

UBS

S&P 500 Index

Pay

17.75

At Maturity

12/21/2018

USD

6,906

(526

)

UBS

S&P 500 Index

Pay

18.05

At Maturity

12/21/2018

USD

1,629

(566

)

Subtotal — Depreciation

(857,702

)

Total — Variance Swap Agreements — Equity Risk

$

(402,491

)

Open Over-The-Counter Total Return Swap Agreements(r)
Counterparty	Pay/ Receive	Reference Entity(s)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Macquarie Bank Ltd.	Pay	Macquarie MQCP575 Index		0.25	%		Monthly		5,528		02/21/2019	USD	986,962	$	—	$	156		$	156
Macquarie Bank Ltd.	Pay	Macquarie MQCP252 Index		0.12			Monthly		49,221		02/21/2019	USD	5,578,477		—		61,802			61,802
BNP Paribas S.A.	Receive	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.15			Monthly		21,693		06/25/2018	USD	6,463,195		—		2,097			2,097
Subtotal — Commodity Risk															—		64,055			64,055
Goldman Sachs International	Pay	Mexican Bolsa Index		—			Monthly		490		06/15/2018	MXN	24,125,353		—		1,655			1,655
Morgan Stanley Capital Services LLC	Pay	Morgan Stanley Systematic 5-Month Dispersion Index		0.10			Monthly		1,218		04/09/2019	USD	231,695		—		841			841
Morgan Stanley Capital Services LLC	Receive	Morgan Stanley Systematic 5-Month Dispersion Index		0.10			Monthly		30,027		04/09/2019	USD	5,685,312		—		5,104			5,104
Subtotal — Equity Risk															—		7,600			7,600
Subtotal — Appreciation															—		71,655			71,655
BNP Paribas S.A.	Pay	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.15			Monthly		4,530		06/25/2018	USD	1,349,665		—		(438	)		(438	)
Macquarie Bank Ltd.	Receive	Macquarie MQCP575 Index		0.25			Monthly		120,686		02/21/2019	USD	21,547,122		—		(3,404	)		(3,404	)
Macquarie Bank Ltd.	Receive	Macquarie MQCP252 Index		0.12			Monthly		4,177		02/21/2019	USD	472,677		—		(4,520	)		(4,520	)
Subtotal — Commodity Risk															—		(8,362	)		(8,362	)
Morgan Stanley Capital Services LLC	Pay	Morgan Stanley Systematic 6-Month European Dispersion Index		0.10			Monthly		786		09/212018	EUR	128,237		—		(66	)		(66	)
Morgan Stanley Capital Services LLC	Pay	Morgan Stanley Systematic 6-Month European Dispersion (Wednesday) Index		0.10			Monthly		777		09/21/2018	EUR	127,646		—		(28	)		(28	)
Morgan Stanley Capital Services LLC	Receive	Morgan Stanley Systematic 6-Month European Dispersion Index		0.10			Monthly		4,181		09/21/2018	EUR	682,130		—		(353	)		(353	)
Morgan Stanley Capital Services LLC	Receive	Morgan Stanley Systematic 6-Month European Dispersion (Wednesday) Index		0.10			Monthly		4,148		09/21/2018	EUR	681,433		—		(150	)		(150	)
Subtotal — Equity Risk															—		(597	)		(597	)
Subtotal — Depreciation															—		(8,959	)		(8,959	)
Total Over-The-Counter Total Return Swap Agreements														$	—	$	62,696		$	62,696

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

34                         Invesco Global Targeted Returns Fund

Index Information:

Morgan Stanley Systematic 6-Month European Dispersion Index	– An index comprising cash, equity securities, options on equity securities and stock market index futures.
Morgan Stanley Systematic 6-Month European Dispersion (Wednesday) Index	– An index comprising cash, equity securities, options on equity securities and stock market index futures.

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

^(s)  The tables below include additional information regarding the underlying components of certain reference entities that are not publicly available.

Reference Entity Components
Reference Entity	Underlying Components	Percentage
Macquarie MQCP575 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
	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	)
Macquarie MQCP252 Index
	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	)

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

35                         Invesco Global Targeted Returns Fund

Morgan Stanley Systematic 5-Month Dispersion Index

Top 50 Underlying Reference Entity Components
Description			Percentage
Currencies
U.S. Dollars				41.69	%
Long Futures Contracts	Expiration Month
SPX Index		June–2018		63.44	%
Short Equity Securities
Adobe Systems Inc.				(0.17	)%
Amazon.com, Inc.				(5.94	)
Bank of America Corp.				(1.64	)
Chevron Corp.				(2.11	)
Cisco Systems, Inc.				(1.72	)
Exxon Mobil Corp.				(0.30	)
Home Depot, Inc. (The)				(0.95	)
Intel Corp.				(2.12	)
JPMorgan Chase & Co.				(0.26	)
Mastercard Inc.				(0.86	)
McDonald’s Corp.				(0.54	)
Merck & Co., Inc.				(1.01	)
Microsoft Corp.				(3.35	)
Netflix, Inc.				(0.52	)
NVIDIA Corp.				(0.21	)
Pfizer Inc.				(0.91	)
Union Pacific Corp.				(0.18	)
UnitedHealth Group Inc.				(1.63	)
Verizon Communications Inc.				(0.39	)
Visa Inc.				(2.25	)
Long Equity Securities
3M Co.				0.63	%
Alphabet Inc.–Class A				0.74
Alphabet Inc.–Class C				0.78
Altria Group Inc.				0.58
Apple Inc.				0.64
AT&T Inc.				0.79
Bank of America				0.29
Berkshire Hathaway Inc.				0.50
Bristol-Myers Squibb Co.				0.42
Citigroup Inc.				0.71
Coca Cola Co. (The)				0.54
Comcast Corp.				0.64
Dow Dupont Inc.				0.54
Gilead Sciences, Inc.				0.21
Honeywell International Inc.				0.29
IBM				0.43
Johnson & Johnson				0.69
Oracle Corp.				0.34
PepsiCo., Inc.				0.65
Philip Morris International Inc.				0.83
Procter & Gamble Co.				0.82
Walmart Inc.				0.19
Wells Fargo & Co.				0.63

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

36                         Invesco Global Targeted Returns Fund

Top 50 Underlying Reference Entity Components—(continued)
Options Written
	Type of Contract		Expiration Date		Exercise Price		Percentage
SPX Index		Call		09/21/2018	$	2,775		(0.62	)%
SPX Index		Call		09/21/2018		2,725		(0.42	)
SPX Index		Call		07/20/2018		2,685		(0.23	)
SPX Index		Call		09/21/2018		2,925		(0.21	)
SPX Index		Call		09/21/2018		2,700		(0.20	)

Open Over-The-Counter Total Return Swap Agreements(t)
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		Pay	MSCI World Energy Sector Total Return Index		3 Month LIBOR + 0.385	%		Monthly		1,893		09/25/2018	$	615,873	$	—	$	(51,711	)	$	(51,711	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI World Energy Sector Total Return Index		3 Month LIBOR – 0.300	%		Monthly		3,818		01/23/2019		1,242,245		—		104,303			104,303
UBS		Receive	MSCI World Energy Sector Total Return Index		3 Month LIBOR – 0.385	%		Monthly		12,621		09/26/2018		4,105,042		—		344,675			344,675
Total Open Over-The-Counter Total Return Swap Agreements — Equity Risk															$	—	$	397,267		$	397,267

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

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Unrealized Appreciation (Depreciation)
		Deliver			Receive
05/11/2018	Barclays Bank PLC		USD	3,364		IDR	47,196,000	$	22
05/11/2018	Barclays Bank PLC		USD	3,067,536		MXN	58,642,999		63,717
05/11/2018	Citigroup Global Markets Inc.		CLP	476,470,671		USD	796,057		19,637
05/11/2018	Citigroup Global Markets Inc.		TWD	70,122,206		USD	2,409,943		39,794
05/11/2018	Deutsche Bank Securities Inc.		AUD	2,721,834		USD	2,158,480		109,713
05/11/2018	Deutsche Bank Securities Inc.		CAD	1,814,650		USD	1,457,351		43,438
05/11/2018	Deutsche Bank Securities Inc.		CHF	2,959,467		JPY	348,568,982		201,769
05/11/2018	Goldman Sachs International		BRL	500,000		USD	154,178		11,629
05/11/2018	Goldman Sachs International		EUR	702,539		USD	877,963		28,810
05/11/2018	Goldman Sachs International		NZD	1,664,333		USD	1,215,487		44,547
05/14/2018	Goldman Sachs International		EUR	1,073,000		USD	1,328,269		31,052
05/14/2018	Goldman Sachs International		GBP	1,225,000		USD	1,708,330		20,821
05/25/2018	State Street Bank & Trust Co.		AUD	442,000		USD	342,158		9,449
05/25/2018	State Street Bank & Trust Co.		BRL	697,000		USD	205,696		7,244
05/25/2018	State Street Bank & Trust Co.		CAD	410,000		USD	325,072		5,526
05/25/2018	State Street Bank & Trust Co.		CHF	3,812,913		USD	3,943,731		87,683
05/25/2018	State Street Bank & Trust Co.		CNY	18,274,976		USD	2,911,744		27,122
05/25/2018	State Street Bank & Trust Co.		DKK	3,170,671		USD	527,617		12,630
05/25/2018	State Street Bank & Trust Co.		EUR	11,559,656		USD	14,316,934		330,257
05/25/2018	State Street Bank & Trust Co.		GBP	14,878,046		USD	21,138,720		631,630
05/25/2018	State Street Bank & Trust Co.		HKD	35,346,732		USD	4,507,305		647
05/25/2018	State Street Bank & Trust Co.		IDR	1,318,309,000		USD	95,412		1,013
05/25/2018	State Street Bank & Trust Co.		INR	29,557,000		USD	447,349		4,204
05/25/2018	State Street Bank & Trust Co.		JPY	73,596,161		USD	685,189		10,782
05/25/2018	State Street Bank & Trust Co.		KRW	2,208,863,643		USD	2,083,970		19,659
05/25/2018	State Street Bank & Trust Co.		MXN	2,416,000		USD	132,235		3,533
05/25/2018	State Street Bank & Trust Co.		NOK	7,498,071		USD	964,739		29,176

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

37                         Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts—(continued)
Settlement Date	Counterparty	Contract to						Unrealized Appreciation (Depreciation)
		Deliver			Receive
05/25/2018	State Street Bank & Trust Co.		SEK	8,973,647		USD	1,061,057	$	34,233
05/25/2018	State Street Bank & Trust Co.		SGD	396,518		USD	302,921		3,711
05/25/2018	State Street Bank & Trust Co.		TWD	16,970,602		USD	579,459		5,368
05/25/2018	State Street Bank & Trust Co.		USD	13,236		CAD	17,000		14
05/25/2018	State Street Bank & Trust Co.		USD	14,968		INR	1,003,000		70
05/25/2018	State Street Bank & Trust Co.		USD	5,247		MXN	99,000		26
05/25/2018	State Street Bank & Trust Co.		ZAR	675,000		USD	56,189		2,238
05/31/2018	Goldman Sachs International		CAD	78,866		USD	62,149		675
05/31/2018	Goldman Sachs International		USD	31,029		CAD	40,000		150
06/07/2018	Barclays Bank PLC		EUR	1,314,141		USD	1,630,111		38,424
06/07/2018	Barclays Bank PLC		NZD	1,565,000		USD	1,133,412		32,493
06/07/2018	Barclays Bank PLC		USD	3,054,562		MXN	58,642,999		62,999
06/07/2018	Citigroup Global Markets Inc.		EUR	4,381,193		USD	5,445,005		138,503
06/07/2018	Deutsche Bank Securities Inc.		AUD	2,745,667		USD	2,128,738		61,876
06/07/2018	Deutsche Bank Securities Inc.		CHF	2,441,367		JPY	275,729,209		57,183
06/07/2018	Deutsche Bank Securities Inc.		KRW	233,209,400		USD	219,089		1,164
06/07/2018	Goldman Sachs International		KRW	349,814,100		USD	329,077		2,189
06/07/2018	J.P. Morgan Chase Bank, N.A.		EUR	2,628,281		USD	3,264,110		80,735
06/07/2018	J.P. Morgan Chase Bank, N.A.		KRW	349,814,100		USD	329,082		2,194
06/07/2018	Standard Chartered Bank PLC		KRW	233,209,400		USD	218,986		1,061
06/07/2018	Standard Chartered Bank PLC		TWD	70,122,206		USD	2,415,321		40,787
06/14/2018	Goldman Sachs International		GBP	1,000,000		USD	1,396,130		16,405
07/12/2018	Barclays Bank PLC		CNY	15,000,000		USD	2,372,026		9,797
07/12/2018	Barclays Bank PLC		INR	38,731,000		USD	588,036		10,451
07/12/2018	Barclays Bank PLC		MXN	2,807,000		USD	152,779		4,358
07/12/2018	Barclays Bank PLC		NZD	1,614,667		USD	1,175,766		39,875
07/12/2018	Deutsche Bank Securities Inc.		AUD	3,605,667		USD	2,771,366		56,539
07/12/2018	Deutsche Bank Securities Inc.		BRL	168,000		USD	50,284		2,669
07/12/2018	Deutsche Bank Securities Inc.		CAD	851,700		USD	668,262		3,648
07/12/2018	Deutsche Bank Securities Inc.		MXN	4,117,000		USD	223,738		6,052
07/12/2018	Goldman Sachs International		CHF	2,959,467		JPY	330,415,316		32,266
07/12/2018	Goldman Sachs International		EUR	1,375,703		USD	1,699,557		28,568
07/12/2018	Goldman Sachs International		TWD	70,122,206		USD	2,422,434		40,764
07/16/2018	Goldman Sachs International		EUR	904,000		USD	1,127,409		29,021
07/16/2018	Goldman Sachs International		GBP	2,690,000		USD	3,869,022		151,600
10/12/2018	Citigroup Global Markets Inc.		CLP	788,171,396		USD	1,300,807		16,954
10/12/2018	Deutsche Bank Securities Inc.		CLP	216,700,000		USD	362,921		9,938
11/09/2018	Deutsche Bank Securities Inc.		AUD	2,721,834		USD	2,160,517		108,803
Subtotal — Appreciation									2,929,305
05/11/2018	Barclays Bank PLC		MXN	18,705,000		USD	991,581		(7,176	)
05/11/2018	Barclays Bank PLC		RUB	57,441,001		USD	892,224		(18,704	)
05/11/2018	Barclays Bank PLC		USD	2,763,922		CLP	1,666,700,000		(47,995	)
05/11/2018	Barclays Bank PLC		USD	4,635,022		INR	300,678,507		(125,584	)
05/11/2018	Barclays Bank PLC		USD	104,328		NZD	142,000		(4,424	)
05/11/2018	Barclays Bank PLC		USD	1,003,512		RUB	57,441,001		(92,584	)
05/11/2018	Barclays Bank PLC		USD	8,083		TWD	239,000		(4	)
05/11/2018	Citigroup Global Markets Inc.		USD	383,566		AUD	507,392		(1,645	)
05/11/2018	Deutsche Bank Securities Inc.		CNY	25,651,331		USD	4,047,739		(2,034	)
05/11/2018	Goldman Sachs International		EUR	4,201,591		SEK	41,317,000		(355,774	)
05/11/2018	Morgan Stanley & Co. LLC		USD	246,931		EUR	199,911		(5,300	)

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

38                         Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts—(continued)
Settlement Date	Counterparty	Contract to						Unrealized Appreciation (Depreciation)
		Deliver			Receive
05/11/2018	State Street Bank & Trust Co.		USD	47,494		GBP	34,000	$	(664	)
05/11/2018	State Street Bank & Trust Co.		USD	8,650		NOK	68,000		(169	)
05/11/2018	State Street Bank & Trust Co.		USD	16,759		SEK	142,000		(528	)
05/15/2018	J.P. Morgan Chase Bank, N.A.		USD	80,388		MXN	1,500,000		(348	)
05/25/2018	State Street Bank & Trust Co.		USD	91,925		AUD	120,354		(1,331	)
05/25/2018	State Street Bank & Trust Co.		USD	301,101		CHF	296,000		(1,687	)
05/25/2018	State Street Bank & Trust Co.		USD	140,259		EUR	115,000		(850	)
05/25/2018	State Street Bank & Trust Co.		USD	268,658		GBP	194,000		(1,265	)
05/25/2018	State Street Bank & Trust Co.		USD	119,243		HKD	935,000		(32	)
05/25/2018	State Street Bank & Trust Co.		USD	4,161		IDR	58,095,000		(1	)
05/25/2018	State Street Bank & Trust Co.		USD	94,325		JPY	10,171,000		(1,122	)
05/25/2018	State Street Bank & Trust Co.		USD	318,628		KRW	337,925,761		(2,817	)
05/25/2018	State Street Bank & Trust Co.		USD	18,511		NOK	147,000		(102	)
05/25/2018	State Street Bank & Trust Co.		USD	60,620		SEK	515,000		(1,691	)
05/25/2018	State Street Bank & Trust Co.		USD	47,864		TWD	1,408,000		(234	)
06/07/2018	Barclays Bank PLC		KRW	7,895,166,862		USD	7,335,239		(42,493	)
06/07/2018	Barclays Bank PLC		USD	7,408,184		JPY	778,278,612		(269,667	)
06/07/2018	Citigroup Global Markets Inc.		USD	388,812		AUD	514,312		(1,653	)
06/07/2018	Citigroup Global Markets Inc.		USD	412,984		JPY	43,650,900		(12,610	)
06/07/2018	Citigroup Global Markets Inc.		USD	55,623		NZD	78,744		(230	)
06/07/2018	Deutsche Bank Securities Inc.		CAD	2,796,850		USD	2,177,783		(2,745	)
06/07/2018	Deutsche Bank Securities Inc.		CNY	33,911,862		USD	5,312,924		(37,378	)
06/07/2018	Deutsche Bank Securities Inc.		USD	276,141		JPY	29,100,600		(9,225	)
06/07/2018	Goldman Sachs International		EUR	4,067,683		SEK	41,317,000		(191,631	)
06/07/2018	Goldman Sachs International		USD	2,723,984		BRL	8,960,000		(176,442	)
06/07/2018	Goldman Sachs International		USD	571,934		CLP	343,000,000		(13,033	)
06/07/2018	Goldman Sachs International		USD	2,462,766		INR	162,431,707		(30,103	)
06/07/2018	Goldman Sachs International		USD	137,934		JPY	14,550,300		(4,475	)
06/07/2018	Goldman Sachs International		USD	1,319,354		RUB	75,575,887		(124,773	)
06/07/2018	J.P. Morgan Chase Bank, N.A.		RUB	75,575,887		USD	1,159,826		(34,755	)
06/07/2018	Morgan Stanley & Co. LLC		USD	138,393		JPY	14,550,300		(4,934	)
06/07/2018	Standard Chartered Bank PLC		USD	276,560		JPY	29,100,600		(9,644	)
06/15/2018	Goldman Sachs International		USD	408,706		EUR	331,750		(6,627	)
06/15/2018	Goldman Sachs International		USD	161,854		GBP	115,000		(3,177	)
06/15/2018	Goldman Sachs International		USD	146,362		JPY	15,600,000		(3,193	)
06/15/2018	Goldman Sachs International		USD	21,196		ZAR	255,000		(870	)
06/22/2018	Goldman Sachs International		EUR	58,700		GBP	51,501		(98	)
07/12/2018	Barclays Bank PLC		USD	4,441,144		INR	29,174,7607		(90,386	)
07/12/2018	Citigroup Global Markets Inc.		USD	478,287		AUD	632,498		(2,058	)
07/12/2018	Citigroup Global Markets Inc.		USD	210,029		CAD	264,300		(3,785	)
07/12/2018	Deutsche Bank Securities Inc.		JPY	40,704,230		CHF	364,900		(3,650	)
07/12/2018	Deutsche Bank Securities Inc.		USD	351,012		AUD	453,000		(9,933	)
07/12/2018	Deutsche Bank Securities Inc.		USD	164,219		NZD	223,000		(7,343	)
07/12/2018	Goldman Sachs International		EUR	3,306,497		SEK	34,047,000		(105,062	)
07/12/2018	Goldman Sachs International		RUB	73,867,499		USD	1,127,197		(35,767	)
07/12/2018	Goldman Sachs International		USD	70,677		MXN	1,296,000		(2,151	)
07/12/2018	Goldman Sachs International		USD	1,268,950		RUB	73,867,499		(105,985	)
07/12/2018	J.P. Morgan Chase Bank, N.A.		USD	875,195		CNY	5,518,200		(6,178	)
07/12/2018	State Street Bank & Trust Co.		USD	472,723		EUR	381,511		(9,323	)
07/16/2018	Deutsche Bank Securities Inc.		EUR	268,729		GBP	233,000		(4,522	)

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

39                         Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts—(continued)
Settlement Date	Counterparty	Contract to						Unrealized Appreciation (Depreciation)
		Deliver			Receive
10/12/2018	Barclays Bank PLC		USD	144,845		CLP	86,900,000	$	(3,294	)
10/12/2018	Deutsche Bank Securities Inc.		USD	6,293,357		CLP	3,815,000,000		(79,099	)
11/09/2018	Citigroup Global Markets Inc.		USD	384,111		AUD	507,392		(1,640	)
Subtotal — Depreciation									(2,123,997	)
Total Forward Foreign Currency Contracts — Currency Risk								$	805,308

Investment Abbreviations:

AUD	– Australian Dollar
BBSW	– Australian Bank Bill Swap Rate
BRL	– Brazilian Real
CAD	– Canadian Dollar
CDOR	– Canadian Dealer Offered Rate
CHF	– Swiss Franc
CLP	– Chilean Peso
CNY	– Chinese Yuan
CPI	– Consumer Price Index
DKK	– Danish Krone
EUR	– Euro

GBP	– British Pound Sterling
HICP	– Harmonised Index of Consumer Prices
HKD	– Hong Kong Dollar
IDR	– Indonesian Rupiah
INR	– Indian Rupee
JPY	– Japanese Yen
KRW	– South Korean Won
LIBOR	– London Interbank Offered Rate
MXN	– Mexican New Peso
NOK	– Norwegian Krone
NSA	– Non-Seasonally Adjusted

NZD	– New Zealand Dollar
RPI	– Retail Price Index
RUB	– Russian Ruble
SEK	– Swedish Krona
SGD	– Singapore Dollar
STIBOR	– Stockholm Interbank Offered Rate
TIIE	– Interbank Equilibrium Interest Rate
TWD	– New Taiwan Dollar
USD	– U.S. Dollar
ZAR	– South African Rand

Portfolio Composition

By Asset Type

	Risk Allocation(1)			Notional Value as % of Total Net Assets(2)			Value as % of Total Net Assets(3)
Commodity		6.41	%		26.41	%		0.04	%
Credit		6.66	%		43.41	%		15.80	%
Currency		30.37	%		209.55	%		1.07	%
Equity		28.88	%		383.86	%		42.11	%
Inflation		6.99	%		132.79	%		0.07	%
Interest Rate		17.76	%		405.51	%		11.80	%
Volatility(4)		2.93	%		0.40	%		(0.29	)%
Money Market Funds Plus Other Assets less Liabilities		—			—			29.40	%

⁽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, forwards, 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, 2018.

⁽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, 2018.

⁽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.

40                         Invesco Global Targeted Returns Fund

Consolidated Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $92,589,073)	$	97,294,154
Investments in affiliates, at value (Cost $28,335,653)		28,335,936
Other investments:
Variation margin receivable — futures contracts		36,352
Variation margin receivable — centrally cleared swap agreements		118,073
Swaps receivable — OTC		160,056
Unrealized appreciation on forward foreign currency contracts outstanding		2,929,305
Unrealized appreciation on swap agreements — OTC		1,575,822
Deposits with brokers:
Cash collateral — exchange-traded futures contracts		4,195,646
Cash collateral — exchange-traded swap agreements		2,856,690
Cash collateral OTC Derivatives		2,031,897
Foreign currencies, at value (Cost $5,600,635)		5,546,102
Receivable for:
Investments sold		870,820
Fund shares sold		3,081,976
Dividends and interest		909,333
Fund expenses absorbed		112,395
Investment for trustee deferred compensation and retirement plans		11,247
Other assets		600,754
Total assets		150,666,558
Liabilities:
Other investments:
Options written, at value (premiums received $5,905,735)		4,531,395
Swaps payable — OTC		41,926
Unrealized depreciation on forward foreign currency contracts outstanding		2,123,997
Unrealized depreciation on swap agreements — OTC		1,673,790
Payable for:
Investments purchased		1,360,330
Fund shares reacquired		350,604
Accrued foreign taxes		5,242
Amount due custodian		2,359,395
Accrued fees to affiliates		38,930
Accrued trustees’ and officers’ fees and benefits		1,596
Accrued other operating expenses		361,093
Trustee deferred compensation and retirement plans		11,247
Total liabilities		12,859,545
Net assets applicable to shares outstanding	$	137,807,013
Net assets consist of:
Shares of beneficial interest	$	144,587,010
Undistributed net investment income		848,979
Undistributed net realized gain (loss)		(12,271,036	)
Net unrealized appreciation		4,642,060
	$	137,807,013

Net Assets:
Class A	$	16,324,724
Class C	$	9,456,431
Class R	$	25,881
Class Y	$	100,532,382
Class R5	$	9,956
Class R6	$	11,457,639
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,649,630
Class C		978,220
Class R		2,634
Class Y		10,102,262
Class R5		1,000
Class R6		1,151,670
Class A:
Net asset value per share	$	9.90
Maximum offering price per share
(Net asset value of $9.90 ¸ 94.50%)	$	10.48
Class C:
Net asset value and offering price per share	$	9.67
Class R:
Net asset value and offering price per share	$	9.83
Class Y:
Net asset value and offering price per share	$	9.95
Class R5:
Net asset value and offering price per share	$	9.96
Class R6:
Net asset value and offering price per share	$	9.95

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

41                         Invesco Global Targeted Returns Fund

Consolidated Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $63,546)	$	811,799
Dividends from affiliated underlying funds		223,875
Interest (net of foreign withholding taxes of $1,232)		673,789
Total investment income		1,709,463
Expenses:
Advisory fees		785,183
Administrative services fees		24,795
Custodian fees		159,693
Distribution fees:
Class A		21,972
Class C		52,586
Class R		64
Transfer agent fees — A, C, R and Y		60,024
Transfer agent fees — R6		133
Trustees’ and officers’ fees and benefits		11,498
Registration and filing fees		42,670
Licensing Fees		68,574
Reports to shareholders		18,282
Professional services fees		67,019
Other		295,829
Total expenses		1,608,322
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(716,176	)
Net expenses		892,146
Net investment income		817,317
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(4,684,154	)
Foreign currencies		300,424
Forward foreign currency contracts		(4,926,172	)
Futures contracts		(1,609,230	)
Option contracts written		3,610,177
Swap agreements		(1,523,845	)
		(8,832,800	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		4,657,993
Foreign currencies		(50,518	)
Forward foreign currency contracts		1,558,078
Futures contracts		1,185,491
Option contracts written		(199,275	)
Swap agreements		(571,436	)
		6,580,333
Net realized and unrealized gain (loss)		(2,252,467	)
Net increase (decrease) in net assets resulting from operations	$	(1,435,150	)

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

42                         Invesco Global Targeted Returns Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income	$	817,317		$	2,485,856
Net realized gain (loss)		(8,832,800	)		(4,483,613	)
Change in net unrealized appreciation		6,580,333			4,018,356
Net increase (decrease) in net assets resulting from operations		(1,435,150	)		2,020,599
Distributions to shareholders from net investment income:
Class A		—			(302,695	)
Class C		—			(93,125	)
Class R		—			(177	)
Class Y		—			(2,306,952	)
Class R5		—			(921	)
Class R6		—			(151	)
Total distributions from net investment income		—			(2,704,021	)
Return of capital:
Class A		—			(11,454	)
Class C		—			(3,524	)
Class R		—			(7	)
Class Y		—			(87,296	)
Class R5		—			(35	)
Class R6		—			(6	)
Total return of capital		—			(102,322	)
Distributions to shareholders from net realized gains:
Class A		—			(757,865	)
Class C		—			(493,617	)
Class R		—			(538	)
Class Y		—			(4,799,192	)
Class R5		—			(1,917	)
Class R6		—			(314	)
Total distributions from net realized gains		—			(6,053,443	)
Share transactions–net:
Class A		(2,845,630	)		(9,083,175	)
Class C		(2,660,483	)		(3,618,751	)
Class R		150			10,007
Class Y		(6,512,119	)		(61,768,547	)
Class R5		—			(51,152	)
Class R6		2,907,390			8,592,340
Net increase (decrease) in net assets resulting from share transactions		(9,110,692	)		(65,919,278	)
Net increase (decrease) in net assets		(10,545,842	)		(72,758,465	)
Net assets:
Beginning of period		148,352,855			221,111,320
End of period (includes undistributed net investment income of $848,979 and $31,662, respectively)	$	137,807,013		$	148,352,855

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

43                         Invesco Global Targeted Returns Fund

Notes to Consolidated Financial Statements

April 30, 2018

(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. 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 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.

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.

44                         Invesco Global Targeted Returns Fund

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 economic conditions, interest rates, investor perceptions 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. 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 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 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.

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.

45                         Invesco Global Targeted Returns Fund

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 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 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.

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

46                         Invesco Global Targeted Returns Fund

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.

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. 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. 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 two parties (“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.

47                         Invesco Global Targeted Returns Fund

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 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, 2018 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.

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.

48                         Invesco Global Targeted Returns 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		1.10%
Next $250 million		1.08%
Next $500 million		1.05%
Next $1.5 billion		1.03%
Next $2.5 billion		1.00%
Next $2.5 billion		0.98%
Next $2.5 billion		0.95%
Over $10 billion		0.93%

For the six months ended April 30, 2018, the effective advisory fees 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, 2019, 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 (including prior fiscal year-end Acquired Fund Fees and Expenses of 0.03% and 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, 2019. 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, 2020, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives on the Fund’s investments in certain affiliated funds.

For the six months ended April 30, 2018, the Adviser waived advisory fees of $656,019 and reimbursed class level expenses of $7,840, $4,691, $12, $47,346, $0 and $133 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, 2018, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees.

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, 2018, 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 months ended April 30, 2018, 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, 2018, IDI advised the Fund that IDI retained $604 in

49                         Invesco Global Targeted Returns Fund

front-end sales commissions from the sale of Class A shares and $9,606 and $177 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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were transfers from Level 1 to Level 2 of $23,700,597 and from Level 2 to Level 1 of $657,405, due to foreign fair value adjustments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	11,752,917		$	37,763,066		$	—	$	49,515,983
Non-U.S. Dollar Denominated Bonds & Notes		—			25,182,131			—		25,182,131
U.S. Dollar Denominated Bonds & Notes		—			13,793,611			—		13,793,611
U.S. Treasury Securities		—			754,682			—		754,682
Preferred Stocks		38,418			9,975			—		48,393
Money Market Funds		28,335,936			—			—		28,335,936
Options Purchased		—			7,999,354			—		7,999,354
Total Investments in Securities		40,127,271			85,502,819			—		125,630,090
Other Investments — Assets*
Forward Foreign Currency Contracts		—			2,929,305			—		2,929,305
Futures Contracts		902,062			—			—		902,062
Swap Agreements		—			3,921,123			—		3,921,123
		902,062			6,850,428			—		7,752,490
Other Investments — Liabilities*
Forward Foreign Currency Contracts		—			(2,123,997	)		—		(2,123,997	)
Futures Contracts		(1,555,647	)		—			—		(1,555,647	)
Options Written		—			(4,531,395	)		—		(4,531,395	)
Swap Agreements		—			(5,453,220	)		—		(5,453,220	)
		(1,555,647	)		(12,108,612	)		—		(13,664,259	)
Total Other Investments		(653,585	)		(5,258,184	)		—		(5,911,769	)
Total Investments	$	39,473,686		$	80,244,635		$	—	$	119,718,321

* 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 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.

50                         Invesco Global Targeted Returns Fund

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, 2018:

	Value
Derivative Assets	Commodity Risk			Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	—		$	—		$	—		$	891,261		$	10,801		$	902,062
Unrealized appreciation on swap agreements — Centrally Cleared(a)		—			63,262			—			—			2,282,039			2,345,301
Unrealized appreciation on swap agreements — OTC		64,055			—			—			911,789			599,978			1,575,822
Options purchased, at value — OTC(b)		—			—			556,675			7,442,679			—			7,999,354
Unrealized appreciation on forward foreign currency contracts outstanding		—			—			2,929,305			—			—			2,929,305
Total Derivative Assets		64,055			63,262			3,485,980			9,245,729			2,892,818			15,751,844
Derivatives not subject to master netting agreements		—			(63,262	)		—			(891,261	)		(2,292,840	)		(3,247,363	)
Total Derivative Assets subject to master netting agreements	$	64,055		$	—		$	3,485,980		$	8,354,468		$	599,978		$	12,504,481
	Value
Derivative Liabilities	Commodity Risk			Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	—		$	—		$	—		$	(1,529,765	)	$	(25,882	)	$	(1,555,647	)
Unrealized depreciation on swap agreements — Centrally Cleared(a)		—			(411,198	)		—			—			(3,368,232	)		(3,779,430	)
Unrealized depreciation on swap agreements — OTC		(8,362	)		—			—			(910,010	)		(755,418	)		(1,673,790	)
Options written, at value — OTC		—			—			(219,383	)		(4,312,012	)		—			(4,531,395	)
Unrealized depreciation on forward foreign currency contracts outstanding		—			—			(2,123,997	)		—			—			(2,123,997	)
Total Derivative Liabilities		(8,362	)		(411,198	)		(2,343,380	)		(6,751,787	)		(4,149,532	)		(13,664,259	)
Derivatives not subject to master netting agreements		—			411,198			—			1,529,765			3,394,114			5,335,077
Total Derivative Liabilities subject to master netting agreements	$	(8,362	)	$	—		$	(2,343,380	)	$	(5,222,022	)	$	(755,418	)	$	(8,329,182	)

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

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

51                         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, 2018.

	Financial Derivative Assets								Financial Derivative Liabilities															Collateral (Received)/Pledged					Net Amount(a)
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
Fund
Bank of America Merrill Lynch	$	—	$	334,782	$	—	$	334,782	$	—		$	(494,597	)	$	—		$	(494,597	)	$	(159,815	)	$	—	$	—		$	(159,815	)
Barclays Bank PLC		262,136		1,221,181		—		1,483,317		(702,311	)		(489,205	)		—			(1,191,516	)		291,801			—		(291,801	)		—
BNP Paribas S.A.		—		26,560		15,217		41,777		—			(16,887	)		(35,130	)		(52,017	)		(10,240	)		—		10,240			—
Citigroup Global Markets Inc.		214,888		35,897		26,226		277,011		(23,621	)		(64,328	)		(55,169	)		(143,118	)		133,893			—		(133,893	)		—
Deutsche Bank Securities Inc.		662,792		88,336		—		751,128		(155,929	)		(8,362	)		—			(164,291	)		586,837			—		(586,837	)		—
Goldman Sachs International		438,497		320,542		1,655		760,694		(1,159,161	)		(53,702	)		(21,637	)		(1,234,500	)		(473,806	)		—		380,000			(93,806	)
HSBC New York		—		4,888		—		4,888		—			—			—			—			4,888			—		—			4,888
J.P. Morgan Chase Bank, N.A.		82,929		274,848		329,724		687,501		(41,281	)		(399,875	)		(190,615	)		(631,771	)		55,730			—		(55,730	)		—
J.P. Morgan Securities LLC		—		1,902,047		—		1,902,047		—			—			—			—			1,902,047			—		—			1,902,047
Morgan Stanley Capital Services LLC		—		112,713		—		112,713		(10,234	)		(3,766	)		—			(14,000	)		98,713			—		(98,713	)		—
Normuda International PLC		—		12,845		—		12,845		—			—			—			—			12,845			—		(12,845	)		—
Societe Generale		—		2,216,440		121,668		2,338,108		—			(2,150,203	)		(215,837	)		(2,366,040	)		(27,932	)		—		—			(27,932	)
Standard Chartered Bank PLC		41,848		—		—		41,848		(9,644	)		—			—			(9,644	)		32,204			—		—			32,204
State Street Bank & Trust Co.		1,226,215		—		—		1,226,215		(21,816	)		—			—			(21,816	)		1,204,399			—		(1,110,000	)		94,399
UBS		—		1,448,275		571,410		2,019,685		—			(850,470	)		(432,951	)		(1,283,421	)		736,264			—		(430,000	)		306,264
Subtotal — Fund		2,929,305		7,999,354		1,065,900		11,994,559		(2,123,997	)		(4,531,395	)		(951,339	)		(7,606,731	)		4,387,828			—		(2,329,579	)		2,058,249
Subsidiary
Barclays Bank PLC		—		—		417,225		417,225		—			—			(186,427	)		(186,427	)		230,798			—		(180,000	)		50,798
BNP Paribas S.A.		—		—		2,097		2,097		—			—			(438	)		(438	)		1,659			—		—			1,659
Citigroup Global Markets Inc.		—		—		—		—		—			—			(116,065	)		(116,065	)		(116,065	)		—		116,065			—
Goldman Sachs International		—		—		65,471		65,471		—			—			(230,167	)		(230,167	)		(164,696	)		—		164,696			—
Macquarie Bank Ltd.		—		—		61,958		61,958		—			—			(7,924	)		(7,924	)		54,034			—		—			54,034
Morgan Stanley Capital Services LLC		—		—		123,227		123,227		—			—			(223,356	)		(223,356	)		(100,129	)		—		50,000			(50,129	)
Subtotal — Subsidiary	$	—	$	—	$	669,978	$	669,978	$	—		$	—		$	(764,377	)	$	(764,377	)	$	(94,399	)	$	—	$	150,761		$	56,362
Total	$	2,929,305	$	7,999,354	$	1,735,878	$	12,664,537	$	(2,123,997	)	$	(4,531,395	)	$	(1,715,716	)	$	(8,371,108	)	$	4,293,429		$	—	$	(2,178,818	)	$	2,114,611

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

52                         Invesco Global Targeted Returns Fund

Effect of Derivative Investments for the six months ended April 30, 2018

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	$	—		$	—		$	(4,926,172	)	$	—		$	—		$	(4,926,172	)
Futures contracts		—			—			—			(1,587,595	)		(21,635	)		(1,609,230	)
Options purchased(a)		—			—			(4,050,497	)		(3,953,740	)		—			(8,004,237	)
Options written		—			—			1,268,752			2,341,425			—			3,610,177
Swap agreements		(1,343,798	)		(155,334	)		—			(638,757	)		614,044			(1,523,845	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		—			—			1,558,078			—			—			1,558,078
Futures contracts		—			—			—			941,026			244,465			1,185,491
Options purchased(a)		—			—			2,106,767			3,790,450			—			5,897,217
Options written		—			—			(424,257	)		224,982			—			(199,275	)
Swap agreements		77,932			26,220			—			505,513			(1,181,101	)		(571,436	)
Total	$	(1,265,866	)	$	(129,114	)	$	(4,467,329	)	$	1,623,304		$	(344,227	)	$	(4,583,232	)

^(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 forward foreign currency contracts, futures contracts, options purchased, options written and swap agreements outstanding during the period.

	Forward Foreign Currency Contracts		Futures Contracts		Index Options Purchased		Index Options Written		Foreign Currency Options		Swap Agreements
Average notional value	$	258,320,797	$	92,196,776	$	162,684,834	$	70,274,137	$	115,895,487	$	775,426,571
Average contracts		—		—		6,157		1,684		—		—

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $135.

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

NOTE 8—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.

53                         Invesco Global Targeted Returns Fund

The Fund had a capital loss carryforward as of October 31, 2017, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	—	$	6,333,130	$	6,333,130

* 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 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, 2018 was $34,567,970 and $48,257,817, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $907,412 and $1,293,751, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	25,464,484
Aggregate unrealized (depreciation) of investments		(17,831,826	)
Net unrealized appreciation of investments	$	7,632,658

Cost of investments for tax purposes is $111,298,106.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		158,603		$	1,579,881			432,607		$	4,320,006
Class C		18,279			178,004			170,628			1,667,723
Class R		15			150			981			9,707
Class Y		2,487,174			25,000,963			5,299,391			52,987,480
Class R6		318,193			3,167,385			869,493			8,703,963
Issued as reinvestment of dividends:
Class A		—			—			109,618			1,068,780
Class C		—			—			60,540			582,399
Class R		—			—			31			300
Class Y		—			—			736,278			7,193,440
Class R5		—			—			246			2,402
Reacquired:
Class A		(445,578	)		(4,425,511	)		(1,444,640	)		(14,471,961	)
Class C		(291,109	)		(2,838,487	)		(601,188	)		(5,868,873	)
Class Y		(3,148,023	)		(31,513,082	)		(12,178,368	)		(121,949,467	)
Class R5		—			—			(5,347	)		(53,554	)
Class R6		(25,949	)		(259,995	)		(11,067	)		(111,623	)
Net increase (decrease) in share activity		(928,395	)	$	(9,110,692	)		(6,560,797	)	$	(65,919,278	)

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

    In addition, 8% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

54                         Invesco Global Targeted Returns Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Return of capital			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 04/30/18	$	10.00	$	0.05		$	(0.15	)	$	(0.10	)	$	—		$	—		$	—		$	—		$	9.90		(1.00	)%	$	16,325		1.39	%(d)		2.40	%(d)		1.00	%(d)		38	%
Year ended 10/31/17		10.32		0.12			0.00			0.12			(0.12	)		(0.01	)		(0.31	)		(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
Year ended 10/31/14(f)		10.00		(0.02	)		0.46			0.44			—			—			—			—			10.44		4.40			13,504		1.29	(e)(g)		3.16	(g)		(0.18	)(g)		20
Class C
Six months ended 04/30/18		9.80		0.01			(0.14	)		(0.13	)		—			—			—			—			9.67		(1.33	)		9,456		2.14	(d)		3.15	(d)		0.25	(d)		38
Year ended 10/31/17		10.13		0.05			(0.01	)		0.04			(0.06	)		(0.00	)		(0.31	)		(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
Year ended 10/31/14(f)		10.00		(0.08	)		0.45			0.37			—			—			—			—			10.37		3.70			444		2.04	(e)(g)		3.91	(g)		(0.93	)(g)		20
Class R
Six months ended 04/30/18		9.94		0.04			(0.15	)		(0.11	)		—			—			—			—			9.83		(1.11	)		26		1.64	(d)		2.65	(d)		0.75	(d)		38
Year ended 10/31/17		10.27		0.10			(0.01	)		0.09			(0.10	)		(0.01	)		(0.31	)		(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
Year ended 10/31/14(f)		10.00		(0.04	)		0.46			0.42			—			—			—			—			10.42		4.20			10		1.54	(e)(g)		3.41	(g)		(0.43	)(g)		20
Class Y
Six months ended 04/30/18		10.04		0.06			(0.15	)		(0.09	)		—			—			—			—			9.95		(0.90	)		100,532		1.14	(d)		2.15	(d)		1.25	(d)		38
Year ended 10/31/17		10.37		0.15			(0.01	)		0.14			(0.15	)		(0.01	)		(0.31	)		(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
Year ended 10/31/14(f)		10.00		0.01			0.45			0.46			—			—			—			—			10.46		4.60			16,352		1.04	(e)(g)		2.91	(g)		0.07	(g)		20
Class R5
Six months ended 04/30/18		10.05		0.06			(0.15	)		(0.09	)		—			—			—			—			9.96		(0.90	)		10		1.14	(d)		2.06	(d)		1.25	(d)		38
Year ended 10/31/17		10.37		0.15			0.00			0.15			(0.15	)		(0.01	)		(0.31	)		(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
Year ended 10/31/14(f)		10.00		0.01			0.45			0.46			—			—			—			—			10.46		4.60			2,724		1.04	(e)(g)		2.87	(g)		0.07	(g)		20
Class R6
Six months ended 04/30/18		10.04		0.06			(0.15	)		(0.09	)		—			—			—			—			9.95		(0.90	)		11,458		1.14	(d)		2.06	(d)		1.25	(d)		38
Year ended 10/31/17		10.36		0.15			0.00			0.15			(0.15	)		(0.01	)		(0.31	)		(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
Year ended 10/31/14(f)		10.00		0.01			0.45			0.46			—			—			—			—			10.46		4.60			9,298		1.04	(e)(g)		2.87	(g)		0.07	(g)		20

^(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 $17,723, $10,604, $26, $107,028, $10 and $8,552 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%, 0.44% and 0.50% for the years ended October 31, 2016 and 2015 and the period ended October 31, 2014.

^(f)  Commencement date of December 19, 2013.

^(g)  Annualized.

55                         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, 2017 through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	990.00	$	6.86	$	1,017.90	$	6.95		1.39	%
C		1,000.00		986.70		10.54		1,014.18		10.69		2.14
R		1,000.00		988.90		8.09		1,016.66		8.20		1.64
Y		1,000.00		991.00		5.63		1,019.14		5.71		1.14
R5		1,000.00		991.00		5.63		1,019.14		5.71		1.14
R6		1,000.00		991.00		5.63		1,019.14		5.71		1.14

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

56                         Invesco Global Targeted Returns Fund

Explore High-Conviction Investing with Invesco

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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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.     

SEC file numbers: 811-05426 and 033-19338                      Invesco Distributors, Inc.                                                                                        GTR-SAR-1            06142018      0953

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Greater China Fund
	Nasdaq:
	A: AACFX  ∎  C: CACFX  ∎  Y: AMCYX  ∎  R5: IACFX  ∎  R6: CACSX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
15	Financial Highlights
16	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, 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	0.08	%
Class C Shares	-0.28
Class Y Shares	0.22
Class R5 Shares	0.29
Class R6 Shares	0.28
MSCI Golden Dragon Index▼ (Broad Market/Style-Specific)	4.34
Lipper China Region Funds Index∎ (Peer Group Index)	6.09
Source(s): ▼FactSet Research Systems Inc.; ∎Lipper Inc.

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 non-resident investors.

    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.

2                      Invesco Greater China Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	9.71	%
10 Years	4.47
5 Years	8.63
1 Year	15.75
Class C Shares
Inception (3/31/06)	9.40	%
10 Years	4.29
5 Years	9.05
1 Year	20.60
Class Y Shares
10 Years	5.31	%
5 Years	10.14
1 Year	22.83
Class R5 Shares
Inception (3/31/06)	10.74	%
10 Years	5.58
5 Years	10.37
1 Year	23.06
Class R6 Shares
10 Years	5.11	%
5 Years	9.96
1 Year	23.00

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of 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 Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C,

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	10.10	%
10 Years	6.15
5 Years	9.83
1 Year	23.91
Class C Shares
Inception (3/31/06)	9.80	%
10 Years	5.96
5 Years	10.25
1 Year	29.14
Class Y Shares
10 Years	7.00	%
5 Years	11.35
1 Year	31.42
Class R5 Shares
Inception (3/31/06)	11.14	%
10 Years	7.28
5 Years	11.58
1 Year	31.66
Class R6 Shares
10 Years	6.79	%
5 Years	11.17
1 Year	31.65

Class Y, Class R5 and Class R6 shares was 1.93%, 2.68%, 1.68%, 1.50% and 1.47%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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.

3                      Invesco Greater China Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Greater China Fund

Schedule of Investments^(a)

April 30, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.88%(b)
Apparel Retail–1.57%
Pou Sheng International (Holdings) Ltd. (Hong Kong)		9,261,000	$	1,545,742
Auto Parts & Equipment–5.35%
Hu Lane Associate Inc. (Taiwan)		257,000		1,201,743
HUAYU Automotive Systems Co., Ltd.–Class A		630,104		2,199,423
Minth Group Ltd.		396,000		1,881,740
				5,282,906
Automobile Manufacturers–0.44%
Jiangling Motors Corp., Ltd.–Class B		311,100		430,861
Commodity Chemicals–4.28%
Formosa Chemicals & Fibre Corp. (Taiwan)		532,000		1,952,625
Formosa Plastics Corp. (Taiwan)		646,000		2,266,295
				4,218,920
Construction Materials–0.73%
Asia Cement China Holdings Corp.		1,343,500		720,009
Diversified Banks–0.45%
BOC Hong Kong (Holdings) Ltd.		86,500		446,783
Electrical Components & Equipment–3.97%
Voltronic Power Technology Corp. (Taiwan)		59,150		1,051,501
Zhuzhou CRRC Times Electric Co., Ltd.–Class H		539,900		2,862,776
				3,914,277
Electronic Components–3.33%
Chin-Poon Industrial Co., Ltd. (Taiwan)		647,000		851,971
Largan Precision Co., Ltd. (Taiwan)		21,000		2,434,938
				3,286,909
Electronic Equipment & Instruments–0.58%
Flytech Technology Co., Ltd. (Taiwan)		220,000		575,145
Electronic Manufacturing Services–4.28%
FIH Mobile Ltd.		877,000		150,377
Hon Hai Precision Industry Co., Ltd. (Taiwan)		1,465,000		4,075,648
				4,226,025
Food Retail–2.75%
President Chain Store Corp. (Taiwan)		276,000		2,712,283
Footwear–1.06%
Stella International Holdings Ltd.		886,000		1,046,457
Gas Utilities–3.13%
ENN Energy Holdings Ltd.		131,000		1,231,787
Towngas China Co. Ltd.		2,082,000		1,853,681
				3,085,468
Health Care Distributors–1.50%
Sinopharm Group Co. Ltd.–Class H		350,400		1,477,746

	Shares		Value
Health Care Equipment–2.16%
MicroPort Scientific Corp.		1,832,000	$	2,136,337
Health Care Supplies–1.90%
Shandong Weigao Group Medical Polymer Co. Ltd.–Class H		3,036,000		1,872,212
Home Entertainment Software–1.09%
Changyou.com Ltd.–ADR		56,500		1,075,195
Hotels, Resorts & Cruise Lines–1.72%
China International Travel Service Corp Ltd.–Class A		90,100		736,134
Shanghai Jinjiang International Hotels Development Co., Ltd.–Class B		381,578		956,594
				1,692,728
Hypermarkets & Super Centers–2.86%
Sun Art Retail Group Ltd. (Hong Kong)		2,515,000		2,825,762
Industrial Conglomerates–1.02%
Beijing Enterprises Holdings Ltd.		200,500		1,001,927
Industrial Machinery–1.25%
CIMC Enric Holdings Ltd.(c)		1,190,000		1,233,201
Internet & Direct Marketing Retail–1.77%
Vipshop Holdings Ltd.–ADR(c)		112,670		1,744,132
Internet Software & Services–17.58%
Alibaba Group Holding Ltd.–ADR(c)		42,389		7,568,132
Autohome Inc.–ADR		21,800		2,126,590
PChome Online Inc. (Taiwan)		159,305		737,931
Tencent Holdings Ltd.		89,800		4,408,891
YY Inc.–ADR(c)		26,000		2,506,140
				17,347,684
Leisure Products–1.77%
Goodbaby International Holdings Ltd.		2,750,000		1,744,240
Marine Ports & Services–2.84%
China Merchants Port Holdings Co. Ltd.		682,000		1,523,868
Qingdao Port International Co., Ltd.–Class H–REGS(d)		1,562,000		1,281,642
				2,805,510
Packaged Foods & Meats–1.84%
Qinqin Foodstuffs Group (Cayman) Co. Ltd.(c)		55,600		16,506
Uni-President China Holdings Ltd.		1,904,000		1,800,984
				1,817,490
Personal Products–2.09%
Hengan International Group Co. Ltd.		232,500		2,063,153
Pharmaceuticals–0.24%
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd.–Class H		477,000		232,385

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

5                         Invesco Greater China Fund

	Shares		Value
Research & Consulting Services–1.70%
Centre Testing International Group Co., Ltd.–Class A		2,244,795	$	1,676,330
Restaurants–2.73%
Ajisen (China) Holdings Ltd. (Hong Kong)		3,195,000		1,510,263
Café de Coral Holdings Ltd. (Hong Kong)		332,000		814,929
Xiabuxiabu Catering Management China Holdings Co. Ltd.–REGS(d)		217,000		372,344
				2,697,536
Semiconductor Equipment–2.49%
ASM Pacific Technology Ltd. (Hong Kong)		179,500		2,452,361
Semiconductors–6.50%
MediaTek Inc. (Taiwan)		207,000		2,355,886
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		536,000		4,060,594
				6,416,480
Steel–5.12%
Angang Steel Co. Ltd.–Class H		1,696,000		1,818,167
Baoshan Iron & Steel Co., Ltd.–Class A		2,208,209		3,233,538
				5,051,705
Technology Hardware, Storage & Peripherals–0.51%
Asustek Computer Inc. (Taiwan)		54,000		505,587

	Shares		Value
Tires & Rubber–0.73%
Cheng Shin Rubber Industry Co., Ltd. (Taiwan)		447,000	$	719,752
Wireless Telecommunication Services–5.55%
China Mobile Ltd.		518,000		4,926,177
SmarTone Telecommunications Holdings Ltd. (Hong Kong)		521,500		551,061
				5,477,238
Total Common Stocks & Other Equity Interests (Cost $89,205,190)				97,558,476
Money Market Funds–0.00%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(e)		62		62
Invesco Treasury Portfolio–Institutional Class, 1.62%(e)		70		70
Total Money Market Funds (Cost $132)				132
TOTAL INVESTMENTS IN SECURITIES–98.88% (Cost $89,205,322)				97,558,608
OTHER ASSETS LESS LIABILITIES–1.12%				1,106,959
NET ASSETS–100.00%			$	98,665,567

Investment Abbreviations:

ADR	– American Depositary Receipt
REGS	– Regulation S

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, 2018 was $1,653,986, which represented 1.68% of the Fund’s Net Assets.

^(e)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2018

Information Technology	36.4	%
Consumer Discretionary	17.1
Industrials	10.8
Materials	10.1
Consumer Staples	9.5
Health Care	5.8
Telecommunication Services	5.6
Utilities	3.1
Financials	0.5
Money Market Funds Plus Other Assets Less Liabilities	1.1

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

6                         Invesco Greater China Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $89,205,190)	$	97,558,476
Investments in affiliated money market funds, at value and cost		132
Cash		295,507
Receivable for:
Investments sold		2,001,147
Fund shares sold		113,159
Dividends		1,003
Investment for trustee deferred compensation and retirement plans		55,661
Other assets		48,313
Total assets		100,073,398
Liabilities:
Payable for:
Investments purchased		299,774
Fund shares reacquired		213,659
Amount due custodian — foreign (Cost $693,232)		693,310
Accrued fees to affiliates		72,670
Accrued trustees’ and officers’ fees and benefits		1,525
Accrued other operating expenses		65,612
Trustee deferred compensation and retirement plans		61,281
Total liabilities		1,407,831
Net assets applicable to shares outstanding	$	98,665,567
Net assets consist of:
Shares of beneficial interest	$	80,245,460
Undistributed net investment income (loss)		(729,100	)
Undistributed net realized gain		10,796,563
Net unrealized appreciation		8,352,644
	$	98,665,567

Net Assets:
Class A	$	73,367,860
Class C	$	12,765,075
Class Y	$	11,717,820
Class R5	$	71,552
Class R6	$	743,260
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,507,557
Class C		450,009
Class Y		400,258
Class R5		2,444
Class R6		25,406
Class A:
Net asset value per share	$	29.26
Maximum offering price per share
(Net asset value of $29.26 ¸ 94.50%)	$	30.96
Class C:
Net asset value and offering price per share	$	28.37
Class Y:
Net asset value and offering price per share	$	29.28
Class R5:
Net asset value and offering price per share	$	29.28
Class R6:
Net asset value and offering price per share	$	29.26

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

7                         Invesco Greater China Fund

Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $11,424)	$	687,946
Dividends from affiliated money market funds		11,600
Total investment income		699,546
Expenses:
Advisory fees		465,847
Administrative services fees		24,795
Custodian fees		55,422
Distribution fees:
Class A		92,020
Class B		1,709
Class C		67,099
Transfer agent fees — A, B, C and Y		119,710
Transfer agent fees — R5		34
Transfer agent fees — R6		237
Trustees’ and officers’ fees and benefits		11,379
Registration and filing fees		42,413
Reports to shareholders		15,686
Professional services fees		38,217
Other		6,485
Total expenses		941,053
Less: Fees waived and expense offset arrangement(s)		(5,709	)
Net expenses		935,344
Net investment income (loss)		(235,798	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		10,960,407
Foreign currencies		(20,430	)
		10,939,977
Change in net unrealized appreciation (depreciation) of:
Investment securities		(10,908,003	)
Foreign currencies		(617	)
		(10,908,620	)
Net realized and unrealized gain		31,357
Net increase (decrease) in net assets resulting from operations	$	(204,441	)

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

8                         Invesco Greater China Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income (loss)	$	(235,798	)	$	86,056
Net realized gain		10,939,977			3,508,172
Change in net unrealized appreciation (depreciation)		(10,908,620	)		18,738,674
Net increase (decrease) in net assets resulting from operations		(204,441	)		22,332,902
Distributions to shareholders from net investment income:
Class A		(385,286	)		(354,279	)
Class Y		(84,412	)		(45,730	)
Class R5		(635	)		(619	)
Class R6		(996	)		—
Total distributions from net investment income		(471,329	)		(400,628	)
Share transactions–net:
Class A		4,125,825			1,136,916
Class B		(834,194	)		(720,092	)
Class C		(636,540	)		(1,792,194	)
Class Y		338,286			4,144,381
Class R5		257			243
Class R6		696,315			104,144
Net increase (decrease) in net assets resulting from share transactions		3,689,949			(2,873,398	)
Net increase in net assets		3,014,179			24,805,672
Net assets:
Beginning of period		95,651,388			70,845,716
End of period (includes undistributed net investment income (loss) of $(729,100) and $(21,973), respectively)	$	98,665,567		$	95,651,388

Notes to Financial Statements

April 30, 2018

(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 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 Y, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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

9                         Invesco Greater China Fund

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 economic conditions, interest rates, investor perceptions 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. 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

10                         Invesco Greater China Fund

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 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.

11                         Invesco Greater China Fund

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.

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	.91%
Next $500 million		0	.885%
Next $1.5 billion		0	.86%
Next $2.5 billion		0	.835%
Next $2.5 billion		0	.81%
Next $2.5 billion		0	.785%
Over $10 billion		0	.76%

For the six months ended April 30, 2018, the effective advisory fees 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, 2019, 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”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 3.00% of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2019. 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, 2020, 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, 2018, the Adviser waived advisory fees of $1,194.

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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2018, 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. Prior to their conversion to Class A shares, the Fund paid an annual rate of 1.00% of the average daily net assets of Class B 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, 2018, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

12                         Invesco Greater China Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2018, IDI advised the Fund that IDI retained $21,948 in front-end sales commissions from the sale of Class A shares and $21 and $771 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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period.

During the six months ended April 30, 2018, there were transfers from Level 1 to Level 2 of $31,211,383 and from Level 2 to Level 1 of $1,046,457, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Common Stocks & Other Equity Interests	$	24,151,763	$	73,406,713	$	—	$	97,558,476
Money Market Funds		132		—		—		132
Total Investments	$	24,151,895	$	73,406,713	$	—	$	97,558,608

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,515.

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

NOTE 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.

13                         Invesco Greater China 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. 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 did not have a capital loss carryforward as of October 31, 2017.

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, 2018 was $31,227,615 and $29,422,751, 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	$	17,296,854
Aggregate unrealized (depreciation) of investments		(9,509,930	)
Net unrealized appreciation of investments	$	7,786,924

Cost of investments for tax purposes is $89,771,684.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended April 30,  2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		403,665		$	12,297,129			569,913		$	14,502,235
Class B(b)		—			—			1,033			23,318
Class C		40,787			1,201,430			45,152			1,130,270
Class Y		77,851			2,358,207			346,947			8,827,823
Class R6(c)		28,219			892,305			3,633			104,144
Issued as reinvestment of dividends:
Class A		12,961			372,496			15,781			339,129
Class Y		2,244			64,471			1,898			40,746
Class R5		15			444			20			432
Class R6		31			881			—			—
Conversion of Class B shares to Class A shares:(d)
Class A		1,337			43,321			21,353			537,044
Class B		(1,507	)		(43,321	)		(21,965	)		(537,044	)
Reacquired:
Class A		(286,105	)		(8,587,121	)		(592,344	)		(14,241,492	)
Class B(b)		(25,297	)		(790,873	)		(8,760	)		(206,366	)
Class C		(62,546	)		(1,837,970	)		(125,409	)		(2,922,464	)
Class Y		(68,568	)		(2,084,392	)		(194,454	)		(4,724,188	)
Class R5		(6	)		(187	)		(8	)		(189	)
Class R6		(6,477	)		(196,871	)		—			—
Net increase in share activity		116,604		$	3,689,949			62,790		$	2,873,398

^(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.

^(b)  Class B shares activity for the period November 1, 2017 through January 26, 2018 (date of conversion)

^(c)  Commencement date of April 4, 2017.

^(d)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

14                         Invesco Greater China Fund

NOTE 10—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	29.40	$	(0.06	)(d)	$	0.08		$	0.02		$	(0.16	)	$	29.26		0.08	%	$	73,368		1.81	%(e)		1.82	%(e)		(0.41	)%(d)(e)		30	%
Year ended 10/31/17		22.23		0.05			7.27			7.32			(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	)		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	)		21.10		6.36			53,087		1.88			1.88			0.85			130
Year ended 10/31/14		20.31		(0.03	)		(0.13	)		(0.16	)		(0.22	)		19.93		(0.87	)		62,957		1.85			1.85			(0.15	)		124
Year ended 10/31/13		17.90		0.09			2.44			2.53			(0.12	)		20.31		14.18			76,691		1.78			1.78			0.50			148
Class B
Six months ended 04/30/18(f)		28.50		(0.08	)(d)		3.10			3.02			—			31.52		10.60			—		2.56	(e)		2.57	(e)		(1.16	)(d)(e)		30
Year ended 10/31/17		21.56		(0.13	)		7.07			6.94			—			28.50		32.19			764		2.68			2.68			(0.53	)		56
Year ended 10/31/16		20.43		(0.00	)		1.16			1.16			(0.03	)		21.56		5.72			1,218		2.68			2.68			(0.01	)		52
Year ended 10/31/15		19.35		0.02			1.06			1.08			—			20.43		5.58			2,600		2.63			2.63			0.10			130
Year ended 10/31/14		19.71		(0.18	)		(0.14	)		(0.32	)		(0.04	)		19.35		(1.61	)		5,303		2.60			2.60			(0.90	)		124
Year ended 10/31/13		17.39		(0.05	)		2.37			2.32			—			19.71		13.34			7,411		2.53			2.53			(0.25	)		148
Class C
Six months ended 04/30/18		28.45		(0.17	)(d)		0.09			(0.08	)		—			28.37		(0.28	)		12,765		2.56	(e)		2.57	(e)		(1.16	)(d)(e)		30
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	)		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
Year ended 10/31/14		19.68		(0.18	)		(0.14	)		(0.32	)		(0.04	)		19.32		(1.62	)		15,978		2.60			2.60			(0.90	)		124
Year ended 10/31/13		17.36		(0.05	)		2.37			2.32			—			19.68		13.36			21,366		2.53			2.53			(0.25	)		148
Class Y
Six months ended 04/30/18		29.44		(0.02	)(d)		0.08			0.06			(0.22	)		29.28		0.22			11,718		1.56	(e)		1.57	(e)		(0.16	)(d)(e)		30
Year ended 10/31/17		22.26		0.12			7.27			7.39			(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	)		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	)		21.14		6.62			3,449		1.63			1.63			1.10			130
Year ended 10/31/14		20.36		0.02			(0.13	)		(0.11	)		(0.27	)		19.98		(0.62	)		4,494		1.60			1.60			0.10			124
Year ended 10/31/13		17.95		0.14			2.44			2.58			(0.17	)		20.36		14.43			4,531		1.53			1.53			0.75			148
Class R5
Six months ended 04/30/18		29.46		(0.00	)(d)		0.08			0.08			(0.26	)		29.28		0.29			72		1.42	(e)		1.42	(e)		(0.02	)(d)(e)		30
Year ended 10/31/17		22.28		0.16			7.28			7.44			(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	)		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	)		21.17		6.88			75		1.41			1.41			1.32			130
Year ended 10/31/14		20.38		0.06			(0.14	)		(0.08	)		(0.29	)		20.01		(0.46	)		104		1.39			1.39			0.31			124
Year ended 10/31/13		17.97		0.18			2.45			2.63			(0.22	)		20.38		14.71			411		1.33			1.33			0.95			148
Class R6
Six months ended 04/30/18		29.45		(0.00	)(d)		0.08			0.08			(0.27	)		29.26		0.28			743		1.42	(e)		1.42	(e)		(0.02	)(d)(e)		30
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, 2018. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.25) and (1.04)%, $(0.27) and (1.79)%, $(0.36) and (1.79)%, $(0.21) and (0.79)%, $(0.19) and (0.65)% and $(0.19) and (0.65)% for Class A, Class B, 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 $74,226, $718, $13,531, $11,788, $74, and $508 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Reflects activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

^(g)  Commencement date of April 4, 2017 for Class R6 shares.

^(h)  Annualized.

15                         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, 2017 through April 30, 2018.

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.

Class			ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
	Beginning Account Value (11/01/17)		Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,000.80	$	8.98	$	1,015.82	$	9.05		1.81	%
C		1,000.00		997.20		12.68		1,012.10		12.77		2.56
Y		1,000.00		1,002.20		7.74		1,017.06		7.80		1.56
R5		1,000.00		1,002.90		7.05		1,017.75		7.10		1.42
R6		1,000.00		1,002.80		7.05		1,017.75		7.10		1.42

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

16                         Invesco Greater China 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.

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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.     

SEC file numbers: 811-05426 and 033-19338                      Invesco Distributors, Inc.                                                                                      CHI-SAR-1            06082018      1257

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Health Care Fund
	Effective April 30, 2018, Invesco Global Health Care Fund was renamed Invesco Health Care Fund.
	Nasdaq:
	A: GGHCX  ∎  C: GTHCX  ∎  Y: GGHYX  ∎  Investor: GTHIX  ∎  R6: GGHSX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-1.33	%
Class C Shares	-1.70
Class Y Shares	-1.20
Investor Class Shares	-1.33
Class R6 Shares	-1.20
MSCI World Index▼ (Broad Market Index)	3.40
MSCI World Health Care Index▼ (Style-Specific Index)	1.90
Lipper Global Health/Biotechnology Funds Index∎ (Peer Group Index)	1.16
Source(s): ▼FactSet Research Systems Inc.; ∎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.

2                      Invesco Health Care Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (8/7/89)	10.23	%
10 Years	8.13
5 Years	6.94
1 Year	-3.40
Class C Shares
Inception (3/1/99)	7.62	%
10 Years	7.93
5 Years	7.35
1 Year	0.52
Class Y Shares
10 Years	9.00	%
5 Years	8.42
1 Year	2.47
Investor Class Shares
Inception (7/15/05)	7.89	%
10 Years	8.75
5 Years	8.15
1 Year	2.21
Class R6 Shares
10 Years	8.78	%
5 Years	8.22
1 Year	2.50

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of 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 Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable 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.

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (8/7/89)	10.23	%
10 Years	8.23
5 Years	7.57
1 Year	-2.44
Class C Shares
Inception (3/1/99)	7.61	%
10 Years	8.03
5 Years	7.97
1 Year	1.55
Class Y Shares
10 Years	9.10	%
5 Years	9.06
1 Year	3.48
Investor Class Shares
Inception (7/15/05)	7.87	%
10 Years	8.84
5 Years	8.78
1 Year	3.22
Class R6 Shares
10 Years	8.88	%
5 Years	8.85
1 Year	3.56

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class Y, Investor Class and Class R6 shares was 1.12%, 1.87%, 0.87%, 1.12% and 0.80%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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, Investor Class 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.

3                      Invesco Health Care Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Health Care Fund

Schedule of Investments^(a)

April 30, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–94.87%
Biotechnology–23.94%
ACADIA Pharmaceuticals Inc.(b)		181,196	$	2,864,709
Alexion Pharmaceuticals, Inc.(b)		282,444		33,223,888
Amarin Corp. PLC–ADR (Ireland)(b)		984,512		2,707,408
Array BioPharma Inc.(b)		857,073		11,621,910
BioCryst Pharmaceuticals, Inc.(b)		639,339		3,145,548
Biogen Inc.(b)		106,364		29,101,190
BioMarin Pharmaceutical Inc.(b)		383,269		32,006,794
bluebird bio, Inc.(b)		58,211		9,904,602
Celgene Corp.(b)		291,461		25,386,253
Clovis Oncology Inc.(b)		234,518		10,173,391
DBV Technologies S.A.–ADR (France)(b)		626,020		13,741,139
Exact Sciences Corp.(b)		259,028		12,953,990
Heron Therapeutics, Inc.(b)		308,054		9,334,036
Incyte Corp.(b)		144,139		8,927,970
Loxo Oncology, Inc.(b)		54,666		6,882,996
Momenta Pharmaceuticals, Inc.(b)		385,306		8,014,365
Neurocrine Biosciences, Inc.(b)		129,531		10,502,373
REGENXBIO Inc.(b)		168,086		6,278,012
Sarepta Therapeutics, Inc.(b)		124,594		9,513,998
Seattle Genetics, Inc.(b)		187,024		9,573,758
Shire PLC–ADR		157,662		25,136,053
TESARO, Inc.(b)		113,910		5,799,158
Vertex Pharmaceuticals Inc.(b)		160,932		24,648,345
				311,441,886
Drug Retail–0.50%
Raia Drogasil S.A. (Brazil)		331,578		6,503,793
Health Care Equipment–15.06%
Abbott Laboratories		277,510		16,131,656
Baxter International Inc.		312,834		21,741,963
Boston Scientific Corp.(b)		831,578		23,882,920
Edwards Lifesciences Corp.(b)		121,302		15,449,023
Koninklijke Philips N.V. (Netherlands)		406,717		17,170,853
Medtronic PLC		255,602		20,481,388
Olympus Corp. (Japan)		356,600		13,286,039
Siemens Healthineers AG–REGS (Germany)(b)(c)		220,324		8,590,564
Wright Medical Group N.V.(b)		879,249		17,242,073
Zimmer Biomet Holdings, Inc.		363,570		41,872,357
				195,848,836
Health Care Facilities–1.21%
HCA Healthcare, Inc.		164,633		15,761,963
Health Care Services–0.75%
Envision Healthcare Corp.(b)		261,736		9,728,727

	Shares		Value
Health Care Supplies–3.12%
Align Technology, Inc.(b)		56,890	$	14,213,966
DENTSPLY SIRONA Inc.		525,126		26,434,843
				40,648,809
Health Care Technology–0.51%
HMS Holdings Corp.(b)		365,977		6,591,246
Life Sciences Tools & Services–7.06%
Agilent Technologies, Inc.		110,427		7,259,471
Eurofins Scientific S.E. (Luxembourg)		25,957		13,959,340
Illumina, Inc.(b)		66,786		16,090,751
Thermo Fisher Scientific, Inc.		259,406		54,566,052
				91,875,614
Managed Health Care–14.67%
Anthem, Inc.		110,623		26,105,922
Centene Corp.(b)		203,348		22,079,526
Cigna Corp.		69,760		11,986,163
Hapvida Participacoes e Investimentos S.A.–REGS (Brazil)(b)(c)		1,026,700		8,102,827
HealthEquity, Inc.(b)		148,938		9,780,758
Humana Inc.		136,210		40,070,258
Molina Healthcare Inc.(b)		41,112		3,422,574
Notre Dame Intermedica Participacoes S.A. (Brazil)(b)		1,026,461		5,959,246
Qualicorp S.A. (Brazil)		667,900		4,622,970
UnitedHealth Group Inc.		248,448		58,733,107
				190,863,351
Pharmaceuticals–27.92%
Aclaris Therapeutics, Inc.(b)		391,396		6,947,279
Aerie Pharmaceuticals, Inc.(b)		184,846		9,464,115
Allergan PLC		119,368		18,340,893
Assembly Biosciences, Inc.(b)		58,770		2,555,319
AstraZeneca PLC–ADR (United Kingdom)		1,196,873		42,524,898
Bayer AG (Germany)		284,484		34,058,290
Bristol-Myers Squibb Co.		356,583		18,588,672
Dermira, Inc.(b)		355,028		3,234,305
Eli Lilly and Co.		512,367		41,537,593
Jazz Pharmaceuticals PLC(b)		70,872		10,775,379
Merck & Co., Inc.		561,618		33,062,451
Nippon Shinyaku Co., Ltd. (Japan)		199,000		14,816,500
Novartis AG–ADR (Switzerland)		688,804		52,824,379
Novo Nordisk A/S–Class B (Denmark)		639,217		30,011,277
Odonate Therapeutics, Inc.(b)		280,651		5,916,123
Roche Holding AG (Switzerland)		86,253		19,136,243
Supernus Pharmaceuticals Inc.(b)		214,823		10,075,199
Zogenix, Inc.(b)		237,270		9,324,711
				363,193,626

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

5                         Invesco Health Care Fund

	Shares		Value
Systems Software–0.13%
Ping An Healthcare and Technology Co. Ltd.–REGS (China)(b)(c)		246,400	$	1,720,399
Total Common Stocks & Other Equity Interests (Cost $936,348,495)				1,234,178,250
Preferred Stock–0.00%
Health Care Equipment–0.00%
Intact Medical Corp., Series C, 3.33% Pfd. (Acquired 03/26/2001; Cost $2,000,001)(c)(d)(e)		2,439,026		0
Money Market Funds–5.58%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(f)		25,400,929		25,400,929
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(f)		18,139,755		18,141,569
Invesco Treasury Portfolio–Institutional Class, 1.62%(f)		29,029,634		29,029,634
Total Money Market Funds (Cost $72,570,600)				72,572,132
TOTAL INVESTMENTS IN SECURITIES–100.45% (Cost $1,010,919,096)				1,306,750,382
OTHER ASSETS LESS LIABILITIES–(0.45)%				(5,882,939	)
NET ASSETS–100.00%			$	1,300,867,443

Investment Abbreviations:

ADR	– American Depositary Receipt
Pfd.	– Preferred
REGS	– Regulation S

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, 2018 was $18,413,790, which represented 1.42% of the Fund’s Net Assets.

^(d)  Security is considered venture capital. See Note 1K.

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

^(f)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2018

Health Care	94.3	%
Consumer Staples	0.5
Information Technology	0.1
Money Market Funds Plus Other Assets Less Liabilities	5.1

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

6                         Invesco Health Care Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $938,348,496)	$	1,234,178,250
Investments in affiliated money market funds, at value (Cost $72,570,600)		72,572,132
Foreign currencies, at value (Cost $1,004)		694
Receivable for:
Investments sold		3,120,322
Fund shares sold		240,007
Dividends		1,877,728
Investment for trustee deferred compensation and retirement plans		287,928
Other assets		144,371
Total assets		1,312,421,432
Liabilities:
Payable for:
Investments purchased		1,892,013
Fund shares reacquired		811,593
Amount due custodian		7,667,730
Accrued fees to affiliates		684,767
Accrued trustees’ and officers’ fees and benefits		2,606
Accrued other operating expenses		124,357
Trustee deferred compensation and retirement plans		370,923
Total liabilities		11,553,989
Net assets applicable to shares outstanding	$	1,300,867,443
Net assets consist of:
Shares of beneficial interest	$	916,174,345
Undistributed net investment income (loss)		(2,582,986	)
Undistributed net realized gain		91,449,344
Net unrealized appreciation		295,826,740
	$	1,300,867,443

Net Assets:
Class A	$	662,288,298
Class C	$	47,942,715
Class Y	$	32,486,325
Investor Class	$	558,110,700
Class R6	$	39,405
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		18,960,640
Class C		1,977,784
Class Y		912,604
Investor Class		15,975,298
Class R6		1,106
Class A:
Net asset value per share	$	34.93
Maximum offering price per share
(Net asset value of $34.93 ¸ 94.50%)	$	36.96
Class C:
Net asset value and offering price per share	$	24.24
Class Y:
Net asset value and offering price per share	$	35.60
Investor Class:
Net asset value and offering price per share	$	34.94
Class R6:
Net asset value and offering price per share	$	35.63

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

7                         Invesco Health Care Fund

Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $917,755)	$	7,012,791
Dividends from affiliated money market funds		295,187
Total investment income		7,307,978
Expenses:
Advisory fees		4,248,111
Administrative services fees		166,984
Custodian fees		69,164
Distribution fees:
Class A		863,108
Class B		4,559
Class C		260,961
Investor Class		721,452
Transfer agent fees — A, B, C, Y and Investor Class		1,010,444
Transfer agent fees — R6		12
Trustees’ and officers’ fees and benefits		21,136
Registration and filing fees		55,080
Reports to shareholders		75,974
Professional services fees		69,194
Other		28,216
Total expenses		7,594,395
Less: Fees waived and expense offset arrangement(s)		(49,599	)
Net expenses		7,544,796
Net investment income (loss)		(236,818	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		92,023,202
Foreign currencies		25,895
		92,049,097
Change in net unrealized appreciation (depreciation) of:
Investment securities		(109,057,950	)
Foreign currencies		39,925
		(109,018,025	)
Net realized and unrealized gain (loss)		(16,968,928	)
Net increase (decrease) in net assets resulting from operations	$	(17,205,746	)

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

8                         Invesco Health Care Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income (loss)	$	(236,818	)	$	(2,102,543	)
Net realized gain		92,049,097			91,355,823
Change in net unrealized appreciation (depreciation)		(109,018,025	)		141,437,481
Net increase (decrease) in net assets resulting from operations		(17,205,746	)		230,690,761
Distributions to shareholders from net investment income:
Class A		—			(1,607,275	)
Class Y		—			(118,323	)
Investor Class		—			(1,255,558	)
Total distributions from net investment income		—			(2,981,156	)
Distributions to shareholders from net realized gains:
Class A		(45,906,720	)		(15,823,825	)
Class B		(174,565	)		(135,902	)
Class C		(4,951,203	)		(1,930,498	)
Class Y		(2,282,310	)		(507,868	)
Investor Class		(38,238,241	)		(12,361,129	)
Class R6		(873	)		—
Total distributions from net realized gains		(91,553,912	)		(30,759,222	)
Share transactions–net:
Class A		(5,557,798	)		(105,311,767	)
Class B		(2,032,988	)		(3,051,588	)
Class C		(3,044,632	)		(17,796,792	)
Class Y		(803,089	)		9,660,440
Investor Class		7,838,367			(49,623,544	)
Class R6		26,752			13,272
Net increase (decrease) in net assets resulting from share transactions		(3,573,388	)		(166,109,979	)
Net increase (decrease) in net assets		(112,333,046	)		30,840,404
Net assets:
Beginning of period		1,413,200,489			1,382,360,085
End of period (includes undistributed net investment income (loss) of $(2,582,986) and $(2,346,168), respectively)	$	1,300,867,443		$	1,413,200,489

Notes to Financial Statements

April 30, 2018

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Health Care Fund, formerly Invesco Global 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 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 Y and Investor Class shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or

9                         Invesco Health Care Fund

about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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 economic conditions, interest rates, investor perceptions 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. 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

10                         Invesco Health Care Fund

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 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.

11                         Invesco Health Care Fund

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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 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	.75%
Next $350 million		0	.65%
Next $1.3 billion		0	.55%
Next $2 billion		0	.45%
Next $2 billion		0	.40%
Next $2 billion		0	.375%
Over $8 billion		0	.35%

For the six months ended April 30, 2018, the effective advisory fees incurred by the Fund was 0.63%.

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

The Adviser has contractually agreed, through at least June 30, 2019, 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. Prior to their conversion to Class A shares, the expense limit for Class B shares was 2.75% of 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 June 30, 2019. 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, 2020, 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, 2018, the Adviser waived advisory fees of $28,215.

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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2018, the 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

12                         Invesco Health Care Fund

average daily net assets of Investor Class shares. Prior to their conversion to Class A shares, the Fund paid an annual rate of 1.00% of the average daily net assets of Class B 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $35,171 in front-end sales commissions from the sale of Class A shares and $427 and $602 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended April 30, 2018, the Fund incurred $7,069 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.

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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were no material transfers between valuation levels.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	1,090,019,309	$	144,158,941	$	—	$	1,234,178,250
Preferred Stock		—		—		0		0
Money Market Funds		72,572,132		—		—		72,572,132
Total Investments	$	1,162,591,441	$	144,158,941	$	0	$	1,306,750,382

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $21,384.

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.

13                         Invesco Health Care Fund

NOTE 6—Cash Balances

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

NOTE 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 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 did not have a capital loss carryforward as of October 31, 2017.

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, 2018 was $228,411,065 and $347,831,612, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	354,806,976
Aggregate unrealized (depreciation) of investments		(59,441,343	)
Net unrealized appreciation of investments	$	295,365,633

Cost of investments for tax purposes is $1,011,384,749.

14                         Invesco Health Care Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		427,597		$	15,626,392			1,046,320		$	37,489,570
Class B(b)		494			13,144			6,634			167,650
Class C		74,855			1,900,342			310,753			8,133,539
Class Y		162,343			5,930,679			640,928			23,573,301
Investor Class		101,649			3,677,800			183,690			6,634,297
Class  R6(c)		783			27,981			357			13,272
Issued as reinvestment of dividends:
Class A		1,203,273			42,764,308			512,170			16,973,305
Class B(b)		6,763			166,983			5,664			135,083
Class C		191,734			4,743,503			79,740			1,904,968
Class Y		52,405			1,896,535			16,752			563,212
Investor Class		1,022,012			36,332,522			396,403			13,140,754
Class R6		5			199			—			—
Conversion of Class B shares to Class A shares:(d)
Class A		3,710			141,604			66,739			2,401,525
Class B		(5,473	)		(141,604	)		(92,917	)		(2,401,525	)
Reacquired:
Class A		(1,773,175	)		(64,090,102	)		(4,546,739	)		(162,176,167	)
Class B(b)		(78,556	)		(2,071,511	)		(37,363	)		(952,796	)
Class C		(382,634	)		(9,688,477	)		(1,086,586	)		(27,835,299	)
Class Y		(235,899	)		(8,630,303	)		(397,427	)		(14,476,073	)
Investor Class		(890,259	)		(32,171,955	)		(1,944,467	)		(69,398,595	)
Class R6		(39	)		(1,428	)		—			—
Net increase (decrease) in share activity		(118,412	)	$	(3,573,388	)		(4,839,349	)	$	(166,109,979	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 13% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Class B shares activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Commencement date of April 4, 2017.

^(d)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

15                         Invesco Health Care Fund

NOTE 10—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	37.84	$	(0.00	)	$	(0.46	)	$	(0.46	)	$	—		$	(2.45	)	$	(2.45	)	$	34.93		(1.33	)%	$	662,288		1.09	%(d)		1.09	%(d)		(0.01	)%(d)		17	%
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
Year ended 10/31/14		40.38		0.01			10.15			10.16			(0.01	)		(3.45	)		(3.46	)		47.08		27.20			906,858		1.07			1.08			0.04			24
Year ended 10/31/13		32.09		0.07			10.63			10.70			(0.17	)		(2.24	)		(2.41	)		40.38		35.79			737,071		1.10			1.11			0.21			37
Class B
Six months ended 04/30/18(e)		27.06		(0.05	)		1.93			1.88			—			(2.45	)		(2.45	)		26.49		7.60			—		1.84	(d)		1.84	(d)		(0.76	)(d)		17
Year ended 10/31/17		23.87		(0.22	)		4.15			3.93			—			(0.74	)		(0.74	)		27.06		16.87			2,077		1.87			1.87			(0.87	)		36
Year ended 10/31/16		33.51		(0.14	)		(3.74	)		(3.88	)		—			(5.76	)		(5.76	)		23.87		(13.52	)		4,649		1.84			1.84			(0.52	)		21
Year ended 10/31/15		37.50		(0.25	)		1.19			0.94			—			(4.93	)		(4.93	)		33.51		2.76			11,262		1.79			1.80			(0.71	)		47
Year ended 10/31/14		33.06		(0.24	)		8.13			7.89			—			(3.45	)		(3.45	)		37.50		26.26			14,239		1.82			1.83			(0.71	)		24
Year ended 10/31/13		26.72		(0.16	)		8.74			8.58			—			(2.24	)		(2.24	)		33.06		34.81			17,101		1.85			1.86			(0.54	)		37
Class C
Six months ended 04/30/18		27.10		(0.10	)		(0.31	)		(0.41	)		—			(2.45	)		(2.45	)		24.24		(1.70	)		47,943		1.84	(d)		1.84	(d)		(0.76	)(d)		17
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
Year ended 10/31/14		33.09		(0.24	)		8.14			7.90			—			(3.45	)		(3.45	)		37.54		26.26			81,439		1.82			1.83			(0.71	)		24
Year ended 10/31/13		26.75		(0.16	)		8.74			8.58			—			(2.24	)		(2.24	)		33.09		34.76			57,536		1.85			1.86			(0.54	)		37
Class Y
Six months ended 04/30/18		38.47		0.04			(0.46	)		(0.42	)		—			(2.45	)		(2.45	)		35.60		(1.20	)		32,486		0.84	(d)		0.84	(d)		0.24	(d)		17
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
Year ended 10/31/14		40.71		0.13			10.22			10.35			(0.10	)		(3.45	)		(3.55	)		47.51		27.52			31,016		0.82			0.83			0.29			24
Year ended 10/31/13		32.34		0.16			10.70			10.86			(0.25	)		(2.24	)		(2.49	)		40.71		36.10			15,502		0.85			0.86			0.46			37
Investor Class
Six months ended 04/30/18		37.85		(0.00	)		(0.46	)		(0.46	)		—			(2.45	)		(2.45	)		34.94		(1.33	)		558,111		1.09	(d)		1.09	(d)		(0.01	)(d)		17
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
Year ended 10/31/14		40.39		0.01			10.15			10.16			(0.01	)		(3.45	)		(3.46	)		47.09		27.19			730,280		1.07			1.08			0.04			24
Year ended 10/31/13		32.10		0.07			10.63			10.70			(0.17	)		(2.24	)		(2.41	)		40.39		35.78			607,408		1.10			1.11			0.21			37
Class R6
Six months ended 04/30/18		38.49		0.05			(0.46	)		(0.41	)		—			(2.45	)		(2.45	)		35.63		(1.17	)		39		0.80	(d)		0.80	(d)		0.28	(d)		17
Year ended 10/31/17(f)		36.35		0.05			2.09			2.14			—			—			—			38.49		5.89			14		0.78	(g)		0.78	(g)		0.22	(g)		36

^(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 $696,203, $1,915, $52,625, $34,943, $581,945 and $24 for Class A, Class B, Class C, Class Y, Investor Class and Class R6 shares, respectively.

^(e)  Reflects activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

^(f)  Commencement date of April 4, 2017 for Class R6 shares.

^(g)  Annualized.

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, 2017 through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	986.70	$	5.37	$	1,019.39	$	5.46		1.09	%
C		1,000.00		983.00		9.05		1,015.67		9.20		1.84
Y		1,000.00		988.00		4.14		1,020.63		4.21		0.84
Investor		1,000.00		986.70		5.37		1,019.39		5.46		1.09
R6		1,000.00		988.00		3.94		1,020.83		4.01		0.80

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

17                         Invesco Health Care Fund

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.

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

∎ Fund reports and prospectuses

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∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its 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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.     

SEC file numbers: 811-05426 and 033-19338                      Invesco Distributors, Inc.                                                                                        GHC-SAR-1            06122018      0908

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Long/Short Equity Fund
	Nasdaq:
	A: LSQAX  ∎  C: LSQCX  ∎  R: LSQRX  ∎  Y: LSQYX  ∎  R5: LSQFX  ∎  R6: LSQSX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
13	Financial Statements
15	Notes to Financial Statements
22	Financial Highlights
23	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, 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	2.72	%
Class C Shares	2.34
Class R Shares	2.51
Class Y Shares	2.81
Class R5 Shares	2.91
Class R6 Shares	2.84
S&P 500 Index▼ (Broad Market Index)	3.82
FTSE US 3-Month Treasury Bill Index▼ (Style-Specific Index)	0.67
Lipper Alternative Long/Short Equity Funds Index∎ (Peer Group Index)	1.32
Source(s): ▼FactSet Research Systems Inc.; ∎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.

2                      Invesco Long/Short Equity Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	7.25	%
1 Year	9.28
Class C Shares
Inception (12/19/13)	7.85	%
1 Year	13.85
Class R Shares
Inception (12/19/13)	8.38	%
1 Year	15.32
Class Y Shares
Inception (12/19/13)	8.92	%
1 Year	15.94
Class R5 Shares
Inception (12/19/13)	8.97	%
1 Year	16.04
Class R6 Shares
Inception (12/19/13)	8.97	%
1 Year	16.04

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.55%, 2.30%, 1.80%, 1.30%, 1.18% and 1.18%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.56%, 2.31%, 1.81%, 1.31%, 1.19% and 1.19%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	7.29	%
1 Year	6.24
Class C Shares
Inception (12/19/13)	7.89	%
1 Year	10.64
Class R Shares
Inception (12/19/13)	8.43	%
1 Year	12.11
Class Y Shares
Inception (12/19/13)	8.99	%
1 Year	12.76
Class R5 Shares
Inception (12/19/13)	9.01	%
1 Year	12.86
Class R6 Shares
Inception (12/19/13)	9.01	%
1 Year	12.86

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2020. See current prospectus for more information.

3                      Invesco Long/Short Equity Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Long/Short Equity Fund

Schedule of Investments^(a)

April 30, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–91.50%
Advertising–1.51%
Interpublic Group of Cos., Inc. (The)		51,300	$	1,210,167
Aerospace & Defense–1.35%
Spirit AeroSystems Holdings, Inc.–Class A		13,400		1,076,958
Apparel Retail–1.64%
Gap, Inc. (The)		44,850		1,311,414
Apparel, Accessories & Luxury Goods–3.34%
Michael Kors Holdings Ltd.(b)		19,550		1,337,611
Ralph Lauren Corp.		12,150		1,334,677
				2,672,288
Application Software–1.34%
ANSYS, Inc.		6,650		1,075,039
Asset Management & Custody Banks–1.51%
T. Rowe Price Group Inc.		10,600		1,206,492
Auto Parts & Equipment–1.55%
BorgWarner, Inc.(b)		25,300		1,238,182
Biotechnology–3.35%
United Therapeutics Corp.		11,050		1,216,715
Vertex Pharmaceuticals Inc.		9,550		1,462,678
				2,679,393
Building Products–0.11%
Owens Corning		1,400		91,686
Cable & Satellite–1.36%
GCI Liberty, Inc.–Class A		20,250		903,150
Liberty Global PLC–Class C (United Kingdom)(b)		6,300		183,330
				1,086,480
Commodity Chemicals–1.58%
Westlake Chemical Corp.		11,850		1,267,595
Communications Equipment–3.48%
F5 Networks, Inc.		9,250		1,508,582
Motorola Solutions, Inc.		11,600		1,274,028
				2,782,610
Construction Machinery & Heavy Trucks–2.51%
Allison Transmission Holdings, Inc.		34,200		1,333,458
Cummins Inc.(b)		4,200		671,412
				2,004,870
Consumer Finance–1.68%
Ally Financial Inc.		51,350		1,340,235
Copper–0.09%
Freeport-McMoRan Inc.		4,700		71,487

	Shares		Value
Data Processing & Outsourced Services–1.89%
Broadridge Financial Solutions, Inc.(b)		8,750	$	938,087
Total System Services, Inc.		6,800		571,608
				1,509,695
Department Stores–3.83%
Kohl’s Corp.		24,250		1,506,410
Macy’s, Inc.		50,100		1,556,607
				3,063,017
Diversified Chemicals–3.05%
Eastman Chemical Co.		12,150		1,240,272
Huntsman Corp.		40,200		1,196,754
				2,437,026
Diversified Metals & Mining–1.74%
Teck Resources Ltd.–Class B (Canada)		55,450		1,393,459
Diversified Support Services–0.82%
KAR Auction Services, Inc.		12,550		652,475
Electric Utilities–1.57%
Entergy Corp.		15,370		1,254,038
Electrical Components & Equipment–1.37%
AMETEK, Inc.		15,700		1,095,860
Fertilizers & Agricultural Chemicals–1.47%
CF Industries Holdings, Inc.		30,300		1,175,640
Food Distributors–1.50%
US Foods Holding Corp.(b)		35,100		1,199,718
Gold–0.25%
Newmont Mining Corp.		5,150		202,344
Health Care Equipment–0.97%
Varian Medical Systems, Inc.		6,700		774,453
Health Care Services–1.06%
Laboratory Corp. of America Holdings(b)		4,950		845,213
Homebuilding–3.31%
NVR, Inc.		440		1,364,000
Toll Brothers, Inc.		30,450		1,283,772
				2,647,772
Hotel & Resort REITs–1.44%
Host Hotels & Resorts Inc.(b)		59,100		1,155,996
Hotels, Resorts & Cruise Lines–1.51%
Hyatt Hotels Corp.–Class A		15,700		1,206,859
Independent Power Producers & Energy Traders–1.97%
NRG Energy, Inc.		50,900		1,577,900

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

5                         Invesco Long/Short Equity Fund

	Shares		Value
Internet & Direct Marketing Retail–1.51%
Qurate Retail Group, Inc.–Class A		51,550	$	1,206,786
Internet Software & Services–4.21%
Akamai Technologies, Inc.(b)		13,050		935,032
IAC/InterActiveCorp.(b)		5,700		924,198
VeriSign, Inc.		12,850		1,508,847
				3,368,077
IT Consulting & Other Services–0.06%
Teradata Corp.		1,200		49,104
Life & Health Insurance–2.72%
Lincoln National Corp.		16,350		1,154,964
Unum Group(b)		21,050		1,018,399
				2,173,363
Managed Health Care–1.71%
WellCare Health Plans Inc.(b)		6,650		1,364,314
Office REITs–1.55%
SL Green Realty Corp.		12,650		1,236,411
Oil & Gas Exploration & Production–4.96%
ConocoPhillips		13,300		871,150
Marathon Oil Corp.		90,250		1,647,062
Murphy Oil Corp.		48,050		1,446,786
				3,964,998
Oil & Gas Refining & Marketing–2.04%
HollyFrontier Corp.(b)		26,850		1,629,526
Oil & Gas Storage & Transportation–1.42%
Plains GP Holdings LP–Class A		46,950		1,137,129
Packaged Foods & Meats–0.49%
Conagra Brands, Inc.		10,600		392,942
Pharmaceuticals–1.27%
Perrigo Co. PLC(b)		13,050		1,019,727
Property & Casualty Insurance–1.23%
FNF Group		26,650		981,520
Real Estate Services–1.72%
Jones Lang LaSalle Inc.		8,100		1,373,031

	Shares		Value
Regional Banks–1.81%
Citizens Financial Group, Inc.(b)		34,950	$	1,450,076
Residential REITs–1.98%
Equity LifeStyle Properties, Inc.		14,000		1,248,240
Sun Communities, Inc.		3,550		333,167
				1,581,407
Semiconductor Equipment–1.09%
Teradyne, Inc.		26,750		870,713
Specialized Consumer Services–1.61%
H&R Block, Inc.		46,550		1,287,108
Specialized REITs–2.18%
Extra Space Storage Inc.		15,150		1,357,288
Four Corners Property Trust, Inc.		17,150		388,619
				1,745,907
Systems Software–0.45%
Fortinet Inc.(b)		6,550		362,608
Technology Hardware, Storage & Peripherals–3.34%
HP Inc.		66,900		1,437,681
Xerox Corp.(b)		39,150		1,231,267
				2,668,948
Total Common Stocks & Other Equity Interests (Cost $63,769,733)				73,170,056
Money Market Funds–9.02%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(c)		2,525,174		2,525,174
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(c)		1,803,311		1,803,491
Invesco Treasury Portfolio–Institutional Class, 1.62%(c)		2,885,913		2,885,913
Total Money Market Funds (Cost $7,214,449)				7,214,578
TOTAL INVESTMENTS IN SECURITIES–100.52% (Cost $70,984,182)				80,384,634
OTHER ASSETS LESS LIABILITIES–(0.52)%				(413,398	)
NET ASSETS–100.00%			$	79,971,236

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)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

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

6                         Invesco Long/Short Equity Fund

Open Over-The-Counter Total Return Swap Agreements
Reference Entity	Counterparty	Maturity Dates		Floating Rate Index(1)	Payment Frequency		Notional Amount			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)			Net Value of Reference Entities
Equity Securities — Long	Morgan Stanley & Co. LLC		12/23/2019	Federal Funds floating rate		Monthly	$	81,826,832		$	—	$	(833,796	)(2)	$	(833,796	) (2)	$	80,959,341
Equity Securities — Short	Morgan Stanley & Co. LLC		12/23/2019	Federal Funds floating rate		Monthly		(81,952,294	)		—		(170,299	)(3)		(170,299	) (3)		(82,082,212	)
Total Return Swap Agreements — Equity Risk										$	—	$	(1,004,095	)(4)	$	(1,004,095	) (4)	$	(1,122,871	)

⁽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 $33,695 of dividends receivable and financing fees related to the reference entities.

⁽³⁾  Amount includes $(40,381) of dividends payable and financing fees related to the reference entities.

⁽⁴⁾  Swaps are collaterized by $168,510 cash held with Morgan Stanley & Co. LLC, the Counterparty.

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

7                         Invesco Long/Short Equity Fund

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Morgan Stanley & Co. LLC as of April 30, 2018.

	Shares		Value		Percentage of Reference Entities
Equity Securities — Long
Aerospace & Defense
Boeing Co. (The)		4,600	$	1,534,376		1.90
Spirit AeroSystems Holdings, Inc.–Class A		3,350		269,240		0.33
				1,803,616
Airlines
Delta Air Lines, Inc.		11,000		574,420		0.73
Application Software
Adobe Systems, Inc.		1,800		398,880		0.49
Asset Management & Custody Banks
Ameriprise Financial Inc.		8,600		1,205,806		1.53
T Rowe Price Group, Inc.		550		62,601		0.07
				1,268,407
Auto Parts & Equipment
Magna International, Inc. (Canada)		21,650		1,277,350		1.57
Biotechnology
AbbVie, Inc.		13,800		1,332,390		1.57
Alexion Pharmaceuticals, Inc.		10,450		1,229,233		1.38
Amgen, Inc.		7,150		1,247,532		1.53
Biogen, Inc.		4,640		1,269,504		1.47
Gilead Sciences, Inc.		16,900		1,220,687		1.53
Regeneron Pharmaceuticals, Inc.		2,400		728,832		0.93
				7,028,178
Cable & Satellite
Liberty Global PLC (United Kingdom)–Class C		30,950		900,645		1.20
Casinos & Gaming
Las Vegas Sands Corp.		16,900		1,239,277		1.54
Commodity Chemicals
LyondellBasell Industries N.V.–Class A		11,150		1,178,889		1.48
Computer & Electronics Retail
Best Buy Co., Inc.		21,300		1,630,089		1.91
Construction Machinery & Heavy Trucks
Cummins, Inc.		3,150		503,559		0.65
Copper
Freeport–McMoRan, Inc.		81,800		1,244,178		1.88
Data Processing & Outsourced Services
Mastercard Inc.–Class A		7,000		1,247,890		1.50
Total System Services, Inc.		7,550		634,653		0.80
				1,882,543
Department Stores
Macy’s Inc.		1,850		57,480		0.07

	Shares		Value		Percentage of Reference Entities
Diversified Banks
Bank of Montreal (Canada)		14,050	$	1,066,816		1.29
Canadian Imperial Bank of Commerce (Canada)		13,350		1,162,117		1.41
Citigroup Inc.		19,500		1,331,265		1.65
Toronto-Dominion Bank (The) (Canada)		21,950		1,232,493		1.48
				4,792,691
Electric Utilities
Entergy Corp.		180		14,686		0.02
Exelon Corp.		31,550		1,251,904		1.49
FirstEnergy Corp.		35,650		1,226,360		1.50
Fortis, Inc. (Canada)		2,550		85,400		0.10
				2,578,350
General Merchandise Stores
Dollar General Corp.		12,650		1,221,104		1.50
Target Corp.		20,000		1,452,000		1.73
				2,673,104
Gold
Newmont Mining Corp.		28,600		1,123,694		1.44
Health Care Facilities
HCA Healthcare, Inc.		12,550		1,201,537		1.50
Health Care Services
Laboratory Corp. of America Holdings		2,250		384,188		0.46
Hotel & Resort REITs
Host Hotels & Resorts Inc.		4,550		88,998		0.11
Hotels, Resorts & Cruise Lines
Hilton Worldwide Holdings, Inc.		17,700		1,395,468		1.78
Royal Caribbean Cruises Ltd.		9,250		1,000,757		1.35
				2,396,225
Hypermarkets & Super Centers
Wal-Mart Stores, Inc.		15,400		1,362,284		1.62
Industrial REITs
Prologis, Inc.		19,100		1,239,781		1.51
Integrated Oil & Gas
Chevron Corp.		9,700		1,213,567		1.46
Occidental Petroleum Corp.		17,750		1,371,365		1.68
Suncor Energy, Inc. (Canada)		32,700		1,250,121		1.52
				3,835,053
Integrated Telecommunication Services
Verizon Communications Inc.		23,150		1,142,453		1.38
Internet Software & Services
Akamai Technologies Inc.		4,100		293,765		0.35

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
Internet Software & Services–(continued)
eBay, Inc.		30,000	$	1,136,400		1.53
IAC/InterActiveCorp.		4,200		680,988		0.83
Twitter, Inc.		6,700		203,077		0.26
				2,314,230
IT Consulting & Other Services
Cognizant Technology Solutions Corp.–Class A		14,600		1,194,572		1.45
Teradata Corp.		9,700		396,924		0.48
				1,591,496
Life & Health Insurance
Aflac, Inc.		30,900		1,408,113		1.71
Lincoln National Corp.		300		21,192		0.03
				1,429,305
Managed Health Care
Anthem, Inc.		6,200		1,463,138		1.72
Centene Corp.		11,550		1,254,099		1.56
Humana Inc.		4,350		1,279,683		1.57
				3,996,920
Oil & Gas Equipment & Services
Halliburton Co.		28,850		1,528,761		1.84
Oil & Gas Exploration & Production
ConocoPhillips		11,500		753,250		0.92
Continental Resources, Inc.		9,250		611,055		0.74
				1,364,305
Oil & Gas Refining & Marketing
Marathon Petroleum Corp.		18,200		1,363,362		1.78
Valero Energy Corp.		14,950		1,658,404		2.00
				3,021,766
Packaged Foods & Meats
Conagra Brands, Inc.		23,500		871,145		1.05
J.M. Smucker Co. (The)		10,600		1,209,248		1.49
				2,080,393
Personal Products
Estee Lauder Cos, Inc. (The)-Class A		9,050		1,340,214		1.64
Pharmaceuticals
Pfizer, Inc.		6,050		221,491		0.27

	Shares		Value		Percentage of Reference Entities
Property & Casualty Insurance
Allstate Corp. (The)		10,850	$	1,061,347		1.31
CNA Financial Corp.		9,150		461,709		0.56
Progressive Corp. (The)		23,650		1,425,858		1.77
				2,948,914
Regional Banks
BB&T Corp.		22,050		1,164,240		1.44
Citizens Financial Group, Inc.		650		26,969		0.03
Fifth Third BanCorp		38,750		1,285,337		1.51
Regions Financial Corp.		36,450		681,615		0.85
SunTrust Banks, Inc.		17,850		1,192,380		1.47
				4,350,541
Residential REITs
Equity Residential		16,750		1,033,642		1.24
Essex Property Trust, Inc.		700		167,783		0.20
				1,201,425
Semiconductors
Micron Technology, Inc.		29,700		1,365,606		1.78
Specialized REITs
Crown Castle International Corp.		11,100		1,119,657		1.42
SBA Communications Corp.		7,600		1,217,748		1.54
				2,337,405
Systems Software
Fortinet, Inc.		15,350		849,776		1.06
Technology Hardware, Storage & Peripherals
HP, Inc.		1,450		31,161		0.04
NetApp, Inc.		20,150		1,341,587		1.68
Seagate Technology PLC		20,350		1,178,062		1.45
Western Digital Corp.		13,850		1,091,242		1.47
				3,642,052
Trading Companies & Distributors
United Rentals Inc.		2,300		345,000		0.44
W.W. Grainger, Inc.		4,350		1,223,872		1.48
				1,568,872
Total Equity Securities — Long			$	80,959,341

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
Equity Securities — Short
Airlines
Alaska Air Group Inc.		(18,600	)	$	(1,207,698	)		(1.57	)
Airport Services
Macquarie Infrastructure Corp.		(26,850	)		(1,017,615	)		(1.27	)
Apparel, Accessories & Luxury Goods
Under Armour, Inc.–Class C		(81,550	)		(1,251,793	)		(1.45	)
Application Software
Autodesk Inc.		(9,800	)		(1,233,820	)		(1.54	)
Tyler Technologies, Inc.		(5,400	)		(1,182,168	)		(1.50	)
Ultimate Software Group Inc. (The)		(4,850	)		(1,163,612	)		(1.45	)
Workday, Inc.–Class A		(2,750	)		(343,310	)		(0.44	)
					(3,922,910	)
Asset Management & Custody Banks
Brookfield Asset Management Inc. (Canada)–Class A		(31,600	)		(1,252,624	)		(1.48	)
Automobile Manufacturers
Tesla, Inc.		(3,620	)		(1,063,918	)		(1.25	)
Automotive Retail
CarMax, Inc.		(19,500	)		(1,218,750	)		(1.46	)
Biotechnology
Seattle Genetics Inc.		(22,250	)		(1,138,978	)		(1.35	)
TESARO, Inc.		(16,950	)		(862,925	)		(1.08	)
					(2,001,903	)
Building Products
Johnson Controls International plc		(36,550	)		(1,237,948	)		(1.52	)
Cable & Satellite
Liberty Broadband Corp.–Class C		(13,100	)		(928,659	)		(1.33	)
Construction Machinery & Heavy Trucks
Wabtec Corp./DE		(13,450	)		(1,194,495	)		(1.44	)
Construction Materials
Martin Marietta Materials, Inc.		(6,250	)		(1,217,313	)		(1.50	)
Vulcan Materials Co.		(10,900	)		(1,217,421	)		(1.51	)
					(2,434,734	)
Data Processing & Outsourced Services
Square, Inc.–Class A		(26,400	)		(1,249,776	)		(1.60	)
Distributors
Genuine Parts Co.		(11,450	)		(1,011,264	)		(1.24	)
Electronic Equipment & Instruments
Cognex Corp.		(25,100	)		(1,160,875	)		(1.51	)

	Shares			Value			Percentage of Reference Entities
Financial Exchanges & Data
Cboe Global Markets, Inc.		(11,500	)	$	(1,227,970	)		(1.51	)
MarketAxess Holdings Inc.		(6,050	)		(1,201,712	)		(1.49	)
Thomson Reuters Corp. (Canada)		(19,450	)		(782,279	)		(0.94	)
					(3,211,961	)
Footwear
NIKE Inc.–Class B		(17,550	)		(1,200,245	)		(1.43	)
Health Care Distributors
Henry Schein Inc.		(16,050	)		(1,219,800	)		(1.45	)
Health Care Equipment
Boston Scientific Corp.		(42,200	)		(1,211,984	)		(1.48	)
DexCom, Inc.		(16,200	)		(1,185,516	)		(1.45	)
					(2,397,500	)
Health Care REITs
Omega Healthcare Investors Inc.		(44,100	)		(1,145,718	)		(1.37	)
Welltower, Inc.		(23,850	)		(1,274,544	)		(1.47	)
					(2,420,262	)
Health Care Services
Envision Healthcare Corp.		(30,350	)		(1,128,109	)		(1.38	)
Health Care Supplies
DENTSPLY SIRONA Inc.		(24,900	)		(1,253,466	)		(1.50	)
Home Entertainment Software
Take-Two Interactive Software, Inc.		(12,600	)		(1,256,346	)		(1.48	)
Home Furnishings
Leggett & Platt, Inc.		(25,900	)		(1,050,245	)		(1.36	)
Household Appliances
Whirlpool Corp.		(7,800	)		(1,208,610	)		(1.48	)
Housewares & Specialties
Newell Brands Inc.		(45,050	)		(1,244,732	)		(1.46	)
Industrial Conglomerates
Carlisle Cos Inc.		(10,000	)		(1,077,300	)		(1.25	)
General Electric Co.		(82,850	)		(1,165,699	)		(1.47	)
					(2,242,999	)
Industrial Machinery
Flowserve Corp.		(26,400	)		(1,172,424	)		(1.51	)
Middleby Corp. (The)		(9,500	)		(1,195,480	)		(1.48	)
					(2,367,904	)
Internet & Direct Marketing Retail
Amazon.com, Inc.		(780	)		(1,221,581	)		(1.44	)
Investment Banking & Brokerage
Charles Schwab Corp. (The)		(22,250	)		(1,238,880	)		(1.50	)

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
IT Consulting & Other Services
Gartner Inc.		(10,300	)	$	(1,249,287	)		(1.48	)
Movies & Entertainment
Liberty Media Corp.–Class A		(4,300	)		(94,471	)		(0.12	)
Liberty Media Corp.–Class C		(39,650	)		(1,170,468	)		(1.45	)
					(1,264,939	)
Office REITs
Vornado Realty Trust		(18,550	)		(1,261,957	)		(1.47	)
Oil & Gas Exploration & Production
Diamondback Energy Inc.		(9,650	)		(1,239,542	)		(1.51	)
Hess Corp.		(21,100	)		(1,202,489	)		(1.51	)
Parsley Energy Inc.–Class A		(40,900	)		(1,228,227	)		(1.53	)
Range Resources Corp.		(79,600	)		(1,102,460	)		(1.33	)
					(4,772,718	)
Oil & Gas Storage & Transportation
Cheniere Energy, Inc.		(11,550	)		(671,748	)		(0.82	)
Enbridge, Inc. (Canada)		(41,400	)		(1,253,178	)		(1.56	)
Pembina Pipeline Corp. (Canada)		(16,300	)		(519,318	)		(0.64	)
Targa Resources Corp.		(25,500	)		(1,197,735	)		(1.49	)
TransCanada Corp. (Canada)		(4,950	)		(210,128	)		(0.26	)
					(3,852,107	)
Packaged Foods & Meats
Kraft Heinz Co. (The)		(21,500	)		(1,212,170	)		(1.50	)
Personal Products
Coty Inc.–Class A		(73,650	)		(1,277,827	)		(1.50	)
Property & Casualty Insurance
Arch Capital Group Ltd.		(12,550	)		(1,005,631	)		(1.24	)
Axis Capital Holdings Ltd.		(20,850	)		(1,223,895	)		(1.44	)
Cincinnati Financial Corp.		(14,050	)		(988,277	)		(1.30	)
Markel Corp.		(955	)		(1,079,188	)		(1.36	)
					(4,296,991	)
Railroads
Canadian National Railway Co. (Canada)		(16,200	)		(1,251,936	)		(1.51	)

	Shares			Value			Percentage of Reference Entities
Real Estate Development
Howard Hughes Corp. (The)		(8,500	)	$	(1,150,050	)		(1.42	)
Regional Banks
Bank of the Ozarks		(23,600	)		(1,104,480	)		(1.36	)
First Republic Bank		(12,850	)		(1,193,379	)		(1.47	)
Signature Bank/New York NY		(5,150	)		(654,823	)		(0.81	)
					(2,952,682	)
Reinsurance
Alleghany Corp.		(1,920	)		(1,103,366	)		(1.38	)
Renaissance Holdings Ltd. (Bermuda)		(8,600	)		(1,169,944	)		(1.44	)
					(2,273,310	)
Research & Consulting Services
IHS Markit Ltd.		(23,500	)		(1,154,555	)		(1.41	)
Residential REITs
American Campus Communities Inc.		(6,250	)		(244,437	)		(0.29	)
Mid-America Apartment Communities Inc.		(3,400	)		(310,964	)		(0.37	)
					(555,401	)
Restaurants
Chipotle Mexican Grill, Inc.		(3,600	)		(1,523,988	)		(1.45	)
Semiconductors
Advanced Micro Devices Inc.		(116,750	)		(1,270,240	)		(1.43	)
Analog Devices, Inc.		(13,850	)		(1,209,797	)		(1.49	)
					(2,480,037	)
Specialty Chemicals
Albemarle Corp.		(12,500	)		(1,212,000	)		(1.48	)
Specialty Stores
Ulta Beauty Inc.		(5,100	)		(1,279,641	)		(1.49	)
Trucking
AMERCO		(720	)		(243,014	)		(0.30	)
Total Equity Securities — Short				$	(82,082,212	)

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, 2018

	Equity Securities						Gross Exposure3			Net Exposure4
	Long1			Short2
Consumer Discretionary		33.9	%		19.3	%		53.2	%		14.6	%
Information Technology		30.9			14.2			45.1			16.7
Financials		27.4			19.0			46.4			8.4
Health Care		24.4			10.0			34.4			14.4
Energy		20.6			10.8			31.4			9.8
Real Estate		15.0			6.7			21.7			8.3
Materials		12.6			4.6			17.2			8.0
Industrials		11.7			14.9			26.6			-3.2
Consumer Staples		8.0			3.1			11.1			4.9
Utilities		6.8			—			6.8			6.8
Telecommunication Services		1.4			—			1.4			1.4
Money Market Funds Plus Other Assets Less Liabilities		8.5			—			8.5			8.5
Total		201.2	%		102.6	%		303.8	%		98.6	%

¹ Represents the value of the equity securities in the portfolio and the equity securities underlying the Fund’s equity long portfolio swap.

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.

12                         Invesco Long/Short Equity Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $63,769,733)	$	73,170,056
Investments in affiliated money market funds, at value (Cost $7,214,449)		7,214,578
Deposits with brokers: Cash Collateral — OTC derivatives		168,510
Receivable for:
Investments sold		5,063
Fund shares sold		492,289
Dividends and interest		55,529
Investment for trustee deferred compensation and retirement plans		10,778
Other assets		37,433
Total assets		81,154,236
Liabilities:
Other investments:
Unrealized depreciation on swap agreements — OTC		1,004,095
Payable for:
Fund shares reacquired		41,398
Amount due custodian		48,904
Accrued fees to affiliates		13,284
Accrued trustees’ and officers’ fees and benefits		1,504
Accrued other operating expenses		63,037
Trustee deferred compensation and retirement plans		10,778
Total liabilities		1,183,000
Net assets applicable to shares outstanding	$	79,971,236
Net assets consist of:
Shares of beneficial interest	$	68,955,446
Undistributed net investment income (loss)		(273,589	)
Undistributed net realized gain		2,893,046
Net unrealized appreciation		8,396,333
	$	79,971,236

Net Assets:
Class A	$	16,143,601
Class C	$	4,250,001
Class R	$	176,546
Class Y	$	14,131,999
Class R5	$	47,741
Class R6	$	45,221,348
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,386,688
Class C		373,608
Class R		15,281
Class Y		1,205,518
Class R5		4,071
Class R6		3,854,316
Class A:
Net asset value per share	$	11.64
Maximum offering price per share
(Net asset value of $11.64 ¸ 94.50%)	$	12.32
Class C:
Net asset value and offering price per share	$	11.38
Class R:
Net asset value and offering price per share	$	11.55
Class Y:
Net asset value and offering price per share	$	11.72
Class R5:
Net asset value and offering price per share	$	11.73
Class R6:
Net asset value and offering price per share	$	11.73

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, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $4,272)	$	581,249
Dividends from affiliated money market funds		39,724
Total investment income		620,973
Expenses:
Advisory fees		313,458
Administrative services fees		24,795
Custodian fees		3,652
Distribution fees:
Class A		17,940
Class C		17,442
Class R		381
Transfer agent fees — A, C, R and Y		22,052
Transfer agent fees — R5		14
Transfer agent fees — R6		120
Trustees’ and officers’ fees and benefits		11,484
Registration and filing fees		40,432
Reports to shareholders		13,709
Professional services fees		52,009
Other		5,328
Total expenses		522,816
Less: Fees waived and expense offset arrangement(s)		(3,237	)
Net expenses		519,579
Net investment income		101,394
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		4,404,537
Swap agreements		(1,459,108	)
		2,945,429
Change in net unrealized appreciation (depreciation) of:
Investment securities		81,709
Foreign currencies		(24	)
Swap agreements		(1,313,343	)
		(1,231,658	)
Net realized and unrealized gain		1,713,771
Net increase in net assets resulting from operations	$	1,815,165

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, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income	$	101,394		$	366,854
Net realized gain		2,945,429			11,443,698
Change in net unrealized appreciation (depreciation)		(1,231,658	)		5,648,778
Net increase in net assets resulting from operations		1,815,165			17,459,330
Distributions to shareholders from net investment income:
Class A		(863,669	)		—
Class C		(187,386	)		—
Class R		(9,291	)		—
Class Y		(914,098	)		—
Class R5		(3,460	)		—
Class R6		(3,373,404	)		—
Total distributions from net investment income		(5,351,308	)		—
Distributions to shareholders from net realized gains:
Class A		(882,363	)		(81,636	)
Class C		(210,556	)		(16,680	)
Class R		(9,787	)		(593	)
Class Y		(901,461	)		(52,325	)
Class R5		(3,369	)		(3,814	)
Class R6		(3,285,105	)		(296,699	)
Total distributions from net realized gains		(5,292,641	)		(451,747	)
Share transactions–net:
Class A		6,324,202			(2,845,486	)
Class C		1,868,213			(155,873	)
Class R		62,549			25,428
Class Y		3,645,954			2,198,569
Class R5		6,485			(614,953	)
Class R6		3,067,595			(10,273,941	)
Net increase (decrease) in net assets resulting from share transactions		14,974,998			(11,666,256	)
Net increase in net assets		6,146,214			5,341,327
Net assets:
Beginning of period		73,825,022			68,483,695
End of period (includes undistributed net investment income of $(273,589) and $4,976,325, respectively)	$	79,971,236		$	73,825,022

Notes to Financial Statements

April 30, 2018

(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 and under certain circumstances

15                         Invesco Long/Short Equity Fund

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.

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 economic conditions, interest rates, investor perceptions 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. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

16                         Invesco Long/Short Equity 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. 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 two parties (“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.

17                         Invesco Long/Short Equity Fund

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. 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.

J. 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.

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0.80%
Next $250 million		0.77%
Next $500 million		0.75%
Next $1.5 billion		0.72%
Next $2.5 billion		0.70%
Next $2.5 billion		0.67%
Next $2.5 billion		0.65%
Over $10 billion		0.62%

For the six months ended April 30, 2018, the effective advisory fees 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, 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, 2019, 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, 2019. 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, 2020, 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, 2018, the Adviser waived advisory fees of $2,982.

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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

18                         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 months ended April 30, 2018, 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, 2018, IDI advised the Fund that IDI retained $6,326 in front-end sales commissions from the sale of Class A shares and $1 and $112 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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were no material transfers between valuation levels.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	73,170,056	$	—		$	—	$	73,170,056
Money Market Funds		7,214,578		—			—		7,214,578
Total Investments in Securities		80,384,634		—			—		80,384,634
Other Investments — Liabilities*
Swap Agreements		—		(1,004,095	)		—		(1,004,095	)
Total Investments	$	80,384,634	$	(1,004,095	)	$	—	$	79,380,539

* 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.

19                         Invesco Long/Short Equity 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, 2018:

	Value
Derivative Liabilities	Equity Risk
Unrealized depreciation on swap agreements — OTC	$	(1,004,095	)
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	(1,004,095	)

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, 2018.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Morgan Stanley & Co. LLC	$	—	$	(1,004,095	)	$	(1,004,095	)	$	—	$	168,510	$	(835,585	)

Effect of Derivative Investments for the six months ended April 30, 2018

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

	Location of Gain (Loss) on Statement of Operations
	Equity Risk
Realized Gain (Loss):
Swap agreements	$	(1,459,108	)
Change in Net Unrealized Appreciation (Depreciation):
Swap agreements		(1,313,343	)
Total	$	(2,772,451	)

The table below summarizes the average notional value of swap agreements outstanding during the period.

	Swap Agreements
Average notional value	$	132,100,084

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $255.

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

20                         Invesco Long/Short Equity 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 did not have a capital loss carryforward as of October 31, 2017.

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, 2018 was $36,332,655 and $37,280,862, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	10,466,716
Aggregate unrealized (depreciation) of investments		(2,388,297	)
Net unrealized appreciation of investments	$	8,078,419

Cost of investments for tax purposes is $71,302,120.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		565,462		$	6,986,589			304,596		$	3,646,029
Class C		167,348			2,007,357			46,302			524,043
Class R		4,211			51,018			3,850			46,256
Class Y		748,990			9,166,266			431,307			5,111,591
Class R5		114			1,418			1,004			11,943
Class R6		187,625			2,211,577			278,872			3,188,531
Issued as reinvestment of dividends:
Class A		145,295			1,699,950			5,622			66,343
Class C		32,792			375,798			1,371			15,922
Class R		1,483			17,226			44			519
Class Y		66,645			784,426			1,371			16,268
Class R5		450			5,291			11			129
Class R6		565,588			6,656,973			24,685			293,014
Reacquired:
Class A		(195,044	)		(2,362,337	)		(545,259	)		(6,557,858	)
Class C		(45,273	)		(514,942	)		(60,626	)		(695,838	)
Class R		(488	)		(5,695	)		(1,834	)		(21,347	)
Class Y		(526,531	)		(6,304,738	)		(240,137	)		(2,929,290	)
Class R5		(19	)		(224	)		(49,229	)		(627,025	)
Class R6		(459,554	)		(5,800,955	)		(1,150,985	)		(13,755,486	)
Net increase (decrease) in share activity		1,259,094		$	14,974,998			(949,035	)	$	(11,666,256	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 24% 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 is also owned beneficially.

    In addition, 56% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

21                         Invesco Long/Short Equity Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	13.15	$	0.00		$	0.37		$	0.37		$	(0.93	)	$	(0.95	)	$	(1.88	)	$	11.64		2.72	%	$	16,144		1.56	%(d)		1.57	%(d)		0.02	%(d)		50	%
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	)		—			11.50		4.57			12,854		1.85			2.76			0.11			89
Year ended 10/31/14(f)		10.00		(0.02	)		1.02			1.00			—			—			—			11.00		10.00			16,796		1.85	(g)		3.04	(g)		(0.25	)(g)		102
Class C
Six months ended 04/30/18		12.86		(0.04	)		0.35			0.31			(0.84	)		(0.95	)		(1.79	)		11.38		2.34			4,250		2.31	(d)		2.32	(d)		(0.73	)(d)		50
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	)		—			11.34		3.87			2,350		2.60			3.51			(0.64	)		89
Year ended 10/31/14(f)		10.00		(0.10	)		1.02			0.92			—			—			—			10.92		9.20			2,618		2.60	(g)		3.79	(g)		(1.00	)(g)		102
Class R
Six months ended 04/30/18		13.06		(0.01	)		0.35			0.34			(0.90	)		(0.95	)		(1.85	)		11.55		2.51			177		1.81	(d)		1.82	(d)		(0.23	)(d)		50
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	)		—			11.45		4.31			40		2.10			3.01			(0.14	)		89
Year ended 10/31/14(f)		10.00		(0.04	)		1.02			0.98			—			—			—			10.98		9.80			27		2.10	(g)		3.29	(g)		(0.50	)(g)		102
Class Y
Six months ended 04/30/18		13.25		0.02			0.36			0.38			(0.96	)		(0.95	)		(1.91	)		11.72		2.81			14,132		1.31	(d)		1.32	(d)		0.27	(d)		50
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	)		—			11.56		4.93			7,709		1.60			2.51			0.36			89
Year ended 10/31/14(f)		10.00		0.00			1.02			1.02			—			—			—			11.02		10.20			12,389		1.60	(g)		2.79	(g)		0.00	(g)		102
Class R5
Six months ended 04/30/18		13.26		0.02			0.37			0.39			(0.97	)		(0.95	)		(1.92	)		11.73		2.91			48		1.23	(d)		1.24	(d)		0.35	(d)		50
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	)		—			11.56		4.93			578		1.60			2.38			0.36			89
Year ended 10/31/14(f)		10.00		0.00			1.02			1.02			—			—			—			11.02		10.20			718		1.60	(g)		2.69	(g)		0.00	(g)		102
Class R6
Six months ended 04/30/18		13.26		0.03			0.36			0.39			(0.97	)		(0.95	)		(1.92	)		11.73		2.91			45,221		1.18	(d)		1.19	(d)		0.40	(d)		50
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	)		—			11.56		4.93			609		1.60			2.38			0.36			89
Year ended 10/31/14(f)		10.00		0.00			1.02			1.02			—			—			—			11.02		10.20			562		1.60	(g)		2.69	(g)		0.00	(g)		102

^(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 $14,471, $3,517, $154, $13,769, $49 and $47,054 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.

^(f)  Commencement date of December 19, 2013.

^(g)  Annualized.

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, 2017 through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,027.20	$	7.84	$	1,017.06	$	7.80		1.56	%
C		1,000.00		1,023.40		11.59		1,013.34		11.53		2.31
R		1,000.00		1,025.10		9.09		1,015.82		9.05		1.81
Y		1,000.00		1,028.10		6.59		1,018.30		6.56		1.31
R5		1,000.00		1,029.10		6.19		1,018.70		6.16		1.23
R6		1,000.00		1,028.40		5.93		1,018.94		5.91		1.18

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

23                         Invesco Long/Short Equity 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.

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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.     

SEC file numbers: 811-05426 and 033-19338                      Invesco Distributors, Inc.                                                                                        LSE-SAR-1            06132018       1011

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Low Volatility Emerging Markets Fund
	Nasdaq:
	A: LVLAX   ∎  C: LVLCX   ∎  R: LVLRX  ∎  Y: LVLYX  ∎  R5: LVLFX  ∎  R6: LVLSX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
8	Financial Statements
10	Notes to Financial Statements
18	Financial Highlights
19	Fund Expenses
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

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 10/31/17 to 4/30/18, 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	3.95	%
Class C Shares	3.56
Class R Shares	3.97
Class Y Shares	4.12
Class R5 Shares	4.12
Class R6 Shares	4.13
MSCI All Country World Index▼ (Broad Market Index)	3.56
MSCI Emerging Markets Index▼ (Style-Specific Index)	4.80
Lipper Emerging Market Funds Index∎ (Peer Group Index)	4.01
Source(s): ▼FactSet Research Systems Inc.; ∎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 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.

2                      Invesco Low Volatility Emerging Markets Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	1.48	%
1 Year	5.36
Class C Shares
Inception (12/17/13)	2.02	%
1 Year	9.72
Class R Shares
Inception (12/17/13)	2.57	%
1 Year	11.43
Class Y Shares
Inception (12/17/13)	3.06	%
1 Year	11.81
Class R5 Shares
Inception (12/17/13)	3.06	%
1 Year	11.81
Class R6 Shares
Inception (12/17/13)	3.04	%
1 Year	11.83

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.33%, 2.08%, 1.58%, 1.08%, 1.08% and 1.08%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 2.09%, 2.84%, 2.34%, 1.84%, 1.65% and 1.65%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	1.81	%
1 Year	8.86
Class C Shares
Inception (12/17/13)	2.36	%
1 Year	13.25
Class R Shares
Inception (12/17/13)	2.90	%
1 Year	15.01
Class Y Shares
Inception (12/17/13)	3.42	%
1 Year	15.53
Class R5 Shares
Inception (12/17/13)	3.42	%
1 Year	15.53
Class R6 Shares
Inception (12/17/13)	3.40	%
1 Year	15.55

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2019. See current prospectus for more information.

3                      Invesco Low Volatility Emerging Markets Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Low Volatility Emerging Markets Fund

Schedule of Investments

April 30, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–95.56%
Brazil–5.11%
Braskem S.A.–Preference Shares–ADR		39,500	$	512,198
Ecorodovias Infraestrutura e Logistica S.A.		156,900		448,286
Estacio Participacoes S.A.		29,600		267,908
Qualicorp S.A.		47,300		327,394
SLC Agricola S.A.		23,300		298,541
Transmissora Alianca de Energia Eletrica S.A.(a)		71,000		433,478
				2,287,805
Chile–0.26%
Embotelladora Andina S.A.–Preference Shares–Class B		23,201		115,385
China–12.58%
Autohome Inc.–ADR		5,677		553,791
China Lilang Ltd.		118,000		147,820
China Shenhua Energy Co. Ltd.–Class H		232,500		571,316
China Shineway Pharmaceutical Group Ltd.		143,000		293,865
Chongqing Rural Commercial Bank Co., Ltd.–Class H		799,000		610,790
Guangzhou Automobile Group Co., Ltd.–Class H		240,000		442,150
Jiangsu Expressway Co. Ltd.–Class H		134,000		183,398
Kingboard Chemical Holdings Ltd.		103,000		419,165
Longfor Properties Co. Ltd.		204,000		609,638
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co.–REGS,–Class H(b)(c)		60,000		254,353
Yantai Changyu Pioneer Wine Co. Ltd.–Class B		64,900		164,966
YiChang HEC ChangJiang Pharmaceutical Co. Ltd.–REGS,–Class H(b)		54,800		259,617
Yuzhou Properties Co. Ltd.		845,000		614,283
YY Inc.–ADR(c)		5,267		507,686
				5,632,838
Hong Kong–0.29%
Kingboard Laminates Holdings Ltd.		96,000		128,168
India–11.53%
DCM Shriram Ltd.		12,964		64,195
Hero MotoCorp Ltd.		9,468		529,535
InterGlobe Aviation Ltd.–REGS(b)		24,729		519,050
KEC International Ltd.		94,406		570,938
NHPC Ltd.		660,346		280,985
NMDC Ltd.		293,897		547,887
Power Finance Corp. Ltd.		265,111		348,242
Rural Electrification Corp. Ltd.		208,383		396,779
Sun TV Network Ltd.		39,856		522,748
Tata Global Beverages Ltd.		76,950		341,168
Tata Steel Ltd.		54,124		479,392
Vedanta Ltd.		126,484		561,148
				5,162,067

	Shares		Value
Malaysia–6.77%
AirAsia Group Bhd.		609,600	$	582,487
Kuala Lumpur Kepong Bhd.		85,400		552,904
Petronas Dagangan Bhd.		31,300		214,540
PPB Group Bhd.		45,300		221,703
Public Bank Bhd.		95,400		573,659
Tenaga Nasional Bhd.		120,100		481,480
Top Glove Corp. Bhd.		166,800		402,573
				3,029,346
Mexico–5.47%
Coca-Cola FEMSA, S.A.B. de C.V.–Series L		60,300		391,271
Gruma, S.A.B. de C.V.–Class B		15,260		186,674
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.		106,800		563,597
Industrias Bachoco, S.A.B. de C.V.–Series B		36,100		185,271
Industrias Peñoles, S.A.B. de C.V.		7,010		147,367
Megacable Holdings S.A.B. de C.V.–Series CPO(d)		90,200		414,621
Wal-Mart de México, S.A.B. de C.V.–Series V		200,600		558,000
				2,446,801
Poland–2.20%
LPP S.A.		165		429,441
Powszechny Zaklad Ubezpieczen S.A.		45,554		553,872
				983,313
Qatar–0.42%
Qatar Islamic Bank (S.A.Q)		6,376		186,547
Russia–4.10%
LUKOIL PJSC–ADR		9,757		650,198
Magnitogorsk Iron & Steel Works PJSC		783,800		605,932
Novolipetsk Steel PJSC–GDR–REGS(b)		17,448		446,067
Unipro PJSC		3,070,000		135,338
				1,837,535
South Africa–10.88%
AECI Ltd.		17,036		160,573
African Rainbow Minerals Ltd.		45,685		373,294
Astral Foods Ltd.		21,102		520,195
AVI Ltd.		60,079		549,454
Barclays Africa Group Ltd.		41,468		604,725
Bidvest Group Ltd. (The)		23,931		468,276
Kumba Iron Ore Ltd.		22,532		483,461
Liberty Holdings Ltd.		55,324		588,158
Mondi Ltd.		18,236		531,020
Reunert Ltd.		54,452		339,532
Super Group Ltd.(c)		24,341		72,499
Tsogo Sun Holdings Ltd.		98,915		179,879
				4,871,066

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

5                         Invesco Low Volatility Emerging Markets Fund

	Shares		Value
South Korea–19.76%
Chong Kun Dang Pharmaceutical Corp.		4,444	$	483,423
Daewon Pharmaceutical Co., Ltd.		8,376		155,897
Grand Korea Leisure Co., Ltd.		23,036		584,225
Hanwha Corp.		16,405		610,186
HITEJINRO Co., Ltd.		29,177		592,706
Hyundai Development Co.		13,904		604,041
Korea United Pharm., Inc.		8,850		232,799
KT&G Corp.		6,280		573,611
Kwang Dong Pharmaceutical Co., Ltd.		14,396		123,410
LG Corp.		7,461		563,573
Lotte Chemical Corp.		315		121,524
LOTTE Fine Chemical Co., Ltd.		6,009		382,579
LOTTE Himart Co., Ltd.		8,918		619,400
LS Industrial Systems Co., Ltd.		7,012		446,836
Samjin Pharmaceutical Co., Ltd.		3,993		166,249
Samsung Electronics Co., Ltd.		230		570,666
SK Hynix Inc.		8,001		626,477
SK Telecom Co., Ltd.		2,661		569,298
SL Corp.		8,141		168,397
Woori Bank		43,423		648,974
				8,844,271
Taiwan–4.92%
Chipbond Technology Corp.		283,000		559,684
Chunghwa Telecom Co., Ltd.		150,000		570,718
Powertech Technology Inc.		192,000		549,598
St. Shine Optical Co., Ltd.		16,000		430,868
Syncmold Enterprise Corp.		42,000		91,978
				2,202,846
Thailand–7.11%
Advanced Info Service PCL		96,100		630,928
Airports of Thailand PCL		267,700		602,030
Intouch Holdings PCL		172,222		312,910

	Shares		Value
Thailand–(continued)
Mega Lifesciences PCL		305,400	$	396,947
PTT Global Chemical PCL		102,900		317,681
Ratchaburi Electricity Generating Holding PCL		133,300		220,388
Thai Oil PCL		195,900		581,897
Thai Vegetable Oil PCL		108,500		120,891
				3,183,672
Turkey–2.52%
BIM Birlesik Magazalar A.S.		32,071		543,356
Soda Sanayii A.S.		2		2
Tekfen Holding A.S.		155,564		587,236
				1,130,594
United Arab Emirates–1.64%
Air Arabia PJSC		489,452		162,573
Aldar Properties PJSC		876,734		501,264
DAMAC Properties Dubai Co. PJSC		94,034		70,916
				734,753
Total Common Stocks & Other Equity Interests (Cost $37,655,908)				42,777,007
Money Market Funds–3.13%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(e)		491,401		491,401
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(e)		351,000		351,035
Invesco Treasury Portfolio–Institutional Class, 1.62%(e)		561,602		561,602
Total Money Market Funds (Cost $1,404,005)				1,404,038
TOTAL INVESTMENTS IN SECURITIES–98.69% (Cost $39,059,913)				44,181,045
OTHER ASSETS LESS LIABILITIES–1.31%				584,614
NET ASSETS–100.00%			$	44,765,659

Investment Abbreviations:

ADR	– American Depositary Receipt
CPO	– Certificates of Ordinary Participation
GDR	– Global Depositary Receipt
REGS	– Regulation S

Notes to Schedule of Investments:

^(a)  Each unit represents two preferred shares and one common share.

^(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, 2018 was $1,479,087, which represented 3.30% of the Fund’s Net Assets.

^(c)  Non-income producing security.

^(d)  Each CPO represents two Series A shares.

^(e)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

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

6                         Invesco Low Volatility Emerging Markets Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2018

Industrials	16.4	%
Consumer Staples	13.2
Materials	12.8
Financials	10.1
Consumer Discretionary	9.8
Information Technology	9.3
Health Care	7.3
Telecommunication Services	4.7
Energy	4.5
Real Estate	4.0
Utilities	3.5
Money Market Funds Plus Other Assets Less Liabilities	4.4

Open Futures Contracts — Equity Risk(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
MSCI Emerging Markets Mini Index		50		June-2018	$	2,880,500	$	(131,144	)	$	(131,144	)

^(a)  Futures contracts collateralized by $130,000 cash held with Bank of America Merrill Lynch, the futures commission merchant.

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

7                         Invesco Low Volatility Emerging Markets Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $37,655,908)	$	42,777,007
Investments in affiliated money market funds, at value (Cost $1,404,005)		1,404,038
Deposits with brokers:
Cash collateral — exchange-traded futures contracts		130,000
Foreign currencies, at value (Cost $1,941,308)		1,905,634
Receivable for:
Fund shares sold		458,014
Dividends		24,189
Fund expenses absorbed		18,139
Investment for trustee deferred compensation and retirement plans		10,630
Other assets		41,622
Total assets		46,769,273
Liabilities:
Other investments:
Variation margin payable — futures contracts		4,000
Payable for:
Fund shares reacquired		1,798,793
Accrued foreign taxes		110,724
Amount due custodian		19,711
Accrued fees to affiliates		5,444
Accrued trustees’ and officers’ fees and benefits		1,514
Accrued other operating expenses		52,798
Trustee deferred compensation and retirement plans		10,630
Total liabilities		2,003,614
Net assets applicable to shares outstanding	$	44,765,659
Net assets consist of:
Shares of beneficial interest	$	36,275,154
Undistributed net investment income		377,975
Undistributed net realized gain		3,158,435
Net unrealized appreciation		4,954,095
	$	44,765,659

Net Assets:
Class A	$	8,065,469
Class C	$	315,965
Class R	$	35,053
Class Y	$	2,240,729
Class R5	$	8,815
Class R6	$	34,099,628
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		933,503
Class C		36,774
Class R		4,059
Class Y		259,012
Class R5		1,019
Class R6		3,945,922
Class A:
Net asset value per share	$	8.64
Maximum offering price per share
(Net asset value of $8.64 ¸ 94.50%)	$	9.14
Class C:
Net asset value and offering price per share	$	8.59
Class R:
Net asset value and offering price per share	$	8.64
Class Y:
Net asset value and offering price per share	$	8.65
Class R5:
Net asset value and offering price per share	$	8.65
Class R6:
Net asset value and offering price per share	$	8.64

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

8                         Invesco Low Volatility Emerging Markets Fund

Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $75,665)	$	734,196
Dividends from affiliated money market funds		974
Total investment income		735,170
Expenses:
Advisory fees		220,060
Administrative services fees		24,795
Custodian fees		40,059
Distribution fees:
Class A		9,981
Class C		1,642
Class R		69
Transfer agent fees — A, C, R and Y		11,024
Transfer agent fees — R6		76
Trustees’ and officers’ fees and benefits		11,651
Registration and filing fees		40,650
Reports to shareholders		10,245
Professional services fees		40,256
Other		7,500
Total expenses		418,008
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(154,999	)
Net expenses		263,009
Net investment income		472,161
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities (net of foreign taxes of $40,434)		3,098,463
Foreign currencies		42,429
Futures contracts		80,406
		3,221,298
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $(25,873))		(1,561,368	)
Foreign currencies		(25,117	)
Futures contracts		(142,854	)
		(1,729,339	)
Net realized and unrealized gain		1,491,959
Net increase in net assets resulting from operations	$	1,964,120

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

9                         Invesco Low Volatility Emerging Markets Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income	$	472,161		$	972,811
Net realized gain		3,221,298			5,723,909
Change in net unrealized appreciation (depreciation)		(1,729,339	)		1,372,754
Net increase in net assets resulting from operations		1,964,120			8,069,474
Distributions to shareholders from net investment income:
Class A		(144,942	)		(35,912	)
Class C		(4,916	)		(179	)
Class R		(429	)		(235	)
Class Y		(43,634	)		(29,372	)
Class R5		(222	)		(1,859	)
Class R6		(817,876	)		(563,343	)
Total distributions from net investment income		(1,012,019	)		(630,900	)
Distributions to shareholders from net realized gains:
Class A		(913,293	)		(103,932	)
Class C		(42,922	)		(3,794	)
Class R		(2,990	)		(935	)
Class Y		(243,456	)		(72,517	)
Class R5		(1,241	)		(4,589	)
Class R6		(4,563,323	)		(1,390,853	)
Total distributions from net realized gains		(5,767,225	)		(1,576,620	)
Share transactions–net:
Class A		1,363,687			3,026,098
Class C		29,516			59,423
Class R		14,775			(5,494	)
Class Y		632,768			(543,569	)
Class R5		—			(138,308	)
Class R6		1,352,628			(5,053,148	)
Net increase (decrease) in net assets resulting from share transactions		3,393,374			(2,654,998	)
Net increase (decrease) in net assets		(1,421,750	)		3,206,956
Net assets:
Beginning of period		46,187,409			42,980,453
End of period (includes undistributed net investment income of $377,975 and $917,833, respectively)	$	44,765,659		$	46,187,409

Notes to Financial Statements

April 30, 2018

(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 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.

10                         Invesco Low Volatility Emerging Markets Fund

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 economic conditions, interest rates, investor perceptions 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. 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

11                         Invesco Low Volatility Emerging Markets Fund

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 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

12                         Invesco Low Volatility Emerging Markets Fund

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 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. 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		0.935%
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, 2018, the effective advisory fees 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, 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, 2019, 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, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits 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, 2020, 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, 2018, the Adviser waived advisory fees of $143,899 and reimbursed class level expenses of $8,182, $337, $28, $2,198 and $77 of Class A, Class C, Class R, Class Y 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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

13                         Invesco Low Volatility Emerging Markets 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, 2018, 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 months ended April 30, 2018, 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, 2018, IDI advised the Fund that IDI retained $949 in front-end sales commissions from the sale of Class A shares and $665 and $17 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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were no material transfers between valuation levels.

14                         Invesco Low Volatility Emerging Markets Fund

During the six months ended April 30, 2018, there were transfers from Level 1 to Level 2 of $18,726,989 and from Level 2 to Level 1 of $729,333, due to foreign fair value adjustments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
Brazil	$	2,287,805		$	—	$	—	$	2,287,805
Chile		115,385			—		—		115,385
China		1,226,443			4,406,395		—		5,632,838
Hong Kong		—			128,168		—		128,168
India		—			5,162,067		—		5,162,067
Malaysia		—			3,029,346		—		3,029,346
Mexico		2,446,801			—		—		2,446,801
Poland		—			983,313		—		983,313
Qatar		186,547			—		—		186,547
Russia		—			1,837,535		—		1,837,535
South Africa		1,837,686			3,033,380		—		4,871,066
South Korea		569,298			8,274,973		—		8,844,271
Taiwan		—			2,202,846		—		2,202,846
Thailand		602,030			2,581,642		—		3,183,672
Turkey		—			1,130,594		—		1,130,594
United Arab Emirates		734,753			—		—		734,753
Money Market Funds		1,404,038			—		—		1,404,038
Total Investments in Securities		11,410,786			32,770,259		—		44,181,045
Other Investments — Liabilities*
Futures Contracts		(131,144	)		—		—		(131,144	)
Total Investments	$	11,279,642		$	32,770,259	$	—	$	44,049,901

* 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, 2018:

	Value
Derivative Liabilities	Equity Risk
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	(131,144	)
Derivatives not subject to master netting agreements		131,144
Total Derivative Liabilities subject to master netting agreements	$	—

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

Effect of Derivative Investments for the six months ended April 30, 2018

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	$	80,406
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(142,854	)
Total	$	(62,448	)

15                         Invesco Low Volatility Emerging Markets Fund

The table below summarizes the average notional value of futures contracts outstanding during the period.

	Futures Contracts
Average notional value	$	1,313,188

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $278.

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

NOTE 8—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 does not have a capital loss carryforward as of October 31, 2017.

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, 2018 was $12,404,661 and $15,449,338, 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	$	7,259,197
Aggregate unrealized (depreciation) of investments		(2,199,697	)
Net unrealized appreciation of investments	$	5,059,500

Cost of investments for tax purposes is $38,990,401.

16                         Invesco Low Volatility Emerging Markets Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		348,391		$	3,184,797			1,066,732		$	9,578,200
Class C		7,189			65,045			38,430			348,928
Class R		2,082			18,710			459			4,242
Class Y		62,534			574,156			199,976			1,764,679
Class R6		109,266			958,204			1,113,879			9,802,466
Issued as reinvestment of dividends:
Class A		124,439			1,036,572			9,568			76,541
Class C		5,593			46,480			456			3,652
Class R		243			2,025			98			786
Class Y		33,652			280,324			5,460			43,731
Class R6		646,603			5,379,736			243,469			1,947,749
Reacquired:
Class A		(308,032	)		(2,857,682	)		(726,230	)		(6,628,643	)
Class C		(9,504	)		(82,009	)		(34,600	)		(293,157	)
Class R		(688	)		(5,960	)		(1,163	)		(10,522	)
Class Y		(24,285	)		(221,712	)		(247,850	)		(2,351,979	)
Class R5		—			—			(13,982	)		(138,308	)
Class R6		(562,968	)		(4,985,312	)		(1,877,418	)		(16,803,363	)
Net increase (decrease) in share activity		434,515		$	3,393,374			(222,716	)	$	(2,654,998	)

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

17                         Invesco Low Volatility Emerging Markets Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	9.72	$	0.08	$	0.25		$	0.33		$	(0.19	)	$	(1.22	)	$	(1.41	)	$	8.64		3.95	%	$	8,065		1.31	%(d)		2.14	%(d)		1.81	%(d)		27	%
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
Year ended 10/31/14(e)		10.00		0.15		0.17			0.32			—			—			—			10.32		3.20			1,705		1.71	(f)		10.36	(f)		1.69	(f)		38
Class C
Six months ended 04/30/18		9.65		0.05		0.25			0.30			(0.14	)		(1.22	)		(1.36	)		8.59		3.56			316		2.06	(d)		2.89	(d)		1.06	(d)		27
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
Year ended 10/31/14(e)		10.00		0.09		0.17			0.26			—			—			—			10.26		2.60			57		2.46	(f)		11.11	(f)		0.94	(f)		38
Class R
Six months ended 04/30/18		9.70		0.07		0.26			0.33			(0.17	)		(1.22	)		(1.39	)		8.64		3.97			35		1.56	(d)		2.39	(d)		1.56	(d)		27
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
Year ended 10/31/14(e)		10.00		0.13		0.17			0.30			—			—			—			10.30		3.00			14		1.96	(f)		10.61	(f)		1.44	(f)		38
Class Y
Six months ended 04/30/18		9.74		0.09		0.26			0.35			(0.22	)		(1.22	)		(1.44	)		8.65		4.12			2,241		1.06	(d)		1.89	(d)		2.06	(d)		27
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
Year ended 10/31/14(e)		10.00		0.18		0.17			0.35			—			—			—			10.35		3.50			1,411		1.46	(f)		10.11	(f)		1.94	(f)		38
Class R5
Six months ended 04/30/18		9.74		0.09		0.26			0.35			(0.22	)		(1.22	)		(1.44	)		8.65		4.12			9		1.07	(d)		1.68	(d)		2.05	(d)		27
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
Year ended 10/31/14(e)		10.00		0.18		0.17			0.35			—			—			—			10.35		3.50			477		1.46	(f)		10.06	(f)		1.94	(f)		38
Class R6
Six months ended 04/30/18		9.74		0.09		0.25			0.34			(0.22	)		(1.22	)		(1.44	)		8.64		4.02			34,100		1.07	(d)		1.68	(d)		2.05	(d)		27
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
Year ended 10/31/14(e)		10.00		0.18		0.17			0.35			—			—			—			10.35		3.50			155		1.46	(f)		10.06	(f)		1.94	(f)		38

^(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 $8,051, $331, $28, $2,163, $9, and $36,880 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of December 17, 2013.

^(f)  Annualized.

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, 2017 through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,039.50	$	6.62	$	1,018.30	$	6.56		1.31	%
C		1,000.00		1,035.60		10.40		1,014.58		10.29		2.06
R		1,000.00		1,039.70		7.89		1,017.06		7.80		1.56
Y		1,000.00		1,041.20		5.36		1,019.54		5.31		1.06
R5		1,000.00		1,041.20		5.42		1,019.49		5.36		1.07
R6		1,000.00		1,041.30		5.42		1,019.49		5.36		1.07

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

19                         Invesco Low Volatility Emerging Markets 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.

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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.     

SEC file numbers: 811-05426 and 033-19338                            Invesco Distributors, Inc.                                                                                LVEM-SAR-1            06112018    0904

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Macro Allocation Strategy Fund
	Nasdaq:
	A: GMSDX  ∎  C: GMSEX  ∎  R: GMSJX  ∎  Y: GMSHX  ∎  R5: GMSKX  ∎  R6: GMSLX

2	Fund Performance
4	Letters to Shareholders
5	Consolidated Schedule of Investments
9	Consolidated Financial Statements
11	Notes to Consolidated Financial Statements
20	Financial Highlights
21	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, 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	3.60	%
Class C Shares	3.18
Class R Shares	3.49
Class Y Shares	3.80
Class R5 Shares	3.69
Class R6 Shares	3.80
Bloomberg Barclays 3-Month Treasury Bellwether Index▼ (Broad Market/Style-Specific Index)	0.69
Lipper Absolute Return Funds Index∎ (Peer Group Index)	0.90
Source(s): ▼FactSet Research Systems Inc.; ∎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.

2                      Invesco Macro Allocation Strategy Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception	3.45	%
5 Years	2.55
1 Year	1.27
Class C Shares
Inception	3.74	%
5 Years	2.97
1 Year	5.40
Class R Shares
Inception	4.28	%
5 Years	3.51
1 Year	6.94
Class Y Shares
Inception (9/26/12)	4.80	%
5 Years	4.02
1 Year	7.59
Class R5 Shares
Inception	4.79	%
5 Years	4.02
1 Year	7.48
Class R6 Shares
Inception	4.78	%
5 Years	4.00
1 Year	7.48

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.

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception	3.10	%
5 Years	2.48
1 Year	-0.45
Class C Shares
Inception	3.42	%
5 Years	2.91
1 Year	3.60
Class R Shares
Inception	3.94	%
5 Years	3.43
1 Year	5.14
Class Y Shares
Inception (9/26/12)	4.45	%
5 Years	3.93
1 Year	5.57
Class R5 Shares
Inception	4.47	%
5 Years	3.95
1 Year	5.69
Class R6 Shares
Inception	4.43	%
5 Years	3.91
1 Year	5.58

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.46%, 2.21%, 1.71%, 1.21%, 1.21% and 1.21%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund

prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 2.31%, 3.06%, 2.56%, 2.06%, 1.98% and 1.98%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2019. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2020. See current prospectus for more information.

3                      Invesco Macro Allocation Strategy Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Macro Allocation Strategy Fund

Consolidated Schedule of Investments

April 30, 2018

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Securities–31.59%
U.S. Treasury Bills–12.87%(a)(b)
U.S. Treasury Bills		1.56	%		07/05/2018	$	635,000	$	633,005
U.S. Treasury Bills		1.67	%		08/09/2018		4,880,000		4,855,009
									5,488,014
U.S. Treasury Notes–18.72%(c)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)		2.01	%		07/31/2018		2,500,000		2,501,424
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate)		1.84	%		01/31/2020		3,100,000		3,099,864
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)		1.87	%		04/30/2020		2,380,000		2,380,378
									7,981,666
Total U.S. Treasury Securities (Cost $13,470,565)									13,469,680
						Shares
Money Market Funds–66.68%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(d)							11,561,476		11,561,476
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(d)							5,022,912		5,023,415
Invesco Treasury Portfolio–Institutional Class, 1.62%(d)							8,038,258		8,038,258
STIC (Global Series) PLC–U.S. Dollar Liquidity Portfolio (Ireland)–Institutional Class, 1.84%(d)							3,802,765		3,802,765
Total Money Market Funds (Cost $28,426,230)									28,425,914
TOTAL INVESTMENTS IN SECURITIES–98,27% (Cost $41,896,795)									41,895,594
OTHER ASSETS LESS LIABILITIES–1.73%									735,462
NET ASSETS–100.00%								$	42,631,056

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Brent Crude		28		August-2018	$	2,076,760	$	12,796		$	12,796
Cocoa		52		July-2018		1,469,000		227,316			227,316
Corn		1		July-2018		20,038		1,234			1,234
Cotton No. 2		9		December-2018		354,510		15,172			15,172
Gas Oil Intercontinental Exchange		1		June-2018		65,050		9,847			9,847
Gasoline Reformulated Blendstock Oxygenate Blending		6		June-2018		536,962		18,563			18,563
Globex Gasoline Reformulated Blendstock Oxygenate Blending		20		June-2018		1,789,872		66,898			66,898
Lean Hogs		33		December-2018		784,410		11,223			11,223
New York Harbor Ultra-Low-Sulfur Diesel		22		June-2018		1,985,953		212,238			212,238
Soybean Oil		1		July-2018		18,372		(1,654	)		(1,654	)
Soybeans		25		July-2018		1,310,625		12,399			12,399
Wheat		13		July-2018		331,825		(5,268	)		(5,268	)
WTI Crude		23		October-2018		1,543,070		132,093			132,093
Subtotal — Commodity Risk								712,857			712,857
Dow Jones EURO STOXX 50 Index		16		June-2018		671,288		29,078			29,078
E-Mini Russell 2000 Index		21		June-2018		1,620,990		(61,755	)		(61,755	)
E-Mini S&P 500 Index		13		June-2018		1,720,550		(52,839	)		(52,839	)
FTSE 100 Index		7		June-2018		718,861		38,711			38,711
Hang Seng Index		10		May-2018		1,953,533		27,542			27,542
Mini MSCI Emerging Markets Index		27		June-2018		1,555,470		(10,389	)		(10,389	)
S&P/TSX 60 Index		17		June-2018		2,436,442		66,378			66,378
Tokyo Stock Price Index		27		June-2018		4,395,033		173,981			173,981
Subtotal — Equity Risk							$	210,707		$	210,707

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

5                         Invesco Macro Allocation Strategy Fund

Open Futures Contracts–(continued)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Australia 10 Year Bonds		113		June-2018	$	10,877,977		$	(143,529	)	$	(143,529	)
Canada 10 Year Bonds		27		June-2018		2,764,781			(35,850	)		(35,850	)
Euro Bonds		26		June-2018		4,984,468			(21,218	)		(21,218	)
Long Gilt		11		June-2018		1,851,334			(8,987	)		(8,987	)
Subtotal — Interest Rate Risk									(209,584	)		(209,584	)
Subtotal — Long Futures Contracts									713,980			713,980
Short Futures Contracts
Coffee		7		July-2018		(322,350	)		(9,084	)		(9,084	)
Subtotal — Commodity Risk									(9,084	)		(9,084	)
U.S. Treasury Long Bonds		3		June-2018		(431,531	)		1,399			1,399
Subtotal — Interest Rate Risk									1,399			1,399
Total Short Futures Contracts									(7,685	)		(7,685	)
Total Futures Contracts								$	706,295		$	706,295

Open Over-The-Counter Total Return Swap Agreements(e)(f)
Counterparty	Pay/ Receive	Reference Entity(g)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Barclays Bank PLC	Receive	Barclays Live Cattle Roll Yield Excess Return Index		0.47	%		Monthly		12,080		January-2019	$	1,439,378	$	—	$	26,598		$	26,598
Barclays Bank PLC	Receive	Barclays Soybean Meal S2 Nearby Excess Return Index		0.30			Monthly		1,470		March-2019		1,687,034		—		52,113			52,113
Goldman Sachs International	Receive	Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index		0.45			Monthly		37,000		October-2018		1,656,389		—		7,195			7,195
Goldman Sachs International	Receive	Enhanced Strategy AB44 on the S&P GSCI Corn Excess Return Index		0.30			Monthly		34,700		September-2018		932,963		—		4,092			4,092
Goldman Sachs International	Pay	Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return Index		0.15			Monthly		180		October-2018		32,200		—		2.036			2,036
JPMorgan Chase Bank, N.A.	Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25			Monthly		7,680		April-2019		2,077,058		—		22,594			22,594
Morgan Stanley Capital Services LLC	Pay	S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.38			Monthly		8,900		April-2019		1,106,641		—		53,679			53,679
Subtotal — Appreciation															—		168,307			168,307
Barclays Bank PLC	Receive	Barclays Commodity Strategy 1452 Excess Return Index		0.33			Monthly		500		October-2018		279,662		—		(4,288	)		(4,288	)
Canadian Imperial Bank of Commerce	Receive	CIBC Silver Index		0.11			Monthly		6,600		February-2019		623,776		—		(16,045	)		(16,045	)
JPMorgan Chase Bank, N.A.	Receive	S&P GSCI Gold Index Excess Return		0.09			Monthly		9,400		October-2018		1,001,934		—		(3,633	)		(3,633	)
Merrill Lynch International	Receive	Merrill Lynch Gold Excess Return Index		0.14			Monthly		8,370		June-2018		1,393,107		—		0			0
Merrill Lynch International	Receive	MLCX Natural Gas Annual Excess Return Index		0.25			Monthly		20,400		November-2018		855,455		—		0			0
Merrill Lynch International	Receive	MLCXLXAE Excess Return Index		0.25			Monthly		3,320		March-2019		917,449		—		0			0
Morgan Stanley Capital Services LLC	Receive	MS Soybean Oil Dynamic Roll Index		0.30			Monthly		3,800		April-2019		547,475		—		(6,246	)		(6,246	)
Subtotal — Depreciation															—		(30,212	)		(30,212	)
Total — Open Over-The-Counter Total Return Swap Agreements — Commodity Risk															—	$	138,095		$	138,095

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

6                         Invesco Macro Allocation Strategy Fund

Notes to 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)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1L.

^(c)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2018.

^(d)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

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

^(f)  Open Over-The-Counter total return swap agreements are collateralized by cash held with Counterparties in the amount of $590,000.

^(g)  The table below includes additional information regarding the underlying components of certain reference entities that are not publically available.

Reference Entity Components
Reference Entity	Underlying Components	Percentage
Barclays Live Cattle Roll Yield Excess Return Index
	Long Futures Contracts
	Live Cattle		100.00	%
Barclays Soybean Meal S2 Nearby Excess Return Index
	Long Futures Contracts
	Soybean Meal		100.00	%
Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index
	Long Futures Contracts
	Cotton No.2		100.00	%
Enhanced Strategy AB44 on the S&P GSCI Corn Excess Return Index
	Long Futures Contracts
	Corn		100.00	%
Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return Index
	Long Futures Contracts
	Sugar		100.00	%
J.P. Morgan Contag Beta Gas Oil Excess Return Index
	Long Futures Contracts
	Gas Oil		100.00	%
S&P GSCI Aluminum Dynamic Roll Index Excess Return Index
	Long Futures Contracts
	Aluminum		100.00	%
Barclays Commodity Strategy 1452 Excess Return Index
	Long Futures Contracts
	Copper		100.00	%
CIBC Silver Index
	Long Futures Contracts
	Silver		100.00	%
S&P GSCI Gold Index Excess Return
	Long Futures Contracts
	Gold		100.00	%
Merrill Lynch Gold Excess Return Index
	Long Futures Contracts
	Gold		100.00	%

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

7                         Invesco Macro Allocation Strategy Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
MLCX Natural Gas Annual Excess Return Index
	Long Futures Contracts
	Natural Gas		100.00	%
MLCXLXAE Excess Return Index
	Long Futures Contracts
	Zinc		100.00	%
MS Soybean Oil Dynamic Roll Index
	Long Futures Contracts
	Soybean Oil		100.00	%

Target Risk Allocation and Notional Asset Weights

By asset class, based on Net Assets as of April 30, 2018

Asset Class	Risk Allocation*			% of Total Net Assets**
Equities		30.14	%		34.66
Fixed Income		-0.23	%		48.40
Commodities		70.09	%		55.84
Total		100.00	%		138.90

* 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 the 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, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $13,470,565)	$	13,469,680
Investments in affiliated money market funds, at value (Cost $28,426,230)		28,425,914
Other investments:
Variation margin receivable — futures contracts		93,414
Swaps receivable — OTC		2,169
Unrealized appreciation on swap agreements — OTC		168,307
Cash		101,561
Deposits with brokers:
Cash collateral — OTC derivatives		590,000
Receivable for:
Fund shares sold		42,522
Dividends and interest		38,702
Investment for trustee deferred compensation and retirement plans		18,686
Other assets		27,531
Total assets		42,978,486
Liabilities:
Other investments:
Swaps payable — OTC		68,093
Unrealized depreciation on swap agreements — OTC		30,212
Payable for:
Fund shares reacquired		151,345
Accrued fees to affiliates		22,661
Accrued trustees’ and officers’ fees and benefits		1,501
Accrued other operating expenses		53,913
Trustee deferred compensation and retirement plans		19,705
Total liabilities		347,430
Net assets applicable to shares outstanding	$	42,631,056
Net assets consist of:
Shares of beneficial interest	$	41,501,128
Undistributed net investment income		24,701
Undistributed net realized gain		262,038
Net unrealized appreciation		843,189
	$	42,631,056

Net Assets:
Class A	$	5,161,243
Class C	$	7,597,973
Class R	$	71,893
Class Y	$	29,355,697
Class R5	$	9,107
Class R6	$	435,143
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		542,520
Class C		804,725
Class R		7,560
Class Y		3,069,020
Class R5		952
Class R6		45,531
Class A:
Net asset value per share	$	9.51
Maximum offering price per share
(Net asset value of $9.51 ¸ 94.50%)	$	10.06
Class C:
Net asset value and offering price per share	$	9.44
Class R:
Net asset value and offering price per share	$	9.51
Class Y:
Net asset value and offering price per share	$	9.57
Class R5:
Net asset value and offering price per share	$	9.57
Class R6:
Net asset value and offering price per share	$	9.56

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, 2018

(Unaudited)

Investment income:
Dividends from affiliated money market funds	$	197,837
Interest		96,165
Total investment income		294,002
Expenses:
Advisory fees		237,034
Administrative services fees		24,795
Custodian fees		5,439
Distribution fees:
Class A		6,305
Class C		37,814
Class R		146
Transfer agent fees — A, C, R and Y		24,569
Transfer agent fees — R5		3
Transfer agent fees — R6		115
Trustees’ and officers’ fees and benefits		11,299
Registration and filing fees		43,976
Reports to shareholders		8,566
Professional services fees		41,391
Other		9,554
Total expenses		451,006
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(167,961	)
Net expenses		283,045
Net investment income		10,957
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(181	)
Foreign currencies		23,643
Futures contracts		2,163,480
Swap agreements		(168,220	)
		2,018,722
Change in net unrealized appreciation (depreciation) of:
Investment securities		(8,124	)
Futures contracts		(655,282	)
Swap agreements		167,007
		(496,399	)
Net realized and unrealized gain		1,522,323
Net increase in net assets resulting from operations	$	1,533,280

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, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income (loss)	$	10,957		$	(259,121	)
Net realized gain		2,018,722			2,189,791
Change in net unrealized appreciation (depreciation)		(496,399	)		1,068,041
Net increase in net assets resulting from operations		1,533,280			2,998,711
Distributions to shareholders from net investment income:
Class A		—			(772,744	)
Class C		—			(831,705	)
Class R		—			(5,116	)
Class Y		—			(4,694,776	)
Class R5		—			(1,244	)
Class R6		—			(30,239	)
Total distributions from net investment income		—			(6,335,824	)
Distributions to shareholders from net realized gains:
Class A		(212,490	)		—
Class C		(323,365	)		—
Class R		(2,400	)		—
Class Y		(1,337,441	)		—
Class R5		(404	)		—
Class R6		(15,400	)		—
Total distributions from net realized gains		(1,891,500	)		—
Share transactions–net:
Class A		554,759			(789,636	)
Class C		284,120			283,439
Class R		18,056			14,526
Class Y		(1,068,179	)		(4,893,657	)
Class R6		92,345			121,068
Net increase (decrease) in net assets resulting from share transactions		(118,899	)		(5,264,260	)
Net increase (decrease) in net assets		(477,119	)		(8,601,373	)
Net assets:
Beginning of period		43,108,175			51,709,548
End of period (includes undistributed net investment income (loss) of $24,701 and $13,744, respectively)	$	42,631,056		$	43,108,175

Notes to Consolidated Financial Statements

April 30, 2018

(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. 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.

11                         Invesco Macro Allocation Strategy Fund

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 waiver 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.

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 economic conditions, interest rates, investor perceptions 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. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

12                         Invesco Macro Allocation Strategy Fund

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the 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 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

13                         Invesco Macro Allocation Strategy Fund

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

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

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

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

14                         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. 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 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.

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		1.10%
Next $250 million		1.08%
Next $500 million		1.05%
Next $1.5 billion		1.03%
Next $2.5 billion		1.00%
Next $2.5 billion		0.98%
Next $2.5 billion		0.95%
Over $10 billion		0.93%

For the six months ended April 30, 2018, the effective advisory fees 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, 2019, 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, 2019. 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.

15                         Invesco Macro Allocation Strategy Fund

Further, the Adviser has contractually agreed, through at least June 30, 2020, 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, 2018, the Adviser waived advisory fees of $143,275 and reimbursed class level expenses of $2,888, $4,330, $33, $17,196, $3 and $115 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, 2018, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees.

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, 2018, 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 months ended April 30, 2018, 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, 2018, IDI advised the Fund that IDI retained $512 in front-end sales commissions from the sale of Class A shares and $583 from 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, 2018. 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.

16                         Invesco Macro Allocation Strategy Fund

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were no material transfers between valuation levels.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Treasury Securities	$	—		$	13,469,680		$	—	$	13,469,680
Money Market Funds		28,425,914			—			—		28,425,914
Total Investments in Securities		28,425,914			13,469,680			—		41,895,594
Other Investments — Assets*
Futures Contracts		1,056,868			—			—		1,056,868
Swap Agreements		—			168,307			—		168,307
Other Investments — Liabilities*
Futures Contracts		(350,573	)		—			—		(350,573	)
Swap Agreements		—			(30,212	)		—		(30,212	)
Total Other Investments		706,295			138,095					844,390
Total Investments	$	29,132,209		$	13,607,775		$	—	$	42,739,984

* 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 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, 2018:

Derivative Assets	Value
	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	719,779		$	335,690		$	1,399		$	1,056,868
Unrealized appreciation on swap agreements — OTC		168,307			—			—			168,307
Total Derivative Assets		888,086			335,690			1,399			1,225,175
Derivatives not subject to master netting agreements		(719,779	)		(335,690	)		(1,399	)		(1,056,868	)
Total Derivative Assets subject to master netting agreements	$	168,307		$	—		$	—		$	168,307
Derivative Liabilities	Value
	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	(16,006	)	$	(124,983	)	$	(209,584	)	$	(350,573	)
Unrealized depreciation on swap agreements — OTC		(30,212	)		—			—			(30,212	)
Total Derivative Liabilities		(46,218	)		(124,983	)		(209,584	)		(380,785	)
Derivatives not subject to master netting agreements		16,006			124,983			209,584			350,573
Total Derivative Liabilities subject to master netting agreements	$	(30,212	)	$	—		$	—		$	(30,212	)

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

17                         Invesco Macro Allocation 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, 2018.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral
	Swap		Swap			Net Value of			(Received)/Pledged				Net
Counterparty	Agreements		Agreements			Derivatives			Non-Cash		Cash		Amount(a)
Subsidiary
Barclays Bank PLC	$	78,711	$	(4,812	)	$	73,899		$	—	$	—	$	73,899
Canadian Imperial Bank of Commerce		—		(16,082	)		(16,082	)		—		—		(16,082	)
Goldman Sachs International		13,323		(41,518	)		(28,195	)		—		28,195		—
JPMorgan Chase Bank, N.A.		22,594		(3,738	)		18,856			—		—		18,856
Merrill Lynch International		2,169		(25,709	)		(23,540	)		—		20,000		(3,540	)
Morgan Stanley Capital Services LLC		53,679		(6,446	)		47,233			—		—		47,233
Total	$	170,476	$	(98,305	)	$	72,171		$	—	$	48,195	$	120,366

^(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, 2018

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	$	1,177,586		$	1,159,111		$	(173,217	)	$	2,163,480
Swap agreements		(168,220	)		—			—			(168,220	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		314,223			(798,271	)		(171,234	)		(655,282	)
Swap agreements		167,007			—			—			167,007
Total	$	1,490,596		$	360,840		$	(344,451	)	$	1,506,985

The table below summarizes the average notional value of futures contracts and swap agreements outstanding during the period.

	Futures Contracts		Swap Agreements
Average notional value	$	40,748,508	$	8,155,597

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $121.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period-end, are shown in the 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.

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, 2017, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expriation	$	835,885	$	—	$	835,885

* 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 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. Treasury obligations purchased and sold by the Fund during the six months ended April 30, 2018 was $5,480,000 and $5,020,000, 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	$	352,997
Aggregate unrealized (depreciation) of investments		(383,788	)
Net unrealized appreciation (depreciation) of investments	$	(30,791	)

Cost of investments for tax purposes is $42,770,775.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		96,080		$	911,922			262,417		$	2,502,087
Class C		105,805			991,825			318,952			2,978,514
Class R		1,725			16,060			1,140			10,600
Class Y		545,797			5,203,711			2,196,857			20,535,016
Class R6		11,831			112,568			24,701			230,307
Issued as reinvestment of dividends:
Class A		20,650			191,636			75,549			698,067
Class C		31,175			287,742			68,885			638,566
Class R		215			1,996			423			3,926
Class Y		103,763			967,067			392,090			3,630,752
Class R6		1,610			14,997			3,135			28,995
Reacquired:
Class A		(57,931	)		(548,799	)		(426,075	)		(3,989,790	)
Class C		(105,505	)		(995,447	)		(353,558	)		(3,333,641	)
Class Y		(760,381	)		(7,238,957	)		(3,102,594	)		(29,059,425	)
Class R6		(3,714	)		(35,220	)		(14,790	)		(138,234	)
Net increase (decrease) in share activity		(8,880	)	$	(118,899	)		(552,868	)	$	(5,264,260	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 75% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

19                         Invesco Macro Allocation Strategy Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains 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 04/30/18	$	9.60	$	0.00		$	0.33	$	0.33		$	—		$	(0.42	)	$	(0.42	)	$	9.51		3.60	%	$	5,161		1.36	%(d)		2.14	%(d)		0.00	%(d)		64	%
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
Year ended 10/31/14		10.78		(0.17	)		0.09		(0.08	)		—			(0.68	)		(0.68	)		10.02		(0.64	)		6,996		1.73			2.06			(1.68	)		0
Year ended 10/31/13(f)		10.52		(0.04	)		0.30		0.26			—			—			—			10.78		2.47			607		1.99	(g)		2.04	(g)		(1.92	)(g)		0
Class C
Six months ended 04/30/18		9.57		(0.04	)		0.33		0.29			—			(0.42	)		(0.42	)		9.44		3.18			7,598		2.11	(d)		2.89	(d)		(0.75	)(d)		64
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
Year ended 10/31/14		10.78		(0.24	)		0.08		(0.16	)		—			(0.68	)		(0.68	)		9.94		(1.42	)		12,136		2.48			2.81			(2.43	)		0
Year ended 10/31/13(f)		10.52		(0.05	)		0.31		0.26			—			—			—			10.78		2.47			818		2.74	(g)		2.79	(g)		(2.67	)(g)		0
Class R
Six months ended 04/30/18		9.61		(0.01	)		0.33		0.32			—			(0.42	)		(0.42	)		9.51		3.49			72		1.61	(d)		2.39	(d)		(0.25	)(d)		64
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
Year ended 10/31/14		10.78		(0.19	)		0.09		(0.10	)		—			(0.68	)		(0.68	)		10.00		(0.83	)		24		1.98			2.31			(1.93	)		0
Year ended 10/31/13(f)		10.52		(0.04	)		0.30		0.26			—			—			—			10.78		2.47			10		2.24	(g)		2.29	(g)		(2.17	)(g)		0
Class Y
Six months ended 04/30/18		9.64		0.01			0.34		0.35			—			(0.42	)		(0.42	)		9.57		3.80			29,356		1.11	(d)		1.89	(d)		0.25	(d)		64
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
Year ended 10/31/14		10.79		(0.14	)		0.08		(0.06	)		—			(0.68	)		(0.68	)		10.05		(0.44	)		36,645		1.48			1.81			(1.43	)		0
Year ended 10/31/13		9.91		(0.19	)		1.07		0.88			—			—			—			10.79		8.88			6,972		1.82			1.87			(1.75	)		0
Class R5
Six months ended 04/30/18		9.65		0.00			0.34		0.34			—			(0.42	)		(0.42	)		9.57		3.69			9		1.11	(d)		1.83	(d)		0.25	(d)		64
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
Year ended 10/31/14		10.79		(0.14	)		0.09		(0.05	)		—			(0.68	)		(0.68	)		10.06		(0.34	)		10		1.48			1.69			(1.43	)		0
Year ended 10/31/13(f)		10.52		(0.03	)		0.30		0.27			—			—			—			10.79		2.57			10		1.75	(g)		1.80	(g)		(1.68	)(g)		0
Class R6
Six months ended 04/30/18		9.63		0.01			0.34		0.35			—			(0.42	)		(0.42	)		9.56		3.80			435		1.11	(d)		1.83	(d)		0.25	(d)		64
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
Year ended 10/31/14		10.80		(0.14	)		0.07		(0.07	)		—			(0.68	)		(0.68	)		10.05		(0.53	)		112,019		1.48			1.69			(1.43	)		0
Year ended 10/31/13(f)		10.52		(0.03	)		0.31		0.28			—			—			—			10.80		2.66			109,848		1.71	(g)		1.76	(g)		(1.64	)(g)		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 $5,086, $7,626, $59, $30,281, $9 and $394 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%.

^(f)  Commencement date of August 28, 2013 for Class A, Class C, Class R, Class R5 and Class R6 shares, respectively.

^(g)  Annualized.

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, 2017 through April 30, 2018.

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
Class	Beginning Account Value (11/01/17)		Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,036.00	$	6.87	$	1,018.05	$	6.80		1.36	%
C		1,000.00		1,031.80		10.63		1,014.33		10.54		2.11
R		1,000.00		1,034.90		8.12		1,016.81		8.05		1.61
Y		1,000.00		1,038.00		5.61		1,019.29		5.56		1.11
R5		1,000.00		1,036.90		5.61		1,019.29		5.56		1.11
R6		1,000.00		1,038.00		5.61		1,019.29		5.56		1.11

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

21                         Invesco Macro Allocation Strategy 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.

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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.     

SEC file numbers: 811-05426 and 033-19338                     Invesco Distributors, Inc.                                                                                       MAS-SAR-1            06132018      1129

	Semiannual Report to Shareholders	April 30, 2018
	Invesco MLP Fund
	Nasdaq:
	A: ILPAX  ∎  C: ILPCX  ∎  R: ILPRX  ∎  Y: ILPYX  ∎  R5: ILPFX  ∎  R6: ILPQX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
6	Financial Statements
8	Notes to Financial Statements
15	Financial Highlights
21	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	1.75	%
Class C Shares	1.17
Class R Shares	1.62
Class Y Shares	1.69
Class R5 Shares	1.88
Class R6 Shares	1.88
S&P 500 Index▼ (Broad Market Index)	3.82
Alerian MLP Index▼ (Style-Specific Index)	-0.73
Lipper Energy MLP Funds Index∎ (Peer Group Index)	-1.80
Source(s): ▼FactSet Research Systems Inc.; ∎Lipper Inc.

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

    The Alerian MLP Index is designed to capture the performance of energy master limited partnerships (MLPs).

    The Lipper Energy MLP Funds Index is an unmanaged index considered representative of energy MLP 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.

2                      Invesco MLP Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (8/29/14)	-12.51	%
1 Year	-15.61
Class C Shares
Inception (8/29/14)	-11.86	%
1 Year	-12.28
Class R Shares
Inception (8/29/14)	-11.37	%
1 Year	-10.96
Class Y Shares
Inception (8/29/14)	-10.93	%
1 Year	-10.64
Class R5 Shares
Inception (8/29/14)	-10.93	%
1 Year	-10.50
Class R6 Shares
Inception (8/29/14)	-10.93	%
1 Year	-10.50

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 2.10%, 2.85%, 2.35%, 1.85%, 1.85% and 1.85%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 5.70%, 6.45%, 5.95%, 5.45%, 5.37% and 5.37%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (8/29/14)	-14.58	%
1 Year	-23.52
Class C Shares
Inception (8/29/14)	-13.89	%
1 Year	-20.35
Class R Shares
Inception (8/29/14)	-13.45	%
1 Year	-19.29
Class Y Shares
Inception (8/29/14)	-13.01	%
1 Year	-18.87
Class R5 Shares
Inception (8/29/14)	-13.01	%
1 Year	-18.88
Class R6 Shares
Inception (8/29/14)	-13.01	%
1 Year	-18.87

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2019. See current prospectus for more information.

3                      Invesco MLP Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco MLP Fund

Schedule of Investments^(a)

April 30, 2018

(Unaudited)

	Units		Value
Master Limited Partnerships–90.53%
Gathering & Processing MLP–14.87%
Antero Midstream Partners L.P.		11,327	$	303,677
DCP Midstream, L.P.		11,558		424,872
Enable Midstream Partners, L.P.		2,752		39,326
EnLink Midstream Partners, L.P.		15,823		231,016
EQT Midstream Partners L.P.		2,815		158,372
Rice Midstream Partners L.P.		5,340		98,149
Western Gas Partners, L.P.		7,342		352,856
				1,608,268
General Partner (MLP)–1.44%
Energy Transfer Equity, L.P.		9,898		156,388
Marine–1.94%
Teekay LNG Partners LP (Bermuda)		11,486		209,619
Midstream Diversified–11.46%
Energy Transfer Partners, L.P.		68,779		1,239,398
Natural Gas Pipelines & Storage–2.80%
Cheniere Energy Partners, L.P.		3,025		94,562
Tallgrass Energy Partners L.P.		3,363		138,589
TC Pipelines, L.P.		1,990		69,829
				302,980
Pipelines & Midstream Diversified–28.88%
Enbridge Energy Partners, L.P.		15,773		166,878
Enterprise Products Partners L.P.		53,108		1,425,419
Plains All American Pipeline, L.P.		36,213		851,368
Williams Partners L.P.		18,668		679,515
				3,123,180
Refined Products Pipelines & Terminals–27.08%
Andeavor Logistics L.P.		8,116		344,443
Buckeye Partners, L.P.		6,890		286,280
Genesis Energy, L.P.		11,641		243,879

	Units		Value
Refined Products Pipelines & Terminals–(continued)
Magellan Midstream Partners, L.P.		12,622	$	830,906
MPLX L.P.		25,922		915,824
Phillips 66 Partners L.P.		3,058		151,616
Valero Energy Partners L.P.		3,940		155,354
				2,928,302
Refinery Logistics–2.06%
Shell Midstream Partners, L.P.		10,306		222,507
Total Master Limited Partnerships (Cost $10,217,576)				9,790,642
	Shares
Common Stocks–6.62%
Gathering & Processing MLP–1.45%
Targa Resources Corp.		3,345		157,115
General Partner (C-Corp.)–2.95%
ONEOK, Inc.		5,298		319,046
Global Infrastructure–2.22%
Cheniere Energy, Inc.(b)		4,120		239,619
Total Common Stocks (Cost $674,957)				715,780
Money Market Funds–1.56%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(c)		59,075		59,075
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(c)		42,185		42,190
Invesco Treasury Portfolio–Institutional Class, 1.62%(c)		67,515		67,515
Total Money Market Funds (Cost $168,776)				168,780
TOTAL INVESTMENTS IN SECURITIES–98.71% (Cost $11,061,309)				10,675,202
OTHER ASSETS LESS LIABILITIES–1.29%				139,140
NET ASSETS–100.00%			$	10,814,342

Notes to Schedule of Investments:

^(a)  Sector classifications used in this report are generally accordingly to the Energy MLP Classification Standard, which was developed by and is the exclusive property and service mark of Alerian.

^(b)  Non-income producing security.

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

Portfolio Composition

By MLP Sector, based on Net Assets

as of April 30, 2018

Pipelines & Midstream Diversified	28.9	%
Refined Products Pipelines & Terminals	27.1
Gathering & Processing MLP	16.3
Midstream Diversified	11.5
General Partner (C-Corp.)	3.0
Natural Gas Pipelines & Storage	2.8
Global Infrastructure	2.2
Refinery Logistics	2.1
Marine	1.9
General Partner (MLP)	1.4
Money Market Funds Plus Other Assets Less Liabilities	2.8

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

5                         Invesco MLP Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $10,892,533)	$	10,506,422
Investments in affiliated money market funds, at value (Cost $168,776)		168,780
Receivable for:
Investments sold		245,476
Fund shares sold		34,841
Dividends		69,547
Fund expenses absorbed		125,566
Deferred tax asset, net		0
Other assets		27,475
Total assets		11,178,107
Liabilities:
Payable for:
Investments purchased		155,245
Fund shares reacquired		8,945
Accrued fees to affiliates		10,410
Accrued trustees’ and officers’ fees and benefits		2,800
Accrued other operating expenses		186,365
Total liabilities		363,765
Net assets applicable to shares outstanding	$	10,814,342
Net assets consist of:
Shares of beneficial interest	$	14,518,528
Undistributed net investment income (loss), net of taxes		(1,779,021	)
Undistributed net realized gain (loss), net of taxes		(1,539,058	)
Net unrealized appreciation (depreciation), net of taxes		(386,107	)
	$	10,814,342

Net Assets:
Class A	$	4,241,096
Class C	$	1,027,921
Class R	$	399,766
Class Y	$	5,134,769
Class R5	$	5,395
Class R6	$	5,395
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		786,903
Class C		190,953
Class R		74,189
Class Y		952,536
Class R5		1,001
Class R6		1,001
Class A:
Net asset value per share	$	5.39
Maximum offering price per share
(Net asset value of $5.39 ¸ 94.50%)	$	5.70
Class C:
Net asset value and offering price per share	$	5.38
Class R:
Net asset value and offering price per share	$	5.39
Class Y:
Net asset value and offering price per share	$	5.39
Class R5:
Net asset value and offering price per share	$	5.39
Class R6:
Net asset value and offering price per share	$	5.39

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

6                         Invesco MLP Fund

Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Dividends (net of return of capital distributions of $388,231)	$	15,344
Dividends from affiliated money market funds		991
Total investment income		16,335
Expenses:
Advisory fees		52,687
Administrative services fees		24,795
Custodian fees		3,575
Distribution fees:
Class A		5,165
Class C		5,254
Class R		920
Transfer agent fees — A, C, R and Y		9,476
Transfer agent fees — R5		3
Transfer agent fees — R6		3
Trustees’ and officers’ fees and benefits		12,325
Registration and filing fees		39,878
Reports to shareholders		7,904
Professional services fees		128,249
Taxes		1,450
Other		4,500
Total expenses, before waivers and taxes		296,184
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(229,207	)
Net expenses, before taxes		66,977
Net investment income (loss), before taxes		(50,642	)
Net tax expense (benefit)		0
Net investment income (loss), net of taxes		(50,642	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(67,150	)
Net tax expense (benefit)		0
Net realized gain (loss), net of taxes		(67,150	)
Change in net unrealized appreciation of:
Investment securities		264,468
Net tax expense (benefit)		0
Net change in net unrealized appreciation of investment securities, net of taxes		264,468
Net realized and unrealized gain, net of taxes		197,318
Net increase in net assets resulting from operations	$	146,676

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

7                         Invesco MLP Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income (loss), net of taxes	$	(50,642	)	$	(101,821	)
Net realized gain (loss), net of taxes		(67,150	)		282,901
Change in net unrealized appreciation (depreciation), net of taxes		264,468			(882,581	)
Net increase (decrease) in net assets resulting from operations		146,676			(701,501	)
Return of Capital:
Class A		(118,734	)		(241,759	)
Class C		(26,143	)		(55,987	)
Class R		(9,984	)		(14,486	)
Class Y		(150,416	)		(273,122	)
Class R5		(167	)		(344	)
Class R6		(167	)		(344	)
Total return of capital		(305,611	)		(586,042	)
Share transactions–net:
Class A		727,192			23,111
Class C		(47,024	)		(55,702	)
Class R		55,162			139,522
Class Y		262,043			2,025,103
Net increase in net assets resulting from share transactions		997,373			2,132,034
Net increase in net assets		838,438			844,491
Net assets:
Beginning of period		9,975,904			9,131,413
End of period (includes undistributed net investment income (loss), net of taxes of $(1,779,021) and $(1,422,768), respectively)	$	10,814,342		$	9,975,904

Notes to Financial Statements

April 30, 2018

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco MLP 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 capital appreciation and, secondarily, 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 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.

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

8                         Invesco MLP Fund

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 economic conditions, interest rates, investor perceptions 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. 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.

9                         Invesco MLP Fund

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.

E. Master Limited Partnerships — The Fund primarily 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 principally invests in MLPs that derive their revenue primarily from businesses involved in the gathering, transporting, processing, treating, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products or coal (“energy infrastructure MLPs”). 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.

The Fund is non-diversified and will concentrate its investments in the energy sector. Energy infrastructure MLPs are subject to a variety of industry specific risk factors that may adversely affect their business or operations, including a decrease in production or reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing; changes in energy commodity prices; a sustained reduced demand for crude oil, natural gas and refined petroleum products; depletion of natural gas reserves or other commodities if not replaced; natural disasters, extreme weather and environmental hazards; rising interest rates, how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for products and services. In addition, taxes, government regulation, international politics, price, and supply fluctuations, volatile interest rates and energy conservation may cause difficulties for energy infrastructure MLPs.

MLPs may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

F. Return of Capital — Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

G. Federal Income Taxes — The Fund does not intend to qualify as a regulated investment company pursuant to Subchapter M of the Internal Revenue Code. The Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes and generally is subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations. In addition, as a regular corporation, the Fund may be subject to state and local taxes in jurisdictions in which the MLPs operate. The estimate state tax rate is based on a periodic analysis of the Fund’s holdings. The Fund may also be subject to a federal alternative minimum tax on its alternative minimum taxable income to the extent that the alternative minimum tax exceeds the Fund’s regular federal income tax liability.

Taxes include current and deferred taxes. Current taxes reflect the estimated tax liability of the Fund as of a measurement date based on taxable income. Deferred taxes reflect estimates of (i) taxes on net unrealized gains (losses), which are attributable to the difference between fair market value and tax basis, (ii) the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes, and (iii) the net tax benefit of accumulated net operating losses, capital loss carryforwards and other tax attributes.

The Fund’s deferred tax asset (“DTA”) and/or liability balances are estimated using estimates of effective tax rates expected to apply to taxable income in the years such balances are realized. A DTA will be recognized for temporary book/tax differences, net of unrealized losses, and carryforwards (net operating losses, capital loss carryforward, or tax credits). To the extent the Fund has a DTA, the Fund will assess whether a valuation allowance is required to offset the value of a portion, or all, of the DTA. Prior year ordinary income or capital gains (carrybacks), unrealized net gains, future reversals of existing taxable timing differences, forecast of future profitability (based on historical evidence), potential tax planning strategies, unsettled circumstances, and other evidence will be used in determining the valuation allowance. The valuation allowance is reviewed periodically and the Fund may modify its estimates or assumptions regarding the net deferred tax asset or liability balances and any applicable valuation allowance.

The Fund recognizes interest and penalties associated with underpayment of federal and state income taxes, if any, in tax expense. 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

10                         Invesco MLP Fund

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
First $1 billion		1.00%
Next $1.5 billion		0.95%
Next $2 billion		0.93%
Next $3.5 billion		0.91%
Over $8 billion		0.90%

For the six months ended April 30, 2018, the effective advisory fees incurred by the Fund was 1.00%.

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 Invesco Capital Management LLC, formerly, 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, 2019, 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 1.03%, 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, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits 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, 2020, 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, 2018, the Adviser waived advisory fees and reimbursed fund level expenses of $219,726 and reimbursed class level expenses of $3,634, $924, $323, $4,376, $3 and $3 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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2018, 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 months ended April 30, 2018, 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, 2018, IDI advised the Fund that IDI retained $2,485 in front-end sales commissions from the sale of Class A shares and $253 and $21 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.

11                         Invesco MLP Fund

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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, 2018, 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were no material transfers between valuation levels.

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $218.

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.

NOTE 6—Cash Balances

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

NOTE 7—Tax Information

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including but not limited to (1) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent; (2) repealing the alternative minimum tax; and (4) changing rules related to use and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017.

At October 31, 2017, the Fund had a net U.S. deferred tax asset totaling $856,440. As a result of the reduction in the corporate income tax rate under the Tax Act, the Fund has revalued its net deferred tax asset. The Fund has recorded a decrease in the value of its net deferred tax asset by approximately $302,634, which has been offset by a valuation allowance for the year ended October 31, 2017. The Fund’s revaluation of its deferred tax asset is subject to further clarification of the Tax Act. As a result, the actual impact on the net deferred tax asset may vary from the initially recorded amount due to uncertainties in the Fund’s preliminary review.

The impact of the 2017 Tax Act is based upon our analysis and interpretations of currently available information. Uncertainties remain regarding the impact of the 2017 Tax Act due to future regulatory and rulemaking processes, prospects of additional corrective or supplemental legislation, and potential trade or litigation. These uncertainties, along with our completion of the calculations and potential changes in our initial assumptions as new information becomes available, could cause the actual charge to ultimately differ materially from the provisional amount recorded in 2017 related to the enactment of the 2017 Tax Act.

Total taxes have been computed by applying the federal statutory tax rate of 21% plus a blended state and other tax rate of 2.15%. The Fund applied this rate to net investment income (loss) and realized and unrealized gains (losses) on investments before taxes in computing its total tax expense (benefit).

12                         Invesco MLP Fund

The provision for taxes differs from the amount derived from applying the statutory tax rate to net investment income (loss) and realized and unrealized gains (losses) before taxes at period-end as follows:

Provision at statutory rates	$	30,803		21.00	%
State and other taxes, net of federal tax benefit		2,901		1.98
Permanent differences, current period		(2,516	)	(1.72	)
Valuation allowance		(333,822	)	(227.59	)
Return to provision		302,634		206.33
Total	$	0		0.00	%

Components of the Fund’s Net Deferred Tax Asset (Liability) at Period-End:

Deferred Tax Assets:
Net operating loss carryforward	$	240,600
Capital loss carryforward		379,991
Unrealized gains (losses) on investment securities		—
Total Deferred Tax Assets		620,591
Valuation allowance		(522,619	)
Net Deferred Tax Asset	$	97,972
Deferred Tax Liabilities:
Unrealized gains (losses) on investment securities	$	(97,972	)
Total Net Deferred Tax Asset (Liability)	$	0

The Fund had a capital loss carryforward as of October 31, 2017, of $1,621,958. Capital losses may be carried forward for 5 years and accordingly, would begin to expire as of October 31, 2019.

The Fund had a federal net operating loss carryforward as of October 31, 2017, of $417,212, which begin to expire in 2034. As of October 31, 2017, the Fund had state net operating losses of approximately $1,034,431. If not utilized, these net operating losses will expire in various years through October 31, 2037. The amount of deferred tax asset for net operating losses and capital loss carryforwards at April 30, 2018 includes amounts for the period from November 1, 2017 through April 30, 2018.

At April 30, 2018, based on the net unrealized losses on the Fund’s investment securities, the Fund has recorded a valuation allowance to offset the DTA as the Fund has determined at April 30, 2018 based on historical evidence it is unlikely the DTA will be realized.

Tax Character of Distributions to Shareholders Paid During the Six Months Ended April 30, 2018 and the Fiscal Year Ended October 31, 2017:

	2018		2017
Return of capital	$	305,611	$	586,042

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, 2018 was $5,927,036 and $5,104,831, 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	$	405,292
Aggregate unrealized (depreciation) of investments		—
Net unrealized appreciation of investments	$	405,292

Cost of investments for tax purposes is $10,269,910.

13                         Invesco MLP Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018 (a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		379,244		$	2,229,416			296,058		$	1,878,977
Class C		45,884			253,342			87,078			549,317
Class R		16,130			87,977			29,368			173,908
Class Y		124,325			659,937			640,024			4,089,555
Issued as reinvestment of dividends:
Class A		16,043			83,500			27,561			166,884
Class C		4,475			23,381			7,831			47,155
Class R		1,869			9,831			2,368			14,173
Class Y		21,181			110,679			20,960			126,518
Reacquired:
Class A		(270,717	)		(1,585,724	)		(329,385	)		(2,022,750	)
Class C		(58,733	)		(323,747	)		(107,583	)		(652,174	)
Class R		(7,379	)		(42,646	)		(7,876	)		(48,559	)
Class Y(b)		(91,674	)		(508,573	)		(346,686	)		(2,190,970	)
Net increase in share activity		180,648		$	997,373			319,718		$	2,132,034

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 52% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Trust 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, 15% of the outstanding shares of the Fund are owned by the Adviser or an affiliated of the Adviser.

^(b)  On March 14, 2017, 175,247 Class Y shares valued at $1,140,858 were sold by the Adviser or an affiliate of the Adviser.

14                         Invesco MLP Fund

NOTE 10—Financial Highlights

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

	Class A
	Six months ended April 30, 2018			Years ended October 31,
				2017			2016			2015			2014(a)
Net asset value, beginning of period	$	5.46		$	6.06		$	6.45		$	9.35		$	10.00
Net investment income (loss)(b)		(0.03	)		(0.06	)		(0.07	)		(0.09	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		0.12			(0.21	)		0.02			(2.51	)		(0.64	)
Total from investment operations		0.09			(0.27	)		(0.05	)		(2.60	)		(0.65	)
Less:
Return of capital		(0.16	)		(0.33	)		(0.34	)		(0.30	)		—
Net asset value, end of period	$	5.39		$	5.46		$	6.06		$	6.45		$	9.35
Total return(c)		1.75	%		(4.88	)%		(0.14	)%		(28.30	)%		(6.50	)%
Net assets, end of period (000’s omitted)	$	4,241		$	3,619		$	4,050		$	2,489		$	1,931
Portfolio turnover rate(d)		49	%		93	%		57	%		107	%		5	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		1.31	%(e)		1.33	%		1.50	%		1.50	%		1.49	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%		0	%		0	%		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		1.31	%(e)		1.33	%		1.50	%		1.50	%		1.49	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		5.66	%(e)		4.90	%		4.75	%		6.37	%		72.56	%(f)
Ratio of net investment income (loss), before taxes		(1.00	)%(e)		(0.95	)%		(1.28	)%		(1.16	)%		(0.54	)%(f)
Ratio of net investment income (loss), after taxes(h)		(1.00	)%(e)		(0.95	)%		(1.28	)%		(1.16	)%		(0.54	)%(f)

^(a)  Commencement date of August 29, 2014.

^(b)  Calculated using average shares outstanding.

^(c)  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.

^(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 $4,166.

^(f)  Annualized.

^(g)  Ratio includes tax expense derived from net investment income (loss) and realized and unrealized gains (losses).

^(h)  Ratio includes tax expense derived from net investment income (loss) only.

15                         Invesco MLP Fund

NOTE 10—Financial Highlights—(continued)

	Class C
	Six months ended April 30, 2018			Years ended October 31,
				2017			2016			2015			2014(a)
Net asset value, beginning of period	$	5.46		$	6.05		$	6.45		$	9.34		$	10.00
Net investment income (loss)(b)		(0.05	)		(0.10	)		(0.12	)		(0.16	)		(0.02	)
Net gains (losses) on securities (both realized and unrealized)		0.11			(0.21	)		0.02			(2.49	)		(0.64	)
Total from investment operations		0.06			(0.31	)		(0.10	)		(2.65	)		(0.66	)
Less:
Return of capital		(0.14	)		(0.28	)		(0.30	)		(0.24	)		—
Net asset value, end of period	$	5.38		$	5.46		$	6.05		$	6.45		$	9.34
Total return(c)		1.17	%		(5.45	)%		(1.08	)%		(28.78	)%		(6.60	)%
Net assets, end of period (000’s omitted)	$	1,028		$	1,088		$	1,283		$	205		$	1,713
Portfolio turnover rate(d)		49	%		93	%		57	%		107	%		5	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		2.06	%(e)		2.08	%		2.25	%		2.25	%		2.24	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%		0	%		0	%		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		2.06	%(e)		2.08	%		2.25	%		2.25	%		2.24	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		6.41	%(e)		5.65	%		5.50	%		7.12	%		73.31	%(f)
Ratio of net investment income (loss), before taxes		(1.75	)%(e)		(1.70	)%		(2.03	)%		(1.91	)%		(1.29	)%(f)
Ratio of net investment income (loss), after taxes(h)		(1.75	)%(e)		(1.70	)%		(2.03	)%		(1.91	)%		(1.29	)%(f)

^(a)  Commencement date of August 29, 2014.

^(b)  Calculated using average shares outstanding.

^(c)  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.

^(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 $1,060.

^(f)  Annualized.

^(g)  Ratio includes tax expense derived from net investment income (loss) and realized and unrealized gains (losses).

^(h)  Ratio includes tax expense derived from net investment income (loss) only.

16                         Invesco MLP Fund

NOTE 10—Financial Highlights—(continued)

	Class R
	Six months ended April 30, 2018			Years ended October 31,
				2017			2016			2015			2014(a)
Net asset value, beginning of period	$	5.46		$	6.06		$	6.45		$	9.35		$	10.00
Net investment income (loss)(b)		(0.03	)		(0.07	)		(0.09	)		(0.11	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		0.11			(0.22	)		0.03			(2.51	)		(0.64	)
Total from investment operations		0.08			(0.29	)		(0.06	)		(2.62	)		(0.65	)
Less:
Return of capital		(0.15	)		(0.31	)		(0.33	)		(0.28	)		—
Net asset value, end of period	$	5.39		$	5.46		$	6.06		$	6.45		$	9.35
Total return(c)		1.62	%		(5.12	)%		(0.39	)%		(28.48	)%		(6.50	)%
Net assets, end of period (000’s omitted)	$	400		$	347		$	241		$	35		$	21
Portfolio turnover rate(d)		49	%		93	%		57	%		107	%		5	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		1.56	%(e)		1.58	%		1.75	%		1.75	%		1.74	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%		0	%		0	%		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		1.56	%(e)		1.58	%		1.75	%		1.75	%		1.74	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		5.91	%(e)		5.15	%		5.00	%		6.62	%		72.80	%(f)
Ratio of net investment income (loss), before taxes		(1.25	)%(e)		(1.20	)%		(1.53	)%		(1.41	)%		(0.79	)%(f)
Ratio of net investment income (loss), after taxes(h)		(1.25	)%(e)		(1.20	)%		(1.53	)%		(1.41	)%		(0.79	)%(f)

^(a)  Commencement date of August 29, 2014.

^(b)  Calculated using average shares outstanding.

^(c)  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.

^(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 $371.

^(f)  Annualized.

^(g)  Ratio includes tax expense derived from net investment income (loss) and realized and unrealized gains (losses).

^(h)  Ratio includes tax expense derived from net investment income (loss) only.

17                         Invesco MLP Fund

NOTE 10—Financial Highlights—(continued)

	Class Y
	Six months ended April 30, 2018			Years ended October 31,
				2017			2016			2015			2014(a)
Net asset value, beginning of period	$	5.47		$	6.07		$	6.46		$	9.36		$	10.00
Net investment income (loss)(b)		(0.02	)		(0.04	)		(0.06	)		(0.07	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		0.11			(0.22	)		0.03			(2.51	)		(0.63	)
Total from investment operations		0.09			(0.26	)		(0.03	)		(2.58	)		(0.64	)
Less:
Return of capital		(0.17	)		(0.34	)		(0.36	)		(0.32	)		—
Net asset value, end of period	$	5.39		$	5.47		$	6.07		$	6.46		$	9.36
Total return(c)		1.69	%		(4.61	)%		0.14	%		(28.07	)%		(6.40	)%
Net assets, end of period (000’s omitted)	$	5,135		$	4,912		$	3,545		$	2,094		$	1,628
Portfolio turnover rate(d)		49	%		93	%		57	%		107	%		5	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		1.06	%(e)		1.08	%		1.25	%		1.25	%		1.24	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%		0	%		0	%		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		1.06	%(e)		1.08	%		1.25	%		1.25	%		1.24	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		5.41	%(e)		4.65	%		4.50	%		6.12	%		72.31	%(f)
Ratio of net investment income (loss), before taxes		(0.75	)%(e)		(0.70	)%		(1.03	)%		(0.91	)%		(0.29	)%(f)
Ratio of net investment income (loss), after taxes(h)		(0.75	)%(e)		(0.70	)%		(1.03	)%		(0.91	)%		(0.29	)%(f)

^(a)  Commencement date of August 29, 2014.

^(b)  Calculated using average shares outstanding.

^(c)  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.

^(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 $5,017.

^(f)  Annualized.

^(g)  Ratio includes tax expense derived from net investment income (loss) and realized and unrealized gains (losses).

^(h)  Ratio includes tax expense derived from net investment income (loss) only.

18                         Invesco MLP Fund

NOTE 10—Financial Highlights—(continued)

	Class R5
	Six months ended April 30, 2018			Years ended October 31,
				2017			2016			2015			2014(a)
Net asset value, beginning of period	$	5.46		$	6.06		$	6.46		$	9.36		$	10.00
Net investment income (loss)(b)		(0.02	)		(0.04	)		(0.06	)		(0.07	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		0.12			(0.22	)		0.02			(2.51	)		(0.63	)
Total from investment operations		0.10			(0.26	)		(0.04	)		(2.58	)		(0.64	)
Less:
Return of capital		(0.17	)		(0.34	)		(0.36	)		(0.32	)		—
Net asset value, end of period	$	5.39		$	5.46		$	6.06		$	6.46		$	9.36
Total return(c)		1.88	%		(4.63	)%		(0.03	)%		(28.07	)%		(6.40	)%
Net assets, end of period (000’s omitted)	$	5		$	5		$	6		$	6		$	9
Portfolio turnover rate(d)		49	%		93	%		57	%		107	%		5	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		1.06	%(e)		1.08	%		1.25	%		1.25	%		1.24	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%		0	%		0	%		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		1.06	%(e)		1.08	%		1.25	%		1.25	%		1.24	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		5.33	%(e)		4.57	%		4.44	%		6.10	%		72.28	%(f)
Ratio of net investment income (loss), before taxes		(0.75	)%(e)		(0.70	)%		(1.03	)%		(0.91	)%		(0.29	)%(f)
Ratio of net investment income (loss), after taxes(h)		(0.75	)%(e)		(0.70	)%		(1.03	)%		(0.91	)%		(0.29	)%(f)

^(a)  Commencement date of August 29, 2014.

^(b)  Calculated using average shares outstanding.

^(c)  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.

^(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 $6.

^(f)  Annualized.

^(g)  Ratio includes tax expense derived from net investment income (loss) and realized and unrealized gains (losses).

^(h)  Ratio includes tax expense derived from net investment income (loss) only.

19                         Invesco MLP Fund

NOTE 10—Financial Highlights—(continued)

	Class R6
	Six months ended April 30, 2018			Years ended October 31,
				2017			2016			2015			2014(a)
Net asset value, beginning of period	$	5.46		$	6.06		$	6.46		$	9.36		$	10.00
Net investment income (loss)(b)		(0.02	)		(0.04	)		(0.06	)		(0.07	)		(0.01	)
Net gains (losses) on securities (both realized and unrealized)		0.12			(0.22	)		0.02			(2.51	)		(0.63	)
Total from investment operations		0.10			(0.26	)		(0.04	)		(2.58	)		(0.64	)
Less:
Return of capital		(0.17	)		(0.34	)		(0.36	)		(0.32	)		—
Net asset value, end of period	$	5.39		$	5.46		$	6.06		$	6.46		$	9.36
Total return(c)		1.88	%		(4.63	)%		(0.03	)%		(28.07	)%		(6.40	)%
Net assets, end of period (000’s omitted)	$	5		$	5		$	6		$	6		$	9
Portfolio turnover rate(d)		49	%		93	%		57	%		107	%		5	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements, before taxes		1.06	%(e)		1.08	%		1.25	%		1.25	%		1.24	%(f)
Tax expense (benefit)(g)		0	%(e)		0	%		0	%		0	%		0	%(f)
With fee waivers and/or expense reimbursements, after taxes(g)		1.06	%(e)		1.08	%		1.25	%		1.25	%		1.24	%(f)
Without fee waivers and/or expense reimbursements, after taxes(g)		5.33	%(e)		4.57	%		4.44	%		6.10	%		72.23	%(f)
Ratio of net investment income (loss), before taxes		(0.75	)%(e)		(0.70	)%		(1.03	)%		(0.91	)%		(0.29	)%(f)
Ratio of net investment income (loss), after taxes(h)		(0.75	)%(e)		(0.70	)%		(1.03	)%		(0.91	)%		(0.29	)%(f)

^(a)  Commencement date of August 29, 2014.

^(b)  Calculated using average shares outstanding.

^(c)  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.

^(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 $6.

^(f)  Annualized.

^(g)  Ratio includes tax expense derived from net investment income (loss) and realized and unrealized gains (losses).

^(h)  Ratio includes tax expense derived from net investment income (loss) only.

20                         Invesco MLP 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, 2017 through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,017.50	$	6.55	$	1,018.30	$	6.56		1.31	%
C		1,000.00		1,011.70		10.28		1,014.58		10.29		2.06
R		1,000.00		1,016.20		7.80		1,017.06		7.80		1.56
Y		1,000.00		1,016.90		5.30		1,019.54		5.31		1.06
R5		1,000.00		1,018.80		5.31		1,019.54		5.31		1.06
R6		1,000.00		1,018.80		5.31		1,019.54		5.31		1.06

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

21                         Invesco MLP 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.

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 house-hold, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin send-ing 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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.    

SEC file numbers: 811-05426 and 033-19338                      Invesco Distributors, Inc.                                                                                        MLP-SAR-1            06152018      0844

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Multi-Asset Income Fund
	Nasdaq:
	A: PIAFX  ∎  C: PICFX  ∎  R: PIRFX  ∎  Y: PIYFX  ∎  R5: IPNFX  ∎  R6: PIFFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
22	Financial Statements
24	Notes to Financial Statements
35	Financial Highlights
36	Fund Expenses
37	Distribution Information
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, 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	-2.05	%
Class C Shares	-2.43
Class R Shares	-2.18
Class Y Shares	-1.93
Class R5 Shares	-1.93
Class R6 Shares	-1.93
Bloomberg Barclays U.S. Aggregate Bond Index▼ (Broad Market Index)	-1.87
Custom Invesco Multi-Asset Income Index∎ (Style-Specific Index)	1.15
Lipper Mixed-Asset Target Allocation Conservative Funds Index◆ (Peer Group Index)	0.47
Source(s): ▼FactSet Research Systems Inc.; ∎Invesco, FactSet Research Systems Inc.; ◆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, created by Invesco to serve as a benchmark for Invesco Multi-Asset Income Fund, comprises the following indexes: the S&P 500 Index (50%) and the Bloomberg Barclays U.S. Universal Index (50%).     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 an unmanaged index comprising 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.

2                      Invesco Multi-Asset Income Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (12/14/11)	5.13	%
5 Years	3.10
1 Year	-4.33
Class C Shares
Inception (12/14/11)	5.27	%
5 Years	3.49
1 Year	-0.52
Class R Shares
Inception (12/14/11)	5.80	%
5 Years	4.01
1 Year	0.95
Class Y Shares
Inception (12/14/11)	6.32	%
5 Years	4.51
1 Year	1.46
Class R5 Shares
Inception (12/14/11)	6.32	%
5 Years	4.51
1 Year	1.36
Class R6 Shares
Inception	6.29	%
5 Years	4.51
1 Year	1.46

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 0.85%, 1.60%, 1.10%, 0.60%, 0.60% and 0.60%, respectively.^1,2 The

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end,including maximum applicable sales charges
Class A Shares
Inception (12/14/11)	5.10	%
5 Years	3.56
1 Year	-3.52
Class C Shares
Inception (12/14/11)	5.25	%
5 Years	3.95
1 Year	0.39
Class R Shares
Inception (12/14/11)	5.77	%
5 Years	4.48
1 Year	1.77
Class Y Shares
Inception (12/14/11)	6.31	%
5 Years	5.00
1 Year	2.38
Class R5 Shares
Inception (12/14/11)	6.31	%
5 Years	5.00
1 Year	2.28
Class R6 Shares
Inception	6.28	%
5 Years	5.00
1 Year	2.28

total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.06%, 1.81%, 1.31%, 0.81%, 0.72% and 0.69%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2019. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2020. See current prospectus for more information.

3                      Invesco Multi-Asset Income Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Multi-Asset Income Fund

Schedule of Investments^(a)

April 30, 2018

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–39.20%
Advertising–0.10%
Lamar Media Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 02/01/2026	$	595,000	$	615,453
Aerospace & Defense–0.40%
BBA U.S. Holdings, Inc., Sr. Unsec. Notes, 5.38%, 05/01/2026(b)		173,000		174,398
Bombardier Inc. (Canada), Sr. Unsec. Notes, 6.13%, 01/15/2023(b)		516,000		521,805
7.50%, 03/15/2025(b)		512,000		535,040
TransDigm Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.50%, 07/15/2024		245,000		249,747
6.50%, 05/15/2025		926,000		944,520
				2,425,510
Agricultural & Farm Machinery–0.14%
Titan International, Inc., Sr. Sec. Gtd. First Lien Notes, 6.50%, 11/30/2023(b)		830,000		844,276
Air Freight & Logistics–0.03%
XPO Logistics, Inc., Sr. Unsec. Gtd. Notes, 6.50%, 06/15/2022(b)		200,000		207,250
Airlines–0.08%
Air Canada (Canada), Sr. Unsec. Gtd. Notes, 7.75%, 04/15/2021(b)		425,000		466,969
Alternative Carriers–0.32%
CenturyLink, Inc.,
Series S, Sr. Unsec. Notes, 6.45%, 06/15/2021		535,000		549,378
Series Y, Sr. Unsec. Global Notes, 7.50%, 04/01/2024		477,000		487,733
Level 3 Financing, Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 03/15/2026		627,000		608,002
5.38%, 05/01/2025		296,000		292,211
				1,937,324
Aluminum–0.13%
Novelis Corp., Sr. Unsec. Gtd. Notes, 5.88%, 09/30/2026(b)		53,000		52,735
6.25%, 08/15/2024(b)		731,000		746,534
				799,269
Apparel Retail–0.30%
Hot Topic, Inc., Sr. Sec. Gtd. First Lien Notes, 9.25%, 06/15/2021(b)		481,000		474,987
L Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 02/15/2022		1,146,000		1,194,820
6.75%, 07/01/2036		30,000		28,200
6.88%, 11/01/2035		120,000		114,000
				1,812,007

	Principal Amount		Value
Asset Management & Custody Banks–0.20%
Prime Security Services Borrower, LLC/Prime Finance, Inc., Sec. Gtd. Second Lien Notes, 9.25%, 05/15/2023(b)	$	1,165,000	$	1,253,831
Auto Parts & Equipment–0.15%
Dana Financing Luxembourg S.a.r.l., Sr. Unsec. Gtd. Notes, 5.75%, 04/15/2025(b)		100,000		101,750
Dana Inc., Sr. Unsec. Notes, 5.50%, 12/15/2024		520,000		531,700
Flexi-Van Leasing, Inc., Sec. Second Lien Notes, 10.00%, 02/15/2023(b)		135,000		134,662
Hertz Corp. (The), Sec. Gtd. Second Lien Notes, 7.63%, 06/01/2022(b)		134,000		136,680
				904,792
Automobile Manufacturers–0.15%
J.B. Poindexter & Co., Inc., Sr. Unsec. Bonds, 7.13%, 04/15/2026(b)		872,000		891,620
Automotive Retail–0.24%
Lithia Motors, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 08/01/2025(b)		177,000		175,673
Murphy Oil USA, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 05/01/2027		590,000		589,262
Penske Automotive Group Inc., Sr. Unsec. Sub. Gtd. Notes, 5.50%, 05/15/2026		699,000		679,777
				1,444,712
Broadcasting–0.57%
AMC Networks Inc., Sr. Unsec. Gtd. Global Notes, 4.75%, 08/01/2025		86,000		81,494
5.00%, 04/01/2024		565,000		553,700
Clear Channel Worldwide Holdings, Inc.,
Series B, Sr. Unsec. Gtd. Global Notes, 6.50%, 11/15/2022		335,000		344,631
Sr. Unsec. Gtd. Sub. Global Notes, 7.63%, 03/15/2020		1,070,000		1,076,688
Netflix, Inc., Sr. Unsec. Global Notes, 5.75%, 03/01/2024		423,000		439,391
Nexstar Broadcasting, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 08/01/2024(b)		492,000		485,850
Tribune Media Co., Sr. Unsec. Gtd. Global Notes, 5.88%, 07/15/2022		490,000		498,575
				3,480,329
Building Products–0.16%
Builders FirstSource, Inc., Sr. Sec. Gtd. First Lien Notes, 5.63%, 09/01/2024(b)		195,000		193,781
Standard Industries Inc., Sr. Unsec. Notes, 5.00%, 02/15/2027(b)		314,000		300,655
6.00%, 10/15/2025(b)		384,000		400,320

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

5                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Building Products–(continued)
William Lyon Homes Inc., Sr. Unsec. Notes, 6.00%, 09/01/2023(b)	$	116,000	$	116,255
				1,011,011
Cable & Satellite–2.44%
Altice Financing S.A. (Luxembourg), Sr. Sec. Gtd. First Lien Bonds, 7.50%, 05/15/2026(b)		1,000,000		985,000
Altice Luxembourg S.A. (Luxembourg), Sr. Unsec. Gtd. Notes, 7.75%, 05/15/2022(b)		950,000		910,812
Altice US Finance I Corp., Sr. Sec. Notes, 5.50%, 05/15/2026(b)		415,000		403,328
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec. Global Notes, 5.75%, 09/01/2023		510,000		517,650
Sr. Unsec. Notes, 5.75%, 02/15/2026(b)		1,580,000		1,572,100
CSC Holdings LLC,
Sr. Unsec. Global Notes, 6.75%, 11/15/2021		365,000		385,075
Sr. Unsec. Notes, 10.13%, 01/15/2023(b)		1,450,000		1,611,312
10.88%, 10/15/2025(b)		400,000		470,000
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 11/15/2024		2,145,000		1,842,019
7.88%, 09/01/2019		725,000		751,376
Intelsat Jackson Holdings S.A. (Luxembourg),
Sr. Sec. Gtd. First Lien Notes, 8.00%, 02/15/2024(b)		175,000		185,063
Sr. Unsec. Gtd. Global Bonds, 5.50%, 08/01/2023		420,000		353,325
Sr. Unsec. Gtd. Global Notes, 7.25%, 10/15/2020		1,151,000		1,129,419
7.50%, 04/01/2021		333,000		316,766
Sirius XM Radio Inc., Sr. Unsec. Gtd. Notes, 5.38%, 04/15/2025(b)		2,000		1,995
6.00%, 07/15/2024(b)		632,000		650,889
Telenet Finance Luxembourg Notes S.a r.l. (Belgium), Sr. Sec. First Lien Notes, 5.50%, 03/01/2028(b)		200,000		192,000
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany), Sr. Sec. Gtd. First Lien Bonds, 5.00%, 01/15/2025(b)		700,000		719,250
UPC Holding B.V. (Netherlands), Sr. Sec. First Lien Notes, 5.50%, 01/15/2028(b)		200,000		187,000
UPCB Finance IV Ltd. (Netherlands), Sr. Sec. First Lien Notes, 5.38%, 01/15/2025(b)		200,000		196,500
Virgin Media Finance PLC (United Kingdom), Sr. Unsec. Gtd. Notes, 6.00%, 10/15/2024(b)		400,000		393,500
Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec. Gtd. First Lien Notes, 5.50%, 08/15/2026(b)		200,000		193,000

	Principal Amount		Value
Cable & Satellite–(continued)
VTR Finance B.V. (Chile), Sr. Sec. First Lien Notes, 6.88%, 01/15/2024(b)	$	600,000	$	621,906
Ziggo Secured Finance B.V. (Netherlands), Sr. Sec. Gtd. First Lien Notes, 5.50%, 01/15/2027(b)		400,000		378,000
				14,967,285
Casinos & Gaming–0.38%
Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 04/01/2026		278,000		291,753
6.88%, 05/15/2023		220,000		231,825
Codere Finance 2 (Luxembourg) S.A. (Spain), Sr. Sec. Gtd. First Lien Notes, 7.63%, 11/01/2021(b)		400,000		409,649
MGM Resorts International,
Sr. Unsec. Gtd. Global Notes, 6.63%, 12/15/2021		45,000		48,262
Sr. Unsec. Gtd. Notes, 4.63%, 09/01/2026		299,000		284,424
Scientific Games International Inc., Sr. Unsec. Gtd. Global Notes, 10.00%, 12/01/2022		703,000		760,126
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Sr. Unsec. Gtd. Notes, 5.50%, 03/01/2025(b)		334,000		333,298
				2,359,337
Coal & Consumable Fuels–0.08%
SunCoke Energy Partners, L.P./ SunCoke Energy Partners Finance Corp., Sr. Unsec. Gtd. Notes, 7.50%, 06/15/2025(b)		463,000		478,048
Commodity Chemicals–0.17%
Koppers Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2025(b)		356,000		363,120
Nufarm Australia Ltd./Nufarm Americas Inc. (Australia), Sr. Unsec. Gtd. Notes, 5.75%, 04/30/2026(b)		247,000		246,691
Valvoline Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 07/15/2024		403,000		414,083
				1,023,894
Communications Equipment–0.27%
CommScope Technologies LLC, Sr. Unsec. Gtd. Notes, 6.00%, 06/15/2025(b)		790,000		817,650
Hughes Satellite Systems Corp.,
Sr. Sec. Gtd. First Lien Global Notes, 5.25%, 08/01/2026		486,000		476,888
Sr. Unsec. Gtd. Global Notes, 7.63%, 06/15/2021		357,000		384,221
				1,678,759
Construction & Engineering–0.03%
Pisces Midco, Inc., Sr. Sec. Notes, 8.00%, 04/15/2026(b)		153,000		153,811
Construction Machinery & Heavy Trucks–0.19%
Meritor Inc., Sr. Unsec. Gtd. Notes, 6.25%, 02/15/2024		658,000		679,786

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

6                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Construction Machinery & Heavy Trucks–(continued)
Terex Corp., Sr. Unsec. Gtd. Notes, 5.63%, 02/01/2025(b)	$	459,000	$	457,279
				1,137,065
Consumer Finance–0.43%
Ally Financial Inc.,
Sr. Unsec. Global Notes, 5.13%, 09/30/2024		725,000		744,937
Sr. Unsec. Gtd. Global Notes, 8.00%, 03/15/2020		280,000		302,400
Discover Financial Services, Inc., Series C, Jr. Unsec. Sub. Global Notes, 5.50%(c)		316,000		310,075
Navient Corp., Sr. Unsec. Medium-Term Notes,
7.25%, 01/25/2022		230,000		244,088
8.00%, 03/25/2020		705,000		752,587
Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R. (Mexico), Sr. Unsec. Notes, 7.38%, 02/12/2026(b)		293,000		285,309
				2,639,396
Copper–0.32%
First Quantum Minerals Ltd. (Zambia),
Sr. Unsec. Gtd. Notes, 7.00%, 02/15/2021(b)		385,000		387,888
7.50%, 04/01/2025(b)		633,000		628,284
Freeport-McMoRan Inc., Sr. Unsec. Gtd. Global Notes, 5.40%, 11/14/2034		1,010,000		936,775
				1,952,947
Data Processing & Outsourced Services–0.29%
First Data Corp.,
Sr. Sec. Gtd. First Lien Notes, 5.00%, 01/15/2024(b)		60,000		60,675
Sr. Unsec. Gtd. Notes, 7.00%, 12/01/2023(b)		1,626,000		1,705,479
				1,766,154
Diversified Banks–0.21%
Dresdner Funding Trust I (Germany), REGS, Jr. Unsec. Sub. Euro Notes, 8.15%, 06/30/2031(b)		100,000		127,731
JPMorgan Chase & Co., Series I, Jr. Unsec. Sub. Global Variable Rate Notes, 5.83% (3 mo. USD LIBOR + 3.47%)(c)(d)		235,000		237,056
Royal Bank of Scotland Group PLC (The) (United Kingdom), Unsec. Sub. Global Bonds,
5.13%, 05/28/2024		600,000		609,922
6.13%, 12/15/2022		285,000		302,397
				1,277,106
Diversified Chemicals–0.22%
Chemours Co. (The), Sr. Unsec. Gtd. Global Notes, 6.63%, 05/15/2023		878,000		924,644
7.00%, 05/15/2025		70,000		75,687

	Principal Amount		Value
Diversified Chemicals–(continued)
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., Sr. Unsec. Gtd. Notes, 5.38%, 09/01/2025(b)	$	354,000	$	349,575
				1,349,906
Diversified Metals & Mining–0.18%
HudBay Minerals, Inc. (Canada), Sr. Unsec. Gtd. Notes, 7.63%, 01/15/2025(b)		437,000		464,994
Teck Resources Ltd. (Canada),
Sr. Unsec. Gtd. Global Notes, 4.75%, 01/15/2022		291,000		296,640
Sr. Unsec. Notes, 6.13%, 10/01/2035		330,000		352,275
				1,113,909
Diversified REITs–0.08%
CyrusOne L.P./CyrusOne Finance Corp.,
Sr. Unsec. Gtd. Global Notes, 5.00%, 03/15/2024		204,000		205,020
5.38%, 03/15/2027		310,000		310,775
				515,795
Diversified Support Services–0.02%
Jaguar Holding Co. II/Pharmaceutical Product Development, LLC, Sr. Unsec. Gtd. Notes, 6.38%, 08/01/2023(b)		125,000		126,875
Electric Utilities–0.28%
NextEra Energy Capital Holdings Inc.,
Jr. Unsec. Gtd. Sub. Investment Units, 5.00%, 01/15/2073		27,800		671,092
Series K, Jr. Unsec. Gtd. Sub. Investment Units, 5.25%, 06/01/2076		42,900		1,064,349
				1,735,441
Electrical Components & Equipment–0.11%
EnerSys, Sr. Unsec. Gtd. Notes, 5.00%, 04/30/2023(b)		693,000		699,064
Electronic Equipment & Instruments–0.07%
Itron, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 01/15/2026(b)		443,000		434,007
Environmental & Facilities Services–0.17%
Advanced Disposal Services, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 11/15/2024(b)		112,000		113,120
Core & Main LP, Sr. Unsec. Notes, 6.13%, 08/15/2025(b)		478,000		470,830
Waste Pro USA, Inc., Sr. Unsec. Notes, 5.50%, 02/15/2026(b)		339,000		336,356
Wrangler Buyer Corp., Sr. Unsec. Notes, 6.00%, 10/01/2025(b)		107,000		105,930
				1,026,236
Fertilizers & Agricultural Chemicals–0.08%
OCI N.V. (Netherlands), Sr. Sec. Gtd. Notes, 6.63%, 04/15/2023(b)		460,000		468,165

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

7                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Financial Exchanges & Data–0.10%
MSCI Inc., Sr. Unsec. Gtd. Notes, 5.25%, 11/15/2024(b)	$	500,000	$	512,500
5.75%, 08/15/2025(b)		100,000		104,780
				617,280
Food Distributors–0.12%
US Foods, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 06/15/2024(b)		717,000		733,133
Food Retail–0.24%
Albertsons Cos. LLC/ Safeway Inc./New Albertson’s, Inc./Albertson’s LLC, Sr. Unsec. Gtd. Global Notes, 6.63%, 06/15/2024		587,000		550,307
Ingles Markets, Inc., Sr. Unsec. Global Notes, 5.75%, 06/15/2023		904,000		906,260
				1,456,567
Gas Utilities–0.37%
AmeriGas Partners, L.P./AmeriGas Finance Corp., Sr. Unsec. Global Notes,
5.63%, 05/20/2024		144,000		144,000
5.88%, 08/20/2026		875,000		872,812
Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.50%, 05/01/2021		230,000		221,375
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 5.50%, 06/01/2024		1,072,000		1,037,160
				2,275,347
Health Care Equipment–0.09%
Hill-Rom Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 02/15/2025(b)		495,000		494,025
Teleflex Inc., Sr. Unsec. Gtd. Global Notes, 4.88%, 06/01/2026		56,000		55,496
				549,521
Health Care Facilities–1.26%
Acadia Healthcare Co., Inc., Sr. Unsec. Gtd. Global Notes, 6.50%, 03/01/2024		575,000		598,000
Community Health Systems, Inc.,
Sr. Sec. Gtd. First Lien Global Notes, 5.13%, 08/01/2021		450,000		416,250
Sr. Sec. Gtd. First Lien Notes, 6.25%, 03/31/2023		612,000		559,598
Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2022		122,470		67,665
Encompass Health Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 09/15/2025		540,000		554,850
HCA, Inc.,
Sr. Sec. Gtd. First Lien Notes, 5.25%, 04/15/2025		1,807,000		1,834,105
Sr. Unsec. Gtd. Global Notes, 5.88%, 05/01/2023		45,000		47,025
7.50%, 02/15/2022		116,000		127,890
Sr. Unsec. Gtd. Notes, 5.38%, 02/01/2025		270,000		269,325
5.88%, 02/15/2026		790,000		801,850

	Principal Amount		Value
Health Care Facilities–(continued)
LifePoint Health, Inc.,
Sr. Unsec. Gtd. Global Notes, 5.38%, 05/01/2024	$	345,000	$	329,906
Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2023		261,000		258,716
Tenet Healthcare Corp.,
Sec. Gtd. Second Lien Notes, 7.50%, 01/01/2022(b)		31,000		32,783
Sr. Sec. Gtd. First Lien Global Notes, 6.00%, 10/01/2020		100,000		103,942
Sr. Unsec. Global Notes, 6.75%, 06/15/2023		1,516,000		1,496,102
8.13%, 04/01/2022		195,000		203,775
				7,701,782
Health Care REITs–0.11%
MPT Operating Partnership L.P./MPT Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.00%, 10/15/2027		736,000		699,200
Health Care Services–0.55%
DaVita Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/01/2025		555,000		527,361
Eagle Holding Co. II, LLC, Sr. Unsec. PIK Notes, 8.38% PIK Rate, 7.63% Cash Rate, 05/15/2022(b)(e)		679,000		689,185
Envision Healthcare Corp., Sr. Unsec. Gtd. Notes, 6.25%, 12/01/2024(b)		182,000		190,190
Heartland Dental, LLC, Sr. Unsec. Notes, 8.50%, 05/01/2026(b)		409,000		410,943
MPH Acquisition Holdings LLC, Sr. Unsec. Gtd. Notes, 7.13%, 06/01/2024(b)		1,022,000		1,042,859
Surgery Center Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.75%, 07/01/2025(b)		171,000		162,450
8.88%, 04/15/2021(b)		77,000		79,502
Team Health Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.38%, 02/01/2025(b)		315,000		275,625
				3,378,115
Home Improvement Retail–0.12%
Hillman Group Inc. (The), Sr. Unsec. Gtd. Notes, 6.38%, 07/15/2022(b)		771,000		749,859
Homebuilding–0.61%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec. Notes, 6.75%, 08/01/2025(b)		494,000		479,180
6.88%, 02/15/2021(b)		395,000		395,987
Beazer Homes USA, Inc., Sr. Unsec. Gtd. Global Notes, 5.88%, 10/15/2027		72,000		66,240
6.75%, 03/15/2025		395,000		390,063
8.75%, 03/15/2022		250,000		270,625
KB Home, Sr. Unsec. Gtd. Notes, 7.50%, 09/15/2022		223,000		245,858
Lennar Corp., Sr. Unsec. Gtd. Notes, 5.25%, 06/01/2026(b)		255,000		251,838
5.38%, 10/01/2022(b)		702,000		730,080
8.38%, 01/15/2021(b)		50,000		55,625

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

8                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Homebuilding–(continued)
Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 06/01/2025	$	216,000	$	223,830
7.15%, 04/15/2020		65,000		69,225
Taylor Morrison Communities Inc./ Taylor Morrison Holdings II, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 04/15/2023(b)		569,000		584,647
				3,763,198
Household Products–0.32%
Reynolds Group Issuer Inc./LLC,
Sr. Sec. Gtd. First Lien Notes, 5.13%, 07/15/2023(b)		41,000		41,231
Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024(b)		1,138,000		1,187,076
Spectrum Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 07/15/2025		635,000		637,572
Springs Industries, Inc., Sr. Sec. Global Notes, 6.25%, 06/01/2021		106,000		107,722
				1,973,601
Independent Power Producers & Energy Traders–0.31%
AES Corp. (The), Sr. Unsec. Notes, 5.50%, 04/15/2025		679,000		697,672
Calpine Corp., Sr. Unsec. Global Notes, 5.38%, 01/15/2023		234,000		225,225
Dynegy Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 11/01/2022		260,000		274,625
NRG Energy, Inc., Sr. Unsec. Gtd. Global Notes, 6.25%, 05/01/2024		554,000		575,468
6.63%, 01/15/2027		113,000		116,955
				1,889,945
Industrial Machinery–0.17%
Cleaver-Brooks, Inc., Sr. Sec. Notes, 7.88%, 03/01/2023(b)		706,000		730,710
Mueller Industries, Inc., Unsec. Sub. Deb., 6.00%, 03/01/2027		309,000		308,227
				1,038,937
Insurance Brokers–0.03%
HUB International Ltd., Sr. Unsec. Notes, 7.00%, 05/01/2026(b)		177,000		177,885
Integrated Oil & Gas–0.13%
Petrobras Global Finance B.V. (Brazil), Sr. Unsec. Gtd. Global Notes, 5.75%, 02/01/2029		422,000		401,111
Petróleos Mexicanos (Mexico), Sr. Unsec. Gtd. Notes, 5.35%, 02/12/2028(b)		418,000		399,775
				800,886
Integrated Telecommunication Services–0.52%
Altice France S.A. (France),
Sr. Sec. Gtd. First Lien Bonds, 6.00%, 05/15/2022(b)		925,000		915,704
Sr. Sec. Gtd. First Lien Notes, 7.38%, 05/01/2026(b)		400,000		389,500

	Principal Amount		Value
Integrated Telecommunication Services–(continued)
Cincinnati Bell Inc., Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024(b)	$	502,000	$	463,045
Frontier Communications Corp., Sr. Unsec. Global Notes,
10.50%, 09/15/2022		827,000		731,109
11.00%, 09/15/2025		378,000		292,005
Telecom Italia Capital S.A. (Italy),
Sr. Unsec. Gtd. Global Notes, 6.38%, 11/15/2033		47,000		51,319
7.20%, 07/18/2036		320,000		368,800
				3,211,482
Internet Software & Services–0.08%
Rackspace Hosting, Inc., Sr. Unsec. Gtd. Notes, 8.63%, 11/15/2024(b)		498,000		506,093
Leisure Facilities–0.05%
Six Flags Entertainment Corp., Sr. Unsec. Gtd. Notes, 4.88%, 07/31/2024(b)		339,000		331,373
Leisure Products–0.17%
Mattel, Inc.,
Sr. Unsec. Global Notes, 5.45%, 11/01/2041		204,000		166,260
Sr. Unsec. Gtd. Notes, 6.75%, 12/31/2025(b)		827,000		807,235
Sr. Unsec. Notes, 6.20%, 10/01/2040		113,000		96,332
				1,069,827
Life Sciences Tools & Services–0.02%
Charles River Laboratories International, Inc., Sr. Unsec. Notes, 5.50%, 04/01/2026(b)		138,000		140,719
Managed Health Care–0.18%
Centene Corp., Sr. Unsec. Notes, 4.75%, 01/15/2025		237,000		231,001
Molina Healthcare, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 06/15/2025(b)		192,000		183,360
WellCare Health Plans Inc., Sr. Unsec. Notes, 5.25%, 04/01/2025		670,000		675,092
				1,089,453
Metal & Glass Containers–0.14%
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc. (Ireland), Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2025(b)		600,000		608,250
Berry Global, Inc., Sec. Gtd. Second Lien Global Notes, 6.00%, 10/15/2022		85,000		88,825
Sec. Gtd. Second Lien Notes, 5.50%, 05/15/2022		15,000		15,403
OI European Group B.V., Sr. Unsec. Gtd. Notes, 4.00%, 03/15/2023(b)		133,000		126,683
				839,161
Movies & Entertainment–0.15%
AMC Entertainment Holdings, Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.75%, 06/15/2025		925,000		900,719

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

9                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Multi-Utilities–0.37%
Dominion Energy, Inc., Series A, Jr. Unsec. Sub. Investment Units, 5.25%, 07/30/2076	$	38,100	$	927,354
DTE Energy Co.,
Series B, Jr. Unsec. Sub. Investment Units, 5.38%, 06/01/2076		19,100		466,231
Series E, Jr. Unsec. Sub. Investment Units, 5.25%, 12/01/2077		19,100		457,636
Series F, Jr. Unsec. Sub. Investment Units, 6.00%, 12/15/2076		16,700		433,866
				2,285,087
Oil & Gas Drilling–0.35%
Ensco PLC, Sr. Unsec. Global Notes, 4.50%, 10/01/2024		27,000		22,073
7.75%, 02/01/2026		477,000		450,169
Noble Holding International Ltd. (United Kingdom), Sr. Unsec. Gtd. Global Notes, 7.75%, 01/15/2024		547,000		515,547
Precision Drilling Corp. (Canada),
Sr. Unsec. Gtd. Global Notes, 5.25%, 11/15/2024		610,000		577,792
6.50%, 12/15/2021		92,000		94,300
7.75%, 12/15/2023		25,000		26,156
Transocean Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 04/15/2031		505,000		469,650
				2,155,687
Oil & Gas Equipment & Services–0.27%
Archrock Partners, L.P./Archrock Partners Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 10/01/2022		510,000		512,550
SESI, L.L.C., Sr. Unsec. Gtd. Global Notes, 7.13%, 12/15/2021		487,000		496,131
Weatherford International Ltd., Sr. Unsec. Gtd. Notes,
6.50%, 08/01/2036		365,000		279,225
8.25%, 06/15/2023		405,000		381,713
				1,669,619
Oil & Gas Exploration & Production–1.99%
Antero Resources Corp., Sr. Unsec. Gtd. Global Notes, 5.63%, 06/01/2023		571,000		585,989
Ascent Resources — Utica, LLC /ARU Finance Corp., Sr. Unsec. Notes, 10.00%, 04/01/2022(b)		446,000		481,680
California Resources Corp., Sec. Gtd. Second Lien Notes, 8.00%, 12/15/2022(b)		328,000		283,720
Callon Petroleum Co., Sr. Unsec. Gtd. Global Notes, 6.13%, 10/01/2024		699,000		716,475
Continental Resources Inc., Sr. Unsec. Gtd. Global Notes, 3.80%, 06/01/2024		452,000		442,395
Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 05/01/2022		198,000		173,745
EP Energy LLC/Everest Acquisition Finance Inc., Sr. Sec. Gtd. First Lien Notes, 8.00%, 11/29/2024(b)		611,000		635,440

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Gulfport Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 10/15/2024	$	216,000	$	206,280
6.63%, 05/01/2023		230,000		232,300
Jagged Peak Energy LLC, Sr. Unsec. Gtd. Notes, 5.88%, 05/01/2026(b)		251,000		252,412
Newfield Exploration Co., Sr. Unsec. Global Notes, 5.63%, 07/01/2024		357,000		380,205
Oasis Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 01/15/2023		647,000		666,410
Parsley Energy LLC/Parsley Finance Corp., Sr. Unsec. Gtd. Notes, 6.25%, 06/01/2024(b)		880,000		921,800
QEP Resources, Inc.,
Sr. Unsec. Global Notes, 5.25%, 05/01/2023		483,000		473,340
5.63%, 03/01/2026		338,000		324,902
Sr. Unsec. Notes, 6.88%, 03/01/2021		278,000		300,240
Range Resources Corp., Sr. Unsec. Gtd. Global Notes, 4.88%, 05/15/2025		1,116,000		1,038,577
RSP Permian, Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 01/15/2025		359,000		372,462
SM Energy Co., Sr. Unsec. Global Notes, 6.13%, 11/15/2022		345,000		350,175
6.75%, 09/15/2026		225,000		230,063
Southwestern Energy Co., Sr. Unsec. Gtd. Global Notes, 4.10%, 03/15/2022		392,000		382,200
7.50%, 04/01/2026		313,000		323,173
Tullow Oil PLC (Ghana), Sr. Unsec. Notes, 7.00%, 03/01/2025(b)		295,000		299,440
Whiting Petroleum Corp., Sr. Unsec. Gtd. Global Notes, 6.25%, 04/01/2023		900,000		928,125
WildHorse Resource Development Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2025		628,000		640,560
WPX Energy Inc., Sr. Unsec. Notes, 5.25%, 09/15/2024		569,000		576,112
				12,218,220
Oil & Gas Refining & Marketing–0.12%
Parkland Fuel Corp. (Canada), Sr. Unsec. Notes, 6.00%, 04/01/2026(b)		345,000		345,863
Sunoco LP/Sunoco Finance Corp., Sr. Unsec. Gtd. Notes, 4.88%, 01/15/2023(b)		385,000		379,983
				725,846
Oil & Gas Storage & Transportation–0.68%
Energy Transfer Equity, L.P., Sr. Sec. First Lien Notes, 5.88%, 01/15/2024		644,000		659,295
Energy Transfer Partners, L.P., Series A, Jr. Unsec. Sub. Global Notes, 6.25%(c)		363,000		346,547
Holly Energy Partners L.P./Holly Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 08/01/2024(b)		537,000		541,027

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

10                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
NGPL PipeCo. LLC, Sr. Unsec. Bonds, 4.88%, 08/15/2027(b)	$	320,000	$	312,300
Plains All American Pipeline, L.P., Series B, Jr. Unsec. Sub. Notes, 6.13%(c)		351,000		341,786
SemGroup Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 03/15/2025		535,000		512,263
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
Sr. Unsec. Gtd. Global Bonds, 5.13%, 02/01/2025		542,000		527,095
5.25%, 05/01/2023		114,000		114,000
Sr. Unsec. Gtd. Notes, 5.88%, 04/15/2026(b)		227,000		226,149
Williams Cos., Inc. (The), Sr. Unsec. Global Notes, 4.55%, 06/24/2024		591,000		591,739
				4,172,201
Other Diversified Financial Services–0.18%
Lincoln Finance Ltd. (Netherlands), Sr. Sec. Gtd. First Lien Notes, 7.38%, 04/15/2021(b)		200,000		207,500
Lions Gate Capital Holdings LLC, Sr. Unsec. Gtd. Notes, 5.88%, 11/01/2024(b)		395,000		406,356
LPL Holdings Inc., Sr. Unsec. Gtd. Notes, 5.75%, 09/15/2025(b)		390,000		379,275
VFH Parent LLC/Orchestra Co-Issuer Inc., Sec. Gtd. Second Lien Notes, 6.75%, 06/15/2022(b)		101,000		105,010
				1,098,141
Packaged Foods & Meats–0.33%
B&G Foods, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 04/01/2025		286,000		262,405
JBS Investments GmbH (Brazil), Sr. Unsec. Gtd. Notes, 7.25%, 04/03/2024(b)		590,000		583,923
Lamb Weston Holdings, Inc., Sr. Unsec. Gtd. Notes, 4.63%, 11/01/2024(b)		540,000		537,975
TreeHouse Foods, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2024(b)		648,000		647,190
				2,031,493
Paper Packaging–0.07%
Plastipak Holdings Inc., Sr. Unsec. Notes, 6.25%, 10/15/2025(b)		461,000		449,475
Paper Products–0.09%
Mercer International Inc. (Canada),
Sr. Unsec. Global Notes, 6.50%, 02/01/2024		329,000		342,983
7.75%, 12/01/2022		24,000		25,290
Sr. Unsec. Notes, 5.50%, 01/15/2026(b)		163,000		160,555
				528,828
Pharmaceuticals–0.53%
Endo DAC/Endo Finance LLC/Endo Finco Inc., Sr. Unsec. Gtd. Notes, 6.00%, 07/15/2023(b)		200,000		146,500

	Principal Amount		Value
Pharmaceuticals–(continued)
Teva Pharmaceutical Finance IV, B.V. (Israel), Sr. Unsec. Gtd. Global Notes, 3.65%, 11/10/2021	$	450,000	$	418,782
Teva Pharmaceutical Finance Netherlands III B.V. (Israel), Sr. Unsec. Gtd. Notes, 6.00%, 04/15/2024(b)		268,000		260,273
Valeant Pharmaceuticals International, Inc.,
Sr. Sec. Gtd. First Lien Notes, 5.50%, 11/01/2025(b)		307,000		306,616
Sr. Unsec. Gtd. Notes, 5.63%, 12/01/2021(b)		1,630,000		1,583,138
6.13%, 04/15/2025(b)		100,000		90,572
7.25%, 07/15/2022(b)		155,000		156,922
7.50%, 07/15/2021(b)		250,000		255,000
				3,217,803
Publishing–0.15%
Meredith Corp., Sr. Unsec. Notes, 6.88%, 02/01/2026(b)		886,000		899,290
Railroads–0.15%
Kenan Advantage Group Inc. (The), Sr. Unsec. Notes, 7.88%, 07/31/2023(b)		876,000		893,520
Regional Banks–0.12%
CIT Group Inc., Sr. Unsec. Global Notes, 5.00%, 08/15/2022		106,000		108,650
5.00%, 08/01/2023		510,000		518,925
Unsec. Sub. Global Notes, 6.13%, 03/09/2028		87,000		90,154
				717,729
Restaurants–0.41%
1011778 BC ULC/ New Red Finance, Inc. (Canada), Sec. Gtd. Second Lien Notes, 5.00%, 10/15/2025(b)		1,447,000		1,399,524
Carrols Restaurant Group, Inc., Sec. Gtd. Second Lien Global Notes, 8.00%, 05/01/2022		276,000		288,075
IRB Holding Corp., Sr. Unsec. Gtd. Notes, 6.75%, 02/15/2026(b)		603,000		583,402
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Sr. Unsec. Gtd. Notes, 4.75%, 06/01/2027(b)		240,000		231,300
				2,502,301
Security & Alarm Services–0.05%
Brink’s Co. (The), Sr. Unsec. Gtd. Notes, 4.63%, 10/15/2027(b)		322,000		297,045
Semiconductor Equipment–0.04%
Entegris Inc., Sr. Unsec. Gtd. Notes, 4.63%, 02/10/2026(b)		224,000		217,280
Semiconductors–0.13%
NXP B.V./NXP Funding LLC (Netherlands), Sr. Unsec. Gtd. Notes, 4.63%, 06/01/2023(b)		785,000		792,222

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

11                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Sovereign Debt–15.16%
Abu Dhabi Government International Bond (United Arab Emirates), REGS, Sr. Unsec. Euro Notes,
3.13%, 10/11/2027(b)	$	900,000	$	835,211
4.13%, 10/11/2047(b)		900,000		824,023
Argentine Republic Government International Bond (Argentina), Sr. Unsec. Global Bonds,
7.13%, 07/06/2036		900,000		857,250
7.63%, 04/22/2046		850,000		822,375
REGS, Sr. Unsec. Euro Notes, 7.13%, 06/28/2117(b)		918,000		817,938
Bahrain Government International Bond (Bahrain), REGS, Sr. Unsec. Euro Bonds,
6.00%, 09/19/2044(b)		1,000,000		807,692
7.50%, 09/20/2047(b)		800,000		725,871
Sr. Unsec. Euro Notes, 6.75%, 09/20/2029(b)		900,000		832,095
Brazilian Government International Bond (Brazil), Sr. Unsec. Global Bonds,
5.63%, 01/07/2041		900,000		857,709
5.63%, 02/21/2047		900,000		849,150
8.25%, 01/20/2034		625,000		775,163
Chile Government International Bond (Chile), Sr. Unsec. Global Notes,
3.13%, 01/21/2026		900,000		868,500
3.24%, 02/06/2028		900,000		862,650
3.86%, 06/21/2047		900,000		848,250
China Government International Bond (China), REGS, Sr. Unsec. Euro Bonds,
2.13%, 11/02/2022(b)		1,200,000		1,161,876
2.63%, 11/02/2027(b)		1,200,000		1,151,413
Colombia Government International Bond (Colombia), Sr. Unsec. Global Bonds,
5.63%, 02/26/2044		800,000		859,600
6.13%, 01/18/2041		700,000		792,750
7.38%, 09/18/2037		700,000		890,750
Costa Rica Government International Bond (Costa Rica), REGS, Sr. Unsec. Euro Notes,
5.63%, 04/30/2043(b)		900,000		780,021
7.00%, 04/04/2044(b)		800,000		801,000
7.16%, 03/12/2045(b)		800,000		813,208
Croatia Government International Bond (Croatia), REGS, Sr. Unsec. Euro Notes,
5.50%, 04/04/2023(b)		800,000		849,904
6.00%, 01/26/2024(b)		800,000		873,390
6.38%, 03/24/2021(b)		700,000		752,213
Dominican Republic International Bond (Dominican Republic), REGS, Sr. Unsec. Euro Bonds,
7.45%, 04/30/2044(b)		700,000		770,000
Sr. Unsec. Euro Notes, 6.50%, 02/15/2048(b)		800,000		796,300
6.85%, 01/27/2045(b)		750,000		777,188

	Principal Amount		Value
Sovereign Debt–(continued)
Ecuador Government International Bond (Ecuador), REGS, Sr. Unsec. Euro Bonds,
9.65%, 12/13/2026(b)	$	800,000	$	791,000
Sr. Unsec. Euro Notes, 8.88%, 10/23/2027(b)		800,000		757,000
9.63%, 06/02/2027(b)		800,000		787,000
Egypt Government International Bond (Egypt), REGS, Sr. Unsec. Euro Global Bonds,
8.50%, 01/31/2047(b)		800,000		859,590
Sr. Unsec. Euro Notes, 6.88%, 04/30/2040(b)		800,000		764,046
7.90%, 02/21/2048(b)		800,000		813,033
El Salvador Government International Bond (El Salvador), REGS, Sr. Unsec. Euro Notes,
7.63%, 02/01/2041(b)		750,000		783,893
7.65%, 06/15/2035(b)		800,000		836,000
8.25%, 04/10/2032(b)		747,000		826,944
Emirate of Dubai Government International Bonds (United Arab Emirates), REGS, Sr. Unsec. Medium-Term Euro Notes, 5.25%, 01/30/2043(b)		800,000		764,880
Hungary Government International Bond (Hungary), Sr. Unsec. Global Notes,
5.38%, 03/25/2024		710,000		764,656
5.75%, 11/22/2023		800,000		874,197
7.63%, 03/29/2041		560,000		790,616
Indonesia Government International Bond (Indonesia), REGS, Sr. Unsec. Euro Bonds,
6.63%, 02/17/2037(b)		700,000		835,650
7.75%, 01/17/2038(b)		650,000		867,904
8.50%, 10/12/2035(b)		550,000		771,423
Jordan Government International Bond (Jordan), REGS, Sr. Unsec. Euro Bonds,
7.38%, 10/10/2047(b)		800,000		781,906
Sr. Unsec. Euro Notes, 5.75%, 01/31/2027(b)		800,000		761,818
6.13%, 01/29/2026(b)		800,000		785,420
Kazakhstan Government International Bond (Kazakhstan), REGS, Sr. Unsec. Euro Notes,
4.88%, 10/14/2044(b)		850,000		837,348
Sr. Unsec. Medium-Term Euro Notes, 5.13%, 07/21/2025(b)		750,000		801,071
6.50%, 07/21/2045(b)		700,000		836,220
Lebanon Government International Bond (Lebanon), REGS, Sr. Unsec. Euro Bonds,
7.25%, 03/23/2037(b)		909,000		811,137
Sr. Unsec. Euro Notes, 6.75%, 11/29/2027(b)		828,000		749,314
Sr. Unsec. Medium-Term Global Euro Notes, 6.65%, 02/26/2030(b)		969,000		848,553

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

12                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Sovereign Debt–(continued)
Lithuania Government International Bond (Lithuania), REGS, Sr. Unsec. Euro Notes,
6.13%, 03/09/2021(b)	$	1,100,000	$	1,184,623
6.63%, 02/01/2022(b)		1,150,000		1,281,387
Mexico Government International Bond (Mexico), Sr. Unsec. Global Notes,
4.60%, 01/23/2046		950,000		873,050
Sr. Unsec. Medium-Term Global Notes, 5.75%, 10/12/2110		800,000		790,000
Series A, Sr. Unsec. Medium-Term Global Notes, 6.05%, 01/11/2040		712,000		785,158
Nigeria Government International Bond (Nigeria), REGS, Sr. Unsec. Euro Notes,
7.70%, 02/23/2038(b)		800,000		824,000
7.88%, 02/16/2032(b)		800,000		863,656
Sr. Unsec. Medium-Term Euro Notes, 7.63%, 11/28/2047(b)		800,000		807,640
Oman Government International Bond (Oman), REGS, Sr. Unsec. Euro Notes,
5.63%, 01/17/2028(b)		1,000,000		956,936
6.50%, 03/08/2047(b)		800,000		739,664
6.75%, 01/17/2048(b)		800,000		755,122
Pakistan Government International Bond (Pakistan), REGS, Sr. Unsec. Euro Notes,
6.88%, 12/05/2027(b)		800,000		751,233
8.25%, 04/15/2024(b)		800,000		834,525
8.25%, 09/30/2025(b)		810,000		843,448
Panama Government International Bond (Panama), Sr. Unsec. Global Bonds,
3.88%, 03/17/2028		800,000		788,000
7.13%, 01/29/2026		750,000		899,062
8.88%, 09/30/2027		569,000		778,108
Paraguay Government International Bond (Paraguay), REGS, Sr. Unsec. Euro Bonds,
5.00%, 04/15/2026(b)		800,000		813,200
Sr. Unsec. Euro Notes, 4.70%, 03/27/2027(b)		800,000		798,000
6.10%, 08/11/2044(b)		800,000		872,000
Peruvian Government International Bond (Peru), Sr. Unsec. Global Bonds,
4.13%, 08/25/2027		861,000		886,830
5.63%, 11/18/2050		652,000		765,448
8.75%, 11/21/2033		521,000		768,475
Philippine Government International Bond (Philippines), Sr. Unsec. Global Bonds,
6.38%, 10/23/2034		650,000		817,053
9.50%, 02/02/2030		587,000		871,119
Sr. Unsec. Global Notes, 7.75%, 01/14/2031		600,000		807,677
Qatar Government International Bond (Qatar), REGS, Sr. Unsec. Euro Bonds,
4.63%, 06/02/2046(b)		900,000		848,250
Sr. Unsec. Euro Notes, 5.75%, 01/20/2042(b)		725,000		799,475
6.40%, 01/20/2040(b)		700,000		829,001

	Principal Amount		Value
Sovereign Debt–(continued)
Republic of Poland Government International Bond (Poland), Sr. Unsec. Global Notes,
3.00%, 03/17/2023	$	824,000	$	811,492
Sr. Unsec. Global Notes, 3.25%, 04/06/2026		854,000		832,142
4.00%, 01/22/2024		795,000		815,299
Republic of South Africa Government International Bond (South Africa), Sr. Unsec. Global Bonds,
5.00%, 10/12/2046		900,000		796,351
5.38%, 07/24/2044		850,000		794,287
Sr. Unsec. Global Notes, 6.25%, 03/08/2041		800,000		836,642
Romanian Government International Bond (Romania), REGS, Sr. Unsec. Medium-Term Euro Notes,
4.38%, 08/22/2023(b)		796,000		809,317
4.88%, 01/22/2024(b)		752,000		782,315
6.13%, 01/22/2044(b)		730,000		849,486
Russian Foreign Bond (Russia), REGS, Sr. Unsec. Euro Bonds,
4.88%, 09/16/2023(b)		800,000		829,600
5.63%, 04/04/2042(b)		800,000		841,380
5.88%, 09/16/2043(b)		800,000		868,800
Saudi Government International Bond (Saudi Arabia), REGS, Sr. Unsec. Medium-Term Euro Notes,
3.63%, 03/04/2028(b)		900,000		843,787
4.50%, 10/26/2046(b)		900,000		816,111
4.63%, 10/04/2047(b)		800,000		733,856
Serbia International Bond (Serbia), REGS, Sr. Unsec. Euro Notes, 7.25%, 09/28/2021(b)		1,100,000		1,216,818
Slovenia Government International Bond (Slovenia), REGS, Sr. Unsec. Euro Notes, 5.25%, 02/18/2024(b)		1,200,000		1,319,881
Sri Lanka Government International Bond (Sri Lanka), REGS, Sr. Unsec. Euro Bonds,
6.83%, 07/18/2026(b)		850,000		863,853
6.85%, 11/03/2025(b)		750,000		767,892
Sr. Unsec. Euro Notes, 6.13%, 06/03/2025(b)		850,000		840,467
Trinidad & Tobago Government International Bond (Trinidad & Tobago), REGS, Sr. Unsec. Euro Notes,
4.50%, 08/04/2026(b)		1,200,000		1,230,000
Unsec. Euro Notes, 4.38%, 01/16/2024(b)		1,200,000		1,219,080
Turkey Government International Bond (Turkey), Sr. Unsec. Global Notes,
6.88%, 03/17/2036		748,000		770,351
7.25%, 03/05/2038		700,000		749,029
8.00%, 02/14/2034		760,000		874,473

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)
Ukraine Government International Bond (Ukraine), REGS, Sr. Unsec. Euro Notes,
7.75%, 09/01/2025(b)	$	800,000	$	796,360
7.75%, 09/01/2026(b)		800,000		791,112
7.75%, 09/01/2027(b)		800,000		786,960
				92,873,390
Specialized Consumer Services–0.19%
ServiceMaster Co., LLC (The),
Sr. Unsec. Gtd. Notes, 5.13%, 11/15/2024(b)		942,000		919,863
Sr. Unsec. Notes, 7.45%, 08/15/2027		254,000		272,732
				1,192,595
Specialized Finance–0.14%
AerCap Global Aviation Trust (Ireland), Jr. Unsec. Gtd. Sub. Notes, 6.50%, 06/15/2045(b)		200,000		213,000
Aircastle Ltd.,
Sr. Unsec. Global Notes, 7.63%, 04/15/2020		70,000		75,163
Sr. Unsec. Notes, 5.00%, 04/01/2023		383,000		394,490
5.50%, 02/15/2022		187,000		196,350
				879,003
Specialized REITs–0.48%
Equinix Inc., Sr. Unsec. Notes, 5.88%, 01/15/2026		1,045,000		1,084,187
Iron Mountain Inc.,
Sr. Unsec. Gtd. Notes, 6.00%, 08/15/2023		203,000		210,105
Sr. Unsec. Sub. Gtd. Global Notes, 5.75%, 08/15/2024		115,000		114,138
Iron Mountain US Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.38%, 06/01/2026(b)		303,000		293,910
Rayonier A.M. Products Inc., Sr. Unsec. Gtd. Notes, 5.50%, 06/01/2024(b)		865,000		841,212
SBA Communications Corp.,
Sr. Unsec. Global Notes, 4.88%, 07/15/2022		79,000		79,395
4.88%, 09/01/2024		326,000		314,183
				2,937,130
Specialty Chemicals–0.24%
Axalta Coating Systems, LLC, Sr. Unsec. Gtd. Notes, 4.88%, 08/15/2024(b)		300,000		303,000
Kraton Polymers LLC/Kraton Polymers Capital Corp., Sr. Unsec. Gtd. Notes, 10.50%, 04/15/2023(b)		402,000		445,717
Platform Specialty Products Corp., Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2025(b)		735,000		717,544
				1,466,261

	Principal Amount		Value
Steel–0.32%
Cleveland-Cliffs Inc., Sr. Unsec. Gtd. Notes, 5.75%, 03/01/2025(b)	$	663,000	$	641,870
Steel Dynamics, Inc., Sr. Unsec. Gtd. Global Notes,
5.00%, 12/15/2026		374,000		371,195
5.50%, 10/01/2024		75,000		77,250
United States Steel Corp., Sr. Unsec. Global Notes, 6.88%, 08/15/2025		821,000		841,525
				1,931,840
Technology Distributors–0.09%
CDW LLC/CDW Finance Corp., Sr. Unsec. Gtd. Notes, 5.00%, 09/01/2025		552,000		553,214
Technology Hardware, Storage & Peripherals–0.29%
Dell International LLC/ EMC Corp.,
Sr. Sec. Gtd. First Lien Notes, 8.35%, 07/15/2046(b)		180,000		221,775
Sr. Unsec. Gtd. Notes, 7.13%, 06/15/2024(b)		1,135,000		1,209,853
Diebold Nixdorf, Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 04/15/2024		350,000		364,437
				1,796,065
Textiles–0.07%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), Sr. Sec. Gtd. First Lien Bonds, 7.50%, 05/01/2025(b)		439,000		451,073
Trading Companies & Distributors–0.41%
BMC East, LLC, Sr. Sec. Gtd. First Lien Notes, 5.50%, 10/01/2024(b)		576,000		572,400
H&E Equipment Services, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 09/01/2025		717,000		722,377
Herc Rentals Inc., Sec. Gtd. Second Lien Notes, 7.75%, 06/01/2024(b)		501,000		542,959
United Rentals North America, Inc.,
Sr. Unsec. Gtd. Global Notes, 5.50%, 07/15/2025		50,000		51,312
Sr. Unsec. Gtd. Notes, 5.50%, 05/15/2027		151,000		151,000
5.88%, 09/15/2026		475,000		496,969
				2,537,017
Trucking–0.07%
Avis Budget Car Rental LLC/Avis Budget Finance Inc., Sr. Unsec. Gtd. Notes,
5.25%, 03/15/2025(b)		180,000		173,925
6.38%, 04/01/2024(b)		230,000		234,025
				407,950
Wireless Telecommunication Services–0.88%
CB Escrow Corp., Sr. Unsec. Notes, 8.00%, 10/15/2025(b)		72,000		68,760
Digicel Group Ltd. (Jamaica), Sr. Unsec. Notes, 8.25%, 09/30/2020(b)		403,000		361,692

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

14                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Wireless Telecommunication Services–(continued)
Sprint Communications Inc., Sr. Unsec. Global Notes, 11.50%, 11/15/2021	$	235,000	$	282,000
Sprint Corp., Sr. Unsec. Gtd. Global Notes,
7.25%, 09/15/2021		1,304,000		1,385,500
7.63%, 02/15/2025		84,000		88,620
7.88%, 09/15/2023		1,558,000		1,674,850
T-Mobile USA, Inc., Sr. Unsec. Gtd. Global Bonds, 6.50%, 01/15/2026		1,465,000		1,560,225
				5,421,647
Total U.S. Dollar Denominated Bonds & Notes (Cost $245,411,463)				240,210,608
	Shares
Preferred Stocks–21.59%
Alternative Carriers–0.76%
Qwest Corp., 6.13% Pfd.		23,800		474,810
Qwest Corp., 6.50% Pfd.		52,500		1,108,800
Qwest Corp., 6.63% Pfd.		33,400		708,748
Qwest Corp., 6.75% Pfd.		50,100		1,080,156
Qwest Corp., 6.88% Pfd.		23,800		520,506
Qwest Corp., 7.00% Pfd.		9,500		222,110
Qwest Corp., 7.00% Pfd.		14,300		325,611
Qwest Corp., 7.50% Pfd.		8,256		207,391
				4,648,132
Asset Management & Custody Banks–1.23%
Apollo Global Management LLC, Series A, 6.38% Pfd.		12,600		304,290
Apollo Global Management LLC, Series B, 6.38% Pfd.		13,800		333,960
Apollo Investment Corp., 6.88% Pfd.		7,400		186,110
Ares Management, L.P., Series A, 7.00% Pfd.		15,300		398,565
Bank of New York Mellon Corp. (The), 5.20% Pfd.		26,300		660,130
BrightSphere Investment Group PLC, 5.13% Pfd.		6,600		146,652
Carlyle Group LP (The), Series A, 5.88% Pfd.		18,500		433,825
KKR & Co. L.P., Series A, 6.75% Pfd.		12,400		321,780
KKR & Co. L.P., Series B, 6.50% Pfd.		12,400		316,448
Legg Mason, Inc., 5.45% Pfd.		23,100		552,552
Legg Mason, Inc., 6.38% Pfd.		11,600		300,904
Northern Trust Corp., Series C, 5.85% Pfd.		19,100		502,712
Prospect Capital Corp., 6.25% Pfd.		7,400		188,337
State Street Corp., Series C, 5.25% Pfd.		13,800		346,380
State Street Corp., Series D, 5.90% Pfd.		23,100		609,609
State Street Corp., Series E, 6.00% Pfd.		47,700		1,242,585
State Street Corp., Series G, 5.35% Pfd.		27,800		713,348
				7,558,187

	Shares		Value
Consumer Finance–0.71%
Capital One Financial Corp., Series B, 6.00% Pfd.		23,800	$	599,760
Capital One Financial Corp., Series C, 6.25% Pfd.		14,300		368,368
Capital One Financial Corp., Series D, 6.70% Pfd.		19,100		501,948
Capital One Financial Corp., Series F, 6.20% Pfd.		19,100		500,611
Capital One Financial Corp., Series G, 5.20% Pfd.		41,800		1,014,068
Capital One Financial Corp., Series H, 6.00% Pfd.		41,800		1,080,948
Navient Corp., 6.00% Pfd.		14,300		311,883
				4,377,586
Diversified Banks–6.94%
Bank of America Corp., Series 3, 6.38% Pfd.		3,300		84,711
Bank of America Corp., Series I, 6.63% Pfd.		14,351		368,821
Bank of America Corp., Series W, 6.63% Pfd.		106,400		2,790,872
Bank of America Corp., Series Y, 6.50% Pfd.		92,500		2,424,425
Bank of America Corp., Series CC, 6.20% Pfd.		90,200		2,332,572
Bank of America Corp., Series EE, 6.00% Pfd.		87,900		2,265,183
Barclays Bank PLC (United Kingdom), Series 5, 8.13% Pfd.		40,000		1,045,600
Citigroup Inc., Series J, 7.13% Pfd.		55,000		1,532,850
Citigroup Inc., Series K, 6.88% Pfd.		55,500		1,527,360
Citigroup Inc., Series L, 6.88% Pfd.		23,800		624,274
Citigroup Inc., Series S, 6.30% Pfd.		62,500		1,641,250
HSBC Holdings PLC (United Kingdom), Series 2, 8.00% Pfd.		68,000		1,787,720
ING Groep NV (Netherlands), 6.38% Pfd.		30,000		767,400
JPMorgan Chase & Co., Series P, 5.45% Pfd.		9,500		240,825
JPMorgan Chase & Co., Series T, 6.70% Pfd.		14,300		378,092
JPMorgan Chase & Co., Series W, 6.30% Pfd.		14,300		375,089
JPMorgan Chase & Co., Series Y, 6.13% Pfd.		69,400		1,818,280
JPMorgan Chase & Co., Series AA, 6.10% Pfd.		92,500		2,425,350
JPMorgan Chase & Co., Series BB, 6.15% Pfd.		92,500		2,426,275
Royal Bank of Scotland Group PLC (The) (United Kingdom), Series S, 6.60% Pfd.		22,100		566,423
US Bancorp, Series F, 6.50% Pfd.		69,400		1,915,440
Wells Fargo & Co., 5.20% Pfd.		64,200		1,569,048
Wells Fargo & Co., 6.63% Pfd.		35,800		981,278
Wells Fargo & Co., Class A, Series L, $75.00 Conv. Pfd.		581		744,034

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

15                         Invesco Multi-Asset Income Fund

	Shares		Value
Diversified Banks–(continued)
Wells Fargo & Co., Series J, 8.00% Pfd.		9,500	$	246,905
Wells Fargo & Co., Series O, 5.13% Pfd.		59,600		1,456,624
Wells Fargo & Co., Series P, 5.25% Pfd.		23,100		567,105
Wells Fargo & Co., Series Q, 5.85% Pfd.		33,400		861,720
Wells Fargo & Co., Series T, 6.00% Pfd.		50,400		1,284,696
Wells Fargo & Co., Series V, 6.00% Pfd.		38,100		981,837
Wells Fargo & Co., Series W, 5.70% Pfd.		38,100		953,262
Wells Fargo & Co., Series X, 5.50% Pfd.		92,500		2,287,525
Wells Fargo & Co., Series Y, 5.63% Pfd.		50,400		1,252,188
				42,525,034
Diversified Capital Markets–0.42%
Deutsche Bank Contingent Capital Trust V (Germany), 8.05% Pfd.		101,100		2,576,028
Diversified REITs–0.39%
PS Business Parks, Inc., Series U, 5.75% Pfd.		11,000		271,150
PS Business Parks, Inc., Series W, 5.20% Pfd.		13,100		294,095
PS Business Parks, Inc., Series X, 5.25% Pfd.		10,500		240,765
PS Business Parks, Inc., Series Y, 5.20% Pfd.		10,200		227,970
Spirit Realty Capital Inc., Series A, 6.00% Pfd.		7,800		162,630
VEREIT Inc., Series F, 6.70% Pfd.		47,700		1,200,609
				2,397,219
Electric Utilities–1.42%
Alabama Power Co., Series A, 5.00% Pfd.		11,600		290,000
Duke Energy Corp., 5.13% Pfd.		23,100		580,503
Entergy Arkansas, Inc., 4.88% Pfd.		16,700		404,307
Entergy Arkansas, Inc., 4.90% Pfd.		11,600		279,096
Entergy Louisiana, LLC, 4.88% Pfd.		18,500		448,440
Entergy Louisiana, LLC, 5.25% Pfd.		10,500		260,925
Entergy Mississippi, Inc., 4.90% Pfd.		14,900		359,686
Entergy Texas Inc., 5.63% Pfd.		9,200		233,220
Georgia Power Co., Series 2017A, 5.00% Pfd.		14,200		343,356
Interstate Power & Light Co., Series D, 5.10% Pfd.		9,000		226,350
Pacific Gas & Electric Co., Series A, 6.00% Pfd.		5,300		131,970
PPL Capital Funding, Inc., Series B, 5.90% Pfd.		21,500		539,220
SCE Trust IV, Series J, 5.38% Pfd.		25,400		652,018
SCE Trust V, Series K, 5.45% Pfd.		20,100		517,575
SCE Trust VI, 5.00% Pfd.		37,000		833,980
Southern Co. (The), 5.25% Pfd.		20,800		498,576
Southern Co. (The), 5.25% Pfd.		47,700		1,160,541
Southern Co. (The), 6.25% Pfd.		35,800		927,220
				8,686,983

	Shares		Value
Health Care REITs–0.16%
Senior Housing Properties Trust, 5.63% Pfd.		27,800	$	666,366
Ventas Realty L.P. / Ventas Capital Corp., 5.45% Pfd.		12,300		307,254
				973,620
Industrial Conglomerates–0.14%
General Electric Co., 4.70% Pfd.		34,600		847,700
Industrial Machinery–0.09%
Stanley Black & Decker Inc., 5.75%, Investment Units		22,500		566,550
Integrated Telecommunication Services–0.34%
AT&T Inc., 5.35% Pfd.		59,600		1,464,968
Verizon Communications Inc., 5.90% Pfd.		23,100		589,743
				2,054,711
Internet Software & Services–0.15%
eBay Inc., 6.00% Pfd.		35,800		934,380
Investment Banking & Brokerage–1.69%
BGC Partners Inc., 8.13% Pfd.		4,400		113,168
Charles Schwab Corp. (The), Series C, 6.00% Pfd.		26,200		680,938
Charles Schwab Corp. (The), Series D, 5.95% Pfd.		40,500		1,053,405
Goldman Sachs Group, Inc. (The), Series J, 5.50% Pfd.		19,100		490,870
Goldman Sachs Group, Inc. (The), Series K, 6.38% Pfd.		45,900		1,270,512
Goldman Sachs Group, Inc. (The), Series N, 6.30% Pfd.		47,700		1,246,878
Morgan Stanley, Series E, 7.13% Pfd.		14,900		419,286
Morgan Stanley, Series F, 6.88% Pfd.		28,600		786,500
Morgan Stanley, Series G, 6.63% Pfd.		23,100		599,907
Morgan Stanley, Series I, 6.38% Pfd.		69,400		1,855,756
Morgan Stanley, Series K, 5.85% Pfd.		57,300		1,469,745
Stifel Financial Corp., 5.20% Pfd.		9,300		225,339
Stifel Financial Corp., Series A, 6.25% Pfd.		6,500		169,910
				10,382,214
Life & Health Insurance–0.55%
Aegon N.V. (Netherlands), 6.38% Pfd.		4,600		118,174
Aegon N.V. (Netherlands), 8.00% Pfd.		45,100		1,126,147
Prudential Financial Inc., 5.70% Pfd.		30,100		753,403
Prudential Financial Inc., 5.75% Pfd.		25,400		637,286
Prudential PLC (United Kingdom), 6.75% Pfd.		12,300		320,538
Torchmark Corp., 6.13% Pfd.		15,100		394,412
				3,349,960
Mortgage REITs–0.07%
Wells Fargo Real Estate Investment Corp., Series A, 6.38% Pfd.		16,700		430,860

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

16                         Invesco Multi-Asset Income Fund

	Shares		Value
Multi-Line Insurance–0.23%
American Financial Group, Inc., 6.00% Pfd.		14,900	$	374,139
Hartford Financial Services Group Inc. (The), 7.88% Pfd.		28,600		828,828
Kemper Corp., 7.38% Pfd.		7,700		200,893
				1,403,860
Multi-Utilities–0.09%
Integrys Holding, Inc., 6.00% Pfd.		22,050		570,544
Office REITs–0.30%
Boston Properties, Inc., Series B, 5.25% Pfd.		9,000		220,320
Government Properties Income Trust, 5.88% Pfd.		15,600		392,496
SL Green Realty Corp., Series I, 6.50% Pfd.		11,800		297,124
Vornado Realty Trust, Series L, 5.40% Pfd.		42,200		957,940
				1,867,880
Office Services & Supplies–0.08%
Pitney Bowes Inc., 6.70% Pfd.		20,300		507,297
Oil & Gas Refining & Marketing–0.14%
NuStar Energy L.P., Series A, 8.50% Pfd.		29,300		651,046
NuStar Energy L.P., Series C, 9.00% Pfd.		7,700		176,638
				827,684
Oil & Gas Storage & Transportation–0.03%
Targa Resources Partners L.P., Series A, 9.00% Pfd.		6,200		163,370
Property & Casualty Insurance–1.12%
Allstate Corp. (The), 5.10% Pfd.		20,500		520,495
Allstate Corp. (The), Series A, 5.63% Pfd.		9,200		231,656
Allstate Corp. (The), Series C, 6.75% Pfd.		15,800		404,322
Allstate Corp. (The), Series E, 6.63% Pfd.		35,800		932,948
Allstate Corp. (The), Series F, 6.25% Pfd.		20,800		539,760
Arch Capital Group Ltd., Series E, 5.25% Pfd.		19,100		454,007
Arch Capital Group Ltd., Series F, 5.45% Pfd.		14,300		345,059
Argo Group U.S. Inc., 6.50% Pfd.		6,800		172,312
Aspen Insurance Holdings Ltd. (Bermuda), 5.63% Pfd.		16,700		403,806
Aspen Insurance Holdings Ltd. (Bermuda), 5.95% Pfd.		9,500		242,725
Assured Guaranty Municipal Holdings Inc., 6.25% Pfd.		9,900		247,599
AXIS Capital Holdings Ltd., Series E, 5.50% Pfd.		37,000		896,880
Hanover Insurance Group, Inc. (The), 6.35% Pfd.		8,700		218,631
Selective Insurance Group, Inc., 5.88% Pfd.		8,700		217,935
W. R. Berkley Corp., 5.63% Pfd.		13,800		335,340

	Shares		Value
Property & Casualty Insurance–(continued)
W. R. Berkley Corp., 5.75% Pfd.		21,500	$	526,965
W. R. Berkley Corp., 5.70% Pfd.		8,000		191,120
				6,881,560
Regional Banks–2.21%
Associated Banc-Corp, Series D, 5.38% Pfd.		4,100		101,516
BB&T Corp., Series D, 5.85% Pfd.		19,100		484,376
BB&T Corp., Series E, 5.63% Pfd.		55,000		1,376,650
BB&T Corp., Series H, 5.63% Pfd.		64,800		1,671,192
BOK Financial Corp., 5.38% Pfd.		7,100		177,997
CIT Group Inc., Series A, 5.80% Pfd.		70,000		69,825
Commerce Bancshares Inc., Series B, 6.00% Pfd.		6,900		177,675
Cullen/Frost Bankers, Inc., 5.38% Pfd.		7,100		177,074
Fifth Third Bancorp, Series I, 6.63% Pfd.		20,800		590,304
First Horizon National Corp., Series A, 6.20% Pfd.		5,500		138,215
First Republic Bank, Series D, 5.50% Pfd.		9,500		243,200
First Republic Bank, Series E, 7.00% Pfd.		4,500		118,485
First Republic Bank, Series F, 5.70% Pfd.		10,200		260,712
First Republic Bank, Series G, 5.50% Pfd.		9,500		239,495
First Republic Bank, Series H, 5.13% Pfd.		9,900		245,124
FNB Corp., 7.25% Pfd.		5,600		156,632
Hancock Holding Co., 5.95% Pfd.		7,400		186,924
Huntington Bancshares, Inc., Series C, 5.88% Pfd.		10,200		261,018
Huntington Bancshares, Inc., Series D, 6.25% Pfd.		19,100		500,038
KeyCorp, Series E, 6.13% Pfd.		23,100		626,703
MB Financial Inc., Series C, 6.00% Pfd.		10,000		249,800
People’s United Financial, Inc., Series A, 5.63% Pfd.		11,600		297,540
PNC Financial Services Group, Inc. (The), Series P, 6.13% Pfd.		83,300		2,259,929
Regions Financial Corp., Series A, 6.38% Pfd.		18,500		471,935
Regions Financial Corp., Series B, 6.38% Pfd.		28,600		788,788
Sterling Bancorp., Series A, 6.50% Pfd.		6,700		173,530
TCF Financial Corp., Series C, 5.70% Pfd.		9,000		223,200
Texas Capital Bancshares, Inc., Series A, 6.50% Pfd.		12,100		307,703
Valley National Bancorp, Series A, 6.25% Pfd.		11,300		296,851
Valley National Bancorp, Series B, 5.50% Pfd.		3,900		99,723
Webster Financial Corp., Series F, 5.25% Pfd.		7,900		186,835
Wintrust Financial Corp., Series D, 6.50% Pfd.		6,300		169,470
Zions Bancorp., Series G, 6.30% Pfd.		7,300		196,041
				13,524,500

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

17                         Invesco Multi-Asset Income Fund

	Shares		Value
Reinsurance–0.44%
PartnerRe Ltd. (Bermuda), Series H, 7.25% Pfd.		28,600	$	788,788
Reinsurance Group of America, Inc., 5.75% Pfd.		23,100		593,901
Reinsurance Group of America, Inc., 6.20% Pfd.		14,900		396,638
RenaissanceRe Holdings Ltd. (Bermuda), Series E, 5.38% Pfd.		18,500		450,475
Validus Holdings, Ltd., Series A, 5.88% Pfd.		9,200		230,000
Validus Holdings, Ltd., Series B, 5.80% Pfd.		10,700		266,109
				2,725,911
Residential REITs–0.05%
American Homes 4 Rent, Series F, 5.88% Pfd.		7,900		178,935
American Homes 4 Rent, Series G, 5.88% Pfd.		4,500		101,250
				280,185
Retail REITs–0.42%
CBL & Associates Properties, Inc., Series D, 7.38% Pfd.		28,600		506,220
DDR Corp., Series A, 6.38% Pfd.		11,600		267,148
DDR Corp., Series J, 6.50% Pfd.		13,600		304,640
Kimco Realty Corp., Series I, 6.00% Pfd.		3,762		90,702
Kimco Realty Corp., Series L, 5.13% Pfd.		16,000		335,040
Kimco Realty Corp., Class M, 5.25% Pfd.		16,000		332,800
National Retail Properties, Inc., Series E, 5.70% Pfd.		9,200		219,328
National Retail Properties, Inc., Series F, 5.20% Pfd.		19,100		432,233
Washington Prime Group Inc., Series H, 7.50% Pfd.		4,400		96,232
				2,584,343
Specialized REITs–0.96%
Digital Realty Trust Inc., Series C, 6.63% Pfd.		8,400		220,080
Digital Realty Trust, Inc., Series G, 5.88% Pfd.		15,300		380,970
Digital Realty Trust, Inc., Series H, 7.38% Pfd.		20,300		528,003
Digital Realty Trust, Inc., Series J, 5.25% Pfd.		18,100		422,273
EPR Properties, Series G, 5.75% Pfd.		7,600		167,200
Public Storage, Series A, 5.88% Pfd.		8,400		214,536
Public Storage, Series B, 5.40% Pfd.		27,100		672,080
Public Storage, Series C, 5.13% Pfd.		33,300		823,176
Public Storage, Series D, 4.95% Pfd.		35,800		826,622
Public Storage, Series E, 4.90% Pfd.		38,100		869,061
Public Storage, Series F, 5.15% Pfd.		8,100		191,970
Public Storage, Series G, 5.05% Pfd.		14,900		346,425
Public Storage, Series Y, 6.38% Pfd.		8,100		210,519
				5,872,915

	Shares		Value
Thrifts & Mortgage Finance–0.11%
New York Community Bancorp Inc., Series A, 6.38% Pfd.		23,800	$	644,266
Trading Companies & Distributors–0.03%
GATX Corp., 5.63% Pfd.		6,800		171,564
Wireless Telecommunication Services–0.32%
Telephone & Data Systems Inc., 5.88% Pfd.		14,900		351,044
Telephone & Data Systems Inc., 7.00% Pfd.		23,100		577,038
United States Cellular Corp., 6.95% Pfd.		7,600		189,088
United States Cellular Corp., 7.25% Pfd.		16,700		419,170
United States Cellular Corp., 7.25% Pfd.		17,400		436,740
				1,973,080
Total Preferred Stocks (Cost $135,761,150)				132,308,123
Common Stocks & Other Equity Interests–17.27%
Diversified REITs–1.07%
Gladstone Commercial Corp.		99,896		1,732,199
Global Net Lease, Inc.		165,824		3,085,985
Lexington Realty Trust		213,390		1,715,655
				6,533,839
Health Care REITs–1.66%
MedEquities Realty Trust, Inc.		171,069		1,743,193
Medical Properties Trust Inc.		126,695		1,619,162
New Senior Investment Group Inc.		303,357		2,614,937
Sabra Health Care REIT, Inc.		120,301		2,202,711
Senior Housing Properties Trust		129,603		2,017,919
				10,197,922
Hotel & Resort REITs–2.06%
Apple Hospitality REIT, Inc.		79,166		1,424,196
Ashford Hospitality Trust, Inc.		301,078		2,071,417
Braemar Hotels & Resorts Inc.		164,789		1,713,806
Chatham Lodging Trust		75,971		1,447,247
Chesapeake Lodging Trust		45,563		1,345,931
Hersha Hospitality Trust		75,569		1,419,186
Hospitality Properties Trust		61,203		1,522,731
LaSalle Hotel Properties		56,967		1,684,514
				12,629,028
Mortgage REITs–8.66%
AG Mortgage Investment Trust, Inc.		93,018		1,644,558
AGNC Investment Corp.		225,119		4,259,252
Annaly Capital Management, Inc.		194,223		2,014,093
Anworth Mortgage Asset Corp.		298,336		1,411,129
Apollo Commercial Real Estate Finance, Inc.		98,846		1,781,205
Blackstone Mortgage Trust, Inc.—Class A		76,878		2,371,686
Capstead Mortgage Corp.		122,883		1,081,370
Cherry Hill Mortgage Investment Corp.		63,055		1,111,029

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

18                         Invesco Multi-Asset Income Fund

	Shares		Value
Mortgage REITs–(continued)
Chimera Investment Corp.		306,195	$	5,355,351
CYS Investments, Inc.		343,842		2,465,347
Ellington Residential Mortgage REIT		41,903		476,437
Granite Point Mortgage Trust Inc.		56,658		942,787
Ladder Capital Corp.		88,510		1,230,289
MFA Financial, Inc.		611,201		4,596,232
MTGE Investment Corp.		124,929		2,267,461
New Residential Investment Corp.		301,082		5,262,913
Orchid Island Capital Inc.		250,118		1,750,826
PennyMac Mortgage Investment Trust		68,532		1,205,478
Redwood Trust, Inc.		70,135		1,075,871
Starwood Property Trust, Inc.		215,028		4,506,987
Two Harbors Investment Corp.		298,930		4,561,672
Western Asset Mortgage Capital Corp.		171,331		1,704,743
				53,076,716
Office REITs–0.64%
Franklin Street Properties Corp.		221,135		1,720,430
Government Properties Income Trust		174,005		2,173,323
				3,893,753
Residential REITs–0.29%
Independence Realty Trust, Inc.		188,884		1,775,510
Retail REITs–1.91%
DDR Corp.		237,885		1,724,666
Kite Realty Group Trust		105,510		1,553,107
Pennsylvania Real Estate Investment Trust		146,765		1,420,685
Ramco-Gershenson Properties Trust		120,763		1,443,118
Tanger Factory Outlet Centers, Inc.		52,369		1,149,500
Washington Prime Group Inc.		443,875		2,871,871
Whitestone REIT		142,566		1,546,841
				11,709,788
Specialized REITs–0.98%
CoreCivic, Inc.		75,781		1,527,745
EPR Properties		24,770		1,362,846
Farmland Partners Inc.		171,742		1,308,674
Geo Group, Inc. (The)		78,913		1,775,531
				5,974,796
Total Common Stocks & Other Equity Interests (Cost $110,429,180)				105,791,352
	Principal Amount
U.S. Treasury Securities–9.12%
U.S. Treasury Bills–0.08%
1.59%, 07/26/2018(f)(g)	$	250,000		248,941
1.75%, 07/26/2018(f)(g)		75,000		74,682
1.79%, 07/26/2018(f)(g)		130,000		129,450
				453,073

	Principal Amount		Value
U.S. Treasury STRIPS–9.04%
2.71%, 11/15/2045(f)(h)	$	25,685,000	$	10,929,705
2.88%, 11/15/2045(f)(h)		640,000		2,723,384
2.90%, 11/15/2045(f)(h)		8,800,000		3,744,653
2.91%, 11/15/2045(f)(h)		3,000,000		1,276,586
2.94%, 11/15/2045(f)(h)		4,800,000		2,042,538
2.95%, 11/15/2045(f)(h)		4,000,000		1,702,115
2.96%, 11/15/2045(f)(h)		19,000,000		8,085,045
2.97%, 11/15/2045(f)(h)		5,200,000		2,212,749
2.98%, 11/15/2045(f)(h)		4,300,000		1,829,773
2.99%, 11/15/2045(f)(h)		2,300,000		978,716
3.01%, 11/15/2045(f)(h)		7,200,000		3,063,807
3.02%, 11/15/2045(f)(h)		4,800,000		2,042,538
3.03%, 11/15/2045(f)(h)		1,500,000		638,293
3.08%, 11/15/2045(f)(h)		5,900,000		2,510,619
3.13%, 11/15/2045(f)(h)		2,100,000		893,610
3.14%, 11/15/2045(f)(h)		4,200,000		1,787,220
3.19%, 11/15/2045(f)(h)		10,000,000		4,255,287
3.27%, 11/15/2045(f)(h)		11,015,000		4,687,199
				55,403,837
Total U.S. Treasury Securities (Cost $57,625,562)				55,856,910
Exchange Traded Notes–9.07%
ETRACS Alerian MLP Infrastructure Index ETN, 7.36% (linked to the Alerian MLP Infrastructure Index — 0.21%), 04/02/2040(d)		1,142,000		25,500,860
JPMorgan Alerian MLP Index ETN, 6.48%(linked to the Alerian MLP Index — 0.21%), 05/24/2024(d)		1,158,000		30,061,680
Total Exchange Traded Notes (Cost $61,445,983)				55,562,540
Non-U.S. Dollar Denominated Bonds & Notes–0.25%(i)
Brewers–0.04%
Sunshine Mid B.V. (Netherlands), Sr. Unsec. Gtd. Bonds, 6.50%, 05/15/2026(b)	EUR	200,000		243,955
Cable & Satellite–0.03%
Tele Columbus AG (Germany), Sr. Sec. Notes, 3.88%, 05/02/2025(b)	EUR	150,000		180,776
Food Retail–0.05%
Iceland Bondco PLC (United Kingdom), REGS, Sr. Sec. Gtd. First Lien Euro Notes, 4.63%, 03/15/2025(b)	GBP	250,000		315,887
Health Care Services–0.04%
Synlab Unsecured Bondco PLC (United Kingdom), REGS, Sr. Unsec. Gtd. Euro Bonds, 8.25%, 07/01/2023(b)	EUR	200,000		258,886

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

19                         Invesco Multi-Asset Income Fund

	Principal Amount		Value
Packaged Foods & Meats–0.03%
Darling Global Finance B.V., Sr. Unsec. Bonds, 3.63%, 05/15/2026(b)	EUR	150,000	$	183,892
Restaurants–0.04%
PizzaExpress Financing 2 PLC (United Kingdom), REGS, Sr. Sec. Gtd. First Lien Euro Bonds, 6.63%, 08/01/2021(b)	GBP	200,000		259,413
Textiles–0.02%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), Sr. Sec. Gtd. First Lien Bonds, 5.38%, 05/01/2023(b)	EUR	100,000		123,789
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,564,175)				1,566,598
Variable Rate Senior Loan Interests–0.23%(j)
Food Retail–0.23%
Albertson’s LLC, Term Loan B-4, 4.63% (1 mo. USD LIBOR + 2.75%), 08/25/2021 (Cost $1,357,626)		1,395,955		1,384,878

	Shares		Value
Money Market Funds–1.81%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(k)		3,875,138	$	3,875,138
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(k)		2,767,434		2,767,711
Invesco Treasury Portfolio–Institutional Class, 1.62%(k)		4,428,729		4,428,729
Total Money Market Funds (Cost $11,071,102)				11,071,578
TOTAL INVESTMENTS IN SECURITIES–98.54% (Cost $624,666,241)				603,752,587
OTHER ASSETS LESS LIABILITIES–1.46%				8,966,351
NET ASSETS–100.00%			$	612,718,938

Investment Abbreviations:

Conv.	– Convertible
Deb.	– Debentures
ETN	– Exchange Traded Notes
EUR	– Euro
GBP	– British Pound
Gtd.	– Guaranteed
Jr.	– Junior
LIBOR	– London Interbank Offered Rate
MLP	– Master Limited Partnership
Pfd.	– Preferred

PIK	– Pay-in-Kind
REGS	– Regulation S
REIT	– Real Estate Investment Trust
Sec.	– Secured
Sr.	– Senior
STRIPS	– Separately Traded Registered Interest and Principal Security
Sub.	– Subordinated
Unsec.	– Unsecured
USD	– U.S. Dollar

Notes to Schedule of Investments:

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

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2018 was $132,992,965, which represented 21.71% 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, 2018.

^(e)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(f)  Security 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 designated as collateral to cover margin requirements for open swap agreements. See Note 1P.

^(h)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1M.

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

^(j)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933 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.

^(k)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

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

20                         Invesco Multi-Asset Income Fund

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2018

U.S. Dollar Denominated Bonds & Notes	39.2	%
Preferred Stocks	21.6
Common Stocks & Other Equity Interests	17.3
U.S. Treasury Securities	9.1
Exchange Traded Notes	9.1
Non-U.S. Dollar Denominated Bonds & Notes	0.2
Variable Rate Senior Loan Interests	0.2
Money Market Funds Plus Other Assets Less Liabilities	3.3

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
E-Mini Russell 2000		232		June-2018	$	17,908,080		$	(160,674	)	$	(160,674	)
E-Mini S&P 500 Index		134		June-2018		17,734,900			(157,210	)		(157,210	)
Hang Seng Index		139		May-2018		27,154,110			381,155			381,155
Topix Stock Price Index		220		June-2018		35,811,379			1,405,764			1,405,764
Subtotal — Equity Risk									1,469,035			1,469,035
Euro Bonds — Interest Rate Risk		142		June-2018		27,222,862			(116,152	)		(116,152	)
Subtotal — Long Futures Contracts									1,352,883			1,352,883
Short Futures Contracts
U.S. Treasury Long Bonds — Interest Rate Risk		229		June-2018		(32,940,219	)		(235,940	)		(235,940	)
Total Futures Contracts								$	1,116,943		$	1,116,943

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
05/31/2018	Barclays Bank PLC		GBP	609,156		USD	851,883	$	12,024
05/31/2018	Goldman Sachs International		EUR	166,174		USD	206,176		5,022
Subtotal — Appreciation									17,046
05/31/2018	Barclays Bank PLC		USD	355,272		GBP	255,174		(3,457	)
05/31/2018	Citigroup Global Markets Inc.		EUR	575,000		USD	695,918		(122	)
Subtotal — Depreciation									(3,579	)
Total Forward Foreign Currency Contracts — Currency Risk								$	13,467

Currency Abbreviations:    

EUR	– Euro
GBP	– British Pound Sterling
USD	– U.S. Dollar

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		Value		Unrealized Appreciation(b)
Markit CDX North America High Yield Index, Series 29, Version 1		Sell		5.00	%		Quarterly		12/20/2022		3.173	%		USD	2,485,000	$	169,488	$	180,838	$	11,350
Markit CDX North America High Yield Index, Series 30, Version 1		Sell		5.00			Quarterly		06/20/2023		3.390			USD	2,900,000		177,792		200,579		22,787
Total Centrally Cleared Credit Default Swap Agreements — Credit Risk																$	347,280	$	381,417	$	34,137

^(a)  Implied credit spreads represent the current level, as of April 30, 2018, 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 payable at period-end is recorded in the Statement of Assets and Liabilities.

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

21                         Invesco Multi-Asset Income Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $613,595,139)	$	592,681,009
Investments in affiliated money market funds, at value (Cost $11,071,102)		11,071,578
Other investments:
Variation margin receivable — futures contracts		76,568
Unrealized appreciation on forward foreign currency contracts outstanding		17,046
Cash		123,593
Foreign currencies, at value (Cost $53,403)		52,202
Receivable for:
Investments sold		1,725,858
Fund shares sold		6,052,962
Dividends and interest		3,989,892
Fund expenses absorbed		135,075
Investment for trustee deferred compensation and retirement plans		30,238
Other assets		79,491
Total assets		616,035,512
Liabilities:
Other investments:
Variation margin payable — centrally cleared swap agreements		1,181
Unrealized depreciation on forward foreign currency contracts outstanding		3,579
Payable for:
Investments purchased		1,416,624
Fund shares reacquired		1,440,124
Accrued fees to affiliates		230,705
Accrued trustees’ and officers’ fees and benefits		3,865
Accrued other operating expenses		186,496
Trustee deferred compensation and retirement plans		34,000
Total liabilities		3,316,574
Net assets applicable to shares outstanding	$	612,718,938
Net assets consist of:
Shares of beneficial interest	$	640,839,885
Undistributed net investment income		(220,820	)
Undistributed net realized gain (loss)		(8,156,955	)
Net unrealized appreciation (depreciation)		(19,743,172	)
	$	612,718,938

Net Assets:
Class A	$	138,973,193
Class C	$	88,089,723
Class R	$	2,103,147
Class Y	$	317,874,688
Class R5	$	29,877
Class R6	$	65,648,310
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		13,339,114
Class C		8,462,625
Class R		201,902
Class Y		30,506,682
Class R5		2,867
Class R6		6,300,088
Class A:
Net asset value per share	$	10.42
Maximum offering price per share
(Net asset value of $10.42 ¸ 94.50%)	$	11.03
Class C:
Net asset value and offering price per share	$	10.41
Class R:
Net asset value and offering price per share	$	10.42
Class Y:
Net asset value and offering price per share	$	10.42
Class R5:
Net asset value and offering price per share	$	10.42
Class R6:
Net asset value and offering price per share	$	10.42

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

22                         Invesco Multi-Asset Income Fund

Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Interest	$	7,807,044
Dividends		11,739,574
Dividends from affiliated money market funds		130,769
Total investment income		19,677,387
Expenses:
Advisory fees		1,600,277
Administrative services fees		87,853
Custodian fees		28,073
Distribution fees:
Class A		217,192
Class C		417,357
Class R		4,776
Transfer agent fees — A, C, R and Y		372,686
Transfer agent fees — R5		4
Transfer agent fees — R6		630
Trustees’ and officers’ fees and benefits		17,194
Registration and filing fees		81,213
Licensing fees		114,072
Reports to shareholders		38,176
Professional services fees		36,905
Other		24,501
Total expenses		3,040,909
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(447,411	)
Net expenses		2,593,498
Net investment income		17,083,889
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(10,167,522	)
Foreign currencies		129,359
Forward foreign currency contracts		(82,166	)
Futures contracts		6,647,758
Option contracts written		(61,516	)
Swap agreements		189,346
		(3,344,741	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(24,299,753	)
Foreign currencies		5,481
Forward foreign currency contracts		21,397
Futures contracts		(3,685,188	)
Swap agreements		(85,043	)
		(28,043,106	)
Net realized and unrealized gain (loss)		(31,387,847	)
Net increase (decrease) in net assets resulting from operations	$	(14,303,958	)

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

23                         Invesco Multi-Asset Income Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income	$	17,083,889		$	17,255,203
Net realized gain (loss)		(3,344,741	)		10,588,385
Change in net unrealized appreciation (depreciation)		(28,043,106	)		3,221,889
Net increase (decrease) in net assets resulting from operations		(14,303,958	)		31,065,477
Distributions to shareholders from net investment income:
Class A		(4,548,682	)		(5,659,946	)
Class C		(1,833,127	)		(1,660,348	)
Class R		(46,806	)		(45,346	)
Class Y		(9,129,311	)		(7,006,185	)
Class R5		(805	)		(1,289	)
Class R6		(1,678,209	)		(2,679,432	)
Total distributions from net investment income		(17,236,940	)		(17,052,546	)
Distributions to shareholders from net realized gains:
Class A		(1,740,073	)		—
Class C		(704,964	)		—
Class R		(15,845	)		—
Class Y		(3,025,588	)		—
Class R5		(260	)		—
Class R6		(542,433	)		—
Total distributions from net realized gains		(6,029,163	)		—
Share transactions–net:
Class A		(42,336,644	)		94,789,727
Class C		18,564,859			48,232,871
Class R		603,249			1,023,387
Class Y		8,326,535			293,115,564
Class R5		1,406			9,180
Class R6		8,009,084			9,119,307
Net increase (decrease) in net assets resulting from share transactions		(6,831,511	)		446,290,036
Net increase (decrease) in net assets		(44,401,572	)		460,302,967
Net assets:
Beginning of period		657,120,510			196,817,543
End of period (includes undistributed net investment income of $(220,820) and $(67,769), respectively)	$	612,718,938		$	657,120,510

Notes to Financial Statements

April 30, 2018

(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 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.

24                         Invesco Multi-Asset Income Fund

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 economic conditions, interest rates, investor perceptions 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.

25                         Invesco Multi-Asset Income Fund

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

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. 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 exploring, producing, transporting, processing, storing, refining, mining or marketing 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.

The Fund is non-diversified and will concentrate its investments in the energy sector. Energy infrastructure MLPs are subject to a variety of industry specific risk factors that may adversely affect their business or operations, including a decrease in production or reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing; changes in energy commodity prices; a sustained reduced demand for crude oil, natural gas and refined petroleum products; depletion of natural gas reserves or other commodities if not replaced; natural disasters, extreme weather and environmental hazards; rising interest rates, how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for products and services. In addition, taxes, government regulation, international politics, price, and supply fluctuations, volatile interest rates and energy conservation may cause difficulties for energy infrastructure MLPs.

MLPs may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

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

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

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

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

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

26                         Invesco Multi-Asset Income Fund

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

J. 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 assets and changes in the applicable interest rates. ETNs are subject to credit risk, including the credit risk of the issuer.

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 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 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.

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 Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

N. 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

27                         Invesco Multi-Asset Income Fund

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.

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

P. 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

28                         Invesco Multi-Asset Income Fund

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, 2018 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 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.

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 based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $500 million		0.50%
Next $500 million		0.45%
Next $500 million		0.40%
Over $1.5 billion		0.39%

For the six months ended April 30, 2018, the effective advisory fees incurred by the Fund was 0.49%.

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, 2019, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.85%, 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 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.

29                         Invesco Multi-Asset Income Fund

Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2019. 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, 2020, 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, 2018, the Adviser waived advisory fees of $74,091 and reimbursed class level expenses of $108,651, $52,196, $1,195, $209,535, $4 and $630 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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2018, 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 months ended April 30, 2018, 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, 2018, IDI advised the Fund that IDI retained $51,800 in front-end sales commissions from the sale of Class A shares and $264 and $12,373 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, 2018. 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.

30                         Invesco Multi-Asset Income Fund

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were no material transfers between valuation levels.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	—		$	240,210,608		$	—	$	240,210,608
Preferred Stocks		130,219,525			2,088,598			—		132,308,123
Common Stocks & Other Equity Interests		105,791,352			—			—		105,791,352
U.S. Treasury Securities		—			55,856,910			—		55,856,910
Exchange-Traded Notes		55,562,540			—			—		55,562,540
Non-U.S. Dollar Denominated Bonds & Notes		—			1,566,598			—		1,566,598
Variable Rate Senior Loan Interests		—			1,384,878			—		1,384,878
Money Market Funds		11,071,578			—			—		11,071,578
Total Investments in Securities		302,644,995			301,107,592			—		603,752,587
Other Investments — Assets*
Futures Contracts		1,786,919			—			—		1,786,919
Forward Foreign Currency Contracts		—			17,046			—		17,046
Swap Agreements		—			34,137			—		34,137
		1,786,919			51,183			—		1,838,102
Other Investments — Liabilities*
Futures Contracts		(669,976	)		—			—		(669,976	)
Forward Foreign Currency Contracts		—			(3,579	)		—		(3,579	)
		(669,976	)		(3,579	)		—		(673,555	)
Total Other Investments		1,116,943			47,604			—		1,164,547
Total Investments	$	303,761,938		$	301,155,196		$	—	$	604,917,134

* 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, 2018:

	Value
Derivative Assets	Credit Risk			Currency Risk		Equity Risk			Interest Rate Risk		Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	—		$	—	$	1,786,919		$	—	$	1,786,919
Unrealized appreciation on swap agreements — Centrally Cleared(a)		34,137			—		—			—		34,137
Unrealized appreciation on forward foreign currency contracts outstanding		—			17,046		—			—		17,046
Total Derivative Assets		34,137			17,046		1,786,919			—		1,838,102
Derivatives not subject to master netting agreements		(34,137	)		—		(1,786,919	)		—		(1,821,056	)
Total Derivative Assets subject to master netting agreements	$	—		$	17,046	$	—		$	—	$	17,046

31                         Invesco Multi-Asset Income Fund

	Value
Derivative Liabilities	Credit Risk		Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	—	$	—		$	(317,884	)	$	(352,092	)	$	(669,976	)
Unrealized depreciation on forward foreign currency contracts outstanding		—		(3,579	)		—			—			(3,579	)
Total Derivative Liabilities		—		(3,579	)		(317,884	)		(352,092	)		(673,555	)
Derivatives not subject to master netting agreements		—		—			317,884			352,092			669,976
Total Derivative Liabilities subject to master netting agreements	$	—	$	(3,579	)	$	—		$	—		$	(3,579	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2018.

	Financial Derivative Assets		Financial Derivative Liabilities			Net Value of Derivatives			Collateral (Received)/Pledged				Net Amount
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts						Non-Cash		Cash
Barclays Bank PLC	$	12,024	$	(3,457	)	$	8,567		$	—	$	—	$	8,567
Citigroup Global Markets Inc.		—		(122	)		(122	)		—		—		(122	)
Goldman Sachs International		5,022		—			5,022			—		—		5,022
Total	$	17,046	$	(3,579	)	$	13,467		$	—	$	—	$	13,467

Effect of Derivative Investments for the six months ended April 30, 2018

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

	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	—		$	(82,166	)	$	—		$	—		$	(82,166	)
Futures contracts		—			—			6,342,323			305,435			6,647,758
Options purchased(a)		—			—			—			(28,848	)		(28,848	)
Options written		(26,448	)		—			—			(35,068	)		(61,516	)
Swap agreements		189,346			—			—			—			189,346
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		—			21,397			—			—			21,397
Futures contracts		—			—			(3,388,182	)		(297,006	)		(3,685,188	)
Swap agreements		(85,043	)		—			—			—			(85,043	)
Total	$	77,855		$	(60,769	)	$	2,954,141		$	(55,487	)	$	2,915,740

^(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 six month average notional value of forward foreign currency contracts and futures contracts, eight day average notional value of options purchased, one and one half month average notional value of options written and four month average notional value swap agreements outstanding during the period.

	Forward Foreign Currency Contracts		Futures Contracts		Options Purchased		Options Written		Swap Agreements
Average notional value	$	1,533,546	$	159,520,409	$	425,205	$	1,689,589	$	4,442,500

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,109.

32                         Invesco Multi-Asset Income Fund

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

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

NOTE 8—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, 2017.

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, 2018 was $187,035,953 and $174,956,083, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $11,834,134 and $9,068,522, 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	$	7,018,640
Aggregate unrealized (depreciation) of investments		(32,524,684	)
Net unrealized appreciation (depreciation) of investments	$	(25,506,044	)

Cost of investments for tax purposes is $630,770,458.

33                         Invesco Multi-Asset Income Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		4,475,494		$	48,513,799			14,849,703		$	161,218,349
Class C		2,278,173			24,510,877			4,808,469			52,215,702
Class R		66,051			710,762			107,694			1,162,484
Class Y		11,545,500			124,613,502			31,062,629			338,133,338
Class R5		91			962			1,574			16,577
Class R6		830,169			8,760,663			628,573			6,736,724
Issued as reinvestment of dividends:
Class A		538,609			5,798,705			466,849			5,048,168
Class C		179,110			1,923,951			119,493			1,292,176
Class R		5,778			61,925			4,152			44,882
Class Y		896,967			9,634,891			521,000			5,680,154
Class R5		42			444			72			771
Class R6		207,029			2,220,641			248,948			2,679,432
Reacquired:
Class A		(9,062,550	)		(96,649,148	)		(6,642,263	)		(71,476,790	)
Class C		(742,334	)		(7,869,969	)		(488,324	)		(5,275,007	)
Class R		(16,067	)		(169,438	)		(16,941	)		(183,979	)
Class Y		(11,798,482	)		(125,921,858	)		(4,673,930	)		(50,697,928	)
Class R5		—			—			(757	)		(8,168	)
Class R6		(284,299	)		(2,972,220	)		(27,712	)		(296,849	)
Net increase (decrease) in share activity		(880,719	)	$	(6,831,511	)		40,969,229		$	446,290,036

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 70% 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.

34                         Invesco Multi-Asset Income Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	11.01	$	0.27	$	(0.49	)	$	(0.22	)	$	(0.28	)	$	(0.09	)	$	(0.37	)	$	10.42		(2.05	)%	$	138,973		0.84	%(d)		0.99	%(d)		5.16	%(d)		29	%
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
Year ended 10/31/14		10.04		0.48		0.37			0.85			(0.52	)		—			(0.52	)		10.37		8.66			42,104		0.88			1.28			4.69			89
Year ended 10/31/13		10.83		0.50		(0.58	)		(0.08	)		(0.55	)		(0.16	)		(0.71	)		10.04		(0.83	)		40,515		0.88			1.22			4.83			86
Class C
Six months ended 04/30/18		11.00		0.23		(0.50	)		(0.27	)		(0.23	)		(0.09	)		(0.32	)		10.41		(2.43	)		88,090		1.59	(d)		1.74	(d)		4.41	(d)		29
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
Year ended 10/31/14		10.03		0.40		0.37			0.77			(0.44	)		—			(0.44	)		10.36		7.85			14,854		1.63			2.03			3.94			89
Year ended 10/31/13		10.82		0.42		(0.58	)		(0.16	)		(0.47	)		(0.16	)		(0.63	)		10.03		(1.58	)		16,592		1.63			1.97			4.08			86
Class R
Six months ended 04/30/18		11.01		0.26		(0.50	)		(0.24	)		(0.26	)		(0.09	)		(0.35	)		10.42		(2.18	)		2,103		1.09	(d)		1.24	(d)		4.91	(d)		29
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
Year ended 10/31/14		10.03		0.46		0.36			0.82			(0.49	)		—			(0.49	)		10.36		8.39			141		1.13			1.53			4.44			89
Year ended 10/31/13		10.83		0.47		(0.59	)		(0.12	)		(0.52	)		(0.16	)		(0.68	)		10.03		(1.17	)		51		1.13			1.47			4.58			86
Class Y
Six months ended 04/30/18		11.01		0.29		(0.50	)		(0.21	)		(0.29	)		(0.09	)		(0.38	)		10.42		(1.93	)		317,875		0.59	(d)		0.74	(d)		5.41	(d)		29
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
Year ended 10/31/14		10.05		0.51		0.35			0.86			(0.54	)		—			(0.54	)		10.37		8.82			6,725		0.63			1.03			4.94			89
Year ended 10/31/13		10.84		0.53		(0.58	)		(0.05	)		(0.58	)		(0.16	)		(0.74	)		10.05		(0.57	)		7,409		0.63			0.97			5.08			86
Class R5
Six months ended 04/30/18		11.01		0.29		(0.50	)		(0.21	)		(0.29	)		(0.09	)		(0.38	)		10.42		(1.93	)		30		0.59	(d)		0.64	(d)		5.41	(d)		29
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
Year ended 10/31/14		10.05		0.50		0.36			0.86			(0.54	)		—			(0.54	)		10.37		8.82			10		0.63			0.90			4.94			89
Year ended 10/31/13		10.84		0.54		(0.59	)		(0.05	)		(0.58	)		(0.16	)		(0.74	)		10.05		(0.57	)		10		0.63			0.90			5.08			86
Class R6
Six months ended 04/30/18		11.01		0.29		(0.50	)		(0.21	)		(0.29	)		(0.09	)		(0.38	)		10.42		(1.93	)		65,648		0.60	(d)		0.62	(d)		5.40	(d)		29
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
Year ended 10/31/14		10.04		0.50		0.37			0.87			(0.54	)		—			(0.54	)		10.37		8.93			51,057		0.63			0.90			4.94			89
Year ended 10/31/13		10.84		0.53		(0.59	)		(0.06	)		(0.58	)		(0.16	)		(0.74	)		10.04		(0.67	)		171,140		0.63			0.85			5.08			86

^(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 $175,194, $84,163, $1,926, $337,863, $30 and $62,397 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

35                         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, 2017 through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	979.50	$	4.12	$	1,020.63	$	4.21		0.84	%
C		1,000.00		975.70		7.79		1,016.91		7.95		1.59
R		1,000.00		978.20		5.35		1,019.39		5.46		1.09
Y		1,000.00		980.70		2.90		1,021.87		2.96		0.59
R5		1,000.00		980.70		2.90		1,021.87		2.96		0.59
R6		1,000.00		980.70		2.95		1,021.82		3.01		0.60

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

36                         Invesco Multi-Asset Income Fund

Distribution Information

Correction notice

The following table sets forth on a per share basis the distribution that was paid in January 2018. Included in the table is a written statement of the sources of the distribution on a generally accepted accounting principles (“GAAP”) basis.

		Net Income		Gain from Sale of Securities		Return of Principal		Total Distribution
01/18/2018	Class A	$	0.0328	$	0.000	$	0.0071	$	0.0399
01/18/2018	Class C	$	0.0259	$	0.000	$	0.0071	$	0.0330
01/18/2018	Class R	$	0.0305	$	0.000	$	0.0071	$	0.0376
01/18/2018	Class Y	$	0.0351	$	0.000	$	0.0071	$	0.0422
01/18/2018	Class R5	$	0.0351	$	0.000	$	0.0071	$	0.0422
01/18/2018	Class R6	$	0.0351	$	0.000	$	0.0071	$	0.0422

The following table sets forth on a per share basis the distribution that was paid in February 2018. Included in the table is a written statement of the sources of the distribution on a generally accepted accounting principles (“GAAP”) basis.

		Net Income		Gain from Sale of Securities		Return of Principal		Total Distribution
02/15/2018	Class A	$	0.0277	$	0.000	$	0.0122	$	0.0399
02/15/2018	Class C	$	0.0209	$	0.000	$	0.0122	$	0.0331
02/15/2018	Class R	$	0.0254	$	0.000	$	0.0122	$	0.0376
02/15/2018	Class Y	$	0.0300	$	0.000	$	0.0122	$	0.0422
02/15/2018	Class R5	$	0.0300	$	0.000	$	0.0122	$	0.0422
02/15/2018	Class R6	$	0.0300	$	0.000	$	0.0122	$	0.0422

The following table sets forth on a per share basis the distribution that was paid in April 2018. Included in the table is a written statement of the sources of the distribution on a generally accepted accounting principles (“GAAP”) basis.

		Net Income		Gain from Sale of Securities		Return of Principal		Total Distribution
04/19/2018	Class A	$	0.0188	$	0.000	$	0.0211	$	0.0399
04/19/2018	Class C	$	0.0123	$	0.000	$	0.0211	$	0.0344
04/19/2018	Class R	$	0.0167	$	0.000	$	0.0211	$	0.0378
04/19/2018	Class Y	$	0.0210	$	0.000	$	0.0211	$	0.0421
04/19/2018	Class R5	$	0.0210	$	0.000	$	0.0211	$	0.0421
04/19/2018	Class R6	$	0.0210	$	0.000	$	0.0211	$	0.0421

Please note that the information in the preceding chart is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for federal income tax purposes. This Notice is sent to comply with certain Securities and Exchange Commission requirements.

37                         Invesco Multi-Asset Income 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.

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 house-hold, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin send-ing 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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.    

SEC file numbers: 811-05426 and 033-19338                      Invesco Distributors, Inc.                                                                                      MAIN-SAR-1            06142018      0954

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Pacific Growth Fund
	Nasdaq:
	A: TGRAX  ∎  C: TGRCX  ∎  R: TGRRX  ∎  Y: TGRDX  ∎  R5: TGRSX  ∎  R6: TGRUX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	4.04	%
Class C Shares	3.67
Class R Shares	3.91
Class Y Shares	4.18
Class R5 Shares	4.17
Class R6 Shares	4.17
MSCI EAFE Index▼ (Broad Market Index)	3.41
MSCI All Country Asia Pacific Index▼ (Style-Specific Index)	4.58
Lipper Pacific Region Funds Index∎ (Peer Group Index)	4.15
Source(s): ▼FactSet Research Systems, Inc.; ∎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 All Country Asia Pacific Index is an unmanaged index considered representative of Asia Pacific region stock markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Lipper Pacific Region Funds Index is an unmanaged index considered representative of Pacific 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.

2                      Invesco Pacific Growth Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	3.18	%
10 Years	3.50
5 Years	7.40
1 Year	19.05
Class C Shares
Inception (7/28/97)	2.71	%
10 Years	3.33
5 Years	7.81
1 Year	24.02
Class R Shares
Inception (3/31/08)	4.38	%
10 Years	3.82
5 Years	8.32
1 Year	25.65
Class Y Shares
Inception (7/28/97)	3.72	%
10 Years	4.36
5 Years	8.89
1 Year	26.31
Class R5 Shares
10 Years	4.36	%
5 Years	9.01
1 Year	26.35
Class R6 Shares
10 Years	4.12	%
5 Years	8.68
1 Year	26.35

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 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.

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	3.25	%
10 Years	4.22
5 Years	8.73
1 Year	24.05
Class C Shares
Inception (7/28/97)	2.79	%
10 Years	4.04
5 Years	9.16
1 Year	29.27
Class R Shares
Inception (3/31/08)	4.54	%
10 Years	4.54
5 Years	9.68
1 Year	30.95
Class Y Shares
Inception (7/28/97)	3.79	%
10 Years	5.09
5 Years	10.25
1 Year	31.59
Class R5 Shares
10 Years	5.08	%
5 Years	10.38
1 Year	31.71
Class R6 Shares
10 Years	4.84	%
5 Years	10.04
1 Year	31.67

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

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.75%, 2.49%, 2.00%, 1.50%, 1.42% and 1.42%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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.

3                      Invesco Pacific Growth Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Pacific Growth Fund

Schedule of Investments

April 30, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.83%
Australia–4.72%
Cochlear Ltd.		8,261	$	1,202,079
Commonwealth Bank of Australia		484		26,075
National Australia Bank Ltd.		30,256		657,038
Orora Ltd.		838,156		2,101,954
Treasury Wine Estates Ltd.		133,597		1,904,516
				5,891,662
China–14.20%
Baidu, Inc.–ADR(a)		8,820		2,212,938
China Animal Healthcare Ltd.(a)(b)		349,000		26,233
China Construction Bank Corp.–Class H		2,316,000		2,428,632
China Vanke Co., Ltd.–Class H		243,000		1,008,061
Ping An Insurance (Group) Co. of China Ltd.–Class H		237,000		2,314,633
Tencent Holdings Ltd.		162,400		7,973,319
Yum China Holdings, Inc.		20,611		881,326
ZTE Corp.–Class H(a)(b)		329,000		861,221
				17,706,363
Hong Kong–2.91%
AIA Group Ltd.		213,400		1,905,284
Henderson Land Development Co. Ltd.		121		767
Hong Kong Exchanges & Clearing Ltd.		53,300		1,727,677
				3,633,728
India–7.79%
Bajaj Finance Ltd.		83,463		2,383,218
Britannia Industries Ltd.		33,795		2,785,361
Eicher Motors Ltd.		3,724		1,734,291
Maruti Suzuki India Ltd.		21,270		2,798,435
Praxis Home Retail Ltd.(a)		3,491		14,936
				9,716,241
Indonesia–1.34%
PT Unilever Indonesia Tbk		502,300		1,669,689
Japan–49.41%
Aida Engineering, Ltd.		149,500		1,751,825
Daikin Industries, Ltd.		24,100		2,819,364
Daiwa House Industry Co., Ltd.		61,500		2,255,900
Fukushima Industries Corp.		57,600		2,672,807
H.I.S. Co., Ltd.		71,800		2,630,434
Hitachi High-Technologies Corp.		45,900		2,138,335
K’s Holdings Corp.		136,200		1,967,042
Kakaku.com, Inc.		142,600		2,719,045
Komatsu Ltd.		83,400		2,849,123
Konoike Transport Co., Ltd.		126,300		2,207,192
Mitsubishi Corp.		88,900		2,458,945
Nidec Corp.		18,900		2,958,867
Nifco Inc.		74,400		2,616,000

	Shares		Value
Japan–(continued)
Omron Corp.		42,800	$	2,315,534
Otsuka Corp.		58,200		2,707,595
Paltac Corp.		44,500		2,226,826
Persol Holdings Co., Ltd.		61,100		1,451,352
Pilot Corp.		32,600		1,778,460
Recruit Holdings Co., Ltd.		92,400		2,128,096
Resorttrust, Inc.		113,100		2,335,052
SCSK Corp.		45,100		1,929,677
Sekisui Chemical Co., Ltd.		123,400		2,189,865
Seria Co., Ltd.		10,100		495,207
Sompo Holdings, Inc.		78,200		3,279,686
Sumitomo Metal Mining Co., Ltd.		48,900		2,083,754
Yamaha Motor Co., Ltd.		83,500		2,662,009
Yaskawa Electric Corp.		49,300		2,012,012
				61,640,004
Philippines–1.18%
Ayala Corp.		78,980		1,468,016
South Korea–9.08%
AMOREPACIFIC Group		13,299		1,771,924
BGF Retail Co., Ltd.		6,005		1,073,848
BGF Co., Ltd.		11,209		133,284
NAVER Corp.		2,206		1,471,597
Nongshim Co., Ltd.		2,864		866,277
Ottogi Corp.		1,079		799,240
Samsung Electronics Co., Ltd.		2,102		5,215,393
				11,331,563
Taiwan–5.11%
Taiwan Semiconductor Manufacturing Co. Ltd.		841,143		6,372,276
Thailand–1.09%
Siam Cement PCL (The)		92,200		1,361,860
Total Common Stocks & Other Equity Interests (Cost $94,827,001)				120,791,402
Money Market Funds–1.18%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(c)		514,884		514,884
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(c)		367,741		367,777
Invesco Treasury Portfolio–Institutional Class, 1.62%(c)		588,439		588,439
Total Money Market Funds (Cost $1,471,078)				1,471,100
TOTAL INVESTMENTS IN SECURITIES–98.01% (Cost $96,298,079)				122,262,502
OTHER ASSETS LESS LIABILITIES–1.99%				2,480,982
NET ASSETS–100.00%			$	124,743,484

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

5                         Invesco Pacific Growth Fund

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Non-income producing security.

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

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2018

Information Technology	30.4	%
Industrials	20.0
Consumer Discretionary	16.7
Financials	13.0
Consumer Staples	8.7
Materials	4.4
Real Estate	2.6
Health Care	1.0
Money Market Funds Plus Other Assets Less Liabilities	3.2

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

6                         Invesco Pacific Growth Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $94,827,001)	$	120,791,402
Investments in affiliated money market funds, at value (Cost $1,471,078)		1,471,100
Foreign currencies, at value (Cost $1,360,487)		1,349,411
Receivable for:
Investments sold		750,323
Fund shares sold		102,531
Dividends		580,932
Investment for trustee deferred compensation and retirement plans		44,247
Other assets		57,057
Total assets		125,147,003
Liabilities:
Payable for:
Fund shares reacquired		89,821
Accrued foreign taxes		97,073
Accrued fees to affiliates		54,082
Accrued trustees’ and officers’ fees and benefits		1,578
Accrued other operating expenses		65,803
Trustee deferred compensation and retirement plans		95,162
Total liabilities		403,519
Net assets applicable to shares outstanding	$	124,743,484
Net assets consist of:
Shares of beneficial interest	$	94,917,521
Undistributed net investment income		392,976
Undistributed net realized gain		3,495,994
Net unrealized appreciation		25,936,993
	$	124,743,484

Net Assets:
Class A	$	87,596,711
Class C	$	7,960,931
Class R	$	430,211
Class Y	$	22,020,283
Class R5	$	18,679
Class R6	$	6,716,669
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,504,451
Class C		247,099
Class R		12,458
Class Y		617,601
Class R5		523
Class R6		188,057
Class A:
Net asset value per share	$	34.98
Maximum offering price per share
(Net asset value of $34.98 ¸ 94.50%)	$	37.02
Class C:
Net asset value and offering price per share	$	32.22
Class R:
Net asset value and offering price per share	$	34.53
Class Y:
Net asset value and offering price per share	$	35.65
Class R5:
Net asset value and offering price per share	$	35.72
Class R6:
Net asset value and offering price per share	$	35.72

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

7                         Invesco Pacific Growth Fund

Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $87,226)	$	1,594,568
Dividends from affiliated money market funds (includes securities lending income of $107)		19,670
Total investment income		1,614,238
Expenses:
Advisory fees		520,820
Administrative services fees		24,795
Custodian fees		45,694
Distribution fees:
Class A		106,637
Class B		274
Class C		36,467
Class R		967
Transfer agent fees — A, B, C, R and Y		60,187
Transfer agent fees — R6		328
Trustees’ and officers’ fees and benefits		13,069
Registration and filing fees		54,494
Reports to shareholders		13,978
Professional services fees		35,256
Other		7,662
Total expenses		920,628
Less: Fees waived and expense offset arrangement(s)		(2,704	)
Net expenses		917,924
Net investment income		696,314
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		3,610,301
Foreign currencies		(85,772	)
		3,524,529
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $35,639)		(474,907	)
Foreign currencies		(24,934	)
		(499,841	)
Net realized and unrealized gain		3,024,688
Net increase in net assets resulting from operations	$	3,721,002

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

8                         Invesco Pacific Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income (loss)	$	696,314		$	(270,807	)
Net realized gain		3,524,529			7,457,880
Change in net unrealized appreciation (depreciation)		(499,841	)		14,019,025
Net increase in net assets resulting from operations		3,721,002			21,206,098
Distributions to shareholders from net investment income:
Class A		—			(127,208	)
Class Y		—			(33,986	)
Class R5		—			(79	)
Total distributions from net investment income		—			(161,273	)
Share transactions–net:
Class A		4,141,954			(1,865,239	)
Class B		(127,047	)		(39,194	)
Class C		2,305,630			(95,579	)
Class R		136,993			(18,654	)
Class Y		2,670,936			5,284,080
Class R6		7,107,326			10,005
Net increase in net assets resulting from share transactions		16,235,792			3,275,419
Net increase in net assets		19,956,794			24,320,244
Net assets:
Beginning of period		104,786,690			80,466,446
End of period (includes undistributed net investment income (loss) of $392,976 and $(303,338), respectively)	$	124,743,484		$	104,786,690

Notes to Financial Statements

April 30, 2018

(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 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. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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

9                         Invesco Pacific Growth Fund

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 economic conditions, interest rates, investor perceptions 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. 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

10                         Invesco Pacific Growth Fund

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 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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

I. Securities Lending — The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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 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.

11                         Invesco Pacific Growth Fund

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

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.

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		0.87%
Next $1 billion		0.82%
Over $2 billion		0.77%

For the six months ended April 30, 2018, the effective advisory fees 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, 2019, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 3.00% of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits 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, 2020, 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, 2018, the Adviser waived advisory fees of $2,011.

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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2018, 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. Prior to their conversion to Class A shares, the Fund paid an annual rate of 1.00% of the average daily net assets of Class B shares. The fees are accrued daily and paid monthly.

For the six months ended April 30, 2018, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

12                         Invesco Pacific Growth Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2018, IDI advised the Fund that IDI retained $20,982 in front-end sales commissions from the sale of Class A shares and $20 and $41 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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were transfers from Level 1 to Level 2 of $32,820,078, due to foreign fair value adjustments and from Level 2 to Level 1 of $8,961,308, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	—	$	5,891,662	$	—	$	5,891,662
China		3,094,264		13,724,645		887,454		17,706,363
Hong Kong		—		3,633,728		—		3,633,728
India		14,936		9,701,305		—		9,716,241
Indonesia		—		1,669,689		—		1,669,689
Japan		9,323,231		52,316,773		—		61,640,004
Philippines				1,468,016				1,468,016
South Korea		1,207,132		10,124,431		—		11,331,563
Taiwan		—		6,372,276		—		6,372,276
Thailand		—		1,361,860		—		1,361,860
Money Market Funds		1,471,100		—		—		1,471,100
Total Investments	$	15,110,663	$	106,264,385	$	887,454	$	122,262,502

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $693.

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.

13                         Invesco Pacific Growth Fund

NOTE 6—Cash Balances

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

NOTE 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 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 does not have a capital loss carryforward as of October 31, 2017.

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, 2018 was $30,347,899 and $14,914,001, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	28,292,453
Aggregate unrealized (depreciation) of investments		(2,356,565	)
Net unrealized appreciation of investments	$	25,935,888

Cost of investments for tax purposes is $96,326,614.

14                         Invesco Pacific Growth Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		330,032		$	11,735,426			290,634		$	8,440,185
Class B(b)		61			2,081			729			18,298
Class C		100,236			3,319,391			26,250			727,646
Class R		6,345			221,900			3,293			94,438
Class Y		354,514			12,934,516			511,747			15,124,117
Class R6(c)		193,914			7,333,525			363			10,005
Issued as reinvestment of dividends:
Class A		—			—			4,418			109,144
Class Y		—			—			1,176			29,500
Conversion of Class B shares to Class A shares:(d)
Class A		3,073			116,562			1,408			40,737
Class B		(3,339	)		(116,562	)		(1,522	)		(40,737	)
Reacquired:
Class A		(217,081	)		(7,710,034	)		(382,697	)		(10,455,305	)
Class B(b)		(381	)		(12,566	)		(716	)		(16,755	)
Class C		(31,156	)		(1,013,761	)		(31,304	)		(823,225	)
Class R		(2,409	)		(84,907	)		(4,061	)		(113,092	)
Class Y		(277,380	)		(10,263,580	)		(364,417	)		(9,869,537	)
Class R6		(6,220	)		(226,199	)		—			—
Net increase in share activity		450,209		$	16,235,792			55,301		$	3,275,419

^(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.

^(b)  Class B shares activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Commencement date of April 4, 2017.

^(d)  Effective as of close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

15                         Invesco Pacific Growth Fund

NOTE 10—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	33.63	$	0.20	(d)	$	1.15		$	1.35		$	—		$	34.98		4.01	%	$	87,597		1.54	%(e)(f)		1.54	%(e)(f)		1.16	%(d)(e)(f)		13	%
Year ended 10/31/17		26.31		(0.09	)		7.46			7.37			(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	)		24.03		(1.84	)		66,599		1.78			1.78			0.21			137
Year ended 10/31/14		23.90		0.14			0.82			0.96			(0.35	)		24.51		4.10	(f)		73,457		1.77	(f)		1.77	(f)		0.60	(f)		63
Year ended 10/31/13		20.05		0.12			3.83			3.95			(0.10	)		23.90		19.76			79,672		1.81			1.81			0.56			87
Class B
Six months ended 04/30/18(g)		31.02		0.03	(d)		3.88			3.91			—			34.93		12.60			—		2.30	(e)		2.30	(e)		0.40	(d)(e)		13
Year ended 10/31/17		24.40		(0.28	)		6.90			6.62			—			31.02		27.13			114		2.50			2.50			(1.07	)		59
Year ended 10/31/16		22.46		(0.13	)		2.07			1.94			—			24.40		8.64			126		2.39			2.39			(0.58	)		31
Year ended 10/31/15		23.05		(0.12	)		(0.47	)		(0.59	)		—			22.46		(2.56	)		272		2.53			2.53			(0.54	)		137
Year ended 10/31/14		22.49		(0.04	)		0.77			0.73			(0.17	)		23.05		3.28			480		2.53			2.53			(0.16	)		63
Year ended 10/31/13		18.92		(0.04	)		3.61			3.57			—			22.49		18.87			889		2.56			2.56			(0.19	)		87
Class C
Six months ended 04/30/18		31.09		0.07	(d)		1.06			1.13			—			32.22		3.64			7,961		2.30	(e)		2.30	(e)		0.40	(d)(e)		13
Year ended 10/31/17		24.46		(0.28	)		6.91			6.63			—			31.09		27.11	(h)		5,535		2.49	(h)		2.49	(h)		(1.06	)(h)		59
Year ended 10/31/16		22.50		(0.13	)		2.09			1.96			—			24.46		8.71	(h)		4,477		2.37	(h)		2.37	(h)		(0.56	)(h)		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
Year ended 10/31/14		22.53		(0.03	)		0.76			0.73			(0.17	)		23.09		3.28	(h)		4,638		2.52	(h)		2.52	(h)		(0.15	)(h)		63
Year ended 10/31/13		18.95		(0.04	)		3.62			3.58			—			22.53		18.89			5,049		2.56			2.56			(0.19	)		87
Class R
Six months ended 04/30/18		33.24		0.16	(d)		1.13			1.29			—			34.53		3.88			430		1.80	(e)		1.80	(e)		0.90	(d)(e)		13
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
Year ended 10/31/14		23.74		0.08			0.80			0.88			(0.29	)		24.33		3.78			344		2.03			2.03			0.34			63
Year ended 10/31/13		19.93		0.07			3.80			3.87			(0.06	)		23.74		19.44			295		2.06			2.06			0.31			87
Class Y
Six months ended 04/30/18		34.24		0.25	(d)		1.16			1.41			—			35.65		4.12			22,020		1.30	(e)		1.30	(e)		1.40	(d)(e)		13
Year ended 10/31/17		26.79		(0.02	)		7.59			7.57			(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	)		24.41		(1.59	)		3,587		1.53			1.53			0.46			137
Year ended 10/31/14		24.28		0.20			0.82			1.02			(0.40	)		24.90		4.34			2,944		1.53			1.53			0.84			63
Year ended 10/31/13		20.37		0.18			3.88			4.06			(0.15	)		24.28		20.03			3,291		1.56			1.56			0.81			87
Class R5
Six months ended 04/30/18		34.29		0.27	(d)		1.16			1.43			—			35.72		4.17			19		1.22	(e)		1.22	(e)		1.48	(d)(e)		13
Year ended 10/31/17		26.84		0.00			7.60			7.60			(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	)		24.42		(1.47	)		13		1.39			1.39			0.60			137
Year ended 10/31/14		24.30		0.24			0.82			1.06			(0.44	)		24.92		4.48			13		1.37			1.37			1.00			63
Year ended 10/31/13		20.39		0.21			3.89			4.10			(0.19	)		24.30		20.23			13		1.43			1.43			0.94			87
Class R6
Six months ended 04/30/18		34.29		0.27	(d)		1.16			1.43			—			35.72		4.17			6,717		1.22	(e)		1.22	(e)		1.48	(d)(e)		13
Year ended 10/31/17(i)		27.48		0.00			6.81			6.81			—			34.29		24.78			12		1.39	(j)		1.39	(j)		0.04	(j)		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)  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, 2018. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.08 and 0.48%, $(0.09) and (0.28)%, $(0.05) and (0.28)%, $0.04 and 0.22%, $0.13 and 0.72%, $0.15 and 0.80%, and $0.15 and 0.80% for Class A, Class B, 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 $87,415, $115, $7,354, $390, $22,219, $19 and $3,269 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for Class A shares for the six months ended April 30, 2018 and the year ended October 31, 2014.

^(g)  Reflects activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

^(h)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.99%, 0.98% and 0.99% for Class C shares for the years ended October 31, 2017, 2016 and 2014, respectively.

⁽ⁱ⁾  Commencement date of April 4, 2017.

^(j)  Annualized.

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, 2017 through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,040.40	$	7.79	$	1,017.16	$	7.70		1.54	%
C		1,000.00		1,036.70		11.61		1,013.39		11.48		2.30
R		1,000.00		1,039.10		9.10		1,015.87		9.00		1.80
Y		1,000.00		1,041.80		6.58		1,018.35		6.51		1.30
R5		1,000.00		1,041.70		6.18		1,018.74		6.11		1.22
R6		1,000.00		1,041.70		6.18		1,018.74		6.11		1.22

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

17                         Invesco Pacific Growth 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

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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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.     

SEC file numbers: 811-05426 and 033-19338                                    Invesco Distributors, Inc.                                                      MS-PGRO-SAR-1                 06082018        1257

	Semiannual Report to Shareholders	April 30, 2018
	Invesco Select Companies Fund
	Nasdaq:
	A: ATIAX  ∎  C: ATICX  ∎  R: ATIRX  ∎  Y: ATIYX  ∎  R5: ATIIX  ∎  R6: ATISX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
7	Financial Statements
9	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	4.57	%
Class C Shares	4.15
Class R Shares	4.45
Class Y Shares	4.72
Class R5 Shares	4.77
Class R6 Shares	4.76
S&P 500 Index▼ (Broad Market Index)	3.82
Russell 2000 Index▼ (Style-Specific Index)	3.27
Lipper Small-Cap Core Funds Index∎ (Peer Group Index)	2.59
Source(s): ▼FactSet Research Systems Inc.; ∎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.

2                      Invesco Select Companies Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (11/4/03)	9.99	%
10 Years	10.34
5 Years	7.46
1 Year	4.41
Class C Shares
Inception (11/4/03)	9.60	%
10 Years	10.13
5 Years	7.87
1 Year	8.72
Class R Shares
Inception (4/30/04)	10.10	%
10 Years	10.69
5 Years	8.41
1 Year	10.24
Class Y Shares
10 Years	11.23	%
5 Years	8.96
1 Year	10.75
Class R5 Shares
Inception (4/30/04)	10.81	%
10 Years	11.38
5 Years	9.04
1 Year	10.87
Class R6 Shares
10 Years	11.01	%
5 Years	8.78
1 Year	10.97

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of 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 Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable 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

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (11/4/03)	10.19	%
10 Years	11.12
5 Years	8.02
1 Year	8.85
Class C Shares
Inception (11/4/03)	9.81	%
10 Years	10.92
5 Years	8.44
1 Year	13.33
Class R Shares
Inception (4/30/04)	10.32	%
10 Years	11.47
5 Years	8.98
1 Year	14.93
Class Y Shares
10 Years	12.01	%
5 Years	9.53
1 Year	15.44
Class R5 Shares
Inception (4/30/04)	11.02	%
10 Years	12.17
5 Years	9.61
1 Year	15.53
Class R6 Shares
10 Years	11.79	%
5 Years	9.33
1 Year	15.61

you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.28%, 2.03%, 1.53%, 1.03%, 0.93% and 0.85%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.29%, 2.04%, 1.54%, 1.04%, 0.94% and 0.86%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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. expenses.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2020. See current prospectus for more information.

3                      Invesco Select Companies Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco Select Companies Fund

Schedule of Investments^(a)

April 30, 2018

(Unaudited)

	Shares		Value
Common Stocks–91.20%
Airlines–4.92%
Spirit Airlines, Inc.(b)		621,810	$	22,211,053
Application Software–2.93%
Nuance Communications, Inc.(b)		899,784		13,244,821
Cable & Satellite–3.88%
Liberty Broadband Corp.–Class A(b)		249,022		17,551,071
Commodity Chemicals–2.67%
Chemtrade Logistics Income Fund (Canada)		1,045,784		12,081,465
Communications Equipment–5.94%
CommScope Holding Co., Inc.(b)		701,631		26,816,337
Consumer Finance–6.73%
Encore Capital Group, Inc.(b)		681,989		30,416,709
Data Processing & Outsourced Services–11.21%
Alliance Data Systems Corp.		59,127		12,005,737
Global Payments Inc.		192,765		21,792,083
Sabre Corp.		817,556		16,874,356
				50,672,176
Diversified Support Services–3.69%
Performant Financial Corp.(b)(c)		5,527,196		16,692,132
Electrical Components & Equipment–4.87%
Regal-Beloit Corp.		308,905		21,994,036
Environmental & Facilities Services–1.11%
Team, Inc.(b)		296,491		5,025,522
Health Care Supplies–3.42%
Cooper Cos., Inc. (The)		67,612		15,463,541
IT Consulting & Other Services–4.96%
Booz Allen Hamilton Holding Corp.		565,823		22,423,566
Life Sciences Tools & Services–4.73%
Charles River Laboratories International, Inc.(b)		205,310		21,391,249

	Shares		Value
Oil & Gas Equipment & Services–2.67%
ION Geophysical Corp.(b)		419,538	$	12,082,694
Oil & Gas Storage & Transportation–5.91%
GasLog Ltd. (Monaco)		1,585,397		26,713,939
Other Diversified Financial Services–0.00%
Brompton Corp. (Canada)(b)(d)		69,374		0
Publishing–5.07%
John Wiley & Sons, Inc.–Class A		347,440		22,913,668
Real Estate Services–4.26%
Colliers International Group Inc. (Canada)		283,272		19,244,490
Specialty Chemicals–4.57%
Axalta Coating Systems Ltd.(b)		668,706		20,663,015
Systems Software–2.76%
TiVo Corp.		879,815		12,449,382
Trading Companies & Distributors–4.90%
SiteOne Landscape Supply, Inc.(b)		322,911		22,119,404
Total Common Stocks (Cost $309,761,032)				412,170,270
Money Market Funds–8.93%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(e)		14,122,170		14,122,170
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(e)		10,085,400		10,086,409
Invesco Treasury Portfolio–Institutional Class, 1.62%(e)		16,139,622		16,139,622
Total Money Market Funds (Cost $40,348,131)				40,348,201
TOTAL INVESTMENTS IN SECURITIES–100.13% (Cost $350,109,163)				452,518,471
OTHER ASSETS LESS LIABILITIES–(0.13)%				(579,953	)
NET ASSETS–100.00%			$	451,938,518

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 company during the period. The Investment Company Act of 1940 defines an “affiliated person” as an issuance in 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 Investment Company Act of 1940) of that issuer. The value of this security as of April 30, 2018 represented 3.69% of the Fund’s Net Assets. See Note 4.

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

^(e)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

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

5                         Invesco Select Companies Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2018

Information Technology	27.8	%
Industrials	19.5
Consumer Discretionary	8.9
Energy	8.6
Health Care	8.2
Materials	7.2
Financials	6.7
Real Estate	4.3
Money Market Funds Plus Other Assets Less Liabilities	8.8

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

6                         Invesco Select Companies Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $265,302,917)	$	395,478,138
Investments in affiliates, at value (Cost $84,806,246)		57,040,333
Foreign currencies, at value (Cost $69,246)		69,214
Receivable for:
Fund shares sold		373,157
Dividends		126,611
Investment for trustee deferred compensation and retirement plans		157,870
Other assets		46,607
Total assets		453,291,930
Liabilities:
Payable for:
Fund shares reacquired		774,424
Accrued fees to affiliates		344,026
Accrued trustees’ and officers’ fees and benefits		1,888
Accrued other operating expenses		59,350
Trustee deferred compensation and retirement plans		173,724
Total liabilities		1,353,412
Net assets applicable to shares outstanding	$	451,938,518
Net assets consist of:
Shares of beneficial interest	$	364,338,231
Undistributed net investment income (loss)		(1,572,261	)
Undistributed net realized gain (loss)		(13,237,566	)
Net unrealized appreciation		102,410,114
	$	451,938,518

Net Assets:
Class A	$	244,615,982
Class C	$	71,386,077
Class R	$	18,910,312
Class Y	$	89,207,671
Class R5	$	27,169,188
Class R6	$	649,288
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		13,207,339
Class C		4,583,694
Class R		1,075,029
Class Y		4,689,718
Class R5		1,362,957
Class R6		32,539
Class A:
Net asset value per share	$	18.52
Maximum offering price per share
(Net asset value of $18.52 ¸ 94.50%)	$	19.60
Class C:
Net asset value and offering price per share	$	15.57
Class R:
Net asset value and offering price per share	$	17.59
Class Y:
Net asset value and offering price per share	$	19.02
Class R5:
Net asset value and offering price per share	$	19.93
Class R6:
Net asset value and offering price per share	$	19.95

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

7                         Invesco Select Companies Fund

Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $76,508)	$	2,060,031
Dividends from affiliates		220,635
Total investment income		2,280,666
Expenses:
Advisory fees		1,744,058
Administrative services fees		67,953
Custodian fees		11,624
Distribution fees:
Class A		316,087
Class B		2,712
Class C		415,799
Class R		53,390
Transfer agent fees — A, B, C, R and Y		413,071
Transfer agent fees — R5		14,520
Transfer agent fees — R6		29
Trustees’ and officers’ fees and benefits		14,026
Registration and filing fees		55,584
Reports to shareholders		30,265
Professional services fees		35,501
Other		9,698
Total expenses		3,184,317
Less: Fees waived and expense offset arrangement(s)		(22,310	)
Net expenses		3,162,007
Net investment income (loss)		(881,341	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(12,931,045	)
Foreign currencies		(11,605	)
		(12,942,650	)
Change in net unrealized appreciation of:
Investment securities		35,717,389
Foreign currencies		13,863
		35,731,252
Net realized and unrealized gain		22,788,602
Net increase in net assets resulting from operations	$	21,907,261

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

8                         Invesco Select Companies Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income (loss)	$	(881,341	)	$	(2,622,151	)
Net realized gain (loss)		(12,942,650	)		67,386,302
Change in net unrealized appreciation		35,731,252			59,567,310
Net increase in net assets resulting from operations		21,907,261			124,331,461
Distributions to shareholders from net realized gains:
Class A		(32,431,701	)		(11,477,261	)
Class B		(169,180	)		(93,782	)
Class C		(13,319,235	)		(4,283,225	)
Class R		(3,056,204	)		(1,126,806	)
Class Y		(10,068,006	)		(1,868,112	)
Class R5		(3,307,865	)		(1,176,563	)
Class R6		(1,367	)		—
Total distributions from net realized gains		(62,353,558	)		(20,025,749	)
Share transactions–net:
Class A		14,767,818			(109,707,186	)
Class B		(1,130,324	)		(1,432,978	)
Class C		(14,975,999	)		(22,745,157	)
Class R		(1,876,096	)		(12,166,848	)
Class Y		15,151,068			(18,922,200	)
Class R5		2,235,763			(12,357,659	)
Class R6		664,053			10,034
Net increase (decrease) in net assets resulting from share transactions		14,836,283			(177,321,994	)
Net increase (decrease) in net assets		(25,610,014	)		(73,016,282	)
Net assets:
Beginning of period		477,548,532			550,564,814
End of period (includes undistributed net investment income (loss) of $(1,572,261) and $(690,920), respectively)	$	451,938,518		$	477,548,532

Notes to Financial Statements

April 30, 2018

(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 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. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

Effective the open of business on October 17, 2016, the Fund re-opened public sales of its shares to all investors.

9                         Invesco Select Companies Fund

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 economic conditions, interest rates, investor perceptions 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. 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

10                         Invesco Select Companies Fund

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 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 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)

11                         Invesco Select Companies Fund

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 $250 million		0	.745%
Next $250 million		0	.73%
Next $500 million		0	.715%
Next $1.5 billion		0	.70%
Next $2.5 billion		0	.685%
Next $2.5 billion		0	.67%
Next $2.5 billion		0	.655%
Over $10 billion		0	.64%

For the six months ended April 30, 2018, the effective advisory fees 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, 2019, 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”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 2.75% of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee 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, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits 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, 2020, 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, 2018, the Adviser waived advisory fees of $18,544.

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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2018, 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. Prior to their conversion to Class A shares, the Fund paid an annual rate of 1.00% of the average daily net assets of Class B 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $12,070 in

12                         Invesco Select Companies Fund

front-end sales commissions from the sale of Class A shares and $33 and $198 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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were no material transfers between valuation levels.

	Level 1		Level 2		Level 3		Total
Common Stocks	$	412,170,270	$	—	$	0	$	412,170,270
Money Market Funds		40,348,201		—		—		40,348,201
Total Investments	$	452,518,471	$	—	$	0	$	452,518,471

NOTE 4—Investments in Other Affiliates

The 1940 Act defines an “affiliated person” as an issuance in 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 following is a summary of the investments in other affiliates (excluding affiliated money market funds) for the six months ended April 30, 2018.

	Value 10/31/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value 04/30/18		Dividend Income
ION Geographical Corp(a)	$	7,320,183	$	—	$	(8,687,010	)	$	54,811,123	$	(41,361,602	)	$	12,082,694	$	—
Performant Financial Corp.		10,280,585		—		—			6,411,547		—			16,692,132		—
Total	$	17,600,768	$	—	$	(8,687,010	)	$	61,222,670		(41,361,602	)	$	28,774,826	$	—

^(a)  As of April 30, 2017, this security is no longer considered as an affiliate of the 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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,766.

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.

13                         Invesco Select Companies Fund

NOTE 7—Cash Balances

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

NOTE 8—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 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 did not have a capital loss carryforward as of October 31, 2017.

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, 2018 was $7,819,691 and $64,942,086, 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	$	154,271,187
Aggregate unrealized (depreciation) of investments		(52,059,433	)
Net unrealized appreciation of investments	$	102,211,754

Cost of investments for tax purposes is $350,306,717.

14                         Invesco Select Companies Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		748,041		$	14,358,460			1,845,496		$	34,443,840
Class B(b)		778			12,773			2,943			48,034
Class C		105,963			1,722,757			408,324			6,540,411
Class R		96,608			1,779,214			253,977			4,586,806
Class Y		1,485,767			29,515,845			4,260,684			80,495,148
Class R5		203,767			4,168,965			331,743			6,615,166
Class R6(c)		37,034			766,564			508			10,034
Issued as reinvestment of dividends:
Class A		1,728,873			31,603,805			633,827			11,434,236
Class B(b)		10,306			159,223			5,839			91,796
Class C		847,400			13,066,901			270,789			4,248,675
Class R		175,781			3,055,075			65,096			1,126,806
Class Y		498,347			9,348,985			99,489			1,831,586
Class R5		167,857			3,298,381			61,424			1,176,274
Automatic conversion of Class B shares to Class A shares:(d)
Class A		57,801			1,120,189			55,745			1,070,373
Class B		(68,385	)		(1,120,189	)		(64,158	)		(1,070,373	)
Reacquired:
Class A		(1,675,076	)		(32,314,636	)		(8,433,372	)		(156,655,635	)
Class B(b)		(10,939	)		(182,131	)		(30,697	)		(502,435	)
Class C		(1,813,133	)		(29,765,657	)		(2,032,569	)		(33,534,243	)
Class R		(368,207	)		(6,710,385	)		(992,218	)		(17,880,460	)
Class Y		(1,176,990	)		(23,713,762	)		(5,247,516	)		(101,248,934	)
Class R5		(255,146	)		(5,231,583	)		(1,010,295	)		(20,149,099	)
Class R6		(5,003	)		(102,511	)		—			—
Net increase (decrease) in share activity		791,444		$	14,836,283			(9,514,941	)	$	(177,321,994	)

^(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)  Class B shares activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Commencement date of April 4, 2017.

^(d)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

15                         Invesco Select Companies Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	20.30	$	(0.03	)	$	0.92		$	0.89		$	—		$	(2.67	)	$	(2.67	)	$	18.52		4.57	%	$	244,616		1.26	%(d)		1.27	%(d)		(0.30	)%(d)		2	%
Year ended 10/31/17		16.72		(0.07	)		4.29			4.22			—			(0.64	)		(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	)		(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	)		(2.47	)		20.44		(10.79	)		475,536		1.17			1.20			(0.86	)		14
Year ended 10/31/14		23.95		(0.06	)		2.71			2.65			—			(1.13	)		(1.13	)		25.47		11.66			754,310		1.16			1.20			(0.28	)		10
Year ended 10/31/13		20.57		(0.12	)		4.95			4.83			(0.23	)		(1.22	)		(1.45	)		23.95		25.11			883,072		1.16			1.20			(0.55	)		19
Class B
Six months ended 04/30/18(e)		17.57		(0.04	)		1.51			1.47			—			(2.67	)		(2.67	)		16.37		9.28			—		2.01	(d)		2.02	(d)		(1.05	)(d)		2
Year ended 10/31/17		14.65		(0.19	)		3.75			3.56			—			(0.64	)		(0.64	)		17.57		24.80			1,199		2.02			2.03			(1.14	)		16
Year ended 10/31/16		18.59		(0.18	)		0.44			0.26			—			(4.20	)		(4.20	)		14.65		4.36			2,261		1.99			2.00			(1.28	)		20
Year ended 10/31/15		23.55		(0.33	)		(2.16	)		(2.49	)		—			(2.47	)		(2.47	)		18.59		(11.44	)		4,027		1.92			1.95			(1.61	)		14
Year ended 10/31/14		22.40		(0.23	)		2.51			2.28			—			(1.13	)		(1.13	)		23.55		10.77			9,039		1.91			1.95			(1.03	)		10
Year ended 10/31/13		19.32		(0.26	)		4.65			4.39			(0.09	)		(1.22	)		(1.31	)		22.40		24.22			11,551		1.91			1.95			(1.30	)		19
Class C
Six months ended 04/30/18		17.54		(0.09	)		0.79			0.70			—			(2.67	)		(2.67	)		15.57		4.15			71,386		2.01	(d)		2.02	(d)		(1.05	)(d)		2
Year ended 10/31/17		14.63		(0.19	)		3.74			3.55			—			(0.64	)		(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	)		(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	)		(2.47	)		18.57		(11.45	)		125,947		1.92			1.95			(1.61	)		14
Year ended 10/31/14		22.37		(0.23	)		2.52			2.29			—			(1.13	)		(1.13	)		23.53		10.83			180,853		1.91			1.95			(1.03	)		10
Year ended 10/31/13		19.30		(0.26	)		4.64			4.38			(0.09	)		(1.22	)		(1.31	)		22.37		24.19			182,221		1.91			1.95			(1.30	)		19
Class R
Six months ended 04/30/18		19.43		(0.05	)		0.88			0.83			—			(2.67	)		(2.67	)		17.59		4.45			18,910		1.51	(d)		1.52	(d)		(0.55	)(d)		2
Year ended 10/31/17		16.06		(0.11	)		4.12			4.01			—			(0.64	)		(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	)		(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	)		(2.47	)		19.86		(11.03	)		45,561		1.42			1.45			(1.11	)		14
Year ended 10/31/14		23.48		(0.12	)		2.65			2.53			—			(1.13	)		(1.13	)		24.88		11.37			70,177		1.41			1.45			(0.53	)		10
Year ended 10/31/13		20.19		(0.17	)		4.86			4.69			(0.18	)		(1.22	)		(1.40	)		23.48		24.83			76,385		1.41			1.45			(0.80	)		19
Class Y
Six months ended 04/30/18		20.75		(0.00	)		0.94			0.94			—			(2.67	)		(2.67	)		19.02		4.72			89,208		1.01	(d)		1.02	(d)		(0.05	)(d)		2
Year ended 10/31/17		17.04		(0.01	)		4.36			4.35			—			(0.64	)		(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	)		(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	)		(2.47	)		20.71		(10.56	)		147,927		0.92			0.95			(0.61	)		14
Year ended 10/31/14		24.11		(0.01	)		2.74			2.73			—			(1.13	)		(1.13	)		25.71		11.92			304,629		0.91			0.95			(0.03	)		10
Year ended 10/31/13		20.69		(0.06	)		4.98			4.92			(0.28	)		(1.22	)		(1.50	)		24.11		25.47			372,632		0.91			0.95			(0.30	)		19
Class R5
Six months ended 04/30/18		21.62		0.00			0.98			0.98			—			(2.67	)		(2.67	)		19.93		4.72			27,169		0.92	(d)		0.93	(d)		0.04	(d)		2
Year ended 10/31/17		17.71		(0.01	)		4.56			4.55			—			(0.64	)		(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	)		(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	)		(2.47	)		21.33		(10.47	)		51,659		0.85			0.88			(0.54	)		14
Year ended 10/31/14		24.69		0.01			2.81			2.82			—			(1.13	)		(1.13	)		26.38		12.01			66,042		0.84			0.88			0.04			10
Year ended 10/31/13		21.16		(0.05	)		5.10			5.05			(0.30	)		(1.22	)		(1.52	)		24.69		25.53			81,527		0.83			0.87			(0.22	)		19
Class R6
Six months ended 04/30/18		21.63		0.00			0.99			0.99			—			(2.67	)		(2.67	)		19.95		4.76			649		0.84	(d)		0.85	(d)		0.12	(d)		2
Year ended 10/31/17(f)		20.05		0.01			1.57			1.58			—			—			—			21.63		7.88			11		0.84	(g)		0.85	(g)		0.04	(g)		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 $254,963, $1,139, $83,849, $21,533, $86,127, $29,287 and $340 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Reflects activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

^(f)  Commencement date of April 4, 2017.

^(g)  Annualized.

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, 2017 through April 30, 2018.

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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,045.70	$	6.39	$	1,018.55	$	6.31		1.26	%
C		1,000.00		1,041.50		10.17		1,014.83		10.04		2.01
R		1,000.00		1,044.50		7.65		1,017.31		7.55		1.51
Y		1,000.00		1,047.20		5.13		1,019.79		5.06		1.01
R5		1,000.00		1,047.70		4.67		1,020.23		4.61		0.92
R6		1,000.00		1,047.60		4.26		1,020.63		4.21		0.84

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

17                         Invesco Select Companies 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.

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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.     

SEC file numbers: 811-05426 and 033-19338                     Invesco Distributors, Inc.                                                                                       SCO-SAR-1            06112018      1152

	Semiannual Report to Shareholders	April 30, 2018
	Invesco U.S. Managed Volatility Fund
	Nasdaq:
	R6: USMVX

2	Fund Performance
3	Letters to Shareholders
4	Schedule of Investments
11	Financial Statements
13	Notes to Financial Statements
17	Financial Highlights
18	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/18/17 (inception date) to 4/30/18
Class R6 Shares	-1.70	%
S&P 500 Index▼ (Broad Market Index)	-0.94
Invesco US Large Cap Index∎ (Style-Specific Index)	-0.81
Lipper S&P 500 Fund Index◆ (Peer Group Index)	-1.11
Source(s): ▼FactSet Research Systems Inc.; ∎RIMES Technologies 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.      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 index, if applicable, reflects fund expenses; performance of a market index does not.

Cumulative Total Returns
As of 4/30/18
Class R6 Shares
Inception (12/18/17)	-1.70%
Cumulative Total Returns
As of 3/31/18, the most recent calendar quarter end
Class R6 Shares
Inception (12/18/17)	-1.60%

The performance data quoted represent past performance and cannot guarantee comparable 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.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class R6 shares was 0.15%.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class R6 shares was 3.80%. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the distributor in effect through at least December 31, 2019. See current prospectus for more information.

2                      Invesco U.S. Managed Volatility Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

3                      Invesco U.S. Managed Volatility Fund

Schedule of Investments^(a)

April 30, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.76%
Advertising–0.08%
Omnicom Group Inc.		61	$	4,493
Aerospace & Defense–2.94%
Arconic Inc.		127		2,262
Boeing Co. (The)		155		51,702
General Dynamics Corp.		79		15,904
L3 Technologies, Inc.		21		4,113
Lockheed Martin Corp.		76		24,384
Northrop Grumman Corp.		46		14,814
Raytheon Co.		77		15,780
Rockwell Collins, Inc.		44		5,832
TransDigm Group, Inc.		13		4,167
United Technologies Corp.		214		25,712
				164,670
Agricultural & Farm Machinery–0.21%
Deere & Co.		88		11,909
Agricultural Products–0.17%
Archer-Daniels-Midland Co.		146		6,625
Bunge Ltd.		37		2,673
				9,298
Air Freight & Logistics–0.78%
C.H. Robinson Worldwide, Inc.		37		3,405
Expeditors International of Washington, Inc.		47		3,002
FedEx Corp.		66		16,315
United Parcel Service, Inc.–Class B		184		20,884
				43,606
Airlines–0.13%
American Airlines Group Inc.		32		1,374
Delta Air Lines, Inc.		47		2,454
Southwest Airlines Co.		39		2,061
United Continental Holdings Inc.(b)		19		1,283
				7,172
Alternative Carriers–0.09%
CenturyLink Inc.		286		5,314
Apparel Retail–0.47%
Gap, Inc. (The)		60		1,755
L Brands, Inc.		63		2,199
Ross Stores, Inc.		99		8,004
TJX Cos., Inc. (The)		168		14,255
				26,213
Apparel, Accessories & Luxury Goods–0.23%
Tapestry, Inc.		76		4,087
VF Corp.		106		8,572
				12,659

	Shares		Value
Application Software–1.35%
Adobe Systems Inc.(b)		131	$	29,030
Autodesk, Inc.(b)		59		7,428
Citrix Systems, Inc.(b)		33		3,396
Intuit Inc.		65		12,011
salesforce.com, inc.(b)		183		22,141
Snap Inc.–Class A(b)		112		1,605
				75,611
Asset Management & Custody Banks–1.22%
Ameriprise Financial, Inc.		39		5,468
Bank of New York Mellon Corp. (The)		266		14,500
BlackRock, Inc.		42		21,903
Franklin Resources, Inc.		86		2,893
Northern Trust Corp.		60		6,405
State Street Corp.		98		9,778
T. Rowe Price Group Inc.		64		7,285
				68,232
Auto Parts & Equipment–0.05%
BorgWarner, Inc.		56		2,741
Automobile Manufacturers–0.63%
Ford Motor Co.		1,043		11,723
General Motors Co.		371		13,630
Tesla, Inc.(b)		34		9,993
				35,346
Automotive Retail–0.23%
AutoZone, Inc.(b)		7		4,372
CarMax, Inc.(b)		48		3,000
O’Reilly Automotive, Inc.(b)		22		5,633
				13,005
Biotechnology–2.87%
AbbVie Inc.		426		41,130
Alexion Pharmaceuticals, Inc.(b)		59		6,940
Amgen Inc.		178		31,058
Biogen Inc.(b)		57		15,595
BioMarin Pharmaceutical Inc.(b)		47		3,925
Celgene Corp.(b)		192		16,723
Gilead Sciences, Inc.		348		25,136
Incyte Corp.(b)		56		3,469
Regeneron Pharmaceuticals, Inc.(b)		21		6,377
Vertex Pharmaceuticals Inc.(b)		68		10,415
				160,768
Brewers–0.07%
Molson Coors Brewing Co.–Class B		52		3,705

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

4                         Invesco U.S. Managed Volatility Fund

	Shares		Value
Broadcasting–0.12%
CBS Corp.–Class B		85	$	4,182
Discovery, Inc.–Class A(b)		96		2,270
				6,452
Cable & Satellite–1.14%
Charter Communications, Inc.–Class A(b)		46		12,479
Comcast Corp.–Class A		1,224		38,421
DISH Network Corp.–Class A(b)		59		1,980
Liberty Broadband Corp.–Class C(b)		46		3,261
Liberty Media Corp-Liberty SiriusXM -Series C(b)		129		5,374
Sirius XM Holdings Inc.		365		2,311
				63,826
Casinos & Gaming–0.29%
Las Vegas Sands Corp.		106		7,773
MGM Resorts International		136		4,273
Wynn Resorts Ltd.		22		4,096
				16,142
Communications Equipment–1.22%
Cisco Systems, Inc.		1,286		56,957
Juniper Networks, Inc.		90		2,213
Motorola Solutions, Inc.		43		4,723
Palo Alto Networks, Inc.(b)		24		4,620
				68,513
Computer & Electronics Retail–0.09%
Best Buy Co., Inc.		68		5,204
Construction Machinery & Heavy Trucks–0.64%
Caterpillar Inc.		160		23,097
Cummins Inc.		43		6,874
PACCAR Inc.		92		5,858
				35,829
Construction Materials–0.13%
Martin Marietta Materials, Inc.		17		3,311
Vulcan Materials Co.		35		3,909
				7,220
Consumer Finance–0.91%
Ally Financial Inc.		114		2,975
American Express Co.		232		22,910
Capital One Financial Corp.		129		11,690
Discover Financial Services		94		6,697
Synchrony Financial		203		6,734
				51,006
Copper–0.11%
Freeport-McMoRan Inc.		388		5,902
Data Processing & Outsourced Services–3.18%
Alliance Data Systems Corp.		14		2,843
Automatic Data Processing, Inc.		118		13,933
Fidelity National Information Services, Inc.		88		8,357

	Shares		Value
Data Processing & Outsourced Services–(continued)
Fiserv, Inc.(b)		110	$	7,795
FleetCor Technologies Inc.(b)		24		4,975
Mastercard Inc.–Class A		276		49,203
Paychex, Inc.		86		5,209
PayPal Holdings, Inc.(b)		305		22,756
Visa Inc.–Class A		479		60,775
Western Union Co. (The)		123		2,429
				178,275
Distillers & Vintners–0.26%
Brown-Forman Corp.–Class B		78		4,371
Constellation Brands, Inc.–Class A		44		10,258
				14,629
Distributors–0.06%
Genuine Parts Co.		39		3,444
Diversified Banks–5.55%
Bank of America Corp.		2,522		75,458
Citigroup Inc.		687		46,902
JPMorgan Chase & Co.		912		99,207
U.S. Bancorp		440		22,198
Wells Fargo & Co.		1,294		67,236
				311,001
Diversified Chemicals–0.70%
DowDuPont Inc.		625		39,525
Drug Retail–0.60%
CVS Health Corp.		271		18,924
Walgreens Boots Alliance, Inc.		222		14,752
				33,676
Electric Utilities–1.88%
American Electric Power Co., Inc.		132		9,237
Avangrid, Inc.		15		791
Duke Energy Corp.		187		14,990
Edison International		87		5,700
Entergy Corp.		48		3,916
Eversource Energy		84		5,061
Exelon Corp.		260		10,317
FirstEnergy Corp.		120		4,128
NextEra Energy, Inc.		126		20,653
PG&E Corp.		138		6,362
PPL Corp.		187		5,442
Southern Co. (The)		269		12,406
Xcel Energy, Inc.		136		6,370
				105,373
Electrical Components & Equipment–0.30%
Emerson Electric Co.		167		11,091
Rockwell Automation, Inc.		34		5,594
				16,685

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

5                         Invesco U.S. Managed Volatility Fund

	Shares		Value
Electronic Components–0.23%
Amphenol Corp.–Class A		81	$	6,780
Corning Inc.		233		6,296
				13,076
Environmental & Facilities Services–0.27%
Republic Services, Inc.		88		5,692
Waste Management, Inc.		115		9,348
				15,040
Fertilizers & Agricultural Chemicals–0.31%
Monsanto Co.		118		14,794
Mosaic Co. (The)		94		2,533
				17,327
Financial Exchanges & Data–0.89%
CME Group Inc.–Class A		91		14,349
Intercontinental Exchange, Inc.		153		11,086
Moody’s Corp.		51		8,272
S&P Global Inc.		68		12,825
Thomson Reuters Corp. (The) (Canada)		78		3,137
				49,669
Food Distributors–0.16%
Sysco Corp.		140		8,756
Food Retail–0.10%
Kroger Co. (The)		232		5,844
Footwear–0.41%
NIKE, Inc.–Class B		336		22,979
General Merchandise Stores–0.42%
Dollar General Corp.		72		6,950
Dollar Tree, Inc.(b)		62		5,945
Target Corp.		145		10,527
				23,422
Gold–0.10%
Newmont Mining Corp.		143		5,618
Health Care Distributors–0.38%
AmerisourceBergen Corp.		44		3,985
Cardinal Health, Inc.		84		5,390
Henry Schein, Inc.(b)		41		3,116
McKesson Corp.		55		8,592
				21,083
Health Care Equipment–2.27%
Abbott Laboratories		462		26,856
Baxter International Inc.		144		10,008
Becton, Dickinson and Co.		71		16,463
Boston Scientific Corp.(b)		367		10,540
Danaher Corp.		165		16,553
Edwards Lifesciences Corp.(b)		55		7,005
IDEXX Laboratories, Inc.(b)		23		4,473
Intuitive Surgical, Inc.(b)		30		13,223
Stryker Corp.		95		16,095

	Shares		Value
Health Care Equipment–(continued)
Zimmer Biomet Holdings, Inc.		54	$	6,219
				127,435
Health Care Facilities–0.12%
HCA Healthcare, Inc.		73		6,989
Health Care REITs–0.23%
HCP, Inc.		126		2,943
Ventas, Inc.		95		4,885
Welltower Inc.		99		5,291
				13,119
Health Care Services–0.40%
DaVita Inc.(b)		46		2,889
Express Scripts Holding Co.(b)		151		11,431
Laboratory Corp. of America Holdings(b)		27		4,610
Quest Diagnostics Inc.		36		3,643
				22,573
Health Care Supplies–0.05%
DENTSPLY SIRONA Inc.		61		3,071
Health Care Technology–0.09%
Cerner Corp.(b)		85		4,951
Home Entertainment Software–0.39%
Activision Blizzard, Inc.		191		12,673
Electronic Arts Inc.(b)		80		9,438
				22,111
Home Furnishings–0.06%
Mohawk Industries, Inc.(b)		17		3,568
Home Improvement Retail–1.35%
Home Depot, Inc. (The)		312		57,658
Lowe’s Cos., Inc.		221		18,217
				75,875
Hotel & Resort REITs–0.07%
Host Hotels & Resorts Inc.		195		3,814
Hotels, Resorts & Cruise Lines–0.51%
Carnival Corp.		108		6,810
Hilton Worldwide Holdings Inc.		80		6,307
Marriott International Inc.–Class A		78		10,661
Royal Caribbean Cruises Ltd.		46		4,977
				28,755
Household Appliances–0.05%
Whirlpool Corp.		19		2,944
Household Products–1.43%
Church & Dwight Co., Inc.		65		3,003
Clorox Co. (The)		35		4,102
Colgate-Palmolive Co.		233		15,199
Kimberly-Clark Corp.		93		9,629
Procter & Gamble Co. (The)		666		48,178
				80,111

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

6                         Invesco U.S. Managed Volatility Fund

	Shares		Value
Housewares & Specialties–0.06%
Newell Brands, Inc.		130	$	3,592
Hypermarkets & Super Centers–1.01%
Costco Wholesale Corp.		117		23,068
Walmart Inc.		381		33,703
				56,771
Industrial Conglomerates–1.77%
3M Co.		159		30,908
General Electric Co.		2,312		32,530
Honeywell International Inc.		198		28,647
Roper Technologies, Inc.		27		7,133
				99,218
Industrial Gases–0.38%
Air Products and Chemicals, Inc.		59		9,575
Praxair, Inc.		77		11,744
				21,319
Industrial Machinery–0.61%
Dover Corp.		40		3,708
Fortive Corp.		82		5,765
Illinois Tool Works Inc.		91		12,924
Parker-Hannifin Corp.		35		5,762
Stanley Black & Decker Inc.		41		5,805
				33,964
Industrial REITs–0.16%
Prologis, Inc.		142		9,217
Insurance Brokers–0.20%
Marsh & McLennan Cos., Inc.		135		11,003
Integrated Oil & Gas–2.99%
Chevron Corp.		511		63,931
Exxon Mobil Corp.		1,130		87,858
Occidental Petroleum Corp.		204		15,761
				167,550
Integrated Telecommunication Services–1.93%
AT&T Inc.		1,643		53,726
Verizon Communications Inc.		1,104		54,483
				108,209
Internet & Direct Marketing Retail–4.30%
Amazon.com, Inc.(b)		109		170,708
Booking Holdings Inc.(b)		13		28,314
Expedia Group, Inc.		32		3,685
Netflix Inc.(b)		113		35,308
Qurate Retail Group, Inc.–Class A(b)		140		3,277
				241,292
Internet Software & Services–5.15%
Akamai Technologies, Inc.(b)		44		3,153
Alphabet Inc.–Class A(b)		159		161,954
eBay Inc.(b)		247		9,356

	Shares		Value
Internet Software & Services–(continued)
Facebook, Inc.–Class A(b)		634	$	109,048
Twitter, Inc.(b)		176		5,335
				288,846
Investment Banking & Brokerage–1.19%
Charles Schwab Corp. (The)		320		17,818
Goldman Sachs Group, Inc. (The)		94		22,403
Morgan Stanley		362		18,687
TD Ameritrade Holding Corp.		138		8,016
				66,924
IT Consulting & Other Services–1.00%
Cognizant Technology Solutions Corp.–Class A		156		12,764
DXC Technology Co.		76		7,833
International Business Machines Corp.		246		35,660
				56,257
Life & Health Insurance–0.77%
Aflac, Inc.		204		9,296
Lincoln National Corp.		58		4,097
MetLife, Inc.		277		13,205
Principal Financial Group, Inc.		77		4,560
Prudential Financial, Inc.		113		12,014
				43,172
Life Sciences Tools & Services–0.88%
Agilent Technologies, Inc.		86		5,654
Illumina, Inc.(b)		39		9,396
IQVIA Holdings Inc.(b)		44		4,213
Mettler-Toledo International Inc.(b)		7		3,920
Thermo Fisher Scientific, Inc.		107		22,508
Waters Corp.(b)		20		3,768
				49,459
Managed Health Care–2.03%
Aetna Inc.		87		15,577
Anthem, Inc.		68		16,047
Cigna Corp.		64		10,997
Humana Inc.		35		10,296
UnitedHealth Group Inc.		257		60,755
				113,672
Metal & Glass Containers–0.07%
Ball Corp.		93		3,728
Mortgage REITs–0.06%
Annaly Capital Management, Inc.		311		3,225
Motorcycle Manufacturers–0.03%
Harley-Davidson, Inc.		45		1,851
Movies & Entertainment–1.44%
Time Warner Inc.		209		19,813
Twenty-First Century Fox, Inc.–Class A		485		17,732
Viacom Inc.–Class B		98		2,956

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

7                         Invesco U.S. Managed Volatility Fund

	Shares		Value
Movies & Entertainment–(continued)
Walt Disney Co. (The)		400	$	40,132
				80,633
Multi-Line Insurance–0.40%
American International Group, Inc.		241		13,496
Hartford Financial Services Group, Inc. (The)		95		5,115
Loews Corp.		71		3,724
				22,335
Multi-Sector Holdings–1.23%
Berkshire Hathaway Inc.–Class B(b)		357		69,162
Multi-Utilities–0.88%
Ameren Corp.		65		3,810
Consolidated Edison, Inc.		83		6,651
Dominion Energy, Inc.		174		11,582
DTE Energy Co.		48		5,059
NiSource Inc.		90		2,195
Public Service Enterprise Group Inc.		135		7,040
Sempra Energy		69		7,714
WEC Energy Group, Inc.		84		5,400
				49,451
Office REITs–0.14%
Boston Properties, Inc.		41		4,978
Vornado Realty Trust		46		3,129
				8,107
Oil & Gas Equipment & Services–0.82%
Baker Hughes, a GE Co.		114		4,116
Halliburton Co.		233		12,347
National Oilwell Varco Inc.		102		3,944
Schlumberger Ltd.		369		25,299
				45,706
Oil & Gas Exploration & Production–1.65%
Anadarko Petroleum Corp.		138		9,290
Apache Corp.		102		4,177
Cabot Oil & Gas Corp.		122		2,917
Concho Resources Inc.(b)		39		6,131
ConocoPhillips		309		20,240
Continental Resources, Inc.(b)		23		1,519
Devon Energy Corp.		137		4,977
EOG Resources, Inc.		154		18,198
EQT Corp.		68		3,413
Hess Corp.		75		4,274
Marathon Oil Corp.		228		4,161
Noble Energy, Inc.		131		4,432
Pioneer Natural Resources Co.		45		9,070
				92,799
Oil & Gas Refining & Marketing–0.64%
Marathon Petroleum Corp.		126		9,438
Phillips 66		122		13,580

	Shares		Value
Oil & Gas Refining & Marketing–(continued)
Valero Energy Corp.		116	$	12,868
				35,886
Oil & Gas Storage & Transportation–0.42%
Cheniere Energy, Inc.(b)		62		3,606
Kinder Morgan, Inc.		500		7,910
ONEOK, Inc.		108		6,504
Williams Cos., Inc. (The)		218		5,609
				23,629
Packaged Foods & Meats–1.17%
Campbell Soup Co.		53		2,161
Conagra Brands, Inc.		105		3,892
General Mills, Inc.		153		6,692
Hershey Co. (The)		40		3,678
Hormel Foods Corp.		142		5,148
JM Smucker Co. (The)		30		3,422
Kellogg Co.		92		5,419
Kraft Heinz Co. (The)		248		13,982
Mondelez International, Inc.–Class A		395		15,603
Tyson Foods, Inc.–Class A		79		5,538
				65,535
Paper Packaging–0.10%
International Paper Co.		110		5,672
Personal Products–0.20%
Coty Inc.–Class A(b)		120		2,082
Estee Lauder Cos. Inc. (The)–Class A		60		8,885
				10,967
Pharmaceuticals–4.44%
Bristol-Myers Squibb Co.		435		22,677
Eli Lilly and Co.		292		23,672
Johnson & Johnson		718		90,820
Merck & Co., Inc.		722		42,504
Pfizer Inc.		1,592		58,283
Zoetis Inc.		130		10,852
				248,808
Property & Casualty Insurance–0.58%
Allstate Corp. (The)		94		9,195
Markel Corp.(b)		4		4,520
Progressive Corp. (The)		155		9,345
Travelers Cos., Inc. (The)		72		9,475
				32,535
Railroads–0.99%
CSX Corp.		235		13,957
Kansas City Southern		27		2,879
Norfolk Southern Corp.		75		10,760
Union Pacific Corp.		210		28,062
				55,658

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

8                         Invesco U.S. Managed Volatility Fund

	Shares		Value
Regional Banks–1.27%
BB&T Corp.		205	$	10,824
Citizens Financial Group, Inc.		131		5,435
Fifth Third Bancorp		183		6,070
First Republic Bank		42		3,901
KeyCorp		283		5,637
M&T Bank Corp.		39		7,109
PNC Financial Services Group, Inc. (The)		125		18,201
Regions Financial Corp.		293		5,479
SunTrust Banks, Inc.		124		8,283
				70,939
Research & Consulting Services–0.20%
Equifax Inc.		32		3,586
Nielsen Holdings PLC		96		3,019
Verisk Analytics, Inc.–Class A(b)		44		4,684
				11,289
Residential REITs–0.29%
AvalonBay Communities, Inc.		37		6,031
Equity Residential		97		5,986
Essex Property Trust, Inc.		18		4,314
				16,331
Restaurants–1.27%
Chipotle Mexican Grill, Inc.(b)		7		2,963
McDonald’s Corp.		213		35,665
Starbucks Corp.		361		20,783
Yum China Holdings, Inc. (China)		95		4,062
Yum! Brands, Inc.		89		7,752
				71,225
Retail REITs–0.36%
GGP Inc.		171		3,418
Realty Income Corp.		76		3,839
Simon Property Group, Inc.		83		12,976
				20,233
Semiconductor Equipment–0.47%
Applied Materials, Inc.		276		13,709
KLA-Tencor Corp.		42		4,273
Lam Research Corp.		44		8,143
				26,125
Semiconductors–3.29%
Analog Devices, Inc.		100		8,735
Intel Corp.		1,252		64,628
Maxim Integrated Products, Inc.		75		4,088
Microchip Technology Inc.		61		5,103
Micron Technology, Inc.(b)		297		13,656
NVIDIA Corp.		147		33,060
QUALCOMM Inc.		397		20,251
Skyworks Solutions, Inc.		48		4,164
Texas Instruments Inc.		262		26,575
Xilinx, Inc.		69		4,433
				184,693

	Shares		Value
Soft Drinks–1.77%
Coca-Cola Co. (The)		1,133	$	48,957
Dr Pepper Snapple Group, Inc.		48		5,758
Monster Beverage Corp.(b)		111		6,105
PepsiCo, Inc.		379		38,256
				99,076
Specialized REITs–1.12%
American Tower Corp.–Class A		121		16,499
Crown Castle International Corp.		111		11,197
Digital Realty Trust, Inc.		55		5,813
Equinix, Inc.		21		8,837
Public Storage		40		8,071
SBA Communications Corp.–Class A(b)		31		4,967
Weyerhaeuser Co.		201		7,393
				62,777
Specialty Chemicals–0.49%
Ecolab Inc.		77		11,147
PPG Industries, Inc.		68		7,200
Sherwin-Williams Co. (The)		25		9,192
				27,539
Specialty Stores–0.07%
Ulta Beauty, Inc.(b)		15		3,764
Steel–0.09%
Nucor Corp.		85		5,238
Systems Software–4.54%
CA, Inc.		84		2,923
Dell Technologies Inc.–Class V(b)		52		3,732
Microsoft Corp.		2,026		189,472
Oracle Corp.		797		36,399
Red Hat, Inc.(b)		47		7,664
ServiceNow, Inc.(b)		46		7,642
Symantec Corp.		165		4,585
VMware, Inc.–Class A(b)		18		2,399
				254,816
Technology Hardware, Storage & Peripherals–4.44%
Apple Inc.		1,341		221,614
Hewlett Packard Enterprise Co.		421		7,178
HP Inc.		432		9,284
NetApp, Inc.		71		4,727
Western Digital Corp.		78		6,145
				248,948
Tobacco–1.11%
Altria Group, Inc.		508		28,504
Philip Morris International Inc.		414		33,948
				62,452
Trading Companies & Distributors–0.14%
Fastenal Co.		77		3,849
W.W. Grainger, Inc.		14		3,939
				7,788

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

9                         Invesco U.S. Managed Volatility Fund

	Shares		Value
Water Utilities–0.07%
American Water Works Co., Inc.		48	$	4,156
Wireless Telecommunication Services–0.09%
T-Mobile US, Inc.(b)		87		5,264
Total Common Stocks & Other Equity Interests (Cost $5,688,807)				5,594,379

	Shares		Value
Money Market Funds–0.15%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(c)		2,861	$	2,861
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(c)		2,043		2,044
Invesco Treasury Portfolio–Institutional Class, 1.62%(c)		3,269		3,269
Total Money Market Funds (Cost $8,173)				8,174
TOTAL INVESTMENTS IN SECURITIES–99.91% (Cost $5,696,980)				5,602,553
OTHER ASSETS LESS LIABILITIES–0.09%				5,044
NET ASSETS–100.00%			$	5,607,597

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) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2018

Information Technology	25.3	%
Financials	14.3
Health Care	13.5
Consumer Discretionary	13.4
Industrials	9.0
Consumer Staples	8.0
Energy	6.5
Utilities	2.8
Materials	2.5
Real Estate	2.4
Telecommunication Services	2.1
Money Market Funds Plus Other Assets Less Liabilities	0.2

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

10                         Invesco U.S. Managed Volatility Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $5,688,807)	$	5,594,379
Investments in affiliated money market funds, at value (Cost $8,173)		8,174
Receivable for:
Dividends		4,841
Fund expenses absorbed		37,761
Other assets		18,375
Total assets		5,663,530
Liabilities:
Payable for:
Accrued fees to affiliates		2,073
Accrued trustees’ and officers’ fees and benefits		1,466
Accrued other operating expenses		52,394
Total liabilities		55,933
Net assets applicable to shares outstanding	$	5,607,597

Net assets consist of:
Shares of beneficial interest	$	5,709,705
Undistributed net investment income		33,954
Undistributed net realized gain (loss)		(41,635	)
Net unrealized appreciation (depreciation)		(94,427	)
	$	5,607,597
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		570,419
Class R6:
Net asset value and offering price per share	$	9.83

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

11                         Invesco U.S. Managed Volatility Fund

Statement of Operations

For the period December 18, 2017 (commencement date) through April 30, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $4)	$	36,235
Dividends from affiliated money market funds		756
Total investment income		36,991
Expenses:
Advisory fees		2,073
Administrative services fees		18,356
Custodian fees		10,798
Transfer agent fees		2,073
Trustees’ and officers’ fees and benefits		7,351
Registration and filing fees		11,687
Reports to shareholders		9,520
Professional services fees		40,227
Other		6,600
Total expenses		108,685
Less: Fees waived and expenses reimbursed		(105,648	)
Net expenses		3,037
Net investment income		33,954
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(4,891	)
Futures contracts		(36,744	)
		(41,635	)
Change in net unrealized appreciation (depreciation) of investment securities		(94,427	)
Net realized and unrealized gain (loss)		(136,062	)
Net increase (decrease) in net assets resulting from operations	$	(102,108	)

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

12                         Invesco U.S. Managed Volatility Fund

Statement of Changes in Net Assets

For the period December 18, 2017 (commencement date) through April 30, 2018

(Unaudited)

	December 18, 2017 (commencement date) through April 30, 2018
Operations:
Net investment income	$	33,954
Net realized gain (loss)		(41,635	)
Change in net unrealized appreciation (depreciation)		(94,427	)
Net increase (decrease) in net assets resulting from operations		(102,108	)
Share transactions–net		5,709,705
Net increase in net assets		5,607,597
Net assets:
Beginning of period		—
End of period (includes undistributed net investment income of $33,954)	$	5,607,597

Notes to Financial Statements

April 30, 2018

(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 “Fund”). The Fund is organized as a Delaware statutory Fund 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

13                         Invesco U.S. Managed Volatility Fund

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 Fund’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 economic conditions, interest rates, investor perceptions 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. 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 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

14                         Invesco U.S. Managed Volatility Fund

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 Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund 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. 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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Fund 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 pays 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. (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 December 31, 2019, 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 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 December 31, 2019. 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. 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.

The Adviser has contractually agreed, through at least June 30, 2020, 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 period December 18, 2017 (commencement date) through April 30, 2018, the Adviser waived advisory fees of $103,575 and reimbursed class level expenses of $2,073 of Class R6 shares.

The Fund 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 period December 18, 2017 (commencement date) through April 30, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

The Fund 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 Fund’s Board of Trustees. For the period December 18, 2017 (commencement date) through April 30, 2018, the expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Fund 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 Fund are officers and directors of the Adviser, IIS and/or IDI.

15                         Invesco U.S. Managed Volatility Fund

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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, 2018, 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the period December 18, 2017 (commencement date) through April 30, 2018, there were no material transfers between valuation levels.

NOTE 4—Derivative Investments

Effect of Derivative Investments for the six months ended April 30, 2018

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	$	(36,744	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		—
Total	$	(36,744	)

The table below summarizes the two month average notional value of futures contracts outstanding during the period.

	Futures Contracts
Average notional value	$	6,996,940

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

NOTE 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

16                         Invesco U.S. Managed Volatility Fund

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.

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 period December 18, 2017 (commencement date) through April 30, 2018 was $5,898,286 and $204,054, respectively. In a fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	222,542
Aggregate unrealized (depreciation) of investments		(316,969	)
Net unrealized appreciation (depreciation) of investments	$	(94,427	)

Cost of investments is the same for tax and financial reporting purposes.

NOTE 9—Share Information

	Summary of Share Activity
	December 18, 2017 (commencement date) through April 30, 2018(a)
	Shares			Amount
Sold		579,061		$	5,800,298
Reacquired		(8,642	)		(90,593	)
Net increase in share activity		570,419		$	5,709,705

^(a) 88% of the outstanding shares of the Fund are owned by the Adviser.

NOTE 10—Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			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)
Period ended 04/30/18(d)	$	10.00	$	0.06	$	(0.23	)	$	(0.17	)	$	9.83		(1.70	)%	$	5,608		0.15	%(e)		5.25	%(e)		1.63	%(e)		4	%

^(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) Commencement date of December 18, 2017.

^(e) Ratios are annualized and based on average daily net assets (000’s omitted) of $5,646 for Class R6 shares.

17                         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. With the exception of the actual ending account value and expenses of the Class R6 shares, 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, 2017 through April 30, 2018. The actual ending account value and expenses of the Class R6 shares in the example below are based on an investment of $1,000 invested as of close of business December 18, 2017 (commencement date) and held through April 30, 2018.

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 (as of close of business December 18, 2017 through April 30, 2018 for the Class R6 shares). Because the actual ending account value and expense information in the example is not based upon a six month period for the Class R6 shares, the ending account value and expense information may not provide a meaningful comparison to mutual funds that provide such information for a full six month 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.

Class	Beginning Account Value (11/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2,3
R6	$	1,000.00	$	983.00	$	0.55	$	1,024.05	$	0.75		0.15	%

¹  The actual ending account value is based on the actual total return of the Fund for the period December 18, 2017 (commencement date) through April 30, 2018, 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  Actual expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 134 (as of close of business December 18, 2017 (commencement date) through April 30, 2018)/365. Because the Fund has not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to fund expense information of classes that show such data for a full six month period and, because the actual ending account value and expense information in the expense example covers a short time period, return and expense data may not be indicative of return and expense data for longer time periods.

³  Hypothetical expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect a one-half year period. The hypothetical ending account value and expenses may be used to compare ongoing costs of investing in the Fund and other funds because such data is based on a full six month period.

18                         Invesco U.S. Managed Volatility 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.

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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.     

SEC file numbers: 811-05426 and 033-19338                      Invesco Distributors, Inc.                                                                              USMGV-SAR-1            06202018           1009

	Semiannual Report to Shareholders	April 30, 2018
	Invesco World Bond Fund
	Nasdaq:
	A: AUBAX  ∎  C: AUBCX  ∎  Y: AUBYX  ∎  R5: AUBIX  ∎  R6: AUBFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
11	Financial Statements
13	Notes to Financial Statements
23	Financial Highlights
24	Fund Expenses
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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/17 to 4/30/18, 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	0.23	%
Class C Shares	-0.15
Class Y Shares	0.35
Class R5 Shares	0.26
Class R6 Shares	0.35
Bloomberg Barclays Global Aggregate Index▼ (Broad Market/Style-Specific Index)	1.19
Lipper Global Income Funds Index∎ (Peer Group Index)	0.58
Source(s): ▼FactSet Research Systems Inc.; ∎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.

2                      Invesco World Bond Fund

Average Annual Total Returns
As of 4/30/18, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	3.05	%
10 Years	1.61
5 Years	0.21
1 Year	-0.65
Class C Shares
Inception (3/31/06)	2.63	%
10 Years	1.28
5 Years	0.32
1 Year	1.95
Class Y Shares
10 Years	2.29	%
5 Years	1.32
1 Year	3.99
Class R5 Shares
Inception (3/31/06)	3.66	%
10 Years	2.29
5 Years	1.30
1 Year	3.89
Class R6 Shares
10 Years	2.19	%
5 Years	1.34
1 Year	3.98

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date

Average Annual Total Returns
As of 3/31/18, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	3.25	%
10 Years	1.45
5 Years	0.94
1 Year	2.63
Class C Shares
Inception (3/31/06)	2.84	%
10 Years	1.12
5 Years	1.07
1 Year	5.50
Class Y Shares
10 Years	2.12	%
5 Years	2.08
1 Year	7.47
Class R5 Shares
Inception (3/31/06)	3.87	%
10 Years	2.13
5 Years	2.06
1 Year	7.47
Class R6 Shares
10 Years	2.02	%
5 Years	2.08
1 Year	7.46

of this report for Class A, Class C, Class Y, Class R5 and Class R6 shares was 0.94%, 1.69%, 0.69%, 0.69% and 0.69%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class Y, Class R5 and Class R6 shares was 2.22%, 2.97%, 1.97%, 1.78%, and 1.78%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least February 28, 2019. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2020. See current prospectus for more information.

3                      Invesco World Bond Fund

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: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s

prospectus; 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.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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

Philip Taylor 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.     The investment professionals at Invesco invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     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.”

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

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

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

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

4                      Invesco World Bond Fund

Schedule of Investments

April 30, 2018

(Unaudited)

	Principal Amount		Value
Non U.S. Dollar Denominated Bonds & Notes–46.24%(a)
Argentina–0.50%
Provincia de Buenos Aires, REGS, Unsec. Floating Rate Bonds, 27.00% (BADLAR + 3.75%), 04/12/2025(b)(c)	ARS	3,055,000	$	150,417
Australia–2.33%
Australia Government Bond, REGS, Series 136, Sr. Unsec. Bonds, 4.75%, 04/21/2027(b)	AUD	800,000		698,003
Brazil–1.22%
Brazil Letras do Tesouro Nacional, Unsec. Bills, 0.00%, 01/01/2022(d)	BRL	1,740,000		366,695
Canada–1.77%
Canadian Government Bond, Sr. Unsec. Bonds, 2.00%, 06/01/2028	CAD	700,000		530,767
China–0.41%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC, Sr. Sec. Gtd. First Lien Bonds, 5.38%, 05/01/2023(b)	EUR	100,000		123,789
Dominican Republic–0.56%
Dominican Republic International Bond, Sr. Unsec. Notes, 8.90%, 02/15/2023(b)	DOP	8,000,000		167,234
Egypt–0.60%
Egypt Government International Bond, Sr. Unsec. Bonds, 5.63%, 04/16/2030(b)	EUR	151,000		180,526
France–1.85%
Orange S.A., REGS, Jr. Unsec. Sub. Euro Notes, 5.88%(b)(e)	GBP	200,000		306,444
TOTAL S.A., REGS, Jr. Unsec. Sub. Medium-Term Euro Notes, 2.63%(b)(e)	EUR	200,000		249,239
				555,683
Germany–0.65%
Volkswagen International Finance N.V., REGS, Jr. Unsec. Gtd. Sub. Euro Bonds, 3.88%(b)(e)	EUR	160,000		195,599
India–1.50%
Province of British Columbia, Sr. Unsec. Bonds, 6.60%, 01/09/2020(b)	INR	30,000,000		448,793

	Principal Amount		Value
Indonesia–3.85%
Indonesia Treasury Bond,
Series FR54, Sr. Unsec. Bonds,
9.50%, 07/15/2031	IDR	6,200,000,000	$	525,494
Series FR72, Sr. Unsec. Bonds,
8.25%, 05/15/2036	IDR	4,300,000,000		331,934
Series FR75, Sr. Unsec. Bonds,
7.50%, 05/15/2038	IDR	4,100,000,000		295,572
				1,153,000
Italy–1.52%
Italy Buoni Poliennali del Tesoro, REGS, Sr. Unsec. Euro Bonds, 2.80%, 03/01/2067(b)	EUR	400,000		456,194
Ivory Coast–0.43%
Ivory Coast Government International Bond, Sr. Unsec. Bonds, 5.13%, 06/15/2025(b)	EUR	100,000		127,935
Japan–3.90%
Japan Government Forty Year Bond, Series 9, Sr. Unsec. Bonds, 0.40%, 03/20/2056	JPY	150,000,000		1,169,909
Mexico–4.66%
Mexican Bonos, Series M, Sr. Unsec. Bonds, 7.75%, 11/13/2042	MXN	17,500,000		946,544
Petróleos Mexicanos, REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 2.75%, 04/21/2027(b)	EUR	400,000		451,257
				1,397,801
Netherlands–3.95%
Achmea B.V., Series 1, Jr. Unsec. Sub. Medium-Term Euro Notes, 6.00%(e)	EUR	500,000		633,444
Coöperatieve Rabobank U.A., REGS, Jr. Unsec. Sub. Euro Bonds, 5.50%(b)(e)	EUR	200,000		261,857
Rabobank Capital Funding Trust IV, REGS, Jr. Unsec. Sub. Gtd. Euro Bonds, 5.56%(b)(e)	GBP	200,000		288,607
				1,183,908
Peru–0.80%
Peru Government Bond, REGS, Sr. Unsec. Bonds, 6.15%, 08/12/2032(b)	PEN	737,000		238,389
Russia–1.00%
Russian Federal Bond — OFZ, Series 6218, Unsec. Bonds, 8.50%, 09/17/2031	RUB	17,000,000		298,359

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

5                         Invesco  World Bond Fund

	Principal Amount		Value
Senegal–1.20%
Senegal Government International Bond, Sr. Unsec. Bonds, 4.75%, 03/13/2028(b)	EUR	300,000	$	360,024
South Africa–2.08%
Republic of South Africa Government Bond, Unsec. Bonds, 8.75%, 02/28/2048	ZAR	8,000,000		622,393
Switzerland–0.90%
UBS Group AG, REGS, Jr. Unsec. Sub. Euro Bonds, 5.75%(b)(e)	EUR	200,000		270,880
United Kingdom–4.16%
Coventry Building Society (The), REGS, Jr. Unsec. Sub. Euro Bonds, 6.38%(b)(e)	GBP	280,000		401,106
Direct Line Insurance Group PLC, REGS, Unsec. Gtd. Sub. Euro Notes, 9.25%, 04/27/2042(b)	GBP	100,000		172,169
Nationwide Building Society, REGS, Jr. Unsec. Sub. Medium-Term Euro Notes, 6.88%(b)(e)	GBP	200,000		287,955
NGG Finance PLC, REGS, Unsec. Gtd. Sub. Euro Notes, 5.63%, 06/18/2073(b)	GBP	250,000		384,432
				1,245,662
United States–6.40%
Apple Inc., REGS, Sr. Unsec. Medium-Term Notes, 3.70%, 08/28/2022(b)	AUD	1,100,000		853,635
Goldman Sachs Group, Inc. (The), REGS, Sr. Unsec. Medium-Term DIP Notes, 5.00%, 08/08/2018(b)	AUD	600,000		454,764
MPT Operating Partnership, L.P./ MPT Finance Corp., Sr. Unsec. Gtd. Euro Bonds, 3.33%, 03/24/2025	EUR	100,000		124,045
Netflix, Inc., REGS, Sr. Unsec. Euro Notes, 3.63%, 05/15/2027(b)	EUR	200,000		240,656
Verizon Communications Inc., Sr. Unsec. Euro Notes, 2.88%, 01/15/2038	EUR	200,000		243,988
				1,917,088
Total Non U.S. Dollar Denominated Bonds & Notes (Cost $13,409,193)				13,859,048
U.S. Dollar Denominated Bonds & Notes –24.98%
Bahrain–0.67%
CBB International Sukuk Co. 7 S.P.C., Sr. Unsec. Notes, 6.88%, 10/05/2025(b)	$	200,000		200,174
Brazil–4.02%
Braskem Netherlands Finance B.V., Sr. Unsec. Gtd. Notes, 4.50%, 01/10/2028(b)		398,000		373,623
Petrobras Global Finance B.V., Sr. Unsec. Gtd. Global Notes, 5.75%, 02/01/2029		424,000		403,012

	Principal Amount		Value
Brazil–(continued)
Vrio Finco 1, LLC/ Vrio Finco 2 Inc., Sr. Sec. Gtd. Notes, 6.88%, 04/04/2028(b)	$	428,000	$	427,465
				1,204,100
Cayman Islands–0.60%
SPARC EM SPC Panama Metro Line 2 S.P., Sr. Sec. Gtd. Notes, 0.00%, 12/05/2022(b)(d)		200,000		179,000
Colombia–0.68%
Avianca Holdings S.A./ Avianca Leasing LLC/ Grupo Taca Holdings, REGS, Sr. Unsec. Gtd. Euro Notes, 8.38%, 05/10/2020(b)		200,000		204,500
Ireland–0.94%
AerCap Global Aviation Trust, Jr. Unsec. Gtd. Sub. Notes, 6.50%, 06/15/2045(b)		267,000		284,355
Lebanon–0.60%
Lebanon Government International Bond, REGS, Sr. Unsec. Euro Bonds, 7.25%, 03/23/2037(b)		200,000		178,468
Mexico–3.15%
Mexico City Airport Trust, REGS, Sr. Sec. Euro Bonds, 5.50%, 07/31/2047(b)		300,000		268,125
Petróleos Mexicanos,
Sr. Unsec. Gtd. Global Notes,
6.50%, 03/13/2027		233,000		240,980
Sr. Unsec. Gtd. Notes,
5.35%, 02/12/2028(b)		156,000		149,198
SixSigma Networks México, S.A. de C.V., REGS, Sr. Unsec. Gtd. Euro Notes, 8.25%, 11/07/2021(b)		89,000		92,783
Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R., Unsec. Sub. Notes, 8.88%(b)(e)		200,000		193,000
				944,086
Netherlands–1.03%
ING Groep N.V., Jr. Unsec. Sub. Global Notes, 6.50%(e)		300,000		309,540
Nigeria–1.36%
Nigeria Government International Bond, Sr. Unsec. Notes,
6.50%, 11/28/2027(b)		200,000		201,840
7.14%, 02/23/2030(b)		201,000		206,120
				407,960
Oman–1.31%
Oman Government International Bond, Sr. Unsec. Notes, 5.63%, 01/17/2028(b)		200,000		191,387
Oztel Holdings SPC Ltd., Sr. Sec. Gtd. Bonds, 6.63%, 04/24/2028(b)		206,000		201,237
				392,624

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

6                         Invesco  World Bond Fund

	Principal Amount		Value
Pakistan–0.97%
Third Pakistan International Sukuk Co. Ltd. (The), Sr. Unsec. Notes, 5.63%, 12/05/2022(b)	$	300,000	$	290,237
Ukraine–0.82%
MHP Lux S.A., Sr. Unsec. Gtd. Notes, 6.95%, 04/03/2026(b)		250,000		244,438
United Arab Emirates–0.66%
Abu Dhabi National Energy Co. PJSC, Sr. Unsec. Notes, 4.88%, 04/23/2030(b)		200,000		198,626
United States–5.55%
Cantor Fitzgerald, L.P., Unsec. Notes, 6.50%, 06/17/2022(b)		246,000		265,759
CVS Health Corp., Sr. Unsec. Global Notes, 4.78%, 03/25/2038		214,000		211,758
Energy Transfer Partners, L.P., Series B, Jr. Unsec. Sub. Global Notes, 6.63%(e)		281,000		266,269
Enterprise Products Operating LLC, Series E, Jr. Unsec. Sub. Gtd. Deb., 5.25%, 08/16/2077		215,000		207,795
Mattel, Inc., Sr. Unsec. Global Notes, 5.45%, 11/01/2041		200,000		163,000
Plains All American Pipeline, L.P., Series B, Jr. Unsec. Sub. Notes, 6.13%(e)		355,000		345,681
Southern Co. (The), Series B, Jr. Unsec. Sub. Global Notes, 5.50%, 03/15/2057		197,000		203,637
				1,663,899
Zambia–2.62%
First Quantum Minerals Ltd., Sr. Unsec. Gtd. Notes,
6.88%, 03/01/2026(b)		300,000		285,750
7.50%, 04/01/2025(b)		300,000		297,765
Zambia Government International Bond, REGS, Sr. Unsec. Euro Notes, 8.97%, 07/30/2027(b)		200,000		201,450
				784,965
Total U.S. Dollar Denominated Bonds & Notes (Cost $7,540,106)				7,486,972

	Principal Amount		Value
U.S. Treasury Securities–15.33%
U.S. Treasury Notes–12.40%
2.00%, 11/15/2026	$	4,000,000	$	3,715,703
U.S. Treasury Bonds–2.93%
3.00%, 02/15/2048		900,000		880,032
Total U.S. Treasury Securities (Cost $4,756,178)				4,595,735
	Shares
Preferred Stocks–1.51%
Wells Fargo & Co., Class A, Series L, $75.00 Conv. Pfd. (Cost $454,493)		353		452,055
	Principal Amount
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.30%
United States–0.30%
Freddie Mac Multifamily Securitization, Series K038, Class X1, IO, Variable Rate Pass Through Ctfs., 1.33%, 03/25/2024 (Cost $93,220)(f)	$	1,636,487		91,493
	Shares
Money Market Funds–1.41%
Invesco Government & Agency Portfolio–Institutional Class, 1.61%(g)		147,688		147,688
Invesco Liquid Assets Portfolio–Institutional Class, 1.85%(g)		105,369		105,380
Invesco Treasury Portfolio–Institutional Class, 1.62%(g)		168,786		168,786
Total Money Market Funds (Cost $421,839)				421,854
Options Purchased–0.21%
(Cost $65,208)(h)				62,246
TOTAL INVESTMENTS IN SECURITIES–89.98% (Cost $26,740,237)				26,969,403
OTHER ASSETS LESS LIABILITIES–10.02%				3,003,353
NET ASSETS–100.00%			$	29,972,756

Investment Abbreviations:

ARS	– Argentine peso
AUD	– Australian Dollar
BADLAR	– Buenos Aires Deposits of Large Amounts Rate
BRL	– Brazilian Real
CAD	– Canadian Dollar
Conv.	– Convertible
Ctfs.	– Certificates
Deb.	– Debentures
DIP	– Debtor-in-Possession
DOP	– Dominican Peso
EUR	– Euro
GBP	– British Pound Sterling
Gtd.	– Guaranteed
IDR	– Indonesian Rupiah

INR	– Indian Rupee
IO	– Interest Only
JPY	– Japanese Yen
Jr.	– Junior
MXN	– Mexican Peso
PEN	– Peru Nuevo Sol
Pfd.	– Preferred
REGS	– Regulation S
RUB	– Russian Ruble
Sec.	– Secured
Sr.	– Senior
Sub.	– Subordinated
Unsec.	– Unsecured
ZAR	– South African Rand

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

7                         Invesco  World Bond 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, 2018 was $12,905,204, which represented 43.06% of the Fund’s Net Assets.

^(c)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2018.

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

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

^(f)  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, 2018.

^(g)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of April 30, 2018.

^(h)  The table below details options purchased. See Note1M and 1N.

Open Over-The-Counter Foreign Currency Options Purchased

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

JPY versus EUR

Call

Goldman Sachs International

06/27/2018

JPY

140.00

EUR

1,100,000

$

368

USD versus MXN

Put

Citibank, N.A.

07/17/2018

MXN

18.50

USD

1,000,000

13,969

Subtotal Foreign Currency Options Purchased — Currency Risk

$

14,337

Open Over-The-Counter Interest Rate Swaptions Purchased — Interest Rate Risk

Description

Type of Contract

Counterparty

Exercise Rate

Pay/ Receive Exercise Rate

Floating Rate Index

Payment Frequency

Expiration Date

Notional Value

Value

7 Year Interest Rate Swap

Put

Citibank, N.A.

2.86

%

Pay

3 Month USD LIBOR

Quarterly

07/19/2025

$

4,800,000

$

47,909

Total Options Purchased (Cost $65,208)

$

62,246

Open Over-The-Counter Foreign Currency Options Written

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Premiums Received

Notional Value

Value

Unrealized Appreciation

MXN versus USD

Call

Citibank, N.A.

07/17/2018

MXN

22.00

$

(22,595

)

USD

1,000,000

$

(1,280

)

$

21,315

Open Forward Foreign Currency Contracts
		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive
05/03/2018	Barclays Bank PLC		BRL	500,000		USD	143,633	$	964
05/31/2018	Barclays Bank PLC		CHF	430,000		USD	460,306		25,216
05/31/2018	Barclays Bank PLC		EUR	250,000		USD	310,222		7,595
05/31/2018	Barclays Bank PLC		GBP	510,000		USD	711,34		8,244
05/31/2018	Barclays Bank PLC		JPY	70,000,000		USD	658,215		16,488
05/31/2018	Barclays Bank PLC		RUB	18,000,000		USD	290,839		6,104
05/31/2018	Barclays Bank PLC		TRY	1,000,000		USD	253,965		10,335
05/31/2018	Barclays Bank PLC		USD	339,364		MXN	6,500,000		6,554
05/31/2018	CIBC World Markets Corp.		CAD	350,000		USD	275,374		2,556
05/31/2018	Deutsche Bank Securities Inc.		AUD	400,000		USD	307,955		6,857
05/31/2018	Deutsche Bank Securities Inc.		CLP	370,000,000		USD	610,863		7,968
05/31/2018	Deutsche Bank Securities Inc.		HUF	166,000,000		USD	658,211		17,975
05/31/2018	Deutsche Bank Securities Inc.		IDR	10,000,000,000		USD	721,917		6,471
05/31/2018	Deutsche Bank Securities Inc.		JPY	200,000,000		USD	1,880,085		46,579
05/03/2018	Goldman Sachs International		BRL	1,270,000		USD	378,813		16,433
05/31/2018	Goldman Sachs International		CLP	150,000,000		USD	247,117		2,700
05/31/2018	Goldman Sachs International		EUR	400,000		USD	493,954		9,752
05/31/2018	Goldman Sachs International		MYR	1,000,000		USD	257,136		4,076
06/01/2018	Goldman Sachs International		PLN	1,100,000		USD	322,162		8,604
05/31/2018	Goldman Sachs International		RUB	20,000,000		USD	346,254		29,882
05/31/2018	Goldman Sachs International		SEK	4,000,000		USD	476,211		18,290
05/31/2018	Goldman Sachs International		USD	346,741		COP	1,000,000,000		9,943
05/31/2018	Goldman Sachs International		ZAR	7,900,000		USD	641,819		10,929

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

8                         Invesco  World Bond Fund

Open Forward Foreign Currency Contracts—(continued)
		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive
05/31/2018	JPMorgan Chase & Co.		AUD	2,170,000		USD	1,705,012	$	71,554
05/31/2018	JPMorgan Chase & Co.		GBP	600,000		USD	843,743		16,508
05/03/2018	Merrill Lynch International		BRL	1,020,000		USD	297,570		8,115
06/04/2018	Merrill Lynch International		BRL	790,000		USD	227,230		963
05/31/2018	Merrill Lynch International		INR	30,000,000		USD	457,945		8,264
05/31/2018	Merrill Lynch International		THB	20,000,000		USD	635,122		1,385
05/31/2018	Merrill Lynch International		USD	400,695		COP	1,140,000,000		5,924
05/31/2018	Merrill Lynch International		ZAR	3,900,000		USD	324,755		13,303
05/31/2018	Morgan Stanley & Co. LLC		CLP	230,000,000		USD	381,489		6,717
05/31/2018	Morgan Stanley & Co. LLC		CZK	17,000,000		USD	824,242		20,792
05/31/2018	Morgan Stanley & Co. LLC		EUR	250,000		USD	305,978		3,352
06/01/2018	Morgan Stanley & Co. LLC		PLN	5,230,000		USD	1,533,525		42,703
05/31/2018	Morgan Stanley & Co. LLC		SEK	1,300,000		USD	158,427		9,603
Subtotal — Appreciation									489,698
05/31/2018	Barclays Bank PLC		MXN	36,000,000		USD	1,903,862		(11,996	)
05/31/2018	Barclays Bank PLC		USD	143,864		BRL	500,000		(1,195	)
05/31/2018	Barclays Bank PLC		USD	396,182		GBP	280,000		(10,139	)
05/31/2018	Barclays Bank PLC		USD	1,008,014		CLP	600,000,000		(30,346	)
05/31/2018	Barclays Bank PLC		USD	662,853		RUB	38,000,000		(61,746	)
05/31/2018	CIBC World Markets Corp.		USD	279,035		CAD	350,000		(6,217	)
05/31/2018	Citibank, N.A.		USD	373,821		KRW	400,000,000		(124	)
05/31/2018	Deutsche Bank Securities Inc.		USD	829,106		CZK	17,000,000		(25,656	)
05/31/2018	Deutsche Bank Securities Inc.		USD	408,616		EUR	330,000		(9,149	)
05/31/2018	Deutsche Bank Securities Inc.		USD	5,468,360		JPY	584,611,320		(108,920	)
06/01/2018	Deutsche Bank Securities Inc.		USD	633,487		PLN	2,130,000		(26,326	)
05/31/2018	Goldman Sachs International		TRY	1,400,000		USD	340,909		(173	)
05/03/2018	Goldman Sachs International		USD	364,827		BRL	1,270,000		(2,447	)
05/31/2018	Goldman Sachs International		USD	332,613		CLP	200,000,000		(6,723	)
05/31/2018	Goldman Sachs International		USD	1,882,635		EUR	1,519,959		(42,717	)
05/31/2018	Goldman Sachs International		USD	663,782		HUF	166,000,000		(23,547	)
05/31/2018	Goldman Sachs International		USD	254,712		MYR	1,000,000		(1,653	)
06/01/2018	Goldman Sachs International		USD	1,238,651		PLN	4,200,000		(41,432	)
05/31/2018	Goldman Sachs International		USD	480,863		SEK	4,000,000		(22,942	)
05/31/2018	Goldman Sachs International		USD	344,460		TRY	1,400,000		(3,377	)
05/31/2018	Goldman Sachs International		USD	325,370		ZAR	3,900,000		(13,917	)
05/31/2018	JPMorgan Chase & Co.		USD	309,590		AUD	400,000		(8,492	)
05/31/2018	JPMorgan Chase & Co.		USD	749,009		EUR	600,000		(22,706	)
05/31/2018	JPMorgan Chase & Co.		USD	167,482		GBP	120,000		(2,035	)
05/03/2018	Merrill Lynch International		USD	673,505		BRL	2,330,000		(8,666	)
05/31/2018	Merrill Lynch International		USD	168,279		CLP	100,000,000		(5,335	)
05/31/2018	Merrill Lynch International		USD	479,707		JPY	50,000,000		(21,331	)
05/31/2018	Merrill Lynch International		USD	643,915		THB	20,000,000		(10,177	)
05/31/2018	Merrill Lynch International		USD	256,405		TRY	1,000,000		(12,775	)
05/31/2018	Morgan Stanley & Co. LLC		USD	662,543		JPY	70,000,000		(20,816	)
05/31/2018	Morgan Stanley & Co. LLC		USD	319,321		MXN	6,000,000		(11	)
06/01/2018	Morgan Stanley & Co. LLC		USD	287,190		PLN	1,000,000		(2,138	)
05/31/2018	Morgan Stanley & Co. LLC		USD	160,733		RUB	10,000,000		(2,547	)
05/31/2018	Morgan Stanley & Co. LLC		USD	159,462		SEK	1,300,000		(10,638	)
05/31/2018	RBC Capital Markets Corp.		USD	205,846		CAD	260,000		(3,181	)
Subtotal — Depreciation									(581,590	)
Total Open Forward Foreign Currency Contracts — Currency Risk								$	(91,892	)

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

9                         Invesco  World Bond Fund

Open Over-The-Counter Interest Rate Swap Agreements — Interest Rate Risk

Counterparty

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

Citibank, N.A.

Pay

CFETS 7-Day CNY Fixing Repo Rates

Quarterly

3.91

%

Quarterly

03/05/2023

CNY 3,800,000

$

—

$

8,222

$

8,222

Currency Abbreviations:

AUD	– Australian Dollar
BRL	– Brazilian Real
CAD	– Canadian Dollar
CHF	– Swiss Franc
CLP	– Chilean Peso
CNY	– Chinese Yuan
COP	– Colombian Peso
CZK	– Czech Koruna
EUR	– Euro
GBP	– British Pound Sterling
HUF	– Hungarian Forint
IDR	– Indonesian Rupiah
INR	– Indian Rupee
JPY	– Japanese Yen
KRW	– South Korean Won
MXN	– Mexican Peso
MYR	– Malaysian Ringgit
PLN	– Polish Zloty
RUB	– Russian Ruble
SEK	– Swedish Krona
THB	– Thai Baht
TRY	– Turkish Lira
USD	– U.S. Dollar
ZAR	– South African Rand

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2018

Sovereign Debt	31.3	%
U.S. Treasury Securities	15.4
Financials	14.8
Energy	7.7
Consumer Discretionary	3.9
Materials	3.2
Information Technology	2.9
Telecommunication Services	2.8
Utilities	2.6
Other Sectors, Each Less than 2%	4.0
Money Market Funds Plus Other Assets Less Liabilities	11.4

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

10                         Invesco  World Bond Fund

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $26,318,398)	$	26,547,549
Investments in affiliated money market funds, at value (Cost $421,839)		421,854
Other investments:
Swaps receivable — OTC		3,664
Unrealized appreciation on forward foreign currency contracts outstanding		489,698
Unrealized appreciation on swap agreements — OTC		8,222
Deposits with brokers:
Cash collateral — centrally cleared swap agreements		125,000
Cash		330,321
Foreign currencies, at value (Cost $2,436,763)		2,396,599
Receivable for:
Fund shares sold		55,661
Dividends and interest		353,345
Investment for trustee deferred compensation and retirement plans		40,719
Other assets		46,237
Total assets		30,818,869
Liabilities:
Other investments:
Options written, at value (premiums received $22,595)		1,280
Swaps payable — OTC		3,092
Unrealized depreciation on forward foreign currency contracts outstanding		581,590
Payable for:
Investments purchased		120,770
Fund shares reacquired		17,122
Accrued fees to affiliates		21,876
Accrued trustees’ and officers’ fees and benefits		1,500
Accrued other operating expenses		56,063
Trustee deferred compensation and retirement plans		42,820
Total liabilities		846,113
Net assets applicable to shares outstanding	$	29,972,756
Net assets consist of:
Shares of beneficial interest	$	30,744,289
Undistributed net investment income		142,634
Undistributed net realized gain (loss)		(1,041,477	)
Net unrealized appreciation		127,310
	$	29,972,756

Net Assets:
Class A	$	21,657,408
Class C	$	4,292,678
Class Y	$	3,958,599
Class R5	$	834
Class R6	$	63,237
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,098,909
Class C		416,699
Class Y		383,958
Class R5		81
Class R6		6,127
Class A:
Net asset value per share	$	10.32
Maximum offering price per share
(Net asset value of $10.32 ¸ 95.75%)	$	10.78
Class C:
Net asset value and offering price per share	$	10.30
Class Y:
Net asset value and offering price per share	$	10.31
Class R5:
Net asset value and offering price per share	$	10.30
Class R6:
Net asset value and offering price per share	$	10.32

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

11                         Invesco  World Bond Fund

Statement of Operations

For the six months ended April 30, 2018

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $5,775)	$	629,851
Dividends		6,619
Dividends from affiliated money market funds		12,400
Total investment income		648,870
Expenses:
Advisory fees		102,248
Administrative services fees		24,794
Custodian fees		15,528
Distribution fees:
Class A		27,698
Class B		488
Class C		20,942
Transfer agent fees — A, B, C, Y		43,375
Transfer agent fees — R6		20
Trustees’ and officers’ fees and benefits		10,778
Registration and filing fees		42,148
Reports to shareholders		12,471
Professional services fees		34,148
Other		12,000
Total expenses		346,638
Less: Fees waived and expenses reimbursed		(190,011	)
Net expenses		156,627
Net investment income		492,243
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		347,715
Foreign currencies		68,179
Forward foreign currency contracts		(147,693	)
Futures contracts		48,100
Option contracts written		(5,597	)
Swap agreements		(209,007	)
		101,697
Change in net unrealized appreciation (depreciation) of:
Investment securities		(736,395	)
Foreign currencies		(20,965	)
Forward foreign currency contracts		86,012
Futures contracts		41,251
Option contracts written		20,752
Swap agreements		98,256
		(511,089	)
Net realized and unrealized gain (loss)		(409,392	)
Net increase in net assets resulting from operations	$	82,851

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

12                         Invesco  World Bond Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2018 and the year ended October 31, 2017

(Unaudited)

	April 30, 2018			October 31, 2017
Operations:
Net investment income	$	492,243		$	1,120,225
Net realized gain (loss)		101,697			(1,845,787	)
Change in net unrealized appreciation (depreciation)		(511,089	)		1,159,852
Net increase in net assets resulting from operations		82,851			434,290
Distributions to shareholders from net investment income:
Class A		(287,830	)		(87,346	)
Class B		(942	)		(1,299	)
Class C		(38,562	)		(15,969	)
Class Y		(69,539	)		(27,636	)
Class R5		(12	)		(3	)
Class R6		(900	)		(39	)
Total distributions from net investment income		(397,785	)		(132,292	)
Return of capital:
Class A		—			(536,224	)
Class B		—			(5,196	)
Class C		—			(63,221	)
Class Y		—			(188,272	)
Class R5		—			(22	)
Class R6		—			(272	)
Total return of capital		—			(793,207	)
Share transactions–net:
Class A		(251,286	)		(6,443,931	)
Class B		(222,690	)		(243,332	)
Class C		194,593			(935,714	)
Class Y		(1,808,720	)		(4,540,530	)
Class R5		—			9
Class R6		53,101			—
Net increase (decrease) in net assets resulting from share transactions		(2,035,002	)		(12,163,498	)
Net increase (decrease) in net assets		(2,349,936	)		(12,654,707	)
Net assets:
Beginning of period		32,322,692			44,977,399
End of period (includes undistributed net investment income of $142,634 and $48,176, respectively)	$	29,972,756		$	32,322,692

Notes to Financial Statements

April 30, 2018

(Unaudited)

NOTE 1—Significant Accounting Policies

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, 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 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 Y, Class R5 and Class R6

13                         Invesco  World Bond Fund

shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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 economic conditions, interest rates, investor perceptions 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

14                         Invesco  World Bond Fund

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. 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 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. 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. 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 Statement of Operations, even though investors do not receive their principal until maturity.

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 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

15                         Invesco  World Bond Fund

unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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 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.

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.

16                         Invesco  World Bond Fund

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.

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 two parties (“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

17                         Invesco  World Bond 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, 2018 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

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

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	.65%
Next $250 million		0	.59%
Next $500 million		0	.565%
Next $1.5 billion		0	.54%
Next $2.5 billion		0	.515%
Next $5 billion		0	.49%
Over $10 billion		0	.465%

For the six months ended April 30, 2018, the effective advisory fees 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. (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, 2019, 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 (the “expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B was 1.69% of 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, 2019. 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, 2020, 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, 2018, the Adviser waived advisory fees and reimbursed fund level expenses of $146,616 and reimbursed class level expenses of $30,609, $135, $5,786, $6,845 and $20 of Class A, Class B, Class C, Class Y 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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

18                         Invesco  World Bond Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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. Prior to their conversion to Class A shares, the Fund paid an annual rate of 1.00% of the average daily net assets of Class B 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $1,604 in front-end sales commissions from the sale of Class A shares and $9 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.

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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended April 30, 2018, there were no material transfers between valuation levels.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes	$	—	$	13,859,048		$	—	$	13,859,048
U.S. Dollar Denominated Bonds & Notes		—		7,486,972			—		7,486,972
U.S. Treasury Securities		—		4,595,735			—		4,595,735
Preferred Stocks		452,055		—			—		452,055
U.S. Government Sponsored Agency Mortgaged-Backed Securities		—		91,493			—		91,493
Money Market Funds		421,854		—			—		421,854
Options Purchased		—		62,246			—		62,246
Total Investments in Securities		873,909		26,095,494			—		26,969,403
Other Investments — Assets*
Forward Foreign Currency Contracts		—		489,698			—		489,698
Swap Agreements		—		8,222			—		8,222
		—		497,920			—		497,920
Other Investments — Liabilities*
Forward Foreign Currency Contracts		—		(581,590	)		—		(581,590	)
Options Written		—		(1,280	)		—		(1,280	)
		—		(582,870	)		—		(582,870	)
Total Other Investments		—		(84,950	)		—		(84,950	)
Total Investments	$	873,909	$	26,010,544		$	—	$	26,884,453

* Forward foreign currency contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

19                         Invesco  World Bond 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, 2018:

	Value
Derivative Assets	Currency Risk		Interest Rate Risk		Total
Unrealized appreciation on swap agreements — OTC	$	—	$	8,222	$	8,222
Options purchased, at value — OTC(a)		14,337		47,909		62,246
Unrealized appreciation on forward foreign currency contracts outstanding		489,698		—		489,698
Total Derivative Assets		504,035		56,131		560,166
Derivatives not subject to master netting agreements		—		—		—
Total Derivative Assets subject to master netting agreements	$	504,035	$	56,131	$	560,166

	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk		Total
Options written, at value — OTC	$	(1,280	)	$	–	$	(1,280	)
Unrealized depreciation on forward foreign currency contracts outstanding		(581,590	)		—		(581,590	)
Total Derivative Liabilities		(582,870	)		—		(582,870	)
Derivatives not subject to master netting agreements		—			—		—
Total Derivative Liabilities subject to master netting agreements	$	(582,870	)	$	—	$	(582,870	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2018.

	Financial Derivative Assets								Financial Derivative Liabilities															Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Barclays PLC	$	81,500	$	—	$	—	$	81,500	$	(115,422	)	$	—		$	—		$	(115,422	)	$	(33,922	)	$	—	$	—	$	(33,922	)
CIBC World Markets Corp.		2,556		—		—		2,556		(6,217	)		—			—			(6,217	)		(3,661	)		—		—		(3,661	)
Citibank, N.A.		—		61,878		11,886		73,764		(124	)		(1,280	)		(3,092	)		(4,496	)		69,268			—		—		69,268
Deutsche Bank Securities Inc.		85,850		—		—		85,850		(170,051	)		—			—			(170,051	)		(84,201	)		—		—		(84,201	)
Goldman Sachs International		110,609		368		—		110,977		(158,928	)		—			—			(158,928	)		(47,951	)		—		—		(47,951	)
JPMorgan Chase & Co.		88,062		—		—		88,062		(33,233	)		—			—			(33,233	)		54,829			—		—		54,829
Merrill Lynch International		37,954		—		—		37,954		(58,284	)		—			—			(58,284	)		(20,330	)		—		—		(20,330	)
Morgan Stanley & Co. LLC		83,167		—		—		83,167		(36,150	)		—			—			(36,150	)		47,017			—		—		47,017
RBC Capital Markets Corp.		—		—		—		—		(3,181	)		—			—			(3,181	)		(3,181	)		—		—		(3,181	)
Total	$	489,698	$	62,246	$	11,886	$	563,830	$	(581,590	)	$	(1,280	)	$	(3,092	)	$	(585,962	)	$	(22,132	)	$	—	$	—	$	(22,132	)

20                         Invesco  World Bond Fund

Effect of Derivative Investments for the six months ended April 30, 2018

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

	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Currency Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	—		$	(147,693	)	$	—		$	(147,693	)
Futures contracts		—			—			48,100			48,100
Options purchased(a)		—			(17,421	)		80,398			62,977
Options written		—			(5,597	)		—			(5,597	)
Swap agreements		(10,057	)		—			(198,950	)		(209,007	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		—			86,012			—			86,012
Futures contracts		—			—			41,251			41,251
Options purchased(a)		—			(4,921	)		3,465			(1,456	)
Options written		—			20,752			—			20,752
Swap agreements		90,034			—			8,222			98,256
Total	$	79,977		$	(68,868	)	$	(17,514	)	$	(6,405	)

^(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 three months average notional value of futures contracts and the six months average notional value of forward foreign currency contracts, options purchased, options written and swap agreements outstanding during the period.

	Forward Foreign Currency Contracts		Futures Contracts		Options Purchased		Options Written		Swap Agreements
Average notional value	$	32,363,466	$	4,492,400	$	3,212,725	$	53,302	$	8,533,685

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

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 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.

21                         Invesco  World Bond Fund

The Fund had a capital loss carryforward as of October 31, 2017 as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	676,863	$	467,779	$	1,144,642

* 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 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, 2018 was $16,862,353 and $18,435,307, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $894,008 and $1,992,054, 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	$	1,327,230
Aggregate unrealized (depreciation) of investments		(1,073,111	)
Net unrealized appreciation of investments	$	254,119

Cost of investments for tax purposes is $26,630,334.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended April 30, 2018(a)						Year ended October 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		239,221		$	2,523,223			386,135		$	3,976,564
Class B(b)		—			—			2,297			22,928
Class C		61,709			648,964			88,362			906,574
Class Y		93,286			981,827			611,943			6,211,858
Class R5		—			—			2,567			27,121
Class R6		5,037			52,492			—			—
Issued as reinvestment of dividends:
Class A		25,343			266,424			56,789			577,805
Class B(b)		88			924			600			6,090
Class C		3,272			34,350			6,981			70,996
Class Y		5,700			59,821			18,568			188,436
Class R6		71			748			—			—
Conversion of Class B shares to Class A shares:(c)
Class A		18,932			202,956			18,145			185,281
Class B		(18,980	)		(202,956	)		(18,156	)		(185,281	)
Reacquired:
Class A		(309,152	)		(3,243,889	)		(1,101,023	)		(11,183,581	)
Class B(b)		(1,970	)		(20,658	)		(8,550	)		(87,069	)
Class C		(46,675	)		(488,721	)		(188,446	)		(1,913,284	)
Class Y		(271,440	)		(2,850,368	)		(1,081,055	)		(10,940,824	)
Class R5		—			—			(2,567	)		(27,112	)
Class R6		(13	)		(139	)		—			—
Net increase (decrease) in share activity		(195,571	)	$	(2,035,002	)		(1,207,410	)	$	(12,163,498	)

^(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.

^(b)  Reflects activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business on January 26, 2018, all outstanding Class B shares were converted to Class A shares.

22                         Invesco  World Bond Fund

NOTE 10—Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Return of capital			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/18	$	10.43	$	0.17	$	(0.14	)	$	0.03		$	(0.14	)	$	—		$	—		$	(0.14	)	$	10.32		0.23	%	$	21,657		0.93	%(d)		2.14	%(d)		3.19	%(d)		63	%
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
Year ended 10/31/14		11.07		0.20		(0.30	)		(0.10	)		(0.12	)		(0.22	)		—			(0.34	)		10.63		(0.97	)		32,668		1.10			1.68			1.83			237
Year ended 10/31/13		11.37		0.18		(0.37	)		(0.19	)		(0.11	)		—			—			(0.11	)		11.07		(1.68	)		33,019		1.10			1.68			1.65			233
Class B
Six months ended 04/30/18(e)		10.42		0.06		0.28			0.34			(0.05	)		—			—			(0.05	)		10.71		3.26			—		1.68	(d)		2.89	(d)		2.44	(d)		63
Year ended 10/31/17		10.43		0.25		(0.07	)		0.18			(0.03	)		—			(0.16	)		(0.19	)		10.42		1.80			217		1.70			2.96			2.47			245
Year ended 10/31/16		9.79		0.16		0.56			0.72			(0.05	)		—			(0.03	)		(0.08	)		10.43		7.35			466		1.85			2.59			1.61			246
Year ended 10/31/15		10.62		0.10		(0.75	)		(0.65	)		—			(0.14	)		(0.04	)		(0.18	)		9.79		(6.19	)		898		1.85			2.47			1.04			135
Year ended 10/31/14		11.05		0.12		(0.30	)		(0.18	)		(0.03	)		(0.22	)		—			(0.25	)		10.62		(1.63	)		1,867		1.85			2.43			1.08			237
Year ended 10/31/13		11.36		0.10		(0.38	)		(0.28	)		(0.03	)		—			—			(0.03	)		11.05		(2.50	)		2,850		1.85			2.43			0.90			233
Class C
Six months ended 04/30/18		10.41		0.13		(0.14	)		(0.01	)		(0.10	)		—			—			(0.10	)		10.30		(0.15	)		4,293		1.68	(d)		2.89	(d)		2.44	(d)		63
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
Year ended 10/31/14		11.04		0.12		(0.30	)		(0.18	)		(0.03	)		(0.22	)		—			(0.25	)		10.61		(1.63	)		6,441		1.85			2.43			1.08			237
Year ended 10/31/13		11.35		0.10		(0.38	)		(0.28	)		(0.03	)		—			—			(0.03	)		11.04		(2.50	)		5,562		1.85			2.43			0.90			233
Class Y
Six months ended 04/30/18		10.42		0.18		(0.14	)		0.04			(0.15	)		—			—			(0.15	)		10.31		0.35			3,959		0.68	(d)		1.89	(d)		3.44	(d)		63
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
Year ended 10/31/14		11.06		0.23		(0.30	)		(0.07	)		(0.14	)		(0.22	)		—			(0.36	)		10.63		(0.63	)		4,989		0.85			1.43			2.08			237
Year ended 10/31/13		11.37		0.21		(0.39	)		(0.18	)		(0.13	)		—			—			(0.13	)		11.06		(1.52	)		982		0.85			1.43			1.90			233
Class R5
Six months ended 04/30/18		10.42		0.18		(0.15	)		0.03			(0.15	)		—			—			(0.15	)		10.30		0.26			1		0.68	(d)		1.68	(d)		3.44	(d)		63
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
Year ended 10/31/14		11.07		0.23		(0.30	)		(0.07	)		(0.14	)		(0.22	)		—			(0.36	)		10.64		(0.63	)		118		0.85			1.15			2.08			237
Year ended 10/31/13		11.37		0.21		(0.38	)		(0.17	)		(0.13	)		—			—			(0.13	)		11.07		(1.43	)		282		0.85			1.16			1.90			233
Class R6
Six months ended 04/30/18		10.43		0.18		(0.14	)		0.04			(0.15	)		—			—			(0.15	)		10.32		0.35			63		0.68	(d)		1.68	(d)		3.44	(d)		63
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
Year ended 10/31/14		11.07		0.23		(0.31	)		(0.08	)		(0.14	)		(0.22	)		—			(0.36	)		10.63		(0.72	)		12,637		0.85			1.14			2.08			237
Year ended 10/31/13		11.37		0.21		(0.38	)		(0.17	)		(0.13	)		—			—			(0.13	)		11.07		(1.43	)		8,752		0.85			1.16			1.90			233

^(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 $22,342, $205, $4,223, $4,996, $1 and $61 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Reflects activity for the period November 1, 2017 through January 26, 2018 (date of conversion).

23                         Invesco  World Bond Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2017 through April 30, 2018.

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)
Class	Beginning Account Value (11/01/17)		Ending Account Value (04/30/18)1		Expenses Paid During Period2		Ending Account Value (04/30/18)		Expenses Paid During Period2		Annualized Expense Ratio
A	$	1,000.00	$	1,002.30	$	4.62	$	1,020.18	$	4.66		0.93	%
C		1,000.00		998.50		8.32		1,016.46		8.40		1.68
Y		1,000.00		1,003.50		3.38		1,021.42		3.41		0.68
R5		1,000.00		1,002.60		3.38		1,021.42		3.41		0.68
R6		1,000.00		1,003.50		3.38		1,021.42		3.41		0.68

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2017 through April 30, 2018, 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 181/365 to reflect the most recent fiscal half year.

24                         Invesco  World Bond 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 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) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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. 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.

SEC file numbers: 811-05426 and 033-19338                      Invesco  Distributors, Inc.                                                                             WBD-SAR-1                    06142018        1011

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.
	PricewaterhouseCoopers LLP informed the Trust that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.
	The Loan Rule specifically provides that an accounting firm would not be independent if it or certain affiliates and covered persons receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the Invesco Fund Complex). PricewaterhouseCoopers LLP informed the Trust it and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex, which may implicate the Loan Rule.
	On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. In connection with prior independence determinations, PricewaterhouseCoopers LLP communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on the Funds’ financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Adviser, the Funds and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue as the Funds’ independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.
	If in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Funds will need to take other action in order for the Funds’ filings with the SEC containing financial statements to be deemed compliant with applicable securities

	laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. The SEC no-action relief was initially set to expire 18 months from issuance but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.
ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
	Not applicable.
ITEM 6.	SCHEDULE OF INVESTMENTS.
	Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.
ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.
ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
	Not applicable.
ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
	None.
ITEM 11.	CONTROLS AND PROCEDURES.
(a)	As of May 18, 2018, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of May 18, 2018, 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 second fiscal quarter

	of the period covered by the report that has materially affected, or is 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.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.

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 9, 2018

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 9, 2018
By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	July 9, 2018

EXHIBIT INDEX

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.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.