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)

Glenn Brightman 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: 4/30/2024

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Semiannual Report to Shareholders April 30, 2024

Invesco Balanced-Risk Allocation Fund

Nasdaq:

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

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
17	Consolidated Financial Statements
20	Consolidated Financial Highlights
21	Notes to Consolidated Financial Statements
30	Fund Expenses
31	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

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

Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	11.24	%
Class C Shares	10.72
Class R Shares	11.12
Class Y Shares	11.35
Class R5 Shares	11.27
Class R6 Shares	11.31
MSCI All Country World Indexq (Broad Market Index)*	19.77
S&P 500 Indexq (Broad Market Index)*	20.98
Custom Invesco Balanced-Risk Allocation Style Index∎ (Style-Specific Index)	13.97
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.
*Effective February 28, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500 Index to the MSCI All Country World Index to reflect that the MSCI All Country World Index can be considered more broadly representative of the overall applicable securities market.
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 S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Custom Invesco Balanced-Risk Allocation Style Index is composed of 60% MSCI World Index and 40% Bloomberg U.S. Aggregate Bond Index. Effective December 1, 2009, the fixed income component of the Custom Balanced-Risk Allocation Style Index changed from the JP Morgan GBI Global (Traded) Index to the Bloomberg U.S. Aggregate Bond Index. The MSCI World Index is considered representative of stocks of developed countries. The index return is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg U.S. Aggregate Bond Index is considered representative of the US investment-grade, fixed-rate bond market. The JP Morgan GBI Global (Traded) Index is considered representative of fixed-rate debt of developed government bond markets.
The 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 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (6/2/09)	5.15	%
10 Years	2.91
5 Years	1.83
1 Year	0.30
Class C Shares
Inception (6/2/09)	5.12	%
10 Years	2.87
5 Years	2.20
1 Year	4.20
Class R Shares
Inception (6/2/09)	5.28	%
10 Years	3.22
5 Years	2.73
1 Year	5.72
Class Y Shares
Inception (6/2/09)	5.82	%
10 Years	3.74
5 Years	3.25
1 Year	6.35
Class R5 Shares
Inception (6/2/09)	5.84	%
10 Years	3.78
5 Years	3.26
1 Year	6.29
Class R6 Shares
Inception (9/24/12)	3.79	%
10 Years	3.85
5 Years	3.32
1 Year	6.34

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

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

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

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

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

3 Invesco Balanced-Risk Allocation Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Balanced-Risk Allocation Fund

Consolidated Schedule of Investments

April 30, 2024

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–27.51%
U.S. Treasury Floating Rate Notes–27.51%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(a)		5.36%		07/31/2024	$	134,000	$	134,004,036
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(a)		5.52%		01/31/2025		15,500		15,518,362
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.25%)(a)		5.57%		01/31/2026		102,100		102,332,765
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(a)		5.47%		04/30/2026		100,300		100,278,347
Total U.S. Treasury Securities (Cost $351,900,873)								352,133,510
			Expiration Date
Commodity-Linked Securities–5.59%
Bank of Montreal, Commodity-Linked Notes (linked to the S&P GSCI Aluminum Dynamic Roll Index)(b)(c)				07/08/2024		12,000		13,147,552
Canadian Imperial Bank of Commerce EMTN, U.S. Federal Funds Effective Rate minus 0.03% (linked to the Canadian Imperial Bank of Commerce Gold Standard Roll Excess Return Index) (Canada), Series 2(b)(c)				06/07/2024		13,200		16,419,837
Canadian Imperial Bank of Commerce EMTN, U.S. Federal Funds Effective Rate minus 0.03% (linked to the Canadian Imperial Bank of Commerce Silver Index) (Canada)(b)(c)				06/07/2024		12,300		12,719,210
RBC Capital Markets LLC, Commodity-Linked Notes (linked to the RBC Enhanced Copper 2x Index) (Canada)(b)(c)				06/07/2024		22,700		29,296,270
Total Commodity-Linked Securities (Cost $60,200,000)								71,582,869
					Shares
Money Market Funds–58.33%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e)						186,961,124		186,961,124
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(d)(e)						25,885,958		25,893,724
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Agency Class, 5.40%(d)(e)						116,942,390		116,942,390
Invesco Treasury Obligations Portfolio, Institutional Class, 5.17%(d)(e)						375,500,000		375,500,000
Invesco Treasury Portfolio, Institutional Class, 5.22%(d)(e)						41,411,570		41,411,570
Total Money Market Funds (Cost $746,706,471)								746,708,808
Options Purchased–0.47%
(Cost $15,877,898)(f)								6,049,993
TOTAL INVESTMENTS IN SECURITIES–91.90% (Cost $1,174,685,242)								1,176,475,180
OTHER ASSETS LESS LIABILITIES–8.10%								103,651,997
NET ASSETS–100.00%							$	1,280,127,177

Investment Abbreviations:

EMTN – European Medium-Term Notes

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

5 Invesco Balanced-Risk Allocation Fund

Notes to Consolidated Schedule of Investments:

^(a) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2024.

^(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, 2024 was $71,582,869, which represented 5.59% of the Fund’s Net Assets.

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

^(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023			Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$211,036,608			$123,570,209		$(147,645,693)		$     -			$     -			$186,961,124		$ 5,368,246
Invesco Liquid Assets Portfolio, Institutional Class		32,374,098			88,264,434		(94,746,923)		(3,553)			5,668			25,893,724		856,745
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, Agency Class		113,019,570			204,988,169		(201,065,349)		-			-			116,942,390		3,231,484
Invesco Treasury Obligations Portfolio, Institutional Class		375,500,000			-		-		-			-			375,500,000		9,697,461
Invesco Treasury Portfolio, Institutional Class		51,783,553			141,223,096		(151,595,079)		-			-			41,411,570		1,326,535
Total		$783,713,829			$558,045,908		$(595,053,044)		$(3,553)			$5,668			$746,708,808		$20,480,471

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

^(f) The table below details options purchased.

Open Exchange-Traded Index Options Purchased
	Type of		Expiration		Number of		Exercise			Notional
Description	Contract		Date		Contracts		Price			Value*			Value
Equity Risk
EURO STOXX 50 Index		Put		05/17/2024		85		EUR	4,200.00		EUR	3,570,000	$    1,088
EURO STOXX 50 Index		Put		06/21/2024		85		EUR	4,250.00		EUR	3,612,500	6,713
EURO STOXX 50 Index		Put		07/19/2024		85		EUR	4,300.00		EUR	3,655,000	14,877
EURO STOXX 50 Index		Put		10/18/2024		85		EUR	4,100.00		EUR	3,485,000	27,758
EURO STOXX 50 Index		Put		11/15/2024		85		EUR	4,000.00		EUR	3,400,000	30,207
EURO STOXX 50 Index		Put		12/20/2024		85		EUR	4,350.00		EUR	3,697,500	68,306
EURO STOXX 50 Index		Put		01/17/2025		85		EUR	4,400.00		EUR	3,740,000	80,824
EURO STOXX 50 Index		Put		03/21/2025		85		EUR	4,800.00		EUR	4,080,000	184,780
EURO STOXX 50 Index		Put		02/21/2025		85		EUR	4,600.00		EUR	3,910,000	126,725
EURO STOXX 50 Index		Put		04/17/2025		85		EUR	5,000.00		EUR	4,250,000	265,423
EURO STOXX 50 Index		Put		08/16/2024		85		EUR	4,400.00		EUR	3,740,000	29,663
EURO STOXX 50 Index		Put		09/20/2024		85		EUR	4,200.00		EUR	3,570,000	26,669
FTSE 100 Index		Put		05/17/2024		50		GBP	7,800.00		GBP	3,900,000	6,248
FTSE 100 Index		Put		06/21/2024		50		GBP	7,575.00		GBP	3,787,500	11,558
FTSE 100 Index		Put		07/19/2024		50		GBP	7,575.00		GBP	3,787,500	19,993
FTSE 100 Index		Put		09/20/2024		50		GBP	7,500.00		GBP	3,750,000	39,986
FTSE 100 Index		Put		10/18/2024		50		GBP	7,500.00		GBP	3,750,000	48,420
FTSE 100 Index		Put		11/15/2024		50		GBP	7,275.00		GBP	3,637,500	41,235
FTSE 100 Index		Put		12/20/2024		50		GBP	7,450.00		GBP	3,725,000	66,851
FTSE 100 Index		Put		01/17/2025		50		GBP	7,625.00		GBP	3,812,500	91,530
FTSE 100 Index		Put		03/21/2025		50		GBP	7,625.00		GBP	3,812,500	110,898
FTSE 100 Index		Put		02/21/2025		50		GBP	7,550.00		GBP	3,775,000	94,029
FTSE 100 Index		Put		04/17/2025		50		GBP	7,850.00		GBP	3,925,000	158,068
FTSE 100 Index		Put		08/16/2024		50		GBP	7,500.00		GBP	3,750,000	24,991
MSCI Emerging Markets Index		Put		05/17/2024		70		USD	960.00		USD	6,720,000	5,075
MSCI Emerging Markets Index		Put		06/21/2024		70		USD	960.00		USD	6,720,000	24,850
MSCI Emerging Markets Index		Put		07/19/2024		70		USD	1,000.00		USD	7,000,000	93,800

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

6 Invesco Balanced-Risk Allocation Fund

Open Exchange-Traded Index Options Purchased–(continued)
	Type of	Expiration	Number of	Exercise			Notional
Description	Contract	Date	Contracts	Price			Value*			Value
MSCI Emerging Markets Index	Put	10/18/2024	70		USD	950.00		USD	6,650,000	$   94,850
MSCI Emerging Markets Index	Put	11/15/2024	70		USD	920.00		USD	6,440,000	88,900
MSCI Emerging Markets Index	Put	12/20/2024	70		USD	990.00		USD	6,930,000	201,950
MSCI Emerging Markets Index	Put	01/17/2025	70		USD	1,020.00		USD	7,140,000	281,400
MSCI Emerging Markets Index	Put	03/21/2025	70		USD	1,030.00		USD	7,210,000	372,750
MSCI Emerging Markets Index	Put	02/21/2025	70		USD	980.00		USD	6,860,000	219,450
MSCI Emerging Markets Index	Put	04/17/2025	70		USD	1,050.00		USD	7,350,000	451,850
MSCI Emerging Markets Index	Put	08/16/2024	70		USD	1,050.00		USD	7,350,000	252,700
MSCI Emerging Markets Index	Put	09/20/2024	70		USD	990.00		USD	6,930,000	131,600
Nikkei 225 Index	Put	06/14/2024	22		JPY	28,250.00		JPY	621,500,000	1,255
Nikkei 225 Index	Put	09/13/2024	23		JPY	32,250.00		JPY	741,750,000	40,833
Nikkei 225 Index	Put	09/13/2024	23		JPY	31,250.00		JPY	718,750,000	30,625
Nikkei 225 Index	Put	09/13/2024	23		JPY	32,000.00		JPY	736,000,000	37,916
Nikkei 225 Index	Put	12/13/2024	23		JPY	30,250.00		JPY	695,750,000	53,229
Nikkei 225 Index	Put	12/13/2024	23		JPY	31,750.00		JPY	730,250,000	75,833
Nikkei 225 Index	Put	12/13/2024	23		JPY	32,000.00		JPY	736,000,000	80,208
Nikkei 225 Index	Put	03/14/2025	23		JPY	32,000.00		JPY	736,000,000	118,854
Nikkei 225 Index	Put	03/14/2025	23		JPY	34,500.00		JPY	793,500,000	194,687
Nikkei 225 Index	Put	03/14/2025	23		JPY	38,500.00		JPY	885,500,000	415,623
Nikkei 225 Index	Put	06/13/2025	23		JPY	38,250.00		JPY	879,750,000	467,394
Nikkei 225 Index	Put	06/14/2024	22		JPY	27,000.00		JPY	594,000,000	976
S&P 500 Index	Put	05/17/2024	6		USD	4,200.00		USD	2,520,000	675
S&P 500 Index	Put	06/21/2024	6		USD	4,275.00		USD	2,565,000	3,360
S&P 500 Index	Put	07/19/2024	6		USD	4,525.00		USD	2,715,000	12,600
S&P 500 Index	Put	08/16/2024	6		USD	4,650.00		USD	2,790,000	25,500
S&P 500 Index	Put	09/20/2024	6		USD	4,600.00		USD	2,760,000	30,630
S&P 500 Index	Put	10/18/2024	6		USD	4,375.00		USD	2,625,000	24,090
S&P 500 Index	Put	11/15/2024	6		USD	4,275.00		USD	2,565,000	25,620
S&P 500 Index	Put	12/20/2024	6		USD	4,650.00		USD	2,790,000	56,730
S&P 500 Index	Put	01/17/2025	6		USD	4,800.00		USD	2,880,000	78,690
S&P 500 Index	Put	02/21/2025	6		USD	4,925.00		USD	2,955,000	104,430
S&P 500 Index	Put	03/21/2025	6		USD	5,225.00		USD	3,135,000	169,500
S&P 500 Index	Put	04/17/2025	6		USD	5,350.00		USD	3,210,000	204,720
Total Index Options Purchased										$6,049,993

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

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts			Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Brent Crude		338			June-2024	$	28,936,180	$	1,546,914		$	1,546,914
Gasoline Reformulated Blendstock Oxygenate Blending		314			May-2024		35,491,546		(712,620	)		(712,620	)
Low Sulphur Gas Oil		110			May-2024		8,514,000		(677,282	)		(677,282	)
New York Harbor Ultra-Low Sulfur Diesel		323			October-2024		34,765,588		(1,178,155	)		(1,178,155	)
WTI Crude		188			September-2024		14,891,480		(81,762	)		(81,762	)
Subtotal									(1,102,905	)		(1,102,905	)

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

7 Invesco Balanced-Risk Allocation Fund

Open Futures Contracts(a)–(continued)
Long Futures Contracts	Number of Contracts			Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini Russell 2000 Index		1,130			June-2024	$	112,186,400		$	(6,747,073	)	$	(6,747,073	)
EURO STOXX 50 Index		345			June-2024		18,029,980			(4,805	)		(4,805	)
FTSE 100 Index		210			June-2024		21,408,356			499,706			499,706
MSCI Emerging Markets Index		2,595			June-2024		135,199,500			(1,158,727	)		(1,158,727	)
Nikkei 225 Index		168			June-2024		40,978,727			(1,503,050	)		(1,503,050	)
Subtotal										(8,913,949	)		(8,913,949	)
Interest Rate Risk
Australia 10 Year Bonds		2,425			June-2024		176,775,825			(5,913,202	)		(5,913,202	)
Canada 10 Year Bonds		1,195			June-2024		101,553,082			(2,737,762	)		(2,737,762	)
Euro-Bund		838			June-2024		116,332,373			(2,335,543	)		(2,335,543	)
Japan 10 Year Bonds		189			June-2024		173,163,618			(1,186,261	)		(1,186,261	)
Long Gilt		1,307			June-2024		156,424,262			(3,536,491	)		(3,536,491	)
U.S. Treasury Long Bonds		543			June-2024		61,800,187			(2,210,989	)		(2,210,989	)
Subtotal										(17,920,248	)		(17,920,248	)
Subtotal-Long Futures Contracts										(27,937,102	)		(27,937,102	)
Short Futures Contracts
Equity Risk
E-Mini S&P 500 Index		7			June-2024		(1,773,450	)		78,811			78,811
Total Futures Contracts									$	(27,858,291	)	$	(27,858,291	)

^(a) Futures contracts collateralized by $78,495,002 cash held with Merrill Lynch International, the futures commission merchant.

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

Counterparty

Pay/ Receive

Reference Entity(c)

Fixed Rate

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Commodity Risk

Barclays Bank PLC

Receive

Barclays Soybean Meal S2 Nearby Excess Return Index

0.19

%

Monthly

750

February-2025

USD

823,930

$

–

$

29,841

$

29,841

Canadian Imperial Bank of Commerce

Pay

Canadian Imperial Bank of Commerce Silver Index

0.00

Monthly

60,500

October-2024

USD

8,051,342

–

525,455

525,455

Canadian Imperial Bank of Commerce

Receive

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

0.27

Monthly

24,500

February-2025

USD

2,767,413

–

167,778

167,778

Canadian Imperial Bank of Commerce

Receive

Canadian Imperial Bank of Commerce Soybean Meal 1 Excess Return Commodity Index

0.14

Monthly

48,200

February-2025

USD

10,198,802

–

426,570

426,570

Cargill, Inc.

Receive

Cargill Coffee Front Index

0.20

Monthly

26,200

July-2024

USD

5,458,612

–

200,448

200,448

Cargill, Inc.

Receive

Cargill Live Cattle Index

0.21

Monthly

42,000

November-2024

USD

4,096,783

–

76,469

76,469

Cargill, Inc.

Receive

Cargill Wheat Index

0.22

Monthly

91,000

December-2024

USD

4,241,251

–

167,950

167,950

Goldman Sachs International

Receive

S&P GSCI Wheat Excess Return A48 Strategy

0.20

Monthly

120,000

March-2025

USD

1,394,493

–

55,146

55,146

Macquarie Bank Ltd.

Receive

Macquarie Aluminum Dynamic Selection Index

0.15

Monthly

125,000

February-2025

USD

15,689,875

–

22,975

22,975

Macquarie Bank Ltd.

Receive

Macquarie Aluminum Dynamic Selection Index

0.30

Monthly

33,000

February-2025

USD

1,812,262

–

21,199

21,199

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

8 Invesco Balanced-Risk Allocation Fund

		Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)
Counterparty	Pay/ Receive	Reference Entity(c)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Macquarie Bank Ltd.	Receive	Macquarie Single Commodity Soymeal type A Excess Return		0.17	%		Monthly		39,000		February-2025		USD	15,047,075	$	–		$	185,991		$	185,991
Merrill Lynch International	Receive	MLCISCE Excess Return Index		0.12			Monthly		124,000		February-2025		USD	5,759,391		–			0			0
Merrill Lynch International	Receive	MLCX Natural Gas Annual Excess Return Index		0.25			Monthly		27,000		June-2024		USD	1,857,730		–			0			0
Merrill Lynch International	Receive	MLCX6CTE Excess Return Index		0.18			Monthly		79,000		February-2025		USD	7,400,167		–			0			0
Royal Bank of Canada	Receive	RBC Commodity CT01 Excess Return Custom Index		0.28			Monthly		106,000		February-2025		USD	14,144,523		–			0			0
Royal Bank of Canada	Receive	RBC Commodity KCEO Excess Return Custom Index		0.18			Monthly		328,000		December-2024		USD	8,063,158		–			0			0
Royal Bank of Canada	Receive	RBC Commodity SB01 Excess Return Custom Index		0.20			Monthly		78,000		February-2025		USD	12,665,695		–			0			0
Royal Bank of Canada	Receive	RBC Commodity SO01 Excess Return Custom Index		0.18			Monthly		73,000		February-2025		USD	8,908,263		–			0			0
Subtotal – Appreciation																–			1,879,822			1,879,822
Commodity Risk
Barclays Bank PLC	Receive	Barclays Soybeans Seasonal Index Excess Return		0.19			Monthly		25,400		February-2025		USD	8,977,764		–			(68,956	)		(68,956	)
Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Seasonally Enhanced Bean Oil Commodity Index		0.26			Monthly		39,500		February-2025		USD	4,539,660		–			(347,031	)		(347,031	)
Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Seasonally Enhanced Cotton Commodity Excess Return Index		0.28			Monthly		57,000		February-2025		USD	9,316,023		–			(445,655	)		(445,655	)
Cargill, Inc.	Receive	Cargill Lean Hog Index		0.21			Monthly		15,000		March-2025		USD	939,878		–			(18,648	)		(18,648	)
Cargill, Inc.	Receive	Cargill Soybean Oil Index		0.24			Monthly		58,500		February-2025		USD	9,751,535		–			(1,094,915	)		(1,094,915	)
Cargill, Inc.	Receive	Cargill Sugar Index		0.20			Monthly		32,900		February-2025		USD	16,077,955		(43,986	)		(1,251,168	)		(1,207,182	)
Goldman Sachs International	Receive	Enhanced Strategy AB42 on the S&P GSCI Soybeans Excess Return		0.14			Monthly		23,400		February-2025		USD	10,072,536		–			(263,393	)		(263,393	)
Goldman Sachs International	Receive	S&P GSCI Soybean Oil Excess Return Index		0.25			Monthly		76,500		February-2025		USD	9,751,960		–			(898,232	)		(898,232	)
J.P. Morgan Chase Bank, N.A.	Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25			Monthly		74,000		February-2025		USD	30,024,391		–			(77,648	)		(77,648	)
J.P. Morgan Chase Bank, N.A.	Receive	S&P GSCI Gold Index Excess Return		0.09			Monthly		93,000		October-2024		USD	14,517,887		–			(269,161	)		(269,161	)
Morgan Stanley and Co. International PLC	Receive	S&P GSCI Aluminum Dynamic Index Excess Return		0.30			Monthly		165,000		July-2024		USD	17,979,416		–			(264	)		(264	)
Subtotal – Depreciation																(43,986)			(4,735,071	)		(4,691,085	)
Total – Total Return Swap Agreements																$(43,986)		$	(2,855,249	)	$	(2,811,263	)

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

9 Invesco Balanced-Risk Allocation Fund

^(a) Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $6,040,076.

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

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

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

Counterparty

Pay/ Receive

Reference Entity

Floating Rate Index

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Equity Risk

BNP Paribas S.A.

Receive

MSCI EMU Minimum Volatility Index

1 mo. EURIBOR - 0.335%

Monthly

7,400

September-2024

EUR

24,874,360

$–

$

315,892

$

315,892

BNP Paribas S.A.

Receive

MSCI EMU Momentum Index

1 mo. EURIBOR - 0.320%

Monthly

300

September-2024

EUR

1,905,563

–

24,375

24,375

BNP Paribas S.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR - 0.285%

Monthly

475,000

July-2024

JPY

1,726,378,000

–

54,362

54,362

BNP Paribas S.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR - 0.288%

Monthly

378,458

August-2024

JPY

1,375,498,031

–

43,313

43,313

Citibank, N.A.

Receive

Invesco UK Broad Low Volatility Net Total Return Index

SONIA + 0.190%

Monthly

850

May-2024

GBP

4,695,145

–

117,616

117,616

Citibank, N.A.

Receive

Invesco UK Broad Low Volatility Net Total Return Index

SONIA + 0.310%

Monthly

250

May-2024

GBP

1,380,925

–

34,593

34,593

Citibank, N.A.

Receive

Invesco UK Broad Low Volatility Net Total Return Index

SONIA + 0.355%

Monthly

250

August-2024

GBP

1,380,925

–

34,593

34,593

Citibank, N.A.

Receive

Invesco UK Broad Price Momentum Net Total Return Index

SONIA + 0.315%

Monthly

59

May-2024

GBP

410,741

–

9,025

9,025

Citibank, N.A.

Receive

Invesco UK Broad Price Momentum Net Total Return Index

SONIA + 0.325%

Monthly

450

August-2024

GBP

3,132,774

–

68,836

68,836

Citibank, N.A.

Receive

Invesco UK Broad Quality Net Total Return Index

SONIA + 0.325%

Monthly

1,370

June-2024

GBP

10,558,097

–

64,333

64,333

Citibank, N.A.

Receive

MSCI EMU Minimum Volatility Index

1 mo. EURIBOR - 0.575%

Monthly

400

June-2024

EUR

1,344,560

–

17,075

17,075

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

10 Invesco Balanced-Risk Allocation Fund

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

Counterparty

Pay/ Receive

Reference Entity

Floating Rate Index

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Citibank, N.A.

Receive

MSCI EMU Momentum Index

1mo. EURIBOR - 0.525%

Monthly

4,200

June-2024

EUR

26,677,888

$–

$

341,253

$

341,253

Citibank, N.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR - 0.200%

Monthly

70,000

August-2024

JPY

254,413,600

–

8,011

8,011

Citibank, N.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR - 0.260%

Monthly

1,141,542

June-2024

JPY

4,148,911,568

–

130,646

130,646

Citibank, N.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR - 0.280%

Monthly

75,000

June-2024

JPY

272,586,000

–

8,584

8,584

Citibank, N.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR + 0.090%

Monthly

70,000

August-2024

JPY

252,012,600

–

23,235

23,235

Goldman Sachs International

Receive

MSCI Japan Minimum Volatility Index

TONAR - 0.300%

Monthly

120,000

June-2024

JPY

436,137,600

–

13,734

13,734

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

Receive

Invesco U.S. Low Volatility Total Return Index

SOFR + 0.415%

Monthly

2,950

June-2024

USD

20,432,143

–

127,794

127,794

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

Receive

Invesco UK Broad Low Volatility Net Total Return Index

SONIA + 0.240%

Monthly

3,280

May-2024

GBP

18,117,736

–

453,859

453,859

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

Receive

Invesco UK Broad Low Volatility Net Total Return Index

SONIA + 0.350%

Monthly

420

May-2024

GBP

2,319,954

–

58,116

58,116

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

Receive

Invesco UK Broad Price Momentum Net Total Return Index

SONIA + 0.310%

Monthly

3,141

May-2024

GBP

21,866,762

–

480,479

480,479

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

Receive

Invesco UK Broad Price Momentum Net Total Return Index

SONIA + 0.350%

Monthly

280

May-2024

GBP

1,949,282

–

42,832

42,832

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

Receive

Invesco UK Broad Quality Net Total Return Index

SONIA + 0.330%

Monthly

983

October-2024

GBP

7,426,614

–

232,359

232,359

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

11 Invesco Balanced-Risk Allocation Fund

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

Counterparty

Pay/ Receive

Reference Entity

Floating Rate Index

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

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

Receive

Invesco UK Broad Quality Net Total Return Index

SONIA + 0.330%

Monthly

327

October-2024

GBP

2,470,501

$–

$

77,295

$

77,295

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

Receive

MSCI EMU Minimum Volatility Index

1 mo. EURIBOR - 0.610%

Monthly

400

July-2024

EUR

1,344,560

–

17,075

17,075

Merrill Lynch International

Receive

Invesco UK Broad Quality Net Total Return Index

SONIA + 0.325%

Monthly

990

July-2024

GBP

7,629,574

–

46,489

46,489

Subtotal – Appreciation

–

2,845,774

2,845,774

Equity Risk

Barclays Bank PLC

Receive

MSCI Japan Quality Index

TONAR - 0.200%

Monthly

11,519

August-2024

JPY

43,608,515

–

(9,737

)

(9,737

)

BNP Paribas S.A.

Receive

BNP Paribas AIR VAR Intraday US Calendar Excess Return Index

BNPXAVUC + 0.010%

Monthly

70,000

February-2025

USD

15,748,390

–

(21,695

)

(21,695

)

BNP Paribas S.A.

Receive

MSCI EMU Quality Index

1 mo. EURIBOR - 0.320%

Monthly

5,800

July-2024

EUR

27,547,332

–

(711,035

)

(711,035

)

BNP Paribas S.A.

Receive

MSCI Japan Quality Index

TONAR - 0.170%

Monthly

1,607,469

July-2024

JPY

6,085,540,066

–

(1,358,830

)

(1,358,830

)

BNP Paribas S.A.

Receive

MSCI Japan Quality Index

TONAR - 0.185%

Monthly

491,012

August-2024

JPY

1,858,868,319

–

(415,063

)

(415,063

)

Citibank, N.A.

Receive

Citi EQ US Volatility Carry Series 5 Index

CIEQVRU5 + 0.000%

Monthly

93,000

February-2025

USD

15,913,230

–

(8,370

)

(8,370

)

Citibank, N.A.

Receive

MSCI Japan Quality Index

TONAR + 0.180%

Monthly

60,000

August-2024

JPY

231,851,400

–

(80,545

)

(80,545

)

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

Receive

Invesco U.S. Large Cap Broad Price Momentum Total Return Index

SOFR + 0.420%

Monthly

2,300

June-2024

USD

21,191,326

–

(228,321

)

(228,321

)

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

12 Invesco Balanced-Risk Allocation Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)-(continued)
Counterparty	Pay/ Receive		Reference Entity	Floating Rate Index		Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco U.S. Large Cap Broad Quality Total Return Index		SOFR + 0.630%		Monthly		1,680		October-2024		USD  20,948,306	$–	$	(311,959	)	$	(311,959	)
Morgan Stanley and Co. International PLC		Receive	Morgan Stanley Volatility Relative Value SPX		MSVCDRPS + 0.000%		Monthly		92,000		February-2025		USD  15,959,240	–		(4,600	)		(4,600	)
Subtotal – Depreciation														–		(3,150,155	)		(3,150,155	)
Total – Total Return Swap Agreements														$–	$	(304,381	)	$	(304,381	)

^(a) Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $6,040,076.

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

Reference Entity Components
Reference Entity	Underlying Components	Percentage
S&P GSCI Aluminum Dynamic Roll Index
	Long Futures Contracts
	Aluminum		100.00%
Canadian Imperial Bank of Commerce Gold Standard Roll Excess Return Index
	Long Futures Contracts
	Gold		100.00%
Canadian Imperial Bank of Commerce Silver Index
	Long Futures Contracts
	Silver		100.00%
RBC Enhanced Copper 2x Index
	Long Futures Contracts
	Copper		100.00%
Barclays Soybean Meal S2 Nearby Excess Return Index
	Long Futures Contracts
	Soybean Meal		100.00%
Canadian Imperial Bank of Commerce Silver Index
	Long Futures Contracts
	Silver		100.00%
Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2
	Long Futures Contracts
	Copper		100.00%
Canadian Imperial Bank of Commerce Soybean Meal 1 Excess Return Commodity Index
	Long Futures Contracts
	Soybean Meal		100.00%

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

13 Invesco Balanced-Risk Allocation Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
Cargill Coffee Front Index
	Long Futures Contracts
	Coffee		100.00%
Cargill Live Cattle Index
	Long Futures Contracts
	Live Cattle		100.00%
Cargill Wheat Index
	Long Futures Contracts
	Wheat		100.00%
S&P GSCI Wheat Excess Return A48 Strategy
	Long Futures Contracts
	Wheat		100.00%
Macquarie Aluminum Dynamic Selection Index
	Long Futures Contracts
	Aluminum		100.00%
	Long Futures Contracts
	Aluminum		100.00%
Macquarie Single Commodity Soymeal type A Excess Return
	Long Futures Contracts
	Soymeal		100.00%
MLCISCE Excess Return Index
	Long Futures Contracts
	Corn		100.00%
MLCX Natural Gas Annual Excess Return Index
	Long Futures Contracts
	Gas		100.00%
MLCX6CTE Excess Return Index
	Long Futures Contracts
	Cotton		100.00%
RBC Commodity CT01 Excess Return Custom Index
	Long Futures Contracts
	Cotton		100.00%
RBC Commodity KCEO Excess Return Custom Index
	Long Futures Contracts
	Copper		100.00%
RBC Commodity SB01 Excess Return Custom Index
	Long Futures Contracts
	Sugar		100.00%
RBC Commodity SO01 Excess Return Custom Index
	Long Futures Contracts
	Soybean		100.00%

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

14 Invesco Balanced-Risk Allocation Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
Barclays Soybeans Seasonal Index Excess Return
	Long Futures Contracts
	Soybean		100.00%
Canadian Imperial Bank of Commerce Seasonally Enhanced Bean Oil Commodity Index
	Long Futures Contracts
	Bean Oil		100.00%
Canadian Imperial Bank of Commerce Seasonally Enhanced Cotton Commodity Excess Return Index
	Long Futures Contracts
	Cotton		100.00%
Cargill Lean Hog Index
	Long Futures Contracts
	Lean Hog		100.00%
Cargill Soybean Oil Index
	Long Futures Contracts
	Soybean Oil		100.00%
Cargill Sugar Index
	Long Futures Contracts
	Sugar		100.00%
Enhanced Strategy AB42 on the S&P GSCI Soybeans Excess Return
	Long Futures Contracts
	Soybean		100.00%
S&P GSCI Soybean Oil Excess Return Index
	Long Futures Contracts
	Soybean Oil		100.00%
J.P. Morgan Contag Beta Gas Oil Excess Return Index
	Long Futures Contracts
	Gas Oil		100.00%
S&P GSCI Gold Index Excess Return
	Long Futures Contracts
	Gold		100.00%
S&P GSCI Aluminum Dynamic Index Excess Return
	Long Futures Contracts
	Aluminum		100.00%

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

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

15 Invesco Balanced-Risk Allocation Fund

Target Risk Contribution and Notional Asset Weights as of April 30, 2024

By asset class

Asset Class	Target Risk Contribution*			Notional Asset Weights**
Equities and Options		46.11	%		61.77	%
Fixed Income		16.67			48.88
Commodities		37.22			29.33
Total		100.00			139.98

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

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

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

16 Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $427,978,771)	$	429,766,372
Investments in affiliated money market funds, at value (Cost $746,706,471)		746,708,808
Other investments:
Swaps receivable - OTC		17,089,445
Unrealized appreciation on swap agreements - OTC		4,725,596
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		78,495,002
Cash collateral – OTC Derivatives		6,040,076
Foreign currencies, at value (Cost $31,114,945)		31,023,081
Receivable for:
Investments sold		63,699
Fund shares sold		265,781
Dividends		3,357,157
Interest		91,119
Investment for trustee deferred compensation and retirement plans		468,542
Other assets		42,551
Total assets		1,318,137,229
Liabilities:
Other investments:
Variation margin payable – futures contracts		6,288,669
Premiums received on swap agreements – OTC		43,986
Swaps payable – OTC		20,577,141
Unrealized depreciation on swap agreements – OTC		7,841,240
Payable for:
Fund shares reacquired		1,899,462
Accrued fees to affiliates		739,556
Accrued other operating expenses		116,587
Trustee deferred compensation and retirement plans		502,254
Collateral due to broker - OTC Derivatives		1,157
Total liabilities		38,010,052
Net assets applicable to shares outstanding	$	1,280,127,177

Net assets consist of:
Shares of beneficial interest	$	1,417,490,026
Distributable earnings (loss)		(137,362,849	)
	$	1,280,127,177
Net Assets:
Class A	$	696,511,862
Class C	$	58,405,638
Class R	$	17,416,108
Class Y	$	473,114,323
Class R5	$	9,842,764
Class R6	$	24,836,482
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		79,382,667
Class C		7,189,581
Class R		2,042,181
Class Y		52,483,429
Class R5		1,090,987
Class R6		2,743,613
Class A:
Net asset value per share	$	8.77
Maximum offering price per share
(Net asset value of $8.77 ÷ 94.50%)	$	9.28
Class C:
Net asset value and offering price per share	$	8.12
Class R:
Net asset value and offering price per share	$	8.53
Class Y:
Net asset value and offering price per share	$	9.01
Class R5:
Net asset value and offering price per share	$	9.02
Class R6:
Net asset value and offering price per share	$	9.05

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

17 Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Interest	$	11,420,221
Dividends from affiliated money market funds		20,480,471
Total investment income		31,900,692
Expenses:
Advisory fees		6,092,808
Administrative services fees		98,293
Custodian fees		53,108
Distribution fees:
Class A		891,532
Class C		312,634
Class R		43,181
Transfer agent fees – A, C, R and Y		892,006
Transfer agent fees – R5		4,529
Transfer agent fees – R6		5,224
Trustees’ and officers’ fees and benefits		14,708
Registration and filing fees		46,421
Reports to shareholders		203,707
Professional services fees		51,774
Other		14,984
Total expenses		8,724,909
Less: Fees waived and/or expense offset arrangement(s)		(362,308	)
Net expenses		8,362,601
Net investment income		23,538,091
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(9,029,758	)
Affiliated investment securities		5,668
Foreign currencies		23,591
Futures contracts		55,338,037
Swap agreements		46,324,088
		92,661,626
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		10,399,672
Affiliated investment securities		(3,553	)
Foreign currencies		(84,441	)
Futures contracts		7,021,542
Swap agreements		10,270,264
		27,603,484
Net realized and unrealized gain		120,265,110
Net increase in net assets resulting from operations	$	143,803,201

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

18 Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30, 2024			October 31, 2023
Operations:
Net investment income	$	23,538,091		$	48,840,423
Net realized gain (loss)		92,661,626			(36,219,898	)
Change in net unrealized appreciation (depreciation)		27,603,484			(32,839,624	)
Net increase (decrease) in net assets resulting from operations		143,803,201			(20,219,099	)
Distributions to shareholders from distributable earnings:
Class A		(15,953,580	)		–
Class C		(929,968	)		–
Class R		(339,762	)		–
Class Y		(12,574,677	)		–
Class R5		(226,914	)		–
Class R6		(634,393	)		–
Total distributions from distributable earnings		(30,659,294	)		–
Share transactions–net:
Class A		(70,014,946	)		(133,323,229	)
Class C		(11,095,108	)		(34,846,125	)
Class R		(509,673	)		627,422
Class Y		(96,543,170	)		(260,849,730	)
Class R5		(1,333,011	)		(2,415,232	)
Class R6		(3,950,286	)		(11,141,843	)
Net increase (decrease) in net assets resulting from share transactions		(183,446,194	)		(441,948,737	)
Net increase (decrease) in net assets		(70,302,287	)		(462,167,836	)
Net assets:
Beginning of period		1,350,429,464			1,812,597,300
End of period	$	1,280,127,177		$	1,350,429,464

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

19 Invesco Balanced-Risk Allocation Fund

Consolidated Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/24		$	8.07		$	0.15			$	0.74			$	0.89			$	(0.19	)		$	–			$	(0.19	)		$	8.77		11.11	%		$	696,512		1.32	%(d)		1.37	%(d)		3.43	%(d)		47	%
Year ended 10/31/23			8.24			0.25				(0.42	)			(0.17	)			–				–				–				8.07		(2.06	)			706,256		1.29			1.34			2.95			17
Year ended 10/31/22			12.09			(0.04	)			(1.29	)			(1.33	)			(1.43	)			(1.09	)			(2.52	)			8.24		(13.99	)			852,412		1.31			1.35			(0.47	)		92
Year ended 10/31/21			10.12			(0.15	)			2.25				2.10				(0.13	)			–				(0.13	)			12.09		20.91				1,093,094		1.31			1.33			(1.26	)		16
Year ended 10/31/20			11.33			(0.05	)			0.01				(0.04	)			(0.67	)			(0.50	)			(1.17	)			10.12		(0.55	)			831,513		1.24			1.30			(0.53	)		81
Year ended 10/31/19			10.21			0.10				1.02				1.12				–				–				–				11.33		10.97				968,345		1.24			1.29			0.95			11
Class C
Six months ended 04/30/24			7.44			0.11				0.68				0.79				(0.11	)			–				(0.11	)			8.12		10.72				58,406		2.07	(d)		2.12	(d)		2.68	(d)		47
Year ended 10/31/23			7.66			0.17				(0.39	)			(0.22	)			–				–				–				7.44		(2.87	)			63,864		2.04			2.09			2.20			17
Year ended 10/31/22			11.36			(0.11	)			(1.19	)			(1.30	)			(1.31	)			(1.09	)			(2.40	)			7.66		(14.57	)			100,109		2.06			2.10			(1.22	)		92
Year ended 10/31/21			9.50			(0.22	)			2.12				1.90				(0.04	)			–				(0.04	)			11.36		20.04				167,794		2.06			2.08			(2.01	)		16
Year ended 10/31/20			10.69			(0.12	)			0.00				(0.12	)			(0.57	)			(0.50	)			(1.07	)			9.50		(1.36	)			349,294		1.99			2.05			(1.28	)		81
Year ended 10/31/19			9.70			0.02				0.97				0.99				–				–				–				10.69		10.21				527,251		1.99			2.04			0.20			11
Class R
Six months ended 04/30/24			7.83			0.13				0.73				0.86				(0.16	)			–				(0.16	)			8.53		11.12				17,416		1.57	(d)		1.62	(d)		3.18	(d)		47
Year ended 10/31/23			8.02			0.22				(0.41	)			(0.19	)			–				–				–				7.83		(2.37	)			16,480		1.54			1.59			2.70			17
Year ended 10/31/22			11.82			(0.07	)			(1.25	)			(1.32	)			(1.39	)			(1.09	)			(2.48	)			8.02		(14.21	)			16,270		1.56			1.60			(0.72	)		92
Year ended 10/31/21			9.90			(0.17	)			2.19				2.02				(0.10	)			–				(0.10	)			11.82		20.52				17,666		1.56			1.58			(1.51	)		16
Year ended 10/31/20			11.10			(0.08	)			0.02				(0.06	)			(0.64	)			(0.50	)			(1.14	)			9.90		(0.77	)			15,202		1.49			1.55			(0.78	)		81
Year ended 10/31/19			10.02			0.07				1.01				1.08				–				–				–				11.10		10.78				18,343		1.49			1.54			0.70			11
Class Y
Six months ended 04/30/24			8.30			0.16				0.76				0.92				(0.21	)			–				(0.21	)			9.01		11.22				473,114		1.07	(d)		1.12	(d)		3.68	(d)		47
Year ended 10/31/23			8.46			0.28				(0.44	)			(0.16	)			–				–				–				8.30		(1.89	)			526,412		1.04			1.09			3.20			17
Year ended 10/31/22			12.34			(0.02	)			(1.31	)			(1.33	)			(1.46	)			(1.09	)			(2.55	)			8.46		(13.66	)			792,547		1.06			1.10			(0.22	)		92
Year ended 10/31/21			10.33			(0.12	)			2.29				2.17				(0.16	)			–				(0.16	)			12.34		21.18				1,062,698		1.06			1.08			(1.01	)		16
Year ended 10/31/20			11.55			(0.03	)			0.01				(0.02	)			(0.70	)			(0.50	)			(1.20	)			10.33		(0.34	)			1,000,148		0.99			1.05			(0.28	)		81
Year ended 10/31/19			10.37			0.13				1.05				1.18				–				–				–				11.55		11.38				1,431,442		0.99			1.04			1.20			11
Class R5
Six months ended 04/30/24			8.31			0.16				0.77				0.93				(0.22	)			–				(0.22	)			9.02		11.27				9,843		1.02	(d)		1.07	(d)		3.73	(d)		47
Year ended 10/31/23			8.46			0.28				(0.43	)			(0.15	)			–				–				–				8.31		(1.77	)			10,334		0.99			1.04			3.25			17
Year ended 10/31/22			12.35			(0.02	)			(1.31	)			(1.33	)			(1.47	)			(1.09	)			(2.56	)			8.46		(13.72	)			12,874		1.04			1.08			(0.20	)		92
Year ended 10/31/21			10.34			(0.12	)			2.30				2.18				(0.17	)			–				(0.17	)			12.35		21.22				16,750		1.02			1.04			(0.97	)		16
Year ended 10/31/20			11.56			(0.03	)			0.02				(0.01	)			(0.71	)			(0.50	)			(1.21	)			10.34		(0.26	)			15,707		0.94			1.00			(0.23	)		81
Year ended 10/31/19			10.38			0.14				1.04				1.18				–				–				–				11.56		11.37				45,497		0.92			0.97			1.27			11
Class R6
Six months ended 04/30/24			8.34			0.17				0.76				0.93				(0.22	)			–				(0.22	)			9.05		11.31				24,836		0.96	(d)		1.01	(d)		3.79	(d)		47
Year ended 10/31/23			8.49			0.29				(0.44	)			(0.15	)			–				–				–				8.34		(1.77	)			27,084		0.93			0.98			3.31			17
Year ended 10/31/22			12.38			(0.01	)			(1.32	)			(1.33	)			(1.47	)			(1.09	)			(2.56	)			8.49		(13.62	)			38,385		0.97			1.01			(0.13	)		92
Year ended 10/31/21			10.37			(0.11	)			2.30				2.19				(0.18	)			–				(0.18	)			12.38		21.26				49,008		0.95			0.97			(0.90	)		16
Year ended 10/31/20			11.59			(0.02	)			0.02				0.00				(0.72	)			(0.50	)			(1.22	)			10.37		(0.21	)			159,353		0.86			0.92			(0.15	)		81
Year ended 10/31/19			10.40			0.15				1.04				1.19				–				–				–				11.59		11.44				255,753		0.87			0.92			1.32			11

^(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) Annualized.

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

20 Invesco Balanced-Risk Allocation Fund

Notes to Consolidated Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask 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.

21 Invesco Balanced-Risk Allocation Fund

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

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

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

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

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

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

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

22 Invesco Balanced-Risk Allocation Fund

(i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

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 instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

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

N. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s net asset value

23 Invesco Balanced-Risk Allocation Fund

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

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

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

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

O. LIBOR Transition Risk – The Fund may have investments in financial instruments that recently transitioned from, or continue to be tied to, the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR was a common benchmark interest rate index historically used to make adjustments to variable-rate debt instruments, to determine interest rates for a variety of financial instruments and borrowing arrangements and as a reference rate in derivative contracts.

The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, has ceased publishing the majority of LIBOR rates. In April 2023, the FCA announced that some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts, but any such rates are considered non-representative of the underlying market. Regulators and financial industry working groups have worked to identify alternative reference rates (“ARRs”) to replace LIBOR and to assist with the transition to the new ARRs. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) have replaced LIBOR in certain financial contracts. SOFR is a broad measure of the cost of overnight borrowing of cash through repurchase agreements collateralized by U.S. Treasury securities.

While the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty and risks relating to converting certain longer-term securities and transactions to a new ARR. There can be no assurance that the composition or characteristics of any ARRs or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, while some legacy USD LIBOR instruments may provide for an alternative or fallback rate-setting methodology, there may be significant uncertainty regarding the effectiveness of such methodologies to replicate USD LIBOR; other legacy USD LIBOR instruments may not include such fallback rate-setting provisions at all or may not be able to rely on the statutory fallback mechanism, the effectiveness of which is also uncertain. While it is expected that the market participants will amend legacy financial instruments referencing LIBOR to include such fallback provisions to ARRs, there remains uncertainty regarding the willingness and ability of parties to add or amend such fallback provisions in legacy instruments. Moreover, certain aspects of the transition from LIBOR will rely on the actions of third-party market participants, such as clearing houses, trustees, administrative agents, asset servicers and certain service providers; the Adviser cannot guarantee the performance of such market participants and any failure on the part of such market participants to manage their part of the LIBOR transition could impact the Fund. The Fund may have instruments linked to other interbank offered rates that may also cease to be published in the future. All of the foregoing may adversely affect the Fund’s performance or NAV.

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

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

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

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

24 Invesco Balanced-Risk Allocation Fund

multiple of the price increase or decrease of the underlying commodity, commodity index, or other economic variable. Such economic leverage will increase the volatility of the value of these commodity-linked notes and the Fund to the extent it invests in such notes.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0.950%
Next $250 million		0.925%
Next $500 million		0.900%
Next $1.5 billion		0.875%
Next $2.5 billion		0.850%
Next $2.5 billion		0.825%
Next $2.5 billion		0.800%
Over $10 billion		0.775%

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.91%.

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

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

The Adviser has agreed, for an indefinite period, 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 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after fee waiver and/or expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2024, the Adviser waived advisory fees of $346,763.

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, 2024, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, 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 Plans 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, 2024, 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, 2024, IDI advised the Fund that IDI retained $28,465 in front-end sales commissions from the sale of Class A shares and $205 and $1,694 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

25 Invesco Balanced-Risk Allocation Fund

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Treasury Securities	$	–		$	352,133,510			$–	$	352,133,510
Commodity-Linked Securities		–			71,582,869			–		71,582,869
Money Market Funds		746,708,808			–			–		746,708,808
Options Purchased		6,049,993			–			–		6,049,993
Total Investments in Securities		752,758,801			423,716,379			–		1,176,475,180
Other Investments - Assets*
Futures Contracts		2,125,431			–			–		2,125,431
Swap Agreements		–			4,725,596			–		4,725,596
		2,125,431			4,725,596			–		6,851,027
Other Investments - Liabilities*
Futures Contracts		(29,983,722	)		–			–		(29,983,722	)
Swap Agreements		–			(7,841,240	)		–		(7,841,240	)
		(29,983,722	)		(7,841,240	)		–		(37,824,962	)
Total Other Investments		(27,858,291	)		(3,115,644	)		–		(30,973,935	)
Total Investments	$	724,900,510		$	420,600,735			$–	$	1,145,501,245

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2024:

	Value
Derivative Assets	Commodity Risk			Equity Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	1,546,914		$	578,517		$	2,125,431
Unrealized appreciation on swap agreements – OTC		1,879,822			2,845,774			4,725,596
Options purchased, at value – Exchange-Traded(b)		–			6,049,993			6,049,993
Total Derivative Assets		3,426,736			9,474,284			12,901,020
Derivatives not subject to master netting agreements		(1,546,914	)		(6,628,510	)		(8,175,424	)
Total Derivative Assets subject to master netting agreements	$	1,879,822		$	2,845,774		$	4,725,596

	Value
Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(2,649,819	)	$	(9,413,655	)	$	(17,920,248	)	$	(29,983,722	)
Unrealized depreciation on swap agreements – OTC		(4,691,085	)		(3,150,155	)		–			(7,841,240	)
Total Derivative Liabilities		(7,340,904	)		(12,563,810	)		(17,920,248	)		(37,824,962	)
Derivatives not subject to master netting agreements		2,649,819			9,413,655			17,920,248			29,983,722
Total Derivative Liabilities subject to master netting agreements	$	(4,691,085	)	$	(3,150,155	)	$	–		$	(7,841,240	)

26 Invesco Balanced-Risk Allocation Fund

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

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2024.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash			Cash			Net Amount(a)
Fund
Barclays Bank PLC		$         14		$    (9,737)		$	(9,723	)	$	–		$	–		$	(9,723	)
BNP Paribas S.A.		441,693		(2,587,843	)		(2,146,150	)		–			2,146,150			–
Citibank, N.A.		860,041		(192,209	)		667,832			–			(550,000	)		117,832
Goldman Sachs International		15,953,342		(15,939,350	)		13,992			–			–			13,992
J.P. Morgan Chase Bank, N.A.		1,489,809		(792,915	)		696,894			(696,894	)		–			–
Macquarie Bank Ltd.		22,975		(392	)		22,583			–			–			22,583
Merrill Lynch International		46,489		(22,689	)		23,800			–			–			23,800
Morgan Stanley and Co. International PLC		–		(4,600	)		(4,600	)		–			–			(4,600	)
Subtotal - Fund		18,814,363		(19,549,735	)		(735,372	)		(696,894	)		1,596,150			163,884
Subsidiary
Barclays Bank PLC		29,841		(69,784	)		(39,943	)		–			–			(39,943	)
Canadian Imperial Bank of Commerce		1,119,803		(795,994	)		323,809			–			(323,809	)		–
Cargill, Inc.		444,867		(2,326,329	)		(1,881,462	)		–			820,000			(1,061,462	)
Goldman Sachs International		55,146		(1,164,263	)		(1,109,117	)		–			640,000			(469,117	)
J.P. Morgan Chase Bank, N.A.		–		(349,014	)		(349,014	)		–			–			(349,014	)
Macquarie Bank Ltd.		207,190		(508	)		206,682			–			(206,682	)		–
Merrill Lynch International		44,769		(823,103	)		(778,334	)		–			778,334			–
Morgan Stanley and Co. International PLC		–		(2,510	)		(2,510	)		–			–			(2,510	)
Royal Bank of Canada		1,099,062		(3,337,141	)		(2,238,079	)		–			1,210,000			(1,028,079	)
Subtotal - Subsidiary		3,000,678		(8,868,646	)		(5,867,968	)		–			2,917,843			(2,950,125	)
Total		$21,815,041		$(28,418,381)		$	(6,603,340	)	$	(696,894	)	$	4,513,993		$	(2,786,241	)

^(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, 2024

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	$	10,581,801		$	28,197,500		$	16,558,736	$	55,338,037
Options purchased(a)		-			(9,035,403	)		-		(9,035,403	)
Swap agreements		(2,490,083	)		48,814,171			-		46,324,088

27 Invesco Balanced-Risk Allocation Fund

	Location of Gain (Loss) on
	Consolidated Statement of Operations
	Commodity  Risk			Equity Risk			Interest Rate Risk		Total
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts	$	(4,700,593	)	$	10,471,661		$	1,250,474	$	7,021,542
Options purchased(a)		-			(8,295,072	)		-		(8,295,072	)
Swap agreements		(3,851,918	)		14,122,182			-		10,270,264
Total	$	(460,793	)	$	84,275,039		$	17,809,210	$	101,623,456

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

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

		Futures Contracts		Index Options Purchased		Swap Agreements
Average notional value		$	1,465,879,892	$	278,361,253	$	719,800,466
Average contracts			–		2,840		–

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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $15,545.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

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 carryforward 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	108,913,959	$	143,498,621	$	252,412,580

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $8,929,751 and $2,674,755, 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	$	18,648,143
Aggregate unrealized (depreciation) of investments		(19,122,159	)
Net unrealized appreciation (depreciation) of investments	$	(474,016	)

Cost of investments for tax purposes is $1,145,931,275.

28 Invesco Balanced-Risk Allocation Fund

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		1,519,804		$	13,110,679			3,995,391		$	33,583,122
Class C		392,844			3,143,586			1,077,277			8,363,967
Class R		164,256			1,372,902			511,999			4,183,153
Class Y		4,967,174			43,799,884			7,383,616			63,713,825
Class R5		87,767			772,912			64,616			557,952
Class R6		4,649,932			42,556,926			1,085,780			9,334,383
Issued as reinvestment of dividends:
Class A		1,722,928			14,524,286			-			-
Class C		108,380			848,611			-			-
Class R		41,152			337,442			-			-
Class Y		1,154,088			9,982,861			-			-
Class R5		24,698			213,888			-			-
Class R6		64,073			556,157			-			-
Automatic conversion of Class C shares to Class A shares:
Class A		790,981			6,837,923			2,620,062			21,971,585
Class C		(853,964	)		(6,837,923	)		(2,831,170	)		(21,971,585	)
Reacquired:
Class A		(12,175,827	)		(104,487,834	)		(22,506,936	)		(188,877,936	)
Class C		(1,041,149	)		(8,249,382	)		(2,736,395	)		(21,238,507	)
Class R		(266,700	)		(2,220,017	)		(436,374	)		(3,555,731	)
Class Y		(17,077,396	)		(150,325,915	)		(37,680,656	)		(324,563,555	)
Class R5		(265,363	)		(2,319,811	)		(342,247	)		(2,973,184	)
Class R6		(5,218,819	)		(47,063,369	)		(2,360,155	)		(20,476,226	)
Net increase (decrease) in share activity		(21,211,141	)	$	(183,446,194	)		(52,155,192	)	$	(441,948,737	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 56% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

29 Invesco Balanced-Risk Allocation Fund

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, 2023 through April 30, 2024.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning  Account Value  (11/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized   Expense Ratio
		Ending  Account Value  (04/30/24)1	Expenses   Paid During   Period2	Ending  Account Value  (04/30/24)	Expenses   Paid During   Period2
Class A	$1,000.00	$1,112.40	$6.93	$1,018.30	$6.62	1.32%
Class C	1,000.00	1,107.20	10.85	1,014.57	10.37	2.07
Class R	1,000.00	1,111.20	8.24	1,017.06	7.87	1.57
Class Y	1,000.00	1,113.50	5.62	1,019.54	5.37	1.07
Class R5	1,000.00	1,112.70	5.36	1,019.79	5.12	1.02
Class R6	1,000.00	1,113.10	5.04	1,020.09	4.82	0.96

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

30 Invesco Balanced-Risk Allocation Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

Matter	Votes For		Votes  Against/Withheld
(1)*   Beth Ann Brown		2,249,378,619.33		41,629,442.71
Carol Deckbar		2,246,234,264.52		44,773,797.52
Cynthia Hostetler		2,239,884,066.77		51,123,995.27
Dr. Eli Jones		2,247,948,469.91		43,059,592.13
Elizabeth Krentzman		2,249,230,311.83		41,777,750.22
Jeffrey H. Kupor		2,246,969,783.10		44,038,278.94
Anthony J. LaCava, Jr.		2,248,588,977.62		42,419,084.42
James Liddy		2,247,297,130.55		43,710,931.50
Dr. Prema Mathai-Davis		2,240,956,129.31		50,051,932.73
Joel W. Motley		2,243,008,410.57		47,999,651.47
Teresa M. Ressel		2,248,731,273.34		42,276,788.70
Douglas Sharp		2,248,447,243.22		42,560,818.83
Robert C. Troccoli		2,246,647,253.82		44,360,808.22
Daniel S. Vandivort		2,247,577,966.04		43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

31 Invesco Balanced-Risk Allocation Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders April 30, 2024

Invesco Balanced-Risk Commodity Strategy Fund

Nasdaq:

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

 

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
11	Consolidated Financial Statements
14	Consolidated Financial Highlights
15	Notes to Consolidated Financial Statements
23	Fund Expenses
24	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

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

Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, 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	3.63	%
Class C Shares	3.20
Class R Shares	3.38
Class Y Shares	3.70
Class R5 Shares	3.68
Class R6 Shares	3.67
MSCI All Country World Index▼ (Broad Market Index)*	19.77
Bloomberg Global Aggregate Index▼ (Broad Market Index)*	4.43
Bloomberg Commodity Index▼ (Broad Market*/Style-Specific Index)	-0.18
Source(s): ▼RIMES Technologies Corp.
*Effective February 28, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg Commodity Index to the MSCI All Country World Index and the Bloomberg Global Aggregate Index to reflect that the MSCI All Country World Index and the Bloomberg Global Aggregate Index can be considered more broadly representative of the overall applicable securities markets.
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 Bloomberg Global Aggregate Index is an unmanaged index considered representative of global investment-grade, fixed-income markets.
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 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (11/30/10)	-0.82	%
10 Years	-0.14
5 Years	5.91
1 Year	1.08
Class C Shares
Inception (11/30/10)	-0.84	%
10 Years	-0.17
5 Years	6.33
1 Year	4.98
Class R Shares
Inception (11/30/10)	-0.62	%
10 Years	0.18
5 Years	6.87
1 Year	6.63
Class Y Shares
Inception (11/30/10)	-0.14	%
10 Years	0.67
5 Years	7.38
1 Year	7.09
Class R5 Shares
Inception (11/30/10)	-0.10	%
10 Years	0.73
5 Years	7.37
1 Year	7.04
Class R6 Shares
Inception (9/24/12)	-0.95	%
10 Years	0.76
5 Years	7.40
1 Year	7.18

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

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

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

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

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

 

3 Invesco Balanced-Risk Commodity Strategy Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Schedule of Investments

April 30, 2024

(Unaudited)

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
U.S. Treasury Securities–21.07%
U.S. Treasury Floating Rate Notes–21.07%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(a)		5.36%		07/31/2024	$	59,200	$	59,201,783
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.25%)(a)		5.57%		01/31/2026		48,600		48,710,797
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(a)		5.47%		04/30/2026		50,500		50,489,098
Total U.S. Treasury Securities (Cost $158,299,973)								158,401,678
			Expiration
			Date
Commodity-Linked Securities–13.20%
Bank of Montreal (Canada), 1 month SOFR (linked to the Bloomberg Gold Subindex, multiplied by 2)(b)(c)				06/03/2025		32,000		39,795,486
Barclays Bank PLC (United Kingdom), U.S. Federal Funds Effective Rate minus 0.06% (linked to the Barclays Gold Nearby Total Return Index, multiplied by 2.5)(b)(c)				02/03/2025		14,500		17,868,211
Royal Bank of Canada (Canada), (linked to RBC Enhanced Copper 2x Index, multiplied by 2)(b)(c)				09/03/2024		15,500		20,229,807
Societe Generale S.A. (France), U.S. Federal Funds Effective Rate minus 0.02% (linked to the Societe Generale Soybean Meal Index, multiplied by 2)(b)(c)				02/28/2025		20,700		21,324,373
Total Commodity-Linked Securities (Cost $82,700,000)								99,217,877
					Shares
Money Market Funds–64.60%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e)						117,576,283		117,576,283
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(d)(e)						82,995,126		83,020,024
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Agency Class, 5.52%(d)(e)						150,539,467		150,539,467
Invesco Treasury Portfolio, Institutional Class, 5.22%(d)(e)						134,372,894		134,372,894
Total Money Market Funds (Cost $485,474,716)								485,508,668
TOTAL INVESTMENTS IN SECURITIES–98.87% (Cost $726,474,689)								743,128,223
OTHER ASSETS LESS LIABILITIES–1.13%								8,488,618
NET ASSETS–100.00%							$	751,616,841

Investment Abbreviations:

SOFR – Secured Overnight Financing Rate

Notes to Consolidated Schedule of Investments:

^(a)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2024.

^(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, 2024 was $99,217,877, which represented 13.20% of the Fund’s Net Assets.

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

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	116,900,583		$	65,578,880		$	(64,903,181	)		$	-			$	-		$	117,576,283		$	2,795,340
Invesco Liquid Assets Portfolio, Institutional Class			82,535,610			46,842,057			(46,359,414	)			(3,995	)			5,767			83,020,024			2,020,680
Invesco Liquidity Funds PLC, Invesco US Dollar
Liquidity Portfolio, Agency Class			171,052,283			209,529,137			(230,041,953	)			-				-			150,539,467			4,279,018
Invesco Treasury Portfolio, Institutional Class			133,600,667			74,947,291			(74,175,064	)			-				-			134,372,894			3,170,139
Total		$	504,089,143		$	396,897,365		$	(415,479,612	)		$	(3,995	)		$	5,767		$	485,508,668		$	12,265,177

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

5 Invesco Balanced-Risk Commodity Strategy Fund

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Coffee ’C’		308		July-2024	$	25,023,075	$	2,296,024		$	2,296,024
Corn		192		July-2024		4,288,800		(274,521	)		(274,521	)
Cotton No. 2		355		December-2024		13,637,325		(946,245	)		(946,245	)
Lean Hogs		44		December-2024		1,358,720		(23,512	)		(23,512	)
Soybean		630		July-2024		36,634,500		(5,544,806	)		(5,544,806	)
Wheat		186		July-2024		5,610,225		87,292			87,292
Total Futures Contracts							$	(4,405,768	)	$	(4,405,768	)

^(a)  Futures contracts collateralized by $9,085,000 cash held with Goldman Sachs International, the futures commission merchant.

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

Counterparty

Pay/ Receive

Reference Entity(c)

Fixed Rate

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Commodity Risk

Barclays Bank PLC

Receive

Barclays Live Cattle Roll Yield Excess Return Index

0.47

%

Monthly

45,200

April–2025

USD

5,339,797

$–

$

50,832

$     50,832

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

Pay

S&P GSCI Gold Index Excess Return

0.80

Monthly

43,800

December–2024

USD

6,837,732

–

126,766

126,766

Macquarie Bank Ltd.

Receive

Macquarie Aluminum Dynamic Selection Index

0.30

Monthly

1,185,500

February–2025

USD

65,154,013

–

761,565

761,565

Macquarie Bank Ltd.

Receive

Modified Macquarie Single Commodity Sugar type A Excess Return Index

0.34

Monthly

12,700

July–2024

USD

3,451,704

–

42,504

42,504

Merrill Lynch International

Receive

Merrill Lynch Gold Excess Return Index

0.01

Monthly

46,600

March–2025

USD

11,189,886

–

0

0

Merrill Lynch International

Receive

MLCX Dynamic Enhanced Copper Excess Return Index

0.25

Monthly

41,200

January–2025

USD

38,712,987

–

0

0

Merrill Lynch International

Receive

MLCX Natural Gas Annual Excess Return Index

0.25

Monthly

134,000

June–2024

USD

9,219,843

–

0

0

Merrill Lynch International

Receive

MLCX1XBE Excess Return Index

0.10

Monthly

72,000

September–2024

USD

35,031,420

–

0

0

Royal Bank of Canada

Receive

RBC Enhanced Brent Crude Oil 01 Excess Return Index

0.32

Monthly

52,900

June–2024

USD

26,419,979

–

0

0

Subtotal – Appreciation

–

981,667

981,667

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

6 Invesco Balanced-Risk Commodity Strategy Fund

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

Counterparty	Pay/ Receive	Reference Entity(c)	Fixed Rate			Payment Frequency	Number of Contracts		Maturity Date	Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Barclays Bank PLC	Receive	Barclays Brent Crude Roll Yield Index		0.17	%	Monthly		4,700	March–2025		USD	2,697,414		$–	$	(4,575	)		$     (4,575	)
Barclays Bank PLC	Receive	Barclays Soybeans Seasonal Index Excess Return		0.19		Monthly		6,800	February–2025		USD	2,404,005		–		(18,461	)		(18,461	)
Barclays Bank PLC	Receive	Barclays WTI Crude Roll Yield Excess Return Index		0.17		Monthly		58,000	April–2025		USD	25,547,190		–		(882,748	)		(882,748	)
BNP Paribas S.A.	Receive	BNP Paribas Commodity Daily Dynamic Curve CO Index		0.25		Monthly		29,400	August–2024		USD	17,992,218		–		(412,526	)		(412,526	)
Cargill, Inc.	Receive	Single Commodity Index Excess Return		0.41		Monthly		108,200	June–2024		USD	33,969,920		–		(2,636,293	)		(2,636,293	)
Citibank, N.A.	Receive	Citi Commodities Curve Beta Enhanced Extended Cotton (Daily Rebalancing) Excess Return Index		0.20		Monthly		126,000	February–2025		USD	14,576,688		–		(317,394	)		(317,394	)
Goldman Sachs International	Receive	S&P GSCI Cotton Excess Return Index		0.35		Monthly		296,000	June–2024		USD	18,012,207		–		(1,088,839	)		(1,088,839	)
Goldman Sachs International	Receive	S&P GSCI Sugar Excess Return Index		0.30		Monthly		10,400	June–2024		USD	3,213,944		–		(249,422	)		(249,422	)
J.P. Morgan Chase Bank, N.A.	Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25		Monthly		143,000	February–2025		USD	58,069,812		–		(150,050	)		(150,050	)
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Nickel type A Excess Return Index		0.17		Monthly		79,500	February–2025		USD	9,013,527		–		(32,913	)		(32,913	)
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Zinc type A Excess Return Index		0.12		Monthly		42,800	November–2024		USD	7,871,365		–		(216,546	)		(216,546	)
Macquarie Bank Ltd.	Receive	Macquarie Single Commodity Silver type A Excess Return Index		0.16		Monthly		132,000	February–2025		USD	34,284,334		–		(1,214,651	)		(1,214,651	)
Morgan Stanley and Co. International PLC	Pay	Morgan Stanley MSCY2KW0 Index		0.05		Monthly		78,200	February–2025		USD	14,417,327		–		(1,292,114	)		(1,292,114	)
Morgan Stanley and Co. International PLC	Pay	Morgan Stanley MSCY2SM0 Index		0.03		Monthly		6,650	February–2025		USD	3,280,757		–		(147,089	)		(147,089	)
Morgan Stanley and Co. International PLC	Receive	Morgan Stanley MSCY2XBD0 Index		0.15		Monthly		22,500	September–2024		USD	22,149,738		–		(719,431	)		(719,431	)

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

7 Invesco Balanced-Risk Commodity Strategy Fund

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

Counterparty	Pay/ Receive	Reference Entity(c)	Fixed Rate			Payment Frequency	Number of Contracts		Maturity Date	Notional Value			Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Morgan Stanley and Co. International PLC	Receive	Morgan Stanley Soybean Oil Dynamic Roll Index		0.30	%	Monthly		123,000	December–2024		USD	26,125,778	$–	$	(1,118,131	)		$(1,118,131	)
UBS AG	Receive	UBS Modified Roll Select Heating Oil Strategy		0.30		Monthly		442,000	December–2024		USD	54,363,171	–		(2,880,558	)		(2,880,558	)
Subtotal – Depreciation													–		(13,381,741	)		(13,381,741	)
Total – Total Return Swap Agreements													$–	$	(12,400,074	)		$(12,400,074	)

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $11,120,705.

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

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

Reference Entity Components
Reference Entity	Underlying Components	Percentage
Bloomberg Gold Subindex
	Long Futures Contracts
	Gold	100.00%
Barclays Gold Nearby Total Return Index
	Long Futures Contracts
	Gold	100.00%
RBC Enhanced Copper 2x Index
	Long Futures Contracts
	Copper	100.00%
Societe Generale Soybean Meal Index
	Long Futures Contracts
	Soybean Meal	100.00%
Barclays Live Cattle Roll Yield Excess Return Index
	Long Futures Contracts
	Live Cattle	100.00%
S&P GSCI Gold Index Excess Return
	Long Futures Contracts
	Gold	100.00%
Macquarie Aluminum Dynamic Selection Index
	Long Futures Contracts
	Aluminium	100.00%
Modified Macquarie Single Commodity Sugar type A Excess Return Index
	Long Futures Contracts
	Sugar	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.

8 Invesco Balanced-Risk Commodity Strategy Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
MLCX Dynamic Enhanced Copper Excess Return Index
	Long Futures Contracts
	Copper	100.00%
MLCX Natural Gas Annual Excess Return Index
	Long Futures Contracts
	Natural Gas	100.00%
MLCX1XBE Excess Return Index
	Long Futures Contracts
	Gasoline Unleaded	100.00%
RBC Enhanced Brent Crude Oil 01 Excess Return Index
	Long Futures Contracts
	Brent Crude	100.00%
Barclays Brent Crude Roll Yield Index
	Long Futures Contracts
	Brent Crude	100.00%
Barclays Soybeans Seasonal Index Excess Return
	Long Futures Contracts
	Soybean	100.00%
Barclays WTI Crude Roll Yield Excess Return Index
	Long Futures Contracts
	WTI Crude	100.00%
BNP Paribas Commodity Daily Dynamic Curve CO Index
	Long Futures Contracts
	Brent Crude	100.00%
Single Commodity Index Excess Return
	Long Futures Contracts
	Sugar	100.00%
Citi Commodities Curve Beta Enhanced Extended Cotton (Daily Rebalancing) Excess Return Index
	Long Futures Contracts
	Cotton	100.00%
S&P GSCI Cotton Excess Return Index
	Long Futures Contracts
	Cotton	100.00%
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%

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

9 Invesco Balanced-Risk Commodity Strategy Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
Macquarie Single Commodity Nickel type A Excess Return Index
	Long Futures Contracts
	Nickel	100.00%
Macquarie Single Commodity Zinc type A Excess Return Index
	Long Futures Contracts
	Zinc	100.00%
Macquarie Single Commodity Silver type A Excess Return Index
	Long Futures Contracts
	Silver	100.00%
Morgan Stanley MSCY2KW0 Index
	Long Futures Contracts
	Kansas Wheat	100.00%
Morgan Stanley MSCY2SM0 Index
	Long Futures Contracts
	Soybean Oil	100.00%
Morgan Stanley MSCY2XBD0 Index
	Long Futures Contracts
	Gasoline RBOB	100.00%
Morgan Stanley Soybean Oil Dynamic Roll Index
	Long Futures Contracts
	Soybean Oil	100.00%
UBS Modified Roll Select Heating Oil Strategy
	Long Futures Contracts
	Heating Oil	100.00%

Target Risk Contribution and Notional Asset Weights

By asset class

Asset Class	Target Risk Contribution*		Notional Asset Weights**
Agriculture	23.29%		29.49%
Energy	55.51		33.22
Industrial Metals	13.02		15.09
Precious Metals	8.18		16.40
Total	100.00		94.20

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

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

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 Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $ 240,999,973)	$	257,619,555
Investments in affiliated money market funds, at value (Cost $ 485,474,716)		485,508,668
Other investments:
Swaps receivable – OTC		4,367,523
Unrealized appreciation on swap agreements – OTC		981,667
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		9,085,000
Cash collateral – OTC Derivatives		11,120,705
Receivable for:
Fund shares sold		381,421
Dividends		2,027,897
Interest		24,019
Investment for trustee deferred compensation and retirement plans		62,650
Other assets		63,840
Total assets		771,242,945
Liabilities:
Other investments:
Variation margin payable – futures contracts		2,176,943
Swaps payable – OTC		471,993
Unrealized depreciation on swap agreements–OTC		13,381,741
Payable for:
Fund shares reacquired		802,800
Accrued fees to affiliates		437,963
Accrued other operating expenses		117,335
Trustee deferred compensation and retirement plans		105,374
Collateral due to broker – OTC Derivatives		2,131,955
Total liabilities		19,626,104
Net assets applicable to shares outstanding	$	751,616,841

Net assets consist of:
Shares of beneficial interest	$	715,730,793
Distributable earnings		35,886,048
	$	751,616,841
Net Assets:
Class A	$	68,441,081
Class C	$	18,079,274
Class R	$	10,218,851
Class Y	$	327,047,370
Class R5	$	149,677,078
Class R6	$	178,153,187
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		10,191,231
Class C		2,988,700
Class R		1,567,630
Class Y		46,992,041
Class R5		21,380,899
Class R6		25,386,900
Class A:
Net asset value per share	$	6.72
Maximum offering price per share (Net asset value of $6.72 ÷ 94.50%)	$	7.11
Class C:
Net asset value and offering price per share	$	6.05
Class R:
Net asset value and offering price per share	$	6.52
Class Y:
Net asset value and offering price per share	$	6.96
Class R5:
Net asset value and offering price per share	$	7.00
Class R6:
Net asset value and offering price per share	$	7.02

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

11 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Interest	$	5,857,373
Dividends from affiliated money market funds		12,265,177
Total investment income		18,122,550
Expenses:
Advisory fees		3,835,177
Administrative services fees		56,385
Custodian fees		36,591
Distribution fees:
Class A		86,066
Class C		95,241
Class R		21,983
Transfer agent fees – A, C, R and Y		550,244
Transfer agent fees – R5		70,771
Transfer agent fees – R6		27,776
Trustees’ and officers’ fees and benefits		12,811
Registration and filing fees		46,664
Reports to shareholders		185,188
Professional services fees		48,165
Other		11,146
Total expenses		5,084,208
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(819,929	)
Net expenses		4,264,279
Net investment income		13,858,271
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		12,494,899
Affiliated investment securities		5,767
Futures contracts		1,752,010
Swap agreements		7,034,450
		21,287,126
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,914,822
Affiliated investment securities		(3,995	)
Futures contracts		(4,721,645	)
Swap agreements		(7,401,295	)
		(10,212,113	)
Net realized and unrealized gain		11,075,013
Net increase in net assets resulting from operations	$	24,933,284

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

12 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30, 2024			October 31, 2023
Operations:
Net investment income	$	13,858,271		$	30,058,341
Net realized gain (loss)		21,287,126			(27,329,839	)
Change in net unrealized appreciation (depreciation)		(10,212,113	)		17,944,651
Net increase in net assets resulting from operations		24,933,284			20,673,153
Distributions to shareholders from distributable earnings:
Class A		(2,541,305	)		(8,230,326	)
Class C		(768,253	)		(2,429,389	)
Class R		(280,924	)		(1,057,391	)
Class Y		(11,636,026	)		(46,238,655	)
Class R5		(4,841,656	)		(14,029,824	)
Class R6		(6,956,747	)		(22,438,033	)
Total distributions from distributable earnings		(27,024,911	)		(94,423,618	)
Share transactions–net:
Class A		(6,260,807	)		(5,013,334	)
Class C		(3,270,061	)		(2,522,465	)
Class R		1,308,779			(1,988,162	)
Class Y		(24,827,900	)		(124,915,377	)
Class R5		6,979,580			(1,844,359	)
Class R6		(28,266,260	)		(161,002,328	)
Net increase (decrease) in net assets resulting from share transactions		(54,336,669	)		(297,286,025	)
Net increase (decrease) in net assets		(56,428,296	)		(371,036,490	)
Net assets:
Beginning of period		808,045,137			1,179,081,627
End of period	$	751,616,841		$	808,045,137

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

13 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/24		$6.73		$ 0.11			$0.12			$ 0.23			$(0.21	)		$(0.03	)		$(0.24	)		$6.72		3.63	%		$  68,441		1.34	%(d)		1.64	%(d)		3.50	%(d)		61	%
Year ended 10/31/23		7.28		0.21			(0.09	)		0.12			(0.67	)		–			(0.67	)		6.73		1.91			75,011		1.32			1.57			3.10			17
Year ended 10/31/22		8.01		(0.03	)		0.47			0.44			(1.17	)		–			(1.17	)		7.28		6.63			86,968		1.31			1.56			(0.41	)		106
Year ended 10/31/21		5.81		(0.10	)		2.30			2.20			–			–			–			8.01		37.87			45,976		1.33			1.67			(1.29	)		14
Year ended 10/31/20		6.22		(0.03	)		(0.32	)		(0.35	)		(0.06	)		–			(0.06	)		5.81		(5.75	)		17,291		1.31			1.73			(0.51	)		186
Year ended 10/31/19		6.50		0.05			(0.32	)		(0.27	)		(0.01	)		(0.00	)		(0.01	)		6.22		(4.15	)		24,633		1.31	(e)		1.58	(e)		0.79	(e)		9
Class C
Six months ended 04/30/24		6.10		0.08			0.10			0.18			(0.20	)		(0.03	)		(0.23	)		6.05		3.20			18,079		2.09	(d)		2.39	(d)		2.75	(d)		61
Year ended 10/31/23		6.65		0.14			(0.07	)		0.07			(0.62	)		–			(0.62	)		6.10		1.22			21,628		2.07			2.32			2.35			17
Year ended 10/31/22		7.44		(0.08	)		0.42			0.34			(1.13	)		–			(1.13	)		6.65		5.69			26,355		2.06			2.31			(1.16	)		106
Year ended 10/31/21		5.43		(0.14	)		2.15			2.01			–			–			–			7.44		37.02			17,125		2.08			2.42			(2.04	)		14
Year ended 10/31/20		5.87		(0.07	)		(0.32	)		(0.39	)		(0.05	)		–			(0.05	)		5.43		(6.63	)		4,393		2.06			2.48			(1.26	)		186
Year ended 10/31/19		6.16		0.00			(0.29	)		(0.29	)		–			(0.00	)		(0.00	)		5.87		(4.66	)		6,083		2.06	(e)		2.33	(e)		0.04	(e)		9
Class R
Six months ended 04/30/24		6.55		0.10			0.11			0.21			(0.21	)		(0.03	)		(0.24	)		6.52		3.38			10,219		1.59	(d)		1.89	(d)		3.25	(d)		61
Year ended 10/31/23		7.09		0.19			(0.07	)		0.12			(0.66	)		–			(0.66	)		6.55		1.85			8,830		1.57			1.82			2.85			17
Year ended 10/31/22		7.85		(0.05	)		0.45			0.40			(1.16	)		–			(1.16	)		7.09		6.17			11,779		1.56			1.81			(0.66	)		106
Year ended 10/31/21		5.70		(0.11	)		2.26			2.15			–			–			–			7.85		37.72			2,932		1.58			1.92			(1.54	)		14
Year ended 10/31/20		6.12		(0.04	)		(0.33	)		(0.37	)		(0.05	)		–			(0.05	)		5.70		(6.03	)		1,603		1.56			1.98			(0.76	)		186
Year ended 10/31/19		6.40		0.03			(0.30	)		(0.27	)		(0.01	)		(0.00	)		(0.01	)		6.12		(4.25	)		1,404		1.56	(e)		1.83	(e)		0.54	(e)		9
Class Y
Six months ended 04/30/24		6.96		0.13			0.11			0.24			(0.21	)		(0.03	)		(0.24	)		6.96		3.70			327,047		1.09	(d)		1.39	(d)		3.75	(d)		61
Year ended 10/31/23		7.50		0.23			(0.08	)		0.15			(0.69	)		–			(0.69	)		6.96		2.25			352,801		1.07			1.32			3.35			17
Year ended 10/31/22		8.22		(0.01	)		0.47			0.46			(1.18	)		–			(1.18	)		7.50		6.80			515,659		1.06			1.31			(0.16	)		106
Year ended 10/31/21		5.94		(0.08	)		2.36			2.28			–			–			–			8.22		38.38			896,762		1.08			1.42			(1.04	)		14
Year ended 10/31/20		6.36		(0.01	)		(0.35	)		(0.36	)		(0.06	)		–			(0.06	)		5.94		(5.74	)		316,851		1.06			1.48			(0.26	)		186
Year ended 10/31/19		6.63		0.07			(0.33	)		(0.26	)		(0.01	)		(0.00	)		(0.01	)		6.36		(3.84	)		726,446		1.06	(e)		1.33	(e)		1.04	(e)		9
Class R5
Six months ended 04/30/24		7.00		0.13			0.11			0.24			(0.21	)		(0.03	)		(0.24	)		7.00		3.68			149,677		1.09	(d)		1.23	(d)		3.75	(d)		61
Year ended 10/31/23		7.54		0.23			(0.08	)		0.15			(0.69	)		–			(0.69	)		7.00		2.23			142,191		1.07			1.20			3.35			17
Year ended 10/31/22		8.26		(0.01	)		0.47			0.46			(1.18	)		–			(1.18	)		7.54		6.76			154,845		1.06			1.17			(0.16	)		106
Year ended 10/31/21		5.97		(0.08	)		2.37			2.29			–			–			–			8.26		38.36			156,985		1.08			1.17			(1.04	)		14
Year ended 10/31/20		6.38		(0.02	)		(0.33	)		(0.35	)		(0.06	)		–			(0.06	)		5.97		(5.57	)		148,151		1.06			1.28			(0.26	)		186
Year ended 10/31/19		6.65		0.07			(0.32	)		(0.25	)		(0.02	)		(0.00	)		(0.02	)		6.38		(3.79	)		140,393		1.06	(e)		1.17	(e)		1.04	(e)		9
Class R6
Six months ended 04/30/24		7.02		0.13			0.11			0.24			(0.21	)		(0.03	)		(0.24	)		7.02		3.67			178,153		1.09	(d)		1.16	(d)		3.75	(d)		61
Year ended 10/31/23		7.56		0.24			(0.09	)		0.15			(0.69	)		–			(0.69	)		7.02		2.27			207,584		1.07			1.12			3.35			17
Year ended 10/31/22		8.28		(0.01	)		0.47			0.46			(1.18	)		–			(1.18	)		7.56		6.77			383,476		1.04			1.10			(0.14	)		106
Year ended 10/31/21		5.98		(0.08	)		2.38			2.30			–			–			–			8.28		38.46			472,776		1.04			1.08			(1.00	)		14
Year ended 10/31/20		6.40		(0.02	)		(0.34	)		(0.36	)		(0.06	)		–			(0.06	)		5.98		(5.71	)		116,491		1.06			1.19			(0.26	)		186
Year ended 10/31/19		6.67		0.07			(0.32	)		(0.25	)		(0.02	)		(0.00	)		(0.02	)		6.40		(3.72	)		119,820		1.01	(e)		1.08	(e)		1.09	(e)		9

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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)  Annualized.

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

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

14 Invesco Balanced-Risk Commodity Strategy Fund

Notes to Consolidated Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask 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.

15 Invesco Balanced-Risk Commodity Strategy Fund

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

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

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

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

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

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

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

16 Invesco Balanced-Risk Commodity Strategy Fund

(i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

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

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

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

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

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

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

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

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

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

17 Invesco Balanced-Risk Commodity Strategy Fund

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 1.02%.

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

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

The Adviser has contractually agreed, through at least February 28, 2025, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or reimbursements (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.40%, 2.15%, 1.65%, 1.15%, 1.15% and 1.15%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2025. 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 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, 2025, 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, 2024, the Adviser waived advisory fees of $167,976 and reimbursed class level expenses of $89,615, $24,701, $11,579, $423,599, $71,674 and $27,645 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, 2024, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, 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 Plans 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, 2024, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

18 Invesco Balanced-Risk Commodity Strategy 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, 2024, IDI advised the Fund that IDI retained $7,299 in front-end sales commissions from the sale of Class A shares and $1,567 and $885 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1				Level 2				Level 3			Total
Investments in Securities
U.S. Treasury Securities	$	–			$	158,401,678				$–		$	158,401,678
Commodity-Linked Securities		–				99,217,877				–			99,217,877
Money Market Funds		485,508,668				–				–			485,508,668
Total Investments in Securities		485,508,668				257,619,555				–			743,128,223
Other Investments – Assets*
Futures Contracts		2,383,316				–				–			2,383,316
Swap Agreements		–				981,667				–			981,667
		2,383,316				981,667				–			3,364,983
Other Investments – Liabilities*
Futures Contracts		(6,789,084	)			–				–			(6,789,084	)
Swap Agreements		–				(13,381,741	)			–			(13,381,741	)
		(6,789,084	)			(13,381,741	)			–			(20,170,825	)
Total Other Investments		(4,405,768	)			(12,400,074	)			–			(16,805,842	)
Total Investments	$	481,102,900			$	245,219,481				$–		$	726,322,381

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2024:

	Value
	Commodity
Derivative Assets	Risk
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	2,383,316
Unrealized appreciation on swap agreements – OTC		981,667
Total Derivative Assets		3,364,983
Derivatives not subject to master netting agreements		(2,383,316	)
Total Derivative Assets subject to master netting agreements	$	981,667

19 Invesco Balanced-Risk Commodity Strategy Fund

	Value
	Commodity
Derivative Liabilities	Risk
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	(6,789,084	)
Unrealized depreciation on swap agreements – OTC		(13,381,741	)
Total Derivative Liabilities		(20,170,825	)
Derivatives not subject to master netting agreements		6,789,084
Total Derivative Liabilities subject to master netting agreements	$	(13,381,741	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2024.

	Financial		Financial
	Derivative		Derivative						Collateral
	Assets		Liabilities						(Received)/Pledged
	Swap		Swap			Net Value of							Net
Counterparty	Agreements		Agreements			Derivatives			Non-Cash	Cash			Amount
Barclays Bank PLC	$	50,832	$	(910,699	)	$	(859,867	)	$–	$	310,000		$	(549,867	)
BNP Paribas S.A.		–		(415,275	)		(415,275	)	–		70,000			(345,275	)
Cargill, Inc.		–		(2,645,190	)		(2,645,190	)	–		2,645,190			–
Citibank, N.A.		–		(318,528	)		(318,528	)	–		190,000			(128,528	)
Goldman Sachs International		–		(1,342,905	)		(1,342,905	)	–		1,080,000			(262,905	)
J.P. Morgan Chase Bank, N.A.		126,766		(153,816	)		(27,050	)	–		–			(27,050	)
Macquarie Bank Ltd.		804,069		(1,468,806	)		(664,737	)	–		–			(664,737	)
Merrill Lynch International		4,287,702		(419,753	)		3,867,949		–		(3,867,949	)		–
Morgan Stanley and Co. International PLC		–		(3,281,756	)		(3,281,756	)	–		2,760,000			(521,756	)
Royal Bank of Canada		79,821		(7,855	)		71,966		–		(71,966	)		–
UBS AG		–		(2,889,151	)		(2,889,151	)	–		2,380,000			(509,151	)
Total	$	5,349,190	$	(13,853,734	)	$	(8,504,544	)	$–	$	5,495,275		$	(3,009,269	)

Effect of Derivative Investments for the six months ended April 30, 2024

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		$1,752,010
Swap agreements		7,034,450
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(4,721,645)
Swap agreements		(7,401,295)
Total		$(3,336,480)

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

	Futures		Swap
	Contracts		Agreements
Average notional value	$	83,838,189	$	555,328,238

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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,140.

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

20 Invesco Balanced-Risk Commodity Strategy Fund

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

NOTE 7–Cash Balances

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

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 carryforward 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, 2023.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $67,200,000 and $82,694,781, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	20,029,418
Aggregate unrealized (depreciation) of investments		(15,540,595	)
Net unrealized appreciation of investments	$	4,488,823

Cost of investments for tax purposes is $721,833,558.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		811,397		$	5,293,948			3,405,545		$	23,350,608
Class C		75,989			452,308			670,608			4,131,411
Class R		577,712			3,614,471			644,680			4,281,478
Class Y		10,547,062			70,769,733			19,299,479			135,091,039
Class R5		1,197,767			8,064,865			1,775,891			12,400,018
Class R6		2,690,080			18,136,061			9,408,293			65,271,351
Issued as reinvestment of dividends:
Class A		354,221			2,231,595			1,084,972			7,139,114
Class C		123,719			703,959			353,878			2,123,267
Class R		45,903			280,924			164,960			1,057,391
Class Y		1,290,972			8,417,140			4,355,199			29,571,801
Class R5		737,991			4,841,218			2,053,963			14,028,568
Class R6		181,678			1,193,622			601,123			4,111,679
Automatic conversion of Class C shares to Class A shares:
Class A		43,454			282,727			123,811			827,744
Class C		(48,182	)		(282,727	)		(136,121	)		(827,744	)

21 Invesco Balanced-Risk Commodity Strategy Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(2,161,774	)	$	(14,069,077	)		(5,423,171	)	$	(36,330,800	)
Class C		(707,691	)		(4,143,601	)		(1,305,725	)		(7,949,399	)
Class R		(404,917	)		(2,586,616	)		(1,121,026	)		(7,327,031	)
Class Y		(15,527,015	)		(104,014,773	)		(41,709,390	)		(289,578,217	)
Class R5		(865,972	)		(5,926,503	)		(4,053,405	)		(28,272,945	)
Class R6		(7,067,049	)		(47,595,943	)		(31,153,395	)		(230,385,358	)
Net increase (decrease) in share activity		(8,104,655	)	$	(54,336,669	)		(40,959,831	)	$	(297,286,025	)

^(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.

22 Invesco Balanced-Risk Commodity Strategy Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2023 through April 30, 2024.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (11/01/23)	Ending  Account Value  (04/30/24)1	Expenses   Paid During   Period2	Ending  Account Value  (04/30/24)	Expenses   Paid During   Period2	Annualized   Expense Ratio
Class A	$1,000.00	$1,036.30	$6.78	$1,018.20	$6.72	1.34%
Class C	1,000.00	1,032.00	10.56	1,014.47	10.47	2.09
Class R	1,000.00	1,033.80	8.04	1,016.96	7.97	1.59
Class Y	1,000.00	1,037.00	5.52	1,019.44	5.47	1.09
Class R5	1,000.00	1,036.80	5.52	1,019.44	5.47	1.09
Class R6	1,000.00	1,036.70	5.52	1,019.44	5.47	1.09

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

23 Invesco Balanced-Risk Commodity Strategy Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

	Matter	Votes For			Votes Against/Withheld
(1)*	Beth Ann Brown		2,249,378,619.33			41,629,442.71
	Carol Deckbar		2,246,234,264.52			44,773,797.52
	Cynthia Hostetler		2,239,884,066.77			51,123,995.27
	Dr. Eli Jones		2,247,948,469.91			43,059,592.13
	Elizabeth Krentzman		2,249,230,311.83			41,777,750.22
	Jeffrey H. Kupor		2,246,969,783.10			44,038,278.94
	Anthony J. LaCava, Jr.		2,248,588,977.62			42,419,084.42
	James Liddy		2,247,297,130.55			43,710,931.50
	Dr. Prema Mathai-Davis		2,240,956,129.31			50,051,932.73
	Joel W. Motley		2,243,008,410.57			47,999,651.47
	Teresa M. Ressel		2,248,731,273.34			42,276,788.70
	Douglas Sharp		2,248,447,243.22			42,560,818.83
	Robert C. Troccoli		2,246,647,253.82			44,360,808.22
	Daniel S. Vandivort		2,247,577,966.04			43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

24 Invesco Balanced-Risk Commodity Strategy Fund

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders April 30, 2024

Invesco Core Bond Fund

Nasdaq:

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

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
25	Financial Statements
28	Financial Highlights
29	Notes to Financial Statements
35	Fund Expenses
36	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of

shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

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

Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	6.03	%
Class C Shares	5.44
Class R Shares	5.90
Class Y Shares	6.18
Class R5 Shares	6.16
Class R6 Shares	5.99
Bloomberg U.S. Credit Index▼	6.93
Bloomberg U.S. Aggregate Bond Index▼	4.97
FTSE Broad Investment Grade Bond Index▼	5.06
Source(s): ▼RIMES Technologies Corp.
The Bloomberg U.S. Credit Index is an unmanaged index considered representative of publicly issued, SEC-registered US corporate and specified foreign debentures and secured notes.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
The FTSE Broad Investment Grade Bond Index is a multi-asset, multi-currency benchmark that provides a broad-based measure of the global fixed income markets.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

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 Core Bond Fund

 

 

 

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (4/15/88)	3.62	%
10 Years	0.86
5 Years	-0.93
1 Year	-4.84
Class C Shares
Inception (7/11/95)	2.31	%
10 Years	0.65
5 Years	-0.83
1 Year	-2.41
Class R Shares
Inception (3/1/01)	1.49	%
10 Years	1.00
5 Years	-0.30
1 Year	-0.80
Class Y Shares
Inception (4/27/98)	2.37	%
10 Years	1.58
5 Years	0.23
1 Year	-0.32
Class R5 Shares
10 Years	1.43	%
5 Years	0.21
1 Year	-0.30
Class R6 Shares
Inception (4/27/12)	2.21	%
10 Years	1.63
5 Years	0.26
1 Year	-0.44

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

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

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduct

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

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

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

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

3 Invesco Core Bond Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Core Bond Fund

Schedule of Investments^(a)

April 30, 2024

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–44.69%
Aerospace & Defense–1.96%
BAE Systems PLC (United Kingdom), 5.00%, 03/26/2027(b)		$ 6,283,000		$ 6,193,995
5.13%, 03/26/2029(b)		2,625,000		2,577,689
5.30%, 03/26/2034(b)		3,084,000		2,995,721
5.50%, 03/26/2054(b)		1,082,000		1,033,892
Boeing Co. (The), 6.26%, 05/01/2027(b)		2,204,000		2,211,849
6.30%, 05/01/2029(b)		1,563,000		1,570,191
6.39%, 05/01/2031(b)		325,000		326,728
6.53%, 05/01/2034(b)		6,999,000		7,056,956
6.86%, 05/01/2054(b)		3,721,000		3,738,148
7.01%, 05/01/2064(b)		1,073,000		1,076,128
L3Harris Technologies, Inc., 5.05%, 06/01/2029		5,530,000		5,409,681
5.25%, 06/01/2031		2,211,000		2,155,406
5.40%, 07/31/2033		340,000		331,323
5.35%, 06/01/2034		5,530,000		5,345,957
Lockheed Martin Corp., 5.10%, 11/15/2027		298,000		297,951
4.50%, 02/15/2029		2,123,000		2,065,647
4.75%, 02/15/2034		624,000		596,496
4.80%, 08/15/2034		3,032,000		2,900,345
5.90%, 11/15/2063		183,000		189,851
Northrop Grumman Corp., 4.95%, 03/15/2053		226,000		200,713
RTX Corp., 5.75%, 01/15/2029		1,196,000		1,215,321
6.00%, 03/15/2031		608,000		623,600
5.15%, 02/27/2033		902,000		875,695
6.10%, 03/15/2034		1,473,000		1,523,367
6.40%, 03/15/2054		697,000		748,226
				53,260,876
Agricultural & Farm Machinery–0.34%
AGCO Corp., 5.45%, 03/21/2027		1,700,000		1,694,434
5.80%, 03/21/2034		1,867,000		1,827,436
CNH Industrial Capital LLC, 5.45%, 10/14/2025		521,000		519,934
John Deere Capital Corp., 4.55%, 10/11/2024		544,000		541,920
4.70%, 06/10/2030		1,268,000		1,235,560
5.10%, 04/11/2034		3,561,000		3,498,023
				9,317,307
Agricultural Products & Services–0.03%
Cargill, Inc., 4.88%, 10/10/2025(b)		448,000		444,786
4.75%, 04/24/2033(b)		395,000		375,768
				820,554

	Principal Amount		Value
Air Freight & Logistics–0.25%
GXO Logistics, Inc., 6.25%, 05/06/2029		$ 4,018,000		$ 4,024,257
6.50%, 05/06/2034		2,751,000		2,746,104
				6,770,361
Apparel, Accessories & Luxury Goods–0.07%
Tapestry, Inc., 7.05%, 11/27/2025		1,133,000		1,150,630
7.00%, 11/27/2026		799,000		814,441
				1,965,071
Application Software–0.10%
Constellation Software, Inc. (Canada), 5.46%, 02/16/2034(b)		1,574,000		1,534,627
Intuit, Inc., 5.20%, 09/15/2033		1,345,000		1,328,065
				2,862,692
Asset Management & Custody Banks–0.66%
Ameriprise Financial, Inc., 5.70%, 12/15/2028		1,951,000		1,973,273
5.15%, 05/15/2033		1,004,000		984,085
Ares Capital Corp., 5.88%, 03/01/2029		1,308,000		1,282,842
Bank of New York Mellon Corp. (The), 4.98%, 03/14/2030(c)		907,000		888,385
5.19%, 03/14/2035(c)		697,000		670,631
BlackRock, Inc., 4.75%, 05/25/2033		1,061,000		1,021,751
Blackstone Secured Lending Fund, 2.13%, 02/15/2027		2,121,000		1,901,624
Northern Trust Corp., 6.13%, 11/02/2032		291,000		299,481
State Street Corp., 4.99%, 03/18/2027		3,782,000		3,748,721
5.68%, 11/21/2029(c)		3,088,000		3,121,960
6.12%, 11/21/2034(c)		1,965,000		1,993,539
				17,886,292
Automobile Manufacturers–3.13%
American Honda Finance Corp., 4.95%, 01/09/2026		6,921,000		6,868,852
4.90%, 03/12/2027		11,050,000		10,943,245
4.70%, 01/12/2028		707,000		694,397
4.90%, 03/13/2029		8,916,000		8,747,137
4.60%, 04/17/2030		373,000		358,775
4.90%, 01/10/2034		1,671,000		1,592,543
Daimler Truck Finance North America LLC (Germany), 5.60%, 08/08/2025(b)		1,721,000		1,716,702
5.15%, 01/16/2026(b)		1,034,000		1,025,687
5.00%, 01/15/2027(b)		1,218,000		1,201,820
5.38%, 01/18/2034(b)		975,000		950,723
Ford Motor Credit Co. LLC, 6.80%, 11/07/2028		1,740,000		1,779,488
7.12%, 11/07/2033		1,268,000		1,319,982

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

5 Invesco Core Bond Fund

	Principal Amount		Value
Automobile Manufacturers–(continued)
Hyundai Capital America, 5.50%, 03/30/2026(b)	$	645,000	$	641,200
5.65%, 06/26/2026(b)		1,395,000		1,389,358
5.25%, 01/08/2027(b)		3,899,000		3,853,673
5.30%, 03/19/2027(b)		3,449,000		3,410,393
5.60%, 03/30/2028(b)		864,000		859,330
5.35%, 03/19/2029(b)		713,000		700,968
5.80%, 04/01/2030(b)		186,000		185,981
Mercedes-Benz Finance North America LLC (Germany), 4.90%, 01/09/2026(b)		7,355,000		7,293,681
4.80%, 01/11/2027(b)		6,932,000		6,839,332
5.10%, 08/03/2028(b)		1,373,000		1,359,881
4.85%, 01/11/2029(b)		1,601,000		1,568,821
5.00%, 01/11/2034(b)		560,000		535,312
PACCAR Financial Corp., 4.95%, 10/03/2025		528,000		524,924
4.60%, 01/10/2028		294,000		288,755
Toyota Motor Credit Corp., 4.63%, 01/12/2028		412,000		404,608
Volkswagen Group of America Finance LLC (Germany), 5.40%, 03/20/2026(b)		7,488,000		7,440,836
5.30%, 03/22/2027(b)		5,029,000		4,986,997
5.25%, 03/22/2029(b)		2,533,000		2,483,340
5.60%, 03/22/2034(b)		2,938,000		2,869,213
				84,835,954
Automotive Parts & Equipment–0.21%
ERAC USA Finance LLC, 4.60%, 05/01/2028(b)		801,000		778,589
5.00%, 02/15/2029(b)		1,648,000		1,619,325
4.90%, 05/01/2033(b)		983,000		933,517
5.20%, 10/30/2034(b)		2,339,000		2,260,070
				5,591,501
Automotive Retail–0.09%
Advance Auto Parts, Inc., 5.95%, 03/09/2028		903,000		892,589
AutoZone, Inc., 5.05%, 07/15/2026		722,000		716,923
5.20%, 08/01/2033		735,000		714,462
				2,323,974
Biotechnology–1.06%
AbbVie, Inc., 4.80%, 03/15/2027		9,548,000		9,435,261
4.80%, 03/15/2029		4,901,000		4,813,571
5.05%, 03/15/2034		3,347,000		3,265,748
5.35%, 03/15/2044		2,033,000		1,967,252
5.40%, 03/15/2054		2,433,000		2,357,271
5.50%, 03/15/2064		2,776,000		2,678,601
Amgen, Inc., 5.25%, 03/02/2025		1,159,000		1,154,679
5.15%, 03/02/2028		764,000		757,406
5.25%, 03/02/2030		325,000		322,216
5.65%, 03/02/2053		714,000		685,687
Gilead Sciences, Inc., 5.25%, 10/15/2033		688,000		678,594
5.55%, 10/15/2053		556,000		540,034
				28,656,320

	Principal Amount		Value
Building Products–0.02%
Carrier Global Corp., 5.90%, 03/15/2034	$	501,000	$	512,125
Cable & Satellite–0.30%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		600,000		591,933
6.15%, 11/10/2026		3,258,000		3,266,793
6.65%, 02/01/2034		1,701,000		1,678,049
Comcast Corp., 5.50%, 11/15/2032		355,000		356,916
Cox Communications, Inc., 5.70%, 06/15/2033(b)		321,000		314,270
5.80%, 12/15/2053(b)		2,071,000		1,931,208
				8,139,169
Cargo Ground Transportation–0.15%
Penske Truck Leasing Co. L.P./PTL Finance Corp., 5.75%, 05/24/2026(b)		284,000		284,168
5.35%, 01/12/2027(b)		334,000		330,766
5.70%, 02/01/2028(b)		369,000		368,167
5.55%, 05/01/2028(b)		713,000		708,606
6.05%, 08/01/2028(b)		803,000		811,998
6.20%, 06/15/2030(b)		294,000		299,869
Ryder System, Inc., 6.60%, 12/01/2033		1,169,000		1,227,751
				4,031,325
Commercial & Residential Mortgage Finance–0.22%
Aviation Capital Group LLC, 6.75%, 10/25/2028(b)		1,787,000		1,837,821
Nationwide Building Society (United Kingdom), 6.56%, 10/18/2027(b)(c)		1,667,000		1,694,285
Radian Group, Inc., 6.20%, 05/15/2029		2,351,000		2,336,882
				5,868,988
Communications Equipment–0.02%
Cisco Systems, Inc., 5.30%, 02/26/2054		716,000		689,473
Construction Machinery & Heavy Transportation Equipment–0.69%
Caterpillar Financial Services Corp., 5.15%, 08/11/2025		2,889,000		2,882,066
Cummins, Inc., 4.90%, 02/20/2029		925,000		914,397
5.15%, 02/20/2034		1,560,000		1,532,334
5.45%, 02/20/2054		1,882,000		1,813,045
Daimler Trucks Finance North America LLC (Germany), 5.13%, 01/19/2028(b)		788,000		777,563
Komatsu Finance America, Inc., 5.50%, 10/06/2027(b)		1,038,000		1,039,800
SMBC Aviation Capital Finance DAC (Ireland), 5.30%, 04/03/2029(b)		3,255,000		3,176,188
5.55%, 04/03/2034(b)		6,902,000		6,611,118
				18,746,511

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

6 Invesco Core Bond Fund

	Principal Amount		Value
Consumer Electronics–0.19%
LG Electronics, Inc. (South Korea), 5.63%, 04/24/2027(b)		$2,604,000		$2,591,266
5.63%, 04/24/2029(b)		2,471,000		2,461,183
				5,052,449
Consumer Finance–0.83%
American Express Co., 5.65%, 04/23/2027(c)		6,617,000		6,621,133
5.53%, 04/25/2030(c)		5,957,000		5,948,306
5.92%, 04/25/2035(c)		5,428,000		5,404,831
Capital One Financial Corp., 7.15%, 10/29/2027(c)		1,278,000		1,315,404
6.31%, 06/08/2029(c)		854,000		861,768
7.62%, 10/30/2031(c)		1,210,000		1,302,509
General Motors Financial Co., Inc., 6.05%, 10/10/2025		809,000		811,107
5.40%, 04/06/2026		209,000		207,763
				22,472,821
Consumer Staples Merchandise Retail–0.07%
Dollar General Corp., 5.50%, 11/01/2052		238,000		216,022
Target Corp., 4.50%, 09/15/2032		335,000		317,610
4.80%, 01/15/2053		426,000		380,705
Walmart, Inc., 4.50%, 09/09/2052		138,000		120,210
4.50%, 04/15/2053		1,136,000		989,318
				2,023,865
Distillers & Vintners–0.01%
Brown-Forman Corp., 4.75%, 04/15/2033		237,000		227,101
Constellation Brands, Inc., 4.90%, 05/01/2033		200,000		188,747
				415,848
Distributors–0.10%
Genuine Parts Co., 6.50%, 11/01/2028		823,000		855,568
6.88%, 11/01/2033		1,679,000		1,803,085
				2,658,653
Diversified Banks–10.81%
Australia and New Zealand Banking Group Ltd. (Australia), 5.09%, 12/08/2025		1,190,000		1,184,304
5.00%, 03/18/2026		10,141,000		10,074,544
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 7.88%, 11/15/2034(c)		1,600,000		1,714,978
Banco Santander S.A. (Spain), 6.53%, 11/07/2027(c)		7,200,000		7,318,453
5.55%, 03/14/2028(c)		2,200,000		2,173,530
5.54%, 03/14/2030(c)		2,800,000		2,745,418

	Principal Amount		Value
Diversified Banks–(continued)
Bank of America Corp., 5.93%, 09/15/2027(c)	$	5,998,000	$	6,027,505
4.95%, 07/22/2028(c)		265,000		260,036
5.20%, 04/25/2029(c)		1,488,000		1,465,425
5.82%, 09/15/2029(c)		2,068,000		2,080,862
4.57%, 04/27/2033(c)		300,000		276,663
5.02%, 07/22/2033(c)		343,000		327,648
5.29%, 04/25/2034(c)		1,427,000		1,375,172
5.47%, 01/23/2035(c)		1,961,000		1,907,823
Bank of America N.A., 5.53%, 08/18/2026		2,810,000		2,817,584
Bank of Montreal (Canada), 5.30%, 06/05/2026		600,000		597,593
7.70%, 05/26/2084(c)		5,676,000		5,680,203
Bank of Nova Scotia (The) (Canada), 8.63%, 10/27/2082(c)		1,308,000		1,349,908
8.00%, 01/27/2084(c)		2,827,000		2,849,076
BBVA Bancomer S.A. (Mexico), 8.13%, 01/08/2039(b)(c)		1,611,000		1,633,132
BPCE S.A. (France), 5.92% (SOFR + 0.57%), 01/14/2025(b)(d)		1,784,000		1,786,629
5.20%, 01/18/2027(b)		2,214,000		2,194,945
5.72%, 01/18/2030(b)(c)		1,371,000		1,356,145
6.51%, 01/18/2035(b)(c)		1,274,000		1,263,726
Citibank N.A., 5.44%, 04/30/2026		10,138,000		10,125,360
5.57%, 04/30/2034		4,766,000		4,750,928
Citigroup, Inc., 5.61%, 09/29/2026(c)		784,000		782,506
5.17%, 02/13/2030(c)		1,882,000		1,841,109
6.17%, 05/25/2034(c)		1,501,000		1,490,306
5.83%, 02/13/2035(c)		5,130,000		4,939,486
Series AA, 7.63%(c)(e)		5,687,000		5,883,167
Series BB, 7.20%(c)(e)		3,702,000		3,742,378
Series Z, 7.38%(c)(e)		5,542,000		5,696,583
Citizens Bank N.A., 6.06%, 10/24/2025(c)		1,259,000		1,253,243
Comerica, Inc., 5.98%, 01/30/2030(c)		749,000		727,556
Credit Agricole S.A. (France), 5.34%, 01/10/2030(b)(c)		2,493,000		2,448,471
6.25%, 01/10/2035(b)(c)		1,979,000		1,958,059
Federation des caisses Desjardins du Quebec (Canada), 5.28%, 01/23/2026(b)(c)		1,621,000		1,612,387
Fifth Third Bancorp, 2.38%, 01/28/2025		355,000		346,209
1.71%, 11/01/2027(c)		402,000		363,404
6.34%, 07/27/2029(c)		225,000		227,633
4.77%, 07/28/2030(c)		681,000		642,578
5.63%, 01/29/2032(c)		573,000		557,052
Goldman Sachs Bank USA, 5.28%, 03/18/2027(c)		18,779,000		18,662,273
HSBC Holdings PLC (United Kingdom), 5.89%, 08/14/2027(c)		1,800,000		1,801,978
5.21%, 08/11/2028(c)		1,030,000		1,013,848
7.40%, 11/13/2034(c)		1,225,000		1,303,222
6.33%, 03/09/2044(c)		1,141,000		1,167,378
Huntington National Bank (The), 5.70%, 11/18/2025(c)		2,110,000		2,097,786

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

7 Invesco Core Bond Fund

	Principal Amount		Value
Diversified Banks–(continued)
ING Groep N.V. (Netherlands), 5.34%, 03/19/2030(c)		$2,745,000		$2,690,252
5.55%, 03/19/2035(c)		4,670,000		4,499,618
JPMorgan Chase & Co., 5.04%, 01/23/2028(c)		3,366,000		3,319,153
5.57%, 04/22/2028(c)		4,728,000		4,725,263
4.85%, 07/25/2028(c)		296,000		290,028
5.30%, 07/24/2029(c)		1,245,000		1,232,108
6.09%, 10/23/2029(c)		1,696,000		1,731,214
5.01%, 01/23/2030(c)		1,231,000		1,201,675
5.58%, 04/22/2030(c)		3,765,000		3,763,026
4.59%, 04/26/2033(c)		221,000		205,755
5.72%, 09/14/2033(c)		597,000		594,968
6.25%, 10/23/2034(c)		2,611,000		2,705,094
5.34%, 01/23/2035(c)		971,000		941,655
Series NN, 6.88%(c)(e)		3,169,000		3,255,236
JPMorgan Chase Bank N.A., 5.11%, 12/08/2026		4,850,000		4,818,840
KeyBank N.A., 3.30%, 06/01/2025		1,189,000		1,149,315
4.15%, 08/08/2025		879,000		853,456
5.85%, 11/15/2027		1,436,000		1,410,405
KeyCorp, 3.88%, 05/23/2025(c)		661,000		657,050
Lloyds Banking Group PLC (United Kingdom), 5.68%, 01/05/2035(c)		1,114,000		1,087,240
Manufacturers & Traders Trust Co., 5.40%, 11/21/2025		1,228,000		1,211,478
4.70%, 01/27/2028		1,189,000		1,126,017
Mitsubishi UFJ Financial Group, Inc. (Japan), 4.79%, 07/18/2025(c)		971,000		968,298
5.02%, 07/20/2028(c)		1,099,000		1,082,165
5.26%, 04/17/2030(c)		5,235,000		5,157,658
5.41%, 04/19/2034(c)		1,116,000		1,100,589
5.43%, 04/17/2035(c)		5,546,000		5,414,274
8.20%(c)(e)		5,383,000		5,692,361
Mizuho Financial Group, Inc. (Japan), 5.78%, 07/06/2029(c)		981,000		984,454
Morgan Stanley Bank N.A., 5.48%, 07/16/2025		1,480,000		1,479,758
4.75%, 04/21/2026		1,340,000		1,323,115
5.88%, 10/30/2026		2,756,000		2,780,572
4.95%, 01/14/2028(c)		3,313,000		3,264,159
National Securities Clearing Corp., 5.10%, 11/21/2027(b)		2,098,000		2,082,450
5.00%, 05/30/2028(b)		1,428,000		1,411,571
PNC Financial Services Group, Inc. (The), 5.67%, 10/28/2025(c)		530,000		529,574
6.62%, 10/20/2027(c)		2,180,000		2,228,202
5.58%, 06/12/2029(c)		1,391,000		1,385,103
6.04%, 10/28/2033(c)		325,000		327,684
5.07%, 01/24/2034(c)		466,000		439,032
6.88%, 10/20/2034(c)		1,471,000		1,562,075
Royal Bank of Canada (Canada), 4.88%, 01/19/2027		2,200,000		2,173,194
4.95%, 02/01/2029		807,000		792,338
5.00%, 02/01/2033		606,000		584,615
7.50%, 05/02/2084(c)		7,311,000		7,337,582

	Principal Amount		Value
Diversified Banks–(continued)
Santander UK Group Holdings PLC (United Kingdom), 6.83%, 11/21/2026(c)	$	1,187,000	$	1,200,263
Societe Generale S.A. (France), 6.07%, 01/19/2035(b)(c)		1,198,000		1,171,033
7.13%, 01/19/2055(b)(c)		1,087,000		1,038,618
Standard Chartered PLC (United Kingdom), 6.19%, 07/06/2027(b)(c)		1,388,000		1,395,665
6.75%, 02/08/2028(b)(c)		1,183,000		1,207,725
7.02%, 02/08/2030(b)(c)		1,185,000		1,233,460
2.68%, 06/29/2032(b)(c)		1,468,000		1,185,666
Sumitomo Mitsui Financial Group, Inc. (Japan), 6.60%(c)(e)		4,278,000		4,124,621
Sumitomo Mitsui Trust Bank Ltd. (Japan), 5.65%, 03/09/2026(b)		1,157,000		1,158,299
5.65%, 09/14/2026(b)		1,454,000		1,456,900
5.20%, 03/07/2027(b)		4,245,000		4,202,376
5.55%, 09/14/2028(b)		1,675,000		1,678,708
5.20%, 03/07/2029(b)		3,112,000		3,075,693
5.35%, 03/07/2034(b)		2,130,000		2,099,260
Synovus Bank, 5.63%, 02/15/2028		1,588,000		1,516,926
Toronto-Dominion Bank (The) (Canada), 8.13%, 10/31/2082(c)		1,301,000		1,341,075
U.S. Bancorp, 4.55%, 07/22/2028(c)		291,000		281,573
5.78%, 06/12/2029(c)		1,066,000		1,068,331
5.38%, 01/23/2030(c)		2,357,000		2,324,865
4.97%, 07/22/2033(c)		232,000		213,464
4.84%, 02/01/2034(c)		963,000		889,125
5.84%, 06/12/2034(c)		1,038,000		1,026,429
UBS AG (Switzerland), 5.65%, 09/11/2028		1,151,000		1,156,632
Wells Fargo & Co., 5.71%, 04/22/2028(c)		2,922,000		2,924,549
5.57%, 07/25/2029(c)		859,000		856,513
6.30%, 10/23/2029(c)		1,164,000		1,192,858
5.20%, 01/23/2030(c)		1,378,000		1,351,583
5.39%, 04/24/2034(c)		462,000		445,403
5.56%, 07/25/2034(c)		2,257,000		2,200,993
6.49%, 10/23/2034(c)		3,046,000		3,172,699
5.50%, 01/23/2035(c)		1,997,000		1,940,586
4.61%, 04/25/2053(c)		267,000		222,664
7.63%(c)(e)		1,007,000		1,055,469
Wells Fargo Bank N.A., 5.55%, 08/01/2025		3,281,000		3,283,651
4.81%, 01/15/2026		2,600,000		2,571,853
5.45%, 08/07/2026		2,442,000		2,441,334
Westpac Banking Corp. (Australia), 6.82%, 11/17/2033		3,739,000		3,954,796
				293,127,529

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

8 Invesco Core Bond Fund

	Principal Amount		Value
Diversified Capital Markets–0.53%
UBS Group AG (Switzerland), 4.55%, 04/17/2026	$	1,208,000	$	1,181,329
5.71%, 01/12/2027(b)(c)		1,026,000		1,023,678
4.75%, 05/12/2028(b)(c)		1,156,000		1,119,200
5.43%, 02/08/2030(b)(c)		1,149,000		1,130,245
6.30%, 09/22/2034(b)(c)		1,607,000		1,632,019
5.70%, 02/08/2035(b)(c)		961,000		932,266
7.75%(b)(c)(e)		3,838,000		3,877,977
9.25%(b)(c)(e)		1,619,000		1,780,879
9.25%(b)(c)(e)		1,626,000		1,739,379
				14,416,972
Diversified Financial Services–0.77%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 5.10%, 01/19/2029		847,000		826,436
Apollo Debt Solutions BDC, 6.90%, 04/13/2029(b)		589,000		583,927
Apollo Global Management, Inc., 6.38%, 11/15/2033		1,659,000		1,733,164
Blue Owl Technology Finance Corp. II, 6.75%, 04/04/2029(b)		7,662,000		7,386,109
Corebridge Financial, Inc., 6.05%, 09/15/2033(b)		1,229,000		1,229,911
5.75%, 01/15/2034		2,173,000		2,135,915
Macquarie Airfinance Holdings Ltd. (United Kingdom), 6.40%, 03/26/2029(b)		1,184,000		1,181,766
6.50%, 03/26/2031(b)		1,395,000		1,397,339
Nuveen LLC, 5.55%, 01/15/2030(b)		1,737,000		1,724,413
5.85%, 04/15/2034(b)		2,726,000		2,689,829
				20,888,809
Diversified Metals & Mining–0.40%
BHP Billiton Finance (USA) Ltd. (Australia), 5.10%, 09/08/2028		1,769,000		1,756,060
5.25%, 09/08/2030		1,187,000		1,177,979
5.25%, 09/08/2033		2,118,000		2,076,919
5.50%, 09/08/2053		664,000		642,431
Glencore Funding LLC (Australia), 5.37%, 04/04/2029(b)		1,973,000		1,938,425
5.63%, 04/04/2034(b)		1,926,000		1,864,066
5.89%, 04/04/2054(b)		1,477,000		1,399,496
				10,855,376
Diversified REITs–0.06%
VICI Properties L.P., 5.75%, 04/01/2034		780,000		751,130
6.13%, 04/01/2054		844,000		789,050
				1,540,180
Diversified Support Services–0.04%
Element Fleet Management Corp.
(Canada), 6.32%, 12/04/2028(b)		1,101,000		1,117,901
Electric Utilities–3.11%
AEP Texas, Inc., 3.95%, 06/01/2028(b)		2,489,000		2,331,171
Alabama Power Co., 5.85%, 11/15/2033		453,000		462,350

	Principal Amount		Value
Electric Utilities–(continued)
American Electric Power Co., Inc., 5.75%, 11/01/2027	$	308,000	$	311,049
5.20%, 01/15/2029		1,453,000		1,430,148
Connecticut Light and Power Co. (The), 5.25%, 01/15/2053		290,000		272,041
Consolidated Edison Co. of New York, Inc., 5.50%, 03/15/2034		810,000		807,917
5.90%, 11/15/2053		1,131,000		1,137,776
Constellation Energy Generation LLC, 6.13%, 01/15/2034		479,000		490,482
6.50%, 10/01/2053		419,000		435,357
5.75%, 03/15/2054		2,264,000		2,132,134
Dominion Energy South Carolina, Inc., 6.25%, 10/15/2053		535,000		567,084
Duke Energy Carolinas LLC, 5.35%, 01/15/2053		453,000		422,041
Duke Energy Corp., 5.00%, 12/08/2025		690,000		684,153
4.85%, 01/05/2029		1,493,000		1,451,181
5.00%, 08/15/2052		309,000		264,074
Duke Energy Indiana LLC, 5.40%, 04/01/2053		534,000		495,384
Duke Energy Ohio, Inc., 5.55%, 03/15/2054		3,267,000		3,090,037
Electricite de France S.A. (France), 5.70%, 05/23/2028(b)		627,000		629,716
Enel Finance America LLC (Italy), 7.10%, 10/14/2027(b)		831,000		866,744
Enel Finance International N.V. (Italy), 6.80%, 10/14/2025(b)		1,133,000		1,152,366
Evergy Metro, Inc., 4.95%, 04/15/2033		323,000		307,664
Eversource Energy, 5.00%, 01/01/2027		2,562,000		2,520,497
5.50%, 01/01/2034		1,295,000		1,247,214
Exelon Corp., 5.15%, 03/15/2029		1,425,000		1,401,142
5.45%, 03/15/2034		1,367,000		1,329,241
5.60%, 03/15/2053		1,702,000		1,612,624
FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028(b)		181,000		178,890
Florida Power & Light Co., 4.80%, 05/15/2033		332,000		316,359
Georgia Power Co., 4.65%, 05/16/2028		379,000		368,624
4.95%, 05/17/2033		394,000		375,331
MidAmerican Energy Co., 5.35%, 01/15/2034		342,000		341,514
5.85%, 09/15/2054		580,000		583,943
5.30%, 02/01/2055		1,453,000		1,352,513
National Rural Utilities Cooperative Finance Corp., 4.85%, 02/07/2029		2,411,000		2,358,117
5.00%, 02/07/2031		2,256,000		2,191,731
5.80%, 01/15/2033		192,000		194,782
7.13%, 09/15/2053(c)		4,809,000		4,901,467

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

9 Invesco Core Bond Fund

	Principal Amount		Value
Electric Utilities–(continued)
NextEra Energy Capital Holdings, Inc., 6.05%, 03/01/2025	$	602,000	$	603,297
4.95%, 01/29/2026		8,197,000		8,125,936
4.63%, 07/15/2027		497,000		484,192
4.90%, 03/15/2029		3,689,000		3,594,094
5.25%, 03/15/2034		3,550,000		3,408,443
5.55%, 03/15/2054		3,713,000		3,471,386
Niagara Mohawk Power Corp., 5.29%, 01/17/2034(b)		1,471,000		1,406,727
Oklahoma Gas and Electric Co., 5.60%, 04/01/2053		283,000		272,370
Oncor Electric Delivery Co. LLC, 5.65%, 11/15/2033		1,357,000		1,363,905
PacifiCorp, 5.10%, 02/15/2029		1,509,000		1,491,190
5.30%, 02/15/2031		1,242,000		1,214,147
5.45%, 02/15/2034		1,871,000		1,797,662
5.80%, 01/15/2055		1,427,000		1,317,728
PECO Energy Co., 4.90%, 06/15/2033		589,000		568,519
Public Service Co. of Colorado, 5.25%, 04/01/2053		412,000		369,525
Public Service Co. of New Hampshire, 5.35%, 10/01/2033		517,000		509,837
Public Service Electric and Gas Co., 5.13%, 03/15/2053		290,000		268,420
San Diego Gas & Electric Co., 5.35%, 04/01/2053		966,000		894,331
5.55%, 04/15/2054		2,862,000		2,735,929
Sierra Pacific Power Co., 5.90%, 03/15/2054(b)		394,000		386,618
Southern Co. (The), 5.15%, 10/06/2025		267,000		265,182
5.70%, 10/15/2032		207,000		207,525
Southwestern Electric Power Co., 5.30%, 04/01/2033		365,000		348,034
Union Electric Co., 5.20%, 04/01/2034		3,911,000		3,793,397
Virginia Electric and Power Co., 5.00%, 04/01/2033		408,000		389,405
5.35%, 01/15/2054		1,094,000		1,015,952
Vistra Operations Co. LLC, 6.95%, 10/15/2033(b)		1,054,000		1,099,186
6.00%, 04/15/2034(b)		1,886,000		1,834,759
				84,252,554
Environmental & Facilities Services–0.29%
Republic Services, Inc., 4.88%, 04/01/2029		1,697,000		1,664,743
5.00%, 12/15/2033		1,495,000		1,440,757
5.00%, 04/01/2034		245,000		236,197
Veralto Corp., 5.50%, 09/18/2026(b)		2,736,000		2,720,394
5.35%, 09/18/2028(b)		1,213,000		1,203,945
5.45%, 09/18/2033(b)		635,000		623,111
				7,889,147

	Principal Amount		Value
Financial Exchanges & Data–0.08%
Intercontinental Exchange, Inc., 4.60%, 03/15/2033	$	194,000	$	181,966
4.95%, 06/15/2052		245,000		220,029
5.20%, 06/15/2062		516,000		469,732
Nasdaq, Inc., 5.35%, 06/28/2028		329,000		327,393
5.55%, 02/15/2034		460,000		450,138
5.95%, 08/15/2053		220,000		217,295
6.10%, 06/28/2063		432,000		432,947
				2,299,500
Food Retail–0.03%
Alimentation Couche-Tard, Inc. (Canada), 5.62%, 02/12/2054(b)		731,000		699,508
Gas Utilities–0.07%
Atmos Energy Corp., 5.90%, 11/15/2033		589,000		604,935
6.20%, 11/15/2053		459,000		487,682
Piedmont Natural Gas Co., Inc., 5.40%, 06/15/2033		477,000		466,692
Southwest Gas Corp., 5.45%, 03/23/2028		280,000		278,958
				1,838,267
Health Care Distributors–0.09%
Cardinal Health, Inc., 5.45%, 02/15/2034		1,094,000		1,072,740
Cencora, Inc., 5.13%, 02/15/2034		921,000		890,249
McKesson Corp., 5.10%, 07/15/2033		410,000		399,610
				2,362,599
Health Care Equipment–0.36%
Alcon Finance Corp. (Switzerland), 5.38%, 12/06/2032(b)		953,000		933,639
Becton, Dickinson and Co., 4.69%, 02/13/2028		329,000		320,222
Medtronic Global Holdings S.C.A., 4.50%, 03/30/2033		664,000		625,827
Smith & Nephew PLC (United Kingdom), 5.15%, 03/20/2027		4,185,000		4,138,955
5.40%, 03/20/2034		3,771,000		3,636,242
				9,654,885
Health Care Facilities–0.03%
UPMC, 5.04%, 05/15/2033		566,000		546,233
5.38%, 05/15/2043		259,000		248,573
				794,806
Health Care Services–1.00%
CommonSpirit Health, 5.21%, 12/01/2031		13,055,000		12,646,986
5.32%, 12/01/2034		2,447,000		2,360,943
5.55%, 12/01/2054		786,000		750,604
CVS Health Corp., 5.00%, 01/30/2029		597,000		586,528
5.25%, 01/30/2031		200,000		196,258
5.30%, 06/01/2033		707,000		683,814
6.00%, 06/01/2063		348,000		333,495

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

10 Invesco Core Bond Fund

	Principal Amount		Value
Health Care Services–(continued)
HCA, Inc., 5.90%, 06/01/2053	$	912,000	$	859,897
Icon Investments Six DAC, 5.81%, 05/08/2027		2,775,000		2,777,054
5.85%, 05/08/2029		2,040,000		2,042,999
6.00%, 05/08/2034		2,372,000		2,369,533
Piedmont Healthcare, Inc., 2.86%, 01/01/2052		443,000		274,890
Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051		665,000		382,016
Quest Diagnostics, Inc., 6.40%, 11/30/2033		798,000		836,129
				27,101,146
Health Care Supplies–0.57%
Solventum Corp., 5.45%, 02/25/2027(b)		2,118,000		2,100,422
5.40%, 03/01/2029(b)		4,069,000		3,992,912
5.60%, 03/23/2034(b)		5,055,000		4,877,195
5.90%, 04/30/2054(b)		256,000		239,177
6.00%, 05/15/2064(b)		4,528,000		4,194,993
				15,404,699
Home Improvement Retail–0.13%
Home Depot, Inc. (The), 4.90%, 04/15/2029		1,706,000		1,689,037
Lowe’s Cos., Inc., 5.00%, 04/15/2033		367,000		354,644
5.75%, 07/01/2053		211,000		205,244
5.80%, 09/15/2062		75,000		71,985
5.85%, 04/01/2063		1,228,000		1,190,137
				3,511,047
Hotels, Resorts & Cruise Lines–0.07%
Marriott International, Inc., 4.88%, 05/15/2029		783,000		760,515
5.30%, 05/15/2034		1,312,000		1,258,810
				2,019,325
Industrial Conglomerates–0.59%
Honeywell International, Inc., 4.88%, 09/01/2029		3,006,000		2,964,830
4.95%, 09/01/2031		3,728,000		3,676,596
5.00%, 02/15/2033		54,000		53,029
5.00%, 03/01/2035		2,602,000		2,527,055
5.25%, 03/01/2054		2,572,000		2,440,024
5.35%, 03/01/2064		4,505,000		4,275,730
				15,937,264
Industrial Machinery & Supplies & Components–0.09%
Ingersoll Rand, Inc., 5.40%, 08/14/2028		238,000		237,455
5.70%, 08/14/2033		784,000		779,082
Nordson Corp., 5.60%, 09/15/2028		367,000		367,183
5.80%, 09/15/2033		594,000		600,396
nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033		573,000		565,819
				2,549,935

	Principal Amount		Value
Industrial REITs–0.03%
LXP Industrial Trust, 6.75%, 11/15/2028	$	678,000	$	696,299
Insurance Brokers–0.12%
Arthur J. Gallagher & Co., 6.75%, 02/15/2054		859,000		925,845
Marsh & McLennan Cos., Inc., 5.40%, 09/15/2033		1,106,000		1,103,284
5.45%, 03/15/2053		274,000		259,855
5.70%, 09/15/2053		990,000		977,576
				3,266,560
Integrated Oil & Gas–0.11%
BP Capital Markets America, Inc., 4.81%, 02/13/2033		301,000		287,890
4.89%, 09/11/2033		562,000		540,210
Occidental Petroleum Corp., 6.45%, 09/15/2036		1,574,000		1,625,457
4.63%, 06/15/2045		651,000		501,486
				2,955,043
Integrated Telecommunication Services–0.06%
AT&T, Inc., 2.55%, 12/01/2033		397,000		306,565
5.40%, 02/15/2034		770,000		752,606
Verizon Communications, Inc., 2.36%, 03/15/2032		662,000		528,454
				1,587,625
Interactive Media & Services–0.05%
Meta Platforms, Inc., 4.65%, 08/15/2062		368,000		306,442
5.75%, 05/15/2063		935,000		932,484
				1,238,926
Investment Banking & Brokerage–1.87%
Brookfield Finance, Inc. (Canada), 5.97%, 03/04/2054		1,375,000		1,347,003
Charles Schwab Corp. (The), 5.64%, 05/19/2029(c)		812,000		813,494
5.85%, 05/19/2034(c)		812,000		808,907
Series K, 5.00%(c)(e)		421,000		394,475
Franklin BSP Capital Corp., 7.20%, 06/15/2029(b)		1,213,000		1,195,139
Goldman Sachs Group, Inc. (The), 5.70%, 11/01/2024		419,000		419,136
5.73%, 04/25/2030(c)		3,567,000		3,573,862
5.85%, 04/25/2035(c)		4,167,000		4,170,844
Series W, 7.50%(c)(e)		8,654,000		8,977,435
Series X, 7.50%(c)(e)		9,511,000		9,638,283
Morgan Stanley, 5.65%, 04/13/2028(c)		3,202,000		3,205,747
5.12%, 02/01/2029(c)		296,000		291,409
5.16%, 04/20/2029(c)		1,677,000		1,650,065
5.45%, 07/20/2029(c)		461,000		458,292
6.41%, 11/01/2029(c)		1,427,000		1,471,822
5.17%, 01/16/2030(c)		1,342,000		1,316,247
5.25%, 04/21/2034(c)		1,673,000		1,605,996
5.42%, 07/21/2034(c)		997,000		967,817
5.47%, 01/18/2035(c)		1,405,000		1,367,424
5.83%, 04/19/2035(c)		3,593,000		3,592,895

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

11 Invesco Core Bond Fund

	Principal Amount		Value
Investment Banking & Brokerage–(continued)
5.95%, 01/19/2038(c)	$	255,000	$	247,949
5.94%, 02/07/2039(c)		3,217,000		3,096,737
				50,610,978
Leisure Products–0.12%
Brunswick Corp., 5.85%, 03/18/2029		1,119,000		1,107,567
Polaris, Inc., 6.95%, 03/15/2029		1,980,000		2,064,614
				3,172,181
Life & Health Insurance–3.38%
AIA Group Ltd. (Hong Kong), 5.38%, 04/05/2034(b)		2,299,000		2,197,576
Athene Global Funding, 5.52%, 03/25/2027(b)		4,073,000		4,040,798
Athene Holding Ltd., 6.25%, 04/01/2054		2,179,000		2,119,696
Corebridge Global Funding, 6.65% (SOFR + 1.30%), 09/25/2026(b)(d)		6,263,000		6,301,099
5.90%, 09/19/2028(b)		1,028,000		1,034,302
5.20%, 01/12/2029(b)		2,395,000		2,352,028
Delaware Life Global Funding, Series 22-1, 3.31%, 03/10/2025(b)		3,826,000		3,684,514
Series 21-1, 2.66%, 06/29/2026(b)		10,423,000		9,705,529
F&G Annuities & Life, Inc., 7.40%, 01/13/2028		502,000		516,170
GA Global Funding Trust, 5.50%, 01/08/2029(b)		2,245,000		2,209,794
MAG Mutual Holding Co., 4.75%, 04/30/2041(b)(f)		9,203,000		7,914,580
MassMutual Global Funding II, 5.10%, 04/09/2027(b)		10,306,000		10,243,121
MetLife, Inc., 5.25%, 01/15/2054		812,000		756,165
New York Life Global Funding, 4.55%, 01/28/2033(b)		737,000		689,528
Nippon Life Insurance Co. (Japan), 5.95%, 04/16/2054(b)(c)		4,645,000		4,519,452
Northwestern Mutual Global Funding, 5.07%, 03/25/2027(b)		4,498,000		4,467,808
4.35%, 09/15/2027(b)		582,000		563,440
4.71%, 01/10/2029(b)		6,345,000		6,177,781
Pacific Life Global Funding II, 6.41% (SOFR + 1.05%), 07/28/2026(b)(d)		5,215,000		5,252,424
4.90%, 01/11/2029(b)		6,345,000		6,210,492
Principal Life Global Funding II, 5.00%, 01/16/2027(b)		1,632,000		1,615,495
5.10%, 01/25/2029(b)		6,908,000		6,757,453
Sumitomo Life Insurance Co. (Japan), 5.88%(b)(c)(e)		2,430,000		2,333,237
				91,662,482
Managed Health Care–0.15%
Humana, Inc., 5.75%, 12/01/2028		749,000		752,067

	Principal Amount		Value
Managed Health Care–(continued)
UnitedHealth Group, Inc., 5.00%, 10/15/2024	$	546,000	$	545,478
5.15%, 10/15/2025		368,000		367,211
5.25%, 02/15/2028		371,000		372,130
5.30%, 02/15/2030		589,000		589,373
5.35%, 02/15/2033		507,000		505,684
4.50%, 04/15/2033		196,000		183,803
5.05%, 04/15/2053		383,000		348,687
5.20%, 04/15/2063		328,000		299,013
				3,963,446
Marine Transportation–0.03%
A.P. Moller - Maersk A/S (Denmark), 5.88%, 09/14/2033(b)		776,000		774,288
Movies & Entertainment–0.02%
Warnermedia Holdings, Inc., 5.05%, 03/15/2042		366,000		293,146
5.14%, 03/15/2052		294,000		225,324
				518,470
Multi-Family Residential REITs–0.11%
AvalonBay Communities, Inc., 5.30%, 12/07/2033		1,626,000		1,587,031
Essex Portfolio L.P., 5.50%, 04/01/2034		1,560,000		1,510,200
				3,097,231
Multi-line Insurance–0.04%
Metropolitan Life Global Funding I, 5.15%, 03/28/2033(b)		1,030,000		998,385
Multi-Utilities–0.92%
Algonquin Power & Utilities Corp. (Canada), 5.37%, 06/15/2026(g)		1,725,000		1,707,393
Ameren Illinois Co., 4.95%, 06/01/2033		468,000		448,097
Black Hills Corp., 6.15%, 05/15/2034		1,354,000		1,353,135
Dominion Energy, Inc., 5.38%, 11/15/2032		806,000		784,469
DTE Energy Co., 5.85%, 06/01/2034		1,302,000		1,296,106
Engie (France), 5.25%, 04/10/2029(b)		1,792,000		1,768,132
5.63%, 04/10/2034(b)		1,704,000		1,678,028
5.88%, 04/10/2054(b)		1,694,000		1,614,973
NiSource, Inc., 5.25%, 03/30/2028		206,000		203,805
5.40%, 06/30/2033		172,000		167,465
5.35%, 04/01/2034		4,889,000		4,681,280
Public Service Enterprise Group, Inc., 5.88%, 10/15/2028		1,907,000		1,925,971
6.13%, 10/15/2033		1,115,000		1,135,594
Sempra, 6.88%, 10/01/2054(c)		4,879,000		4,829,795
WEC Energy Group, Inc., 5.00%, 09/27/2025		639,000		633,050
5.15%, 10/01/2027		365,000		361,248
4.75%, 01/15/2028		308,000		302,080
				24,890,621

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

12 Invesco Core Bond Fund

	Principal Amount		Value
Office REITs–0.50%
Alexandria Real Estate Equities, Inc., 5.25%, 05/15/2036	$	819,000	$	770,639
5.63%, 05/15/2054		3,611,000		3,321,053
Office Properties Income Trust, 4.50%, 02/01/2025		1,404,000		1,108,701
2.65%, 06/15/2026		297,000		169,478
2.40%, 02/01/2027		1,137,000		554,011
Piedmont Operating Partnership L.P., 9.25%, 07/20/2028		7,212,000		7,614,324
				13,538,206
Oil & Gas Drilling–0.02%
Patterson-UTI Energy, Inc., 7.15%, 10/01/2033		462,000		481,208
Oil & Gas Equipment & Services–0.03%
Northern Natural Gas Co., 5.63%, 02/01/2054(b)		775,000		742,604
Oil & Gas Exploration & Production–0.41%
ConocoPhillips Co., 5.55%, 03/15/2054		692,000		669,073
5.70%, 09/15/2063		453,000		445,089
Diamondback Energy, Inc., 5.20%, 04/18/2027		2,510,000		2,492,276
5.15%, 01/30/2030		2,388,000		2,342,955
5.40%, 04/18/2034		1,823,000		1,772,193
5.75%, 04/18/2054		1,667,000		1,592,519
5.90%, 04/18/2064		1,444,000		1,374,654
Pioneer Natural Resources Co., 5.10%, 03/29/2026		343,000		340,607
				11,029,366
Oil & Gas Refining & Marketing–0.02%
Phillips 66 Co., 5.30%, 06/30/2033		696,000		675,775
Oil & Gas Storage & Transportation–0.77%
Cheniere Energy Partners L.P., 5.95%, 06/30/2033		660,000		658,677
Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026(b)		474,000		475,746
Enbridge, Inc. (Canada), 5.70%, 03/08/2033		638,000		630,917
Series NC5, 8.25%, 01/15/2084(c)		1,666,000		1,709,319
Energy Transfer L.P., 6.05%, 12/01/2026		2,909,000		2,945,383
6.40%, 12/01/2030		366,000		377,216
5.75%, 02/15/2033		275,000		272,996
6.55%, 12/01/2033		443,000		461,856
5.55%, 05/15/2034		1,325,000		1,290,318
5.95%, 05/15/2054		1,211,000		1,142,136
Kinder Morgan, Inc., 4.80%, 02/01/2033		261,000		242,074
5.20%, 06/01/2033		664,000		632,961
5.45%, 08/01/2052		482,000		434,952
MPLX L.P., 5.00%, 03/01/2033		396,000		372,590
4.95%, 03/14/2052		336,000		281,024

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
ONEOK, Inc., 5.55%, 11/01/2026	$	363,000	$	362,695
5.65%, 11/01/2028		416,000		417,446
5.80%, 11/01/2030		1,061,000		1,065,409
6.10%, 11/15/2032		205,000		208,329
6.05%, 09/01/2033		1,027,000		1,038,800
6.63%, 09/01/2053		1,460,000		1,523,794
Sabine Pass Liquefaction LLC, 5.90%, 09/15/2037		504,000		505,230
Southern Co. Gas Capital Corp., 5.75%, 09/15/2033		499,000		501,616
Targa Resources Corp., 5.20%, 07/01/2027		294,000		290,800
TransCanada PipeLines Ltd. (Canada), 6.20%, 03/09/2026		38,000		38,004
Western Midstream Operating L.P., 6.15%, 04/01/2033		638,000		637,334
Williams Cos., Inc. (The), 5.30%, 08/15/2028		1,744,000		1,728,456
5.65%, 03/15/2033		660,000		654,950
				20,901,028
Other Specialty Retail–0.01%
Tractor Supply Co., 5.25%, 05/15/2033		278,000		271,851
Packaged Foods & Meats–0.30%
Campbell Soup Co., 5.30%, 03/20/2026		956,000		952,233
5.20%, 03/19/2027		1,407,000		1,398,360
5.20%, 03/21/2029		1,520,000		1,498,953
5.40%, 03/21/2034		1,993,000		1,945,016
J.M. Smucker Co. (The), 6.20%, 11/15/2033		634,000		655,211
Mars, Inc., 4.55%, 04/20/2028(b)		1,047,000		1,019,693
4.65%, 04/20/2031(b)		543,000		523,040
McCormick & Co., Inc., 4.95%, 04/15/2033		233,000		222,827
				8,215,333
Paper & Plastic Packaging Products & Materials–0.20%
Smurfit Kappa Treasury Unlimited Co. (Ireland), 5.20%, 01/15/2030(b)		1,921,000		1,876,333
5.44%, 04/03/2034(b)		1,861,000		1,804,134
5.78%, 04/03/2054(b)		1,735,000		1,664,243
				5,344,710
Passenger Airlines–0.09%
American Airlines Pass-Through Trust, Series 2021-1, Class B, 3.95%, 07/11/2030		1,007,725		912,359
Series 2021-1, Class A, 2.88%, 07/11/2034		325,526		272,681
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025(b)		258,995		255,474
4.75%, 10/20/2028(b)		820,654		794,680

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

13 Invesco Core Bond Fund

	Principal Amount		Value
Passenger Airlines–(continued)
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027	$	224,791	$	224,433
Series 2019-2, Class AA, 2.70%, 05/01/2032		4,167		3,562
				2,463,189
Personal Care Products–0.08%
Kenvue, Inc., 5.05%, 03/22/2028		387,000		385,674
5.00%, 03/22/2030		675,000		667,140
4.90%, 03/22/2033		763,000		738,991
5.20%, 03/22/2063		343,000		317,803
				2,109,608
Pharmaceuticals–1.53%
AstraZeneca Finance LLC (United Kingdom), 4.80%, 02/26/2027		5,870,000		5,802,334
4.85%, 02/26/2029		1,558,000		1,534,609
4.90%, 02/26/2031		2,075,000		2,034,239
Bayer US Finance LLC (Germany), 6.25%, 01/21/2029(b)		1,095,000		1,100,566
6.38%, 11/21/2030(b)		1,760,000		1,765,195
6.50%, 11/21/2033(b)		1,395,000		1,390,885
Bristol-Myers Squibb Co., 4.95%, 02/20/2026		2,586,000		2,569,102
4.90%, 02/22/2027		804,000		797,430
4.90%, 02/22/2029		866,000		853,268
5.75%, 02/01/2031		1,512,000		1,546,099
5.90%, 11/15/2033		937,000		966,196
6.25%, 11/15/2053		613,000		649,893
6.40%, 11/15/2063		850,000		906,259
Eli Lilly and Co., 4.50%, 02/09/2027		7,154,000		7,050,707
4.70%, 02/27/2033		559,000		537,553
4.70%, 02/09/2034		5,134,000		4,917,485
4.88%, 02/27/2053		538,000		492,645
5.00%, 02/09/2054		1,500,000		1,395,960
4.95%, 02/27/2063		301,000		272,464
5.10%, 02/09/2064		1,973,000		1,833,216
Merck & Co., Inc., 4.90%, 05/17/2044		1,503,000		1,381,051
5.00%, 05/17/2053		392,000		360,135
5.15%, 05/17/2063		497,000		460,187
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 05/19/2033		817,000		778,701
				41,396,179
Precious Metals & Minerals–0.04%
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024(b)		1,168,000		1,157,555
Property & Casualty Insurance–0.10%
Fairfax Financial Holdings Ltd. (Canada), 6.35%, 03/22/2054(b)		2,369,000		2,343,551
Travelers Cos., Inc. (The), 5.45%, 05/25/2053		367,000		359,448
				2,702,999

	Principal Amount		Value
Rail Transportation–0.14%
Norfolk Southern Corp., 5.05%, 08/01/2030	$	837,000	$	822,927
5.55%, 03/15/2034		869,000		872,301
5.35%, 08/01/2054		147,000		137,232
5.95%, 03/15/2064		1,103,000		1,106,219
Union Pacific Corp., 4.50%, 01/20/2033		460,000		434,992
5.15%, 01/20/2063		534,000		484,816
				3,858,487
Regional Banks–0.21%
Citizens Financial Group, Inc., 2.64%, 09/30/2032		436,000		324,812
M&T Bank Corp., 5.05%, 01/27/2034(c)		437,000		393,614
Truist Financial Corp., 6.05%, 06/08/2027(c)		946,000		951,204
4.87%, 01/26/2029(c)		459,000		445,272
7.16%, 10/30/2029(c)		860,000		900,757
5.44%, 01/24/2030(c)		936,000		917,164
4.92%, 07/28/2033(c)		570,000		513,509
6.12%, 10/28/2033(c)		320,000		319,723
5.87%, 06/08/2034(c)		823,000		807,876
				5,573,931
Reinsurance–0.38%
Global Atlantic (Fin) Co., 6.75%, 03/15/2054(b)		5,301,000		5,147,198
Swiss Re Subordinated Finance PLC (United Kingdom), 5.70%, 04/05/2035(b)(c)		5,200,000		5,049,210
				10,196,408
Renewable Electricity–0.04%
DTE Electric Co., 5.20%, 03/01/2034		1,228,000		1,194,157
Restaurants–0.19%
McDonald’s Corp., 4.80%, 08/14/2028		2,398,000		2,359,715
4.95%, 08/14/2033		1,861,000		1,800,247
5.15%, 09/09/2052		383,000		349,598
5.45%, 08/14/2053		620,000		591,288
				5,100,848
Retail REITs–0.08%
Kite Realty Group L.P., 5.50%, 03/01/2034		513,000		489,551
NNN REIT, Inc., 5.60%, 10/15/2033		461,000		452,507
Realty Income Corp., 5.63%, 10/13/2032		226,000		224,995
Regency Centers L.P., 5.25%, 01/15/2034		1,038,000		992,877
				2,159,930
Self-Storage REITs–1.08%
Extra Space Storage L.P., 5.70%, 04/01/2028		278,000		278,000
5.40%, 02/01/2034		1,954,000		1,871,956

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

14 Invesco Core Bond Fund

	Principal Amount		Value
Self-Storage REITs–(continued)
Prologis L.P., 4.88%, 06/15/2028	$	652,000	$	641,962
4.63%, 01/15/2033		468,000		439,196
4.75%, 06/15/2033		1,031,000		974,217
5.13%, 01/15/2034		587,000		566,590
5.00%, 03/15/2034		4,295,000		4,112,720
5.25%, 06/15/2053		1,346,000		1,237,470
5.25%, 03/15/2054		1,190,000		1,087,585
Public Storage Operating Co., 6.05% (SOFR + 0.70%), 04/16/2027(d)		13,869,000		13,922,749
5.13%, 01/15/2029		194,000		192,865
5.10%, 08/01/2033		1,073,000		1,040,124
5.35%, 08/01/2053		3,239,000		3,041,976
				29,407,410
Semiconductors–0.10%
Foundry JV Holdco LLC, 5.88%, 01/25/2034(b)		1,597,000		1,549,441
Micron Technology, Inc., 5.30%, 01/15/2031		1,223,000		1,200,445
				2,749,886
Sovereign Debt–0.38%
Saudi Government International Bond (Saudi Arabia), 4.75%, 01/16/2030(b)		3,391,000		3,285,879
5.00%, 01/16/2034(b)		3,289,000		3,170,853
5.75%, 01/16/2054(b)		4,206,000		3,943,125
				10,399,857
Specialized Consumer Services–0.03%
Ashtead Capital, Inc. (United Kingdom), 5.55%, 05/30/2033(b)		1,002,000		960,066
Specialized Finance–0.03%
Blackstone Private Credit Fund, 6.25%, 01/25/2031(b)		802,000		789,640
Systems Software–0.06%
Oracle Corp., 6.25%, 11/09/2032		412,000		427,511
4.90%, 02/06/2033		664,000		628,837
6.90%, 11/09/2052		453,000		492,134
				1,548,482
Technology Hardware, Storage & Peripherals–0.01%
Leidos, Inc., 5.75%, 03/15/2033		413,000		410,562
Tobacco–0.69%
B.A.T Capital Corp. (United Kingdom), 5.83%, 02/20/2031		977,000		977,035
6.00%, 02/20/2034		535,000		532,018
7.08%, 08/02/2043		453,000		469,657
7.08%, 08/02/2053		365,000		382,319

	Principal Amount	Value
Tobacco–(continued)
Philip Morris International, Inc., 4.75%, 02/12/2027	$  5,062,000	$	4,988,344
5.13%, 11/17/2027	426,000		422,164
4.88%, 02/15/2028	1,753,000		1,723,700
5.25%, 09/07/2028	1,405,000		1,398,842
4.88%, 02/13/2029	3,861,000		3,770,584
5.13%, 02/13/2031	1,046,000		1,016,818
5.38%, 02/15/2033	1,799,000		1,764,089
5.63%, 09/07/2033	1,168,000		1,161,910
			18,607,480
Trading Companies & Distributors–0.16%
Avolon Holdings Funding Ltd.(Ireland), 6.38%, 05/04/2028(b)	849,000		855,644
5.75%, 03/01/2029(b)	3,592,000		3,535,362
			4,391,006
Transaction & Payment Processing Services–0.29%
Fiserv, Inc., 5.38%, 08/21/2028	1,865,000		1,853,578
5.63%, 08/21/2033	1,149,000		1,140,862
5.45%, 03/15/2034	4,107,000		4,015,797
Mastercard, Inc., 4.85%, 03/09/2033	977,000		956,729
			7,966,966
Wireless Telecommunication Services–0.09%
T-Mobile USA, Inc., 5.75%, 01/15/2034	1,333,000		1,343,117
5.65%, 01/15/2053	682,000		654,475
6.00%, 06/15/2054	426,000		429,025
			2,426,617
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,228,384,555)			1,211,367,457
U.S. Government Sponsored Agency Mortgage-Backed Securities–26.99%
Collateralized Mortgage Obligations–0.24%
Fannie Mae Interest STRIPS, IO, 6.50%, 04/25/2029 to 02/25/2033(h)(i)	876,718		119,534
7.50%, 11/25/2029(h)	5,274		701
7.00%, 04/25/2032(h)	531,666		91,231
6.00%, 06/25/2033 to 03/25/2036(h)(i)	582,521		87,333
5.50%, 09/25/2033 to 06/25/2035(h)(i)	1,024,296		152,789

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

15 Invesco Core Bond Fund

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Fannie Mae REMICs, 4.50%, 08/25/2025	$	637	$	632
5.50%, 12/25/2025 to 07/25/2046(h)		1,753,711		995,691
7.00%, 07/25/2026 to 04/25/2033(h)		392,282		48,301
6.50%, 10/25/2028 to 10/25/2031		83,957		84,002
6.00%, 11/25/2028		45,379		45,131
7.50%, 12/25/2029		238,988		241,877
6.44% (30 Day Average SOFR + 1.11%), 07/25/2032(d)		42,376		42,787
5.84% (30 Day Average SOFR + 0.51%), 03/25/2033(d)		11,384		11,267
5.69% (30 Day Average SOFR + 0.36%), 08/25/2035(d)		31,065		30,709
4.24% (24.20% - (3.67 x (30 Day Average SOFR + 0.11%))), 06/25/2036(d)		98,032		102,841
6.38% (30 Day Average SOFR + 1.05%), 06/25/2037(d)		61,899		62,450
5.00%, 04/25/2040		39,238		38,801
4.00%, 03/25/2041 to 08/25/2047(h)		966,446		168,675
IO, 2.71% (8.15% - (30 Day Average SOFR + 0.11%)), 04/25/2027(d)(h)		25,350		946
3.00%, 11/25/2027(h)		564,310		16,986
1.66% (7.10% - (30 Day Average SOFR + 0.11%)), 11/25/2030(d)(h)		8,489		382
4.37% (9.80% - (30 Day Average SOFR + 0.11%)), 03/17/2031(d)(h)		9		0
2.31% (7.75% - (30 Day Average SOFR + 0.11%)), 07/25/2031 to 02/25/2032(d)(h)		40,524		3,066
2.41% (7.85% - (30 Day Average SOFR + 0.11%)), 11/18/2031(d)(h)		35,264		2,515
2.46% (7.90% - (30 Day Average SOFR + 0.11%)), 11/25/2031(d)(h)		85,344		6,503
1.81% (7.25% - (30 Day Average SOFR + 0.11%)), 01/25/2032(d)(h)		63,333		4,771
2.51% (7.95% - (30 Day Average SOFR + 0.11%)), 01/25/2032 to 07/25/2032(d)(h)		95,089		6,014
2.66% (8.10% - (30 Day Average SOFR + 0.11%)), 02/25/2032 to 03/25/2032(d)(h)		10,150		513
1.00% (8.00% - (30 Day Average SOFR + 0.11%)), 04/25/2032(d)(h)		103,605		2,128
1.56% (7.00% - (30 Day Average SOFR + 0.11%)), 04/25/2032 to 09/25/2032(d)(h)		274,610		18,347

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
2.56% (8.00% - (30 Day Average SOFR + 0.11%)), 04/25/2032 to 12/25/2032(d)(h)	$	203,474	$	18,753
2.56% (8.00% - (30 Day Average SOFR + 0.11%)), 12/18/2032(d)(h)		126,640		9,324
2.66% (8.10% - (30 Day Average SOFR + 0.11%)), 12/18/2032(d)(h)		36,721		2,554
2.76% (8.20% - (30 Day Average SOFR + 0.11%)), 01/25/2033(d)(h)		196,263		16,687
2.81% (8.25% - (30 Day Average SOFR + 0.11%)), 02/25/2033 to 05/25/2033(d)(h)		131,730		15,936
2.11% (7.55% - (30 Day Average SOFR + 0.11%)), 10/25/2033(d)(h)		148,257		13,300
1.26% (6.70% - (30 Day Average SOFR + 0.11%)), 02/25/2035 to 05/25/2035(d)(h)		304,069		19,217
1.31% (6.75% - (30 Day Average SOFR + 0.11%)), 03/25/2035(d)(h)		53,779		3,002
1.16% (6.60% - (30 Day Average SOFR + 0.11%)), 05/25/2035(d)(h)		193,515		8,808
3.50%, 08/25/2035(h)		3,112,683		349,961
0.66% (6.10% - (30 Day Average SOFR + 0.11%)), 10/25/2035(d)(h)		161,130		9,789
1.14% (6.58% - (30 Day Average SOFR + 0.11%)), 06/25/2036(d)(h)		9,887		752
0.61% (6.05% - (30 Day Average SOFR + 0.11%)), 07/25/2038(d)(h)		70,816		1,413
1.11% (6.55% - (30 Day Average SOFR + 0.11%)), 10/25/2041(d)(h)		285,707		15,986
0.71% (6.15% - (30 Day Average SOFR + 0.11%)), 12/25/2042(d)(h)		754,216		64,212
0.46% (5.90% - (30 Day Average SOFR + 0.11%)), 09/25/2047(d)(h)		5,294,570		355,131
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series KC03, Class X1, IO, 0.63%, 11/25/2024(i)		37,492,320		88,459
Series K734, Class X1, IO, 0.78%, 02/25/2026(i)		31,769,131		257,143
Series K735, Class X1, IO, 1.09%, 05/25/2026(i)		33,130,545		492,572
Series K093, Class X1, IO, 1.08%, 05/25/2029(i)		26,689,039		1,004,167

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

16 Invesco Core Bond Fund

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac REMICs, IO, 2.21% (7.65% - (30 Day Average SOFR + 0.11%)), 07/15/2026 to 03/15/2029(d)(h)	$	89,211	$	3,383
3.00%, 06/15/2027 to 05/15/2040(h)		1,920,087		60,839
2.50%, 05/15/2028(h)		466,684		14,786
2.26% (7.70% - (30 Day Average SOFR + 0.11%)), 03/15/2029(d)(h)		9,064		201
2.66% (8.10% - (30 Day Average SOFR + 0.11%)), 09/15/2029(d)(h)		4,574		235
2.31% (7.75% - (30 Day Average SOFR + 0.11%)), 01/15/2032(d)(h)		76,161		5,404
1.61% (7.05% - (30 Day Average SOFR + 0.11%)), 10/15/2033(d)(h)		175,810		8,374
1.26% (6.70% - (30 Day Average SOFR + 0.11%)), 01/15/2035(d)(h)		179,925		7,158
1.31% (6.75% - (30 Day Average SOFR + 0.11%)), 02/15/2035(d)(h)		123,842		5,056
1.28% (6.72% - (30 Day Average SOFR + 0.11%)), 05/15/2035(d)(h)		637,632		31,646
1.21% (6.65% - (30 Day Average SOFR + 0.11%)), 07/15/2035(d)(h)		328,040		26,010
1.56% (7.00% - (30 Day Average SOFR + 0.11%)), 12/15/2037(d)(h)		65,052		4,889
0.56% (6.00% - (30 Day Average SOFR + 0.11%)), 04/15/2038(d)(h)		37,820		2,302
0.63% (6.07% - (30 Day Average SOFR + 0.11%)), 05/15/2038(d)(h)		921,928		55,701
0.81% (6.25% - (30 Day Average SOFR + 0.11%)), 12/15/2039(d)(h)		226,562		12,220
0.66% (6.10% - (30 Day Average SOFR + 0.11%)), 01/15/2044(d)(h)		824,862		51,650
4.00%, 03/15/2045(h)		179,823		4,396
6.50%, 02/15/2028 to 06/15/2032		422,351		424,529
6.00%, 04/15/2029		26,269		26,153
6.34% (30 Day Average SOFR + 1.01%), 07/15/2031(d)		30,139		30,283
7.00%, 03/15/2032		117,791		120,262
3.50%, 05/15/2032		98,321		93,777
6.44% (30 Day Average SOFR + 1.11%), 06/15/2032(d)		141,829		143,235
4.79% (24.75% - (3.67 x (30 Day Average SOFR + 0.11%))), 08/15/2035(d)		27,976		31,271
5.84% (30 Day Average SOFR + 0.51%), 09/15/2035(d)		69,740		69,029

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac STRIPS, IO, 7.00%, 04/01/2027(h)	$	36,027	$	2,367
3.00%, 12/15/2027(h)		725,910		29,100
3.27%, 12/15/2027(i)		199,305		7,127
6.50%, 02/01/2028(h)		4,317		342
7.50%, 12/15/2029(h)		14,739		1,836
6.00%, 12/15/2032(h)		46,760		5,247
PO, 0.00%, 06/01/2026(j)		2,852		2,726
				6,415,623
Federal Home Loan Mortgage Corp. (FHLMC)–2.25%
6.00%, 07/01/2024 to 08/01/2053		25,968,904		25,880,985
9.00%, 01/01/2025 to 05/01/2025		168		169
6.50%, 07/01/2028 to 04/01/2034		51,355		52,637
7.00%, 10/01/2031 to 10/01/2037		488,056		501,715
5.50%, 09/01/2039 to 08/01/2053		35,581,136		34,690,927
				61,126,433
Federal National Mortgage Association (FNMA)–1.53%
6.50%, 12/01/2029 to 11/01/2031		309,404		311,913
7.50%, 01/01/2033 to 08/01/2033		334,335		338,441
7.00%, 04/01/2033 to 04/01/2034		194,970		199,120
5.50%, 02/01/2035 to 09/01/2053		33,801,168		32,931,204
4.00%, 05/01/2052		8,638,490		7,818,739
				41,599,417
Government National Mortgage Association (GNMA)–4.61%
ARM, 3.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 07/20/2025 to 07/20/2027(d)		508		503
IO, 1.12% (6.55% - (1 mo. Term SOFR + 0.11%)), 04/16/2037(d)(h)		449,685		24,248
1.22% (6.65% - (1 mo. Term SOFR + 0.11%)), 04/16/2041(d)(h)		1,237,768		55,943
4.50%, 09/16/2047(h)		2,291,005		346,336
0.77% (6.20% - (1 mo. Term SOFR + 0.11%)), 10/16/2047(d)(h)		1,964,570		195,668
TBA, 2.50%, 05/01/2054(k)		69,445,000		56,939,563
4.50%, 05/01/2054(k)		39,787,000		37,057,461
5.50%, 05/01/2054(k)		30,947,000		30,342,902
				124,962,624

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

17 Invesco Core Bond Fund

	Principal Amount		Value
Uniform Mortgage-Backed Securities–18.36%
TBA, 2.50%, 05/01/2054(k)	$	88,454,220	$	69,992,969
3.00%, 05/01/2054(k)		84,739,844		69,980,082
3.50%, 05/01/2054(k)		51,800,725		44,651,966
4.00%, 05/01/2054(k)		50,728,969		45,376,105
4.50%, 05/01/2054(k)		63,046,916		58,102,178
5.00%, 05/01/2054(k)		117,098,277		110,969,810
5.50%, 05/01/2054(k)		101,537,731		98,563,407
				497,636,517
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $753,486,904)				731,740,614
U.S. Treasury Securities–18.12%
U.S. Treasury Bonds–7.26%
4.50%, 02/15/2044		39,730,500		37,731,559
4.75%, 11/15/2053		159,831,100		159,056,918
				196,788,477
U.S. Treasury Notes–10.86%
4.88%, 04/30/2026		105,171,800		104,861,625
4.50%, 04/15/2027		14,722,300		14,573,927
4.63%, 04/30/2029		89,490,200		89,154,612
4.63%, 04/30/2031		7,175,000		7,141,928
4.00%, 02/15/2034		83,093,600		78,692,236
				294,424,328
Total U.S. Treasury Securities (Cost $502,387,196)				491,212,805
Asset-Backed Securities–16.39%
AGL CLO 29 Ltd., Series 2024- 29A, Class A1, 6.90% (3 mo. Term SOFR + 1.57%), 04/21/2037(b)(d)		9,655,000		9,682,517
Alternative Loan Trust, Series 2005-21CB, Class A7, 5.50%, 06/25/2035		495,193		368,494
Series 2005-29CB, Class A4, 5.00%, 07/25/2035		233,351		127,486
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038(b)		4,415,000		3,980,827
Angel Oak Mortgage Trust, Series 2020-1, Class A1, 2.16%, 12/25/2059(b)(l)		401,773		379,345
Series 2020-3, Class A1, 1.69%, 04/25/2065(b)(l)		1,308,734		1,198,193
Series 2021-3, Class A1, 1.07%, 05/25/2066(b)(l)		861,849		715,474
Series 2021-7, Class A1, 1.98%, 10/25/2066(b)(l)		2,268,734		1,874,110
Series 2022-1, Class A1, 2.88%, 12/25/2066(b)(g)		4,115,469		3,624,777
Series 2023-6, Class A1, 6.50%, 12/25/2067(b)(g)		1,608,188		1,608,207
Series 2024-2, Class A1, 5.99%, 01/25/2069(b)(g)		5,581,183		5,536,105
Apidos CLO XXV, Series 2016-25A, Class A1R2, 6.47% (3 mo. Term SOFR + 1.15%), 10/20/2031(b)(d)		5,474,020		5,474,184

	Principal Amount		Value
Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-1A, Class A, 3.83%, 08/21/2028(b)	$	6,614,000	$	6,271,173
Series 2023-1A, Class A, 5.25%, 04/20/2029(b)		1,463,000		1,439,352
Series 2023-4A, Class A, 5.49%, 06/20/2029(b)		5,238,000		5,195,755
Bain Capital Credit CLO Ltd. (Cayman Islands), Series 2017-2A, Class AR2, 6.77% (3 mo. Term SOFR + 1.44%), 07/25/2034(b)(d)		7,338,000		7,339,937
Series 2021-1A, Class A, 6.65% (3 mo. Term SOFR + 1.32%), 04/18/2034(b)(d)		2,317,000		2,318,117
Series 2022-1A, Class A1, 6.65% (3 mo. Term SOFR + 1.32%), 04/18/2035(b)(d)		2,354,000		2,356,813
Banc of America Funding Trust, Series 2007-1, Class 1A3, 6.00%, 01/25/2037		155,983		125,005
Series 2007-C, Class 1A4, 4.38%, 05/20/2036(l)		58,798		50,652
Banc of America Mortgage Trust, Series 2007-1, Class 1A24, 6.00%, 03/25/2037		183,085		145,350
Bank, Series 2019-BNK16, Class XA, IO, 1.10%, 02/15/2052(i)		22,910,802		766,946
Bayview MSR Opportunity Master Fund Trust, Series 2021-4, Class A3, 3.00%, 10/25/2051(b)(l)		3,439,903		2,779,925
Series 2021-4, Class A4, 2.50%, 10/25/2051(b)(l)		3,440,703		2,662,757
Series 2021-4, Class A8, 2.50%, 10/25/2051(b)(l)		3,153,938		2,698,534
Series 2021-5, Class A1, 3.00%, 11/25/2051(b)(l)		3,584,097		2,896,453
Series 2021-5, Class A2, 2.50%, 11/25/2051(b)(l)		4,372,754		3,384,070
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035(d)		125,754		116,628
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(d)		309,944		286,767
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.66%, 01/15/2051(i)		24,193,262		362,623
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(b)(l)		622,883		580,168

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

18 Invesco Core Bond Fund

	Principal Amount		Value
BX Commercial Mortgage Trust, Series 2021-ACNT, Class A, 6.29% (1 mo. Term SOFR + 0.96%), 11/15/2038(b)(d)	$	2,093,857	$	2,079,065
Series 2021-VOLT, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 09/15/2036(b)(d)		4,080,000		4,041,993
Series 2021-VOLT, Class B, 6.39% (1 mo. Term SOFR + 1.06%), 09/15/2036(b)(d)		3,595,000		3,557,601
BX Trust, Series 2022-CLS, Class A, 5.76%, 10/13/2027(b)		1,625,000		1,598,837
Series 2022-LBA6, Class A, 6.32% (1 mo. Term SOFR + 1.00%), 01/15/2039(b)(d)		3,670,000		3,647,637
Series 2022-LBA6, Class B, 6.62% (1 mo. Term SOFR + 1.30%), 01/15/2039(b)(d)		2,265,000		2,244,690
Series 2022-LBA6, Class C, 6.92% (1 mo. Term SOFR + 1.60%), 01/15/2039(b)(d)		1,215,000		1,202,836
Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class A1RR, 6.54% (3 mo. Term SOFR + 1.22%), 07/20/2032(b)(d)		4,908,000		4,914,135
Carlyle US CLO Ltd., Series 2021-1A, Class A1, 6.73% (3 mo. Term SOFR + 1.40%), 04/15/2034(b)(d)		3,938,000		3,946,337
CarMax Auto Owner Trust, Series 2022-4, Class A4, 5.70%, 07/17/2028		7,031,000		7,054,919
Series 2024-1, Class A3, 4.92%, 10/16/2028		5,840,000		5,772,707
CD Mortgage Trust, Series 2017- CD6, Class XA, IO, 1.01%, 11/13/2050(i)		9,905,786		204,306
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 6.57% (3 mo. Term SOFR + 1.24%), 04/20/2031(b)(d)		3,045,378		3,049,654
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049(b)(l)		63,858		57,889
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 4.84%, 01/25/2036(l)		339,240		303,526
CIFC Funding Ltd. (Cayman Islands), Series 2014-5A, Class A1R2, 6.78% (3 mo. Term SOFR + 1.46%), 10/17/2031(b)(d)		1,414,181		1,415,579
Series 2016-1A, Class ARR, 6.66% (3 mo. Term SOFR + 1.34%), 10/21/2031(b)(d)		1,538,000		1,541,264
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.13%, 10/12/2050(i)		23,800,518		639,739

	Principal Amount		Value
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Class 1A1, 7.20% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(d)	$	519,292	$	487,413
Series 2021-INV3, Class A3, 2.50%, 05/25/2051(b)(l)		3,473,709		2,688,300
COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.73%, 11/26/2066(b)(l)		1,594,515		1,350,579
Series 2022-1, Class A1, 2.28%, 12/27/2066(b)(l)		2,445,715		2,098,935
Series 2022-2, Class A1, 2.99%, 02/25/2067(b)(g)		2,376,082		2,125,494
Series 2022-3, Class A1, 3.90%, 02/25/2067(b)(l)		3,325,291		3,090,514
COMM Mortgage Trust, Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		59,997		59,727
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		5,720,000		5,523,231
Credit Suisse Mortgage Capital Trust, Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(b)(l)		531,167		446,386
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(b)(l)		772,082		663,123
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(b)(l)		3,068,928		2,835,286
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(b)(l)		1,890,000		1,596,439
Series 2022-ATH2, Class A1, 4.55%, 05/25/2067(b)(l)		3,347,566		3,213,850
Cross Mortgage Trust, Series 2024-H2, Class A1, 6.09%, 04/25/2069(b)(g)		4,084,264		4,053,033
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		10,613,000		8,752,519
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036		572,950		266,396
DLLST LLC, Series 2024-1A, Class A3, 5.05%, 08/20/2027(b)		3,230,000		3,193,972
Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 6.67% (3 mo. Term SOFR + 1.34%), 01/15/2034(b)(d)		1,078,634		1,076,769
Ellington Financial Mortgage Trust, Series 2020-1, Class A1, 2.01%, 05/25/2065(b)(l)		137,204		132,904
Series 2021-1, Class A1, 0.80%, 02/25/2066(b)(l)		261,134		217,020
Series 2022-1, Class A1, 2.21%, 01/25/2067(b)(l)		2,341,467		1,961,136
Series 2022-3, Class A1, 5.00%, 08/25/2067(b)(g)		3,191,464		3,086,468
Empower CLO Ltd., Series 2024- 1A, Class A1, 6.91% (3 mo. Term SOFR + 1.60%), 04/25/2037(b)(d)		3,895,000		3,900,032

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

19 Invesco Core Bond Fund

	Principal Amount		Value
Enterprise Fleet Financing LLC, Series 2024-2, Class A2, 5.74%, 12/20/2026(b)	$	1,943,000	$	1,942,309
Series 2024-2, Class A3, 5.61%, 04/20/2028(b)		970,000		971,759
Series 2024-2, Class A4, 5.69%, 12/20/2030(b)		1,133,000		1,135,097
Extended Stay America Trust, Series 2021-ESH, Class B, 6.82% (1 mo. Term SOFR + 1.49%), 07/15/2038(b)(d)		1,581,662		1,580,447
First Horizon Alternative Mortgage Securities Trust, Series 2005- FA8, Class 1A6, 5.50% (1 mo. Term SOFR + 0.76%), 11/25/2035(d)		347,866		149,057
Flagstar Mortgage Trust, Series 2021-11IN, Class A6, 3.70%, 11/25/2051(b)(l)		5,337,029		4,554,664
Series 2021-8INV, Class A6, 2.50%, 09/25/2051(b)(l)		1,140,185		976,282
Ford Credit Auto Owner Trust, Series 2024-A, Class A3, 5.09%, 12/15/2028		9,250,000		9,189,170
FREMF Mortgage Trust, Series 2015-K44, Class B, 3.85%, 01/25/2048(b)(l)		1,175,000		1,153,098
Series 2017-K62, Class B, 4.01%, 01/25/2050(b)(l)		1,040,000		988,725
Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, 08/20/2053(b)		4,952,710		4,957,705
GoldenTree Loan Management US CLO 5 Ltd., Series 2019-5A, Class AR, 6.66% (3 mo. Term SOFR + 1.33%), 10/20/2032(b)(d)		2,190,000		2,193,381
Golub Capital Partners CLO 40(B) Ltd., Series 2019-40A, Class AR, 6.68% (3 mo. Term SOFR + 1.35%), 01/25/2032(b)(d)		4,915,584		4,921,738
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.38%, 05/12/2053		3,780,000		3,141,398
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(b)(l)		2,839,248		2,428,599
GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 4.56%, 07/25/2035(l)		42,762		38,504
Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.68%, 12/27/2027(b)		1,322,000		1,189,983
Series 2021-2A, Class B, 2.12%, 12/27/2027(b)		705,000		636,673
Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56%, 12/26/2025(b)		432,000		423,310
HPEFS Equipment Trust, Series 2023-2A, Class A2, 6.04%, 01/21/2031(b)		1,470,000		1,474,212
IP Lending VII Ltd., Series 2022-7A, Class SNR, 8.00%, 10/11/2027(b)(f)		5,493,000		5,589,127

	Principal Amount		Value
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class AS, 3.22%, 04/15/2046	$	470,812	$	436,184
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 5.04%, 07/25/2035(l)		177,107		172,271
Series 2021-LTV2, Class A1, 2.52%, 05/25/2052(b)(l)		3,990,758		3,198,656
Series 2024-VIS1, Class A1, 5.99%, 07/25/2064(b)(l)		5,192,309		5,153,932
JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class AS, 4.07%, 11/15/2047		6,036,000		5,686,826
Series 2015-C27, Class XA, IO, 1.27%, 02/15/2048(i)		30,425,114		125,443
Series 2015-C28, Class AS, 3.53%, 10/15/2048		3,400,000		3,285,517
KKR CLO 27 Ltd., Series 27A, Class AR, 6.61% (3 mo. Term SOFR + 1.28%), 10/15/2032(b)(d)		3,083,000		3,086,360
KKR CLO 30 Ltd., Series 30A, Class A1R, 6.60% (3 mo. Term SOFR + 1.28%), 10/17/2031(b)(d)		3,507,599		3,509,272
KKR Financial CLO Ltd., Series 2013-1A, Class A1R2, 6.42% (3 mo. Term SOFR + 1.10%), 04/15/2029(b)(d)		5,535,000		5,535,000
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024(b)(l)		5,509		5
Life Mortgage Trust, Series 2021-BMR, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 03/15/2038(b)(d)		2,255,916		2,227,816
Series 2021-BMR, Class B, 6.32% (1 mo. Term SOFR + 0.99%), 03/15/2038(b)(d)		3,671,393		3,619,217
Series 2021-BMR, Class C, 6.54% (1 mo. Term SOFR + 1.21%), 03/15/2038(b)(d)		1,543,263		1,521,000
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 6.74% (3 mo. Term SOFR + 1.41%), 04/19/2033(b)(d)		10,748,822		10,774,093
Madison Park Funding XXIX Ltd., Series 2018-29A, Class AR, 6.51% (3 mo. Term SOFR + 1.18%), 10/18/2030(b)(d)		8,548,079		8,550,815
Madison Park Funding XXXIII Ltd., Series 2019-33A, Class AR, 6.62% (3 mo. Term SOFR + 1.29%), 10/15/2032(b)(d)		3,717,000		3,720,275
Med Trust, Series 2021-MDLN, Class A, 6.39% (1 mo. Term SOFR + 1.06%), 11/15/2038(b)(d)		2,647,295		2,637,628
Mello Mortgage Capital Acceptance Trust, Series 2021-INV2, Class A4, 2.50%, 08/25/2051(b)(l)		2,220,633		1,896,505
Series 2021-INV3, Class A4, 2.50%, 10/25/2051(b)(l)		2,150,395		1,833,701

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

20 Invesco Core Bond Fund

	Principal Amount		Value
MFA Trust, Series 2021-INV2, Class A1, 1.91%, 11/25/2056(b)(l)	$	2,774,862	$	2,349,364
MHP Commercial Mortgage Trust, Series 2021-STOR, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 07/15/2038(b)(d)		1,945,000		1,928,010
Series 2021-STOR, Class B, 6.34% (1 mo. Term SOFR + 1.01%), 07/15/2038(b)(d)		1,460,000		1,445,609
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class AS, 3.83%, 12/15/2047		5,035,000		4,904,585
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.99%, 12/15/2050(i)		10,533,553		271,209
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 6.61% (3 mo. Term SOFR + 1.28%), 04/19/2030(b)(d)		4,124,472		4,126,666
Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 6.65% (3 mo. Term SOFR + 1.32%), 04/16/2033(b)(d)		3,402,000		3,408,651
New Residential Mortgage Loan Trust, Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(b)(l)		2,257,408		2,015,322
OBX Trust, Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(b)(l)		2,942,793		2,516,062
Series 2022-NQM2, Class A1, 2.96%, 01/25/2062(b)(l)		3,507,008		3,158,745
Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(b)(g)		2,180,117		2,002,022
Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(b)(g)		2,305,000		1,960,224
Series 2022-NQM8, Class A1, 6.10%, 09/25/2062(b)(g)		4,478,691		4,442,946
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(b)(l)		2,469,178		2,117,094
OCP CLO Ltd. (Cayman Islands), Series 2014-6A, Class A1R2, 6.47% (3 mo. Term SOFR + 1.15%), 10/17/2030(b)(d)		8,836,000		8,840,153
Series 2017-13A, Class A1AR, 6.55% (3 mo. Term SOFR + 1.22%), 07/15/2030(b)(d)		2,811,870		2,814,761
Series 2020-8RA, Class A1, 6.80% (3 mo. Term SOFR + 1.48%), 01/17/2032(b)(d)		6,012,613		6,025,528
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 6.85% (3 mo. Term SOFR + 1.52%), 01/20/2033(b)(d)		5,076,061		5,095,294
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(b)(l)		3,434,489		2,804,371
PRKCM Trust, Series 2023-AFC4, Class A1, 7.23%, 11/25/2058(b)(g)		5,357,221		5,412,982

	Principal Amount		Value
Progress Residential Trust, Series 2021-SFR10, Class A, 2.39%, 12/17/2040(b)	$	2,350,851	$	2,049,832
Series 2022-SFR5, Class A, 4.45%, 06/17/2039(b)		3,187,902		3,070,239
Qdoba Funding LLC, Series 2023-1A, Class A2, 8.50%, 09/14/2053(b)		5,742,607		5,892,402
Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 6.62% (3 mo. Term SOFR + 1.30%), 02/20/2030(b)(d)		2,869,955		2,871,353
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		42,185		31,933
Series 2007-QS6, Class A28, 5.75%, 04/25/2037		228,077		173,578
Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 01/26/2060(b)(l)		303,565		289,690
RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067(b)		1,886,151		1,774,155
SG Residential Mortgage Trust, Series 2022-1, Class A1, 3.17%, 03/27/2062(b)(l)		4,017,369		3,605,895
Series 2022-1, Class A2, 3.58%, 03/27/2062(b)(l)		1,694,693		1,500,326
Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, 08/20/2051(b)		1,811,950		1,544,736
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(b)		1,772,983		1,396,859
STAR Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065(b)(l)		1,511,546		1,315,624
Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(l)		110,058		102,775
Series 2021-6, Class A1, 1.92%, 11/25/2066(b)(l)		4,183,728		3,523,217
Series 2022-1, Class A1, 2.45%, 12/25/2066(b)(l)		3,086,180		2,623,366
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 6.88% (3 mo. Term SOFR + 1.55%), 04/18/2033(b)(d)		3,000,000		3,000,789
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(b)		3,198,840		2,831,359
TICP CLO XV Ltd., Series 2020-15A, Class A, 6.87% (3 mo. Term SOFR + 1.54%), 04/20/2033(b)(d)		4,685,000		4,694,614
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(b)		3,864,207		3,360,700
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.21%, 11/15/2050(i)		15,386,435		373,909

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

21 Invesco Core Bond Fund

	Principal Amount		Value
Verus Securitization Trust, Series 2020-1, Class A1, 3.42%, 01/25/2060(b)(g)	$	613,793	$	583,917
Series 2020-1, Class A2, 3.64%, 01/25/2060(b)(g)		776,682		740,037
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(b)(l)		8,470		8,447
Series 2021-1, Class A1B, 1.32%, 01/25/2066(b)(l)		690,164		600,152
Series 2021-7, Class A1, 1.83%, 10/25/2066(b)(l)		3,312,880		2,846,304
Series 2021-R1, Class A1, 0.82%, 10/25/2063(b)(l)		921,376		831,718
Series 2022-1, Class A1, 2.72%, 01/25/2067(b)(g)		2,316,574		2,062,520
Series 2022-3, Class A1, 4.13%, 02/25/2067(b)(g)		2,666,428		2,469,400
Series 2022-7, Class A1, 5.15%, 07/25/2067(b)(g)		1,177,768		1,160,302
Series 2022-INV2, Class A1, 6.79%, 10/25/2067(b)(g)		1,606,646		1,605,843
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b)		618,537		572,289
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7, 5.83%, 10/25/2033(l)		157,928		147,961
Series 2005-AR14, Class 1A4, 4.92%, 12/25/2035(l)		260,295		228,858
Series 2005-AR16, Class 1A1, 4.86%, 12/25/2035(l)		250,873		223,144
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 1.00%, 12/15/2050(i)		17,540,269		443,265
WF Card Issuance Trust, Series 2024-A1, Class A, 4.94%, 02/15/2029		7,253,000		7,194,983
WFRBS Commercial Mortgage Trust, Series 2013-C14, Class AS, 3.49%, 06/15/2046		503,796		482,951
Series 2014-C20, Class AS, 4.18%, 05/15/2047		1,587,774		1,529,820
Series 2014-C25, Class AS, 3.98%, 11/15/2047		5,225,000		5,069,414
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(b)		5,693,987		4,944,929
Ziply Fiber Issuer LLC, Series 2024-1A, Class A2, 6.64%, 04/20/2054(b)		3,920,000		3,924,285
Total Asset-Backed Securities (Cost $473,780,530)				444,382,226

	Principal Amount		Value
Agency Credit Risk Transfer Notes–0.35%
Fannie Mae Connecticut Avenue Securities,
Series 2022-R03, Class 1M1, 7.43% (30 Day Average SOFR + 2.10%), 03/25/2042(b)(d)	$	2,981,150	$	3,024,167
Series 2022-R04, Class 1M1, 7.33% (30 Day Average SOFR + 2.00%), 03/25/2042(b)(d)		1,496,865		1,516,563
Series 2023-R02, Class 1M1, 7.63% (30 Day Average SOFR + 2.30%), 01/25/2043(b)(d)		1,170,010		1,199,104
Freddie Mac, Series 2022-DNA3, Class M1A, STACR®, 7.33% (30 Day Average SOFR + 2.00%), 04/25/2042(b)(d)		2,086,118		2,109,045
Series 2022-DNA6, Class M1, STACR®, 7.48% (30 Day Average SOFR + 2.15%), 09/25/2042(b)(d)		648,749		657,596
Series 2023-DNA1, Class M1, STACR®, 7.43% (30 Day Average SOFR + 2.10%), 03/25/2043(b)(d)		972,830		990,399
Total Agency Credit Risk Transfer Notes (Cost $9,355,722)				9,496,874
	Shares
Preferred Stocks–0.21%
Diversified Financial Services–0.21%
Apollo Global Management, Inc., 7.63%, Pfd. (Cost $5,384,375)(c)		215,375		5,690,207
	Principal Amount
Municipal Obligations–0.21%
California (State of) Health Facilities Financing Authority (Social Bonds), Series 2022, RB, 4.19%, 06/01/2037	$	1,370,000		1,223,346
Series 2022, RB, 4.35%, 06/01/2041		995,000		871,256
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041		4,965,000		3,592,372
Total Municipal Obligations (Cost $7,330,000)				5,686,974
	Shares
Common Stocks & Other Equity Interests–0.00%
Agricultural Products & Services–0.00%
Locus Agriculture Solutions, Inc., Wts., expiring 12/31/2032 (Cost $0)(f)(m)		28		0
Money Market Funds–15.55%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(n)(o)		148,247,233		148,247,233
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(n)(o)		103,768,469		103,799,600

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

22 Invesco Core Bond Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 5.22%(n)(o)		169,425,409	$	169,425,409
Total Money Market Funds (Cost $421,472,457)				421,472,242
TOTAL INVESTMENTS IN SECURITIES–122.51% (Cost $3,401,581,739)				3,321,049,399
OTHER ASSETS LESS LIABILITIES–(22.51)%				(610,234,454	)
NET ASSETS–100.00%			$	2,710,814,945

Investment Abbreviations:

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

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, 2024 was $739,814,918, which represented 27.29% of the Fund’s Net Assets.

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

^(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2024.

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

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

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

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

⁽ⁱ⁾  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on April 30, 2024.

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

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

^(l)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on April 30, 2024.

^(m)  Non-income producing security.

⁽ⁿ⁾  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$126,743,663	$	340,052,093	$	(318,548,523	)		$       -		$	-	$	148,247,233		$2,977,424
Invesco Liquid Assets Portfolio, Institutional Class		88,438,077		242,894,352		(227,534,660	)		(22,690	)		24,521		103,799,600		2,118,072
Invesco Treasury Portfolio, Institutional Class		144,849,901		388,630,964		(364,055,456	)		-			-		169,425,409		3,370,336
Total		$360,031,641	$	971,577,409	$	(910,138,639	)		$(22,690	)	$	24,521	$	421,472,242		$8,465,832

^(o)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

23 Invesco Core Bond Fund

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value				Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		131		June-2024		$	26,547,969			$	(260,917	)		$	(260,917	)
U.S. Treasury 5 Year Notes		402		June-2024			42,106,360				(174,845	)			(174,845	)
U.S. Treasury 10 Year Notes		963		June-2024			103,462,312				(2,392,874	)			(2,392,874	)
U.S. Treasury Long Bonds		265		June-2024			30,160,312				(1,222,078	)			(1,222,078	)
U.S. Treasury Ultra Bonds		70		June-2024			8,369,375				(495,099	)			(495,099	)
Subtotal–Long Futures Contracts											(4,545,813	)			(4,545,813	)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 10 Year Ultra Notes		856		June-2024			(94,347,250	)			3,072,006				3,072,006
Total Futures Contracts										$	(1,473,807	)		$	(1,473,807	)

^(a)  Futures contracts collateralized by $2,917,096 cash held with Merrill Lynch International, the futures commission merchant.

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2024

U.S. Dollar Denominated Bonds & Notes	44.69	%
U.S. Government Sponsored Agency Mortgage-Backed Securities	26.99
U.S. Treasury Securities	18.12
Asset-Backed Securities	16.39
Security Types Each Less Than 1% of Portfolio	0.77
Money Market Funds Plus Other Assets Less Liabilities	(6.96	)

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

24 Invesco Core Bond Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $ 2,980,109,282)	$	2,899,577,157
Investments in affiliated money market funds, at value (Cost $ 421,472,457)		421,472,242
Other investments:
Variation margin receivable – futures contracts		3,913,153
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		2,917,096
Cash collateral – TBA commitments		17,258,341
Cash		2,046,579
Receivable for:
Investments sold		37,414,174
TBA sales commitment		106,943,647
Fund shares sold		2,922,962
Dividends		1,909,209
Interest		20,453,654
Investment for trustee deferred compensation and retirement plans		132,546
Other assets		64,152
Total assets		3,517,024,912
Liabilities:
Payable for:
Investments purchased		44,617,968
TBA sales commitment		746,130,808
Dividends		1,348,652
Fund shares reacquired		8,006,018
Due to broker		5,184,000
Accrued fees to affiliates		712,244
Accrued other operating expenses		77,731
Trustee deferred compensation and retirement plans		132,546
Total liabilities		806,209,967
Net assets applicable to shares outstanding	$	2,710,814,945

Net assets consist of:
Shares of beneficial interest	$	3,108,977,882
Distributable earnings (loss)		(398,162,937	)
	$	2,710,814,945
Net Assets:
Class A	$	604,014,672
Class C	$	39,443,815
Class R	$	72,005,114
Class Y	$	797,142,807
Class R5	$	13,562
Class R6	$	1,198,194,975
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		110,078,092
Class C		7,182,470
Class R		13,126,120
Class Y		146,122,299
Class R5		2,472
Class R6		218,625,999
Class A:
Net asset value per share	$	5.49
Maximum offering price per share (Net asset value of $5.49 ÷ 95.75%)	$	5.73
Class C:
Net asset value and offering price per share	$	5.49
Class R:
Net asset value and offering price per share	$	5.49
Class Y:
Net asset value and offering price per share	$	5.46
Class R5:
Net asset value and offering price per share	$	5.49
Class R6:
Net asset value and offering price per share	$	5.48

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

25 Invesco Core Bond Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $733)	$	46,086,634
Dividends		231,509
Dividends from affiliated money market funds		8,465,832
Total investment income		54,783,975
Expenses:
Advisory fees		3,517,487
Administrative services fees		152,207
Custodian fees		19,501
Distribution fees:
Class A		743,630
Class C		202,289
Class R		175,371
Transfer agent fees – A, C, R and Y		1,217,013
Transfer agent fees – R5		4
Transfer agent fees – R6		77,552
Trustees’ and officers’ fees and benefits		15,848
Registration and filing fees		67,828
Reports to shareholders		181,563
Professional services fees		55,478
Other		15,496
Total expenses		6,441,267
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(860,422	)
Net expenses		5,580,845
Net investment income		49,203,130
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		13,040,931
Affiliated investment securities		24,521
Futures contracts		3,095,221
		16,160,673
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		34,037,019
Affiliated investment securities		(22,690	)
Futures contracts		1,848,079
		35,862,408
Net realized and unrealized gain		52,023,081
Net increase in net assets resulting from operations	$	101,226,211

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

26 Invesco Core Bond Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30,			October 31,
	2024			2023
Operations:
Net investment income	$	49,203,130		$	76,817,248
Net realized gain (loss)		16,160,673			(141,649,969	)
Change in net unrealized appreciation		35,862,408			56,328,038
Net increase (decrease) in net assets resulting from operations		101,226,211			(8,504,683	)
Distributions to shareholders from distributable earnings:
Class A		(14,251,773	)		(25,568,288	)
Class C		(804,764	)		(1,510,758	)
Class R		(1,567,681	)		(2,911,507	)
Class Y		(21,494,774	)		(34,931,809	)
Class R5		(342	)		(633	)
Class R6		(12,911,138	)		(14,567,696	)
Total distributions from distributable earnings		(51,030,472	)		(79,490,691	)
Share transactions–net:
Class A		17,540,813			24,468,291
Class C		(1,513,394	)		(499,568	)
Class R		4,399,125			(176,921	)
Class Y		(109,737,982	)		374,601,069
Class R6		875,277,133			59,561,222
Net increase in net assets resulting from share transactions		785,965,695			457,954,093
Net increase in net assets		836,161,434			369,958,719
Net assets:
Beginning of period		1,874,653,511			1,504,694,792
End of period	$	2,710,814,945		$	1,874,653,511

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

27 Invesco Core Bond Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)(e)
Class A
Six months ended 04/30/24	$	5.30	$	0.13	$	0.19		$	0.32		$	(0.13	)	$	-		$	(0.13	)	$	5.49		6.03	%	$	604,015		0.68	%(f)		0.79	%(f)		4.57	%(f)		299	%
Year ended 10/31/23		5.51		0.23		(0.20	)		0.03			(0.24	)		-			(0.24	)		5.30		0.40			567,301		0.68			0.79			4.12			578
Year ended 10/31/22		6.84		0.13		(1.31	)		(1.18	)		(0.15	)		-			(0.15	)		5.51		(17.43	)		566,064		0.69			0.79			2.17			413
Year ended 10/31/21		7.05		0.09		(0.08	)		0.01			(0.10	)		(0.12	)		(0.22	)		6.84		0.15			760,690		0.72			0.79			1.23			526
Year ended 10/31/20		7.03		0.14		0.37			0.51			(0.15	)		(0.34	)		(0.49	)		7.05		7.36	(g)		763,731		0.74	(g)		0.80	(g)		1.98	(g)		397
Ten months ended 10/31/19		6.57		0.17		0.46			0.63			(0.17	)		-			(0.17	)		7.03		9.73			563,054		0.75	(f)		0.81	(f)		2.95	(f)		86
Year ended 12/31/18		6.86		0.21		(0.29	)		(0.08	)		(0.21	)		-			(0.21	)		6.57		(1.12	)		478,723		0.75			0.80			3.18			64
Class C
Six months ended 04/30/24		5.31		0.11		0.18			0.29			(0.11	)		-			(0.11	)		5.49		5.44			39,444		1.43	(f)		1.54	(f)		3.82	(f)		299
Year ended 10/31/23		5.51		0.19		(0.19	)		-			(0.20	)		-			(0.20	)		5.31		(0.16	)		39,579		1.43			1.54			3.37			578
Year ended 10/31/22		6.84		0.09		(1.32	)		(1.23	)		(0.10	)		-			(0.10	)		5.51		(18.07	)		41,620		1.44			1.54			1.42			413
Year ended 10/31/21		7.05		0.03		(0.07	)		(0.04	)		(0.05	)		(0.12	)		(0.17	)		6.84		(0.64	)		68,167		1.48			1.54			0.47			526
Year ended 10/31/20		7.03		0.08		0.37			0.45			(0.09	)		(0.34	)		(0.43	)		7.05		6.51			94,978		1.55			1.56			1.17			397
Ten months ended 10/31/19		6.58		0.12		0.46			0.58			(0.13	)		-			(0.13	)		7.03		8.85			75,026		1.54	(f)		1.56	(f)		2.15	(f)		86
Year ended 12/31/18		6.87		0.16		(0.29	)		(0.13	)		(0.16	)		-			(0.16	)		6.58		(1.90	)		91,596		1.55			1.55			2.38			64
Class R
Six months ended 04/30/24		5.30		0.12		0.19			0.31			(0.12	)		-			(0.12	)		5.49		5.90			72,005		0.93	(f)		1.04	(f)		4.32	(f)		299
Year ended 10/31/23		5.50		0.22		(0.19	)		0.03			(0.23	)		-			(0.23	)		5.30		0.33			65,342		0.93			1.04			3.87			578
Year ended 10/31/22		6.83		0.12		(1.31	)		(1.19	)		(0.14	)		-			(0.14	)		5.50		(17.68	)		68,228		0.94			1.04			1.92			413
Year ended 10/31/21		7.04		0.07		(0.08	)		(0.01	)		(0.08	)		(0.12	)		(0.20	)		6.83		(0.14	)		84,671		0.98			1.04			0.97			526
Year ended 10/31/20		7.03		0.12		0.36			0.48			(0.13	)		(0.34	)		(0.47	)		7.04		6.90			78,849		1.04			1.06			1.68			397
Ten months ended 10/31/19		6.57		0.15		0.47			0.62			(0.16	)		-			(0.16	)		7.03		9.47			58,568		1.05	(f)		1.07	(f)		2.66	(f)		86
Year ended 12/31/18		6.86		0.19		(0.29	)		(0.10	)		(0.19	)		-			(0.19	)		6.57		(1.41	)		52,539		1.05			1.05			2.88			64
Class Y
Six months ended 04/30/24		5.27		0.13		0.20			0.33			(0.14	)		-			(0.14	)		5.46		6.18			797,143		0.43	(f)		0.54	(f)		4.82	(f)		299
Year ended 10/31/23		5.47		0.24		(0.19	)		0.05			(0.25	)		-			(0.25	)		5.27		0.82			873,415		0.43			0.54			4.37			578
Year ended 10/31/22		6.79		0.15		(1.30	)		(1.15	)		(0.17	)		-			(0.17	)		5.47		(17.21	)		544,605		0.44			0.54			2.42			413
Year ended 10/31/21		7.00		0.10		(0.07	)		0.03			(0.12	)		(0.12	)		(0.24	)		6.79		0.43			721,456		0.43			0.54			1.52			526
Year ended 10/31/20		6.99		0.16		0.36			0.52			(0.17	)		(0.34	)		(0.51	)		7.00		7.56			622,504		0.44			0.56			2.28			397
Ten months ended 10/31/19		6.53		0.18		0.47			0.65			(0.19	)		-			(0.19	)		6.99		10.05			528,791		0.45	(f)		0.56	(f)		3.25	(f)		86
Year ended 12/31/18		6.82		0.23		(0.29	)		(0.06	)		(0.23	)		-			(0.23	)		6.53		(0.84	)		413,373		0.45			0.55			3.48			64
Class R5
Six months ended 04/30/24		5.30		0.13		0.20			0.33			(0.14	)		-			(0.14	)		5.49		6.16			14		0.43	(f)		0.45	(f)		4.82	(f)		299
Year ended 10/31/23		5.50		0.25		(0.19	)		0.06			(0.26	)		-			(0.26	)		5.30		0.84			13		0.43			0.45			4.37			578
Year ended 10/31/22		6.84		0.15		(1.32	)		(1.17	)		(0.17	)		-			(0.17	)		5.50		(17.36	)		14		0.44			0.45			2.42			413
Year ended 10/31/21		7.05		0.11		(0.08	)		0.03			(0.12	)		(0.12	)		(0.24	)		6.84		0.46			17		0.41			0.43			1.54			526
Year ended 10/31/20		7.03		0.16		0.37			0.53			(0.17	)		(0.34	)		(0.51	)		7.05		7.71			17		0.43			0.44			2.29			397
Period ended 10/31/19(h)		6.81		0.10		0.21			0.31			(0.09	)		-			(0.09	)		7.03		4.60			19		0.40	(f)		0.41	(f)		3.29	(f)		86
Class R6
Six months ended 04/30/24		5.30		0.13		0.19			0.32			(0.14	)		-			(0.14	)		5.48		5.99			1,198,195		0.40	(f)		0.42	(f)		4.85	(f)		299
Year ended 10/31/23		5.50		0.25		(0.19	)		0.06			(0.26	)		-			(0.26	)		5.30		0.87			329,003		0.39			0.41			4.41			578
Year ended 10/31/22		6.83		0.15		(1.31	)		(1.16	)		(0.17	)		-			(0.17	)		5.50		(17.22	)		284,165		0.40			0.41			2.46			413
Year ended 10/31/21		7.04		0.11		(0.08	)		0.03			(0.12	)		(0.12	)		(0.24	)		6.83		0.48			311,703		0.38			0.40			1.57			526
Year ended 10/31/20		7.02		0.17		0.36			0.53			(0.17	)		(0.34	)		(0.51	)		7.04		7.76			263,690		0.38			0.39			2.34			397
Ten months ended 10/31/19		6.57		0.19		0.45			0.64			(0.19	)		-			(0.19	)		7.02		9.91			968,348		0.38	(f)		0.39	(f)		3.31	(f)		86
Year ended 12/31/18		6.86		0.23		(0.28	)		(0.05	)		(0.24	)		-			(0.24	)		6.57		(0.77	)		902,457		0.40			0.41			3.53			64

^(a)  Calculated using average shares outstanding.

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

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

^(d)  The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $7,090,795,832 and $7,321,457,192 and $10,593,719,030 and $10,775,658,902 for ten months ended October 31, 2019 and for the year ended December 31, 2018, respectively.

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

^(f)  Annualized.

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

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

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

28 Invesco Core Bond Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

29 Invesco Core Bond Fund

other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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 Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

J. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between 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 instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes

30 Invesco Core Bond Fund

in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

K. Dollar Rolls and Forward Commitment Transactions – The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement.

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

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

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

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate*
First $500 million		0.400%
Next $500 million		0.350%
Next $4 billion		0.330%
Over $5 billion		0.310%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.34%.

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

The Adviser has contractually agreed, through February 28, 2025, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.70%, 1.45%, 0.95%, 0.45%, 0.45% and 0.45%, respectively of the Fund’s average daily net assets (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 February 28, 2025. 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 limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

The Adviser has contractually agreed, through at least June 30, 2025, 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, 2024, the Adviser waived advisory fees of $164,307 and reimbursed class level expenses of $248,406, $17,416, $30,186, $371,558, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

31 Invesco Core Bond Fund

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2024, 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, 2024, IDI advised the Fund that IDI retained $25,953 in front-end sales commissions from the sale of Class A shares and $1,805 and $2,055 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–		$	1,203,452,877	$	7,914,580	$	1,211,367,457
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			731,740,614		–		731,740,614
U.S. Treasury Securities		–			491,212,805		–		491,212,805
Asset-Backed Securities		–			438,793,099		5,589,127		444,382,226
Agency Credit Risk Transfer Notes		–			9,496,874		–		9,496,874
Preferred Stocks		5,690,207			–		–		5,690,207
Municipal Obligations		–			5,686,974		–		5,686,974
Common Stocks & Other Equity Interests		–			–		0		0
Money Market Funds		421,472,242			–		–		421,472,242
Total Investments in Securities		427,162,449			2,880,383,243		13,503,707		3,321,049,399
Other Investments - Assets*
Futures Contracts		3,072,006			–		–		3,072,006
Other Investments - Liabilities*
Futures Contracts		(4,545,813	)		–		–		(4,545,813	)
Total Other Investments		(1,473,807	)		–		–		(1,473,807	)
Total Investments		$425,688,642		$	2,880,383,243		$13,503,707	$	3,319,575,592

* 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

32 Invesco Core Bond Fund

close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2024:

	Value
	Interest
Derivative Assets	Rate Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	3,072,006
Derivatives not subject to master netting agreements		(3,072,006	)
Total Derivative Assets subject to master netting agreements	$	–
	Value
	Interest
Derivative Liabilities	Rate Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(4,545,813	)
Derivatives not subject to master netting agreements		4,545,813
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, 2024

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

	Location of Gain on
	Statement of Operations
	Interest
	Rate Risk
Realized Gain:
Futures contracts		$	3,095,221
Change in Net Unrealized Appreciation:
Futures contracts			1,848,079
Total		$	4,943,300

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

	Futures
	Contracts
Average notional value	$360,342,862

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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $28,549.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

33 Invesco Core Bond 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 carryforward 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	226,395,952	$	107,499,221	$	333,895,173

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $1,548,341,869 and $1,115,560,959, 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	$	9,864,191
Aggregate unrealized (depreciation) of investments		(91,972,325	)
Net unrealized appreciation (depreciation) of investments		$(82,108,134	)

Cost of investments for tax purposes is $3,401,683,726.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2024(a)						Year ended October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		12,298,042		$	69,068,268			23,858,710		$	135,215,575
Class C		1,142,518			6,408,570			2,527,833			14,352,927
Class R		2,225,925			12,424,046			2,969,091			16,851,769
Class Y		42,703,652			237,615,505			128,464,199			725,610,777
Class R6		174,550,006			975,843,866			23,603,319			133,682,141
Issued as reinvestment of dividends:
Class A		2,294,743			12,897,289			4,098,769			23,093,836
Class C		128,052			720,526			242,389			1,367,305
Class R		276,676			1,555,003			511,709			2,883,492
Class Y		2,637,985			14,748,600			4,248,702			23,727,669
Class R6		2,135,275			11,914,264			2,043,660			11,490,224
Automatic conversion of Class C shares to Class A shares:
Class A		549,995			3,078,185			859,879			4,863,663
Class C		(549,444	)		(3,078,185	)		(858,977	)		(4,863,663	)
Reacquired:
Class A		(12,056,501	)		(67,502,929	)		(24,647,497	)		(138,704,783	)
Class C		(996,473	)		(5,564,305	)		(2,006,586	)		(11,356,137	)
Class R		(1,703,672	)		(9,579,924	)		(3,551,007	)		(19,912,182	)
Class Y		(64,926,214	)		(362,102,087	)		(66,547,600	)		(374,737,377	)
Class R6		(20,148,037	)		(112,480,997	)		(15,212,923	)		(85,611,143	)
Net increase in share activity		140,562,528		$	785,965,695			80,603,670		$	457,954,093

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 19% 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, 29% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

34 Invesco Core 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, 2023 through April 30, 2024.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning  Account Value  (11/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized  Expense Ratio
		Ending  Account Value  (04/30/24)1	Expenses   Paid During   Period2	Ending   Account  Value   (04/30/24)	Expenses   Paid During   Period2
Class A	$1,000.00	$1,060.30	$3.48	$1,021.48	$3.42	0.68%
Class C	1,000.00	1,054.40	7.30	1,017.75	7.17	1.43
Class R	1,000.00	1,059.00	4.76	1,020.24	4.67	0.93
Class Y	1,000.00	1,061.80	2.20	1,022.73	2.16	0.43
Class R5	1,000.00	1,061.60	2.20	1,022.73	2.16	0.43
Class R6	1,000.00	1,059.90	2.05	1,022.87	2.01	0.40

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

35 Invesco Core Bond Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

	Matter	Votes For		Votes Against/Withheld
(1)*	Beth Ann Brown		2,249,378,619.33		41,629,442.71
	Carol Deckbar		2,246,234,264.52		44,773,797.52
	Cynthia Hostetler		2,239,884,066.77		51,123,995.27
	Dr. Eli Jones		2,247,948,469.91		43,059,592.13
	Elizabeth Krentzman		2,249,230,311.83		41,777,750.22
	Jeffrey H. Kupor		2,246,969,783.10		44,038,278.94
	Anthony J. LaCava, Jr.		2,248,588,977.62		42,419,084.42
	James Liddy		2,247,297,130.55		43,710,931.50
	Dr. Prema Mathai-Davis		2,240,956,129.31		50,051,932.73
	Joel W. Motley		2,243,008,410.57		47,999,651.47
	Teresa M. Ressel		2,248,731,273.34		42,276,788.70
	Douglas Sharp		2,248,447,243.22		42,560,818.83
	Robert C. Troccoli		2,246,647,253.82		44,360,808.22
	Daniel S. Vandivort		2,247,577,966.04		43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

36 Invesco Core Bond Fund

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

SEC file number(s): 811-05426 and 033-19338 Invesco Distributors, Inc.      O-TRB-SAR-1

Semiannual Report to Shareholders April 30, 2024

Invesco Developing Markets Fund

Nasdaq:

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

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
8	Consolidated Financial Statements
11	Consolidated Financial Highlights
12	Notes to Consolidated Financial Statements
19	Fund Expenses
20	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

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

Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	9.50	%
Class C Shares	9.08
Class R Shares	9.37
Class Y Shares	9.60
Class R5 Shares	9.69
Class R6 Shares	9.74
MSCI Emerging Markets Index▼	15.40
Source(s): ▼RIMES Technologies Corp.
The MSCI Emerging Markets Index is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Developing Markets Fund

 

 

 

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (11/18/96)	9.13	%
10 Years	1.12
5 Years	-1.73
1 Year	-5.82
Class C Shares
Inception (11/18/96)	9.10	%
10 Years	1.08
5 Years	-1.36
1 Year	-2.08
Class R Shares
Inception (3/1/01)	8.27	%
10 Years	1.43
5 Years	-0.87
1 Year	-0.59
Class Y Shares
Inception (9/7/05)	6.29	%
10 Years	1.94
5 Years	-0.37
1 Year	-0.11
Class R5 Shares
10 Years	1.87	%
5 Years	-0.26
1 Year	-0.02
Class R6 Shares
Inception (12/29/11)	3.92	%
10 Years	2.11
5 Years	-0.22
1 Year	0.06

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

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

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

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

3 Invesco Developing Markets Fund

Liquidity Risk Management Program

  In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Developing Markets Fund

Consolidated Schedule of Investments

April 30, 2024

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–95.75%
Brazil–6.41%
Ambev S.A.		135,828,390	$	317,820,540
Arezzo Industria e Comercio S.A.		3,344,595		33,442,085
B3 S.A. -Brasil, Bolsa, Balcao		59,288,400		123,198,751
Banco BTG Pactual S.A., Series CPO		6,583,300		42,345,303
Itau Unibanco Holding S.A., Preference Shares		33,296,678		201,090,749
Localiza Rent a Car S.A.		13,258,324		125,188,851
NU Holdings Ltd., Class A(a)		22,819,067		247,815,068
Raia Drogasil S.A.		1,704,900		8,398,749
Vale S.A., ADR		10,485,744		127,611,504
WEG S.A.		22,015,678		167,684,795
				1,394,596,395
Chile–1.34%
Antofagasta PLC		6,184,876		169,662,139
Banco de Chile		685,124,241		76,002,012
Banco Santander Chile		1,040,175,306		47,130,489
				292,794,640
China–16.86%
Airtac International Group		647,000		22,907,571
Budweiser Brewing Co. APAC Ltd.(b)		41,549,700		57,803,580
H World Group Ltd.		1,984,000		7,381,812
H World Group Ltd., ADR(c)		26,442,436		970,701,826
MicroTech Medical (Hangzhou) Co. Ltd., H Shares(a)(b)		4,168,100		2,161,449
NetEase, Inc., ADR		1,948,840		182,158,075
New Horizon Health Ltd.(a)(b)(d)		28,876,500		46,976,407
PDD Holdings, Inc., ADR(a)		1,834,513		229,644,337
Tencent Holdings Ltd.		25,759,558		1,130,411,386
WuXi XDC Cayman, Inc.(a)(b)		34,201,000		95,273,667
Yum China Holdings, Inc.		13,297,283		485,483,802
ZTO Express (Cayman), Inc.		221,127		4,694,479
ZTO Express (Cayman), Inc., ADR		20,673,997		433,947,197
				3,669,545,588
France–5.53%
L’Oreal S.A.		274,095		128,510,304
Pernod Ricard S.A.		4,822,943		729,432,129
TotalEnergies SE		4,775,150		346,669,960
				1,204,612,393
Hong Kong–0.05%
AIA Group Ltd.		1,606,600		11,767,305
India–14.89%
Adani Ports & Special Economic Zone Ltd.		5,775,433		91,494,594
Havells India Ltd.		7,127,075		141,846,937
HCL Technologies Ltd.		5,742,078		93,681,884
HDFC Bank Ltd.		40,199,431		730,045,073
Kotak Mahindra Bank Ltd.		52,778,750		1,025,775,795
Macrotech Developers Ltd.(b)		8,073,717		119,591,732
Oberoi Realty Ltd.		16,729,656		296,807,939

	Shares		Value
India–(continued)
Pine Labs Pvt. Ltd. (Acquired 09/09/2021; Cost $49,999,780)(d)(e)		134,098	$	68,725,791
Tata Consultancy Services Ltd.		14,736,990		672,597,563
				3,240,567,308
Indonesia–1.27%
PT Bank Central Asia Tbk		387,065,800		232,736,567
PT Bank Rakyat Indonesia (Persero) Tbk		142,129,100		43,022,978
				275,759,545
Italy–2.16%
Ermenegildo Zegna N.V.		3,541,919		43,565,604
Prada S.p.A.		52,367,110		427,069,932
				470,635,536
Japan–2.40%
Chugai Pharmaceutical Co. Ltd.		3,898,700		123,993,635
Daiichi Sankyo Co. Ltd.		11,859,700		399,170,039
				523,163,674
Mexico–13.54%
America Movil S.A.B. de C.V., ADR		25,365,126		483,459,302
Fomento Economico Mexicano S.A.B. de C.V., Series CPO		52,615,963		615,546,029
Grupo Financiero Banorte S.A.B. de C.V., Class O		4,491,481		44,454,014
Grupo Mexico S.A.B. de C.V., Class B		203,231,063		1,255,754,011
Wal-Mart de Mexico S.A.B. de C.V., Series V		146,970,441		548,391,085
				2,947,604,441
Netherlands–0.61%
argenx SE, ADR(a)		355,193		133,374,971
Peru–1.09%
Credicorp Ltd.		1,429,034		236,662,321
Philippines–1.47%
SM Investments Corp.		17,512,382		287,527,706
SM Prime Holdings, Inc.		67,470,000		32,601,874
				320,129,580
Poland–0.50%
Allegro.eu S.A.(a)(b)		13,069,806		108,951,297
Portugal–2.28%
Galp Energia SGPS S.A.		21,077,042		452,759,293
Jeronimo Martins SGPS S.A.		2,079,437		42,777,626
				495,536,919
Russia–0.22%
Novatek PJSC, GDR(a)(b)(d)		699,898		47,335,385
Sberbank of Russia PJSC(d)		4,942,538		5
				47,335,390
South Africa–0.89%
FirstRand Ltd.		55,910,077		193,009,954

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

5 Invesco Developing Markets Fund

	Shares		Value
South Korea–9.95%
Kakao Corp.		1,404,963	$	48,792,776
LG Chem Ltd.		490,651		140,987,676
LG H&H Co. Ltd.		177,747		53,556,564
NAVER Corp.		756,560		99,789,836
Samsung Biologics Co. Ltd.(a)(b)		656,789		369,153,011
Samsung Electronics Co. Ltd.		23,024,307		1,279,843,820
SK hynix, Inc.		1,409,106		173,891,563
				2,166,015,246
Switzerland–1.57%
Cie Financiere Richemont S.A.		2,104,676		290,923,110
Galderma Group AG, Class A(a)		676,998		50,448,042
				341,371,152
Taiwan–10.00%
Global Unichip Corp.		1,125,000		46,722,945
MediaTek, Inc.		952,000		28,703,914
Taiwan Semiconductor Manufacturing Co. Ltd.		85,912,429		2,057,066,098
Voltronic Power Technology Corp.		917,919		43,433,377
				2,175,926,334
Turkey–1.21%
Akbank T.A.S.		44,416,988		81,753,537
BIM Birlesik Magazalar A.S.		3,408,770		40,724,393
KOC Holding A.S.		11,394,571		79,523,803
Migros Ticaret A.S.		2,324,389		31,678,340
Yapi ve Kredi Bankasi A.S.		29,472,320		29,512,813
				263,192,886
United Arab Emirates–0.31%
Americana Restaurants International PLC		74,095,976		67,496,068

	Shares		Value
United Kingdom–1.20%
AstraZeneca PLC		1,720,590	$	260,237,285
Total Common Stocks & Other Equity Interests (Cost $13,913,002,326)				20,840,286,228
Preferred Stocks–1.49%
China–0.24%
Abogen Therapeutics Ltd., Series C, Pfd.(d)		1,436,122		52,231,757
India–1.25%
Bundl Technologies Pvt. Ltd., Series K, Pfd.(d)		28,844		219,254,996
Pine Labs Pvt. Ltd., Series K, Pfd. (Acquired 09/09/2021; Cost $50,000,355)(d)(e)		103,185		52,882,748
				272,137,744
Total Preferred Stocks (Cost $305,907,590)				324,369,501
Money Market Funds–2.51%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(c)(f)		190,997,949		190,997,949
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(c)(f)		136,443,777		136,484,710
Invesco Treasury Portfolio, Institutional Class, 5.22%(c)(f)		218,283,370		218,283,370
Total Money Market Funds (Cost $545,752,142)				545,766,029
TOTAL INVESTMENTS IN SECURITIES–99.75% (Cost $14,764,662,058)				21,710,421,758
OTHER ASSETS LESS LIABILITIES–0.25%				54,412,544
NET ASSETS–100.00%			$	21,764,834,302

Investment Abbreviations:

ADR  – American Depositary Receipt

CPO  – Certificates of Ordinary Participation

GDR – Global Depositary Receipt

Pfd.   – Preferred

Notes to Consolidated Schedule of Investments:

^(a) Non-income producing security.

^(b) 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, 2024 was $847,246,528, which represented 3.89% of the Fund’s Net Assets.

^(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	374,814,301	$	671,022,581	$	(854,838,933	)	$	-		$	-	$	190,997,949	$	6,588,287
Invesco Liquid Assets Portfolio, Institutional Class		267,729,843		479,301,843		(610,599,238	)		(35,843	)		88,105		136,484,710		4,843,343
Invesco Treasury Portfolio, Institutional Class		428,359,202		766,882,949		(976,958,781	)		-			-		218,283,370		7,492,140

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

6 Invesco Developing Markets Fund

								Change in
								Unrealized			Realized
	Value		Purchases		Proceeds			Appreciation			Gain			Value
	October 31, 2023		at Cost		from Sales			(Depreciation)			(Loss)			April 30, 2024		Dividend Income
Investments in Other Affiliates:
H World Group Ltd., ADR		$  964,524,345	$	30,082,682	$	-		$	(23,905,201	)	$	-			$970,701,826		$23,778,476
Yum China Holdings, Inc.*		1,150,095,004		95,769,253		(422,715,490	)		(298,810,483	)		(38,854,482	)		485,483,802		5,901,932
ZTO Express (Cayman), Inc.*		867,323,533		-		(328,289,744	)		(66,230,985	)		(38,855,607	)		433,947,197		14,943,655
Total		$4,052,846,228	$	2,043,059,308	$	(3,193,402,186	)	$	(388,982,512	)	$	(77,621,984	)		$2,435,898,854		$63,547,833

* At April 30, 2024, this security was no longer an affiliate of the Fund.

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

^(e) Restricted security. The aggregate value of these securities at April 30, 2024 was $121,608,539, which represented less than 1% of the Fund’s Net Assets.

^(f) The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024

Information Technology	20.56	%
Financials	15.47
Consumer Discretionary	13.25
Consumer Staples	11.83
Communication Services	8.94
Materials	7.78
Health Care	7.04
Industrials	6.42
Energy	3.89
Real Estate	2.06
Money Market Funds Plus Other Assets Less Liabilities	2.76

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

7 Invesco Developing Markets Fund

Consolidated Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $13,857,380,539)	$	20,193,953,903
Investments in affiliates, at value (Cost $907,281,519)		1,516,467,855
Cash		38,292,077
Foreign currencies, at value (Cost $81,063,505)		81,067,817
Receivable for:
Investments sold		86,529,518
Fund shares sold		10,861,513
Dividends		34,879,017
Investment for trustee deferred compensation and retirement plans		1,286,218
Other assets		176,290
Total assets		21,963,514,208
Liabilities:
Payable for:
Investments purchased		38,535,783
Dividends		264
Fund shares reacquired		33,837,558
Accrued foreign taxes		112,955,146
Accrued fees to affiliates		7,092,156
Accrued trustees’ and officers’ fees and benefits		203,293
Accrued other operating expenses		4,769,488
Trustee deferred compensation and retirement plans		1,286,218
Total liabilities		198,679,906
Net assets applicable to shares outstanding	$	21,764,834,302
Net assets consist of:
Shares of beneficial interest	$	17,078,621,142
Distributable earnings		4,686,213,160
	$	21,764,834,302

Net Assets:
Class A	$	2,199,164,991
Class C	$	34,040,588
Class R	$	218,172,419
Class Y	$	10,801,339,471
Class R5	$	22,523,633
Class R6	$	8,489,593,200
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		55,704,932
Class C		959,985
Class R		5,796,225
Class Y		278,497,331
Class R5		571,407
Class R6		219,055,476
Class A:
Net asset value per share	$	39.48
Maximum offering price per share (Net asset value of $39.48 ÷ 94.50%)	$	41.78
Class C:
Net asset value and offering price per share	$	35.46
Class R:
Net asset value and offering price per share	$	37.64
Class Y:
Net asset value and offering price per share	$	38.78
Class R5:
Net asset value and offering price per share	$	39.42
Class R6:
Net asset value and offering price per share	$	38.76

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

8 Invesco Developing Markets Fund

Consolidated Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $25,767,268)	$	207,190,652
Dividends from affiliates		63,547,833
Total investment income		270,738,485
Expenses:
Advisory fees		86,834,715
Administrative services fees		1,618,866
Custodian fees		3,724,859
Distribution fees:
Class A		2,801,433
Class C		180,838
Class R		552,728
Transfer agent fees – A, C, R and Y		12,503,165
Transfer agent fees – R5		9,469
Transfer agent fees – R6		1,323,325
Trustees’ and officers’ fees and benefits		132,085
Registration and filing fees		140,386
Reports to shareholders		3,239,256
Professional services fees		368,205
Other		139,775
Total expenses		113,569,105
Less: Fees waived and/or expense offset arrangement(s)		(428,726	)
Net expenses		113,140,379
Net investment income		157,598,106
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $66,225,089)		612,997,482
Affiliated investment securities		(77,621,984	)
Foreign currencies		(8,351,886	)
Forward foreign currency contracts		315,844
		527,339,456
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $36,471,793)		1,773,108,795
Affiliated investment securities		(388,982,512	)
Foreign currencies		1,089,184
Forward foreign currency contracts		(210	)
		1,385,215,257
Net realized and unrealized gain		1,912,554,713
Net increase in net assets resulting from operations	$	2,070,152,819

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

9 Invesco Developing Markets Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30, 2024			October 31, 2023
Operations:
Net investment income	$	157,598,106		$	247,652,552
Net realized gain (loss)		527,339,456			(1,398,984,216	)
Change in net unrealized appreciation		1,385,215,257			4,992,761,748
Net increase in net assets resulting from operations		2,070,152,819			3,841,430,084
Distributions to shareholders from distributable earnings:
Class A		(12,443,762	)		(15,077,879	)
Class C		(82,552	)		(39,391	)
Class R		(673,642	)		(577,718	)
Class Y		(92,573,788	)		(109,408,871	)
Class R5		(151,648	)		(1,597	)
Class R6		(87,629,313	)		(118,529,294	)
Total distributions from distributable earnings		(193,554,705	)		(243,634,750	)
Share transactions–net:
Class A		(278,820,634	)		(503,633,450	)
Class C		(5,585,564	)		1,996,035
Class R		(17,878,919	)		(26,301,216	)
Class Y		(846,197,332	)		(1,833,552,854	)
Class R5		4,864,358			17,501,878
Class R6		(811,154,814	)		(2,287,254,658	)
Net increase (decrease) in net assets resulting from share transactions		(1,954,772,905	)		(4,631,244,265	)
Net increase (decrease) in net assets		(78,174,791	)		(1,033,448,931	)
Net assets:
Beginning of period		21,843,009,093			22,876,458,024
End of period	$	21,764,834,302		$	21,843,009,093

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

10 Invesco Developing Markets Fund

Consolidated Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee  waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/24		$36.25		$0.22			$ 3.22			$ 3.44			$(0.21	)	$	–		$	(0.21	)		$39.48		9.50	%		$2,199,165		1.29	%(e)		1.29	%(e)		1.13	%(e)		18	%
Year ended 10/31/23		31.45		0.28			4.72			5.00			(0.20	)		–			(0.20	)		36.25		15.91			2,281,614		1.25			1.25			0.73			25
Year ended 10/31/22		53.50		0.08			(19.74	)		(19.66	)		(0.04	)		(2.35	)		(2.39	)		31.45		(38.24	)		2,394,926		1.24			1.24			0.23			27
Year ended 10/31/21		45.84		0.11			7.55			7.66			–			–			–			53.50		16.71			4,467,836		1.20			1.20			0.20			38
Year ended 10/31/20		44.28		0.04			2.50			2.54			(0.11	)		(0.87	)		(0.98	)		45.84		5.75			4,130,292		1.22			1.22			0.08			30
Two months ended 10/31/19		42.05		0.06			2.17			2.23			–			–			–			44.28		5.30			4,881,008		1.24	(e)		1.24	(e)		0.80	(e)		7
Year ended 08/31/19		42.01		0.14			0.01			0.15			(0.11	)		–			(0.11	)		42.05		0.34			4,686,134		1.27			1.27			0.34			28
Class C
Six months ended 04/30/24		32.58		0.07			2.89			2.96			(0.08	)		–			(0.08	)		35.46		9.08			34,041		2.04	(e)		2.04	(e)		0.38	(e)		18
Year ended 10/31/23		28.36		(0.01	)		4.27			4.26			(0.04	)		–			(0.04	)		32.58		15.01			36,504		2.00			2.00			(0.02	)		25
Year ended 10/31/22		48.79		(0.19	)		(17.89	)		(18.08	)		–			(2.35	)		(2.35	)		28.36		(38.70	)		30,355		1.99			1.99			(0.52	)		27
Year ended 10/31/21		42.11		(0.28	)		6.96			6.68			–			–			–			48.79		15.86			71,470		1.95			1.95			(0.55	)		38
Year ended 10/31/20		40.96		(0.27	)		2.29			2.02			–			(0.87	)		(0.87	)		42.11		4.93			225,906		1.97			1.97			(0.67	)		30
Two months ended 10/31/19		38.95		–			2.01			2.01			–			–			–			40.96		5.16			403,027		2.00	(e)		2.00	(e)		0.03	(e)		7
Year ended 08/31/19		39.10		(0.16	)		0.01			(0.15	)		–			–			–			38.95		(0.41	)		493,169		2.02			2.02			(0.42	)		28
Class R
Six months ended 04/30/24		34.52		0.16			3.07			3.23			(0.11	)		–			(0.11	)		37.64		9.37			218,172		1.54	(e)		1.54	(e)		0.88	(e)		18
Year ended 10/31/23		29.94		0.18			4.48			4.66			(0.08	)		–			(0.08	)		34.52		15.58			216,912		1.50			1.50			0.48			25
Year ended 10/31/22		51.11		(0.01	)		(18.81	)		(18.82	)		–			(2.35	)		(2.35	)		29.94		(38.38	)		209,736		1.49			1.49			(0.02	)		27
Year ended 10/31/21		43.91		(0.03	)		7.23			7.20			–			–			–			51.11		16.40			379,043		1.45			1.45			(0.05	)		38
Year ended 10/31/20		42.48		(0.07	)		2.40			2.33			(0.03	)		(0.87	)		(0.90	)		43.91		5.49			387,506		1.47			1.47			(0.17	)		30
Two months ended 10/31/19		40.36		0.04			2.08			2.12			–			–			–			42.48		5.25			472,840		1.50	(e)		1.50	(e)		0.54	(e)		7
Year ended 08/31/19		40.32		0.03			0.01			0.04			–			–			–			40.36		0.10			471,206		1.52			1.52			0.08			28
Class Y
Six months ended 04/30/24		35.67		0.26			3.16			3.42			(0.31	)		–			(0.31	)		38.78		9.63			10,801,339		1.04	(e)		1.04	(e)		1.38	(e)		18
Year ended 10/31/23		30.99		0.37			4.64			5.01			(0.33	)		–			(0.33	)		35.67		16.15			10,725,130		1.00			1.00			0.98			25
Year ended 10/31/22		52.78		0.19			(19.44	)		(19.25	)		(0.19	)		(2.35	)		(2.54	)		30.99		(38.08	)		10,871,573		0.99			0.99			0.48			27
Year ended 10/31/21		45.21		0.24			7.45			7.69			(0.12	)		–			(0.12	)		52.78		17.01			23,079,615		0.95			0.95			0.45			38
Year ended 10/31/20		43.70		0.14			2.48			2.62			(0.24	)		(0.87	)		(1.11	)		45.21		6.01			18,432,202		0.97			0.97			0.33			30
Two months ended 10/31/19		41.49		0.07			2.14			2.21			–			–			–			43.70		5.33			19,342,101		1.00	(e)		1.00	(e)		1.04	(e)		7
Year ended 08/31/19		41.48		0.24			0.00			0.24			(0.23	)		–			(0.23	)		41.49		0.61			18,525,445		1.02			1.02			0.59			28
Class R5
Six months ended 04/30/24		36.26		0.28			3.22			3.50			(0.34	)		–			(0.34	)		39.42		9.69			22,524		0.96	(e)		0.96	(e)		1.46	(e)		18
Year ended 10/31/23		31.51		0.39			4.75			5.14			(0.39	)		–			(0.39	)		36.26		16.30			16,143		0.94			0.94			1.04			25
Year ended 10/31/22		53.52		0.26			(19.70	)		(19.44	)		(0.22	)		(2.35	)		(2.57	)		31.51		(37.93	)		130		0.89			0.89			0.58			27
Year ended 10/31/21		45.85		0.27			7.55			7.82			(0.15	)		–			(0.15	)		53.52		17.07			10,527		0.90			0.90			0.50			38
Year ended 10/31/20		44.33		0.17			2.52			2.69			(0.30	)		(0.87	)		(1.17	)		45.85		6.10			13,560		0.89			0.89			0.41			30
Two months ended 10/31/19		42.08		0.08			2.17			2.25			–			–			–			44.33		5.35			6,006		0.88	(e)		0.88	(e)		1.16	(e)		7
Period ended 08/31/19(f)		41.26		0.09			0.73			0.82			–			–			–			42.08		1.99			10		0.87	(e)		0.87	(e)		0.74	(e)		28
Class R6
Six months ended 04/30/24		35.67		0.29			3.17			3.46			(0.37	)		–			(0.37	)		38.76		9.74			8,489,593		0.89	(e)		0.89	(e)		1.53	(e)		18
Year ended 10/31/23		31.02		0.42			4.64			5.06			(0.41	)		–			(0.41	)		35.67		16.31			8,566,706		0.87			0.87			1.11			25
Year ended 10/31/22		52.83		0.25			(19.44	)		(19.19	)		(0.27	)		(2.35	)		(2.62	)		31.02		(37.98	)		9,369,739		0.84			0.84			0.63			27
Year ended 10/31/21		45.25		0.32			7.45			7.77			(0.19	)		–			(0.19	)		52.83		17.17			21,541,460		0.81			0.81			0.59			38
Year ended 10/31/20		43.75		0.21			2.48			2.69			(0.32	)		(0.87	)		(1.19	)		45.25		6.17			17,009,325		0.82			0.82			0.48			30
Two months ended 10/31/19		41.52		0.09			2.14			2.23			–			–			–			43.75		5.37			17,106,921		0.83	(e)		0.83	(e)		1.21	(e)		7
Year ended 08/31/19		41.52		0.31			(0.01	)		0.30			(0.30	)		–			(0.30	)		41.52		0.77			16,224,242		0.86			0.86			0.75			28

^(a) Calculated using average shares outstanding.

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

^(c) Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the two months ended October 31, 2019 and for the year ended August 31, 2019, respectively.

^(d) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2023, the portfolio turnover calculation excludes the value of securities purchased of $24,736,814 in connection with the acquisition of Invesco Emerging Markets Innovators Fund into the Fund.

^(e) Annualized.

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

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

11 Invesco Developing Markets Fund

Notes to Consolidated Financial Statements

April 30, 2024

(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 consolidated financial statements pertains only to the Fund and the OFI Global China Fund, LLC (the “Subsidiary”), a wholly-owned subsidiary by the Fund organized under the laws of Delaware. The Subsidiary may invest in companies established or operating in, or with significant exposure to, the People’s Republic of China or other developing markets countries. For operational efficiency and regulatory considerations, the Fund may gain access to such companies through an investment in the Subsidiary. The Fund may invest up to 10% of its net assets in the Subsidiary. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek capital appreciation.

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

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

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask 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.

12 Invesco Developing Markets Fund

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

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

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

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

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

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

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

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

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

I. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in

13 Invesco Developing Markets Fund

foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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 exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

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

K. Other Risks - The Subsidiary is not registered under the 1940 Act. As an investor in the Subsidiary, the Fund does not have all of the protections offered to investors by the 1940 Act. However, the Subsidiary is controlled by the Fund and managed by OppenheimerFunds, Inc. The Subsidiary may invest substantially all of its assets in a limited number of issuers or a single issuer. To the extent that it does so, the Subsidiary is more subject to the risks associated with and developments affecting such issuers than a fund that invests more widely.

The Fund’s investments in Class A Shares of Chinese companies involve certain risks and special considerations not typically associated with investments in U.S. companies, such as greater government control over the economy, political and legal uncertainty, currency fluctuations or blockage, the risk that the Chinese government may decide not to continue to support economic reform programs and the risk of nationalization or expropriation of assets. The Fund may invest directly in China A shares through Stock Connect, and will be subject to the following risks: sudden changes in quota limitations, application of trading suspensions, differences in trading days between the PRC and Stock Connect, operational risk, clearing and settlement risk and regulatory and taxation risk.

Investing in developing countries can add additional risk, such as high rates of inflation or sharply devalued currencies against the U.S. dollar.

Transaction costs are often higher and there may be delays in settlement procedures.

Certain securities issued by companies in China may be less liquid, harder to sell or more volatile than U.S. securities.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate*
First $250 million		1.000%
Next $250 million		0.950%
Next $500 million		0.900%
Next $6 billion		0.850%
Next $3 billion		0.800%
Next $20 billion		0.750%
Next $15 billion		0.740%
Over $45 billion		0.730%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.78%.

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

The Adviser has agreed, for an indefinite period, 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 “boundary limits”). In determining

14 Invesco Developing Markets Fund

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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2024, the Adviser waived advisory fees of $383,405.

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, 2024, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, 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 Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2024, 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, 2024, IDI advised the Fund that IDI retained $29,939 in front-end sales commissions from the sale of Class A shares and $756 and $1,874 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Brazil	$	1,394,596,395	$	–	$	–	$	1,394,596,395
Chile		123,132,501		169,662,139		–		292,794,640
China		2,301,935,237		1,320,633,944		99,208,164		3,721,777,345
France		–		1,204,612,393		–		1,204,612,393
Hong Kong		–		11,767,305		–		11,767,305
India		–		3,171,841,517		340,863,535		3,512,705,052
Indonesia		–		275,759,545		–		275,759,545
Italy		43,565,604		427,069,932		–		470,635,536
Japan		–		523,163,674		–		523,163,674
Mexico		2,947,604,441		–		–		2,947,604,441
Netherlands		133,374,971		–		–		133,374,971
Peru		236,662,321		–		–		236,662,321
Philippines		–		320,129,580		–		320,129,580

15 Invesco Developing Markets Fund

	Level 1		Level 2		Level 3		Total
Poland	$	–	$	108,951,297	$	–	$	108,951,297
Portugal		–		495,536,919		–		495,536,919
Russia		–		–		47,335,390		47,335,390
South Africa		–		193,009,954		–		193,009,954
South Korea		–		2,166,015,246		–		2,166,015,246
Switzerland		50,448,042		290,923,110		–		341,371,152
Taiwan		–		2,175,926,334		–		2,175,926,334
Turkey		–		263,192,886		–		263,192,886
United Arab Emirates		–		67,496,068		–		67,496,068
United Kingdom		–		260,237,285		–		260,237,285
Money Market Funds		545,766,029		–		–		545,766,029
Total Investments	$	7,777,085,541	$	13,445,929,128		$487,407,089	$	21,710,421,758

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended April 30, 2024:

	Value 10/31/23		Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums	Realized Gain		Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3		Transfers out of Level 3	Value 04/30/24
Preferred Stocks	$	250,611,929	$	–	$	–		$–	$	–	$	73,757,572		$	–	$–	$	324,369,501
Common Stocks & Other Equity Interests		176,353,453		27,899,387		(101,268,589	)	–		30,421,466		(40,811,744	)		70,443,615	–		163,037,588
Total	$	426,965,382	$	27,899,387	$	(101,268,589	)	$–	$	30,421,466	$	32,945,828		$	70,443,615	$–	$	487,407,089

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing evaluated prices from a third-party vendor pricing service. A significant change in third-party pricing information could result in a lower or higher value in Level 3 investments.

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:

	Fair Value at 04/30/24		Valuation Technique		Unobservable Inputs	Range of Unobservable Inputs	Unobservable Input Used
Bundl Technologies Pvt. Ltd., Series K, Pfd.	$	219,254,996		Valuation Service	N/A	N/A	N/A	(a)

^(a) Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The valuation is based on an enterprise value approach that utilizes a multiple of the last twelve months’ earnings before interest, taxes, depreciation and amortization of comparable public companies. The Adviser reviews the valuation reports provided by the valuation service on an on-going basis and monitors such investments for additional information or the occurrence of a market event which would warrant a re-evaluation of the security’s fair valuation.

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.

Effect of Derivative Investments for the six months ended April 30, 2024

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
	Currency Risk
Realized Gain:
Forward foreign currency contracts		$315,844
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(210)
Total		$315,634

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

	Forward Foreign Currency Contracts
Average notional value		$18,359,541

16 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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $45,321.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

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 carryforward 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$1,625,219,115		$1,003,125,635		$2,628,344,750

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $3,943,054,910 and $5,445,601,221, 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	$	7,465,177,354
Aggregate unrealized (depreciation) of investments		(750,865,188	)
Net unrealized appreciation of investments	$	6,714,312,166

Cost of investments for tax purposes is $14,996,109,592.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended				Year ended
	April 30, 2024(a)				October 31, 2023
	Shares		Amount		Shares		Amount
Sold:
Class A		3,251,350	$	125,245,711		7,704,832	$	292,416,517
Class C		68,818		2,390,561		174,202		6,065,838
Class R		358,929		13,263,685		681,330		24,879,179
Class Y		27,027,836		1,024,113,737		57,622,626		2,164,564,452
Class R5		169,202		6,543,529		464,283		18,405,853
Class R6		20,672,870		782,217,731		43,431,997		1,631,654,997

17 Invesco Developing Markets Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		300,051		$	11,389,931			342,132		$	12,484,358
Class C		2,363			80,803			1,111			36,688
Class R		18,567			672,685			16,571			576,991
Class Y		2,068,190			77,060,768			2,456,978			88,033,531
Class R5		4,001			151,495			41			1,503
Class R6		1,783,040			66,346,917			2,404,533			86,058,236
Automatic conversion of Class C shares to Class A shares:
Class A		82,864			3,214,321			133,287			5,107,931
Class C		(92,134	)		(3,214,321	)		(147,825	)		(5,107,931	)
Issued in connection with acquisitions:(b)
Class A		-			-			1,051,851			41,251,493
Class C		-			-			256,461			9,062,531
Class R		-			-			163,337			6,105,542
Class Y		-			-			920,475			35,494,048
Class R5		-			-			210			8,210
Class R6		-			-			216,033			8,325,575
Reacquired:
Class A		(10,867,927	)		(418,670,597	)		(22,435,302	)		(854,893,749	)
Class C		(139,630	)		(4,842,607	)		(233,908	)		(8,061,091	)
Class R		(864,358	)		(31,815,289	)		(1,584,463	)		(57,862,928	)
Class Y		(51,238,192	)		(1,947,371,837	)		(111,201,268	)		(4,121,644,885	)
Class R5		(46,969	)		(1,830,666	)		(23,471	)		(913,688	)
Class R6		(43,550,200	)		(1,659,719,462	)		(108,003,823	)		(4,013,293,466	)
Net increase (decrease) in share activity		(50,991,329	)	$	(1,954,772,905	)		(125,587,770	)	$	(4,631,244,265	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 36% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b) After the close of business on June 23, 2023, the Fund acquired all the net assets of Invesco Emerging Markets Innovators Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on March 16, 2023. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 2,608,367 shares of the Fund for 12,966,553 shares outstanding of the Target Fund as of the close of business on June 23, 2023. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, June 23, 2023. The Target Fund’s net assets as of the close of business on June 23, 2023 of $100,247,399, including $2,469,400 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $24,527,723,231 and $24,627,970,630 immediately after the acquisition.

   The pro forma results of operations for the year ended October 31, 2023 assuming the reorganization had been completed on November 1, 2022, the beginning of the annual reporting period are as follows:

Net investment income	$	247,663,411
Net realized/unrealized gains		3,614,474,818
Change in net assets resulting from operations	$	3,862,138,229

 As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since June 23, 2023.

18 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, 2023 through April 30, 2024.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (11/01/23)	Ending  Account Value  (04/30/24)1	Expenses   Paid During   Period2	Ending  Account Value   (04/30/24)	Expenses   Paid During   Period2	Annualized    Expense    Ratio
Class A	$1,000.00	$1,095.00	$6.72	$1,018.45	$ 6.47	1.29%
Class C	1,000.00	1,090.80	10.60	1,014.72	10.22	2.04
Class R	1,000.00	1,093.70	8.02	1,017.21	7.72	1.54
Class Y	1,000.00	1,096.00	5.42	1,019.69	5.22	1.04
Class R5	1,000.00	1,096.90	5.01	1,020.09	4.82	0.96
Class R6	1,000.00	1,097.40	4.64	1,020.44	4.47	0.89

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

19 Invesco Developing Markets Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

	Matter	Votes For		Votes Against/Withheld
(1)*	Beth Ann Brown		2,249,378,619.33		41,629,442.71
	Carol Deckbar		2,246,234,264.52		44,773,797.52
	Cynthia Hostetler		2,239,884,066.77		51,123,995.27
	Dr. Eli Jones		2,247,948,469.91		43,059,592.13
	Elizabeth Krentzman		2,249,230,311.83		41,777,750.22
	Jeffrey H. Kupor		2,246,969,783.10		44,038,278.94
	Anthony J. LaCava, Jr.		2,248,588,977.62		42,419,084.42
	James Liddy		2,247,297,130.55		43,710,931.50
	Dr. Prema Mathai-Davis		2,240,956,129.31		50,051,932.73
	Joel W. Motley		2,243,008,410.57		47,999,651.47
	Teresa M. Ressel		2,248,731,273.34		42,276,788.70
	Douglas Sharp		2,248,447,243.22		42,560,818.83
	Robert C. Troccoli		2,246,647,253.82		44,360,808.22
	Daniel S. Vandivort		2,247,577,966.04		43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

20 Invesco Developing Markets Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

SEC file number(s): 811-05426 and 033-19338 Invesco Distributors, Inc. O-DVM-SAR-1

Semiannual Report to Shareholders April 30, 2024

Invesco Discovery Mid Cap Growth Fund

Nasdaq:

A: OEGAX ∎ C: OEGCX ∎ R: OEGNX ∎ Y: OEGYX ∎ R5: DMCFX ∎ R6: OEGIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses
18	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	29.08	%
Class C Shares	28.59
Class R Shares	28.92
Class Y Shares	29.18
Class R5 Shares	29.28
Class R6 Shares	29.30
S&P 500 Index▼*	20.98
Russell Midcap Growth Index▼*	24.49
Source(s): ▼RIMES Technologies Corp.
*Effective February 28, 2024, the Fund changed its broad-based securities market benchmark from the Russell Midcap Growth Index to the S&P 500 Index to reflect that the S&P 500 Index can be considered more broadly representative of the overall applicable securities market.  The S&P 500® Index is an unmanaged index considered representative of the US stock market.  The Russell Midcap® Growth Index is an unmanaged index considered representative of mid-cap growth stocks. The Russell Midcap Growth Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.  The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).  A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Discovery Mid Cap Growth Fund

 

 

 

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (11/1/00)	7.64	%
10 Years	10.56
5 Years	8.57
1 Year	12.87
Class C Shares
Inception (11/1/00)	7.60	%
10 Years	10.52
5 Years	8.99
1 Year	17.54
Class R Shares
Inception (3/1/01)	8.59	%
10 Years	10.91
5 Years	9.53
1 Year	19.14
Class Y Shares
Inception (11/1/00)	8.33	%
10 Years	11.46
5 Years	10.07
1 Year	19.68
Class R5 Shares
10 Years	11.37	%
5 Years	10.16
1 Year	19.82
Class R6 Shares
Inception (2/28/13)	12.21	%
10 Years	11.64
5 Years	10.23
1 Year	19.88

Effective May 24, 2019, Class A,

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

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

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

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

3 Invesco Discovery Mid Cap Growth Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Discovery Mid Cap Growth Fund

Schedule of Investments^(a)

April 30, 2024

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.30%
Advertising–1.62%
Trade Desk, Inc. (The), Class A(b)		1,145,045	$	94,866,978
Aerospace & Defense–5.30%
Axon Enterprise, Inc.(b)		275,982		86,564,514
Howmet Aerospace, Inc.		1,169,845		78,087,154
TransDigm Group, Inc.		117,103		146,148,057
				310,799,725
Apparel Retail–0.85%
Ross Stores, Inc.		383,350		49,662,992
Application Software–11.15%
Datadog, Inc., Class A(b)		672,938		84,453,719
Fair Isaac Corp.(b)		36,010		40,811,213
Guidewire Software, Inc.(b)(c)		548,067		60,506,597
HubSpot, Inc.(b)		182,271		110,250,260
Manhattan Associates, Inc.(b)		475,010		97,880,561
Nutanix, Inc., Class A(b)		1,063,172		64,534,540
PTC, Inc.(b)		332,271		58,958,166
Roper Technologies, Inc.		110,671		56,603,790
Samsara, Inc., Class A(b)		2,291,654		80,047,474
				654,046,320
Asset Management & Custody Banks–2.62%
Ares Management Corp., Class A		872,560		116,129,010
Blue Owl Capital, Inc.		709,965		13,411,239
KKR & Co., Inc., Class A		257,927		24,005,266
				153,545,515
Automotive Retail–1.03%
O’Reilly Automotive, Inc.(b)		59,400		60,187,644
Biotechnology–1.83%
Natera, Inc.(b)		750,957		69,748,886
Neurocrine Biosciences, Inc.(b)		272,686		37,505,233
				107,254,119
Building Products–2.42%
Trane Technologies PLC		357,296		113,384,312
Trex Co., Inc.(b)		320,063		28,341,579
				141,725,891
Cargo Ground Transportation–1.42%
Saia, Inc.(b)(c)		110,309		43,773,921
XPO, Inc.(b)(c)		368,716		39,622,221
				83,396,142
Casinos & Gaming–1.51%
DraftKings, Inc., Class A(b)		2,138,954		88,894,928
Coal & Consumable Fuels–0.79%
Cameco Corp. (Canada)(c)		1,014,187		46,277,353
Construction & Engineering–4.13%
Comfort Systems USA, Inc.		262,490		81,217,031
EMCOR Group, Inc.		195,311		69,759,230

	Shares		Value
Construction & Engineering–(continued)
Quanta Services, Inc.(c)		354,527	$	91,666,501
				242,642,762
Construction Machinery & Heavy Transportation Equipment– 0.99%
Wabtec Corp.		360,062		57,998,787
Construction Materials–1.39%
Vulcan Materials Co.		316,999		81,668,452
Diversified Support Services–1.13%
Copart, Inc.(b)		1,218,213		66,161,148
Education Services–0.28%
Duolingo, Inc.(b)(c)		71,806		16,210,205
Electrical Components & Equipment–1.32%
Vertiv Holdings Co., Class A		830,273		77,215,389
Environmental & Facilities Services–1.10%
Clean Harbors, Inc.(b)		339,356		64,290,994
Financial Exchanges & Data–1.53%
MSCI, Inc.		66,492		30,971,309
Tradeweb Markets, Inc., Class A		581,079		59,101,545
				90,072,854
Footwear–1.46%
Deckers Outdoor Corp.(b)		105,018		85,954,082
Health Care Distributors–1.49%
Cencora, Inc.		366,377		87,582,422
Health Care Equipment–3.28%
DexCom, Inc.(b)		867,074		110,456,557
IDEXX Laboratories, Inc.(b)		166,825		82,204,687
				192,661,244
Health Care Facilities–3.22%
Encompass Health Corp.(c)		1,067,760		89,029,829
Tenet Healthcare Corp.(b)		890,520		99,996,491
				189,026,320
Health Care Supplies–1.10%
Cooper Cos., Inc. (The)		725,164		64,583,106
Homebuilding–2.09%
Lennar Corp., Class A		310,342		47,054,054
TopBuild Corp.(b)		187,183		75,747,345
				122,801,399
Homefurnishing Retail–1.18%
Williams-Sonoma, Inc.(c)		242,241		69,469,874
Hotels, Resorts & Cruise Lines–1.79%
Hilton Worldwide Holdings, Inc.		533,719		105,292,084
Industrial Machinery & Supplies & Components–2.40%
ITT, Inc.		480,746		62,179,688

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

5 Invesco Discovery Mid Cap Growth Fund

	Shares		Value
Industrial Machinery & Supplies & Components–(continued)
Parker-Hannifin Corp.		144,844	$	78,926,944
				141,106,632
Insurance Brokers–0.51%
Arthur J. Gallagher & Co.		126,702		29,735,692
Internet Services & Infrastructure–3.03%
Cloudflare, Inc., Class A(b)		793,444		69,347,005
MongoDB, Inc.(b)		296,304		108,204,295
				177,551,300
Investment Banking & Brokerage–1.87%
Evercore, Inc., Class A		163,422		29,661,093
LPL Financial Holdings, Inc.(c)		296,444		79,781,974
				109,443,067
IT Consulting & Other Services–0.82%
Gartner, Inc.(b)		116,045		47,879,007
Life Sciences Tools & Services–4.31%
Bruker Corp.		735,666		57,389,305
ICON PLC(b)		301,272		89,742,903
Repligen Corp.(b)(c)		321,165		52,735,293
West Pharmaceutical Services, Inc.		148,147		52,959,590
				252,827,091
Managed Health Care–0.72%
Molina Healthcare, Inc.(b)		124,124		42,462,820
Movies & Entertainment–1.28%
Spotify Technology S.A. (Sweden)(b)		267,388		74,986,291
Oil & Gas Equipment & Services–0.67%
TechnipFMC PLC (United Kingdom)		1,538,771		39,423,313
Oil & Gas Exploration & Production–1.77%
Diamondback Energy, Inc.		515,751		103,732,999
Oil & Gas Storage & Transportation–1.67%
Targa Resources Corp.		860,781		98,180,681
Paper & Plastic Packaging Products & Materials–1.11%
Avery Dennison Corp.		299,973		65,178,133
Personal Care Products–0.71%
e.l.f. Beauty, Inc.(b)(c)		257,752		41,892,433
Property & Casualty Insurance–0.29%
Kinsale Capital Group, Inc.(c)		46,718		16,970,313
Real Estate Services–0.74%
Jones Lang LaSalle, Inc.(b)		241,424		43,625,317
Research & Consulting Services–1.31%
Booz Allen Hamilton Holding Corp.		520,112		76,804,939
Restaurants–2.92%
Chipotle Mexican Grill, Inc.(b)		9,570		30,237,372
DoorDash, Inc., Class A(b)		564,519		72,969,726
Texas Roadhouse, Inc.		423,709		68,123,933
				171,331,031

	Shares		Value
Semiconductor Materials & Equipment–1.70%
Entegris, Inc.		749,008	$	99,558,143
Semiconductors–4.44%
Astera Labs, Inc.(b)(c)		255,568		21,661,944
Lattice Semiconductor Corp.(b)(c)		861,149		59,074,821
MACOM Technology Solutions Holdings, Inc.(b)(c)		809,999		82,579,398
Monolithic Power Systems, Inc.		145,553		97,422,990
				260,739,153
Soft Drinks & Non-alcoholic Beverages–0.53%
Celsius Holdings, Inc.(b)(c)		438,220		31,231,939
Steel–0.87%
Steel Dynamics, Inc.		394,617		51,347,564
Systems Software–1.53%
CyberArk Software Ltd.(b)(c)		217,702		52,085,203
GitLab, Inc., Class A(b)		714,325		37,480,633
				89,565,836
Trading Companies & Distributors–2.66%
United Rentals, Inc.		113,845		76,047,322
W.W. Grainger, Inc.		87,164		80,308,551
				156,355,873
Transaction & Payment Processing Services–1.42%
Corpay, Inc.(b)		276,209		83,453,787
Total Common Stocks & Other Equity Interests (Cost $4,354,891,883)				5,709,672,083
Money Market Funds–2.83%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e)		58,150,506		58,150,506
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(d)(e)		41,526,009		41,538,467
Invesco Treasury Portfolio, Institutional Class, 5.22%(d)(e)		66,457,721		66,457,721
Total Money Market Funds (Cost $166,147,613)				166,146,694
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.13% (Cost $4,521,039,496)				5,875,818,777
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.45%
Invesco Private Government Fund, 5.29%(d)(e)(f)		73,093,659		73,093,659
Invesco Private Prime Fund, 5.46%(d)(e)(f)		187,923,941		187,980,318
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $261,084,346)				261,073,977
TOTAL INVESTMENTS IN SECURITIES–104.58% (Cost $4,782,123,842)				6,136,892,754
OTHER ASSETS LESS LIABILITIES–(4.58)%				(268,825,674	)
NET ASSETS–100.00%			$	5,868,067,080

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

6 Invesco Discovery Mid Cap Growth Fund

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2024.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	85,621,500		$	275,419,037		$	(302,890,031	)		$	-			$	-		$	58,150,506		$	1,148,027
Invesco Liquid Assets Portfolio, Institutional Class			61,161,805			196,727,883			(216,350,022	)			(7,933	)			6,734			41,538,467			825,770
Invesco Treasury Portfolio, Institutional Class			97,853,142			314,764,614			(346,160,035	)			-				-			66,457,721			1,281,209
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			69,446,619			428,735,626			(425,088,586	)			-				-			73,093,659			1,467,961*
Invesco Private Prime Fund			180,352,412			769,192,945			(761,619,001	)			(14,826	)			68,788			187,980,318			3,932,414*
Total		$	494,435,478		$	1,984,840,105		$	(2,052,107,675	)		$	(22,759	)		$	75,522		$	427,220,671		$	8,655,381

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024

Industrials	24.17%
Information Technology	22.65
Health Care	15.96
Consumer Discretionary	13.12
Financials	8.24
Energy	4.90
Materials	3.38
Communication Services	2.89
Other Sectors, Each Less than 2% of Net Assets	1.99
Money Market Funds Plus Other Assets Less Liabilities	2.70

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

7 Invesco Discovery Mid Cap Growth Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $ 4,354,891,883)*	$	5,709,672,083
Investments in affiliated money market funds, at value (Cost $ 427,231,959)		427,220,671
Cash		200,000
Receivable for:
Investments sold		22,982,835
Fund shares sold		2,470,876
Dividends		2,119,522
Investment for trustee deferred compensation and retirement plans		437,072
Other assets		73,379
Total assets		6,165,176,438
Liabilities:
Payable for:
Investments purchased		25,717,146
Fund shares reacquired		7,023,979
Collateral upon return of securities loaned		261,084,346
Accrued fees to affiliates		2,615,624
Accrued trustees’ and officers’ fees and benefits		3,165
Accrued other operating expenses		192,970
Trustee deferred compensation and retirement plans		472,128
Total liabilities		297,109,358
Net assets applicable to shares outstanding	$	5,868,067,080
Net assets consist of:
Shares of beneficial interest	$	4,549,488,747
Distributable earnings		1,318,578,333
	$	5,868,067,080

Net Assets:
Class A	$	3,589,083,669
Class C	$	93,987,260
Class R	$	139,769,492
Class Y	$	623,027,426
Class R5	$	116,558,311
Class R6	$	1,305,640,922
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		138,686,513
Class C		5,121,969
Class R		6,054,294
Class Y		20,244,994
Class R5		4,421,897
Class R6		41,316,008
Class A:
Net asset value per share	$	25.88
Maximum offering price per share (Net asset value of $25.88 ÷ 94.50%)	$	27.39
Class C:
Net asset value and offering price per share	$	18.35
Class R:
Net asset value and offering price per share	$	23.09
Class Y:
Net asset value and offering price per share	$	30.77
Class R5:
Net asset value and offering price per share	$	26.36
Class R6:
Net asset value and offering price per share	$	31.60

* At April 30, 2024, securities with an aggregate value of $242,880,084 were on loan to brokers.

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

8 Invesco Discovery Mid Cap Growth Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $15,699)	$	18,094,541
Dividends from affiliated money market funds (includes net securities lending income of $174,058)		3,429,064
Total investment income		21,523,605
Expenses:
Advisory fees		17,162,990
Administrative services fees		407,691
Custodian fees		14,854
Distribution fees:
Class A		4,266,979
Class C		465,539
Class R		332,224
Transfer agent fees – A, C, R and Y		3,820,660
Transfer agent fees – R5		57,571
Transfer agent fees – R6		185,466
Trustees’ and officers’ fees and benefits		30,052
Registration and filing fees		70,692
Reports to shareholders		671,498
Professional services fees		56,368
Other		35,710
Total expenses		27,578,294
Less: Fees waived and/or expense offset arrangement(s)		(156,257	)
Net expenses		27,422,037
Net investment income (loss)		(5,898,432	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		400,139,639
Affiliated investment securities		75,522
Foreign currencies		1,326
		400,216,487
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		973,688,424
Affiliated investment securities		(22,759	)
		973,665,665
Net realized and unrealized gain		1,373,882,152
Net increase in net assets resulting from operations	$	1,367,983,720

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

9 Invesco Discovery Mid Cap Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30, 2024			October 31, 2023
Operations:
Net investment income (loss)	$	(5,898,432	)	$	(14,418,931	)
Net realized gain (loss)		400,216,487			(177,512,886	)
Change in net unrealized appreciation (depreciation)		973,665,665			(143,285,142	)
Net increase (decrease) in net assets resulting from operations		1,367,983,720			(335,216,959	)
Share transactions–net:
Class A		(164,681,866	)		(271,799,470	)
Class C		(13,718,708	)		(24,452,997	)
Class R		(4,543,881	)		(3,676,396	)
Class Y		(43,267,968	)		(115,387,782	)
Class R5		(7,230,366	)		(4,695,954	)
Class R6		(43,378,059	)		(56,257,241	)
Net increase (decrease) in net assets resulting from share transactions		(276,820,848	)		(476,269,840	)
Net increase (decrease) in net assets		1,091,162,872			(811,486,799	)
Net assets:
Beginning of period		4,776,904,208			5,588,391,007
End of period	$	5,868,067,080		$	4,776,904,208

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

10 Invesco Discovery Mid Cap Growth Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/24		$20.05			$(0.04	)		$  5.87			$  5.83			$    -			$25.88		29.08	%		$3,589,084		1.09	%(e)		1.09	%(e)		(0.32	)%(e)		42	%
Year ended 10/31/23		21.50			(0.08	)		(1.37	)		(1.45	)		-			20.05		(6.74	)		2,918,068		1.04			1.04			(0.37	)		124
Year ended 10/31/22		37.13			(0.11	)		(9.79	)		(9.90	)		(5.73	)		21.50		(30.69	)		3,398,899		1.04			1.04			(0.44	)		94
Year ended 10/31/21		26.65			(0.25	)		11.81			11.56			(1.08	)		37.13		44.48			5,288,400		1.03			1.03			(0.76	)		92
Year ended 10/31/20		22.17			(0.13	)		5.60			5.47			(0.99	)		26.65		25.60	(f)		3,787,636		1.05	(f)		1.05	(f)		(0.54	)(f)		131
Year ended 10/31/19		20.28			(0.08	)		3.75			3.67			(1.78	)		22.17		20.43			748,190		1.11			1.11			(0.37	)		84
Class C
Six months ended 04/30/24		14.27			(0.09	)		4.17			4.08			-			18.35		28.59	(g)		93,987		1.82	(e)(g)		1.82	(e)(g)		(1.05	)(e)(g)		42
Year ended 10/31/23		15.41			(0.17	)		(0.97	)		(1.14	)		-			14.27		(7.40	)(g)		84,404		1.77	(g)		1.77	(g)		(1.10	)(g)		124
Year ended 10/31/22		28.52			(0.21	)		(7.17	)		(7.38	)		(5.73	)		15.41		(31.22	)(g)		115,662		1.78	(g)		1.78	(g)		(1.18	)(g)		94
Year ended 10/31/21		20.83			(0.36	)		9.13			8.77			(1.08	)		28.52		43.47	(g)		206,799		1.73	(g)		1.73	(g)		(1.46	)(g)		92
Year ended 10/31/20		17.65			(0.24	)		4.41			4.17			(0.99	)		20.83		24.74			190,420		1.82			1.82			(1.31	)		131
Year ended 10/31/19		16.65			(0.18	)		2.96			2.78			(1.78	)		17.65		19.43			138,705		1.87			1.87			(1.12	)		84
Class R
Six months ended 04/30/24		17.91			(0.06	)		5.24			5.18			-			23.09		28.92			139,769		1.34	(e)		1.34	(e)		(0.57	)(e)		42
Year ended 10/31/23		19.25			(0.12	)		(1.22	)		(1.34	)		-			17.91		(6.96	)		112,345		1.29			1.29			(0.62	)		124
Year ended 10/31/22		33.95			(0.15	)		(8.82	)		(8.97	)		(5.73	)		19.25		(30.85	)		124,370		1.29			1.29			(0.69	)		94
Year ended 10/31/21		24.51			(0.30	)		10.82			10.52			(1.08	)		33.95		44.11			181,872		1.28			1.28			(1.01	)		92
Year ended 10/31/20		20.51			(0.18	)		5.17			4.99			(0.99	)		24.51		25.31			121,009		1.32			1.32			(0.81	)		131
Year ended 10/31/19		18.95			(0.12	)		3.46			3.34			(1.78	)		20.51		20.09			75,342		1.37			1.37			(0.62	)		84
Class Y
Six months ended 04/30/24		23.82			(0.01	)		6.96			6.95			-			30.77		29.18			623,027		0.84	(e)		0.84	(e)		(0.07	)(e)		42
Year ended 10/31/23		25.48			(0.03	)		(1.63	)		(1.66	)		-			23.82		(6.52	)		518,998		0.79			0.79			(0.12	)		124
Year ended 10/31/22		42.77			(0.05	)		(11.51	)		(11.56	)		(5.73	)		25.48		(30.50	)		668,812		0.79			0.79			(0.19	)		94
Year ended 10/31/21		30.48			(0.19	)		13.56			13.37			(1.08	)		42.77		44.84			971,407		0.78			0.78			(0.51	)		92
Year ended 10/31/20		25.15			(0.08	)		6.40			6.32			(0.99	)		30.48		25.95			538,205		0.82			0.82			(0.31	)		131
Year ended 10/31/19		22.71			(0.03	)		4.25			4.22			(1.78	)		25.15		20.68			253,901		0.87			0.87			(0.13	)		84
Class R5
Six months ended 04/30/24		20.39			0.00			5.97			5.97			-			26.36		29.28			116,558		0.76	(e)		0.76	(e)		0.01	(e)		42
Year ended 10/31/23		21.80			(0.01	)		(1.40	)		(1.41	)		-			20.39		(6.47	)		95,675		0.73			0.73			(0.06	)		124
Year ended 10/31/22		37.45			(0.03	)		(9.89	)		(9.92	)		(5.73	)		21.80		(30.45	)		106,860		0.73			0.73			(0.13	)		94
Year ended 10/31/21		26.80			(0.15	)		11.88			11.73			(1.08	)		37.45		44.88			155,263		0.72			0.72			(0.45	)		92
Year ended 10/31/20		22.20			(0.05	)		5.64			5.59			(0.99	)		26.80		26.12			110,206		0.71			0.71			(0.20	)		131
Period ended 10/31/19(h)		20.60			0.00			1.60			1.60			-			22.20		7.77			11		0.75	(e)		0.75	(e)		(0.01	)(e)		84
Class R6
Six months ended 04/30/24		24.44			0.01			7.15			7.16			-			31.60		29.30			1,305,641		0.69	(e)		0.69	(e)		0.08	(e)		42
Year ended 10/31/23		26.10			0.00			(1.66	)		(1.66	)		-			24.44		(6.36	)		1,047,414		0.66			0.66			0.01			124
Year ended 10/31/22		43.62			(0.02	)		(11.77	)		(11.79	)		(5.73	)		26.10		(30.43	)		1,173,789		0.67			0.67			(0.07	)		94
Year ended 10/31/21		31.03			(0.14	)		13.81			13.67			(1.08	)		43.62		45.02			1,559,522		0.65			0.65			(0.38	)		92
Year ended 10/31/20		25.55			(0.04	)		6.51			6.47			(0.99	)		31.03		26.14			904,245		0.65			0.65			(0.14	)		131
Year ended 10/31/19		23.00			0.01			4.32			4.33			(1.78	)		25.55		20.92			345,282		0.69			0.69			0.05			84

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $2,263,197,717 in connection with the acquisition of Invesco Mid Cap Growth Fund into the Fund.

^(e)  Annualized.

^(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 0.23% for the year ended October 31, 2020.

^(g)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.98%, 0.98%, 0.99% and 0.95% for the six months ended April 30, 2024 and the years ended October 31, 2023, 2022 and 2021, respectively.

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

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

11 Invesco Discovery Mid Cap Growth Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

 The Fund’s investment objective is to seek capital appreciation.

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

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

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

12 Invesco Discovery Mid Cap Growth Fund

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

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

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

13 Invesco Discovery Mid Cap Growth Fund

compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, the Fund paid the Adviser $8,268 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate*
First $500 million		0.680%
Next $500 million		0.650%
Next $4 billion		0.620%
Over $5 billion		0.600%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

 For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.61%.

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

 The Adviser has agreed, for an indefinite period, 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 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary 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

14 Invesco Discovery Mid Cap Growth Fund

offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

 Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2024, the Adviser waived advisory fees of $63,711.

 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, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

 The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

 The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2024, 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, 2024, IDI advised the Fund that IDI retained $215,361 in front-end sales commissions from the sale of Class A shares and $4,221 and $1,974 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

 For the six months ended April 30, 2024, the Fund incurred $56,476 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. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

 The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	5,709,672,083	$	–		$–	$	5,709,672,083
Money Market Funds		166,146,694		261,073,977		–		427,220,671
Total Investments	$	5,875,818,777	$	261,073,977		$–	$	6,136,892,754

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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $92,546.

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

15 Invesco Discovery Mid Cap Growth Fund

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

NOTE 6–Cash Balances

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

NOTE 7–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 carryforward 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, 2023, as follows:

Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$401,295,815		$–		$401,295,815

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $2,322,277,713 and $2,519,420,623, 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	$1,393,446,415
Aggregate unrealized (depreciation) of investments	(52,973,426	)
Net unrealized appreciation of investments	$1,340,472,989

 Cost of investments for tax purposes is $4,796,419,765.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		4,291,195		$	105,927,459			8,497,973		$	183,944,919
Class C		363,576			6,351,830			788,903			12,206,319
Class R		539,728			11,923,164			1,129,267			21,828,622
Class Y		3,163,481			92,718,788			8,592,762			220,140,298
Class R5		340,604			8,294,567			583,672			12,800,144
Class R6		3,963,716			121,528,715			9,260,719			242,778,998
Automatic conversion of Class C shares to Class A shares:
Class A		377,333			9,316,106			629,624			13,502,913
Class C		(531,192	)		(9,316,106	)		(881,956	)		(13,502,913	)
Reacquired:
Class A		(11,499,270	)		(279,925,431	)		(21,687,985	)		(469,247,302	)
Class C		(624,953	)		(10,754,432	)		(1,495,748	)		(23,156,403	)
Class R		(758,076	)		(16,467,045	)		(1,316,692	)		(25,505,018	)
Class Y		(4,709,635	)		(135,986,756	)		(13,053,854	)		(335,528,080	)
Class R5		(610,445	)		(15,524,933	)		(794,293	)		(17,496,098	)
Class R6		(5,505,555	)		(164,906,774	)		(11,369,078	)		(299,036,239	)
Net increase (decrease) in share activity		(11,199,493	)	$	(276,820,848	)		(21,116,686	)	$	(476,269,840	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% 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.

16 Invesco Discovery Mid Cap Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2023 through April 30, 2024.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning   Account Value   (11/01/23)	Ending   Account Value   (04/30/24)1	Expenses    Paid During    Period2	Ending   Account Value   (04/30/24)	Expenses    Paid During    Period2	Annualized    Expense Ratio
Class A	$1,000.00	$1,290.80	$6.21	$1,019.44	$5.47	1.09%
Class C	1,000.00	1,285.90	10.34	1,015.81	9.12	1.82
Class R	1,000.00	1,289.20	7.63	1,018.20	6.72	1.34
Class Y	1,000.00	1,291.80	4.79	1,020.69	4.22	0.84
Class R5	1,000.00	1,292.80	4.33	1,021.08	3.82	0.76
Class R6	1,000.00	1,293.00	3.93	1,021.43	3.47	0.69

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

17 Invesco Discovery Mid Cap Growth Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

				Votes
	Matter	Votes For		Against/Withheld
(1)*	Beth Ann Brown	2,249,378,619.33		41,629,442.71
	Carol Deckbar	2,246,234,264.52		44,773,797.52
	Cynthia Hostetler	2,239,884,066.77		51,123,995.27
	Dr. Eli Jones	2,247,948,469.91		43,059,592.13
	Elizabeth Krentzman	2,249,230,311.83		41,777,750.22
	Jeffrey H. Kupor	2,246,969,783.10		44,038,278.94
	Anthony J. LaCava, Jr.	2,248,588,977.62		42,419,084.42
	James Liddy	2,247,297,130.55		43,710,931.50
	Dr. Prema Mathai-Davis	2,240,956,129.31		50,051,932.73
	Joel W. Motley	2,243,008,410.57		47,999,651.47
	Teresa M. Ressel	2,248,731,273.34		42,276,788.70
	Douglas Sharp	2,248,447,243.22		42,560,818.83
	Robert C. Troccoli	2,246,647,253.82		44,360,808.22
	Daniel S. Vandivort	2,247,577,966.04		43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

18 Invesco Discovery Mid Cap Growth Fund

(This page intentionally left blank)

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

SEC file number(s): 811-05426 and 033-19338     Invesco Distributors, Inc. O-DMCG-SAR-1           

Semiannual Report to Shareholders April 30, 2024

Invesco EQV Emerging Markets All Cap Fund

Nasdaq:

A: GTDDX ∎ C: GTDCX ∎ Y: GTDYX ∎ R5: GTDIX ∎ R6: GTDFX

 

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses
19	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, 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	5.17	%
Class C Shares	4.75
Class Y Shares	5.28
Class R5 Shares	5.33
Class R6 Shares	5.34
MSCI Emerging Markets Index▼ (Broad Market/Style-Specific Index)	15.40
Source(s): ▼RIMES Technologies Corp.
The MSCI Emerging Markets Index is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.  The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).  A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco EQV Emerging Markets All Cap Fund

 

 

 

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (1/11/94)	4.39	%
10 Years	1.23
5 Years	0.01
1 Year	-8.04
Class C Shares
Inception (3/1/99)	7.44	%
10 Years	1.19
5 Years	0.39
1 Year	-4.39
Class Y Shares
Inception (10/3/08)	5.29	%
10 Years	2.06
5 Years	1.40
1 Year	-2.45
Class R5 Shares
Inception (10/25/05)	6.17	%
10 Years	2.15
5 Years	1.46
1 Year	-2.38
Class R6 Shares
Inception (9/24/12)	2.23	%
10 Years	2.21
5 Years	1.53
1 Year	-2.33

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

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

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

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

3 Invesco EQV Emerging Markets All Cap Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco EQV Emerging Markets All Cap Fund

Schedule of Investments

April 30, 2024

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.39%
Brazil–9.86%
Arcos Dorados Holdings, Inc., Class A		3,880,654	$	41,833,450
MercadoLibre, Inc.(a)		7,639		11,143,009
Multiplan Empreendimentos Imobiliarios S.A.		8,275,029		36,477,952
Raia Drogasil S.A.		5,778,536		28,466,462
TOTVS S.A.		5,499,600		29,168,237
				147,089,110
China–19.84%
Airtac International Group		1,210,000		42,841,052
China Mengniu Dairy Co. Ltd.		8,398,000		17,396,256
China Resources Beer (Holdings) Co. Ltd.		7,132,000		32,508,091
Fuyao Glass Industry Group Co. Ltd., H Shares(b)		7,498,000		44,890,982
Prosus N.V.(a)		498,697		16,686,380
Tencent Holdings Ltd.		1,102,000		48,359,267
Tongcheng Travel Holdings Ltd.(a)(b)		17,822,400		46,906,398
Wuliangye Yibin Co. Ltd., A Shares		1,657,760		34,282,488
Yum China Holdings, Inc.(c)		333,217		12,165,753
				296,036,667
Egypt–1.29%
Eastern Co. S.A.E.		16,143,883		7,423,195
EFG Holding S.A.E.(a)		38,434,502		11,887,109
				19,310,304
France–3.05%
Bollore SE		7,005,869		45,473,307
Hong Kong–1.78%
AIA Group Ltd.		3,622,400		26,531,736
Hungary–4.15%
Richter Gedeon Nyrt		2,428,513		61,833,737
India–9.48%
Emami Ltd.		3,724,607		21,733,465
HDFC Bank Ltd., ADR		1,046,684		60,288,999
MakeMyTrip Ltd.(a)(c)		338,894		22,438,172
SBI Life Insurance Co. Ltd.(b)		2,146,021		36,920,980
				141,381,616
Indonesia–5.93%
PT Bank Central Asia Tbk		77,085,200		46,350,116
PT Kalbe Farma Tbk		317,957,000		28,453,920
PT Telkom Indonesia (Persero) Tbk		70,237,400		13,616,108
				88,420,144
Macau–0.79%
Galaxy Entertainment Group Ltd.		2,641,000		11,849,882
Malaysia–0.91%
KPJ Healthcare Bhd.		32,092,400		13,553,530

	Shares		Value
Mexico–7.24%
Bolsa Mexicana de Valores S.A.B. de C.V.		19,557,620	$	36,738,859
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		15,963,692		33,230,609
Wal-Mart de Mexico S.A.B. de C.V., Series V		10,200,610		38,061,556
				108,031,024
Nigeria–0.72%
Zenith Bank PLC		458,307,604		10,768,611
Philippines–6.94%
BDO Unibank, Inc.		20,931,772		53,648,678
SM Investments Corp.		949,900		15,595,969
SM Prime Holdings, Inc.		71,043,900		34,328,802
				103,573,449
Poland–1.11%
Allegro.eu S.A.(a)(b)		1,991,444		16,600,890
Russia–0.00%
Detsky Mir PJSC(a)(d)		6,640,610		7
Moscow Exchange MICEX-RTS PJSC(d)		11,806,000		12
Sberbank of Russia PJSC(d)		11,900,044		12
Sberbank of Russia PJSC, Preference Shares(d)		15,636,015		15
				46
South Africa–1.31%
Naspers Ltd.		101,752		19,473,056
South Korea–5.14%
LEENO Industrial, Inc.		77,217		13,758,149
Samsung Electronics Co. Ltd.		1,133,207		62,991,168
				76,749,317
Taiwan–11.68%
ASPEED Technology, Inc.		119,000		11,142,564
MediaTek, Inc.		1,145,000		34,523,090
Taiwan Semiconductor Manufacturing Co. Ltd.		4,329,000		103,652,513
Visual Photonics Epitaxy Co. Ltd.		5,282,000		24,893,688
				174,211,855
Thailand–3.33%
Bangkok Dusit Medical Services PCL, Foreign Shares		31,372,300		24,554,691
Central Pattana PCL, Foreign Shares		14,735,400		25,123,512
				49,678,203
United Arab Emirates–2.84%
Emaar Properties PJSC		18,920,257		42,307,501
Total Common Stocks & Other Equity Interests (Cost $1,222,387,150)				1,452,873,985
Money Market Funds–2.21%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(e)(f)		11,570,878		11,570,878
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(e)(f)		8,264,604		8,267,083

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

5 Invesco EQV Emerging Markets All Cap Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 5.22%(e)(f)		13,223,860	$	13,223,860
Total Money Market Funds (Cost $33,060,976)				33,061,821
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.60% (Cost $1,255,448,126)				1,485,935,806
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.83%
Invesco Private Government Fund, 5.29%(e)(f)(g)		3,450,708		3,450,708

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 5.46%(e)(f)(g)		8,872,269	$	8,874,931
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,326,442)				12,325,639
TOTAL INVESTMENTS IN SECURITIES–100.43% (Cost $1,267,774,568)				1,498,261,445
OTHER ASSETS LESS LIABILITIES–(0.43)%				(6,394,343	)
NET ASSETS–100.00%			$	1,491,867,102

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $145,319,250, which represented 9.74% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at April 30, 2024.

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

^(e)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	26,555,275	$	68,448,704	$	(83,433,101)	$	-	$	-	$	11,570,878	$	633,237
Invesco Liquid Assets Portfolio, Institutional Class		18,967,089		48,891,931		(59,595,072)		(1,818)		4,953		8,267,083		465,648
Invesco Treasury Portfolio, Institutional Class		30,348,885		78,227,090		(95,352,115)		-		-		13,223,860		720,272
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		4,225,731		25,555,176		(26,330,199)		-		-		3,450,708		131,192*
Invesco Private Prime Fund		10,866,907		62,434,439		(64,423,686)		(803)		(1,926)		8,874,931		351,797*
Total	$	90,963,887	$	283,557,340	$	(329,134,173)	$	(2,621)	$	3,027	$	45,387,460	$	2,302,146

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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

6 Invesco EQV Emerging Markets All Cap Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024

Financials	18.98%
Information Technology	18.78
Consumer Discretionary	16.35
Consumer Staples	14.28
Real Estate	9.27
Health Care	8.61
Communication Services	7.20
Industrials	3.92
Money Market Funds Plus Other Assets Less Liabilities	2.61

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

7 Invesco EQV Emerging Markets All Cap Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,222,387,150)*	$	1,452,873,985
Investments in affiliated money market funds, at value (Cost $45,387,418)		45,387,460
Foreign currencies, at value (Cost $853,854)		847,714
Receivable for:
Investments sold		4,960,016
Fund shares sold		686,626
Dividends		2,580,978
Investment for trustee deferred compensation and retirement plans		247,693
Other assets		63,937
Total assets		1,507,648,409
Liabilities:
Payable for:
Fund shares reacquired		2,059,358
Accrued foreign taxes		318,520
Collateral upon return of securities loaned		12,326,442
Accrued fees to affiliates		530,145
Accrued other operating expenses		279,050
Trustee deferred compensation and retirement plans		267,792
Total liabilities		15,781,307
Net assets applicable to shares outstanding	$	1,491,867,102
Net assets consist of:
Shares of beneficial interest	$	1,333,997,257
Distributable earnings		157,869,845
	$	1,491,867,102

Net Assets:
Class A	$	395,138,877
Class C	$	6,161,079
Class Y	$	544,691,235
Class R5	$	152,486,735
Class R6	$	393,389,176
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		12,310,276
Class C		195,940
Class Y		16,979,118
Class R5		4,770,087
Class R6		12,316,569
Class A:
Net asset value per share	$	32.10
Maximum offering price per share (Net asset value of $32.10 ÷ 94.50%)	$	33.97
Class C:
Net asset value and offering price per share	$	31.44
Class Y:
Net asset value and offering price per share	$	32.08
Class R5:
Net asset value and offering price per share	$	31.97
Class R6:
Net asset value and offering price per share	$	31.94

* At April 30, 2024, securities with an aggregate value of $11,746,332 were on loan to brokers.

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

8 Invesco EQV Emerging Markets All Cap Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,701,041)	$	10,679,333
Dividends from affiliates (includes net securities lending income of $11,690)		1,830,847
Total investment income		12,510,180
Expenses:
Advisory fees		6,988,424
Administrative services fees		115,127
Custodian fees		228,898
Distribution fees:
Class A		513,086
Class C		35,653
Transfer agent fees – A, C and Y		805,576
Transfer agent fees – R5		74,196
Transfer agent fees – R6		69,133
Trustees’ and officers’ fees and benefits		15,540
Registration and filing fees		44,212
Reports to shareholders		437,711
Professional services fees		47,132
Other		14,363
Total expenses		9,389,051
Less: Fees waived and/or expense offset arrangement(s)		(51,333	)
Net expenses		9,337,718
Net investment income		3,172,462
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(8,571,444	)
Affiliated investment securities		3,027
Foreign currencies		(4,641,843	)
		(13,210,260	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $309,220)		91,076,710
Affiliated investment securities		(2,621	)
Foreign currencies		2,725,949
		93,800,038
Net realized and unrealized gain		80,589,778
Net increase in net assets resulting from operations	$	83,762,240

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

9 Invesco EQV Emerging Markets All Cap Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30, 2024			October 31, 2023
Operations:
Net investment income	$	3,172,462		$	27,431,098
Net realized gain (loss)		(13,210,260	)		(27,949,934	)
Change in net unrealized appreciation		93,800,038			218,302,372
Net increase in net assets resulting from operations		83,762,240			217,783,536
Distributions to shareholders from distributable earnings:
Class A		(6,398,649	)		(5,022,561	)
Class C		(53,903	)		(19,299	)
Class Y		(10,036,966	)		(9,215,710	)
Class R5		(2,672,144	)		(2,292,630	)
Class R6		(9,241,518	)		(7,971,139	)
Total distributions from distributable earnings		(28,403,180	)		(24,521,339	)
Share transactions–net:
Class A		(18,076,151	)		(37,292,996	)
Class C		(1,478,632	)		(1,330,548	)
Class Y		(10,532,580	)		(128,867,710	)
Class R5		10,879,435			(14,194,837	)
Class R6		(78,392,214	)		(47,534,532	)
Net increase (decrease) in net assets resulting from share transactions		(97,600,142	)		(229,220,623	)
Net increase (decrease) in net assets		(42,241,082	)		(35,958,426	)
Net assets:
Beginning of period		1,534,108,184			1,570,066,610
End of period	$	1,491,867,102		$	1,534,108,184

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

10 Invesco EQV Emerging Markets All Cap Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/24		$31.00			$0.03			$  1.57			$  1.60			$(0.50	)		$    -			$(0.50	)		$32.10			5.17	%		$  395,139			1.42	%(d)		1.42	%(d)		0.17	%(d)		11	%
Year ended 10/31/23		27.75			0.44			3.17			3.61			(0.36	)		-			(0.36	)		31.00			13.01			398,691			1.33			1.34			1.36			11
Year ended 10/31/22		41.94			0.36			(12.84	)		(12.48	)		(0.21	)		(1.50	)		(1.71	)		27.75			(30.89	)		388,330			1.39			1.39			1.06			17
Year ended 10/31/21		38.27			0.26			5.58			5.84			(0.40	)		(1.77	)		(2.17	)		41.94			15.22			591,114			1.31			1.31			0.61			19
Year ended 10/31/20		36.81			0.27			1.76			2.03			(0.57	)		-			(0.57	)		38.27			5.54			552,262			1.37			1.38			0.76			33
Year ended 10/31/19		30.54			0.55			6.18			6.73			(0.46	)		-			(0.46	)		36.81			22.39			583,346			1.37			1.38			1.62			7
Class C
Six months ended 04/30/24		30.23			(0.09	)		1.53			1.44			(0.23	)		-			(0.23	)		31.44			4.75			6,161			2.17	(d)		2.17	(d)		(0.58	)(d)		11
Year ended 10/31/23		27.01			0.19			3.10			3.29			(0.07	)		-			(0.07	)		30.23			12.17			7,317			2.08			2.09			0.61			11
Year ended 10/31/22		40.94			0.11			(12.54	)		(12.43	)		-			(1.50	)		(1.50	)		27.01			(31.40	)		7,696			2.14			2.14			0.31			17
Year ended 10/31/21		37.38			(0.06	)		5.45			5.39			(0.06	)		(1.77	)		(1.83	)		40.94			14.35			15,632			2.06			2.06			(0.14	)		19
Year ended 10/31/20		35.83			0.00			1.71			1.71			(0.16	)		-			(0.16	)		37.38			4.78			16,812			2.12			2.13			0.01			33
Year ended 10/31/19		29.64			0.28			6.05			6.33			(0.14	)		-			(0.14	)		35.83			21.48			22,941			2.12			2.13			0.87			7
Class Y
Six months ended 04/30/24		31.03			0.07			1.57			1.64			(0.59	)		-			(0.59	)		32.08			5.28			544,691			1.17	(d)		1.17	(d)		0.42	(d)		11
Year ended 10/31/23		27.78			0.52			3.18			3.70			(0.45	)		-			(0.45	)		31.03			13.30			537,072			1.08			1.09			1.61			11
Year ended 10/31/22		42.00			0.44			(12.84	)		(12.40	)		(0.32	)		(1.50	)		(1.82	)		27.78			(30.71	)		591,206			1.14			1.14			1.31			17
Year ended 10/31/21		38.32			0.37			5.58			5.95			(0.50	)		(1.77	)		(2.27	)		42.00			15.50			1,062,846			1.06			1.06			0.86			19
Year ended 10/31/20		36.85			0.36			1.78			2.14			(0.67	)		-			(0.67	)		38.32			5.82			1,015,412			1.12			1.13			1.01			33
Year ended 10/31/19		30.60			0.63			6.18			6.81			(0.56	)		-			(0.56	)		36.85			22.69			968,060			1.12			1.13			1.87			7
Class R5
Six months ended 04/30/24		30.93			0.08			1.57			1.65			(0.61	)		-			(0.61	)		31.97			5.33			152,487			1.10	(d)		1.10	(d)		0.49	(d)		11
Year ended 10/31/23		27.70			0.54			3.17			3.71			(0.48	)		-			(0.48	)		30.93			13.36			137,177			1.03			1.04			1.66			11
Year ended 10/31/22		41.88			0.46			(12.80	)		(12.34	)		(0.34	)		(1.50	)		(1.84	)		27.70			(30.68	)		135,693			1.07			1.07			1.38			17
Year ended 10/31/21		38.22			0.39			5.57			5.96			(0.53	)		(1.77	)		(2.30	)		41.88			15.56			215,122			1.02			1.02			0.90			19
Year ended 10/31/20		36.76			0.39			1.77			2.16			(0.70	)		-			(0.70	)		38.22			5.90			182,631			1.05			1.06			1.08			33
Year ended 10/31/19		30.55			0.66			6.16			6.82			(0.61	)		-			(0.61	)		36.76			22.79			250,287			1.03			1.04			1.96			7
Class R6
Six months ended 04/30/24		30.92			0.09			1.57			1.66			(0.64	)		-			(0.64	)		31.94			5.34			393,389			1.03	(d)		1.03	(d)		0.56	(d)		11
Year ended 10/31/23		27.70			0.56			3.16			3.72			(0.50	)		-			(0.50	)		30.92			13.42			453,850			0.96			0.97			1.73			11
Year ended 10/31/22		41.89			0.48			(12.79	)		(12.31	)		(0.38	)		(1.50	)		(1.88	)		27.70			(30.60	)		447,141			1.00			1.00			1.45			17
Year ended 10/31/21		38.22			0.42			5.58			6.00			(0.56	)		(1.77	)		(2.33	)		41.89			15.67			741,346			0.93			0.93			0.99			19
Year ended 10/31/20		36.76			0.42			1.76			2.18			(0.72	)		-			(0.72	)		38.22			5.96			497,383			0.96			0.97			1.17			33
Year ended 10/31/19		30.55			0.68			6.16			6.84			(0.63	)		-			(0.63	)		36.76			22.88			383,400			0.97			0.98			2.02			7

^(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)  Annualized.

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

11 Invesco EQV Emerging Markets All Cap Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

 Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

 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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

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

12 Invesco EQV Emerging Markets All Cap Fund

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

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

 The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

13 Invesco EQV Emerging Markets All Cap Fund

compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

 The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, the Fund paid the Adviser $1,037 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

 The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

L. Other Risks - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $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%

14 Invesco EQV Emerging Markets All Cap Fund

 For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.89%.

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

 The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, 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 “boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

 Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2024, the Adviser waived advisory fees of $39,082.

 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, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

 The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, 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 Plans 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, 2024, 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, 2024, IDI advised the Fund that IDI retained $10,402 in front-end sales commissions from the sale of Class A shares and $278 and $1,599 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

 For the six months ended April 30, 2024, the Fund incurred $3,034 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. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

 The following is a summary of the tiered valuation input levels, as of April 30, 2024. 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.

15 Invesco EQV Emerging Markets All Cap Fund

	Level 1		Level 2		Level 3		Total
Investments in Securities
Brazil	$	147,089,110	$	–		$ –	$	147,089,110
China		12,165,753		283,870,914		–		296,036,667
Egypt		–		19,310,304		–		19,310,304
France		–		45,473,307		–		45,473,307
Hong Kong		–		26,531,736		–		26,531,736
Hungary		–		61,833,737		–		61,833,737
India		82,727,171		58,654,445		–		141,381,616
Indonesia		–		88,420,144		–		88,420,144
Macau		–		11,849,882		–		11,849,882
Malaysia		–		13,553,530		–		13,553,530
Mexico		108,031,024		–		–		108,031,024
Nigeria		–		10,768,611		–		10,768,611
Philippines		–		103,573,449		–		103,573,449
Poland		–		16,600,890		–		16,600,890
Russia		–		–		46		46
South Africa		–		19,473,056		–		19,473,056
South Korea		–		76,749,317		–		76,749,317
Taiwan		–		174,211,855		–		174,211,855
Thailand		–		49,678,203		–		49,678,203
United Arab Emirates		–		42,307,501		–		42,307,501
Money Market Funds		33,061,821		12,325,639		–		45,387,460
Total Investments	$	383,074,879	$	1,115,186,520		$46	$	1,498,261,445

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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $12,251.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–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 carryforward 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, 2023, as follows:

Capital Loss Carryforward*

Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$26,272,207	$30,763,191	$57,035,398

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

16 Invesco EQV Emerging Markets All Cap Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $161,764,577 and $244,564,649, 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	$404,433,442
Aggregate unrealized (depreciation) of investments	(177,569,545	)
Net unrealized appreciation of investments	$226,863,897

 Cost of investments for tax purposes is $1,271,397,548.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		524,737		$	17,176,604			1,100,674		$	36,106,080
Class C		15,657			499,594			68,980			2,230,913
Class Y		2,257,972			73,981,483			3,771,516			123,924,186
Class R5		738,585			24,083,829			895,431			29,696,138
Class R6		1,230,013			40,067,081			2,516,875			82,665,320
Issued as reinvestment of dividends:
Class A		187,373			6,055,889			136,327			4,286,113
Class C		1,601			50,819			523			16,142
Class Y		257,136			8,297,773			128,048			4,020,698
Class R5		79,094			2,542,876			72,195			2,258,275
Class R6		259,099			8,322,270			240,455			7,514,208
Automatic conversion of Class C shares to Class A shares:
Class A		17,586			572,804			40,754			1,334,227
Class C		(17,946	)		(572,804	)		(41,677	)		(1,334,227	)
Reacquired:
Class A		(1,279,356	)		(41,881,448	)		(2,409,540	)		(79,019,416	)
Class C		(45,425	)		(1,456,241	)		(70,648	)		(2,243,376	)
Class Y		(2,844,379	)		(92,811,836	)		(7,869,136	)		(256,812,594	)
Class R5		(482,625	)		(15,747,270	)		(1,430,461	)		(46,149,250	)
Class R6		(3,851,523	)		(126,781,565	)		(4,221,896	)		(137,714,060	)
Net increase (decrease) in share activity		(2,952,401	)	$	(97,600,142	)		(7,071,580	)	$	(229,220,623	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17 Invesco EQV Emerging Markets All Cap 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, 2023 through April 30, 2024.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (11/01/23)	Ending  Account Value  (04/30/24)1	Expenses   Paid During   Period2	Ending  Account Value  (04/30/24)	Expenses   Paid During   Period2	Annualized   Expense Ratio
Class A	$1,000.00	$1,051.70	$7.24	$1,017.80	$7.12	1.42%
Class C	1,000.00	1,047.50	11.05	1,014.07	10.87	2.17
Class Y	1,000.00	1,052.80	5.97	1,019.05	5.87	1.17
Class R5	1,000.00	1,053.30	5.62	1,019.39	5.52	1.10
Class R6	1,000.00	1,053.40	5.26	1,019.74	5.17	1.03

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

18 Invesco EQV Emerging Markets All Cap Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

				Votes
	Matter	Votes For		Against/Withheld
(1)*	Beth Ann Brown	2,249,378,619.33		41,629,442.71
	Carol Deckbar	2,246,234,264.52		44,773,797.52
	Cynthia Hostetler	2,239,884,066.77		51,123,995.27
	Dr. Eli Jones	2,247,948,469.91		43,059,592.13
	Elizabeth Krentzman	2,249,230,311.83		41,777,750.22
	Jeffrey H. Kupor	2,246,969,783.10		44,038,278.94
	Anthony J. LaCava, Jr.	2,248,588,977.62		42,419,084.42
	James Liddy	2,247,297,130.55		43,710,931.50
	Dr. Prema Mathai-Davis	2,240,956,129.31		50,051,932.73
	Joel W. Motley	2,243,008,410.57		47,999,651.47
	Teresa M. Ressel	2,248,731,273.34		42,276,788.70
	Douglas Sharp	2,248,447,243.22		42,560,818.83
	Robert C. Troccoli	2,246,647,253.82		44,360,808.22
	Daniel S. Vandivort	2,247,577,966.04		43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

19 Invesco EQV Emerging Markets All Cap Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders April 30, 2024

Invesco Emerging Markets Local Debt Fund

Nasdaq:

A: OEMAX ∎ C: OEMCX ∎ R: OEMNX ∎ Y: OEMYX ∎ R5: EMLDX ∎ R6: OEMIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
15	Financial Statements
18	Financial Highlights
19	Notes to Financial Statements
29	Fund Expenses
30	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

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

Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, 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	3.49	%
Class C Shares	3.11
Class R Shares	3.36
Class Y Shares	3.43
Class R5 Shares	3.43
Class R6 Shares	3.62
Bloomberg Global Aggregate ex-US Index ▼*	3.92
JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index▼*	4.07
Source(s): ▼RIMES Technologies Corp.
*Effective February 28, 2024, the Fund changed its broad-based securities market benchmark from the JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index to the Bloomberg Global Aggregate ex-US Index to reflect that the Bloomberg Global Aggregate ex-US Index can be considered more broadly representative of the overall applicable securities market. The Bloomberg Global Aggregate ex-US Index is an unmanaged index considered representative of bonds of foreign countries.  The JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index is a comprehensive global local emerging markets index comprising liquid, fixed-rate, domestic currency government bonds.  The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).  A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

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 Local Debt Fund

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (6/30/10)	0.77	%
10 Years	-0.24
5 Years	-0.88
1 Year	-3.36
Class C Shares
Inception (6/30/10)	0.64	%
10 Years	-0.45
5 Years	-0.81
1 Year	-0.88
Class R Shares
Inception (6/30/10)	0.80	%
10 Years	-0.10
5 Years	-0.31
1 Year	0.57
Class Y Shares
Inception (6/30/10)	1.35	%
10 Years	0.45
5 Years	0.19
1 Year	1.08
Class R5 Shares
10 Years	0.33	%
5 Years	0.28
1 Year	1.08
Class R6 Shares
Inception (9/28/12)	0.08	%
10 Years	0.54
5 Years	0.31
1 Year	1.26

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

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

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

 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 Emerging Markets Local Debt Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Emerging Markets Local Debt Fund

Schedule of Investments

April 30, 2024

(Unaudited)

	Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–88.27%(a)
Brazil–3.61%
Brazil Notas do Tesouro Nacional,
Series B, 6.00%, 05/15/2045	BRL	1,000,000	$	780,971
Series F, 10.00%, 01/01/2027	BRL	13,000,000		2,446,309
				3,227,280
Chile–1.51%
Bonos de la Tesoreria de la Republica en pesos, 2.30%, 10/01/2028(b)	CLP	1,500,000,000		1,347,672
China–1.57%
China Development Bank,
Series 2315, 2.69%, 09/11/2033	CNY	10,000,000		1,406,113
Colombia–13.50%
Colombian TES,
Series B, 5.75%, 11/03/2027	COP	24,000,000,000		5,370,695
Series B, 6.00%, 04/28/2028	COP	19,465,000,000		4,330,402
Series B, 7.25%, 10/26/2050	COP	6,300,000,000		1,086,511
PA Autopista Rio Magdalena, 6.05%, 06/15/2036(b)	COP	6,500,000,000		1,297,383
				12,084,991
Czech Republic–3.07%
Czech Republic Government Bond,
Series 105, 2.75%, 07/23/2029	CZK	30,000,000		1,186,380
Series 125, 1.50%, 04/24/2040	CZK	27,000,000		771,537
Series 78, 2.50%, 08/25/2028(b)	CZK	20,000,000		792,509
				2,750,426
Egypt–2.08%
Egypt Government Bond,
0.00%, 09/30/2025(c)	EGP	55,000,000		831,987
Egypt Treasury Bills,
Series 364D, 25.95%, 03/04/2025(d)	EGP	17,775,000		306,157
Series 364D, 30.50%, 03/11/2025(d)	EGP	30,000,000		514,624
Series 364D, 26.05%, 03/18/2025(d)	EGP	9,100,000		155,473
Series 364D, 26.10%, 03/25/2025(d)	EGP	3,125,000		53,176
				1,861,417
India–2.69%
India Government Bond, 7.32%, 11/13/2030	INR	200,000,000		2,411,716

	Principal Amount		Value
Indonesia–8.84%
Indonesia Treasury Bond,
Series FR82, 7.00%, 09/15/2030	IDR	15,000,000,000	$	913,414
Series FR91, 6.38%, 04/15/2032	IDR	23,000,000,000		1,347,991
Series FR92, 7.13%, 06/15/2042	IDR	13,000,000,000		790,759
Series FR95, 6.38%, 08/15/2028	IDR	35,000,000,000		2,094,108
Series FR96, 7.00%, 02/15/2033	IDR	45,000,000,000		2,763,612
				7,909,884
Malaysia–7.74%
Malaysia Government Bond,
Series 115, 3.96%, 09/15/2025	MYR	7,000,000		1,476,356
Series 118, 3.88%, 03/14/2025	MYR	1,550,000		326,162
Series 119, 3.91%, 07/15/2026	MYR	2,000,000		422,305
Series 122, 3.58%, 07/15/2032	MYR	5,000,000		1,018,015
Series 219, 3.89%, 08/15/2029	MYR	11,000,000		2,315,166
Series 310, 4.50%, 04/15/2030	MYR	4,000,000		864,906
Series 519, 3.76%, 05/22/2040	MYR	2,500,000		499,574
				6,922,484
Mexico–4.62%
Mexican Bonos,
Series M, 7.00%, 09/03/2026	MXN	10,000,000		540,910
Series M, 8.50%, 03/01/2029	MXN	64,000,000		3,516,334
Red de Carreteras de Occidente S.A.B. de C.V., 9.00%, 06/10/2028(b)	MXN	1,449,000		80,951
				4,138,195
Peru–4.41%
Peru Government Bond, 6.15%, 08/12/2032	PEN	13,575,000		3,406,814
Peruvian Government International Bond, 6.95%, 08/12/2031(b)	PEN	2,000,000		537,539
				3,944,353

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

5 Invesco Emerging Markets Local Debt Fund

		Principal Amount		Value
Poland–10.70%
Republic of Poland Government Bond,
Series 0727, 2.50%, 07/25/2027	PLN		6,000,000	$	1,354,974
Series 1026, 0.25%, 10/25/2026	PLN		18,000,000		3,927,083
Series 432, 1.75%, 04/25/2032	PLN		8,000,000		1,484,477
Series 527, 3.75%, 05/25/2027	PLN		6,000,000		1,412,206
Series 726, 2.50%, 07/25/2026	PLN		6,000,000		1,393,435
					9,572,175
Romania–4.63%
Romania Government Bond,
2.50%, 10/25/2027	RON		9,000,000		1,710,403
8.75%, 10/30/2028	RON		2,000,000		465,623
5.00%, 02/12/2029	RON		5,000,000		1,007,212
4.85%, 07/25/2029	RON		4,800,000		957,717
					4,140,955
South Africa–9.88%
Republic of South Africa Government Bond,
Series 2032, 8.25%, 03/31/2032	ZAR		45,000,000		1,990,197
Series 2037, 8.50%, 01/31/2037	ZAR		55,000,000		2,185,243
Series 2040, 9.00%, 01/31/2040	ZAR		50,000,000		1,985,522
Series R209, 6.25%, 03/31/2036	ZAR		10,000,000		334,755
Series R-213, 7.00%, 02/28/2031	ZAR		55,000,000		2,347,280
					8,842,997
Supranational–4.79%
Corp. Andina de Fomento, 7.50%, 06/10/2030(b)	MXN		15,000,000		713,737
European Bank for Reconstruction and Development,
7.00%, 11/29/2024	VND		10,000,000,000		400,920
0.00%, 11/10/2030(c)	TRY		60,000,000		142,283
European Investment Bank, 2.75%, 08/25/2026(b)	PLN		8,000,000		1,853,608

		Principal Amount		Value
Supranational–(continued)
International Bank for Reconstruction & Development,
6.85%, 04/24/2028	INR		45,000,000	$	533,369
6.50%, 04/17/2030	INR		50,000,000		577,099
International Finance Corp., 0.00%, 02/15/2029(b)(c)	TRY		7,300,000		65,031
					4,286,047
Thailand–4.63%
Thailand Government Bond,
1.00%, 06/17/2027	THB		20,000,000		516,736
2.88%, 12/17/2028	THB		80,000,000		2,191,050
2.00%, 12/17/2031	THB		5,000,000		128,558
3.78%, 06/25/2032	THB		45,000,000		1,306,334
					4,142,678
Total Non-U.S. Dollar Denominated Bonds & Notes
(Cost $82,120,352)					78,989,383
U.S. Dollar Denominated Bonds & Notes–0.12%
United States–0.12%
U.S. International Development Finance Corp., Series 4, 3.13%, 04/15/2028 (Cost $120,000)		$	120,000		112,547
			Shares
Money Market Funds–5.62%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(e)(f)			1,759,009		1,759,009
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(e)(f)			1,256,026		1,256,403
Invesco Treasury Portfolio, Institutional Class, 5.22%(e)(f)			2,010,297		2,010,297
Total Money Market Funds (Cost $5,025,759)					5,025,709
Options Purchased–0.35%
(Cost $611,889)(g)					316,540
TOTAL INVESTMENTS IN SECURITIES–94.36% (Cost $87,878,000)					84,444,179
OTHER ASSETS LESS LIABILITIES–5.64%					5,043,905
NET ASSETS–100.00%				$	89,488,084

Investment Abbreviations:

BRL	– Brazilian Real
CLP	– Chile Peso
CNY	– Chinese Yuan Renminbi
COP	– Colombia Peso
CZK	– Czech Koruna
EGP	– Egypt Pound
IDR	– Indonesian Rupiah
INR	– Indian Rupee
MXN	– Mexican Peso
MYR	– Malaysian Ringgit
PEN	– Peruvian Sol
PLN	– Polish Zloty
RON	– Romania New Leu
THB	– Thai Baht
TRY	– Turkish Lira
VND	– Viet Nam Dong
ZAR	– South African Rand

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

6 Invesco Emerging Markets Local Debt Fund

Notes to Schedule of Investments:

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

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $6,688,430, which represented 7.47% of the Fund’s Net Assets.

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

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

^(e)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	5,607,369		$	12,449,371		$	(16,297,731	)		$	-		$	-		$	1,759,009	$40,078
Invesco Liquid Assets Portfolio, Institutional Class			4,005,509			8,892,408			(11,641,235	)			(204)			(75)			1,256,403	29,365
Invesco Treasury Portfolio, Institutional Class			6,408,422			14,227,853			(18,625,978	)			-			-			2,010,297	45,538
Total		$	16,021,300		$	35,569,632		$	(46,564,944	)		$	(204)		$	(75)		$	5,025,709	$114,981

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

^(g)  The table below details options purchased.

Open Over-The-Counter Foreign Currency Options Purchased(a)
Description	Type of Contract		Counterparty	Expiration Date		Exercise Price			Notional Value		Value
Currency Risk
USD versus CNH		Call	Deutsche Bank AG		09/05/2024		CNH	7.25	USD	3,330,000	$ 25,435
USD versus CNH		Call	Deutsche Bank AG		11/06/2024		CNH	7.35	USD	3,400,000	20,488
Subtotal – Foreign Currency Call Options Purchased											45,923
Currency Risk
CNH versus INR		Put	Deutsche Bank AG		07/31/2024		INR	11.55	CNH	25,200,000	22,978
CNH versus INR		Put	Morgan Stanley and Co. International PLC		09/11/2024		INR	11.40	CNH	10,000,000	5,315
EUR versus CZK		Put	Deutsche Bank AG		06/26/2024		CZK	25.00	EUR	3,100,000	9,157
EUR versus KRW		Put	Merrill Lynch International		05/20/2024		KRW	1,420.00	EUR	4,000,000	337
EUR versus MXN		Put	Deutsche Bank AG		07/05/2024		MXN	17.70	EUR	5,350,000	10,962
EUR versus MXN		Put	Merrill Lynch International		08/15/2024		MXN	17.85	EUR	4,000,000	18,945
EUR versus PLN		Put	Deutsche Bank AG		06/03/2024		PLN	4.30	EUR	4,220,000	15,119
EUR versus PLN		Put	Deutsche Bank AG		06/14/2024		PLN	4.26	EUR	6,625,000	11,411
USD versus BRL		Put	Morgan Stanley and Co. International PLC		07/18/2024		BRL	5.15	USD	3,100,000	38,958
USD versus CLP		Put	Deutsche Bank AG		06/06/2024		CLP	920.00	USD	4,000,000	13,308
USD versus COP		Put	Merrill Lynch International		07/19/2024		COP	3,870.00	USD	2,700,000	29,654
USD versus COP		Put	Morgan Stanley and Co. International PLC		05/28/2024		COP	3,900.00	USD	2,700,000	22,372
USD versus TRY		Put	Merrill Lynch International		09/25/2024		TRY	36.75	USD	2,500,000	61,398
USD versus TRY		Put	Merrill Lynch International		11/29/2024		TRY	35.00	USD	1,775,000	10,703
Subtotal – Foreign Currency Put Options Purchased											270,617
Total Foreign Currency Options Purchased											$316,540

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $270,000.

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

7 Invesco Emerging Markets Local Debt Fund

Open Over-The-Counter Foreign Currency Options Written(a)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

Currency Risk

CNH versus INR

Call

Morgan Stanley and Co. International PLC

09/11/2024

INR

12.00

CNH

10,000,000

$

(4,172

)

EUR versus BRL

Call

Merrill Lynch International

06/13/2024

BRL

5.68

EUR

3,400,000

(27,765

)

EUR versus BRL

Call

Merrill Lynch International

07/09/2024

BRL

5.65

EUR

3,140,000

(46,046

)

EUR versus BRL

Call

Morgan Stanley and Co. International PLC

05/15/2024

BRL

5.67

EUR

3,340,000

(8,505

)

EUR versus COP

Call

Merrill Lynch International

06/06/2024

COP

4,500.00

EUR

3,350,000

(6,996

)

EUR versus COP

Call

Morgan Stanley and Co. International PLC

05/15/2024

COP

4,720.00

EUR

3,340,000

(68

)

EUR versus COP

Call

Morgan Stanley and Co. International PLC

08/02/2024

COP

4,670.00

EUR

1,700,000

(7,600

)

USD versus ZAR

Call

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

10/21/2024

ZAR

21.50

USD

4,000,000

(37,616

)

Subtotal – Foreign Currency Call Options Written

(138,768

)

Currency Risk

CNH versus INR

Put

Deutsche Bank AG

07/31/2024

INR

11.40

CNH

37,800,000

(14,138

)

EUR versus BRL

Put

Merrill Lynch International

06/13/2024

BRL

5.23

EUR

3,400,000

(1,168

)

EUR versus BRL

Put

Merrill Lynch International

07/09/2024

BRL

5.30

EUR

3,140,000

(5,945

)

EUR versus BRL

Put

Morgan Stanley and Co. International PLC

05/15/2024

BRL

5.17

EUR

3,340,000

(18

)

EUR versus COP

Put

Merrill Lynch International

06/06/2024

COP

4,200.00

EUR

3,350,000

(41,979

)

EUR versus COP

Put

Morgan Stanley and Co. International PLC

05/15/2024

COP

4,100.00

EUR

3,340,000

(4,780

)

EUR versus COP

Put

Morgan Stanley and Co. International PLC

08/02/2024

COP

4,200.00

EUR

1,700,000

(28,175

)

EUR versus KRW

Put

Merrill Lynch International

05/20/2024

KRW

1,390.00

EUR

5,335,000

(51

)

EUR versus MXN

Put

Deutsche Bank AG

07/05/2024

MXN

17.40

EUR

6,690,000

(4,512

)

EUR versus MXN

Put

Merrill Lynch International

08/15/2024

MXN

17.35

EUR

5,350,000

(6,572

)

EUR versus PLN

Put

Deutsche Bank AG

06/03/2024

PLN

4.23

EUR

4,925,000

(2,633

)

EUR versus PLN

Put

Deutsche Bank AG

06/14/2024

PLN

4.21

EUR

7,950,000

(3,699

)

USD versus BRL

Put

Morgan Stanley and Co. International PLC

07/18/2024

BRL

5.00

USD

4,650,000

(18,949

)

USD versus CLP

Put

Deutsche Bank AG

06/06/2024

CLP

900.00

USD

5,350,000

(6,281

)

USD versus COP

Put

Merrill Lynch International

07/19/2024

COP

3,700.00

USD

4,050,000

(9,768

)

USD versus COP

Put

Morgan Stanley and Co. International PLC

05/28/2024

COP

3,750.00

USD

4,050,000

(3,402

)

USD versus TRY

Put

Merrill Lynch International

09/25/2024

TRY

34.50

USD

2,500,000

(17,685

)

Subtotal – Foreign Currency Put Options Written

(169,755

)

Total – Foreign Currency Options Written

$

(308,523

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $270,000.

Open Forward Foreign Currency Contracts
Settlement		Contract to					Unrealized  Appreciation
Date	Counterparty	Deliver		Receive			(Depreciation)
Currency Risk
06/20/2024	Barclays Bank PLC	IDR	1,778,980,000	USD	109,301	$	48
06/20/2024	BNP Paribas S.A.	COP	153,060,000	USD	38,895		164
06/20/2024	BNP Paribas S.A.	IDR	3,197,660,000	USD	202,668		6,289
06/20/2024	BNP Paribas S.A.	MXN	3,690,000	USD	220,435		6,673
06/20/2024	Citibank, N.A.	MXN	3,615,000	USD	209,498		81
06/21/2024	Citibank, N.A.	CLP	247,280,000	USD	260,018		2,570
05/03/2024	Deutsche Bank AG	BRL	140,000	USD	27,070		108
05/13/2024	Deutsche Bank AG	USD	726,522	MXN	12,475,400		570

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

8 Invesco Emerging Markets Local Debt Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to					Unrealized  Appreciation
Date	Counterparty	Deliver		Receive			(Depreciation)
05/28/2024	Deutsche Bank AG	USD	172,250	MXN	3,020,000	$	3,341
06/05/2024	Deutsche Bank AG	PLN	1,852,580	USD	463,145		6,597
06/20/2024	Deutsche Bank AG	HUF	38,380,000	USD	106,181		1,792
06/20/2024	Deutsche Bank AG	MXN	7,935,140	USD	465,214		5,530
06/20/2024	Deutsche Bank AG	PEN	7,740,923	USD	2,102,379		47,332
06/20/2024	Deutsche Bank AG	RON	7,010,070	USD	1,540,980		38,657
06/20/2024	Deutsche Bank AG	USD	562,386	ZAR	10,852,000		11,966
06/20/2024	Deutsche Bank AG	ZAR	542,808	USD	28,963		235
06/28/2024	Deutsche Bank AG	CZK	23,445,300	USD	1,001,080		6,049
07/22/2024	Deutsche Bank AG	PLN	2,500,000	USD	618,742		2,986
05/03/2024	Goldman Sachs International	BRL	25,331,854	USD	4,898,799		20,346
06/05/2024	Goldman Sachs International	EUR	980,000	USD	1,071,112		23,871
06/20/2024	Goldman Sachs International	INR	212,622,000	USD	2,558,905		16,457
06/20/2024	Goldman Sachs International	PLN	740,000	USD	184,091		1,759
06/20/2024	Goldman Sachs International	THB	6,300,000	USD	172,094		1,457
06/20/2024	Goldman Sachs International	USD	19,286	COP	76,620,000		102
06/20/2024	HSBC Bank USA	PLN	19,374,081	USD	4,945,080		171,408
05/28/2024	J.P. Morgan Chase Bank, N.A.	USD	952,755	MXN	16,397,574		647
06/20/2024	J.P. Morgan Chase Bank, N.A.	BRL	1,210,000	USD	238,270		6,309
06/20/2024	J.P. Morgan Chase Bank, N.A.	CZK	4,200,000	USD	180,357		2,121
06/20/2024	J.P. Morgan Chase Bank, N.A.	EUR	136,000	USD	148,167		2,739
06/20/2024	J.P. Morgan Chase Bank, N.A.	HUF	24,110,000	USD	66,031		455
06/20/2024	J.P. Morgan Chase Bank, N.A.	IDR	1,977,360,000	USD	121,518		81
06/20/2024	J.P. Morgan Chase Bank, N.A.	KRW	518,737,500	USD	386,066		10,915
06/20/2024	J.P. Morgan Chase Bank, N.A.	PLN	960,000	USD	242,752		6,213
06/20/2024	J.P. Morgan Chase Bank, N.A.	RON	260,000	USD	56,725		1,004
06/20/2024	J.P. Morgan Chase Bank, N.A.	THB	18,450,000	USD	504,038		4,317
06/20/2024	J.P. Morgan Chase Bank, N.A.	USD	2,783,839	CNY	19,900,000		13,196
07/22/2024	J.P. Morgan Chase Bank, N.A.	USD	700,000	PLN	3,110,800		66,197
05/28/2024	Merrill Lynch International	MXN	15,001,350	USD	910,000		37,779
06/20/2024	Merrill Lynch International	KRW	635,500,000	USD	460,334		740
06/20/2024	Merrill Lynch International	USD	30,546	ZAR	580,000		151
05/03/2024	Morgan Stanley and Co. International PLC	BRL	1,526,300	USD	295,120		1,182
06/20/2024	Morgan Stanley and Co. International PLC	IDR	3,397,260,000	USD	210,637		2,000
06/20/2024	Morgan Stanley and Co. International PLC	INR	51,943,750	USD	626,198		5,076
06/20/2024	Morgan Stanley and Co. International PLC	MXN	2,100,000	USD	122,826		1,173
06/20/2024	Morgan Stanley and Co. International PLC	PEN	3,490,000	USD	942,988		16,469
06/20/2024	Morgan Stanley and Co. International PLC	ZAR	3,900,000	USD	207,393		981
06/21/2024	Morgan Stanley and Co. International PLC	CLP	1,006,120,000	USD	1,061,235		13,741
06/21/2024	Morgan Stanley and Co. International PLC	USD	964,765	CLP	937,423,000		11,208
06/20/2024	Standard Chartered Bank PLC	IDR	3,514,690,000	USD	221,064		5,215
06/20/2024	Standard Chartered Bank PLC	MYR	1,390,000	USD	294,223		3,409
06/20/2024	Standard Chartered Bank PLC	PEN	1,480,000	USD	399,968		7,060
06/20/2024	Standard Chartered Bank PLC	USD	1,019,050	RON	4,773,000		3,848
06/20/2024	Standard Chartered Bank PLC	ZAR	4,513,192	USD	240,688		1,823
09/18/2024	Standard Chartered Bank PLC	USD	609,737	TRY	23,730,000		21,359
06/20/2024	UBS AG	RON	260,000	USD	56,780		1,060
Subtotal–Appreciation							624,856
Currency Risk
05/03/2024	Barclays Bank PLC	BRL	270,000	USD	51,872		(125	)

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

9 Invesco Emerging Markets Local Debt Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to					Unrealized  Appreciation
Date	Counterparty	Deliver		Receive			(Depreciation)
05/03/2024	Barclays Bank PLC	USD	52,206	BRL	270,000	$	(209	)
06/20/2024	Barclays Bank PLC	MXN	1,250,000	USD	72,254		(158	)
06/20/2024	Barclays Bank PLC	RON	300,000	USD	64,121		(171	)
06/20/2024	BNP Paribas S.A.	INR	7,210,000	USD	86,202		(13	)
05/03/2024	Citibank, N.A.	BRL	9,730,000	USD	1,844,970		(28,851	)
05/03/2024	Citibank, N.A.	USD	1,881,357	BRL	9,730,000		(7,536	)
05/28/2024	Citibank, N.A.	USD	210,295	MXN	3,615,436		(84	)
06/20/2024	Citibank, N.A.	CNY	370,000	USD	51,619		(386	)
06/20/2024	Citibank, N.A.	COP	2,055,923,193	USD	518,237		(2,000	)
06/21/2024	Citibank, N.A.	CLP	521,625,000	USD	541,335		(1,740	)
05/03/2024	Deutsche Bank AG	USD	27,743	BRL	140,000		(781	)
06/05/2024	Deutsche Bank AG	USD	463,145	EUR	422,000		(12,191	)
06/20/2024	Deutsche Bank AG	COP	23,290,571,807	USD	5,860,038		(33,482	)
06/20/2024	Deutsche Bank AG	HUF	34,310,000	USD	92,443		(876	)
06/20/2024	Deutsche Bank AG	USD	284,363	COP	1,082,020,000		(10,566	)
06/20/2024	Deutsche Bank AG	USD	449,611	EUR	410,000		(11,187	)
06/20/2024	Deutsche Bank AG	USD	2,506,059	IDR	39,115,816,382		(103,825	)
06/20/2024	Deutsche Bank AG	USD	7	KRW	8,708		(0	)
06/20/2024	Deutsche Bank AG	USD	4,869,841	MXN	82,651,944		(81,803	)
06/20/2024	Deutsche Bank AG	USD	994,098	PLN	4,000,209		(8,467	)
06/20/2024	Deutsche Bank AG	USD	214,603	RON	990,000		(2,437	)
06/20/2024	Deutsche Bank AG	USD	2,917,583	THB	103,440,879		(115,872	)
06/20/2024	Deutsche Bank AG	ZAR	3,530,000	USD	185,983		(846	)
06/21/2024	Deutsche Bank AG	CLP	504,630,000	USD	509,367		(16,014	)
06/21/2024	Deutsche Bank AG	USD	91,803	CLP	86,680,000		(1,558	)
06/28/2024	Deutsche Bank AG	USD	1,001,080	EUR	930,000		(6,254	)
07/22/2024	Deutsche Bank AG	PLN	450,000	USD	101,928		(8,908	)
11/08/2024	Deutsche Bank AG	USD	612,000	CNY	4,326,840		(3,075	)
05/03/2024	Goldman Sachs International	USD	5,022,197	BRL	25,331,854		(143,744	)
06/04/2024	Goldman Sachs International	USD	1,486,359	BRL	7,699,077		(7,714	)
06/20/2024	Goldman Sachs International	USD	1,539,202	CZK	36,186,000		(3,570	)
06/20/2024	Goldman Sachs International	USD	225,034	EUR	210,000		(476	)
06/20/2024	Goldman Sachs International	USD	783,556	MXN	13,160,000		(21,195	)
06/20/2024	Goldman Sachs International	USD	243,044	PLN	969,000		(4,288	)
06/20/2024	Goldman Sachs International	USD	605,948	THB	22,105,000		(7,231	)
06/20/2024	Goldman Sachs International	USD	115,447	ZAR	2,169,000		(651	)
06/20/2024	HSBC Bank USA	THB	2,630,000	USD	71,112		(122	)
06/20/2024	HSBC Bank USA	USD	1,063,736	MYR	5,057,000		(5,717	)
06/20/2024	HSBC Bank USA	USD	65,412	PLN	260,000		(1,350	)
06/20/2024	HSBC Bank USA	ZAR	1,090,000	USD	56,779		(911	)
07/22/2024	HSBC Bank USA	USD	93,934	PLN	380,000		(339	)
11/08/2024	HSBC Bank USA	CNY	650,000	USD	90,636		(840	)
05/03/2024	J.P. Morgan Chase Bank, N.A.	BRL	2,620,000	USD	498,354		(6,211	)
05/03/2024	J.P. Morgan Chase Bank, N.A.	USD	506,593	BRL	2,620,000		(2,029	)
05/13/2024	J.P. Morgan Chase Bank, N.A.	EUR	665,000	USD	708,786		(1,181	)
06/04/2024	J.P. Morgan Chase Bank, N.A.	USD	3,920,981	BRL	20,268,000		(28,414	)
06/20/2024	J.P. Morgan Chase Bank, N.A.	CZK	2,030,000	USD	85,227		(920	)
06/20/2024	J.P. Morgan Chase Bank, N.A.	EUR	1,938,300	USD	2,068,509		(4,164	)
06/20/2024	J.P. Morgan Chase Bank, N.A.	MXN	3,240,000	USD	186,662		(1,032	)
06/20/2024	J.P. Morgan Chase Bank, N.A.	USD	1,052,746	EUR	960,000		(26,194	)

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

10 Invesco Emerging Markets Local Debt Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to					Unrealized   Appreciation
Date	Counterparty	Deliver		Receive			(Depreciation)
06/20/2024	J.P. Morgan Chase Bank, N.A.	USD	114,148	IDR	1,799,110,000	$	(3,659	)
06/20/2024	J.P. Morgan Chase Bank, N.A.	USD	31,383	KRW	41,081,141		(1,673	)
06/20/2024	J.P. Morgan Chase Bank, N.A.	USD	1,088,280	MXN	18,360,056		(24,680	)
06/20/2024	J.P. Morgan Chase Bank, N.A.	USD	108,746	RON	500,000		(1,591	)
06/20/2024	J.P. Morgan Chase Bank, N.A.	ZAR	8,622,000	USD	450,893		(5,434	)
06/21/2024	J.P. Morgan Chase Bank, N.A.	USD	1,391,400	CLP	1,320,550,000		(16,546	)
10/23/2024	J.P. Morgan Chase Bank, N.A.	ZAR	15,609,600	USD	800,000		(17,885	)
05/13/2024	Merrill Lynch International	MXN	12,475,400	USD	719,043		(8,048	)
05/13/2024	Merrill Lynch International	USD	719,043	EUR	665,000		(9,076	)
05/28/2024	Merrill Lynch International	MXN	8,031,660	USD	455,000		(11,983	)
06/20/2024	Merrill Lynch International	USD	18,769	CZK	440,000		(97	)
06/20/2024	Merrill Lynch International	USD	1,872,643	MYR	8,720,900		(48,069	)
06/20/2024	Merrill Lynch International	USD	200,282	ZAR	3,779,000		(275	)
06/21/2024	Merrill Lynch International	USD	1,336,206	CLP	1,267,404,651		(16,683	)
07/23/2024	Merrill Lynch International	COP	820,125,000	USD	202,500		(3,959	)
05/03/2024	Morgan Stanley and Co. International PLC	USD	302,244	BRL	1,526,300		(8,306	)
06/20/2024	Morgan Stanley and Co. International PLC	USD	1,989,087	CZK	46,106,700		(32,447	)
06/20/2024	Morgan Stanley and Co. International PLC	USD	972,680	INR	80,820,000		(6,267	)
06/20/2024	Morgan Stanley and Co. International PLC	USD	1,038,044	KRW	1,372,965,211		(45,114	)
06/20/2024	Morgan Stanley and Co. International PLC	USD	964,462	MXN	16,215,000		(25,125	)
06/20/2024	Morgan Stanley and Co. International PLC	USD	526,683	THB	18,721,121		(19,619	)
06/20/2024	Morgan Stanley and Co. International PLC	USD	10,634	ZAR	200,000		(49	)
07/22/2024	Morgan Stanley and Co. International PLC	BRL	1,923,035	USD	362,700		(4,765	)
06/20/2024	Standard Chartered Bank PLC	USD	3,077,743	HUF	1,122,668,263		(24,219	)
06/20/2024	Standard Chartered Bank PLC	USD	195,380	IDR	3,118,857,000		(3,841	)
06/21/2024	Standard Chartered Bank PLC	USD	11,673	CLP	11,100,000		(116	)
05/06/2024	State Street Bank & Trust Co.	CNH	4,831,849	USD	665,762		(360	)
Subtotal–Depreciation							(1,067,594	)
Total Forward Foreign Currency Contracts						$	(442,738	)

Open Centrally Cleared Interest Rate Swap Agreements(a)

Pay/ Receive Floating Rate

Floating Rate Index

Payment Frequency

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Interest Rate Risk

Pay

28 Day MXN TIIE

28 days

9.97

%

28 days

06/16/2027

MXN

80,000,000

$

–

$

–

$

–

Receive

FBIL Overnight MIBOR Semi-Annually

(6.66

)

Semi-Annually

04/18/2026

INR

450,000,000

–

893

893

Pay

BZDIOVRA

At Maturity

10.93

At Maturity

01/04/2027

BRL

12,119,346

–

1,062

1,062

Pay

6 Month CZK PRIBOR

Semi-Annually

4.58

Annually

07/20/2026

CZK

40,000,000

–

2,617

2,617

Pay

3 Month CZK PRIBOR

Quarterly

5.36

Annually

01/05/2025

CZK

62,500,000

–

2,896

2,896

Receive

6 Month CZK PRIBOR

Semi-Annually

(4.13

)

Annually

04/22/2034

CZK

14,000,000

–

3,471

3,471

Receive

SOFR

Annually

(4.01

)

Annually

11/13/2053

USD

560,000

–

3,703

3,703

Pay

6 Month CZK PRIBOR

Semi-Annually

4.72

Annually

12/20/2025

CZK

117,000,000

–

5,238

5,238

Receive

SOFR

Annually

(3.85

)

Annually

04/01/2034

USD

150,000

–

5,521

5,521

Pay

KWCDC

Quarterly

3.71

Quarterly

11/20/2025

KRW

4,650,000,000

–

5,772

5,772

Pay

3 Month CNRR007

Quarterly

2.08

Quarterly

07/19/2025

CNY

40,000,000

–

6,851

6,851

Pay

3 Month CNRR007

Quarterly

2.44

Quarterly

04/27/2027

CNY

5,000,000

–

8,431

8,431

Pay

KWCDC

Quarterly

3.77

Quarterly

11/17/2025

KRW

4,650,000,000

–

8,795

8,795

Pay

3 Month CNRR007

Quarterly

2.51

Quarterly

07/18/2027

CNY

5,000,000

–

10,414

10,414

Pay

3 Month CZK PRIBOR

Quarterly

6.06

Annually

09/20/2024

CZK

158,700,000

–

14,296

14,296

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

11 Invesco Emerging Markets Local Debt Fund

Open Centrally Cleared Interest Rate Swap Agreements(a)–(continued)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value		Upfront Payments Paid (Received)					Value			Unrealized Appreciation (Depreciation)
Receive	SOFR	Annually		(4.31	)%		Annually		04/12/2029	USD	2,100,000			$	–		$	17,101		$	17,101
Pay	3 Month CNRR007	Quarterly		2.70			Quarterly		11/24/2027	CNY	6,000,000				–			18,680			18,680
Pay	3 Month CNRR007	Quarterly		2.36			Quarterly		04/12/2027	CNY	15,000,000				–			20,515			20,515
Receive	BZDIOVRA	At Maturity		(11.14	)		At Maturity		01/02/2029	BRL	12,341,863				–			23,226			23,226
Receive	SOFR	Annually		(4.04	)		Annually		04/05/2034	USD	1,150,000				–			25,618			25,618
Receive	SOFR	Annually		(3.92	)		Annually		12/01/2033	USD	1,210,000				–			38,208			38,208
Receive	3 Month JIBAR	Quarterly		(8.14	)		Quarterly		11/20/2028	ZAR	30,500,000				–			40,140			40,140
Receive	SOFR	Annually		(3.44	)		Annually		01/09/2054	USD	420,000				–			42,350			42,350
Receive	6 Month WIBOR	Semi-Annually		(4.02	)		Annually		07/18/2027	PLN	11,600,000				–			51,881			51,881
Pay	6 Month BUBOR	Semi-Annually		9.78			Annually		08/04/2027	HUF	300,000,000				–			63,499			63,499
Receive	6 Month WIBOR	Semi-Annually		(4.71	)		Annually		09/22/2033	PLN	5,880,000				–			68,137			68,137
Pay	6 Month BUBOR	Semi-Annually		9.61			Annually		07/27/2027	HUF	389,700,000				–			76,586			76,586
Receive	BZDIOVRA	At Maturity		(10.51	)		At Maturity		01/02/2029	BRL	11,428,031				–			82,393			82,393
Receive	28 Day MXN TIIE	28 days		(8.71	)		28 days		08/12/2033	MXN	27,530,000				–			84,011			84,011
Receive	28 Day MXN TIIE	28 days		(8.48	)		28 days		12/22/2033	MXN	72,900,000				–			85,427			85,427
Receive	3 Month COOVIBR	Quarterly		(7.70	)		Quarterly		07/18/2033	COP	8,950,000,000				–			104,879			104,879
Subtotal – Appreciation															–			922,611			922,611
Interest Rate Risk
Pay	28 Day MXN TIIE	28 days		8.69			28 days		01/19/2029	MXN	69,000,000				–			(162,283	)		(162,283	)
Pay	28 Day MXN TIIE	28 days		8.67			28 days		05/29/2031	MXN	50,000,000				–			(138,199	)		(138,199	)
Pay	BZDIOVRA	At Maturity		9.93			At Maturity		07/01/2026	BRL	34,955,038				–			(120,697	)		(120,697	)
Pay	BZDIOVRA	At Maturity		9.84			At Maturity		01/04/2027	BRL	20,320,980				–			(108,848	)		(108,848	)
Pay	6 Month BUBOR	Semi-Annually		5.74			Annually		02/19/2029	HUF	490,000,000				–			(68,226	)		(68,226	)
Pay	BZDIOVRA	At Maturity		9.93			At Maturity		01/04/2027	BRL	13,271,824				–			(64,732	)		(64,732	)
Pay	BZDIOVRA	At Maturity		10.05			At Maturity		01/04/2027	BRL	13,780,008				–			(58,840	)		(58,840	)
Pay	6 Month WIBOR	Semi-Annually		4.90			Annually		02/19/2027	PLN	17,000,000				–			(56,896	)		(56,896	)
Pay	BZDIOVRA	At Maturity		9.77			At Maturity		01/04/2027	BRL	6,875,269				–			(41,008	)		(41,008	)
Receive	CLICP	Semi-Annually		(6.28	)		Semi-Annually		03/08/2028	CLP	1,117,250,000				–			(40,331	)		(40,331	)
Receive	3 Month CNRR007	Quarterly		(2.82	)		Quarterly		03/23/2028	CNY	10,000,000				–			(38,759	)		(38,759	)
Pay	6 Month CZK PRIBOR	Semi-Annually		3.71			Annually		03/22/2027	CZK	52,750,000				–			(38,662	)		(38,662	)
Pay	BZDIOVRA	At Maturity		10.30			At Maturity		01/04/2027	BRL	12,478,014				–			(36,956	)		(36,956	)
Pay	28 Day MXN TIIE	28 days		9.42			28 days		06/03/2027	MXN	33,900,000				–			(34,659	)		(34,659	)
Pay	6 Month WIBOR	Semi-Annually		4.61			Annually		01/26/2029	PLN	4,700,000				–			(32,092	)		(32,092	)
Pay	TTHORON	Quarterly		2.60			Quarterly		04/24/2033	THB	45,000,000				–			(27,353	)		(27,353	)
Pay	6 Month CZK PRIBOR	Semi-Annually		3.75			Annually		04/05/2029	CZK	31,000,000				–			(26,022	)		(26,022	)
Pay	28 Day MXN TIIE	28 days		9.13			28 days		02/11/2028	MXN	14,000,000				–			(20,052	)		(20,052	)
Pay	6 Month BUBOR	Semi-Annually		6.55			Annually		12/01/2028	HUF	330,000,000				–			(15,536	)		(15,536	)
Pay	FBIL Overnight MIBOR	Semi-Annually		6.31			Semi-Annually		02/14/2029	INR	100,000,000				–			(15,349	)		(15,349	)
Pay	28 Day MXN TIIE	28 days		9.53			28 days		04/18/2029	MXN	31,300,000				–			(14,161	)		(14,161	)
Pay	KWCDC	Quarterly		3.32			Quarterly		04/05/2025	KRW	6,750,000,000				–			(13,766	)		(13,766	)
Pay	BZDIOVRA	At Maturity		10.47			At Maturity		01/02/2026	BRL	34,620,800				–			(13,460	)		(13,460	)
Receive	3 Month COOVIBR	Quarterly		(8.96	)		Quarterly		05/23/2032	COP	1,900,000,000				–			(13,352	)		(13,352	)
Pay	6 Month WIBOR	Semi-Annually		5.06			Annually		03/28/2029	PLN	4,600,000				–			(10,543	)		(10,543	)
Pay	6 Month CZK PRIBOR	Semi-Annually		4.05			Annually		06/26/2026	CZK	28,000,000				–			(10,439	)		(10,439	)
Receive	3 Month JIBAR	Quarterly		(9.03	)		Quarterly		04/16/2029	ZAR	25,000,000				–			(7,102	)		(7,102	)
Receive	3 Month COOVIBR	Quarterly		(8.59	)		Quarterly		05/31/2032	COP	3,215,000,000				–			(5,477	)		(5,477	)
Pay	BZDIOVRA	At Maturity		10.71			At Maturity		01/04/2027	BRL	4,191,368				–			(3,996	)		(3,996	)
Pay	TTHORON	Quarterly		2.86			Quarterly		04/18/2034	THB	26,900,000				–			(3,638	)		(3,638	)
Pay	6 Month CZK PRIBOR	Semi-Annually		4.21			Annually		12/20/2028	CZK	55,900,000				–			(3,193	)		(3,193	)
Receive	6 Month CZK PRIBOR	Semi-Annually		(4.26	)		Annually		08/17/2033	CZK	14,000,000				–			(1,852	)		(1,852	)

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

12 Invesco Emerging Markets Local Debt Fund

Open Centrally Cleared Interest Rate Swap Agreements(a)–(continued)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value		Upfront Payments Paid (Received)					Value			Unrealized Appreciation (Depreciation)
Receive	6 Month CZK PRIBOR	Semi-Annually		(4.22	)%		Annually		04/19/2034	CZK	18,000,000			$	–		$	(1,205	)	$	(1,205	)
Pay	KWCDC	Quarterly		3.50			Quarterly		12/07/2025	KRW	1,000,000,000				–			(1,100	)		(1,100	)
Subtotal–Depreciation															–			(1,248,784	)		(1,248,784	)
Total Centrally Cleared Interest Rate Swap Agreements														$	–		$	(326,173	)	$	(326,173	)

^(a)  Centrally cleared swap agreements collateralized by $1,183,570 cash held with Counterparties.

Open Over-The-Counter Interest Rate Swap Agreements(a)

Counterparty

Pay/ Receive Floating Rate

Floating Rate Index

Payment Frequency

(Pay)/ Received Fixed Rate

Payment Frequency

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Interest Rate Risk

Standard Chartered Bank PLC

Pay

3 Month KLIB

Quarterly

3.58%

Quarterly

05/19/2028

MYR 11,000,000

$

–

$

(15,175)

$

(15,175)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $270,000.

Abbreviations:
BRL	–Brazilian Real
BUBOR	–Budapest Interbank Offered Rate
BZDIOVRA	–Brazil Ceptip DI Interbank Deposit Rate
CLICP	–Sinacofi Chile Interbank Rate Avg (CAMARA)
CLP	–Chile Peso
CNH	–Chinese Renminbi
CNRR007	–China 7-Day Reverse Repo Rate
CNY	–Chinese Yuan Renminbi
COOVIBR	–Colombia IBR Overnight Nominal Interbank Reference Rate
COP	–Colombia Peso
CZK	–Czech Koruna
EUR	–Euro
FBIL	–Financial Benchmarks India Private Ltd.
HUF	–Hungarian Forint
IDR	–Indonesian Rupiah
INR	–Indian Rupee
JIBAR	–Johannesburg Interbank Average Rate
KRW	–South Korean Won
KWCDC	–South Korean Won Certificate of Deposit
MIBOR	–Mumbai Interbank Offered Rate
MXN	–Mexican Peso
MYR	–Malaysian Ringgit
PEN	–Peruvian Sol
PLN	–Polish Zloty
PRIBOR	–Prague Interbank Offerred Rate
RON	–Romania New Leu
SOFR	–Secured Overnight Financing Rate
THB	–Thai Baht
TIIE	–Interbank Equilibrium Interest Rate
TRY	–Turkish Lira
TTHORON	–Thai Overnight Repurchase Rate
USD	–U.S. Dollar
WIBOR	–Warsaw Interbank Offered Rate
ZAR	–South African Rand

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

13 Invesco Emerging Markets Local Debt Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024

Sovereign Debt	80.37	%
Financials	5.27
Other Sectors, Each Less than 2% of Net Assets	3.10
Money Market Funds Plus Other Assets Less Liabilities	11.26

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

14 Invesco Emerging Markets Local Debt Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $82,852,241)	$	79,418,470
Investments in affiliated money market funds, at value (Cost $5,025,759)		5,025,709
Other investments:
Swaps receivable – OTC		332
Unrealized appreciation on forward foreign currency contracts outstanding		624,856
Deposits with brokers:
Cash collateral – centrally cleared swap agreements		1,183,570
Cash collateral – OTC Derivatives		270,000
Cash		446,341
Foreign currencies, at value (Cost $512,384)		520,193
Receivable for:
Investments sold		2,708,493
Fund shares sold		45,208
Dividends		13,240
Interest		1,418,120
Cash segregated as collateral		40,080
Investment for trustee deferred compensation and retirement plans		28,244
Other assets		34,217
Total assets		91,777,073
Liabilities:
Other investments:
Options written, at value (premiums received $688,027)		308,523
Variation margin payable – centrally cleared swap agreements		44,710
Unrealized depreciation on forward foreign currency contracts outstanding		1,067,594
Unrealized depreciation on swap agreements–OTC		15,175
Payable for:
Investments purchased		531,602
Dividends		114,303
Fund shares reacquired		90,386
Accrued foreign taxes		303
Accrued fees to affiliates		38,782
Accrued other operating expenses		49,367
Trustee deferred compensation and retirement plans		28,244
Total liabilities		2,288,989
Net assets applicable to shares outstanding	$	89,488,084

Net assets consist of:
Shares of beneficial interest	$	108,065,873
Distributable earnings (loss)		(18,577,789	)
	$	89,488,084
Net Assets:
Class A	$	22,127,063
Class C	$	3,643,436
Class R	$	1,801,059
Class Y	$	59,005,345
Class R5	$	7,922
Class R6	$	2,903,259
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,216,036
Class C		693,908
Class R		343,055
Class Y		11,233,651
Class R5		1,508
Class R6		553,138
Class A:
Net asset value per share	$	5.25
Maximum offering price per share (Net asset value of $5.25 ÷ 95.75%)	$	5.48
Class C:
Net asset value and offering price per share	$	5.25
Class R:
Net asset value and offering price per share	$	5.25
Class Y:
Net asset value and offering price per share	$	5.25
Class R5:
Net asset value and offering price per share	$	5.25
Class R6:
Net asset value and offering price per share	$	5.25

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

15 Invesco Emerging Markets Local Debt Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $47,999)	$	3,253,688
Dividends from affiliated money market funds		114,981
Total investment income		3,368,669
Expenses:
Advisory fees		332,611
Administrative services fees		7,026
Custodian fees		37,974
Distribution fees:
Class A		28,545
Class C		19,965
Class R		4,608
Transfer agent fees – A, C, R and Y		114,375
Transfer agent fees – R5		2
Transfer agent fees – R6		440
Trustees’ and officers’ fees and benefits		9,147
Registration and filing fees		40,352
Reports to shareholders		28,391
Professional services fees		33,584
Other		5,283
Total expenses		662,303
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(149,673	)
Net expenses		512,630
Net investment income		2,856,039
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $2,046)		(970,530	)
Affiliated investment securities		(75	)
Foreign currencies		66,096
Forward foreign currency contracts		(987,873	)
Futures contracts		(14,546	)
Option contracts written		579,814
Swap agreements		(488,456	)
		(1,815,570	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $95)		2,425,398
Affiliated investment securities		(204	)
Foreign currencies		(50,174	)
Forward foreign currency contracts		(10,240	)
Option contracts written		169,978
Swap agreements		43,178
		2,577,936
Net realized and unrealized gain		762,366
Net increase in net assets resulting from operations	$	3,618,405

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

16 Invesco Emerging Markets Local Debt Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30,			October 31,
	2024			2023
Operations:
Net investment income	$	2,856,039		$	5,717,037
Net realized gain (loss)		(1,815,570	)		(1,387,675	)
Change in net unrealized appreciation		2,577,936			6,594,167
Net increase in net assets resulting from operations		3,618,405			10,923,529
Distributions to shareholders from distributable earnings:
Class A		(717,435	)		(1,040,095	)
Class C		(107,156	)		(181,423	)
Class R		(54,288	)		(73,944	)
Class Y		(2,072,323	)		(3,006,309	)
Class R5		(263	)		(387	)
Class R6		(95,608	)		(137,755	)
Total distributions from distributable earnings		(3,047,073	)		(4,439,913	)
Return of capital:
Class A		–			(314,536	)
Class C		–			(54,865	)
Class R		–			(22,362	)
Class Y		–			(909,145	)
Class R5		–			(117	)
Class R6		–			(41,659	)
Total return of capital		–			(1,342,684	)
Total distributions		(3,047,073	)		(5,782,597	)
Share transactions–net:
Class A		(1,316,991	)		1,328,689
Class C		(515,723	)		(688,219	)
Class R		55,000			174,201
Class Y		(7,816,939	)		15,005,385
Class R6		(50,251	)		187,652
Net increase (decrease) in net assets resulting from share transactions		(9,644,904	)		16,007,708
Net increase (decrease) in net assets		(9,073,572	)		21,148,640
Net assets:
Beginning of period		98,561,656			77,413,016
End of period	$	89,488,084		$	98,561,656

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

17 Invesco Emerging Markets Local Debt Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/24		$	5.23		$	0.16			$	0.03			$	0.19			$	(0.17	)		$	–			$	(0.17	)		$	5.25		3.49	%(e)		$	22,127		1.20	%(e)(f)		1.50	%(e)(f)		5.74	%(e)(f)		53	%
Year ended 10/31/23			4.89			0.31				0.35				0.66				(0.25	)			(0.07	)			(0.32	)			5.23		13.38	(e)			23,309		1.32	(e)		1.49	(e)		5.79	(e)		143
Year ended 10/31/22			6.17			0.25				(1.26	)			(1.01	)			–				(0.27	)			(0.27	)			4.89		(16.80	)(e)			20,621		1.45	(e)(g)		1.45	(e)(g)		4.47	(e)(g)		137
Year ended 10/31/21			6.53			0.29				(0.40	)			(0.11	)			(0.06	)			(0.19	)			(0.25	)			6.17		(1.81	)			36,826		1.23			1.35			4.38			107
Year ended 10/31/20			6.99			0.24				(0.45	)			(0.21	)			(0.07	)			(0.18	)			(0.25	)			6.53		(3.01	)(e)			36,680		1.15	(e)		1.28	(e)		3.57	(e)		50
Five months ended 10/31/19			6.68			0.16				0.30				0.46				(0.09	)			(0.06	)			(0.15	)			6.99		6.99				48,921		1.15	(f)		1.32	(f)		5.66	(f)		21
Year ended 05/31/19			7.02			0.39				(0.34	)			0.05				(0.18	)			(0.21	)			(0.39	)			6.68		0.85				44,188		1.16			1.27			5.82			67
Class C
Six months ended 04/30/24			5.23			0.14				0.03				0.17				(0.15	)			–				(0.15	)			5.25		3.11				3,643		1.95	(f)		2.26	(f)		4.99	(f)		53
Year ended 10/31/23			4.89			0.27				0.35				0.62				(0.21	)			(0.07	)			(0.28	)			5.23		12.54				4,122		2.08			2.25			5.03			143
Year ended 10/31/22			6.17			0.21				(1.27	)			(1.06	)			–				(0.22	)			(0.22	)			4.89		(17.45	)			4,473		2.21	(g)		2.21	(g)		3.71	(g)		137
Year ended 10/31/21			6.53			0.24				(0.40	)			(0.16	)			(0.05	)			(0.15	)			(0.20	)			6.17		(2.62	)			7,568		2.02			2.10			3.59			107
Year ended 10/31/20			6.99			0.18				(0.45	)			(0.27	)			(0.05	)			(0.14	)			(0.19	)			6.53		(3.83	)			11,457		2.00			2.04			2.72			50
Five months ended 10/31/19			6.68			0.14				0.30				0.44				(0.08	)			(0.05	)			(0.13	)			6.99		6.61				15,332		2.00	(f)		2.08	(f)		4.81	(f)		21
Year ended 05/31/19			7.02			0.33				(0.34	)			(0.01	)			(0.15	)			(0.18	)			(0.33	)			6.68		(0.14	)			16,488		2.01			2.04			4.97			67
Class R
Six months ended 04/30/24			5.23			0.15				0.03				0.18				(0.16	)			–				(0.16	)			5.25		3.36				1,801		1.45	(f)		1.76	(f)		5.49	(f)		53
Year ended 10/31/23			4.89			0.30				0.34				0.64				(0.23	)			(0.07	)			(0.30	)			5.23		13.09				1,743		1.57			1.75			5.54			143
Year ended 10/31/22			6.17			0.23				(1.26	)			(1.03	)			–				(0.25	)			(0.25	)			4.89		(17.02	)			1,472		1.71	(g)		1.71	(g)		4.21	(g)		137
Year ended 10/31/21			6.53			0.27				(0.40	)			(0.13	)			(0.05	)			(0.18	)			(0.23	)			6.17		(2.12	)			1,854		1.53			1.60			4.08			107
Year ended 10/31/20			6.99			0.21				(0.45	)			(0.24	)			(0.06	)			(0.16	)			(0.22	)			6.53		(3.35	)			2,195		1.50			1.54			3.22			50
Five months ended 10/31/19			6.68			0.15				0.30				0.45				(0.09	)			(0.05	)			(0.14	)			6.99		6.84				2,588		1.50	(f)		1.58	(f)		5.31	(f)		21
Year ended 05/31/19			7.02			0.36				(0.34	)			0.02				(0.17	)			(0.19	)			(0.36	)			6.68		0.50				2,603		1.51			1.54			5.47			67
Class Y
Six months ended 04/30/24			5.24			0.16				0.02				0.18				(0.17	)			–				(0.17	)			5.25		3.43				59,005		0.95	(f)		1.26	(f)		5.99	(f)		53
Year ended 10/31/23			4.89			0.33				0.35				0.68				(0.25	)			(0.08	)			(0.33	)			5.24		13.87				66,440		1.07			1.25			6.04			143
Year ended 10/31/22			6.17			0.27				(1.27	)			(1.00	)			–				(0.28	)			(0.28	)			4.89		(16.59	)			48,253		1.21	(g)		1.21	(g)		4.71	(g)		137
Year ended 10/31/21			6.54			0.31				(0.41	)			(0.10	)			(0.07	)			(0.20	)			(0.27	)			6.17		(1.75	)			92,706		1.01			1.10			4.60			107
Year ended 10/31/20			7.00			0.25				(0.45	)			(0.20	)			(0.07	)			(0.19	)			(0.26	)			6.54		(2.80	)			92,205		0.95			1.04			3.77			50
Five months ended 10/31/19			6.68			0.17				0.31				0.48				(0.10	)			(0.06	)			(0.16	)			7.00		7.24				162,754		0.95	(f)		1.08	(f)		5.86	(f)		21
Year ended 05/31/19			7.03			0.40				(0.35	)			0.05				(0.19	)			(0.21	)			(0.40	)			6.68		0.91				143,684		0.96			1.03			6.02			67
Class R5
Six months ended 04/30/24			5.24			0.16				0.02				0.18				(0.17	)			–				(0.17	)			5.25		3.43				8		0.95	(f)		1.05	(f)		5.99	(f)		53
Year ended 10/31/23			4.89			0.33				0.35				0.68				(0.25	)			(0.08	)			(0.33	)			5.24		13.94				8		1.02			1.10			6.09			143
Year ended 10/31/22			6.17			0.27				(1.26	)			(0.99	)			–				(0.29	)			(0.29	)			4.89		(16.47	)			7		1.05	(g)		1.05	(g)		4.87	(g)		137
Year ended 10/31/21			6.53			0.31				(0.40	)			(0.09	)			(0.06	)			(0.21	)			(0.27	)			6.17		(1.54	)			9		0.94			0.99			4.67			107
Year ended 10/31/20			6.99			0.25				(0.45	)			(0.20	)			(0.07	)			(0.19	)			(0.26	)			6.53		(2.74	)			10		0.90			0.93			3.82			50
Five months ended 10/31/19			6.67			0.17				0.31				0.48				(0.10	)			(0.06	)			(0.16	)			6.99		7.27				11		0.90	(f)		1.00	(f)		5.91	(f)		21
Period ended 05/31/19(h)			6.63			0.00	(i)			0.04				0.04				(0.00	)(i)			(0.00	)(i)			(0.00	)(i)			6.67		0.64				10		0.85	(f)		0.85	(f)		6.13	(f)		67
Class R6
Six months ended 04/30/24			5.23			0.16				0.03				0.19				(0.17	)			–				(0.17	)			5.25		3.62				2,903		0.95	(f)		1.05	(f)		5.99	(f)		53
Year ended 10/31/23			4.89			0.33				0.34				0.67				(0.25	)			(0.08	)			(0.33	)			5.23		13.73				2,940		1.02			1.10			6.09			143
Year ended 10/31/22			6.17			0.27				(1.26	)			(0.99	)			–				(0.29	)			(0.29	)			4.89		(16.47	)			2,586		1.05	(g)		1.05	(g)		4.87	(g)		137
Year ended 10/31/21			6.53			0.31				(0.40	)			(0.09	)			(0.06	)			(0.21	)			(0.27	)			6.17		(1.50	)			4,399		0.91			0.99			4.70			107
Year ended 10/31/20			6.99			0.26				(0.45	)			(0.19	)			(0.07	)			(0.20	)			(0.27	)			6.53		(2.72	)			4,222		0.85			0.93			3.87			50
Five months ended 10/31/19			6.67			0.17				0.31				0.48				(0.10	)			(0.06	)			(0.16	)			6.99		7.29				22,887		0.85	(f)		0.95	(f)		5.96	(f)		21
Year ended 05/31/19			7.02			0.41				(0.35	)			0.06				(0.19	)			(0.22	)			(0.41	)			6.67		1.01				8,604		0.86			0.91			6.12			67

^(a) Calculated using average shares outstanding.

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

^(c) Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the five months ended October 31, 2019 and the years ended May 31, 2019, respectively.

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

^(e) The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended April 30, 2024 and the years ended October 31, 2023, 2022 and 2020, respectively.

^(f)  Annualized.

^(g) Ratios include interest, facilities and maintenance fees of 0.09% for the year ended October 31, 2022.

^(h) For the period from after the close of business on May 24, 2019 (inception of offering) to May 31, 2019.

⁽ⁱ⁾  Amount represents less than 0.005%.

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

18 Invesco Emerging Markets Local Debt Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

19 Invesco Emerging Markets Local Debt Fund

other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

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

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

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

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

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

20 Invesco Emerging Markets Local Debt Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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 exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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 instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L. Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

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

M. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may

21 Invesco Emerging Markets Local Debt Fund

write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the 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.

N. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. 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, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2024, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

O. LIBOR Transition Risk – The Fund may have investments in financial instruments that recently transitioned from, or continue to be tied to, the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR was a common benchmark interest rate index

22 Invesco Emerging Markets Local Debt Fund

historically used to make adjustments to variable-rate debt instruments, to determine interest rates for a variety of financial instruments and borrowing arrangements and as a reference rate in derivative contracts.

The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, has ceased publishing the majority of LIBOR rates. In April 2023, the FCA announced that some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts, but any such rates are considered non-representative of the underlying market. Regulators and financial industry working groups have worked to identify alternative reference rates (“ARRs”) to replace LIBOR and to assist with the transition to the new ARRs. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) have replaced LIBOR in certain financial contracts. SOFR is a broad measure of the cost of overnight borrowing of cash through repurchase agreements collateralized by U.S. Treasury securities.

While the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty and risks relating to converting certain longer-term securities and transactions to a new ARR. There can be no assurance that the composition or characteristics of any ARRs or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, while some legacy USD LIBOR instruments may provide for an alternative or fallback rate-setting methodology, there may be significant uncertainty regarding the effectiveness of such methodologies to replicate USD LIBOR; other legacy USD LIBOR instruments may not include such fallback rate-setting provisions at all or may not be able to rely on the statutory fallback mechanism, the effectiveness of which is also uncertain. While it is expected that the market participants will amend legacy financial instruments referencing LIBOR to include such fallback provisions to ARRs, there remains uncertainty regarding the willingness and ability of parties to add or amend such fallback provisions in legacy instruments. Moreover, certain aspects of the transition from LIBOR will rely on the actions of third-party market participants, such as clearing houses, trustees, administrative agents, asset servicers and certain service providers; the Adviser cannot guarantee the performance of such market participants and any failure on the part of such market participants to manage their part of the LIBOR transition could impact the Fund. The Fund may have instruments linked to other interbank offered rates that may also cease to be published in the future. All of the foregoing may adversely affect the Fund’s performance or NAV.

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

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

R. Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

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

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

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

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate*
First $500 million		0.700%
Next $500 million		0.650%
Next $4 billion		0.600%
Over $5 billion		0.580%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.69%.

23 Invesco Emerging Markets Local Debt Fund

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

The Adviser has contractually agreed, through at least February 28, 2025, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.20%, 1.95%, 1.45%, 0.95%, 0.95%, and 0.95%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate February 28, 2025. 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, 2025, 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, 2024, the Adviser waived advisory fees of $32,151 and reimbursed class level expenses of $28,423, $4,864, $2,240, $78,847, $1 and $441 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, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2024, 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, 2024, IDI advised the Fund that IDI retained $34,252 in front-end sales commissions from the sale of Class A shares and $0 and $24 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

24 Invesco Emerging Markets Local Debt Fund

	Level 1		Level 2			Level 3		Total
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes	$	–	$	78,989,383			$–	$	78,989,383
U.S. Dollar Denominated Bonds & Notes		–		112,547			–		112,547
Money Market Funds		5,025,709		–			–		5,025,709
Options Purchased		–		316,540			–		316,540
Total Investments in Securities		5,025,709		79,418,470			–		84,444,179
Other Investments - Assets*
Forward Foreign Currency Contracts		–		624,856			–		624,856
Swap Agreements		–		922,611			–		922,611
		–		1,547,467			–		1,547,467
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(1,067,594	)		–		(1,067,594	)
Options Written		–		(308,523	)		–		(308,523	)
Swap Agreements		–		(1,263,959	)		–		(1,263,959	)
		–		(2,640,076	)		–		(2,640,076	)
Total Other Investments		–		(1,092,609	)		–		(1,092,609	)
Total Investments	$	5,025,709	$	78,325,861			$–	$	83,351,570

* 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 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, 2024:

	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on swap agreements – Centrally Cleared(a)	$	–	$	922,611		$	922,611
Unrealized appreciation on forward foreign currency contracts outstanding		624,856		–			624,856
Options purchased, at value – OTC(b)		316,540		–			316,540
Total Derivative Assets		941,396		922,611			1,864,007
Derivatives not subject to master netting agreements		–		(922,611	)		(922,611	)
Total Derivative Assets subject to master netting agreements	$	941,396	$	–		$	941,396

	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on swap agreements – Centrally Cleared(a)	$	–		$	(1,248,784	)	$	(1,248,784	)
Unrealized depreciation on forward foreign currency contracts outstanding		(1,067,594	)		–			(1,067,594	)
Unrealized depreciation on swap agreements – OTC		–			(15,175	)		(15,175	)
Options written, at value – OTC		(308,523	)		–			(308,523	)
Total Derivative Liabilities		(1,376,117	)		(1,263,959	)		(2,640,076	)
Derivatives not subject to master netting agreements		–			1,248,784			1,248,784
Total Derivative Liabilities subject to master netting agreements	$	(1,376,117	)	$	(15,175	)	$	(1,391,292	)

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

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

25 Invesco Emerging Markets Local Debt Fund

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2024.

	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 Bank PLC	$	48	$	–	$	–	$	48	$	(663	)	$	–		$	–		$	(663	)	$	(615	)		$–	$	–	$	(615	)
BNP Paribas S.A.		13,126		–		–		13,126		(13	)		–			–			(13	)		13,113			–		–		13,113
Citibank, N.A.		2,651		–		–		2,651		(40,597	)		–			–			(40,597	)		(37,946	)		–		–		(37,946	)
Deutsche Bank AG		125,163		128,858		–		254,021		(418,142	)		(31,263	)		–			(449,405	)		(195,384	)		–		195,384		–
Goldman Sachs International		63,992		–		–		63,992		(188,869	)		–			–			(188,869	)		(124,877	)		–		–		(124,877	)
HSBC Bank USA		171,408		–		–		171,408		(9,279	)		–			–			(9,279	)		162,129			–		–		162,129
J.P. Morgan Chase Bank, N.A.		114,194		–		–		114,194		(141,613	)		(37,616	)		–			(179,229	)		(65,035	)		–		–		(65,035	)
Merrill Lynch International		38,670		121,037		–		159,707		(98,190	)		(163,975	)		–			(262,165	)		(102,458	)		–		–		(102,458	)
Morgan Stanley and Co. International PLC		51,830		66,645		–		118,475		(141,692	)		(75,669	)		–			(217,361	)		(98,886	)		–		–		(98,886	)
Standard Chartered Bank PLC		42,714		–		332		43,046		(28,176	)		–			(15,175	)		(43,351	)		(305	)		–		–		(305	)
State Street Bank & Trust Co.		–		–		–		–		(360	)		–			–			(360	)		(360	)		–		–		(360	)
UBS AG		1,060		–		–		1,060		–			–			–			–			1,060			–		–		1,060
Total	$	624,856	$	316,540	$	332	$	941,728	$	(1,067,594	)	$	(308,523	)	$	(15,175	)	$	(1,391,292	)	$	(449,564	)		$–	$	195,384	$	(254,180	)

Effect of Derivative Investments for the six months ended April 30, 2024

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	(987,873	)	$	-		$	(987,873	)
Futures contracts		-			(14,546	)		(14,546	)
Options purchased(a)		(41,694	)		-			(41,694	)
Options written		579,814			-			579,814
Swap agreements		-			(488,456	)		(488,456	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(10,240	)		-			(10,240	)
Options purchased(a)		(31,461	)		-			(31,461	)
Options written		169,978			-			169,978
Swap agreements		-			43,178			43,178
Total	$	(321,476	)	$	(459,824	)	$	(781,300	)

^(a)  Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

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

	Forward Foreign Currency Contracts		Futures Contracts		Foreign Currency Options Purchased		Foreign Currency Options Written		Swap Agreements
Average notional value	$	111,913,135	$	5,129,688	$	49,674,879	$	91,167,743	$	145,824,844

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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,706.

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

26 Invesco Emerging Markets Local Debt Fund

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

NOTE 7–Cash Balances

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

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 carryforward 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	6,468,628	$	5,159,588	$	11,628,216

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $45,994,480 and $48,927,736, 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	$	3,469,566
Aggregate unrealized (depreciation) of investments		(8,266,511	)
Net unrealized appreciation (depreciation) of investments	$	(4,796,945	)

Cost of investments for tax purposes is $88,148,515.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2024(a)						Year ended October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		299,609		$	1,649,936			834,306		$	4,535,762
Class C		29,267			160,063			88,283			472,113
Class R		35,120			192,501			47,810			260,727
Class Y		1,537,205			8,430,167			7,648,294			41,018,433
Class R6		63,099			340,793			178,570			968,885
Issued as reinvestment of dividends:
Class A		96,582			527,726			188,288			1,020,443
Class C		13,660			74,690			32,883			178,071
Class R		9,858			53,884			17,714			96,025
Class Y		300,980			1,646,154			583,715			3,168,830
Class R6		11,858			64,831			23,193			125,661
Automatic conversion of Class C shares to Class A shares:
Class A		26,240			143,884			63,427			345,775
Class C		(26,228	)		(143,884	)		(63,427	)		(345,775	)

27 Invesco Emerging Markets Local Debt Fund

	Summary of Share Activity
	Six months ended April 30, 2024(a)						Year ended October 31, 2023
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(660,855	)	$	(3,638,537	)		(851,190	)	$	(4,573,291	)
Class C		(110,269	)		(606,592	)		(185,183	)		(992,628	)
Class R		(34,873	)		(191,385	)		(33,756	)		(182,551	)
Class Y		(3,290,913	)		(17,893,260	)		(5,411,491	)		(29,181,878	)
Class R6		(83,580	)		(455,875	)		(169,002	)		(906,894	)
Net increase (decrease) in share activity		(1,783,240	)	$	(9,644,904	)		2,992,434		$	16,007,708

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 60% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

28 Invesco Emerging Markets Local Debt 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, 2023 through April 30, 2024.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (11/01/23)	Ending  Account Value  (04/30/24)1	Expenses  Paid During  Period2	Ending  Account Value  (04/30/24)	Expenses  Paid During  Period2	Annualized  Expense Ratio
Class A	$1,000.00	$1,034.90	$6.07	$1,018.90	$6.02	1.20%
Class C	1,000.00	1,031.10	9.85	1,015.17	9.77	1.95
Class R	1,000.00	1,033.60	7.33	1,017.65	7.27	1.45
Class Y	1,000.00	1,034.30	4.81	1,020.14	4.77	0.95
Class R5	1,000.00	1,034.30	4.81	1,020.14	4.77	0.95
Class R6	1,000.00	1,036.20	4.81	1,020.14	4.77	0.95

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

29 Invesco Emerging Markets Local Debt Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

	Matter	Votes For		Votes Against/Withheld
(1)*	Beth Ann Brown		2,249,378,619.33		41,629,442.71
	Carol Deckbar		2,246,234,264.52		44,773,797.52
	Cynthia Hostetler		2,239,884,066.77		51,123,995.27
	Dr. Eli Jones		2,247,948,469.91		43,059,592.13
	Elizabeth Krentzman		2,249,230,311.83		41,777,750.22
	Jeffrey H. Kupor		2,246,969,783.10		44,038,278.94
	Anthony J. LaCava, Jr.		2,248,588,977.62		42,419,084.42
	James Liddy		2,247,297,130.55		43,710,931.50
	Dr. Prema Mathai-Davis		2,240,956,129.31		50,051,932.73
	Joel W. Motley		2,243,008,410.57		47,999,651.47
	Teresa M. Ressel		2,248,731,273.34		42,276,788.70
	Douglas Sharp		2,248,447,243.22		42,560,818.83
	Robert C. Troccoli		2,246,647,253.82		44,360,808.22
	Daniel S. Vandivort		2,247,577,966.04		43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

30 Invesco Emerging Markets Local Debt Fund

(This page intentionally left blank)

Go paperless with eDelivery

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

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

◾ Fund reports and prospectuses

◾ Quarterly statements

◾ Daily confirmations

◾ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

SEC file number(s): 811-05426 and 033-19338 Invesco Distributors, Inc.    O-EMLD-SAR-1

Semiannual Report to Shareholders	April 30, 2024

Invesco Fundamental Alternatives Fund

Nasdaq:

A: QVOPX ∎ C: QOPCX ∎ R: QOPNX ∎ Y: QOPYX ∎ R5: FDATX ∎ R6: QOPIX

 

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
19	Consolidated Financial Statements
22	Consolidated Financial Highlights
23	Notes to Consolidated Financial Statements
32	Fund Expenses
33	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

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

Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, 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	5.06	%
Class C Shares	4.68
Class R Shares	4.93
Class Y Shares	5.15
Class R5 Shares	5.28
Class R6 Shares	5.28
Bloomberg Global Aggregate Index▼*	4.43
MSCI All Country World Index▼*	19.77
HFRX Global Hedge Fund Index∎*	4.54
Source(s): ▼RIMES Technologies Corp.; ∎ Bloomberg LP
*Effective February 28, 2024, the Fund changed its broad-based securities market benchmark from the HFRX Global Hedge Fund Index to the Bloomberg Global Aggregate Index and the MSCI All Country World Index to reflect that the Bloomberg Global Aggregate Index and the MSCI All Country World Index can be considered more broadly representative of the overall applicable securities markets.
The Bloomberg Global Aggregate Index is an unmanaged index considered representative of global investment-grade, fixed-income markets.  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 HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe.  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 Fundamental Alternatives Fund

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (1/3/89)	6.57	%
10 Years	0.82
5 Years	-0.08
1 Year	-0.11
Class C Shares
Inception (9/1/93)	5.03	%
10 Years	0.77
5 Years	0.29
1 Year	3.93
Class R Shares
Inception (3/1/01)	1.96	%
10 Years	1.13
5 Years	0.80
1 Year	5.43
Class Y Shares
Inception (12/16/96)	3.87	%
10 Years	1.63
5 Years	1.30
1 Year	5.95
Class R5 Shares
10 Years	1.59	%
5 Years	1.46
1 Year	6.14
Class R6 Shares
Inception (2/28/13)	2.52	%
10 Years	1.82
5 Years	1.48
1 Year	6.12

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

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

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

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

3 Invesco Fundamental Alternatives Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Fundamental Alternatives Fund

Consolidated Schedule of Investments^(a)

April 30, 2024

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–33.95%
Agricultural Products & Services–0.42%
Archer-Daniels-Midland Co.		3,693	$    216,631
Bunge Global S.A.		11,279	1,147,751
			1,364,382
Air Freight & Logistics–0.71%
C.H. Robinson Worldwide, Inc.		2,233	158,543
Expeditors International of Washington, Inc.		10,113	1,125,678
FedEx Corp.		3,783	990,314
			2,274,535
Apparel Retail–0.67%
Ross Stores, Inc.		6,017	779,502
TJX Cos., Inc. (The)		14,689	1,382,088
			2,161,590
Application Software–0.66%
Adobe, Inc.(b)		329	152,271
DocuSign, Inc.(b)		7,147	404,520
Manhattan Associates, Inc.(b)		325	66,970
Roper Technologies, Inc.		951	486,398
Salesforce, Inc.		3,008	808,972
Zoom Video Communications, Inc., Class A(b)		3,050	186,355
			2,105,486
Asset Management & Custody Banks–0.32%
Bank of New York Mellon Corp. (The)		18,436	1,041,450
Automobile Manufacturers–0.15%
General Motors Co.		11,124	495,352
Biotechnology–1.64%
AbbVie, Inc.		8,309	1,351,376
Amgen, Inc.		3,292	901,810
Gilead Sciences, Inc.		14,723	959,940
Incyte Corp.(b)		4,251	221,264
Neurocrine Biosciences, Inc.(b)		4,173	573,954
Regeneron Pharmaceuticals, Inc.(b)		574	511,239
United Therapeutics Corp.(b)		1,199	280,962
Vertex Pharmaceuticals, Inc.(b)		1,223	480,407
			5,280,952
Brewers–0.30%
Molson Coors Beverage Co., Class B		17,099	979,089
Broadline Retail–0.78%
Amazon.com, Inc.(b)		9,134	1,598,450
eBay, Inc.		17,799	917,360
			2,515,810
Building Products–0.53%
Builders FirstSource, Inc.(b)		4,364	797,827
Masco Corp.		5,266	360,458
Owens Corning		3,235	544,159
			1,702,444

	Shares		Value
Cable & Satellite–0.44%
Comcast Corp., Class A		37,246	$  1,419,445
Commodity Chemicals–0.12%
LyondellBasell Industries N.V., Class A		3,879	387,784
Communications Equipment–0.59%
Cisco Systems, Inc.		16,626	781,090
F5, Inc.(b)		2,953	488,160
Motorola Solutions, Inc.		1,871	634,550
			1,903,800
Construction & Engineering–0.12%
EMCOR Group, Inc.		1,125	401,816
Construction Machinery & Heavy Transportation Equipment– 0.40%
Caterpillar, Inc.		381	127,471
PACCAR, Inc.		9,428	1,000,405
Wabtec Corp.		1,047	168,651
			1,296,527
Consumer Finance–0.20%
Capital One Financial Corp.		586	84,050
Synchrony Financial		12,730	559,865
			643,915
Consumer Staples Merchandise Retail–0.56%
Costco Wholesale Corp.		111	80,242
Target Corp.		1,606	258,534
Walmart, Inc.		24,761	1,469,565
			1,808,341
Data Processing & Outsourced Services–0.23%
Broadridge Financial Solutions, Inc.		3,886	751,591
Diversified Banks–0.80%
Citigroup, Inc.		10,406	638,200
JPMorgan Chase & Co.		8,712	1,670,439
Wells Fargo & Co.		4,616	273,821
			2,582,460
Electric Utilities–0.50%
Duke Energy Corp.		3,192	313,646
Entergy Corp.		1,413	150,724
PPL Corp.		9,189	252,330
Xcel Energy, Inc.		16,612	892,563
			1,609,263
Electronic Manufacturing Services–0.02%
Jabil, Inc.		651	76,401
Environmental & Facilities Services–0.68%
Republic Services, Inc.		9,555	1,831,693
Waste Management, Inc.		1,628	338,657
			2,170,350
Fertilizers & Agricultural Chemicals–0.15%
CF Industries Holdings, Inc.		6,155	486,060

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

5 Invesco Fundamental Alternatives Fund

	Shares		Value
Financial Exchanges & Data–0.62%
Cboe Global Markets, Inc.		4,568	$    827,493
CME Group, Inc., Class A		5,541	1,161,615
			1,989,108
Food Distributors–0.32%
Sysco Corp.		7,457	554,204
US Foods Holding Corp.(b)		9,181	461,345
			1,015,549
Food Retail–0.17%
Casey’s General Stores, Inc.		1,235	394,681
Kroger Co. (The)		2,665	147,588
			542,269
Footwear–0.02%
Deckers Outdoor Corp.(b)		92	75,299
Gas Utilities–0.53%
Atmos Energy Corp.		14,310	1,687,149
Health Care Distributors–1.29%
Cardinal Health, Inc.		12,637	1,302,116
Cencora, Inc.		6,512	1,556,694
McKesson Corp.		2,374	1,275,337
			4,134,147
Health Care Services–0.68%
Cigna Group (The)		3,054	1,090,400
CVS Health Corp.		2,731	184,916
DaVita, Inc.(b)		6,640	923,027
			2,198,343
Homebuilding–0.25%
Lennar Corp., Class A		819	124,177
PulteGroup, Inc.		6,038	672,754
			796,931
Hotels, Resorts & Cruise Lines–0.56%
Booking Holdings, Inc.		194	669,694
Expedia Group, Inc.(b)		4,501	605,969
Royal Caribbean Cruises Ltd.(b)		3,663	511,465
			1,787,128
Household Products–0.77%
Colgate-Palmolive Co.		4,944	454,452
Kimberly-Clark Corp.		6,635	905,877
Procter & Gamble Co. (The)		6,732	1,098,662
			2,458,991
Human Resource & Employment Services–0.04%
Automatic Data Processing, Inc.		558	134,975
Independent Power Producers & Energy Traders–0.19%
Vistra Corp.		7,957	603,459
Industrial Conglomerates–0.07%
3M Co.		2,224	214,638
Integrated Oil & Gas–0.10%
Exxon Mobil Corp.		2,791	330,092
Integrated Telecommunication Services–0.34%
AT&T, Inc.		51,064	862,471

	Shares		Value
Integrated Telecommunication Services–(continued)
Verizon Communications, Inc.		5,607	$    221,420
			1,083,891
Interactive Home Entertainment–0.18%
Electronic Arts, Inc.		4,453	564,729
Interactive Media & Services–0.85%
Alphabet, Inc., Class A(b)		8,182	1,331,866
Meta Platforms, Inc., Class A		3,246	1,396,332
			2,728,198
Internet Services & Infrastructure–0.57%
Akamai Technologies, Inc.(b)		11,831	1,194,103
GoDaddy, Inc., Class A(b)(c)		3,619	442,893
VeriSign, Inc.(b)		1,118	189,479
			1,826,475
IT Consulting & Other Services–0.82%
Amdocs Ltd.		4,574	384,170
Cognizant Technology Solutions Corp., Class A		7,765	510,005
International Business Machines Corp.		10,518	1,748,092
			2,642,267
Life & Health Insurance–0.16%
Prudential Financial, Inc.		2,533	279,846
Unum Group		4,805	243,613
			523,459
Managed Health Care–0.82%
Centene Corp.(b)		16,115	1,177,362
Elevance Health, Inc.		531	280,676
Humana, Inc.		357	107,846
Molina Healthcare, Inc.(b)		1,069	365,705
UnitedHealth Group, Inc.		1,447	699,914
			2,631,503
Multi-line Insurance–0.50%
American International Group, Inc.		11,925	898,072
Assurant, Inc.		4,040	704,576
			1,602,648
Multi-Sector Holdings–0.57%
Berkshire Hathaway, Inc., Class B(b)		4,619	1,832,496
Multi-Utilities–0.89%
CenterPoint Energy, Inc.		10,014	291,808
Consolidated Edison, Inc.		9,643	910,299
DTE Energy Co.		4,017	443,155
Public Service Enterprise Group, Inc.		17,573	1,213,943
			2,859,205
Oil & Gas Equipment & Services–0.39%
Baker Hughes Co., Class A		29,547	963,823
Halliburton Co.		5,597	209,720
Schlumberger N.V.		1,444	68,561
			1,242,104
Oil & Gas Exploration & Production–0.83%
APA Corp.		13,208	415,260
ConocoPhillips		1,070	134,413
Coterra Energy, Inc.		19,416	531,222

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

6 Invesco Fundamental Alternatives Fund

	Shares		Value
Oil & Gas Exploration & Production–(continued)
EOG Resources, Inc.		3,434	$    453,734
Marathon Oil Corp.		23,644	634,841
Ovintiv, Inc.		4,736	243,052
Pioneer Natural Resources Co.		964	259,625
Sabine Oil & Gas Holdings, Inc.(b)(d)		115	17
			2,672,164
Oil & Gas Refining & Marketing–0.43%
Marathon Petroleum Corp.		6,589	1,197,353
Valero Energy Corp.		1,121	179,214
			1,376,567
Oil & Gas Storage & Transportation–0.11%
Cheniere Energy, Inc.		2,217	349,887
Southcross Energy Partners L.P.(d)		17,192	0
			349,887
Packaged Foods & Meats–0.52%
General Mills, Inc.(c)		5,870	413,600
J.M. Smucker Co. (The)		1,567	179,970
Kraft Heinz Co. (The)		17,860	689,575
Mondelez International, Inc., Class A		5,601	402,936
			1,686,081
Paper & Plastic Packaging Products & Materials–0.18%
International Paper Co.		4,415	154,260
Packaging Corp. of America		2,473	427,780
			582,040
Passenger Airlines–0.16%
United Airlines Holdings, Inc.(b)		9,696	498,956
Pharmaceuticals–1.25%
Bristol-Myers Squibb Co.		18,292	803,750
Eli Lilly and Co.		186	145,285
Johnson & Johnson		10,531	1,522,677
Merck & Co., Inc.		5,535	715,233
Viatris, Inc.		71,063	822,199
			4,009,144
Property & Casualty Insurance–0.52%
Arch Capital Group Ltd.(b)		2,517	235,440
Chubb Ltd.		815	202,641
Hartford Financial Services Group, Inc. (The)		3,285	318,284
Loews Corp.		8,732	656,210
Progressive Corp. (The)		521	108,498
Travelers Cos., Inc. (The)		680	144,269
			1,665,342
Rail Transportation–0.23%
CSX Corp.		9,060	300,973
Union Pacific Corp.		1,836	435,426
			736,399
Reinsurance–0.05%
Reinsurance Group of America, Inc.		867	162,120
Research & Consulting Services–0.36%
Leidos Holdings, Inc.		3,687	516,991

	Shares		Value
Research & Consulting Services–(continued)
Verisk Analytics, Inc.		2,926	$    637,751
			1,154,742
Semiconductor Materials & Equipment–0.58%
Applied Materials, Inc.		6,312	1,253,879
Lam Research Corp.		685	612,671
			1,866,550
Semiconductors–1.58%
Broadcom, Inc.		961	1,249,560
NVIDIA Corp.		2,755	2,380,375
NXP Semiconductors N.V. (China)		847	216,993
Qorvo, Inc.(b)		2,679	313,014
QUALCOMM, Inc.		5,439	902,058
			5,062,000
Soft Drinks & Non-alcoholic Beverages–0.35%
Coca-Cola Co. (The)		12,236	755,817
PepsiCo, Inc.		2,069	363,958
			1,119,775
Specialty Chemicals–0.08%
Ecolab, Inc.		1,084	245,147
Steel–0.33%
Nucor Corp.		2,169	365,542
Steel Dynamics, Inc.		5,218	678,966
			1,044,508
Systems Software–1.29%
Microsoft Corp.		10,238	3,985,961
Palo Alto Networks, Inc.(b)		570	165,807
			4,151,768
Technology Distributors–0.05%
TD SYNNEX Corp.		1,313	154,724
Technology Hardware, Storage & Peripherals–1.42%
Apple, Inc.		15,910	2,709,950
Dell Technologies, Inc., Class C		4,590	572,098
HP, Inc.		5,149	144,635
NetApp, Inc.		11,050	1,129,421
			4,556,104
Tobacco–0.40%
Altria Group, Inc.		29,523	1,293,403
Transaction & Payment Processing Services–0.54%
Fiserv, Inc.(b)		10,541	1,609,294
Global Payments, Inc.		919	112,826
			1,722,120
Total Common Stocks & Other Equity Interests (Cost $84,211,138)			109,073,437
	Principal Amount
U.S. Treasury Securities–13.51%
U.S. Treasury Bills–0.13%
5.11%, 09/05/2024(e)(f)	$	430,000	422,097
U.S. Treasury Bonds–0.18%
5.25%, 11/15/2028		565,000	576,344

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

7 Invesco Fundamental Alternatives Fund

	Principal Amount		Value
U.S. Treasury Notes–13.20%
1.13%, 01/15/2025	$	6,400,000	$  6,215,526
5.00%, 09/30/2025		15,700,000	15,662,590
0.38%, 12/31/2025		9,100,000	8,418,211
2.63%, 05/31/2027		12,950,000	12,127,978
			42,424,305
Total U.S. Treasury Securities (Cost $44,877,924)			43,422,746
U.S. Dollar Denominated Bonds & Notes–7.44%
Aerospace & Defense–0.17%
Boeing Co. (The),
2.75%, 02/01/2026		177,000	166,828
2.25%, 06/15/2026		200,000	184,086
General Dynamics Corp., 3.25%, 04/01/2025		200,000	196,045
			546,959
Agricultural & Farm Machinery–0.09%
Deere & Co., 2.75%, 04/15/2025		310,000	302,324
Apparel Retail–0.03%
Ross Stores, Inc., 0.88%, 04/15/2026		100,000	91,589
Apparel, Accessories & Luxury Goods–0.02%
Tapestry, Inc., 4.13%, 07/15/2027		65,000	61,282
Asset Management & Custody Banks–0.07%
Ares Capital Corp., 2.88%, 06/15/2028		155,000	136,214
Legg Mason, Inc., 4.75%, 03/15/2026		90,000	88,981
			225,195
Automobile Manufacturers–0.21%
American Honda Finance Corp., 2.35%, 01/08/2027		225,000	208,470
General Motors Co.,
6.13%, 10/01/2025		75,000	75,272
4.20%, 10/01/2027		80,000	76,366
Toyota Motor Credit Corp.,
3.20%, 01/11/2027		130,000	123,240
1.15%, 08/13/2027		200,000	175,817
			659,165
Broadcasting–0.05%
Paramount Global, 3.70%, 06/01/2028		165,000	147,552
Broadline Retail–0.10%
Amazon.com, Inc., 3.30%, 04/13/2027		350,000	332,903
Cable & Satellite–0.12%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		150,000	147,983
Discovery Communications LLC, 3.95%, 03/20/2028		270,000	251,280
			399,263

	Principal Amount		Value
Cargo Ground Transportation–0.13%
Ryder System, Inc.,
5.65%, 03/01/2028	$	220,000	$    221,276
6.30%, 12/01/2028		180,000	185,443
			406,719
Computer & Electronics Retail–0.02%
Dell International LLC/EMC Corp., 6.02%, 06/15/2026		63,000	63,391
Construction Machinery & Heavy Transportation Equipment– 0.11%
Caterpillar Financial Services Corp., 1.10%, 09/14/2027		175,000	153,558
Wabtec Corp., 3.45%, 11/15/2026		200,000	189,719
			343,277
Consumer Electronics–0.03%
Tyco Electronics Group S.A., 3.13%, 08/15/2027		100,000	93,502
Consumer Finance–0.15%
American Express Co., 3.30%, 05/03/2027		170,000	159,998
General Motors Financial Co., Inc.,
2.75%, 06/20/2025		150,000	144,911
5.25%, 03/01/2026		50,000	49,596
2.40%, 10/15/2028		150,000	130,443
			484,948
Copper–0.03%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		100,000	98,289
Distillers & Vintners–0.05%
Constellation Brands, Inc., 3.70%, 12/06/2026		175,000	167,270
Diversified Banks–2.02%
Banco Santander S.A. (Spain),
2.75%, 05/28/2025		400,000	387,397
4.25%, 04/11/2027		200,000	191,655
Bank of America Corp.,
4.45%, 03/03/2026		269,000	263,577
3.50%, 04/19/2026		185,000	178,472
1.32%, 06/19/2026(g)		195,000	185,354
1.20%, 10/24/2026(g)		205,000	191,565
1.73%, 07/22/2027(g)		80,000	73,411
Series L, 4.18%, 11/25/2027		210,000	201,000
Citigroup, Inc.,
3.11%, 04/08/2026(g)		297,000	289,465
1.12%, 01/28/2027(g)		130,000	120,008
1.46%, 06/09/2027(g)		210,000	192,314
Comerica, Inc., 4.00%, 02/01/2029		300,000	270,795
HSBC Holdings PLC (United Kingdom),
1.59%, 05/24/2027(g)		200,000	183,282
2.25%, 11/22/2027(g)		375,000	343,085
ING Groep N.V. (Netherlands), 4.02%, 03/28/2028(g)		200,000	190,774

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

8 Invesco Fundamental Alternatives Fund

	Principal  Amount		Value
Diversified Banks–(continued)
JPMorgan Chase & Co.,
2.01%, 03/13/2026(g)	$	200,000	$    193,513
2.08%, 04/22/2026(g)		200,000	192,870
4.25%, 10/01/2027		50,000	48,251
3.63%, 12/01/2027		165,000	155,528
2.18%, 06/01/2028(g)		115,000	103,989
Lloyds Banking Group PLC (United Kingdom), 4.45%, 05/08/2025		305,000	300,784
Mitsubishi UFJ Financial Group, Inc. (Japan),
0.96%, 10/11/2025(g)		311,000	304,003
3.29%, 07/25/2027		75,000	70,407
National Australia Bank Ltd. (Australia), 4.94%, 01/12/2028		250,000	247,315
PNC Bank N.A., 4.20%, 11/01/2025		380,000	370,586
Royal Bank of Canada (Canada), 4.65%, 01/27/2026		180,000	177,095
Sumitomo Mitsui Financial Group, Inc. (Japan),
2.63%, 07/14/2026		100,000	94,204
3.45%, 01/11/2027		60,000	56,997
Toronto-Dominion Bank (The) (Canada), 5.16%, 01/10/2028		65,000	64,489
U.S. Bancorp, 1.45%, 05/12/2025		148,000	142,003
Wells Fargo & Co.,
2.19%, 04/30/2026(g)		190,000	183,224
4.30%, 07/22/2027		175,000	168,654
6.30%, 10/23/2029(g)		120,000	122,975
Westpac Banking Corp. (Australia),
3.35%, 03/08/2027		165,000	156,791
1.95%, 11/20/2028		90,000	78,059
			6,493,891
Diversified Capital Markets–0.09%
Deutsche Bank AG (Germany),
2.55%, 01/07/2028(g)		150,000	137,001
6.82%, 11/20/2029(g)		150,000	154,209
			291,210
Diversified Financial Services–0.05%
Corebridge Financial, Inc., 3.65%, 04/05/2027		170,000	161,043
Electric Utilities–0.27%
Edison International,
5.75%, 06/15/2027		125,000	125,021
4.13%, 03/15/2028		235,000	221,161
5.25%, 11/15/2028		65,000	63,659
Pacific Gas and Electric Co.,
2.10%, 08/01/2027		75,000	66,818
3.30%, 12/01/2027		125,000	114,867
3.00%, 06/15/2028		75,000	67,510
System Energy Resources, Inc., 6.00%, 04/15/2028		195,000	196,187
			855,223
Electrical Components & Equipment–0.03%
Emerson Electric Co., 1.80%, 10/15/2027		100,000	89,682
Electronic Equipment & Instruments–0.03%
Vontier Corp., 1.80%, 04/01/2026		100,000	92,584

	Principal  Amount		Value
Financial Exchanges & Data–0.04%
Cboe Global Markets, Inc., 3.65%, 01/12/2027	$	40,000	$     38,404
Intercontinental Exchange, Inc., 3.10%, 09/15/2027		100,000	93,055
			131,459
Gas Utilities–0.03%
Southwest Gas Corp., 5.45%, 03/23/2028		100,000	99,628
Health Care Equipment–0.04%
Baxter International, Inc., 2.27%, 12/01/2028		150,000	129,830
Health Care Facilities–0.06%
Universal Health Services, Inc., 1.65%, 09/01/2026		200,000	181,765
Health Care REITs–0.05%
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026		179,000	176,513
Health Care Services–0.15%
CommonSpirit Health, 1.55%, 10/01/2025		96,000	90,358
HCA, Inc., 5.63%, 09/01/2028		125,000	124,470
Sutter Health, Series 20A, 1.32%, 08/15/2025		299,000	282,554
			497,382
Home Improvement Retail–0.05%
Home Depot, Inc. (The), 2.50%, 04/15/2027		160,000	148,546
Homebuilding–0.02%
Lennar Corp., 4.75%, 11/29/2027		80,000	78,596
Hotel & Resort REITs–0.03%
Host Hotels & Resorts L.P., Series F, 4.50%, 02/01/2026		100,000	97,463
Hotels, Resorts & Cruise Lines–0.06%
Booking Holdings, Inc., 3.55%, 03/15/2028		70,000	65,829
Hyatt Hotels Corp., 4.85%, 03/15/2026		133,000	131,027
			196,856
Human Resource & Employment Services–0.09%
Automatic Data Processing, Inc., 3.38%, 09/15/2025(c)		305,000	297,389
Independent Power Producers & Energy Traders–0.02%
AES Corp. (The), 5.45%, 06/01/2028		55,000	54,174
Industrial Machinery & Supplies & Components–0.04%
Stanley Black & Decker, Inc., 3.40%, 03/01/2026		125,000	120,225
Insurance Brokers–0.05%
Willis North America, Inc., 4.65%, 06/15/2027		165,000	160,411

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

9 Invesco Fundamental Alternatives Fund

	Principal  Amount		Value
Integrated Oil & Gas–0.14%
BP Capital Markets America, Inc., 3.54%, 04/06/2027	$	165,000	$    157,391
Chevron USA, Inc., 1.02%, 08/12/2027		185,000	162,270
Exxon Mobil Corp., 3.29%, 03/19/2027		150,000	143,544
			463,205
Integrated Telecommunication Services–0.03%
AT&T, Inc., 1.65%, 02/01/2028		100,000	87,409
Internet Services & Infrastructure–0.06%
VeriSign, Inc., 5.25%, 04/01/2025		200,000	199,210
Investment Banking & Brokerage–0.50%
Charles Schwab Corp. (The), 6.20%(SOFR + 1.88%), 11/17/2029(g)		200,000	204,752
Goldman Sachs Group, Inc. (The),
3.85%, 01/26/2027		165,000	158,307
1.54%, 09/10/2027(g)		150,000	135,948
1.95%, 10/21/2027(g)		100,000	91,322
3.62%, 03/15/2028(g)		160,000	151,420
Morgan Stanley,
3.63%, 01/20/2027		175,000	167,334
1.59%, 05/04/2027(g)		200,000	184,370
6.30%, 10/18/2028(g)		325,000	331,949
Nomura Holdings, Inc. (Japan), 1.65%, 07/14/2026		200,000	182,942
			1,608,344
IT Consulting & Other Services–0.15%
International Business Machines Corp.,
3.45%, 02/19/2026		100,000	96,732
3.30%, 05/15/2026		100,000	96,107
1.70%, 05/15/2027		100,000	89,946
Kyndryl Holdings, Inc., 2.05%, 10/15/2026		225,000	205,733
			488,518
Life & Health Insurance–0.07%
Principal Financial Group, Inc., 3.40%, 05/15/2025		239,000	233,698
Managed Health Care–0.02%
Centene Corp., 2.45%, 07/15/2028		75,000	65,535
Multi-line Insurance–0.04%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026		140,000	140,394
Multi-Utilities–0.03%
DTE Energy Co., 4.88%, 06/01/2028		100,000	97,323
Oil & Gas Equipment & Services–0.03%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		100,000	93,346
Oil & Gas Refining & Marketing–0.04%
HF Sinclair Corp., 5.88%, 04/01/2026		140,000	140,390

	Principal  Amount		Value
Oil & Gas Storage & Transportation–0.10%
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027	$	160,000	$    157,776
Energy Transfer L.P.,
4.40%, 03/15/2027		65,000	62,983
5.50%, 06/01/2027		100,000	99,525
			320,284
Other Specialized REITs–0.03%
EPR Properties, 4.75%, 12/15/2026		100,000	95,945
Packaged Foods & Meats–0.09%
Conagra Brands, Inc., 1.38%, 11/01/2027		130,000	112,468
Tyson Foods, Inc., 4.00%, 03/01/2026		190,000	184,513
			296,981
Paper & Plastic Packaging Products & Materials–0.03%
Berry Global, Inc., 1.57%, 01/15/2026		100,000	93,180
Passenger Airlines–0.02%
Southwest Airlines Co., 3.45%, 11/16/2027		65,000	60,380
Pharmaceuticals–0.28%
Bristol-Myers Squibb Co., 0.75%, 11/13/2025(c)		400,000	373,151
Royalty Pharma PLC, 1.20%, 09/02/2025		275,000	259,036
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		200,000	191,839
Viatris, Inc., 2.30%, 06/22/2027		75,000	67,455
			891,481
Property & Casualty Insurance–0.03%
Fairfax Financial Holdings Ltd. (Canada), 4.85%, 04/17/2028		100,000	97,134
Regional Banks–0.11%
Truist Financial Corp., 4.00%, 05/01/2025(c)		350,000	344,204
Retail REITs–0.11%
Realty Income Corp.,
4.88%, 06/01/2026		185,000	182,682
4.45%, 09/15/2026		90,000	87,735
Simon Property Group L.P., 3.30%, 01/15/2026		95,000	91,486
			361,903
Semiconductor Materials & Equipment–0.13%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 2.70%, 05/01/2025		415,000	403,266
Semiconductors–0.06%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		100,000	95,987
Micron Technology, Inc., 4.19%, 02/15/2027		100,000	96,567
			192,554

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

10 Invesco Fundamental Alternatives Fund

	Principal   Amount				Value
Specialty Chemicals–0.03%
PPG Industries, Inc., 1.20%, 03/15/2026			$	100,000	$     92,289
Steel–0.06%
ArcelorMittal S.A. (Luxembourg), 4.55%, 03/11/2026				200,000	195,340
Technology Distributors–0.03%
Avnet, Inc., 4.63%, 04/15/2026				90,000	87,908
Technology Hardware, Storage & Peripherals–0.08%
Apple, Inc.,
3.25%, 02/23/2026				185,000	178,832
3.20%, 05/11/2027				75,000	71,133
					249,965
Telecom Tower REITs–0.08%
American Tower Corp.,
3.65%, 03/15/2027				135,000	128,157
3.55%, 07/15/2027				135,000	126,957
					255,114
Tobacco–0.25%
Altria Group, Inc.,
4.40%, 02/14/2026				200,000	196,094
6.20%, 11/01/2028				120,000	123,020
B.A.T Capital Corp. (United Kingdom), 3.22%, 09/06/2026				200,000	189,262
Philip Morris International, Inc., 4.88%, 02/15/2028(c)				300,000	294,986
					803,362
Trading Companies & Distributors–0.04%
Air Lease Corp., 4.63%, 10/01/2028				135,000	129,210
Transaction & Payment Processing Services–0.07%
Global Payments, Inc., 2.15%, 01/15/2027				145,000	132,792
Western Union Co. (The), 1.35%, 03/15/2026				100,000	92,009
					224,801
Wireless Telecommunication Services–0.10%
Sprint Capital Corp., 6.88%, 11/15/2028(c)				295,000	309,170
Total U.S. Dollar Denominated Bonds & Notes (Cost $24,926,894)					23,899,341
Non-U.S. Dollar Denominated Bonds & Notes–3.68%(h)
Advertising–0.03%
WPP Finance S.A. (United Kingdom), 4.13%, 05/30/2028(i)		EUR		100,000	107,720
Agricultural Products & Services–0.03%
Archer-Daniels-Midland Co., 1.00%, 09/12/2025		EUR		100,000	102,552
Apparel, Accessories & Luxury Goods–0.03%
PVH Corp., 3.13%, 12/15/2027(i)		EUR		100,000	103,232
Automobile Manufacturers–0.18%
Mercedes-Benz International Finance B.V. (Germany), 2.00%, 08/22/2026(i)		EUR		70,000	72,346

	Principal   Amount			Value
Automobile Manufacturers–(continued)
Nissan Motor Co. Ltd. (Japan), 2.65%, 03/17/2026(i)		EUR	100,000	$    104,076
RCI Banque S.A. (France), 1.75%, 04/10/2026(i)		EUR	50,000	51,207
Volkswagen Financial Services AG (Germany),
0.13%, 02/12/2027(i)		EUR	150,000	145,189
2.25%, 10/01/2027(i)		EUR	100,000	102,413
Volkswagen Leasing GmbH (Germany),
1.50%, 06/19/2026(i)		EUR	35,000	35,637
0.38%, 07/20/2026(i)		EUR	75,000	74,309
				585,177
Automotive Parts & Equipment–0.03%
Toyota Motor Finance (Netherlands) B.V. (Japan), 0.00%, 02/25/2028(i)		EUR	100,000	94,156
Brewers–0.03%
Anheuser-Busch InBev S.A./N.V. (Belgium), 2.00%, 03/17/2028(i)		EUR	100,000	102,150
Broadcasting–0.06%
ITV PLC (United Kingdom), 1.38%, 09/26/2026(i)		EUR	100,000	100,552
TDF Infrastructure S.A.S.U. (France), 2.50%, 04/07/2026(i)		EUR	100,000	103,663
				204,215
Building Products–0.03%
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 3.00%, 09/15/2028		EUR	100,000	103,675
Cable & Satellite–0.06%
SES S.A. (Luxembourg), 1.63%, 03/22/2026(i)		EUR	200,000	203,221
Commercial & Residential Mortgage Finance–0.09%
Aareal Bank AG (Germany), 0.50%, 04/07/2027(i)		EUR	300,000	281,961
Construction & Engineering–0.06%
ISS Global A/S (Denmark), 0.88%, 06/18/2026(i)		EUR	100,000	100,042
Worley US Finance Sub Ltd. (Australia), 0.88%, 06/09/2026(i)		EUR	100,000	99,792
				199,834
Construction Materials–0.02%
Heidelberg Materials Finance (Luxembourg) S.A. (Germany), 1.63%, 04/07/2026(i)		EUR	70,000	72,068
Diversified Banks–0.98%
Banco Santander S.A. (Spain),
3.13%, 01/19/2027(i)		EUR	100,000	104,502
0.50%, 02/04/2027(i)		EUR	100,000	97,683
Bank of America Corp., 0.58%, 08/24/2028(g)(i)		EUR	200,000	192,338
Bankinter S.A. (Spain), 0.88%, 07/08/2026(i)		EUR	100,000	100,035

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

11 Invesco Fundamental Alternatives Fund

	Principal   Amount			Value
Diversified Banks–(continued)
Banque Federative du Credit Mutuel S.A. (France),
2.13%, 09/12/2026(i)		EUR	100,000	$    102,249
0.63%, 11/19/2027(i)		EUR	100,000	95,561
Belfius Bank S.A. (Belgium), 0.01%, 10/15/2025(i)		EUR	300,000	302,676
BNP Paribas S.A. (France),
1.50%, 11/17/2025(i)		EUR	100,000	103,140
2.88%, 10/01/2026(i)		EUR	200,000	208,158
0.25%, 04/13/2027(g)(i)		EUR	100,000	99,407
0.50%, 05/30/2028(g)(i)		EUR	100,000	96,380
Credit Agricole S.A. (France),
1.38%, 03/13/2025(i)		EUR	300,000	313,649
0.38%, 10/21/2025(i)		EUR	100,000	101,661
ING Groep N.V. (Netherlands), 0.38%, 09/29/2028(g)(i)		EUR	100,000	94,980
Mediobanca Banca di Credito Finanziario S.p.A. (Italy), 0.88%, 01/15/2026(i)		EUR	100,000	101,364
National Bank of Canada (Canada), 3.75%, 01/25/2028(i)		EUR	100,000	106,909
NatWest Group PLC (United Kingdom), 4.07%, 09/06/2028(g)(i)		EUR	125,000	134,390
Skandinaviska Enskilda Banken AB (Sweden), 0.75%, 08/09/2027(i)		EUR	300,000	291,246
Standard Chartered PLC (United Kingdom), 0.90%, 07/02/2027(g)(i)		EUR	100,000	100,159
Swedbank AB (Sweden), 0.30%, 05/20/2027(g)(i)		EUR	200,000	198,868
Virgin Money UK PLC (United Kingdom), 4.63%, 10/29/2028(g)(i)		EUR	100,000	108,860
Volkswagen Bank GmbH (Germany), 2.50%, 07/31/2026(i)		EUR	100,000	103,399
				3,157,614
Diversified Capital Markets–0.18%
Deutsche Bank AG (Germany),
2.63%, 02/12/2026(i)		EUR	100,000	104,449
0.75%, 02/17/2027(g)(i)		EUR	100,000	100,654
Macquarie Group Ltd. (Australia), 0.63%, 02/03/2027(i)		EUR	100,000	98,331
UBS Group AG (Switzerland),
0.65%, 01/14/2028(g)(i)		EUR	100,000	97,698
0.25%, 11/05/2028(g)(i)		EUR	200,000	188,166
				589,298
Diversified Chemicals–0.09%
BASF SE (Germany),
0.25%, 06/05/2027(i)		EUR	200,000	193,758
3.13%, 06/29/2028(i)		EUR	100,000	105,712
				299,470
Diversified Financial Services–0.19%
Clearstream Banking AG (Germany), 0.00%, 12/01/2025(i)		EUR	200,000	201,545
JAB Holdings B.V. (Luxembourg), 1.75%, 06/25/2026(i)		EUR	100,000	102,060
LeasePlan Corp. N.V. (Netherlands), 3.50%, 04/09/2025(i)		EUR	194,000	206,513

	Principal   Amount			Value
Diversified Financial Services–(continued)
NatWest Markets PLC (United Kingdom), 4.25%, 01/13/2028(i)		EUR	100,000	$   108,636
				618,754
Electric Utilities–0.19%
AusNet Services Holdings Pty. Ltd. (Australia), 1.50%, 02/26/2027(i)		EUR	200,000	201,107
Duke Energy Corp., 3.10%, 06/15/2028		EUR	100,000	103,326
EDP Finance B.V. (Portugal), 1.50%, 11/22/2027(i)		EUR	100,000	99,254
Elenia Verkko OYJ (Finland), 0.38%, 02/06/2027(i)		EUR	200,000	192,488
				596,175
Gas Utilities–0.04%
2i Rete Gas S.p.A. (Italy), 1.75%, 08/28/2026(i)		EUR	115,000	117,121
Health Care Equipment–0.09%
Becton, Dickinson and Co., 1.90%, 12/15/2026		EUR	100,000	102,096
DH Europe Finance II S.a.r.l., 0.45%, 03/18/2028		EUR	100,000	95,283
Zimmer Biomet Holdings, Inc., 2.43%, 12/13/2026		EUR	100,000	103,271
				300,650
Health Care Services–0.02%
Fresenius Medical Care AG (Germany), 0.63%, 11/30/2026(i)		EUR	50,000	49,477
Highways & Railtracks–0.04%
Autostrade per l’Italia S.p.A. (Italy), 2.00%, 12/04/2028(i)		EUR	135,000	131,669
Hotels, Resorts & Cruise Lines–0.03%
InterContinental Hotels Group PLC (United Kingdom), 2.13%, 05/15/2027(i)		EUR	100,000	101,578
Household Appliances–0.03%
Whirlpool Finance (Luxembourg) S.a.r.l., 1.10%, 11/09/2027		EUR	100,000	97,343
Household Products–0.02%
Procter & Gamble Co. (The), 4.88%, 05/11/2027		EUR	50,000	55,754
Industrial Machinery & Supplies & Components–0.03%
Sandvik AB (Sweden), 0.38%, 11/25/2028(i)		EUR	100,000	92,622
Integrated Oil & Gas–0.06%
Eni S.p.A. (Italy), 1.00%, 03/14/2025(i)		EUR	179,000	186,603
Investment Banking & Brokerage–0.07%
Goldman Sachs Group, Inc. (The), 0.25%, 01/26/2028(i)		EUR	100,000	94,370
Morgan Stanley, 4.81%, 10/25/2028(g)		EUR	100,000	110,060
				204,430

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

12 Invesco Fundamental Alternatives Fund

	Principal   Amount			Value
IT Consulting & Other Services–0.10%
DXC Technology Co., 1.75%, 01/15/2026		EUR	100,000	$    102,765
International Business Machines Corp., 1.25%, 01/29/2027		EUR	200,000	200,746
				303,511
Life & Health Insurance–0.06%
New York Life Global Funding, 0.25%, 01/23/2027(i)		EUR	200,000	195,863
Multi-line Insurance–0.04%
Metropolitan Life Global Funding I, 4.00%, 04/05/2028(i)		EUR	100,000	108,373
Multi-Sector Holdings–0.10%
Berkshire Hathaway, Inc., 1.13%, 03/16/2027		EUR	200,000	200,364
Groupe Bruxelles Lambert N.V. (Belgium), 1.88%, 06/19/2025(i)		EUR	100,000	104,610
				304,974
Office REITs–0.10%
Inmobiliaria Colonial SOCIMI S.A. (Spain), 1.63%, 11/28/2025(i)		EUR	300,000	309,320
Oil & Gas Exploration & Production–0.03%
APA Infrastructure Ltd. (Australia), 2.00%, 03/22/2027(i)		EUR	100,000	101,364
Packaged Foods & Meats–0.06%
General Mills, Inc., 0.13%, 11/15/2025		EUR	100,000	100,930
JDE Peet’s N.V. (Netherlands), 0.00%, 01/16/2026(i)		EUR	100,000	99,853
				200,783
Passenger Airlines–0.04%
easyJet FinCo B.V. (United Kingdom), 1.88%, 03/03/2028(i)		EUR	135,000	133,708
Pharmaceuticals–0.03%
Novartis Finance S.A. (Switzerland), 1.63%, 11/09/2026(i)		EUR	100,000	102,578
Precious Metals & Minerals–0.03%
Anglo American Capital PLC (South Africa), 1.63%, 03/11/2026(i)		EUR	100,000	102,725
Real Estate Operating Companies–0.03%
CPI Property Group S.A. (Czech Republic), 2.75%, 05/12/2026(i)		EUR	100,000	97,691
Regional Banks–0.13%
Credit Mutuel Arkea S.A. (France), 0.38%, 10/03/2028(i)		EUR	300,000	277,932
SpareBank 1 SMN (Norway), 0.01%, 02/18/2028(i)		EUR	140,000	131,033
				408,965
Renewable Electricity–0.03%
Southern Power Co., 1.85%, 06/20/2026		EUR	100,000	102,236

	Principal   Amount				Value
Restaurants–0.06%
Sodexo S.A. (France), 0.75%, 04/27/2025(i)		EUR		170,000	$    176,145
Soft Drinks & Non-alcoholic Beverages–0.03%
CCEP Finance (Ireland) DAC (United Kingdom), 0.00%, 09/06/2025(i)		EUR		100,000	101,495
Telecom Tower REITs–0.03%
American Tower Corp., 1.95%, 05/22/2026		EUR		100,000	102,520
Tobacco–0.03%
Imperial Brands Finance PLC (United Kingdom), 3.38%, 02/26/2026(i)		EUR		100,000	105,725
Transaction & Payment Processing Services–0.04%
Euronet Worldwide, Inc., 1.38%, 05/22/2026		EUR		110,000	111,344
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $12,767,170)					11,827,839
Variable Rate Senior Loan Interests–0.01%(j)(k)
Oil & Gas Equipment & Services–0.01%
McDermott International Ltd., LOC, 0.50% (3 mo. USD LIBOR + 0.00%), 12/31/2026 (Cost $25,393)(d)		$		24,812	22,704
			Shares
Preferred Stocks–0.00%
Oil & Gas Storage & Transportation–0.00%
Southcross Energy Partners L.P., Series A, Pfd. (Cost $68,449)(d)				68,467	404
Money Market Funds–27.10%
Invesco Treasury Portfolio, Institutional Class, 5.22%(l)(m) (Cost $87,074,294)				87,074,294	87,074,294
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–85.69% (Cost $253,951,262)					275,320,765
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.67%
Invesco Private Government Fund, 5.29%(l)(m)(n)				605,585	605,585
Invesco Private Prime Fund, 5.46%(l)(m)(n)				1,557,150	1,557,618
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,163,308)					2,163,203
TOTAL INVESTMENTS IN SECURITIES–86.36% (Cost $256,114,570)					277,483,968
OTHER ASSETS LESS LIABILITIES–13.64%					43,844,647
NET ASSETS–100.00%					$321,328,615

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

13 Invesco Fundamental Alternatives Fund

Investment Abbreviations:

EUR LIBOR LOC Pfd. REIT SOFR USD - Euro - London Interbank Offered Rate - Letter of Credit - Preferred - Real Estate Investment Trust - Secured Overnight Financing Rate - U.S. Dollar

Notes to Consolidated Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2024.

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

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

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

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

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

⁽ⁱ⁾  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, 2024 was $10,033,574, which represented 3.12% of the Fund’s Net Assets.

^(j)  Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(k)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate (“SOFR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(l)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Treasury Portfolio, Institutional Class		$90,165,725		$38,390,369		$(41,481,800	)		$ -		$     -		$87,074,294		$2,236,050
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		1,692,553		11,142,291		(12,229,259	)		-		-		605,585		22,528*
Invesco Private Prime Fund		4,353,875		19,566,083		(22,364,283	)		5		1,938		1,557,618		61,886*
Total		$96,212,153		$69,098,743		$(76,075,342	)		$5		$1,938		$89,237,497		$2,320,464

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Consolidated Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(m)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

⁽ⁿ⁾  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K.

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Equity Risk
CAC 40 Index		35		May-2024	$	2,971,540	$	15,294		$	15,294
E-Mini Russell 2000 Index		16		June-2024		1,588,480		(40,367	)		(40,367	)
Eurex DAX Index		6		June-2024		2,896,649		(41,994	)		(41,994	)
EURO STOXX 50 Index		55		June-2024		2,874,345		481			481
Euronext Amsterdam Index		17		May-2024		3,176,917		55,053			55,053
FTSE 100 Index		40		June-2024		4,077,782		176,803			176,803
FTSE/MIB Index		15		June-2024		2,681,902		8,047			8,047
IBEX 35 Index		27		May-2024		3,126,220		71,290			71,290
MSCI Emerging Markets Index		11		June-2024		573,100		6,380			6,380

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

14 Invesco Fundamental Alternatives Fund

Open Futures Contracts(a)–(continued)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
OMS Stockholm 30 Index		140		May-2024	$	3,238,176		$	60,424		$	60,424
S&P/TSX 60 Index		17		June-2024		3,224,276			(37,439	)		(37,439	)
SPI 200 Index		28		June-2024		3,484,841			(32,265	)		(32,265	)
Tokyo Stock Price Index		18		June-2024		3,135,149			47,536			47,536
Subtotal									289,243			289,243
Interest Rate Risk
Euro-BTP		39		June-2024		4,869,220			3,755			3,755
U.S. Treasury 5 Year Notes		130		June-2024		13,616,484			(290,192	)		(290,192	)
Subtotal									(286,437	)		(286,437	)
Subtotal–Long Futures Contracts									2,806			2,806
Short Futures Contracts
Currency Risk
Australian Dollar		60		June-2024		(3,895,200	)		(26,755	)		(26,755	)
British Pound		52		June-2024		(4,064,775	)		(17,002	)		(17,002	)
Canadian Dollar		91		June-2024		(6,617,975	)		91,213			91,213
Euro		44		June-2024		(5,884,175	)		84,529			84,529
Japanese Yen		44		June-2024		(3,513,675	)		254,018			254,018
New Zealand Dollar		68		June-2024		(4,010,300	)		99,021			99,021
Swiss Franc		29		June-2024		(3,965,025	)		189,423			189,423
Subtotal									674,447			674,447
Equity Risk
E-Mini S&P 500 Index		185		June-2024		(46,869,750	)		1,169,219			1,169,219
Hang Seng Index		13		May-2024		(1,472,299	)		(39,704	)		(39,704	)
Subtotal									1,129,515			1,129,515
Interest Rate Risk
Australia 10 Year Bonds		70		June-2024		(5,102,807	)		89,638			89,638
Canada 10 Year Bonds		57		June-2024		(4,843,955	)		114,723			114,723
Euro-Bobl		92		June-2024		(11,431,383	)		67,749			67,749
Euro-Bund		41		June-2024		(5,691,679	)		79,415			79,415
Euro-Buxl		15		June-2024		(2,063,752	)		53,051			53,051
Euro-OAT		36		June-2024		(4,820,460	)		74,697			74,697
Euro-Schatz		78		June-2024		(8,749,529	)		30,201			30,201
Long Gilt		29		June-2024		(3,470,776	)		27,518			27,518
SFE 3 Year Australian Bonds		52		June-2024		(3,554,324	)		9,760			9,760
U.S. Treasury 2 Year Notes		32		June-2024		(6,485,000	)		41,217			41,217
U.S. Treasury 10 Year Notes		59		June-2024		(6,338,812	)		166,588			166,588
U.S. Treasury Long Bonds		32		June-2024		(3,642,000	)		160,921			160,921
Subtotal									915,478			915,478
Subtotal–Short Futures Contracts									2,719,440			2,719,440
Total Futures Contracts								$	2,722,246		$	2,722,246

^(a)  Futures contracts collateralized by $7,338,314 cash held with Merrill Lynch International, the futures commission merchant. 

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
Currency Risk
06/21/2024	Citibank, N.A.		EUR	25,000		USD	27,180	$      446
06/21/2024	Deutsche Bank AG		USD	20,267		EUR	19,000	51
05/15/2024	Goldman Sachs International		EUR	228,000		USD	247,830	4,393

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

15 Invesco Fundamental Alternatives Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
05/15/2024	J.P. Morgan Chase Bank, N.A.		EUR	58,000		USD	62,696	$      769
06/21/2024	J.P. Morgan Chase Bank, N.A.		USD	18,125		EUR	17,000	55
05/15/2024	Merrill Lynch International		EUR	58,000		USD	63,555	1,628
05/15/2024	UBS AG		EUR	11,971,000		USD	13,084,099	302,601
Subtotal–Appreciation								309,943
Currency Risk
05/15/2024	J.P. Morgan Chase Bank, N.A.		USD	192,096		EUR	178,000	(2,044)
06/21/2024	J.P. Morgan Chase Bank, N.A.		USD	22,552		EUR	21,000	(96)
05/15/2024	Merrill Lynch International		USD	32,625		EUR	30,000	(594)
05/15/2024	Morgan Stanley and Co. International PLC		USD	15,301		EUR	14,000	(354)
05/15/2024	UBS AG		USD	900,202		EUR	825,000	(19,345)
Subtotal–Depreciation								(22,433)
Total Forward Foreign Currency Contracts								$  287,510

Open Centrally Cleared Credit Default Swap Agreements(a)

Reference Entity

Buy/Sell Protection

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Implied Credit Spread(b)

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation

Credit Risk

Markit CDX North America High Yield Index, Series 39, Version 2

Sell

5.00%

Quarterly

12/20/2027

3.011%

USD 2,234,400

$39,498

$138,430

$98,932

^(a)  Centrally cleared swap agreements collateralized by $145,980 cash held with Citigroup Global Markets, Inc..

^(b)  Implied credit spreads represent the current level, as of April 30, 2024, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

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

Counterparty

Pay/ Receive

Reference Entity(c)

Fixed Rate

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Commodity Risk

Canadian Imperial Bank of Commerce

Receive

Canadian Imperial Bank of Commerce Aluminium Index

0.10

%

Monthly

29,300

April–2025

USD 2,570,549

$ 89,993

$ 154,982

$  64,989

Canadian Imperial Bank of Commerce

Receive

Canadian Imperial Bank of Commerce Copper Index

0.08

Monthly

16,700

March–2025

USD 2,861,614

5,630

193,474

187,844

Citibank, N.A.

Pay

CITI Commodities Benchmark (Regular Roll) Mono Index Soybean Oil

0.06

Monthly

16,600

November–2024

USD 1,222,983

–

68,442

68,442

Citibank, N.A.

Pay

CITI Commodities Benchmark (Regular Roll) Mono Index Soybean Oil

0.06

Monthly

5,750

December–2024

USD 1,717,527

–

1,846

1,846

Royal Bank of Canada

Pay

RBC Commodity CNE0 Excess Return Custom Index

0.06

Monthly

80,000

November–2024

USD 1,960,080

–

0

0

Royal Bank of Canada

Pay

RBC Commodity NGE0 Excess Return Custom Index

0.05

Monthly

31,000,000

November–2024

USD   750,200

–

0

0

Royal Bank of Canada

Pay

RBC Commodity SME0 Excess Return Custom Index

0.05

Monthly

2,520

January–2025

USD 1,881,332

–

0

0

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

16 Invesco Fundamental Alternatives Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b) –(continued)
Counterparty	Pay/ Receive	Reference Entity(c)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Royal Bank of Canada	Receive	RBC Commodity CLE0 Excess Return Custom Index		0.06	%		Monthly		26,800		February–2025	USD	1,488,282		$      –			$      0			$      0
Royal Bank of Canada	Receive	RBC Gold E0 Excess Return Index		0.06			Monthly		7,390		February–2025	USD	3,666,577		–			0			0
Subtotal – Appreciation															95,623			418,744			323,121
Commodity Risk
Canadian Imperial Bank of Commerce	Pay	Canadian Imperial Bank of Commerce Wheat Index		0.04			Monthly		80,800		November–2024	USD	1,269,413		(9,355)			(82,004)			(72,649)
Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Brent Crude Oil Index		0.06			Monthly		12,350		February–2025	USD	1,693,467		(3,264	)		(47,662)			(44,398)
Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Gasoil Index		0.06			Monthly		8,300		January–2025	USD	1,235,162		(1,171	)		(59,955)			(58,784)
Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Gasoline Index		0.06			Monthly		6,200		January–2025	USD	1,406,373		(4,536	)		(28,398)			(23,862)
Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Heating Oil Index		0.06			Monthly		5,250		January–2025	USD	749,867		–			(34,094)			(34,094)
Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Silver Index		0.08			Monthly		14,650		March–2025	USD	1,937,346		(581	)		(127,238	)		(126,657	)
Subtotal – Depreciation															(18,907	)		(379,351	)		(360,444	)
Total – Total Return Swap Agreements															$ 76,716			$  39,393			$  (37,323	)

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $3,251.

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

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

Reference Entity Components
Reference Entity	Underlying Components	Percentage
Canadian Imperial Bank of Commerce Aluminium Index
	Long Futures Contracts
	Aluminium	100.00%
Canadian Imperial Bank of Commerce Copper Index
	Long Futures Contracts
	Copper	100.00%
CITI Commodities Benchmark (Regular Roll) Mono Index Soybean Oil
	Long Futures Contracts
	Soybean Oil	100.00%
RBC Commodity CNE0 Excess Return Custom Index
	Long Futures Contracts
	Corn	100.00%
RBC Commodity NGE0 Excess Return Custom Index
	Long Futures Contracts
	Natural Gas	100.00%

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

17 Invesco Fundamental Alternatives Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
RBC Commodity SME0 Excess Return Custom Index
	Long Futures Contracts
	Soymeal	100.00%
RBC Commodity CLE0 Excess Return Custom Index
	Long Futures Contracts
	WTI Crude Oil	100.00%
RBC Gold E0 Excess Return Index
	Long Futures Contracts
	Gold	100.00%
Canadian Imperial Bank of Commerce Wheat Index
	Long Futures Contracts
	Wheat	100.00%
Canadian Imperial Bank of Commerce Brent Crude Oil Index
	Long Futures Contracts
	Brent Crude Oil	100.00%
Canadian Imperial Bank of Commerce Gasoline Index
	Long Futures Contracts
	Gasoline	100.00%
Canadian Imperial Bank of Commerce Heating Oil Index
	Long Futures Contracts
	Heating Oil	100.00%
Canadian Imperial Bank of Commerce Silver Index
	Long Futures Contracts
	Silver	100.00%

Abbreviations:

EUR –Euro

USD –U.S. Dollar

Volatility Contribution*

Strategy	Annualized Volatility Contribution			Volatility Contribution as % of Investment Strategy
Long/Short Credit		0.09	%		2.33	%
Long/Short Equity		2.36			59.62
Long/Short Macro		1.51			38.05
Total		3.96	%		100.00	%

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

* Excluding money market fund holdings, if any.

Data presented here are as of April 30, 2024.

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

18 Invesco Fundamental Alternatives Fund

Consolidated Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $166,876,968)*	$	188,246,471
Investments in affiliated money market funds, at value (Cost $89,237,602)		89,237,497
Other investments:
Variation margin receivable – futures contracts		3,485,914
Swaps receivable – OTC		135,174
Unrealized appreciation on swap agreements – OTC		323,121
Premiums paid on swap agreements – OTC		76,716
Unrealized appreciation on forward foreign currency contracts outstanding		309,943
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		7,338,314
Cash collateral – centrally cleared swap agreements		145,980
Cash collateral – OTC Derivatives		3,251
Cash		34,074,247
Foreign currencies, at value (Cost $98,953)		97,097
Receivable for:
Investments sold		102,812
Fund shares sold		74,715
Dividends		501,205
Interest		558,692
Investment for trustee deferred compensation and retirement plans		108,417
Other assets		38,003
Total assets		324,857,569
Liabilities:
Other investments:
Variation margin payable – centrally cleared swap agreements		346,538
Unrealized depreciation on forward foreign currency contracts outstanding		22,433
Swaps payable – OTC		80,022
Unrealized depreciation on swap agreements–OTC		360,444
Payable for:
Dividends		15
Fund shares reacquired		165,196
Collateral upon return of securities loaned		2,163,308
Accrued fees to affiliates		178,115
Accrued other operating expenses		62,383
Trustee deferred compensation and retirement plans		150,500
Total liabilities		3,528,954
Net assets applicable to shares outstanding	$	321,328,615

Net assets consist of:
Shares of beneficial interest	$	295,468,767
Distributable earnings		25,859,848
	$	321,328,615
Net Assets:
Class A	$	272,775,778
Class C	$	8,782,459
Class R	$	10,292,733
Class Y	$	27,349,066
Class R5	$	9,391
Class R6	$	2,119,188
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,068,113
Class C		410,822
Class R		440,553
Class Y		1,079,125
Class R5		380
Class R6		83,081
Class A:
Net asset value per share	$	24.65
Maximum offering price per share (Net asset value of $24.65 ÷ 94.50%)	$	26.08
Class C:
Net asset value and offering price per share	$	21.38
Class R:
Net asset value and offering price per share	$	23.36
Class Y:
Net asset value and offering price per share	$	25.34
Class R5:
Net asset value and offering price per share	$	24.71
Class R6:
Net asset value and offering price per share	$	25.51

* At April 30, 2024, securities with an aggregate value of $2,098,880 were on loan to brokers.

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

19 Invesco Fundamental Alternatives Fund

Consolidated Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Interest	$	1,369,239
Dividends (net of foreign withholding taxes of $557)		1,100,291
Dividends from affiliated money market funds (includes net securities lending income of $2,591)		2,238,641
Total investment income		4,708,171
Expenses:
Advisory fees		1,356,279
Administrative services fees		23,520
Custodian fees		23,757
Distribution fees:
Class A		342,201
Class C		50,183
Class R		26,030
Transfer agent fees – A, C, R and Y		312,097
Transfer agent fees – R5		2
Transfer agent fees – R6		316
Trustees’ and officers’ fees and benefits		16,724
Registration and filing fees		40,274
Reports to shareholders		48,511
Professional services fees		43,270
Other		6,239
Total expenses		2,289,403
Less: Fees waived and/or expense offset arrangement(s)		(69,077	)
Net expenses		2,220,326
Net investment income		2,487,845
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		9,135,001
Affiliated investment securities		1,938
Foreign currencies		12,966
Forward foreign currency contracts		185,760
Futures contracts		(6,120,012	)
Swap agreements		554,549
		3,770,202
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		11,106,732
Affiliated investment securities		5
Foreign currencies		(3,924	)
Forward foreign currency contracts		(208,400	)
Futures contracts		(1,121,151	)
Swap agreements		88,413
		9,861,675
Net realized and unrealized gain		13,631,877
Net increase in net assets resulting from operations	$	16,119,722

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

20 Invesco Fundamental Alternatives Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30,			October 31,
	2024			2023
Operations:
Net investment income	$	2,487,845		$	3,952,887
Net realized gain		3,770,202			4,708,192
Change in net unrealized appreciation (depreciation)		9,861,675			(2,497,278	)
Net increase in net assets resulting from operations		16,119,722			6,163,801
Distributions to shareholders from distributable earnings:
Class A		(12,216,541	)		(7,437,551	)
Class C		(455,690	)		(382,548	)
Class R		(466,575	)		(279,243	)
Class Y		(1,294,309	)		(1,191,849	)
Class R5		(461	)		(235	)
Class R6		(108,646	)		(79,119	)
Total distributions from distributable earnings		(14,542,222	)		(9,370,545	)
Share transactions–net:
Class A		(4,663,906	)		(26,336,193	)
Class C		(2,074,727	)		(2,814,387	)
Class R		(229,699	)		(115,402	)
Class Y		(4,252,845	)		(21,575,654	)
Class R6		(415,260	)		(1,116,764	)
Net increase (decrease) in net assets resulting from share transactions		(11,636,437	)		(51,958,400	)
Net increase (decrease) in net assets		(10,058,937	)		(55,165,144	)
Net assets:
Beginning of period		331,387,552			386,552,696
End of period	$	321,328,615		$	331,387,552

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

21 Invesco Fundamental Alternatives Fund

Consolidated Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/24		$24.55		$0.19			$1.02			$1.21			$(0.21	)		$(0.90	)		$(1.11	)		$24.65		5.06	%		$272,776		1.36	%(e)		1.40	%(e)		1.36	%(e)		1.54	%(e)		22	%
Year ended 10/31/23		24.75		0.27			0.15			0.42			–			(0.62	)		(0.62	)		24.55		1.71			276,078		1.33			1.37			1.33			1.11			61
Year ended 10/31/22		27.26		(0.05	)		(1.69	)		(1.74	)		(0.77	)		–			(0.77	)		24.75		(6.60	)		304,850		1.33			1.34			1.33			(0.20	)		29
Year ended 10/31/21		26.50		(0.08	)		1.35			1.27			(0.51	)		–			(0.51	)		27.26		4.84			362,634		1.32			1.38			1.32			(0.27	)		74
Year ended 10/31/20		26.83		0.28			(0.07	)		0.21			(0.54	)		–			(0.54	)		26.50		0.77			386,680		1.56			1.61			1.52			1.07			223
Year ended 10/31/19		27.42		0.69			(0.82	)		(0.13	)		(0.46	)		–			(0.46	)		26.83		(0.45	)		441,060		1.64			1.71			1.38			2.59			289
Class C
Six months ended 04/30/24		21.33		0.08			0.89			0.97			(0.02	)		(0.90	)		(0.92	)		21.38		4.68			8,782		2.11	(e)		2.15	(e)		2.11	(e)		0.79	(e)		22
Year ended 10/31/23		21.75		0.08			0.12			0.20			–			(0.62	)		(0.62	)		21.33		0.92			10,842		2.08			2.12			2.08			0.36			61
Year ended 10/31/22		24.02		(0.21	)		(1.50	)		(1.71	)		(0.56	)		–			(0.56	)		21.75		(7.32	)		13,916		2.08			2.09			2.08			(0.95	)		29
Year ended 10/31/21		23.36		(0.25	)		1.21			0.96			(0.30	)		–			(0.30	)		24.02		4.11			19,401		2.08			2.13			2.08			(1.03	)		74
Year ended 10/31/20		23.60		0.07			(0.07	)		0.00			(0.24	)		–			(0.24	)		23.36		0.00			27,495		2.33			2.35			2.28			0.30			223
Year ended 10/31/19		24.17		0.43			(0.74	)		(0.31	)		(0.26	)		–			(0.26	)		23.60		(1.25	)		38,860		2.42			2.47			2.14			1.81			289
Class R
Six months ended 04/30/24		23.29		0.15			0.97			1.12			(0.15	)		(0.90	)		(1.05	)		23.36		4.93			10,293		1.61	(e)		1.65	(e)		1.61	(e)		1.29	(e)		22
Year ended 10/31/23		23.57		0.20			0.14			0.34			–			(0.62	)		(0.62	)		23.29		1.45			10,485		1.58			1.62			1.58			0.86			61
Year ended 10/31/22		26.00		(0.11	)		(1.62	)		(1.73	)		(0.70	)		–			(0.70	)		23.57		(6.87	)		10,728		1.58			1.59			1.58			(0.45	)		29
Year ended 10/31/21		25.29		(0.14	)		1.29			1.15			(0.44	)		–			(0.44	)		26.00		4.58			12,755		1.58			1.63			1.58			(0.53	)		74
Year ended 10/31/20		25.60		0.21			(0.07	)		0.14			(0.45	)		–			(0.45	)		25.29		0.51			13,867		1.82			1.86			1.78			0.81			223
Year ended 10/31/19		26.18		0.59			(0.78	)		(0.19	)		(0.39	)		–			(0.39	)		25.60		(0.70	)		16,296		1.91			1.97			1.64			2.33			289
Class Y
Six months ended 04/30/24		25.25		0.22			1.04			1.26			(0.27	)		(0.90	)		(1.17	)		25.34		5.15			27,349		1.11	(e)		1.15	(e)		1.11	(e)		1.79	(e)		22
Year ended 10/31/23		25.37		0.34			0.16			0.50			–			(0.62	)		(0.62	)		25.25		1.99			31,447		1.08			1.12			1.08			1.36			61
Year ended 10/31/22		27.94		0.02			(1.75	)		(1.73	)		(0.84	)		–			(0.84	)		25.37		(6.41	)		53,389		1.08			1.09			1.08			0.05			29
Year ended 10/31/21		27.14		(0.01	)		1.39			1.38			(0.58	)		–			(0.58	)		27.94		5.14			103,680		1.07			1.13			1.07			(0.02	)		74
Year ended 10/31/20		27.47		0.36			(0.08	)		0.28			(0.61	)		–			(0.61	)		27.14		1.00			165,217		1.31			1.35			1.27			1.32			223
Year ended 10/31/19		28.07		0.77			(0.84	)		(0.07	)		(0.53	)		–			(0.53	)		27.47		(0.22	)		266,741		1.41			1.47			1.14			2.82			289
Class R5
Six months ended 04/30/24		24.66		0.23			1.03			1.26			(0.31	)		(0.90	)		(1.21	)		24.71		5.28			9		0.96	(e)		0.99	(e)		0.96	(e)		1.94	(e)		22
Year ended 10/31/23		24.76		0.37			0.15			0.52			–			(0.62	)		(0.62	)		24.66		2.12			9		0.93			0.96			0.93			1.51			61
Year ended 10/31/22		27.29		0.05			(1.69	)		(1.64	)		(0.89	)		–			(0.89	)		24.76		(6.25	)		9		0.93			0.94			0.93			0.20			29
Year ended 10/31/21		26.55		0.03			1.35			1.38			(0.64	)		–			(0.64	)		27.29		5.24			10		0.91			0.92			0.91			0.14			74
Year ended 10/31/20		26.87		0.39			(0.05	)		0.34			(0.66	)		–			(0.66	)		26.55		1.23			10		1.14			1.15			1.10			1.49			223
Period ended 10/31/19(f)		26.56		0.35			(0.04	)		0.31			–			–			–			26.87		1.17			10		1.25	(e)		1.35	(e)		1.02	(e)		2.97	(e)		289
Class R6
Six months ended 04/30/24		25.42		0.24			1.06			1.30			(0.31	)		(0.90	)		(1.21	)		25.51		5.28			2,119		0.96	(e)		0.99	(e)		0.96	(e)		1.94	(e)		22
Year ended 10/31/23		25.51		0.38			0.15			0.53			–			(0.62	)		(0.62	)		25.42		2.10			2,526		0.93			0.96			0.93			1.51			61
Year ended 10/31/22		28.09		0.06			(1.75	)		(1.69	)		(0.89	)		–			(0.89	)		25.51		(6.25	)		3,660		0.93			0.94			0.93			0.20			29
Year ended 10/31/21		27.27		0.04			1.42			1.46			(0.64	)		–			(0.64	)		28.09		5.40			6,743		0.90			0.92			0.90			0.15			74
Year ended 10/31/20		27.60		0.41			(0.08	)		0.33			(0.66	)		–			(0.66	)		27.27		1.19			215,374		1.12			1.14			1.08			1.51			223
Year ended 10/31/19		28.21		0.82			(0.86	)		(0.04	)		(0.57	)		–			(0.57	)		27.60		(0.08	)		175,917		1.23			1.29			0.96			3.00			289

^(a)  Calculated using average shares outstanding.

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

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.02% and 0.01% for the years ended October 31, 2020 and 2019, respectively.

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

^(e)  Annualized.

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

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

22 Invesco Fundamental Alternatives Fund

Notes to Consolidated Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund will seek to gain exposure to commodity-linked derivatives primarily through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts), and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions. The Fund may invest up to 25% of its total assets in the Subsidiary.

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

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

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

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask 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.

23 Invesco Fundamental Alternatives Fund

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

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

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

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

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

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

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

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

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

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. Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or

24 Invesco Fundamental Alternatives Fund

securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

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. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations.

L. Securities Sold Short – The Fund may enter into short sales of securities which it concurrently holds (against the box) or for which it holds no corresponding position (naked). Securities sold short represent a liability of the Fund to acquire specific securities at prevailing market prices at a future date in order to satisfy the obligation to deliver the securities sold. The liability is recorded on the books of the Fund at the market value of the common stock determined each day in accordance with the procedures for security valuations. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a gain if the price of the security declines between those dates.

The Fund is required to segregate cash or securities as collateral in margin accounts at a level that is equal to the obligation to the broker who delivered such securities to the buyer on behalf of the Fund. The Short stock rebate, if any, presented in the Consolidated Statement of Operations represents the net income earned on short sale proceeds held on deposit with the broker and margin interest earned or incurred on short sale transactions. Margin interest is the income earned (or expense incurred) as a result of the market value of securities sold short being less than (or greater than) the proceeds received from the short sales.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

25 Invesco Fundamental Alternatives Fund

currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

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

O. 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 instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

P. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, volatility, variance, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, equity, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index, such as the Consumer Price Index, over the term of the swap, and the other party pays a compounded fixed rate.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund will initially enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated, at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

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

26 Invesco Fundamental Alternatives Fund

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. 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, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2024, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Q. Bank Loan Risk – Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund seeks to manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

S. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

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

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate*
First $ 1 billion	0.850%
Next $500 million	0.800%
Next $500 million	0.750%
Next $500 million	0.700%
Next $500 million	0.650%
Next $500 million	0.600%
Next $500 million	0.550%
Over $4 billion	0.500%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.84%.

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.

27 Invesco Fundamental Alternatives Fund

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

The Adviser has agreed, for an indefinite period, 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 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary 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, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of 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 fee waiver and/or expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2024, the Adviser waived advisory fees of $46,166.

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, 2024, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, 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 Plans 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, 2024, 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, 2024, IDI advised the Fund that IDI retained $15,320 in front-end sales commissions from the sale of Class A shares and $32 and $(861) from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2024. 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.

28 Invesco Fundamental Alternatives Fund

	Level 1			Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	109,073,420		$	–		$	17	$	109,073,437
U.S. Treasury Securities		–			43,422,746			–		43,422,746
U.S. Dollar Denominated Bonds & Notes		–			23,899,341			–		23,899,341
Non-U.S. Dollar Denominated Bonds & Notes		–			11,827,839			–		11,827,839
Variable Rate Senior Loan Interests		–			–			22,704		22,704
Preferred Stocks		–			–			404		404
Money Market Funds		87,074,294			2,163,203			–		89,237,497
Total Investments in Securities		196,147,714			81,313,129			23,125		277,483,968
Other Investments - Assets*
Futures Contracts		3,247,964			–			–		3,247,964
Forward Foreign Currency Contracts		–			309,943			–		309,943
Swap Agreements		–			422,053			–		422,053
		3,247,964			731,996			–		3,979,960
Other Investments - Liabilities*
Futures Contracts		(525,718	)		–			–		(525,718	)
Forward Foreign Currency Contracts		–			(22,433	)		–		(22,433	)
Swap Agreements		–			(360,444	)		–		(360,444	)
		(525,718	)		(382,877	)		–		(908,595	)
Total Other Investments		2,722,246			349,119			–		3,071,365
Total Investments	$	198,869,960		$	81,662,248		$	23,125	$	280,555,333

* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2024:

	Value
Derivative Assets	Commodity Risk		Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	–	$	–		$	718,204		$	1,610,527		$	919,233		$	3,247,964
Unrealized appreciation on swap agreements – Centrally Cleared(a)		–		98,932			–			–			–			98,932
Unrealized appreciation on forward foreign currency contracts outstanding		–		–			309,943			–			–			309,943
Unrealized appreciation on swap agreements – OTC		323,121		–			–			–			–			323,121
Total Derivative Assets		323,121		98,932			1,028,147			1,610,527			919,233			3,979,960
Derivatives not subject to master netting agreements		–		(98,932	)		(718,204	)		(1,610,527	)		(919,233	)		(3,346,896	)
Total Derivative Assets subject to master netting agreements	$	323,121	$	–		$	309,943		$	–		$	–		$	633,064

	Value
Derivative Liabilities	Commodity Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	–		$	(43,757	)	$	(191,769	)	$	(290,192	)	$	(525,718	)
Unrealized depreciation on forward foreign currency contracts outstanding		–			(22,433	)		–			–			(22,433	)
Unrealized depreciation on swap agreements – OTC		(360,444	)		–			–			–			(360,444	)
Total Derivative Liabilities		(360,444	)		(66,190	)		(191,769	)		(290,192	)		(908,595	)
Derivatives not subject to master netting agreements		–			43,757			191,769			290,192			525,718
Total Derivative Liabilities subject to master netting agreements		$(360,444)		$	(22,433	)	$	–		$	–		$	(382,877	)

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

29 Invesco Fundamental Alternatives Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2024.

																			Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash		Net Amount(a)
Fund
Citibank, N.A.	$	446	$	–	$	446	$	–		$	–		$	–		$	446			$–		$–	$	446
Deutsche Bank AG		51		–		51		–			–			–			51			–		–		51
Goldman Sachs International		4,393		–		4,393		–			–			–			4,393			–		–		4,393
J.P. Morgan Chase Bank, N.A.		824		–		824		(2,140	)		–			(2,140	)		(1,316	)		–		–		(1,316	)
Merrill Lynch International		1,628		–		1,628		(594	)		–			(594	)		1,034			–		–		1,034
Morgan Stanley and Co. International PLC		–		–		–		(354	)		–			(354	)		(354	)		–		–		(354	)
UBS AG		302,601		–		302,601		(19,345	)		–			(19,345	)		283,256			–		–		283,256
Subtotal - Fund		309,943		–		309,943		(22,433	)		–			(22,433	)		287,510			–		–		287,510
Subsidiary
Canadian Imperial Bank of Commerce		–		252,833		252,833		–			(361,044	)		(361,044	)		(108,211	)		–		–		(108,211	)
Citibank, N.A.		–		70,288		70,288		–			(70	)		(70	)		70,218			–		–		70,218
Royal Bank of Canada		–		135,174		135,174		–			(79,352	)		(79,352	)		55,822			–		–		55,822
Subtotal - Subsidiary		–		458,295		458,295		–			(440,466	)		(440,466	)		17,829			–		–		17,829
Total	$	309,943	$	458,295	$	768,238	$	(22,433	)	$	(440,466	)	$	(462,899	)	$	305,339			$–		$–	$	305,339

Effect of Derivative Investments for the six months ended April 30, 2024

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	$	-		$	-	$	185,760		$	-		$	-		$	185,760
Futures contracts		(47,786	)		-		-			(2,936,631	)		(3,135,595	)		(6,120,012	)
Swap agreements		201,602			352,947		-			-			-			554,549
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			-		(208,400	)		-			-			(208,400	)
Futures contracts		39,148			-		674,447			(1,911,416	)		76,670			(1,121,151	)
Swap agreements		(39,603	)		128,016		-			-			-			88,413
Total	$	153,361		$	480,963	$	651,807		$	(4,848,047	)	$	(3,058,925	)	$	(6,620,841	)

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

	Forward Foreign Currency Contracts		Futures Contracts		Swap Agreements
Average notional value		$18,176,559	$	165,662,775	$	37,219,688

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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $22,911.

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.

30 Invesco Fundamental Alternatives Fund

NOTE 7–Cash Balances

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

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 carryforward 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, 2023.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $42,638,076 and $70,127,951, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	26,324,618
Aggregate unrealized (depreciation) of investments		(6,538,083	)
Net unrealized appreciation of investments	$	19,786,535

Cost of investments for tax purposes is $260,845,514.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		139,444		$	3,411,648			343,662		$	8,401,076
Class C		23,770			504,657			57,318			1,222,239
Class R		17,820			412,735			49,188			1,145,235
Class Y		68,213			1,714,759			114,767			2,883,235
Class R6		4,139			104,604			12,156			308,104
Issued as reinvestment of dividends:
Class A		483,995			11,543,285			290,320			7,051,867
Class C		20,970			434,914			17,410			369,953
Class R		20,447			462,718			12,058			278,537
Class Y		45,406			1,112,451			39,960			996,195
Class R6		3,348			82,539			2,477			62,103
Automatic conversion of Class C shares to Class A shares:
Class A		88,692			2,164,274			79,381			1,936,644
Class C		(102,120	)		(2,164,274	)		(90,968	)		(1,936,644	)
Reacquired:
Class A		(891,084	)		(21,783,113	)		(1,784,801	)		(43,725,780	)
Class C		(40,080	)		(850,024	)		(115,424	)		(2,469,935	)
Class R		(47,816	)		(1,105,152	)		(66,214	)		(1,539,174	)
Class Y		(280,162	)		(7,080,055	)		(1,013,263	)		(25,455,084	)
Class R6		(23,757	)		(602,403	)		(58,769	)		(1,486,971	)
Net increase (decrease) in share activity		(468,775	)	$	(11,636,437	)		(2,110,742	)	$	(51,958,400	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 5% 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.

31 Invesco Fundamental Alternatives 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, 2023 through April 30, 2024.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/23)	Ending Account Value (04/30/24)1	Expenses Paid During Period2	Ending Account Value (04/30/24)	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$1,050.60	$6.93	$1,018.10	$6.82	1.36%
Class C	1,000.00	1,046.80	10.74	1,014.37	10.57	2.11
Class R	1,000.00	1,049.30	8.20	1,016.86	8.07	1.61
Class Y	1,000.00	1,051.50	5.66	1,019.34	5.57	1.11
Class R5	1,000.00	1,052.80	4.90	1,020.09	4.82	0.96
Class R6	1,000.00	1,052.80	4.90	1,020.09	4.82	0.96

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

32 Invesco Fundamental Alternatives Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

Matter	Votes For			Votes Against/Withheld
(1)* Beth Ann Brown		2,249,378,619.33			41,629,442.71
Carol Deckbar		2,246,234,264.52			44,773,797.52
Cynthia Hostetler		2,239,884,066.77			51,123,995.27
Dr. Eli Jones		2,247,948,469.91			43,059,592.13
Elizabeth Krentzman		2,249,230,311.83			41,777,750.22
Jeffrey H. Kupor		2,246,969,783.10			44,038,278.94
Anthony J. LaCava, Jr.		2,248,588,977.62			42,419,084.42
James Liddy		2,247,297,130.55			43,710,931.50
Dr. Prema Mathai-Davis		2,240,956,129.31			50,051,932.73
Joel W. Motley		2,243,008,410.57			47,999,651.47
Teresa M. Ressel		2,248,731,273.34			42,276,788.70
Douglas Sharp		2,248,447,243.22			42,560,818.83
Robert C. Troccoli		2,246,647,253.82			44,360,808.22
Daniel S. Vandivort		2,247,577,966.04			43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

33 Invesco Fundamental Alternatives Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

SEC file number(s): 811-05426 and 033-19338 Invesco Distributors, Inc. O-FALT-SAR-1

Semiannual Report to Shareholders April 30, 2024

Invesco Global Allocation Fund

Nasdaq:

A: QVGIX ∎ C: QGRCX ∎ R: QGRNX ∎ Y: QGRYX ∎ R5: GLALX ∎ R6: QGRIX

 

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
13	Consolidated Financial Statements
16	Consolidated Financial Highlights
17	Notes to Consolidated Financial Statements
26	Fund Expenses
27	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

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

Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	13.24	%
Class C Shares	12.83
Class R Shares	13.11
Class Y Shares	13.33
Class R5 Shares	13.47
Class R6 Shares	13.50
Bloomberg U.S. Aggregate Bond Index▼*	4.97
MSCI All Country World Index▼*	19.77
Bloomberg Global Aggregate USD Hedged Index▼*	5.04
Custom Invesco Global Allocation Index∎	13.70
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.
* Effective February 28, 2024, the Fund changed its broad-based securities market benchmark from the MSCI All Country World Index and the Bloomberg Global Aggregate USD Hedged Index to the Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World Index to reflect that the Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World Index can be considered more broadly representative of the overall applicable securities markets.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
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 Bloomberg Global Aggregate USD Hedged Index tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.
The Custom Invesco Global Allocation Index is composed of 60% MSCI All Country World Index/40% Bloomberg Global Aggregate USD Hedged Index.
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 Allocation Fund

 

 

 

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (11/1/91)	7.04	%
10 Years	3.86
5 Years	4.11
1 Year	0.35
Class C Shares
Inception (9/1/93)	6.83	%
10 Years	3.82
5 Years	4.51
1 Year	4.40
Class R Shares
Inception (3/1/01)	3.54	%
10 Years	4.19
5 Years	5.04
1 Year	5.97
Class Y Shares
Inception (5/1/00)	4.53	%
10 Years	4.71
5 Years	5.55
1 Year	6.43
Class R5 Shares
10 Years	4.66	%
5 Years	5.72
1 Year	6.60
Class R6 Shares
Inception (2/28/12)	5.61	%
10 Years	4.89
5 Years	5.73
1 Year	6.61

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

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

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect

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

 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 Global Allocation Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Global Allocation Fund

Consolidated Schedule of Investments^(a)

April 30, 2024

(Unaudited)

	Shares		Value
Exchange-Traded Funds–54.87%
Invesco Emerging Markets Sovereign Debt ETF(a)		1,700,000	$   33,371,000
Invesco High Yield Bond Factor ETF(a)		1,076,000	23,501,239
Invesco International Developed Dynamic Multifactor ETF(a)(b)		5,817,300	145,432,500
Invesco Russell 1000® Dynamic Multifactor ETF(a)		4,586,860	237,736,954
Invesco Russell 2000® Dynamic Multifactor ETF(a)		1,607,300	56,818,055
iShares iBoxx High Yield Corporate Bond ETF(b)		922,000	70,339,380
Total Exchange-Traded Funds (Cost $454,771,107)			567,199,128
	Principal Amount
U.S. Treasury Securities–19.26%
U.S. Treasury Notes–19.26%
3.88%, 12/31/2027	$	23,390,000	22,654,951
3.88%, 12/31/2029(c)		68,550,000	65,682,146
1.88%, 02/15/2032(c)		135,475,000	110,750,813
Total U.S. Treasury Securities (Cost $210,421,308)			199,087,910
	Shares
Common Stocks & Other Equity Interests–18.63%
Advertising–0.08%
Trade Desk, Inc. (The), Class A(d)		10,519	871,499
Aerospace & Defense–0.55%
Airbus SE (France)		18,320	3,014,698
Axon Enterprise, Inc.(d)		2,382	747,138
Howmet Aerospace, Inc.		10,068	672,039
TransDigm Group, Inc.		1,011	1,261,758
			5,695,633
Air Freight & Logistics–0.10%
ZTO Express (Cayman), Inc. (China)		535	11,358
ZTO Express (Cayman), Inc., ADR (China)(b)		50,668	1,063,521
			1,074,879
Apparel Retail–0.04%
Ross Stores, Inc.		3,510	454,721
Apparel, Accessories & Luxury Goods–0.70%
Brunello Cucinelli S.p.A. (Italy)		4,298	438,664
Cie Financiere Richemont S.A. (Switzerland)		5,111	706,478
Ermenegildo Zegna N.V. (Italy)		8,802	108,265
Hermes International S.C.A. (France)		472	1,129,963
Kering S.A. (France)		845	296,147
LVMH Moet Hennessy Louis Vuitton SE (France)		4,193	3,444,281
Prada S.p.A. (Italy)		138,500	1,129,510
			7,253,308

	Shares		Value
Application Software–1.22%
Adobe, Inc.(d)		3,131	$    1,449,121
Dassault Systemes SE (France)		12,707	498,774
Datadog, Inc., Class A(d)		5,808	728,904
Fair Isaac Corp.(d)		303	343,399
Guidewire Software, Inc.(d)		4,731	522,302
HubSpot, Inc.(d)		1,573	951,461
Intuit, Inc.		3,569	2,232,838
Manhattan Associates, Inc.(d)		4,100	844,846
Nice Ltd., ADR (Israel)(d)		2,909	650,191
Nutanix, Inc., Class A(d)		9,176	556,983
PTC, Inc.(d)		2,867	508,720
Roper Technologies, Inc.		955	488,444
Samsara, Inc., Class A(d)		19,780	690,915
SAP SE (Germany)		10,004	1,806,394
Synopsys, Inc.(d)		98	51,998
Xero Ltd. (New Zealand)(d)		3,630	281,827
			12,607,117
Asset Management & Custody Banks–0.13%
Ares Management Corp., Class A		7,531	1,002,301
Blue Owl Capital, Inc.		6,082	114,889
KKR & Co., Inc., Class A		2,223	206,894
			1,324,084
Automobile Manufacturers–0.01%
Ferrari N.V. (Italy)		223	91,714
Automotive Retail–0.05%
O’Reilly Automotive, Inc.(d)		513	519,802
Biotechnology–0.18%
argenx SE, ADR (Netherlands)(d)		882	331,191
CSL Ltd. (Australia)		3,322	590,240
Natera, Inc.(d)		6,320	587,001
Neurocrine Biosciences, Inc.(d)		2,353	323,632
			1,832,064
Brewers–0.09%
Ambev S.A. (Brazil)		331,102	774,735
Budweiser Brewing Co. APAC Ltd. (China)(e)		103,300	143,710
			918,445
Broadline Retail–0.48%
Allegro.eu S.A. (Poland)(d)(e)		31,383	261,612
Amazon.com, Inc.(d)		4,079	713,825
Dollarama, Inc. (Canada)		15,655	1,305,939
JD.com, Inc., ADR (China)		36,233	1,046,771
Next PLC (United Kingdom)		9,925	1,113,168
PDD Holdings, Inc., ADR (China)(b)(d)		4,454	557,552
			4,998,867
Building Products–0.26%
Assa Abloy AB, Class B (Sweden)		34,658	915,713
Daikin Industries Ltd. (Japan)		4,400	600,562
Trane Technologies PLC		3,083	978,359

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

5 Invesco Global Allocation Fund

	Shares		Value
Building Products–(continued)
Trex Co., Inc.(d)		2,762	$      244,575
			2,739,209
Cargo Ground Transportation–0.07%
Saia, Inc.(d)		926	367,465
XPO, Inc.(d)		3,183	342,045
			709,510
Casinos & Gaming–0.17%
DraftKings, Inc., Class A(d)		18,463	767,322
Flutter Entertainment PLC (Ireland)(d)		5,134	951,119
			1,718,441
Coal & Consumable Fuels–0.04%
Cameco Corp. (Canada)		8,754	399,445
Commodity Chemicals–0.03%
LG Chem Ltd. (South Korea)		1,203	345,680
Construction & Engineering–0.20%
Comfort Systems USA, Inc.		2,266	701,123
EMCOR Group, Inc.		1,685	601,831
Quanta Services, Inc.		3,060	791,194
			2,094,148
Construction Machinery & Heavy Transportation Equipment– 0.15%
Epiroc AB, Class A (Sweden)		60,074	1,110,610
Wabtec Corp.		3,029	487,911
			1,598,521
Construction Materials–0.14%
James Hardie Industries PLC, CDI (Australia)(d)		20,585	707,670
Vulcan Materials Co.		2,736	704,876
			1,412,546
Consumer Staples Merchandise Retail–0.13%
Wal-Mart de Mexico S.A.B. de C.V., Series V (Mexico)		357,400	1,333,567
Copper–0.04%
Antofagasta PLC (Chile)		15,370	421,626
Distillers & Vintners–0.18%
Pernod Ricard S.A. (France)		11,986	1,812,788
Diversified Banks–0.86%
Akbank T.A.S. (Turkey)		110,379	203,163
Banco de Chile (Chile)		1,702,556	188,867
Banco Santander Chile (Chile)		2,544,741	115,303
Credicorp Ltd. (Peru)		3,475	575,495
Grupo Financiero Banorte S.A.B. de C.V., Class O (Mexico)		11,246	111,306
HDFC Bank Ltd. (India)		110,098	1,999,444
ICICI Bank Ltd. (India)		37,692	519,356
ICICI Bank Ltd., ADR (India)		28,055	772,354
Itau Unibanco Holding S.A., Preference Shares (Brazil)		82,801	500,065
Kotak Mahindra Bank Ltd. (India)		128,391	2,495,330
NU Holdings Ltd., Class A (Brazil)(d)		56,706	615,827
PT Bank Central Asia Tbk (Indonesia)		961,900	578,375

	Shares		Value
Diversified Banks–(continued)
PT Bank Rakyat Indonesia (Persero) Tbk (Indonesia)		353,200	$      106,915
Sberbank of Russia PJSC (Russia)(f)		11,951	0
Yapi ve Kredi Bankasi A.S. (Turkey)		73,240	73,341
			8,855,141
Diversified Capital Markets–0.01%
Banco BTG Pactual S.A., Series CPO (Brazil)		15,900	102,272
Diversified Financial Services–0.05%
FirstRand Ltd. (South Africa)		138,938	479,635
Diversified Metals & Mining–0.29%
Grupo Mexico S.A.B. de C.V., Class B (Mexico)		493,624	3,050,077
Diversified Real Estate Activities–0.28%
DLF Ltd. (India)		269,851	2,875,158
Diversified Support Services–0.06%
Copart, Inc.(d)		10,515	571,070
Drug Retail–0.00%
Raia Drogasil S.A. (Brazil)		4,200	20,690
Education Services–0.01%
Duolingo, Inc.(d)		605	136,579
Electrical Components & Equipment–0.19%
Havells India Ltd. (India)		17,711	352,494
Schneider Electric SE (France)		2,031	463,095
Vertiv Holdings Co., Class A		7,166	666,438
Voltronic Power Technology Corp. (Taiwan)		1,000	47,317
WEG S.A. (Brazil)		54,736	416,903
			1,946,247
Electronic Components–0.05%
TDK Corp. (Japan)		12,400	553,176
Electronic Equipment & Instruments–0.20%
Keyence Corp. (Japan)		4,700	2,066,917
Environmental & Facilities Services–0.12%
Clean Harbors, Inc.(d)		2,929	554,899
Rentokil Initial PLC (United Kingdom)		121,828	614,985
Veralto Corp.		327	30,633
			1,200,517
Financial Exchanges & Data–0.40%
B3 S.A. - Brasil, Bolsa, Balcao (Brazil)		144,200	299,642
London Stock Exchange Group PLC (United Kingdom)		10,748	1,184,860
MSCI, Inc.		569	265,035
S&P Global, Inc.		4,424	1,839,632
Tradeweb Markets, Inc., Class A		5,016	510,177
			4,099,346
Food Retail–0.16%
Alimentation Couche-Tard, Inc. (Canada)		17,141	950,030
BIM Birlesik Magazalar A.S. (Turkey)		8,471	101,203
HelloFresh SE (Germany)(d)		8,969	60,137

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

6 Invesco Global Allocation Fund

	Shares		Value
Food Retail–(continued)
Jeronimo Martins SGPS S.A. (Portugal)		5,057	$      104,031
Kobe Bussan Co. Ltd. (Japan)		15,600	336,917
Migros Ticaret A.S. (Turkey)		5,776	78,719
			1,631,037
Footwear–0.08%
Arezzo Industria e Comercio S.A. (Brazil)		8,341	83,400
Deckers Outdoor Corp.(d)		903	739,079
			822,479
Health Care Distributors–0.07%
Cencora, Inc.		3,163	756,115
Health Care Equipment–0.37%
Boston Scientific Corp.(d)		3,088	221,935
DexCom, Inc.(d)		7,480	952,877
Edwards Lifesciences Corp.(d)		2,146	181,702
IDEXX Laboratories, Inc.(d)		1,836	904,707
Intuitive Surgical, Inc.(d)		1,461	541,476
MicroTech Medical (Hangzhou) Co. Ltd., H Shares (China)(d)(e)		8,100	4,200
ResMed, Inc.		4,709	1,007,679
			3,814,576
Health Care Facilities–0.16%
Encompass Health Corp.		9,216	768,430
Tenet Healthcare Corp.(d)		7,686	863,061
			1,631,491
Health Care Services–0.06%
Dr Lal PathLabs Ltd. (India)(e)		18,965	538,396
New Horizon Health Ltd. (China)(d)(e)(f)		81,000	131,771
			670,167
Health Care Supplies–0.25%
ConvaTec Group PLC (United Kingdom)(e)		117,796	366,500
Cooper Cos., Inc. (The)		6,640	591,358
EssilorLuxottica S.A. (France)		4,334	924,146
Hoya Corp. (Japan)		5,800	672,451
			2,554,455
Homebuilding–0.10%
Lennar Corp., Class A		2,661	403,461
TopBuild Corp.(d)		1,609	651,114
			1,054,575
Homefurnishing Retail–0.06%
Williams-Sonoma, Inc.		2,220	636,652
Hotels, Resorts & Cruise Lines–0.56%
Amadeus IT Group S.A. (Spain)		22,890	1,452,918
H World Group Ltd. (China)		4,900	18,231
H World Group Ltd., ADR (China)(b)		65,711	2,412,251
Hilton Worldwide Holdings, Inc.		4,607	908,869
Marriott International, Inc., Class A		1,894	447,230
Trainline PLC (United Kingdom)(d)(e)		136,523	507,635
			5,747,134
Industrial Conglomerates–0.24%
Hitachi Ltd. (Japan)		7,300	673,503

	Shares		Value
Industrial Conglomerates–(continued)
KOC Holding A.S. (Turkey)		28,316	$      197,620
Siemens AG (Germany)		4,683	877,283
SM Investments Corp. (Philippines)		43,514	714,436
			2,462,842
Industrial Gases–0.02%
Linde PLC		356	156,982
Industrial Machinery & Supplies & Components–0.46%
Aalberts N.V. (Netherlands)		8,054	382,934
Airtac International Group (China)		2,000	70,812
Atlas Copco AB, Class A (Sweden)		145,034	2,540,427
ITT, Inc.		4,402	569,355
Parker-Hannifin Corp.		1,250	681,137
VAT Group AG (Switzerland)(e)		1,054	524,745
			4,769,410
Insurance Brokers–0.02%
Arthur J. Gallagher & Co.		1,089	255,577
Integrated Oil & Gas–0.20%
Galp Energia SGPS S.A. (Portugal)		52,377	1,125,119
Novatek PJSC, GDR (Russia)(d)(e)(f)		1,782	120,520
TotalEnergies SE (France)		11,867	861,529
			2,107,168
Interactive Home Entertainment–0.04%
NetEase, Inc., ADR (China)		4,843	452,675
Interactive Media & Services–1.39%
Alphabet, Inc., Class A(d)		36,309	5,910,379
Auto Trader Group PLC (United Kingdom)(e)		67,295	583,413
Kakao Corp. (South Korea)		3,491	121,238
Meta Platforms, Inc., Class A		9,071	3,902,072
NAVER Corp. (South Korea)		1,881	248,103
Rightmove PLC (United Kingdom)		70,473	451,436
Tencent Holdings Ltd. (China)		71,817	3,151,559
			14,368,200
Internet Services & Infrastructure–0.15%
Cloudflare, Inc., Class A(d)		7,309	638,807
MongoDB, Inc.(d)		2,558	934,130
			1,572,937
Investment Banking & Brokerage–0.09%
Evercore, Inc., Class A		1,376	249,744
LPL Financial Holdings, Inc.		2,494	671,210
			920,954
IT Consulting & Other Services–0.34%
Capgemini SE (France)		2,175	457,144
EPAM Systems, Inc.(d)		2,789	656,140
Gartner, Inc.(d)		977	403,100
HCL Technologies Ltd. (India)		14,270	232,815
Tata Consultancy Services Ltd. (India)		37,722	1,721,636
			3,470,835
Life & Health Insurance–0.04%
AIA Group Ltd. (Hong Kong)		4,000	29,297

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

7 Invesco Global Allocation Fund

	Shares		Value
Life & Health Insurance–(continued)
Legal & General Group PLC (United Kingdom)		122,721	$      360,248
			389,545
Life Sciences Tools & Services–0.57%
Avantor, Inc.(d)		8,026	194,470
Bruker Corp.		6,350	495,364
Charles River Laboratories International, Inc.(d)		755	172,895
Danaher Corp.		983	242,428
ICON PLC(d)		2,601	774,786
Illumina, Inc.(d)		1,657	203,894
IQVIA Holdings, Inc.(d)		2,238	518,701
Lonza Group AG (Switzerland)		1,166	643,624
Repligen Corp.(d)		2,704	443,997
Samsung Biologics Co. Ltd. (South Korea)(d)(e)		1,632	917,277
Sartorius Stedim Biotech (France)		1,949	419,750
Thermo Fisher Scientific, Inc.		222	126,256
West Pharmaceutical Services, Inc.		1,279	457,217
WuXi XDC Cayman, Inc. (China)(d)(e)		88,000	245,141
			5,855,800
Managed Health Care–0.04%
Molina Healthcare, Inc.(d)		1,072	366,731
Marine Ports & Services–0.02%
Adani Ports & Special Economic Zone Ltd. (India)		13,636	216,022
Movies & Entertainment–0.22%
CTS Eventim AG & Co. KGaA (Germany)		6,939	613,607
Netflix, Inc.(d)		477	262,655
Spotify Technology S.A. (Sweden)(d)		2,358	661,278
Universal Music Group N.V. (Netherlands)		24,633	724,584
			2,262,124
Multi-line Insurance–0.03%
Allianz SE (Germany)		1,000	283,785
Oil & Gas Equipment & Services–0.03%
TechnipFMC PLC (United Kingdom)		13,180	337,672
Oil & Gas Exploration & Production–0.08%
Diamondback Energy, Inc.		4,340	872,904
Oil & Gas Refining & Marketing–0.15%
Reliance Industries Ltd. (India)		42,772	1,501,480
Oil & Gas Storage & Transportation–0.08%
Targa Resources Corp.		7,430	847,466
Other Specialty Retail–0.07%
JD Sports Fashion PLC (United Kingdom)		495,465	709,345
Packaged Foods & Meats–0.02%
Barry Callebaut AG (Switzerland)		106	171,293
Paper & Plastic Packaging Products & Materials–0.05%
Avery Dennison Corp.		2,570	558,410

	Shares		Value
Passenger Ground Transportation–0.03%
Localiza Rent a Car S.A. (Brazil)		32,105	$      303,145
Personal Care Products–0.15%
e.l.f. Beauty, Inc.(d)		2,171	352,853
LG H&H Co. Ltd. (South Korea)		442	133,178
L’Oreal S.A. (France)		2,230	1,045,542
			1,531,573
Pharmaceuticals–0.72%
AstraZeneca PLC (United Kingdom)		4,546	687,577
Chugai Pharmaceutical Co. Ltd. (Japan)		9,500	302,137
Daiichi Sankyo Co. Ltd. (Japan)		31,400	1,056,851
Eli Lilly and Co.		279	217,927
Galderma Group AG, Class A (Switzerland)(d)		1,757	130,927
Novo Nordisk A/S, Class B (Denmark)		38,466	4,932,964
Phathom Pharmaceuticals, Inc.(d)		9,638	87,031
			7,415,414
Property & Casualty Insurance–0.01%
Kinsale Capital Group, Inc.		400	145,300
Rail Transportation–0.03%
Canadian Pacific Kansas City Ltd. (Canada)		3,783	296,701
Real Estate Development–0.10%
Macrotech Developers Ltd. (India)(e)		19,825	293,657
Oberoi Realty Ltd. (India)		41,574	737,582
			1,031,239
Real Estate Operating Companies–0.01%
SM Prime Holdings, Inc. (Philippines)		167,700	81,034
Real Estate Services–0.04%
Jones Lang LaSalle, Inc.(d)		2,083	376,398
Research & Consulting Services–0.17%
Booz Allen Hamilton Holding Corp.		4,490	663,038
Equifax, Inc.		3,239	713,196
Experian PLC		9,266	373,734
			1,749,968
Restaurants–0.39%
Americana Restaurants International PLC (United Arab Emirates)		184,132	167,731
Chipotle Mexican Grill, Inc.(d)		81	255,928
Compass Group PLC (United Kingdom)		41,766	1,161,667
DoorDash, Inc., Class A(d)		4,873	629,884
Texas Roadhouse, Inc.		3,880	623,827
Yum China Holdings, Inc. (China)		33,528	1,224,107
			4,063,144
Semiconductor Materials & Equipment–0.43%
AIXTRON SE (Germany)		16,894	392,548
ASM International N.V. (Netherlands)		955	600,732
ASML Holding N.V. (Netherlands)		2,536	2,208,888
BE Semiconductor Industries N.V. (Netherlands)		1,031	136,787
Entegris, Inc.		6,464	859,195
Lam Research Corp.		247	220,919
			4,419,069

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

8 Invesco Global Allocation Fund

	Shares		Value
Semiconductors–1.26%
Analog Devices, Inc.		11,953	$    2,397,891
Astera Labs, Inc.(d)		2,423	205,374
Broadcom, Inc.		76	98,821
Global Unichip Corp. (Taiwan)		3,000	124,595
Lattice Semiconductor Corp.(d)		7,252	497,487
MACOM Technology Solutions Holdings, Inc.(d)		6,821	695,401
Marvell Technology, Inc.		13,437	885,633
MediaTek, Inc. (Taiwan)		2,000	60,302
Monolithic Power Systems, Inc.		1,252	838,001
NVIDIA Corp.		1,418	1,225,180
SK hynix, Inc. (South Korea)		3,502	432,166
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		233,000	5,578,895
			13,039,746
Soft Drinks & Non-alcoholic Beverages–0.17%
Celsius Holdings, Inc.(d)		3,692	263,129
Fomento Economico Mexicano S.A.B.de C.V., Series CPO (Mexico)		128,996	1,509,104
			1,772,233
Specialty Chemicals–0.05%
Ecolab, Inc.		944	213,485
Sika AG (Switzerland)		1,252	356,146
			569,631
Steel–0.07%
Steel Dynamics, Inc.		3,323	432,389
Vale S.A., ADR (Brazil)		26,057	317,113
			749,502
Systems Software–0.18%
CyberArk Software Ltd.(b)(d)		1,834	438,785
GitLab, Inc., Class A(d)		6,126	321,431
Microsoft Corp.		2,719	1,058,588
			1,818,804
Technology Hardware, Storage & Peripherals–0.30%
Samsung Electronics Co. Ltd. (South Korea)		55,914	3,108,071
Trading Companies & Distributors–0.39%
Ashtead Group PLC (United Kingdom)		10,245	743,909
Beijer Ref AB (Sweden)		22,869	322,301
Ferguson PLC		5,079	1,070,937
MonotaRO Co. Ltd. (Japan)		12,600	151,009
RS Group PLC (United Kingdom)		42,405	388,464
United Rentals, Inc.		1,005	671,330
W.W. Grainger, Inc.		752	692,855
			4,040,805

	Shares		Value
Transaction & Payment Processing Services–0.23%
Corpay, Inc.(d)		2,384	$	720,302
Edenred SE (France)		10,915		517,937
Visa, Inc., Class A		4,414		1,185,644
				2,423,883
Wireless Telecommunication Services–0.12%
America Movil S.A.B. de C.V., ADR (Mexico)		62,907		1,199,007
Total Common Stocks & Other Equity Interests (Cost $158,380,828)				192,547,944
Preferred Stocks–0.01%
Diversified Banks–0.00%
Socium Re Ltd., Series 2019-1, Pfd.(f)		264,345		12,825
Diversified Support Services–0.01%
Harambee Re Ltd., Pfd.(f)		115		20,057
Kinesis Reinsurance I Ltd., Series 2019-1, Pfd.(f)		116,394		34,315
Viribus Re Ltd., Pfd.(f)		385,896		30,224
				84,596
Total Preferred Stocks (Cost $1,846,099)				97,421
Money Market Funds–5.80%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(a)(g)		20,988,432		20,988,432
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(a)(g)		14,988,923		14,993,420
Invesco Treasury Portfolio, Institutional Class, 5.22%(a)(g)		23,986,779		23,986,779
Total Money Market Funds (Cost $59,971,873)				59,968,631
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.57% (Cost $885,391,215)				1,018,901,034
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–7.37%
Invesco Private Government Fund, 5.29%(a)(g)(h)		21,328,563		21,328,563
Invesco Private Prime Fund, 5.46%(a)(g)(h)		54,841,729		54,858,181
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $76,193,288)				76,186,744
TOTAL INVESTMENTS IN SECURITIES–105.94% (Cost $961,584,503)				1,095,087,778
OTHER ASSETS LESS LIABILITIES–(5.94)%				(61,410,609	)
NET ASSETS–100.00%			$	1,033,677,169

Investment Abbreviations:

ADR	–	American Depositary Receipt
CDI	–	CREST Depository Interest
CPO	–	Certificates of Ordinary Participation
ETF	–	Exchange-Traded Fund
GDR	–	Global Depositary Receipt
Pfd.	–	Preferred

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

9 Invesco Global Allocation Fund

Notes to Consolidated Schedule of Investments:

^(a)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income
Invesco Emerging Markets Sovereign Debt ETF		$	30,311,000		$	-		$	-			$	3,060,000			$	-		$	33,371,000		$	1,157,853
Invesco High Yield Bond Factor ETF			22,483,020			-			-				1,018,219				-			23,501,239			869,591
Invesco International Developed Dynamic Multifactor ETF			129,667,617			-			-				15,764,883				-			145,432,500			3,243,028
Invesco Russell 1000® Dynamic Multifactor ETF			201,179,679			-			-				36,557,275				-			237,736,954			1,669,434
Invesco Russell 2000® Dynamic Multifactor ETF			51,819,352			-			-				4,998,703				-			56,818,055			413,623
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			23,371,061			26,734,746			(29,117,375	)			-				-			20,988,432			452,188
Invesco Liquid Assets Portfolio, Institutional Class			16,694,264			19,096,249			(20,798,126	)			(5,293	)			6,326			14,993,420			330,829
Invesco Treasury Portfolio, Institutional Class			26,709,785			30,553,995			(33,277,001	)			-				-			23,986,779			512,415
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			19,124,283			202,056,886			(199,852,606	)			-				-			21,328,563			293,321*
Invesco Private Prime Fund			49,970,320			421,181,642			(416,293,155	)			(5,495	)			4,869			54,858,181			813,283*
Total		$	571,330,381		$	699,623,518		$	(699,338,263	)		$	61,388,292			$	11,195		$	633,015,123		$	9,755,565

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Consolidated Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(b)  All or a portion of this security was out on loan at April 30, 2024.

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

^(d)  Non-income producing security.

^(e)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $4,638,577, which represented less than 1% of the Fund’s Net Assets.

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

^(g)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

^(h)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1J.

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts			Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Brent Crude		123			May-2024	$	10,618,590		$	(123,175	)	$	(123,175	)
Equity Risk
E-Mini S&P 500 Index		397			June-2024		100,579,950			(2,358,807	)		(2,358,807	)
MSCI Emerging Markets Index		848			June-2024		44,180,800			(624,033	)		(624,033	)
Nikkei 225 Index		10			June-2024		2,439,210			(71,735	)		(71,735	)
S&P/TSX 60 Index		18			June-2024		3,413,940			(70,405	)		(70,405	)
SPI 200 Index		27			June-2024		3,360,382			(90,526	)		(90,526	)
Subtotal										(3,215,506	)		(3,215,506	)
Interest Rate Risk
U.S. Treasury 5 Year Notes		986			June-2024		103,275,797			(1,989,585	)		(1,989,585	)
Subtotal–Long Futures Contracts										(5,328,266	)		(5,328,266	)
Short Futures Contracts
Equity Risk
E-Mini Russell 2000 Index		613			June-2024		(60,858,640	)		3,280,142			3,280,142
STOXX Europe 600 Index		695			June-2024		(18,657,574	)		(58,335	)		(58,335	)
Subtotal–Short Futures Contracts										3,221,807			3,221,807
Total Futures Contracts									$	(2,106,459	)	$	(2,106,459	)

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

10 Invesco Global Allocation Fund

^(a)  Futures contracts collateralized by $740,091 cash held with Merrill Lynch International, the futures commission merchant.

Open Forward Foreign Currency Contracts
										Unrealized
Settlement		Contract to								Appreciation
Date	Counterparty	Deliver				Receive				(Depreciation)
Currency Risk
06/20/2024	Citibank, N.A.		PHP	841,900,000			USD	15,205,259		$	643,966
06/20/2024	Citibank, N.A.		USD	14,276,949			COP	56,638,800,000			55,111
06/21/2024	Deutsche Bank AG		CLP	1,243,000,000			USD	1,308,738			14,623
06/20/2024	Goldman Sachs International		TWD	9,315,000			USD	297,889			12,245
06/20/2024	HSBC Bank USA		ILS	16,290,000			USD	4,499,926			136,817
06/04/2024	J.P. Morgan Chase Bank, N.A.		BRL	66,965,000			USD	13,340,279			479,328
06/20/2024	J.P. Morgan Chase Bank, N.A.		JPY	5,241,820,000			USD	35,999,402			2,515,998
06/20/2024	J.P. Morgan Chase Bank, N.A.		MXN	362,325,000			USD	21,395,699			406,162
06/20/2024	Morgan Stanley and Co. International PLC		AUD	24,385,000			USD	16,191,630			372,037
06/20/2024	Morgan Stanley and Co. International PLC		CHF	3,550,000			USD	4,081,874			199,088
06/20/2024	Morgan Stanley and Co. International PLC		HKD	1,420,000			USD	182,014			224
06/20/2024	Morgan Stanley and Co. International PLC		INR	909,940,000			USD	10,951,521			70,824
06/20/2024	Morgan Stanley and Co. International PLC		KRW	43,845,810,000			USD	33,473,636			1,764,315
06/20/2024	Morgan Stanley and Co. International PLC		NZD	25,915,000			USD	15,953,481			683,120
06/20/2024	Morgan Stanley and Co. International PLC		PLN	8,070,000			USD	2,055,792			67,386
06/20/2024	Morgan Stanley and Co. International PLC		THB	486,960,000			USD	13,699,702			510,318
Subtotal-Appreciation											7,931,562
Currency Risk
06/20/2024	Citibank, N.A.		USD	14,689,007			IDR	229,432,000,000			(598,815	)
06/20/2024	Citibank, N.A.		USD	14,204,279			NOK	148,530,000			(817,090	)
06/20/2024	Citibank, N.A.		USD	439,513			PEN	1,620,000			(9,438	)
06/20/2024	Deutsche Bank AG		USD	14,490,252			HUF	5,261,100,000			(180,689	)
06/20/2024	Deutsche Bank AG		USD	15,633,535			ZAR	292,990,000			(126,761	)
06/20/2024	Goldman Sachs International		USD	15,481,243			MYR	72,220,000			(371,476	)
06/04/2024	J.P. Morgan Chase Bank, N.A.		USD	11,476,193			BRL	57,410,000			(450,326	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		CNY	132,960,000			USD	18,607,937			(80,191	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD	656,564			CZK	15,130,000			(14,490	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD	14,159,322			SGD	18,775,000			(374,262	)
06/20/2024	Morgan Stanley and Co. International PLC		USD	865,990			CAD	1,165,000			(19,053	)
06/20/2024	Morgan Stanley and Co. International PLC		USD	1,311,050			DKK	8,885,000			(36,515	)
06/20/2024	Morgan Stanley and Co. International PLC		USD	15,348,108			EUR	13,965,000			(414,982	)
06/20/2024	Morgan Stanley and Co. International PLC		USD	8,619,530			GBP	6,735,000			(201,664	)
06/20/2024	Morgan Stanley and Co. International PLC		USD	8,766,438			SEK	89,345,000			(641,555	)
Subtotal-Depreciation											(4,337,307	)
Total Forward Foreign Currency Contracts										$	3,594,255

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

Upfront

Floating

Payments

Unrealized

Pay/

Rate

Payment

Number of

Paid

Appreciation

Counterparty

Receive

Reference Entity

Index

Frequency

Contracts

Maturity Date

Notional Value

(Received)

Value

(Depreciation)

Equity Risk

Goldman Sachs International

Pay

MSCI ACWI Daily Total Return Net ex USA

SOFR + 0.08%

Quarterly

389,000

May-2024

USD 114,649,581

$–

$1,450,584

$1,450,584

Goldman Sachs International

Receive

Russell Midcap Growth Total Return Index

SOFR + 0.37%

Monthly

11,370

September-2024

USD  61,751,709

–

1,315,318

1,315,318

Subtotal – Appreciation

–

2,765,902

2,765,902

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

11 Invesco Global Allocation Fund

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

Upfront

Floating

Payments

Unrealized

Pay/

Rate

Payment

Number of

Paid

Appreciation

Counterparty

Receive

Reference Entity

Index

Frequency

Contracts

Maturity Date

Notional Value

(Received)

Value

(Depreciation)

Equity Risk

Goldman Sachs International

Receive

MSCI ACWI ex USA Growth Net Total Return Index

SOFR - 0.24%

Quarterly

399,000

May–2024

USD 113,790,810

$–

$

(47,880

)

$

(47,880

)

Total – Total Return Swap Agreements

$–

$

2,718,022

$

2,718,022

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $960,000.

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

Abbreviations:
AUD	–Australian Dollar
BRL	–Brazilian Real
CAD	–Canadian Dollar
CHF	–Swiss Franc
CLP	–Chile Peso
CNY	–Chinese Yuan Renminbi
COP	–Colombia Peso
CZK	–Czech Koruna
DKK	–Danish Krone
EUR	–Euro
GBP	–British Pound Sterling
HKD	–Hong Kong Dollar
HUF	–Hungarian Forint
IDR	–Indonesian Rupiah
ILS	–Israel Shekel
INR	–Indian Rupee
JPY	–Japanese Yen
KRW	–South Korean Won
MXN	–Mexican Peso
MYR	–Malaysian Ringgit
NOK	–Norwegian Krone
NZD	–New Zealand Dollar
PEN	–Peruvian Sol
PHP	–Philippines Peso
PLN	–Polish Zloty
SEK	–Swedish Krona
SGD	–Singapore Dollar
SOFR	–Secured Overnight Financing Rate
THB	–Thai Baht
TWD	–New Taiwan Dollar
USD	–U.S. Dollar
ZAR	–South African Rand

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2024

Exchange-Traded Funds	54.87%
U.S. Treasury Securities	19.26
Common Stocks & Other Equity Interests	18.63
Security Types Each Less Than 1% of Portfolio	0.01
Money Market Funds Plus Other Assets Less Liabilities	7.23

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

12 Invesco Global Allocation Fund

Consolidated Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $439,337,051)*	$	462,072,655
Investments in affiliates, at value (Cost $522,247,452)		633,015,123
Other investments:
Swaps receivable – OTC		1,188,693
Unrealized appreciation on swap agreements – OTC		2,765,902
Unrealized appreciation on forward foreign currency contracts outstanding		7,931,562
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		740,091
Cash collateral – OTC Derivatives		960,000
Cash		6,106,858
Foreign currencies, at value (Cost $1,127,831)		1,127,482
Receivable for:
Investments sold		473,195
Fund shares sold		104,790
Dividends		907,818
Interest		1,485,939
Investment for trustee deferred compensation and retirement plans		232,436
Other assets		41,126
Total assets		1,119,153,670
Liabilities:
Other investments:
Variation margin payable – futures contracts		705,205
Unrealized depreciation on forward foreign currency contracts outstanding		4,337,307
Swaps payable – OTC		1,116,623
Unrealized depreciation on swap agreements–OTC		47,880
Payable for:
Investments purchased		354,725
Fund shares reacquired		1,289,112
Accrued foreign taxes		540,899
Collateral upon return of securities loaned		76,193,288
Accrued fees to affiliates		505,160
Accrued other operating expenses		19,868
Trustee deferred compensation and retirement plans		366,434
Total liabilities		85,476,501
Net assets applicable to shares outstanding	$	1,033,677,169

Net assets consist of:
Shares of beneficial interest	$	955,816,488
Distributable earnings		77,860,681
	$	1,033,677,169
Net Assets:
Class A	$	894,399,299
Class C	$	39,253,873
Class R	$	33,569,860
Class Y	$	51,043,572
Class R5	$	10,752
Class R6	$	15,399,813
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		48,287,702
Class C		2,285,034
Class R		1,871,556
Class Y		2,748,025
Class R5		576
Class R6		826,321
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	$	17.18
Class R:
Net asset value and offering price per share	$	17.94
Class Y:
Net asset value and offering price per share	$	18.57
Class R5:
Net asset value and offering price per share	$	18.67
Class R6:
Net asset value and offering price per share	$	18.64

* At April 30, 2024, securities with an aggregate value of $73,923,356 were on loan to brokers.

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

13 Invesco Global Allocation Fund

Consolidated Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Interest	$	4,297,510
Dividends (net of foreign withholding taxes of $126,044)		3,500,204
Dividends from affiliates (includes net securities lending income of $168,575)		8,817,536
Total investment income		16,615,250
Expenses:
Advisory fees		4,066,910
Administrative services fees		75,232
Custodian fees		62,883
Distribution fees:
Class A		1,118,667
Class C		210,296
Class R		85,099
Transfer agent fees – A, C, R and Y		798,722
Transfer agent fees – R5		2
Transfer agent fees – R6		2,238
Trustees’ and officers’ fees and benefits		33,892
Registration and filing fees		44,221
Reports to shareholders		112,558
Professional services fees		69,886
Other		39,731
Total expenses		6,720,337
Less: Fees waived and/or expense offset arrangement(s)		(895,525	)
Net expenses		5,824,812
Net investment income		10,790,438
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $274,025)		3,990,962
Affiliated investment securities		11,195
Foreign currencies		3,033,901
Forward foreign currency contracts		4,882,191
Futures contracts		9,286,834
Swap agreements		(9,473,187	)
		11,731,896
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $162,701)		40,559,854
Affiliated investment securities		61,388,292
Foreign currencies		(3,481,058	)
Forward foreign currency contracts		1,220,874
Futures contracts		5,499,063
Swap agreements		(1,753,541	)
		103,433,484
Net realized and unrealized gain		115,165,380
Net increase in net assets resulting from operations	$	125,955,818

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

14 Invesco Global Allocation Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30, 2024			October 31, 2023
Operations:
Net investment income	$	10,790,438		$	19,174,786
Net realized gain (loss)		11,731,896			(21,539,143	)
Change in net unrealized appreciation		103,433,484			61,174,330
Net increase in net assets resulting from operations		125,955,818			58,809,973
Distributions to shareholders from distributable earnings:
Class A		(20,415,894	)		(47,881,874	)
Class C		(658,726	)		(2,520,753	)
Class R		(701,795	)		(1,702,221	)
Class Y		(1,319,836	)		(2,864,646	)
Class R5		(285	)		(683	)
Class R6		(401,828	)		(2,193,824	)
Total distributions from distributable earnings		(23,498,364	)		(57,164,001	)
Share transactions–net:
Class A		(25,784,273	)		(30,802,811	)
Class C		(5,471,507	)		(9,452,770	)
Class R		(1,335,830	)		544,280
Class Y		(1,736,054	)		(2,105,706	)
Class R5		–			(1,582	)
Class R6		418,657			(24,334,807	)
Net increase (decrease) in net assets resulting from share transactions		(33,909,007	)		(66,153,396	)
Net increase (decrease) in net assets		68,548,447			(64,507,424	)
Net assets:
Beginning of period		965,128,722			1,029,636,146
End of period	$	1,033,677,169		$	965,128,722

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

15 Invesco Global Allocation Fund

Consolidated Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/24		$16.74		$0.19		$ 2.01			$ 2.20			$(0.42	)		$     –			$(0.42	)		$18.52		13.18	%		$  894,399		1.11	%(e)		1.28	%(e)		2.09	%(e)		12	%
Year ended 10/31/23		16.79		0.32		0.57			0.89			(0.94	)		–			(0.94	)		16.74		5.30			831,967		1.11			1.27			1.84			77
Year ended 10/31/22		23.79		0.26		(4.25	)		(3.99	)		(0.47	)		(2.54	)		(3.01	)		16.79		(19.06	)		862,663		1.15			1.23			1.36			151
Year ended 10/31/21		18.75		0.22		4.82			5.04			–			–			–			23.79		26.88			1,173,186		1.15			1.25			1.01			51
Year ended 10/31/20		18.21		0.15		0.39			0.54			–			–			–			18.75		2.97			999,336		1.20			1.32			0.85			82
Year ended 10/31/19		18.48		0.13		1.16			1.29			(0.39	)		(1.17	)		(1.56	)		18.21		8.05			1,093,027		1.21			1.31			0.75			52
Class C
Six months ended 04/30/24		15.47		0.11		1.86			1.97			(0.26	)		–			(0.26	)		17.18		12.76			39,254		1.86	(e)		2.03	(e)		1.34	(e)		12
Year ended 10/31/23		15.56		0.17		0.54			0.71			(0.80	)		–			(0.80	)		15.47		4.51			40,307		1.86			2.02			1.09			77
Year ended 10/31/22		22.23		0.11		(3.95	)		(3.84	)		(0.29	)		(2.54	)		(2.83	)		15.56		(19.63	)		49,615		1.90			1.98			0.61			151
Year ended 10/31/21		17.66		0.05		4.52			4.57			–			–			–			22.23		25.88			72,605		1.90			2.00			0.26			51
Year ended 10/31/20		17.28		0.02		0.36			0.38			–			–			–			17.66		2.20			77,710		1.95			2.07			0.10			82
Year ended 10/31/19		17.59		0.00		1.10			1.10			(0.24	)		(1.17	)		(1.41	)		17.28		7.22			92,142		1.96			2.06			0.00			52
Class R
Six months ended 04/30/24		16.20		0.16		1.94			2.10			(0.36	)		–			(0.36	)		17.94		13.03			33,570		1.36	(e)		1.53	(e)		1.84	(e)		12
Year ended 10/31/23		16.27		0.27		0.56			0.83			(0.90	)		–			(0.90	)		16.20		5.05			31,487		1.36			1.52			1.59			77
Year ended 10/31/22		23.13		0.20		(4.11	)		(3.91	)		(0.41	)		(2.54	)		(2.95	)		16.27		(19.22	)		31,034		1.40			1.48			1.11			151
Year ended 10/31/21		18.28		0.16		4.69			4.85			–			–			–			23.13		26.53			39,793		1.40			1.50			0.76			51
Year ended 10/31/20		17.79		0.11		0.38			0.49			–			–			–			18.28		2.75			34,012		1.45			1.57			0.60			82
Year ended 10/31/19		18.10		0.09		1.11			1.20			(0.34	)		(1.17	)		(1.51	)		17.79		7.68			38,552		1.46			1.56			0.50			52
Class Y
Six months ended 04/30/24		16.81		0.21		2.02			2.23			(0.47	)		–			(0.47	)		18.57		13.33			51,044		0.86	(e)		1.03	(e)		2.34	(e)		12
Year ended 10/31/23		16.87		0.36		0.57			0.93			(0.99	)		–			(0.99	)		16.81		5.52			47,784		0.86			1.02			2.09			77
Year ended 10/31/22		23.89		0.31		(4.26	)		(3.95	)		(0.53	)		(2.54	)		(3.07	)		16.87		(18.84	)		49,841		0.90			0.98			1.61			151
Year ended 10/31/21		18.78		0.28		4.83			5.11			–			–			–			23.89		27.21			72,519		0.90			1.00			1.26			51
Year ended 10/31/20		18.21		0.20		0.38			0.58			(0.01	)		–			(0.01	)		18.78		3.27			65,397		0.95			1.07			1.10			82
Year ended 10/31/19		18.49		0.18		1.14			1.32			(0.43	)		(1.17	)		(1.60	)		18.21		8.27			74,260		0.96			1.06			0.99			52
Class R5
Six months ended 04/30/24		16.90		0.23		2.04			2.27			(0.50	)		–			(0.50	)		18.67		13.47			11		0.74	(e)		0.90	(e)		2.46	(e)		12
Year ended 10/31/23		16.96		0.39		0.57			0.96			(1.02	)		–			(1.02	)		16.90		5.64			10		0.74			0.89			2.21			77
Year ended 10/31/22		24.02		0.33		(4.29	)		(3.96	)		(0.56	)		(2.54	)		(3.10	)		16.96		(18.77	)		11		0.78			0.86			1.73			151
Year ended 10/31/21		18.85		0.32		4.85			5.17			–			–			–			24.02		27.43			15		0.76			0.86			1.40			51
Year ended 10/31/20		18.24		0.24		0.39			0.63			(0.02	)		–			(0.02	)		18.85		3.45			11		0.76			0.87			1.29			82
Period ended 10/31/19(f)		17.36		0.09		0.79			0.88			–			–			–			18.24		5.07			11		0.85	(e)		0.93	(e)		1.11	(e)		52
Class R6
Six months ended 04/30/24		16.89		0.23		2.02			2.25			(0.50	)		–			(0.50	)		18.64		13.36			15,400		0.74	(e)		0.90	(e)		2.46	(e)		12
Year ended 10/31/23		16.93		0.38		0.60			0.98			(1.02	)		–			(1.02	)		16.89		5.77			13,573		0.74			0.89			2.21			77
Year ended 10/31/22		23.98		0.33		(4.28	)		(3.95	)		(0.56	)		(2.54	)		(3.10	)		16.93		(18.77	)		36,473		0.78			0.86			1.73			151
Year ended 10/31/21		18.83		0.31		4.84			5.15			–			–			–			23.98		27.35			45,281		0.76			0.86			1.40			51
Year ended 10/31/20		18.22		0.24		0.39			0.63			(0.02	)		–			(0.02	)		18.83		3.46			36,260		0.76			0.87			1.29			82
Year ended 10/31/19		18.51		0.21		1.14			1.35			(0.47	)		(1.17	)		(1.64	)		18.22		8.48			37,741		0.79			0.88			1.17			52

^(a)  Calculated using average shares outstanding.

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

^(c)  Does not include estimated acquired fund fees from underlying funds of 0.20%, 0.15%, 0.17%, 0.14% and 0.08% for the years ended October 31, 2023, 2022, 2021, 2020 and 2019 respectively.

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

^(e) Annualized.

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

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

16 Invesco Global Allocation Fund

Notes to Consolidated Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund will seek to gain exposure to commodity-linked derivatives primarily through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts), and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions. The Fund may invest up to 25% of its total assets in the Subsidiary.

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

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

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

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask 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.

17 Invesco Global Allocation Fund

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

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

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

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

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

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

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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. Foreign Withholding Taxes – The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign withholding tax claims on the Consolidated Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Consolidated Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Consolidated Statement of Operations as Professional services fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended April 30, 2024, the Fund did not enter into any closing agreements.

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

H. 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

18 Invesco Global Allocation Fund

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.

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

J. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, the Fund paid the Adviser $17,827 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliates on the Consolidated Statement of Operations.

K. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar 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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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 exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

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

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

19 Invesco Global Allocation Fund

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

N. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, 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 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. 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, which could result in the Fund accruing

20 Invesco Global Allocation Fund

additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2024, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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. This practice does not apply to securities pledged as collateral for securities lending transactions.

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

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

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

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

NOTE 2 – Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate*
Up to $1 billion		0.800%
Next $2 billion		0.760%
Next $1 billion		0.710%
Next $1 billion		0.660%
Next $1 billion		0.600%
Next $1 billion		0.550%
Next $2 billion		0.500%
Over $9 billion		0.480%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.78%.

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

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

The Adviser has agreed, for an indefinite period, 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 “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after fee waiver and/or expense reimbursement may exceed the

21 Invesco Global Allocation Fund

boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2024, the Adviser waived advisory fees of $846,613.

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, 2024, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, 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 Plans 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, 2024, 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, 2024, IDI advised the Fund that IDI retained $32,286 in front-end sales commissions from the sale of Class A shares and $12 and $564 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3 – Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
Investments in Securities
Exchange-Traded Funds	$	567,199,128		$	–		$	–		$	567,199,128
U.S. Treasury Securities		–			199,087,910			–			199,087,910
Common Stocks & Other Equity Interests		101,753,756			90,541,897			252,291			192,547,944
Preferred Stocks		–			–			97,421			97,421
Money Market Funds		59,968,631			76,186,744			–			136,155,375
Total Investments in Securities		728,921,515			365,816,551			349,712			1,095,087,778
Other Investments - Assets*
Futures Contracts		3,280,142			–			–			3,280,142
Forward Foreign Currency Contracts		–			7,931,562			–			7,931,562
Swap Agreements		–			2,765,902			–			2,765,902
		3,280,142			10,697,464			–			13,977,606

22 Invesco Global Allocation Fund

	Level 1				Level 2				Level 3			Total
Other Investments - Liabilities*
Futures Contracts	$	(5,386,601	)		$	–			$	–		$	(5,386,601	)
Forward Foreign Currency Contracts		–				(4,337,307	)			–			(4,337,307	)
Swap Agreements		–				(47,880	)			–			(47,880	)
		(5,386,601	)			(4,385,187	)			–			(9,771,788	)
Total Other Investments		(2,106,459	)			6,312,277				–			4,205,818
Total Investments	$	726,815,056			$	372,128,828			$	349,712		$	1,099,293,596

* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2024:

	Value
Derivative Assets	Currency Risk		Equity Risk			Total
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	–	$	3,280,142		$	3,280,142
Unrealized appreciation on forward foreign currency contracts outstanding		7,931,562		–			7,931,562
Unrealized appreciation on swap agreements – OTC		–		2,765,902			2,765,902
Total Derivative Assets		7,931,562		6,046,044			13,977,606
Derivatives not subject to master netting agreements		–		(3,280,142	)		(3,280,142	)
Total Derivative Assets subject to master netting agreements	$	7,931,562	$	2,765,902		$	10,697,464

	Value
Derivative Liabilities	Commodity Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	(123,175	)	$	–		$	(3,273,841	)	$	(1,989,585	)	$	(5,386,601	)
Unrealized depreciation on forward foreign currency contracts outstanding		–			(4,337,307	)		–			–			(4,337,307	)
Unrealized depreciation on swap agreements – OTC		–			–			(47,880	)		–			(47,880	)
Total Derivative Liabilities		(123,175	)		(4,337,307	)		(3,321,721	)		(1,989,585	)		(9,771,788	)
Derivatives not subject to master netting agreements		123,175			–			3,273,841			1,989,585			5,386,601
Total Derivative Liabilities subject to master netting agreements	$	–		$	(4,337,307	)	$	(47,880	)	$	–		$	(4,385,187	)

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

23 Invesco Global Allocation Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2024.

	Financial Derivative Assets						Financial Derivative Liabilities												Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash			Cash			Net Amount
Citibank, N.A.	$	699,077	$	–	$	699,077	$	(1,425,343	)	$	–		$	(1,425,343	)	$	(726,266	)	$	–		$	510,000		$	(216,266	)
Deutsche Bank AG		14,623		–		14,623		(307,450	)		–			(307,450	)		(292,827	)		–			110,000			(182,827	)
Goldman Sachs International		12,245		3,954,595		3,966,840		(371,476	)		(1,164,503	)		(1,535,979	)		2,430,861			–			(1,570,000	)		860,861
HSBC Bank USA		136,817		–		136,817		–			–			–			136,817			–			–			136,817
J.P. Morgan Chase Bank, N.A.		3,401,488		–		3,401,488		(919,269	)		–			(919,269	)		2,482,219			(2,284,262	)		–			197,957
Morgan Stanley and Co. International PLC		3,667,312		–		3,667,312		(1,313,769	)		–			(1,313,769	)		2,353,543			(2,011,230	)		–			342,313
Total	$	7,931,562	$	3,954,595	$	11,886,157	$	(4,337,307	)	$	(1,164,503	)	$	(5,501,810	)	$	6,384,347		$	(4,295,492	)	$	(950,000	)	$	1,138,855

Effect of Derivative Investments for the six months ended April 30, 2024

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

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk			Currency Risk		Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	4,882,191	$	-		$	-		$	4,882,191
Futures contracts		264,875			-		9,392,722			(370,763	)		9,286,834
Swap agreements		-			-		7,501,739			(16,974,926	)		(9,473,187	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			1,220,874		-			-			1,220,874
Futures contracts		(123,175	)		-		5,876,441			(254,203	)		5,499,063
Swap agreements		-			-		(1,753,541	)		-			(1,753,541	)
Total	$	141,700		$	6,103,065	$	21,017,361		$	(17,599,892	)	$	9,662,234

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

	Forward Foreign Currency Contracts		Futures  Contracts		Swap Agreements
Average notional value		$398,168,574	$	383,807,167	$	278,414,161

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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $48,912.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

24 Invesco Global Allocation Fund

NOTE 8–Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	61,225,737	$20,623,120	$	81,848,857

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $30,607,806 and $65,490,789, 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	$	178,592,871
Aggregate unrealized (depreciation) of investments		(40,052,080	)
Net unrealized appreciation of investments	$	138,540,791

Cost of investments for tax purposes is $960,752,805.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2024(a)						Year ended October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		873,330		$	15,925,703			2,104,279		$	36,556,656
Class C		146,501			2,491,977			394,070			6,361,218
Class R		127,068			2,235,426			255,761			4,299,706
Class Y		314,992			5,834,573			622,323			10,775,452
Class R5		-			-			24			411
Class R6		119,664			2,212,072			288,198			5,024,613
Issued as reinvestment of dividends:
Class A		1,065,304			19,313,952			2,688,808			45,171,947
Class C		37,957			639,959			156,665			2,448,672
Class R		39,718			697,854			103,808			1,691,039
Class Y		58,544			1,063,151			135,028			2,273,865
Class R5		-			-			6			97
Class R6		21,487			391,281			127,802			2,158,573
Automatic conversion of Class C shares to Class A shares:
Class A		274,027			5,053,334			273,668			4,749,477
Class C		(295,341	)		(5,053,334	)		(295,264	)		(4,749,477	)
Reacquired:
Class A		(3,620,755	)		(66,077,262	)		(6,749,383	)		(117,280,891	)
Class C		(209,675	)		(3,550,109	)		(839,249	)		(13,513,183	)
Class R		(239,348	)		(4,269,110	)		(323,223	)		(5,446,465	)
Class Y		(467,279	)		(8,633,778	)		(870,556	)		(15,155,023	)
Class R5		-			-			(117	)		(2,090	)
Class R6		(118,482	)		(2,184,696	)		(1,766,232	)		(31,517,993	)
Net increase (decrease) in share activity		(1,872,288	)	$	(33,909,007	)		(3,693,584	)	$	(66,153,396	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 12% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

25 Invesco Global Allocation Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2023 through April 30, 2024.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (11/01/23)	Ending  Account Value  (04/30/24)1	Expenses   Paid  During   Period2	Ending  Account Value  (04/30/24)	Expenses   Paid  During   Period2	Annualized   Expense Ratio
Class A	$1,000.00	$1,132.40	$5.89	$1,019.34	$5.57	1.11%
Class C	1,000.00	1,128.30	9.84	1,015.61	9.32	1.86
Class R	1,000.00	1,131.10	7.21	1,018.10	6.82	1.36
Class Y	1,000.00	1,133.30	4.56	1,020.59	4.32	0.86
Class R5	1,000.00	1,134.70	3.93	1,021.18	3.72	0.74
Class R6	1,000.00	1,135.00	3.93	1,021.18	3.72	0.74

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

26 Invesco Global Allocation Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

	Matter	Votes For			Votes Against/Withheld
(1)*	Beth Ann Brown		2,249,378,619.33		41,629,442.71
	Carol Deckbar		2,246,234,264.52		44,773,797.52
	Cynthia Hostetler		2,239,884,066.77		51,123,995.27
	Dr. Eli Jones		2,247,948,469.91		43,059,592.13
	Elizabeth Krentzman		2,249,230,311.83		41,777,750.22
	Jeffrey H. Kupor		2,246,969,783.10		44,038,278.94
	Anthony J. LaCava, Jr.		2,248,588,977.62		42,419,084.42
	James Liddy		2,247,297,130.55		43,710,931.50
	Dr. Prema Mathai-Davis		2,240,956,129.31		50,051,932.73
	Joel W. Motley		2,243,008,410.57		47,999,651.47
	Teresa M. Ressel		2,248,731,273.34		42,276,788.70
	Douglas Sharp		2,248,447,243.22		42,560,818.83
	Robert C. Troccoli		2,246,647,253.82		44,360,808.22
	Daniel S. Vandivort		2,247,577,966.04		43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

27 Invesco Global Allocation Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

SEC file number(s): 811-05426 and 033-19338     Invesco Distributors, Inc. O-GLAL-SAR-1          

Semiannual Report to Shareholders April 30, 2024

Invesco Global Infrastructure Fund

Nasdaq:

A: GIZAX ∎ C: GIZCX ∎ R: GIZRX ∎ Y: GIZYX ∎ R5: GIZFX ∎ R6: GIZSX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
17	Fund Expenses
18	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

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

Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	7.88	%
Class C Shares	7.49
Class R Shares	7.75
Class Y Shares	8.01
Class R5 Shares	8.10
Class R6 Shares	8.00
MSCI World Index▼ (Broad Market Index)	20.29
Dow Jones Brookfield Global Infrastructure Index▼ (Style-Specific Index)	9.10
Source(s): ▼RIMES Technologies Corp.
The MSCI World IndexSM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Dow Jones Brookfield Global Infrastructure Index is designed to measure the stock performance of infrastructure companies domiciled globally and covers all sectors of the infrastructure market. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The 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 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (5/2/14)	2.74	%
5 Years	0.94
1 Year	-11.60
Class C Shares
Inception (5/2/14)	2.69	%
5 Years	1.31
1 Year	-8.01
Class R Shares
Inception (5/2/14)	3.06	%
5 Years	1.83
1 Year	-6.62
Class Y Shares
Inception (5/2/14)	3.58	%
5 Years	2.33
1 Year	-6.22
Class R5 Shares
Inception (5/2/14)	3.59	%
5 Years	2.35
1 Year	-6.12
Class R6 Shares
Inception (5/2/14)	3.58	%
5 Years	2.34
1 Year	-6.21

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

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

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

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

3 Invesco Global Infrastructure Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Global Infrastructure Fund

Schedule of Investments

April 30, 2024

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.90%
Australia–1.17%
APA Group		197,940	$	1,056,303
Belgium–3.58%
Elia Group S.A./N.V.		33,704		3,245,074
Brazil–0.52%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR		30,364		474,589
Canada–7.95%
Enbridge, Inc.		41,153		1,463,291
TC Energy Corp.		160,390		5,746,148
				7,209,439
China–2.53%
China Gas Holdings Ltd.		251,000		235,019
China Resources Gas Group Ltd.		168,300		528,962
China Tower Corp. Ltd., H Shares(a)		10,288,000		1,204,306
ENN Energy Holdings Ltd.		37,500		319,515
				2,287,802
France–2.64%
Vinci S.A.		20,428		2,393,673
Germany–2.84%
Fraport AG Frankfurt Airport Services Worldwide(b)		51,372		2,572,098
Italy–0.36%
Infrastrutture Wireless Italiane S.p.A.(a)		30,365		325,420
Japan–2.40%
Tokyo Gas Co. Ltd.		96,900		2,173,201
Mexico–5.13%
Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR		13,501		4,651,094
Spain–5.96%
Cellnex Telecom S.A.(a)		129,311		4,274,336
Solaria Energia y Medio Ambiente S.A.(b)		110,940		1,128,825
				5,403,161

Investment Abbreviations:

ADR – American Depositary Receipt

	Shares		Value
United Kingdom–4.61%
National Grid PLC		318,691	$	4,180,319
United States–59.21%
American Tower Corp.		46,953		8,055,257
Atmos Energy Corp.		18,863		2,223,948
Cheniere Energy, Inc.		19,478		3,074,018
Crown Castle, Inc.		9,046		848,334
CSX Corp.		85,226		2,831,208
Duke Energy Corp.		34,538		3,393,704
Edison International		49,540		3,520,312
Equinix, Inc.		1,551		1,102,932
Ferrovial SE		102,940		3,702,274
Norfolk Southern Corp.		7,595		1,749,280
ONEOK, Inc.		59,300		4,691,816
PG&E Corp.		67,125		1,148,509
PPL Corp.		124,960		3,431,402
Sempra		24,886		1,782,584
Southern Co. (The)		47,237		3,471,919
Targa Resources Corp.		16,646		1,898,643
Williams Cos., Inc. (The)		175,670		6,738,701
				53,664,841
Total Common Stocks & Other Equity Interests (Cost $86,398,612)				89,637,014
Money Market Funds–0.68%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(c)(d)		216,301		216,301
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(c)(d)		154,290		154,337
Invesco Treasury Portfolio, Institutional Class, 5.22%(c)(d)		247,202		247,202
Total Money Market Funds (Cost $617,855)				617,840
TOTAL INVESTMENTS IN SECURITIES-99.58% (Cost $87,016,467)				90,254,854
OTHER ASSETS LESS LIABILITIES-0.42%				384,528
NET ASSETS-100.00%			$	90,639,382

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

5 Invesco Global Infrastructure Fund

Notes to Schedule of Investments:

^(a) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $5,804,062, which represented 6.40% of the Fund’s Net Assets.

^(b) Non-income producing security.

^(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

							Change in
							Unrealized		Realized
	Value		Purchases		Proceeds		Appreciation		Gain		Value
	October 31, 2023		at Cost		from Sales		(Depreciation)		(Loss)		April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 474,556	$	6,405,488	$	(6,663,742)	$	-	$	-		$ 216,301		$ 9,897
Invesco Liquid Assets Portfolio, Institutional Class		338,991		4,575,348		(4,759,946)		(45)		(12)		154,337		7,243
Invesco Treasury Portfolio, Institutional Class		542,350		7,320,558		(7,615,706)		-		-		247,202		11,232
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		721,940		6,469,754		(7,191,694)		-		-		-		4,956*
Invesco Private Prime Fund		1,856,413		16,239,758		(18,096,054)		-		(117)		-		14,014*
Total		$3,934,250	$	41,010,906	$	(44,327,142)	$	(45)	$	(129)		$617,840		$47,342

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d) The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

Portfolio Composition

By infrastructure sector, based on Net Assets

as of April 30, 2024

Midstream	26.05	%
Gas Utilities	17.58
Towers	17.44
Electric Utilities	16.31
Airport Services	7.97
Diversified	6.73
Freight Logistics	5.05
Infrastructure Sectors each less than 2.0% of net assets	1.77
Money Market Funds Plus Other Assets Less Liabilities	1.10

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, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $86,398,612)	$	89,637,014
Investments in affiliated money market funds, at value (Cost $617,855)		617,840
Foreign currencies, at value (Cost $262,861)		263,161
Receivable for:
Fund shares sold		6,497
Dividends		116,822
Investment for trustee deferred compensation and retirement plans		21,732
Other assets		73,149
Total assets		90,736,215
Liabilities:
Payable for:
Fund shares reacquired		17,056
Accrued fees to affiliates		24,458
Accrued other operating expenses		33,587
Trustee deferred compensation and retirement plans		21,732
Total liabilities		96,833
Net assets applicable to shares outstanding	$	90,639,382
Net assets consist of:
Shares of beneficial interest	$	94,613,256
Distributable earnings (loss)		(3,973,874	)
	$	90,639,382

Net Assets:
Class A	$	15,943,313
Class C	$	2,378,440
Class R	$	4,443,350
Class Y	$	8,105,627
Class R5	$	113,401
Class R6	$	59,655,251
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,458,341
Class C		217,934
Class R		406,845
Class Y		741,263
Class R5		10,359
Class R6		5,451,675
Class A:
Net asset value per share	$	10.93
Maximum offering price per share (Net asset value of $10.93 ÷ 94.50%)	$	11.57
Class C:
Net asset value and offering price per share	$	10.91
Class R:
Net asset value and offering price per share	$	10.92
Class Y:
Net asset value and offering price per share	$	10.93
Class R5:
Net asset value and offering price per share	$	10.95
Class R6:
Net asset value and offering price per share	$	10.94

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, 2024

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $100,278)	$	1,501,209
Dividends from affiliated money market funds (includes net securities lending income of $448)		28,820
Total investment income		1,530,029
Expenses:
Advisory fees		404,882
Administrative services fees		6,873
Custodian fees		6,166
Distribution fees:
Class A		21,320
Class C		13,378
Class R		11,811
Transfer agent fees – A, C, R and Y		35,037
Transfer agent fees – R5		57
Transfer agent fees – R6		8,651
Trustees’ and officers’ fees and benefits		8,447
Registration and filing fees		37,496
Reports to shareholders		15,128
Professional services fees		35,220
Other		5,443
Total expenses		609,909
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(81,942	)
Net expenses		527,967
Net investment income		1,002,062
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		1,384,275
Affiliated investment securities		(129	)
Foreign currencies		(16,082	)
		1,368,064
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		5,173,393
Affiliated investment securities		(45	)
Foreign currencies		(595	)
		5,172,753
Net realized and unrealized gain		6,540,817
Net increase in net assets resulting from operations	$	7,542,879

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, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30,			October 31,
	2024			2023
Operations:
Net investment income	$	1,002,062		$	2,686,798
Net realized gain (loss)		1,368,064			(4,488,820	)
Change in net unrealized appreciation (depreciation)		5,172,753			(2,962,753	)
Net increase (decrease) in net assets resulting from operations		7,542,879			(4,764,775	)
Distributions to shareholders from distributable earnings:
Class A		(290,965	)		(447,278	)
Class C		(35,310	)		(45,515	)
Class R		(74,346	)		(101,279	)
Class Y		(256,957	)		(540,136	)
Class R5		(2,082	)		(2,984	)
Class R6		(1,052,707	)		(1,384,676	)
Total distributions from distributable earnings		(1,712,367	)		(2,521,868	)
Share transactions–net:
Class A		(1,882,877	)		(4,688,089	)
Class C		(554,512	)		(206,620	)
Class R		(396,641	)		(345,438	)
Class Y		(8,849,082	)		(9,883,609	)
Class R5		(41	)		(9,427	)
Class R6		4,055,122			2,192,721
Net increase (decrease) in net assets resulting from share transactions		(7,628,031	)		(12,940,462	)
Net increase (decrease) in net assets		(1,797,519	)		(20,227,105	)
Net assets:
Beginning of period		92,436,901			112,664,006
End of period	$	90,639,382		$	92,436,901

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Global Infrastructure Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			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 04/30/24	$	10.30	$	0.11		$	0.71		$	0.82		$	(0.19	)	$	–		$	(0.19	)	$	10.93		7.88	%	$	15,943		1.25	%(d)		1.51	%(d)		1.92	%(d)		100	%
Year ended 10/31/23		11.12		0.26			(0.83	)		(0.57	)		(0.25	)		–			(0.25	)		10.30		(5.29	)		16,766		1.25			1.49			2.28			168
Year ended 10/31/22		12.70		0.22			(1.57	)		(1.35	)		(0.23	)		–			(0.23	)		11.12		(10.74	)		22,737		1.25			1.47			1.81			127
Year ended 10/31/21		10.23		0.20	(e)		2.46			2.66			(0.19	)		–			(0.19	)		12.70		26.22			20,774		1.29			1.62			1.65	(e)		103
Year ended 10/31/20		11.88		0.19			(1.38	)		(1.19	)		(0.20	)		(0.26	)		(0.46	)		10.23		(10.28	)		12,198		1.28			1.58			1.77			244
Year ended 10/31/19		10.01		0.19			1.85			2.04			(0.17	)		–			(0.17	)		11.88		20.55			8,918		1.28			2.35			1.77			106
Class C
Six months ended 04/30/24		10.28		0.07			0.71			0.78			(0.15	)		–			(0.15	)		10.91		7.49			2,378		2.00	(d)		2.26	(d)		1.17	(d)		100
Year ended 10/31/23		11.10		0.18			(0.84	)		(0.66	)		(0.16	)		–			(0.16	)		10.28		(6.02	)		2,751		2.00			2.24			1.53			168
Year ended 10/31/22		12.67		0.13			(1.56	)		(1.43	)		(0.14	)		–			(0.14	)		11.10		(11.38	)		3,187		2.00			2.22			1.06			127
Year ended 10/31/21		10.21		0.11	(e)		2.46			2.57			(0.11	)		–			(0.11	)		12.67		25.23			3,178		2.04			2.37			0.90	(e)		103
Year ended 10/31/20		11.85		0.11			(1.37	)		(1.26	)		(0.12	)		(0.26	)		(0.38	)		10.21		(10.94	)		2,130		2.03			2.33			1.02			244
Year ended 10/31/19		9.99		0.11			1.84			1.95			(0.09	)		–			(0.09	)		11.85		19.60			1,191		2.03			3.10			1.02			106
Class R
Six months ended 04/30/24		10.29		0.09			0.71			0.80			(0.17	)		–			(0.17	)		10.92		7.75			4,443		1.50	(d)		1.76	(d)		1.67	(d)		100
Year ended 10/31/23		11.11		0.23			(0.83	)		(0.60	)		(0.22	)		–			(0.22	)		10.29		(5.54	)		4,553		1.50			1.74			2.03			168
Year ended 10/31/22		12.69		0.19			(1.57	)		(1.38	)		(0.20	)		–			(0.20	)		11.11		(10.99	)		5,267		1.50			1.72			1.56			127
Year ended 10/31/21		10.22		0.17	(e)		2.47			2.64			(0.17	)		–			(0.17	)		12.69		25.93			5,241		1.54			1.87			1.40	(e)		103
Year ended 10/31/20		11.87		0.16			(1.37	)		(1.21	)		(0.18	)		(0.26	)		(0.44	)		10.22		(10.53	)		3,326		1.53			1.83			1.52			244
Year ended 10/31/19		10.01		0.17			1.84			2.01			(0.15	)		–			(0.15	)		11.87		20.15			495		1.53			2.60			1.52			106
Class Y
Six months ended 04/30/24		10.30		0.12			0.71			0.83			(0.20	)		–			(0.20	)		10.93		8.01			8,106		1.00	(d)		1.26	(d)		2.17	(d)		100
Year ended 10/31/23		11.13		0.29			(0.84	)		(0.55	)		(0.28	)		–			(0.28	)		10.30		(5.13	)		15,740		1.00			1.24			2.53			168
Year ended 10/31/22		12.70		0.26			(1.56	)		(1.30	)		(0.27	)		–			(0.27	)		11.13		(10.44	)		26,747		1.00			1.22			2.06			127
Year ended 10/31/21		10.23		0.23	(e)		2.46			2.69			(0.22	)		–			(0.22	)		12.70		26.53			21,558		1.04			1.37			1.90	(e)		103
Year ended 10/31/20		11.89		0.22			(1.39	)		(1.17	)		(0.23	)		(0.26	)		(0.49	)		10.23		(10.11	)		11,910		1.03			1.33			2.02			244
Year ended 10/31/19		10.02		0.22			1.85			2.07			(0.20	)		–			(0.20	)		11.89		20.82			11,108		1.03			2.10			2.02			106
Class R5
Six months ended 04/30/24		10.31		0.12			0.72			0.84			(0.20	)		–			(0.20	)		10.95		8.10			113		1.00	(d)		1.18	(d)		2.17	(d)		100
Year ended 10/31/23		11.14		0.29			(0.84	)		(0.55	)		(0.28	)		–			(0.28	)		10.31		(5.12	)		107		1.00			1.16			2.53			168
Year ended 10/31/22		12.72		0.26			(1.57	)		(1.31	)		(0.27	)		–			(0.27	)		11.14		(10.50	)		125		1.00			1.13			2.06			127
Year ended 10/31/21		10.24		0.23	(e)		2.47			2.70			(0.22	)		–			(0.22	)		12.72		26.61			37		1.02			1.14			1.92	(e)		103
Year ended 10/31/20		11.89		0.22			(1.39	)		(1.17	)		(0.22	)		(0.26	)		(0.48	)		10.24		(10.11	)		10		1.03			1.15			2.02			244
Year ended 10/31/19		10.02		0.22			1.85			2.07			(0.20	)		–			(0.20	)		11.89		20.82			12		1.03			2.00			2.02			106
Class R6
Six months ended 04/30/24		10.31		0.12			0.71			0.83			(0.20	)		–			(0.20	)		10.94		8.00			59,655		1.00	(d)		1.11	(d)		2.17	(d)		100
Year ended 10/31/23		11.14		0.29			(0.84	)		(0.55	)		(0.28	)		–			(0.28	)		10.31		(5.12	)		52,519		1.00			1.09			2.53			168
Year ended 10/31/22		12.71		0.26			(1.56	)		(1.30	)		(0.27	)		–			(0.27	)		11.14		(10.43	)		54,601		1.00			1.06			2.06			127
Year ended 10/31/21		10.24		0.23	(e)		2.47			2.70			(0.23	)		–			(0.23	)		12.71		26.53			67,617		1.02			1.14			1.92	(e)		103
Year ended 10/31/20		11.89		0.22			(1.39	)		(1.17	)		(0.22	)		(0.26	)		(0.48	)		10.24		(10.10	)		48,033		1.00			1.15			2.05			244
Year ended 10/31/19		10.02		0.22			1.85			2.07			(0.20	)		–			(0.20	)		11.89		20.82			12		1.03			2.00			2.02			106

^(a) Calculated using average shares outstanding.

^(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $109,495,771 and sold of $26,558,548 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Oppenheimer Global Infrastructure Fund into the Fund.

^(d) Annualized.

^(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 for the year ended October 31, 2021 are $0.16 and 1.31%, $0.07 and 0.56%, $0.13 and 1.06%, $0.19 and 1.56%, $0.19 and 1.58% and $0.19 and 1.58% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Global Infrastructure Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Global Infrastructure Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is total return through growth of capital and current income.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

11 Invesco Global Infrastructure Fund

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, 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. 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

12 Invesco Global Infrastructure Fund

compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

K. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

L. Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $1 billion		0.8400	%
Next $1 billion		0.8000	%
Next $3 billion		0.7800	%
Over $5 billion		0.7325	%

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.84%.

13 Invesco Global Infrastructure Fund

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2025, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 1.25%, 2.00%, 1.50%, 1.00%, 1.00% and 1.00%, respectively of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2025. 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 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, 2025, 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, 2024, the Adviser waived advisory fees of $36,218 and reimbursed class level expenses of $15,463, $2,421, $4,255, $12,898, $57 and $8,651 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, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2024, 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, 2024, IDI advised the Fund that IDI retained $2,065 in front-end sales commissions from the sale of Class A shares and $0 and $5 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $12,399 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. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

14 Invesco Global Infrastructure Fund

	Level 1			Level 2			Level 3			Total
Investments in Securities
Australia	$	–		$	1,056,303			$–		$	1,056,303
Belgium		–			3,245,074			–			3,245,074
Brazil		474,589			–			–			474,589
Canada		7,209,439			–			–			7,209,439
China		–			2,287,802			–			2,287,802
France		–			2,393,673			–			2,393,673
Germany		–			2,572,098			–			2,572,098
Italy		–			325,420			–			325,420
Japan		–			2,173,201			–			2,173,201
Mexico		4,651,094			–			–			4,651,094
Spain		–			5,403,161			–			5,403,161
United Kingdom		–			4,180,319			–			4,180,319
United States		49,962,567			3,702,274			–			53,664,841
Money Market Funds		617,840			–			–			617,840
Total Investments	$	62,915,529		$	27,339,325			$–		$	90,254,854

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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,979.

NOTE 5– Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6– Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7– 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 carryforward 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$5,790,424	$–	$5,790,424

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8– Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $94,946,277 and $102,773,052, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	4,926,201
Aggregate unrealized (depreciation) of investments		(4,117,748	)
Net unrealized appreciation of investments	$	808,453

Cost of investments for tax purposes is $89,446,401.

15 Invesco Global Infrastructure Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		51,318		$	571,411			249,179		$	2,919,739
Class C		14,568			161,986			51,835			601,604
Class R		25,251			282,211			91,233			1,041,120
Class Y		252,224			2,835,877			697,641			8,191,314
Class R5		472			5,364			1,819			21,191
Class R6		280,678			3,191,303			141,994			1,678,396
Issued as reinvestment of dividends:
Class A		23,395			265,767			34,004			378,449
Class C		2,922			33,154			3,993			44,075
Class R		6,549			74,346			9,132			101,192
Class Y		12,859			146,074			23,551			263,782
Class R5		166			1,890			245			2,722
Class R6		92,506			1,052,505			124,736			1,384,398
Automatic conversion of Class C shares to Class A shares:
Class A		13,545			150,500			14,158			162,141
Class C		(13,568	)		(150,500	)		(14,181	)		(162,141	)
Reacquired:
Class A		(257,998	)		(2,870,555	)		(713,031	)		(8,148,418	)
Class C		(53,601	)		(599,152	)		(61,024	)		(690,158	)
Class R		(67,495	)		(753,198	)		(131,739	)		(1,487,750	)
Class Y		(1,051,877	)		(11,831,033	)		(1,596,975	)		(18,338,705	)
Class R5		(637	)		(7,295	)		(2,907	)		(33,340	)
Class R6		(16,916	)		(188,686	)		(74,837	)		(870,073	)
Net increase (decrease) in share activity		(685,639	)	$	(7,628,031	)		(1,151,174	)	$	(12,940,462	)

^(a)  63% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

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, 2023 through April 30, 2024.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

 The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (11/01/23)	Ending  Account Value  (04/30/24)1	Expenses  Paid During  Period2	Ending  Account Value  (04/30/24)	Expenses  Paid During  Period2	Annualized    Expense    Ratio
Class A	$1,000.00	$1,078.80	$6.46	$1,018.65	$6.27	1.25%
Class C	1,000.00	1,074.90	10.32	1,014.92	10.02	2.00
Class R	1,000.00	1,077.50	7.75	1,017.40	7.52	1.50
Class Y	1,000.00	1,080.10	5.17	1,019.89	5.02	1.00
Class R5	1,000.00	1,081.00	5.17	1,019.89	5.02	1.00
Class R6	1,000.00	1,080.00	5.17	1,019.89	5.02	1.00

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17 Invesco Global Infrastructure Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

	Matter	Votes For		Votes Against/Withheld
(1)*	Beth Ann Brown		2,249,378,619.33		41,629,442.71
	Carol Deckbar		2,246,234,264.52		44,773,797.52
	Cynthia Hostetler		2,239,884,066.77		51,123,995.27
	Dr. Eli Jones		2,247,948,469.91		43,059,592.13
	Elizabeth Krentzman		2,249,230,311.83		41,777,750.22
	Jeffrey H. Kupor		2,246,969,783.10		44,038,278.94
	Anthony J. LaCava, Jr.		2,248,588,977.62		42,419,084.42
	James Liddy		2,247,297,130.55		43,710,931.50
	Dr. Prema Mathai-Davis		2,240,956,129.31		50,051,932.73
	Joel W. Motley		2,243,008,410.57		47,999,651.47
	Teresa M. Ressel		2,248,731,273.34		42,276,788.70
	Douglas Sharp		2,248,447,243.22		42,560,818.83
	Robert C. Troccoli		2,246,647,253.82		44,360,808.22
	Daniel S. Vandivort		2,247,577,966.04		43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

18 Invesco Global Infrastructure Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

 Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

 Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05426 and 033-19338 Invesco Distributors, Inc. GBLI-SAR-1

Semiannual Report to Shareholders April 30, 2024

Invesco Global Strategic Income Fund

Nasdaq:

A: OPSIX ∎ C: OSICX ∎ R: OSINX ∎ Y: OSIYX ∎ R5: GLSSX ∎ R6: OSIIX

 

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
30	Consolidated Financial Statements
33	Consolidated Financial Highlights
34	Notes to Consolidated Financial Statements
45	Fund Expenses
46	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, 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	5.22	%
Class C Shares	4.83
Class R Shares	5.07
Class Y Shares	5.69
Class R5 Shares	5.74
Class R6 Shares	5.76
Bloomberg Global Aggregate Index▼	4.43
Source(s): ▼ RIMES Technologies Corp.
The Bloomberg Global Aggregate Index is an unmanaged index considered representative of global investment-grade, fixed-income markets.  The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).  A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

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 Strategic Income Fund

 

 

 

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (10/16/89)	5.54	%
10 Years	0.43
5 Years	-1.31
1 Year	-1.56
Class C Shares
Inception (5/26/95)	4.50	%
10 Years	0.29
5 Years	-1.20
1 Year	0.80
Class R Shares
Inception (3/1/01)	3.84	%
10 Years	0.62
5 Years	-0.68
1 Year	2.29
Class Y Shares
Inception (1/26/98)	4.34	%
10 Years	1.12
5 Years	-0.19
1 Year	3.14
Class R5 Shares
10 Years	1.09	%
5 Years	-0.01
1 Year	3.25
Class R6 Shares
Inception (1/27/12)	2.06	%
10 Years	1.29
5 Years	-0.02
1 Year	3.24

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Global Strategic Income Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Global Strategic Income Fund. Note: The Fund was subsequently renamed the Invesco Global Strategic Income Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

 Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

 The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

 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 Global Strategic Income Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Global Strategic Income Fund

Consolidated Schedule of Investments

April 30, 2024

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–37.87%
Argentina–0.11%
Argentine Republic Government International Bond, 0.75%, 07/09/2030(a)	$	1,750,000	$	1,016,768
YPF S.A., 9.50%, 01/17/2031(b)		629,000		635,984
				1,652,752
Australia–0.22%
QBE Insurance Group Ltd., 6.75%, 12/02/2044(b)(c)		3,450,000		3,458,494
Belgium–0.98%
Kingdom of Belgium Government International Bond, 4.88%, 06/10/2055(b)		11,730,000		11,227,666
Telenet Finance Luxembourg Notes S.a.r.l., 5.50%, 03/01/2028(b)		4,200,000		3,957,450
				15,185,116
Brazil–0.78%
CSN Inova Ventures, 6.75%, 01/28/2028(b)		325,000		311,256
CSN Resources S.A., 5.88%, 04/08/2032(b)		1,050,000		878,105
Embraer Netherlands Finance B.V., 7.00%, 07/28/2030(b)		1,750,000		1,792,264
Minerva (Luxembourg) S.A., 8.88%, 09/13/2033(b)(d)		1,645,000		1,688,324
Nexa Resources S.A., 6.75%, 04/09/2034(b)		1,570,000		1,576,398
Sitios Latinoamerica S.A.B. de C.V., 5.38%, 04/04/2032(b)(d)		4,745,000		4,338,371
Suzano Austria GmbH, 2.50%, 09/15/2028(d)		1,716,000		1,500,094
				12,084,812
Canada–1.81%
1011778 BC ULC/New Red Finance, Inc., 3.50%, 02/15/2029(b)(d)		346,000		309,220
1375209 BC Ltd., 9.00%, 01/30/2028(b)(d)		797,000		783,312
Baytex Energy Corp., 7.38%, 03/15/2032(b)		937,000		945,720
Brookfield Finance, Inc., 5.97%, 03/04/2054(d)		1,842,000		1,804,494
Constellation Software, Inc., 5.16%, 02/16/2029(b)		1,223,000		1,196,522
Element Fleet Management Corp., 5.64%, 03/13/2027(b)(d)		6,900,000		6,853,136
6.32%, 12/04/2028(b)		3,603,000		3,658,308

	Principal Amount		Value
Canada–(continued)
Enbridge, Inc., 7.38%, 01/15/2083(c)(d)	$	6,974,000	$	6,855,631
Hudbay Minerals, Inc., 6.13%, 04/01/2029(b)		623,000		610,536
New Gold, Inc., 7.50%, 07/15/2027(b)		629,000		625,724
Ritchie Bros. Holdings, Inc., 6.75%, 03/15/2028(b)		613,000		619,561
7.75%, 03/15/2031(b)		295,000		306,320
Transcanada Trust, Series 16-A, 5.88%, 08/15/2076(c)		3,545,000		3,407,282
				27,975,766
Chile–0.35%
AES Andes S.A., 6.35%, 10/07/2079(b)(c)		1,011,000		985,215
Banco del Estado de Chile, 7.95%(b)(c)(e)		1,003,000		1,011,150
Mercury Chile Holdco LLC, 6.50%, 01/24/2027(b)		3,500,000		3,365,108
				5,361,473
China–0.09%
Prosus N.V., 3.06%, 07/13/2031(b)		1,750,000		1,403,287
Colombia–0.77%
Bancolombia S.A., 6.91%, 10/18/2027(c)		6,150,000		6,091,665
Colombia Government International Bond, 4.13%, 02/22/2042		3,725,000		2,380,298
Ecopetrol S.A., 5.38%, 06/26/2026		3,500,000		3,414,786
				11,886,749
Czech Republic–0.04%
Allwyn Entertainment Financing (UK) PLC, 7.88%, 04/30/2029(b)		604,000		618,339
Denmark–0.14%
Danske Bank A/S, 0.98%, 09/10/2025(b)(c)		2,137,000		2,096,439
Dominican Republic–0.11%
Dominican Republic International Bond, 4.50%, 01/30/2030(b)		720,000		645,586
4.88%, 09/23/2032(b)		1,200,000		1,053,599
				1,699,185
Egypt–0.13%
Egypt Government International Bond, 8.50%, 01/31/2047(b)		2,600,000		1,991,470

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

5 Invesco Global Strategic Income Fund

	Principal Amount		Value
Finland–0.04%
Amer Sports Co., 6.75%, 02/16/2031(b)(d)	$	617,000	$	608,138
France–1.47%
BNP Paribas S.A., 7.38%(b)(c)(e)		9,000,000		9,017,223
7.75%(b)(c)(d)(e)		1,750,000		1,769,098
BPCE S.A., 5.15%, 07/21/2024(b)		3,500,000		3,489,356
Electricite de France S.A., 9.13%(b)(c)(d)(e)		2,334,000		2,540,216
Iliad Holding S.A.S., 6.50%, 10/15/2026(b)		275,000		273,938
7.00%, 10/15/2028(b)		1,347,000		1,318,414
8.50%, 04/15/2031(b)		416,000		417,831
Societe Generale S.A., 6.75%(b)(c)(e)		1,700,000		1,520,007
4.75%(b)(c)(e)		2,000,000		1,784,031
Vallourec S.A., 7.50%, 04/15/2032(b)		605,000		610,705
				22,740,819
Germany–0.44%
Bayer US Finance LLC, 6.13%, 11/21/2026(b)(d)		4,073,000		4,080,414
6.88%, 11/21/2053(b)		1,443,000		1,424,487
ZF North America Capital, Inc., 6.88%, 04/14/2028(b)		1,066,000		1,074,248
7.13%, 04/14/2030(b)		151,000		154,548
				6,733,697
Guatemala–0.22%
Millicom International Cellular S.A., 7.38%, 04/02/2032(b)		3,450,000		3,386,217
Hong Kong–0.97%
Melco Resorts Finance Ltd., 4.88%, 06/06/2025(b)		9,250,000		9,016,086
5.75%, 07/21/2028(b)		1,775,000		1,647,616
5.38%, 12/04/2029(b)(d)		1,109,000		992,458
7.63%, 04/17/2032(b)		229,000		224,352
Prudential Funding Asia PLC, 4.88%(b)(e)		3,550,000		3,080,129
				14,960,641
India–0.25%
JSW Steel Ltd., 3.95%, 04/05/2027(b)		4,260,000		3,928,520
Indonesia–0.91%
PT Bank Tabungan Negara (Persero) Tbk, 4.20%, 01/23/2025(b)		6,390,000		6,260,861
PT Indonesia Asahan Aluminium/PT Mineral Industri Indonesia (Persero), 6.76%, 11/15/2048(b)		3,000,000		3,013,491
PT Pertamina (Persero), 4.18%, 01/21/2050(b)		1,775,000		1,312,742

	Principal Amount		Value
Indonesia–(continued)
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 4.13%, 05/15/2027(b)	$	3,700,000	$	3,531,188
				14,118,282
Iraq–0.05%
Iraq International Bond, 5.80%, 01/15/2028(b)		900,000		842,985
Ireland–0.38%
BB Blue Financing DAC, Series A1, 4.40%, 09/20/2037		1,750,000		1,673,202
Coriolanus DAC, Series 116, 0.00%, 04/30/2025(b)(f)		377,254		362,651
Series 119, 0.00%, 04/30/2025(b)(f)		401,352		385,817
Series 120, 0.00%, 04/30/2025(b)(f)		502,393		482,946
Series 122, 0.00%, 04/30/2025(b)(f)		440,169		423,132
Series 124, 0.00%, 04/30/2025(b)(f)		353,541		339,857
Series 126, 0.00%, 04/30/2025(b)		593,255		570,292
Series 127, 0.00%, 04/30/2025(b)(f)		458,109		440,377
0.00%, 04/30/2025(b)(f)		539,309		518,434
GGAM Finance Ltd., 6.88%, 04/15/2029(b)		625,000		625,975
				5,822,683
Italy–0.49%
Telecom Italia Capital S.A., 6.38%, 11/15/2033		660,000		583,691
UniCredit S.p.A., 8.00%(b)(c)(e)		7,000,000		7,008,806
				7,592,497
Ivory Coast–0.28%
Ivory Coast Government International Bond, 5.38%, 07/23/2024(b)		2,100,000		2,090,592
8.25%, 01/30/2037(b)		2,295,000		2,200,216
				4,290,808
Macau–0.80%
MGM China Holdings Ltd., 5.38%, 05/15/2024(b)(d)		3,495,000		3,493,782
5.88%, 05/15/2026(b)(d)		4,250,000		4,177,170
Studio City Finance Ltd., 5.00%, 01/15/2029(b)		1,100,000		936,329
Wynn Macau Ltd., 4.88%, 10/01/2024(b)		2,840,000		2,822,044
5.63%, 08/26/2028(b)		1,037,000		957,200
				12,386,525

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

6 Invesco Global Strategic Income Fund

	Principal Amount		Value
Mexico–1.59%
Banco Mercantil del Norte S.A., 8.38%(b)(c)(e)	$	1,850,000	$	1,843,071
Braskem Idesa S.A.P.I., 7.45%, 11/15/2029(b)		2,850,000		2,252,982
6.99%, 02/20/2032(b)		763,000		573,492
CEMEX Materials LLC, 7.70%, 07/21/2025(b)		3,500,000		3,565,625
CEMEX S.A.B. de C.V., 5.13%(b)(c)(e)		2,487,000		2,393,252
Mexico Remittances Funding Fiduciary Estate Management S.a.r.l., 4.88%, 01/15/2028(b)		2,625,000		2,375,353
Nemak S.A.B. de C.V., 3.63%, 06/28/2031(b)		3,064,000		2,399,122
Petroleos Mexicanos, 6.50%, 03/13/2027		3,500,000		3,280,133
8.75%, 06/02/2029		3,500,000		3,382,015
7.69%, 01/23/2050		1,775,000		1,236,893
6.95%, 01/28/2060		1,925,000		1,226,139
				24,528,077
Netherlands–0.79%
ING Groep N.V., 6.50%(c)(d)(e)		5,000,000		4,935,596
5.75%(c)(e)		7,100,000		6,707,080
Ziggo B.V., 4.88%, 01/15/2030(b)		691,000		605,254
				12,247,930
Nigeria–0.21%
Nigeria Government International Bond, 6.50%, 11/28/2027(b)		1,750,000		1,625,383
7.88%, 02/16/2032(b)		1,750,000		1,536,015
				3,161,398
Oman–0.23%
Oman Government International Bond, 6.75%, 01/17/2048(b)		3,500,000		3,471,755
Panama–0.10%
Telecomunicaciones Digitales S.A., 4.50%, 01/30/2030(b)		1,750,000		1,540,235
Romania–0.12%
Romanian Government International Bond, 7.13%, 01/17/2033(b)		1,750,000		1,810,708
Supranational–0.12%
European Bank for Reconstruction and Development, 6.40%, 08/27/2025		1,800,000		1,825,297
Sweden–0.73%
Stena International S.A., 7.25%, 01/15/2031(b)		620,000		621,086
7.63%, 02/15/2031(b)		344,000		348,028
Swedbank AB, Series NC5, 5.63%(b)(c)(e)		10,400,000		10,327,824
				11,296,938

	Principal Amount		Value
Switzerland–1.68%
Cloverie PLC for Swiss Reinsurance Co. Ltd., 4.50%, 09/11/2044(b)(c)	$	11,435,000	$	11,327,191
Credit Suisse Group AG, 6.25%(b)(c)(e)(g)		7,385,000		849,275
UBS Group AG, 6.88%(b)(c)(e)		3,500,000		3,448,172
7.75%(b)(c)(e)		208,000		210,167
Willow No 2 Ireland PLC for Zurich Insurance Co. Ltd., 4.25%, 10/01/2045(b)(c)		10,500,000		10,152,292
				25,987,097
Turkey–0.13%
Ford Otomotiv Sanayi A.S., 7.13%, 04/25/2029(b)		1,970,000		1,972,344
Ukraine–0.05%
Ukraine Government International Bond, 7.75%, 08/01/2041(b)(g)		1,387,000		743,630
United Kingdom–1.90%
abrdn PLC, 4.25%, 06/30/2028(b)		1,825,000		1,626,871
B.A.T Capital Corp., 6.00%, 02/20/2034(d)		1,917,000		1,906,315
British Telecommunications PLC, 4.25%, 11/23/2081(b)(c)		10,650,000		10,048,690
Lloyds Banking Group PLC, 7.50%(c)(e)		2,100,000		2,103,862
M&G PLC, 6.50%, 10/20/2048(b)(c)		925,000		928,978
Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/2031(b)		925,000		926,551
NatWest Group PLC, 6.00%(c)(d)(e)		3,500,000		3,410,443
Virgin Media Finance PLC, 5.00%, 07/15/2030(b)		246,000		201,651
Virgin Media Secured Finance PLC, 5.50%, 05/15/2029(b)(d)		544,000		494,868
Vodafone Group PLC, 3.25%, 06/04/2081(c)(d)		6,876,000		6,394,996
4.13%, 06/04/2081(c)		1,605,000		1,345,605
				29,388,830
United States–18.17%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)		1,820,000		1,833,444
Air Lease Corp., Series B, 4.65%(c)(e)		660,000		623,720
Aircastle Ltd., 5.25%(b)(c)(d)(e)		1,037,000		984,973
Alcoa Nederland Holding B.V., 6.13%, 05/15/2028(b)(d)		4,445,000		4,419,019

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

7 Invesco Global Strategic Income Fund

	Principal Amount		Value
United States–(continued)
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 01/15/2031(b)	$	622,000	$	624,384
Allison Transmission, Inc., 3.75%, 01/30/2031(b)(d)		2,159,000		1,850,036
AMC Networks, Inc., 10.25%, 01/15/2029(b)		60,000		59,947
American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)		4,733,333		4,682,778
5.75%, 04/20/2029(b)		1,898,000		1,834,536
American Express Co., 6.34%, 10/30/2026(c)		4,900,000		4,940,653
Ares Capital Corp., 5.88%, 03/01/2029(d)		4,461,000		4,375,199
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/2026(b)		299,000		298,799
5.88%, 06/30/2029(b)		324,000		309,066
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028(b)		575,000		573,662
Ball Corp., 6.00%, 06/15/2029		607,000		604,744
Becton, Dickinson and Co., 3.79%, 05/20/2050		3,307,000		2,431,215
Berry Global, Inc., 5.65%, 01/15/2034(b)		1,784,000		1,723,687
BlueLinx Holdings, Inc., 6.00%, 11/15/2029(b)		322,000		306,676
Boeing Co. (The), 4.88%, 05/01/2025		3,500,000		3,457,290
BP Capital Markets PLC, 4.88%(c)(e)		1,295,000		1,213,636
Brandywine Operating Partnership L.P., 8.88%, 04/12/2029		599,000		613,587
Camelot Finance S.A., 4.50%, 11/01/2026(b)		322,000		306,942
Cardinal Health, Inc., 5.13%, 02/15/2029		3,450,000		3,396,721
Carnival Corp., 6.00%, 05/01/2029(b)(d)		380,000		368,474
10.50%, 06/01/2030(b)		585,000		635,689
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(b)		174,000		188,771
Carriage Services, Inc., 4.25%, 05/15/2029(b)		1,564,000		1,380,366
Carrier Global Corp., 5.80%, 11/30/2025		2,068,000		2,072,538
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030(b)(d)		733,000		698,067
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/2030(b)		3,868,000		3,217,210
4.50%, 08/15/2030(b)		4,619,000		3,757,055
4.50%, 05/01/2032		303,000		232,924

	Principal Amount		Value
United States–(continued)
Charles Schwab Corp. (The), 6.20%, 11/17/2029(c)	$	3,889,000	$	3,981,410
Cheniere Energy, Inc., 5.65%, 04/15/2034(b)		1,800,000		1,762,833
Citigroup, Inc., Series X, 3.88%(c)(e)		570,000		536,475
Series Z, 7.38%(c)(e)		130,000		133,626
Series BB, 7.20%(c)(e)		2,435,000		2,461,559
Clearway Energy Operating LLC, 4.75%, 03/15/2028(b)		650,000		613,138
3.75%, 02/15/2031(b)(d)		363,000		307,309
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030(b)(d)		580,000		567,092
7.00%, 03/15/2032(b)		616,000		602,375
6.25%, 10/01/2040		373,000		316,964
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029(b)		641,000		640,079
Community Health Systems, Inc., 8.00%, 03/15/2026(b)		2,373,000		2,363,749
8.00%, 12/15/2027(b)		1,440,000		1,410,896
5.25%, 05/15/2030(b)		532,000		435,445
4.75%, 02/15/2031(b)		354,000		276,674
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.63%, 07/15/2030(b)		616,000		616,852
Cox Communications, Inc., 2.95%, 10/01/2050(b)		2,720,000		1,571,995
CrowdStrike Holdings, Inc., 3.00%, 02/15/2029		707,000		621,819
CSC Holdings LLC, 5.38%, 02/01/2028(b)(d)		1,465,000		1,125,320
CVR Energy, Inc., 8.50%, 01/15/2029(b)		919,000		922,159
DaVita, Inc., 3.75%, 02/15/2031(b)		448,000		369,068
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)		1,005,000		982,483
8.63%, 03/15/2029(b)		310,000		312,617
Dell International LLC/EMC Corp., 6.20%, 07/15/2030		7,400,000		7,617,924
Diversified Healthcare Trust, 0.00%, 01/15/2026(b)(f)		975,000		839,355
EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.63%, 12/15/2030(b)		1,268,000		1,258,223
Encompass Health Corp., 4.50%, 02/01/2028		834,000		783,727
Energy Transfer L.P., 8.00%, 05/15/2054(c)(d)		1,868,000		1,925,241
EnerSys, 4.38%, 12/15/2027(b)		696,000		654,371
6.63%, 01/15/2032(b)		286,000		285,178
Enpro, Inc., 5.75%, 10/15/2026		623,000		615,161

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

8 Invesco Global Strategic Income Fund

	Principal Amount		Value
United States–(continued)
EQM Midstream Partners L.P., 6.50%, 07/15/2048	$	938,000	$	926,252
ESAB Corp., 6.25%, 04/15/2029(b)		628,000		626,429
FirstCash, Inc., 6.88%, 03/01/2032(b)		936,000		925,339
Ford Motor Credit Co. LLC, 5.13%, 06/16/2025		10,500,000		10,391,607
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028(b)(d)		660,000		634,179
7.88%, 12/01/2030(b)		1,844,000		1,917,269
Freeport-McMoRan, Inc., 4.63%, 08/01/2030		6,290,000		5,929,562
Frontier Communications Holdings LLC, 8.63%, 03/15/2031(b)(d)		303,000		306,305
General Motors Co., 6.80%, 10/01/2027(d)		7,000,000		7,230,622
Genesis Energy L.P./Genesis Energy Finance Corp., 7.75%, 02/01/2028		247,000		247,156
8.88%, 04/15/2030(d)		941,000		974,676
GFL Environmental, Inc., 6.75%, 01/15/2031(b)		897,000		905,372
Gray Television, Inc., 7.00%, 05/15/2027(b)		131,000		119,327
Greystar Real Estate Partners LLC, 7.75%, 09/01/2030(b)		69,000		71,139
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)(d)		2,075,000		1,889,196
Harley-Davidson Financial Services, Inc., 3.35%, 06/08/2025(b)(d)		2,390,000		2,320,108
Harvest Midstream I L.P., 7.50%, 05/15/2032(b)		382,000		382,951
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 04/15/2030(b)		626,000		600,421
6.00%, 02/01/2031(b)		168,000		161,010
6.25%, 04/15/2032(b)		165,000		159,447
8.38%, 11/01/2033(b)		333,000		357,481
Hilton Domestic Operating Co., Inc., 6.13%, 04/01/2032(b)(d)		940,000		927,309
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(b)		118,000		116,531
8.88%, 07/15/2028(b)		472,000		495,221
HUB International Ltd., 7.25%, 06/15/2030(b)		315,000		319,840
7.38%, 01/31/2032(b)		265,000		262,725
J.M. Smucker Co. (The), 5.90%, 11/15/2028(d)		3,424,000		3,490,412
Jabil, Inc., 3.00%, 01/15/2031		3,700,000		3,097,368
Jane Street Group/JSG Finance, Inc., 7.13%, 04/30/2031(b)		308,000		310,122

	Principal Amount		Value
United States–(continued)
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.13%, 02/01/2028	$	2,579,000	$	2,506,656
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b)		723,000		651,142
Jefferies Financial Group, Inc., 6.50%, 07/31/2026		3,500,000		3,465,013
Jefferson Capital Holdings LLC, 9.50%, 02/15/2029(b)		615,000		626,347
JPMorgan Chase & Co., Series FF, 5.00%(c)(e)		623,000		620,293
Kinder Morgan, Inc., 5.00%, 02/01/2029		6,900,000		6,734,643
Kohl’s Corp., 4.63%, 05/01/2031(d)		735,000		606,720
L3Harris Technologies, Inc., 5.40%, 01/15/2027		2,917,000		2,912,309
Lamar Media Corp., 4.88%, 01/15/2029(d)		1,861,000		1,765,000
4.00%, 02/15/2030		1,373,000		1,226,644
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(b)		713,000		651,881
8.25%, 08/01/2031(b)		1,196,000		1,243,571
Lithia Motors, Inc., 3.88%, 06/01/2029(b)(d)		1,449,000		1,281,225
Macy’s Retail Holdings LLC, 5.88%, 03/15/2030(b)(d)		275,000		262,354
4.50%, 12/15/2034		402,000		343,010
Marriott International, Inc., Series EE, 5.75%, 05/01/2025		1,867,000		1,868,099
Match Group Holdings II LLC, 5.00%, 12/15/2027(b)		649,000		615,105
Mativ Holdings, Inc., 6.88%, 10/01/2026(b)(d)		5,512,000		5,454,775
Mattel, Inc., 6.20%, 10/01/2040		1,775,000		1,684,759
Medline Borrower L.P., 3.88%, 04/01/2029(b)		340,000		304,928
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031		201,000		134,984
Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032(b)		637,000		628,442
Navient Corp., 5.00%, 03/15/2027(d)		460,000		434,082
9.38%, 07/25/2030		205,000		211,104
NCL Corp. Ltd., 5.88%, 02/15/2027(b)		1,342,000		1,311,932
8.13%, 01/15/2029(b)		240,000		250,131
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)		329,000		306,608
New Fortress Energy, Inc., 6.50%, 09/30/2026(b)(d)		771,000		737,908
8.75%, 03/15/2029(b)		252,000		245,996

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

9 Invesco Global Strategic Income Fund

	Principal Amount		Value
United States–(continued)
NGL Energy Operating LLC/NGL Energy Finance Corp., 8.13%, 02/15/2029(b)	$	307,000	$	312,148
8.38%, 02/15/2032(b)		325,000		330,483
Novelis Corp., 4.75%, 01/30/2030(b)		666,000		610,037
Oceaneering International, Inc., 6.00%, 02/01/2028		672,000		661,611
Office Properties Income Trust, 9.00%, 03/31/2029(b)		698,000		634,192
OI European Group B.V., 4.75%, 02/15/2030(b)(d)		813,000		743,393
OneMain Finance Corp., 7.13%, 03/15/2026		735,000		742,251
3.88%, 09/15/2028		561,000		494,348
ONEOK, Inc., 5.55%, 11/01/2026		2,892,000		2,889,572
6.63%, 09/01/2053		3,629,000		3,787,566
Paramount Global, 2.90%, 01/15/2027(d)		3,780,000		3,458,910
Penske Truck Leasing Co. L.P./PTL Finance Corp., 2.70%, 11/01/2024(b)		584,000		574,848
6.05%, 08/01/2028(b)		7,000,000		7,078,440
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(b)		654,000		622,297
Pfizer Investment Enterprises Pte. Ltd., 5.30%, 05/19/2053		95,000		88,655
Phinia, Inc., 6.75%, 04/15/2029(b)		929,000		933,470
Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030		2,220,000		1,990,305
PNC Financial Services Group, Inc. (The), 6.62%, 10/20/2027(c)		5,195,000		5,309,866
Prairie Acquiror L.P., 9.00%, 08/01/2029(b)		313,000		319,956
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/2029(b)		85,000		63,427
RHP Hotel Properties L.P./RHP Finance Corp., 6.50%, 04/01/2032(b)		614,000		602,184
RLJ Lodging Trust L.P., 4.00%, 09/15/2029(b)		713,000		618,940
Rockies Express Pipeline LLC, 6.88%, 04/15/2040(b)		200,000		190,274
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b)		1,022,000		924,925
Royal Caribbean Cruises Ltd., 6.25%, 03/15/2032(b)		965,000		951,941
RR Donnelley & Sons Co., 8.25%, 07/01/2027		447,000		447,112
SBA Communications Corp., 3.88%, 02/15/2027		632,000		594,558

	Principal Amount		Value
United States–(continued)
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)	$	652,000	$	617,344
Scripps Escrow, Inc., 5.88%, 07/15/2027(b)		71,000		55,941
Seagate HDD Cayman, 4.13%, 01/15/2031		1,069,000		928,962
9.63%, 12/01/2032		1,649,723		1,851,853
Sealed Air Corp., 7.25%, 02/15/2031(b)(d)		461,000		469,887
Sempra, 4.13%, 04/01/2052(c)		10,650,000		9,683,708
Sensata Technologies, Inc., 3.75%, 02/15/2031(b)		140,000		117,356
Service Properties Trust, 4.75%, 10/01/2026		1,286,000		1,195,226
5.50%, 12/15/2027		360,000		340,046
Sinclair Television Group, Inc., 4.13%, 12/01/2030(b)		85,000		58,995
Sirius XM Radio, Inc., 5.00%, 08/01/2027(b)		654,000		618,243
Sitio Royalties Operating Partnership L.P./Sitio Finance Corp., 7.88%, 11/01/2028(b)(d)		603,000		620,652
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.63%, 05/01/2032(b)		613,000		610,996
Sixth Street Lending Partners, 6.50%, 03/11/2029(b)		544,000		534,039
Solventum Corp., 5.45%, 02/25/2027(b)		4,977,000		4,935,695
5.90%, 04/30/2054(b)		1,969,000		1,839,608
Southern Co. (The), Series B, 4.00%, 01/15/2051(c)		8,100,000		7,737,246
Series 21-A, 3.75%, 09/15/2051(c)		5,274,000		4,840,702
SS&C Technologies, Inc., 5.50%, 09/30/2027(b)		643,000		625,532
State Street Corp., Series I, 6.70%(c)(e)		2,956,000		2,965,877
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.50%, 10/15/2026(a)(b)		635,000		648,870
Sunoco L.P., 7.00%, 05/01/2029(b)		268,000		272,388
7.25%, 05/01/2032(b)		345,000		350,683
Talen Energy Supply LLC, 8.63%, 06/01/2030(b)		605,000		640,588
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 7.38%, 02/15/2029(b)		945,000		946,849
Tenet Healthcare Corp., 6.75%, 05/15/2031(b)		304,000		304,983

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

10 Invesco Global Strategic Income Fund

	Principal Amount		Value
United States–(continued)
TransDigm, Inc., 6.75%, 08/15/2028(b)	$	918,000	$	923,048
6.38%, 03/01/2029(b)		690,000		685,593
7.13%, 12/01/2031(b)		310,000		316,301
6.63%, 03/01/2032(b)		1,243,000		1,242,441
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b)		640,000		657,589
Transocean, Inc., 8.75%, 02/15/2030(b)		596,700		622,593
U.S. Acute Care Solutions LLC, 9.75%, 05/15/2029(b)		190,000		186,320
U.S. International Development Finance Corp., Series 4, 3.13%, 04/15/2028		1,120,000		1,050,434
Uber Technologies, Inc., 4.50%, 08/15/2029(b)(d)		929,000		867,196
United AirLines, Inc., 4.38%, 04/15/2026(b)		3,600,000		3,466,095
Valaris Ltd., 8.38%, 04/30/2030(b)		1,173,000		1,207,239
Venture Global Calcasieu Pass LLC, 6.25%, 01/15/2030(b)		405,000		400,730
4.13%, 08/15/2031(b)		336,000		293,492
Venture Global LNG, Inc., 8.13%, 06/01/2028(b)		861,000		881,081
9.50%, 02/01/2029(b)		646,000		694,765
9.88%, 02/01/2032(b)		190,000		202,869
Viatris, Inc., 3.85%, 06/22/2040		2,220,000		1,568,847
Viking Cruises Ltd., 7.00%, 02/15/2029(b)		310,000		309,078
9.13%, 07/15/2031(b)		564,000		605,352
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029(b)		634,000		607,207
Vistra Corp., Series C, 8.88%(b)(c)(e)		591,000		610,566
Vistra Operations Co. LLC, 5.63%, 02/15/2027(b)		629,000		612,504
7.75%, 10/15/2031(b)		1,153,000		1,183,407
Walgreens Boots Alliance, Inc., 3.80%, 11/18/2024		4,971,000		4,900,599
4.50%, 11/18/2034		693,000		596,589
				280,587,875
Zambia–0.22%
First Quantum Minerals Ltd., 6.88%, 10/15/2027(b)		3,500,000		3,370,204
Total U.S. Dollar Denominated Bonds & Notes (Cost $615,930,808)				584,758,012
Non-U.S. Dollar Denominated Bonds & Notes–33.19%(h)
Austria–0.45%
Republic of Austria Government Bond, 2.10%, 09/20/2117(b)		EUR  8,918,000		6,998,314

		Principal Amount		Value
Brazil–6.33%
Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055	BRL		5,700,000	$ 4,567,528
Series F, 10.00%, 01/01/2027	BRL		495,000,000	93,206,787
				97,774,315
Canada–0.71%
Province of Ontario, 5.85%, 03/08/2033	CAD		13,800,000	10,986,761
China–0.56%
China Government Bond, 3.32%, 04/15/2052	CNY		55,000,000	8,588,009
Colombia–3.82%
Colombian TES,
Series B, 7.50%, 08/26/2026	COP		31,500,000,000	7,649,386
Series B, 6.00%, 04/28/2028	COP		35,050,000,000	7,797,616
Series B, 7.75%, 09/18/2030	COP		79,000,000,000	17,909,331
Series B, 7.00%, 06/30/2032	COP		70,000,000,000	14,551,573
Series B, 9.25%, 05/28/2042	COP		11,375,000,000	2,481,472
Series B, 7.25%, 10/26/2050	COP		50,000,000,000	8,623,107
				59,012,485
Czech Republic–0.17%
CPI Property Group S.A., 4.88%(b)(c)(e)	EUR		4,100,000	2,635,158
Egypt–0.90%
Egypt Government Bond, 0.00%, 09/30/2025(f)	EGP		170,000,000	2,571,597
Egypt Treasury Bills,
Series 364D, 26.05%, 03/18/2025(i)	EGP		165,600,000	2,829,270
Series 364D, 25.75%, 04/01/2025(i)	EGP		233,325,000	3,954,402
Series 364D, 25.95%, 04/29/2025(i)	EGP		276,000,000	4,603,965
				13,959,234
France–0.85%
BPCE S.A., Series NC5, 1.50%, 01/13/2042(b)(c)	EUR		5,000,000	4,886,396
Electricite de France S.A., 5.38%(b)(c)(e)	EUR		5,400,000	5,767,609
Societe Generale S.A., 7.88%(b)(c)(e)	EUR		2,300,000	2,532,494
				13,186,499
Germany–0.14%
Nidda Healthcare Holding GmbH, 7.50%, 08/21/2026(b)	EUR		540,000	595,695
Volkswagen International Finance N.V., 4.63%(b)(c)(e)	EUR		1,480,000	1,566,739
				2,162,434

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

11 Invesco Global Strategic Income Fund

	Principal Amount			Value
Greece–2.47%
Hellenic Republic Government Bond,
4.38%, 07/18/2038(b)		EUR	14,000,000	$ 15,770,127
0.00%, 10/15/2042		EUR	76,770,000	229,401
4.13%, 06/15/2054(b)		EUR	20,676,000	22,054,406
				38,053,934
India–1.19%
India Government Bond,
6.54%, 01/17/2032		INR	700,000,000	8,075,027
7.26%, 08/22/2032		INR	850,000,000	10,211,124
				18,286,151
Indonesia–0.96%
Indonesia Treasury Bond,
Series FR95, 6.38%, 08/15/2028		IDR	140,000,000,000	8,376,434
Series FR96, 7.00%, 02/15/2033		IDR	105,000,000,000	6,448,427
				14,824,861
Italy–0.23%
UniCredit S.p.A., 1.20%, 01/20/2026(b)(c)		EUR	3,400,000	3,555,749
Ivory Coast–0.17%
Ivory Coast Government International Bond, 4.88%, 01/30/2032(b)		EUR	2,900,000	2,588,373
Japan–0.70%
Japan Government Bond,
Series 15, 1.00%, 03/20/2062		JPY	673,600,000	3,118,610
Series 77, 1.60%, 12/20/2052		JPY	1,291,850,000	7,660,982
				10,779,592
Malaysia–1.00%
Malaysia Government Bond,
Series 115, 3.96%, 09/15/2025		MYR	17,500,000	3,690,891
Series 319, 3.48%, 06/14/2024		MYR	56,000,000	11,735,855
				15,426,746
Mexico–0.20%
Mexican Bonos, Series M, 7.75%, 05/29/2031		MXN	60,600,000	3,136,912
Netherlands–0.12%
ABN AMRO Bank N.V., 4.38%(b)(c)(e)		EUR	1,700,000	1,767,151
New Zealand–1.45%
New Zealand Government Bond, Series 554, 5.00%, 05/15/2054		NZD	38,916,000	22,330,793
Peru–2.17%
Credicorp Capital Sociedad Titulizadora S.A., 10.10%, 12/15/2043(b)		PEN	6,950,000	1,898,279

		Principal Amount		Value
Peru–(continued)
Peru Government Bond, 6.15%, 08/12/2032	PEN		126,000,000	$	31,621,262
					33,519,541
South Africa–2.85%
Republic of South Africa Government Bond,
Series 2032, 8.25%, 03/31/2032	ZAR		427,800,000		18,920,142
Series 2040, 9.00%, 01/31/2040	ZAR		630,000,000		25,017,573
					43,937,715
Spain–1.31%
Banco Bilbao Vizcaya Argentaria S.A., 6.00%(b)(c)(e)	EUR		3,600,000		3,819,332
Repsol International Finance B.V., 3.75%(b)(c)(e)	EUR		1,950,000		2,042,806
Spain Government Bond, 1.45%, 10/31/2071(b)	EUR		20,700,000		10,686,325
Telefonica Europe B.V., 2.88%(b)(c)(e)	EUR		3,700,000		3,705,248
					20,253,711
Supranational–0.64%
African Development Bank, 0.00%, 01/17/2050(f)	ZAR		222,000,000		784,990
Corp. Andina de Fomento, 6.82%, 02/22/2031(b)	MXN		153,300,000		7,142,053
International Bank for Reconstruction & Development, 0.00%, 09/30/2052(f)	MXN		520,000,000		1,825,840
International Finance Corp., 0.00%, 02/15/2029(b)(f)	TRY		10,300,000		91,757
					9,844,640
Sweden–0.08%
Heimstaden Bostad AB, 3.38%(b)(c)(e)	EUR		1,850,000		1,293,180
Switzerland–0.23%
UBS Group AG, 2.13%, 10/13/2026(b)(c)	EUR		3,475,000		3,605,321
United Kingdom–2.34%
Barclays PLC, 7.13%(c)(e)	GBP		9,575,000		11,807,409
Lloyds Banking Group PLC, 8.50%(c)(e)	GBP		2,275,000		2,871,211
Nationwide Building Society, 5.75%(b)(c)(e)	GBP		6,800,000		7,934,104
NatWest Group PLC, 5.13%(c)(e)	GBP		2,100,000		2,391,013
NGG Finance PLC, 5.63%, 06/18/2073(b)(c)	GBP		9,000,000		11,130,343
					36,134,080
United States–0.97%
BP Capital Markets PLC, 3.25%(b)(c)(e)	EUR		6,950,000		7,228,354
Citigroup, Inc., 4.25%, 02/25/2030(b)(c)	EUR		3,450,000		3,672,608

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

12 Invesco Global Strategic Income Fund

	Principal Amount			Value
United States–(continued)
Morgan Stanley, 2.10%, 05/08/2026(c)		EUR	3,400,000	$  3,561,293
MPT Operating Partnership L.P./MPT Finance Corp., 3.33%, 03/24/2025		EUR	475,000	479,623
				14,941,878
Uruguay–0.18%
Uruguay Government International Bond, 9.75%, 07/20/2033		UYU	104,175,200	2,833,856
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $526,452,782)				512,417,393
Asset-Backed Securities–7.14%
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(j)		$	10,129	9,371
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.66%, 01/15/2051(k)			9,029,400	135,338
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 1.01%, 11/13/2050(k)			4,644,511	95,792
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.13%, 10/12/2050(k)			11,899,115	319,839
Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A3, 2.82%, 05/25/2035(l)			378,527	359,225
Series 2006-AR1, Class 1A1, 7.20% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(j)			76,245	71,564
COMM Mortgage Trust, Series 2014-UBS6, Class AM, 4.05%, 12/10/2047			4,690,000	4,528,663
Series 2014-CR21, Class AM, 3.99%, 12/10/2047			70,000	66,995
Countrywide Home Loans Mortgage Pass-Through Trust, Series 2005-17, Class 1A8, 5.50%, 09/25/2035			238,326	221,468
Series 2005-J4, Class A7, 5.50%, 11/25/2035			450,609	356,459
CWHEQ Revolving Home Equity Loan Trust, Series 2006-H, Class 2A1A, 5.74% (1 mo. Term SOFR + 0.26%), 11/15/2036(j)			18,684	17,532

	Principal Amount		Value
Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.58%, 09/15/2025(b)	$	833,985	$	831,010
FREMF Mortgage Trust, Series 2017-K62, Class B, 4.01%, 01/25/2050(b)(l)		840,000		798,586
Series 2016-K54, Class C, 4.19%, 04/25/2048(b)(l)		4,190,000		4,021,106
Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, 08/20/2053(b)		724,500		725,231
GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 4.56%, 07/25/2035(l)		35,605		32,060
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class AS, 3.22%, 04/15/2046		116,199		107,653
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 5.04%, 07/25/2035(l)		34,800		33,850
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B, 4.12%, 11/15/2047(l)		1,655,000		1,487,066
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024(b)(l)		13,773		12
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 5.63% (1 mo. Term SOFR + 0.31%), 08/25/2036(j)		2,875,179		1,010,458
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.99%, 12/15/2050(k)		3,965,387		102,098
Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036(b)(l)		5,520,442		4,659,946
OBX Trust, Series 2022-NQM7, Class A3, 5.70%, 08/25/2062(a)(b)		769,338		757,131
Series 2022-NQM7, Class A2, 5.70%, 08/25/2062(a)(b)		1,479,497		1,457,200
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		21,033		15,922
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.21%, 11/15/2050(k)		7,454,082		181,143

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

13 Invesco Global Strategic Income Fund

	Principal Amount			Value
Vendee Mortgage Trust, Series 1995-2B, Class 2, IO, 0.79%, 06/15/2025(m)	$		35,682	$   121
Series 1995-3, Class 1, IO, 0.00%, 09/15/2025(k)			615,832	1
Verus Securitization Trust, Series 2022-7, Class A3, 5.35%, 07/25/2067(b)(l)			1,030,553	1,011,767
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7, 5.83%, 10/25/2033(l)			24,524	22,976
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 1.00%, 12/15/2050(k)			6,232,731	157,509
WFRBS Commercial Mortgage Trust, Series 2013-C14, Class AS, 3.49%, 06/15/2046			389,198	373,095
Series 2014-C20, Class AS, 4.18%, 05/15/2047			1,364,567	1,314,760
Alba PLC, Series 2007-1, Class F, 8.60% (SONIA + 3.37%), 03/17/2039(b)(h)(j)		GBP	1,740,309	2,081,769
Series 2007-1, Class E, 6.55% (SONIA + 1.32%), 03/17/2039(b)(h)(j)		GBP	4,539,936	5,266,042
Series 2006-2, Class F, 8.60% (SONIA + 3.37%), 12/15/2038(b)(h)(j)		GBP	1,097,568	1,272,355
Eurohome UK Mortgages PLC, Series 2007-1, Class B1, 6.25% (SONIA + 1.02%), 06/15/2044(b)(h)(j)		GBP	2,006,000	2,190,242
Series 2007-2, Class B1, 6.75% (SONIA + 1.52%), 09/15/2044(b)(h)(j)		GBP	2,243,000	2,393,978
Eurosail PLC, Series 2006-2X, Class E1C, 8.60% (SONIA + 3.37%), 12/15/2044(b)(h)(j)		GBP	5,550,000	6,179,275
Series 2006-4X, Class E1C, 8.35% (SONIA + 3.12%), 12/10/2044(b)(h)(j)		GBP	4,135,722	5,113,035
Series 2006-2X, Class D1A, 4.74% (3 mo. EURIBOR + 0.80%), 12/15/2044(b)(h)(j)		EUR	6,300,000	5,830,158
Eurosail-UK NC PLC, Series 2007-1X, Class D1C, 6.24% (SONIA + 1.01%), 03/13/2045(b)(h)(j)		GBP	1,750,000	1,872,841
Eurosail-UK NP PLC, Series 2007-2X, Class D1A, 4.73% (3 mo. EURIBOR + 0.80%), 03/13/2045(b)(h)(j)		EUR	8,400,000	7,772,881

	Principal Amount				Value
Great Hall Mortgages No. 1 PLC, Series 2007-2X, Class EB, 7.68% (3 mo. EURIBOR + 3.75%), 06/18/2039(b)(h)(j)		EUR		4,570,000	$4,744,830
Ludgate Funding PLC, Series 2007-1, Class MA, 5.59% (SONIA + 0.36%), 01/01/2061(b)(h)(j)		GBP		2,424,987	2,807,872
Mortgage Funding PLC, Series 2008-1, Class B2, 8.55% (SONIA + 3.32%), 03/13/2046(b)(h)(j)		GBP		10,963,201	13,082,557
Towd Point Mortgage Funding 2024 - Granite 6 PLC, Series 2024-GR6X, Class F, 0.00% (SONIA + 4.50%), 07/20/2053(b)(h)(j)		GBP		1,380,000	1,725,166
Prosil Acquisition S.A., Series 2019-1, Class A, 5.91% (3 mo. EURIBOR + 2.00%), 10/31/2039(b)(h)(j)		EUR		3,785,353	3,357,230
SC Germany S.A. Compartment Consumer, Series 2021-1, Class E, 6.68% (1 mo. EURIBOR + 2.80%), 11/14/2035(b)(h)(j)		EUR		7,047,113	7,382,325
Alhambra SME Funding DAC, Series 2019-1, Class D, 13.10% (1 mo. EURIBOR + 9.25%), 11/30/2028(b)(h)(j)		EUR		424,276	386,419
Lusitano Mortgages No. 5 PLC, Series D, 4.87% (3 mo. EURIBOR + 0.96%), 07/15/2059(b)(h)(j)		EUR		1,694,762	1,521,802
Futura S.r.l., Series 2019-1, Class A, 6.87% (6 mo. EURIBOR + 3.00%), 07/31/2044(b)(h)(j)		EUR		644,710	689,983
Fideicomiso Dorrego Y Libertador, 2.00%, 12/31/2043(n)			$	7,698,968	7,314,020
0.00%, 12/31/2043(h)(n)		ARS		83,227,881	90,179
Fideicomiso Financiero Invernea Proteina 2, Serie II, 0.00%, 08/25/2032(h)(l)(n)		ARS		311,500,000	1,933,084
Total Asset-Backed Securities (Cost $121,388,816)					110,290,990
U.S. Government Sponsored Agency Mortgage-Backed Securities–6.30%
Fannie Mae Grantor Trust, IO, 0.62%, 11/25/2040(k)			$	1,758,456	11,135
0.38%, 12/25/2041(k)				10,427,811	146,703

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

14 Invesco Global Strategic Income Fund

	Principal Amount		Value
Fannie Mae Interest STRIPS, IO, 6.50%, 04/25/2029 - 07/25/2032(m)	$	676,609	$	88,713
7.50%, 11/25/2029(m)		30,319		4,032
6.00%, 12/25/2032 - 08/25/2035(m)		869,402		120,796
5.50%, 11/25/2033 - 06/25/2035(m)		738,766		110,311
Fannie Mae REMICs, IO, 2.16% (7.60% - (30 Day Average SOFR + 0.11%)), 06/25/2026(j)(m)		29,844		716
2.46%, 11/18/2031 - 12/18/2031(j)(m)		94,603		7,409
2.46% (7.90% - (30 Day Average SOFR + 0.11%)), 11/25/2031(j)(m)		1,859		153
2.51% (7.95% - (30 Day Average SOFR + 0.11%)), 01/25/2032(j)(m)		22,297		1,677
2.56% (8.00% - (30 Day Average SOFR + 0.11%)), 03/18/2032(j)(m)		43,384		3,642
2.66%, 03/25/2032 - 04/25/2032(j)(m)		62,808		5,633
1.56% (7.00% - (30 Day Average SOFR + 0.11%)), 04/25/2032(j)(m)		27,885		1,599
2.36% (7.80% - (30 Day Average SOFR + 0.11%)), 04/25/2032(j)(m)		19,754		1,808
2.56%, 07/25/2032 - 09/25/2032(j)(m)		88,442		8,629
2.66%, 12/18/2032(j)(m)		70,928		4,936
2.76% (8.20% - (30 Day Average SOFR + 0.11%)), 01/25/2033(j)(m)		262,879		22,352
2.81%, 02/25/2033 - 05/25/2033(j)(m)		147,507		17,601
7.00%, 03/25/2033 - 04/25/2033(m)		357,931		46,738
2.11% (7.55% - (30 Day Average SOFR + 0.11%)), 10/25/2033(j)(m)		118,614		10,641
0.61%, 03/25/2035 - 07/25/2038(j)(m)		104,948		4,324
1.31%, 03/25/2035 - 05/25/2035(j)(m)		138,774		4,035
1.16% (6.60% - (30 Day Average SOFR + 0.11%)), 05/25/2035(j)(m)		222,866		10,144
1.26% (6.70% - (30 Day Average SOFR + 0.11%)), 05/25/2035(j)(m)		426,247		25,793
1.79% (7.23% - (30 Day Average SOFR + 0.11%)), 09/25/2036(j)(m)		461,862		16,673
1.10% (6.54% - (30 Day Average SOFR + 0.11%)), 06/25/2037(j)(m)		645,601		39,891
4.00%, 04/25/2041(m)		661,084		64,850

	Principal Amount		Value
1.11% (6.55% - (30 Day Average SOFR + 0.11%)), 10/25/2041(j)(m)	$	113,423	$	6,346
0.71% (6.15% - (30 Day Average SOFR + 0.11%)), 12/25/2042(j)(m)		327,421		27,876
7.00%, 07/25/2026		2,740		2,724
6.50%, 10/25/2028 - 04/25/2029		47,270		47,200
6.00%, 05/25/2031 - 01/25/2032		89,769		89,135
6.44%, 04/25/2032 - 12/25/2032(j)		74,031		74,706
5.94% (30 Day Average SOFR + 0.61%), 10/18/2032(j)		28,827		28,647
5.94% (30 Day Average SOFR + 0.61%), 12/25/2032(j)		49,392		47,430
5.84% (30 Day Average SOFR + 0.51%), 11/25/2033(j)		26,744		26,608
4.60% (24.57% - (3.67 x (30 Day Average SOFR + 0.11%))), 03/25/2036(j)		119,649		131,545
4.24% (24.20% - (3.67 x (30 Day Average SOFR + 0.11%))), 06/25/2036(j)		110,070		114,050
6.38% (30 Day Average SOFR + 1.05%), 06/25/2037(j)		55,720		56,216
4.00%, 03/25/2041		67,923		62,339
Federal Home Loan Mortgage Corp., 8.50%, 08/01/2031		16,897		17,457
5.00%, 09/01/2052 - 03/01/2053(o)		32,055,226		30,425,121
4.50%, 10/01/2052		15,806,736		14,699,901
Federal National Mortgage Association, 7.50%, 03/01/2033		10,126		10,305
7.00%, 12/01/2033		10,264		10,483
5.50%, 02/01/2035 - 03/01/2053(o)		32,439,717		31,604,435
4.50%, 07/01/2052		17,848,184		16,568,486
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series K734, Class X1, IO, 0.78%, 02/25/2026(k)		3,866,628		31,297
Series K735, Class X1, IO, 1.09%, 05/25/2026(k)		6,569,342		97,670
Series K093, Class X1, IO, 1.08%, 05/25/2029(k)		44,016,532		1,656,109
Freddie Mac STRIPS, IO, 7.00%, 04/01/2027 - 04/01/2030(m)		102,766		11,014
6.50%, 02/01/2028 - 06/01/2031(m)		27,547		3,287
7.50%, 12/15/2029(m)		34,660		4,318
6.00%, 12/15/2032(m)		64,265		7,211

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

15 Invesco Global Strategic Income Fund

	Principal Amount		Value
Freddie Mac REMICs, 6.50%, 02/15/2028 - 06/15/2032	$	46,718	$	47,293
5.89% (30 Day Average SOFR + 0.56%), 02/15/2029(j)		4,000		3,979
6.09% (30 Day Average SOFR + 0.76%), 07/15/2029(j)		6,133		6,125
6.44%, 02/15/2032 - 03/15/2032(j)		153,673		154,288
3.50%, 05/15/2032		46,185		44,050
5.94% (30 Day Average SOFR + 0.61%), 01/15/2033(j)		4,504		4,491
4.79% (24.75% - (3.67 x (30 Day Average SOFR + 0.11%))), 08/15/2035(j)		84,746		94,727
4.00%, 06/15/2038		52,671		48,379
3.00%, 05/15/2040		202		201
IO, 7.00%, 03/15/2028 - 04/15/2028(m)		21,066		1,818
3.26% (8.70% - (30 Day Average SOFR + 0.11%)), 07/17/2028(j)(m)		39		0
2.66% (8.10% - (30 Day Average SOFR + 0.11%)), 06/15/2029(j)(m)		32,688		1,608
3.51% (8.95% - (30 Day Average SOFR + 0.11%)), 08/15/2029(j)(m)		11,681		457
1.61% (7.05% - (30 Day Average SOFR + 0.11%)), 10/15/2033(j)(m)		175,787		8,373
1.26% (6.70% - (30 Day Average SOFR + 0.11%)), 01/15/2035(j)(m)		322,585		12,834
1.31% (6.75% - (30 Day Average SOFR + 0.11%)), 02/15/2035(j)(m)		18,154		741
1.28%, 05/15/2035(j)(m)		492,192		25,739
0.71% (6.15% - (30 Day Average SOFR + 0.11%)), 07/15/2035(j)(m)		269,236		8,095
1.56% (7.00% - (30 Day Average SOFR + 0.11%)), 12/15/2037(j)(m)		97,633		7,338
0.56% (6.00% - (30 Day Average SOFR + 0.11%)), 04/15/2038(j)(m)		45,010		2,740
0.63% (6.07% - (30 Day Average SOFR + 0.11%)), 05/15/2038(j)(m)		187,492		11,328
0.81% (6.25% - (30 Day Average SOFR + 0.11%)), 12/15/2039(j)(m)		84,072		4,535

	Principal Amount		Value
Government National Mortgage Association, ARM, 3.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 07/20/2027(j)	$	426	$	419
7.00%, 01/15/2028 - 01/20/2030		66,972		67,370
8.00%, 01/15/2028 - 09/15/2028		44,232		44,654
IO, 1.12% (6.55% - (1 mo. Term SOFR + 0.11%)), 04/16/2037(j)(m)		325,771		17,567
1.22% (6.65% - (1 mo. Term SOFR + 0.11%)), 04/16/2041(j)(m)		529,089		23,913
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $104,609,996)				97,285,912

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

16 Invesco Global Strategic Income Fund

	Principal Amount		Value
Agency Credit Risk Transfer Notes–4.16%
United States–4.16%
Fannie Mae Connecticut Avenue Securities, Series 2022-R04, Class 1M2, 8.43% (30 Day Average SOFR + 3.10%), 03/25/2042(b)(j)	$	1,795,000	$    1,871,338
Series 2022-R08, Class 1M2, 8.93% (30 Day Average SOFR + 3.60%), 07/25/2042(b)(j)		3,150,000	3,340,794
Series 2023-R02, Class 1M1, 7.63% (30 Day Average SOFR + 2.30%), 01/25/2043(b)(j)		1,111,302	1,138,937
Series 2023-R03, Class 2M1, 7.83% (30 Day Average SOFR + 2.50%), 04/25/2043(b)(j)		2,198,940	2,236,642
Series 2023-R04, Class 1M1, 7.63% (30 Day Average SOFR + 2.30%), 05/25/2043(b)(j)		2,388,291	2,447,669
Series 2023-R06, Class 1M1, 7.03% (30 Day Average SOFR + 1.70%), 07/25/2043(b)(j)		1,231,390	1,238,864
Series 2023-R06, Class 1M2, 8.03% (30 Day Average SOFR + 2.70%), 07/25/2043(b)(j)		1,145,000	1,187,282
Series 2023-R06, Class 1B1, 9.23% (30 Day Average SOFR + 3.90%), 07/25/2043(b)(j)		1,310,000	1,375,217
Series 2023-R08, Class 1M2, 7.83% (30 Day Average SOFR + 2.50%), 10/25/2043(b)(j)		655,000	673,831
Series 2023-R08, Class 1M1, 6.83% (30 Day Average SOFR + 1.50%), 10/25/2043(b)(j)		997,731	1,002,251
Series 2024-R03, Class 2M2, 7.28% (30 Day Average SOFR + 1.95%), 03/25/2044(b)(j)		1,550,000	1,555,882

	Principal Amount		Value
United States–(continued)
Freddie Mac, Series 2022-DNA2, Class M1B, STACR®, 7.73% (30 Day Average SOFR + 2.40%), 02/25/2042(b)(j)	$	3,500,000	$    3,580,956
Series 2022-DNA3, Class M1B, STACR®, 8.23% (30 Day Average SOFR + 2.90%), 04/25/2042(b)(j)		7,000,000	7,263,861
Series 2022-DNA3, Class M1A, STACR®, 7.33% (30 Day Average SOFR + 2.00%), 04/25/2042(b)(j)		3,765,189	3,806,569
Series 2022-HQA2, Class M1, STACR®, 9.33% (30 Day Average SOFR + 4.00%), 07/25/2042(b)(j)		3,500,000	3,723,415
Series 2022-HQA3, Class M1, STACR®, 8.88% (30 Day Average SOFR + 3.55%), 08/25/2042(b)(j)		3,500,000	3,699,177
Series 2022-HQA3, Class M2, STACR®, 10.68% (30 Day Average SOFR + 5.35%), 08/25/2042(b)(j)		3,745,000	4,090,442
Series 2023-DNA1, Class M1, STACR®, 7.43% (30 Day Average SOFR + 2.10%), 03/25/2043(b)(j)		2,308,411	2,350,100
Series 2023-HQA1, Class M1, STACR®, 8.83% (30 Day Average SOFR + 3.50%), 05/25/2043(b)(j)		5,639,000	5,965,288
Series 2023-HQA2, Class M1, STACR®, 7.33% (30 Day Average SOFR + 2.00%), 06/25/2043(b)(j)		2,220,152	2,238,390
Series 2023-HQA2, Class M1, STACR®, 8.68% (30 Day Average SOFR + 3.35%), 06/25/2043(b)(j)		2,100,000	2,223,579
Series 2024-DNA1, Class M2, STACR®, 7.28% (30 Day Average SOFR + 1.95%), 02/25/2044(b)(j)		3,450,000	3,465,989
Series 2024-HQA1, Class M2, STACR®, 7.33% (30 Day Average SOFR + 2.00%), 03/25/2044(b)(j)		3,719,100	3,727,017
Total Agency Credit Risk Transfer Notes (Cost $62,433,900)			64,203,490

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

17 Invesco Global Strategic Income Fund

	Principal Amount		Value
U.S. Treasury Securities–2.26%
U.S. Treasury Bills–2.26%
5.38%, 05/16/2024 (Cost $34,923,846)(i)	$	34,923,846	$   34,923,846
	Shares
Common Stocks & Other Equity Interests–1.53%
Argentina–1.49%
Banco BBVA Argentina S.A.(p)		200,000	794,849
Banco Macro S.A., Class B(p)		530,000	3,589,982
Grupo Financiero Galicia S.A., Class B		1,335,000	5,396,364
Pampa Energia S.A.(p)		900,000	1,991,399
YPF S.A., ADR(p)		52,500	1,152,900
YPF S.A., Class D(p)		367,300	10,098,157
			23,023,651
United States–0.04%
ACNR Holdings, Inc.		2,129	176,308
Claire’s Holdings LLC, Class S(n)		614	12,280
Endo, Inc.		292	8,322
Endo, Inc.(p)		14,088	401,515
McDermott International Ltd.(p)		93,712	21,554
McDermott International Ltd., Series A, Wts., expiring 06/30/2027(n)(p)		76,715	2,301
McDermott International Ltd., Series B, Wts., expiring 06/30/2027(n)(p)		85,239	2,557
Sabine Oil & Gas Holdings, Inc.(n)(p)		2,510	377
Windstream Services LLC, Wts.		399	5,885
			631,099
Total Common Stocks & Other Equity Interests (Cost $24,541,431)			23,654,750
	Principal Amount
Variable Rate Senior Loan Interests–0.73%(q)(r)
Canada–0.04%
New Red Finance, Inc., Term Loan B-5, 7.57% (1 mo. Term SOFR + 2.25%), 09/20/2030	$	638,400	640,165
United States–0.69%
Boost Newco Borrower LLC (WorldPay), Term Loan, 8.31% (1 mo. Term SOFR + 3.00%), 01/31/2031		625,000	627,931
Camelot US Acquisition LLC, Term Loan, 8.07% (1 mo. Term SOFR + 2.75%), 01/31/2031		625,000	626,953
Carnival Corp., Incremental Term Loan B, 8.68% (1 mo. Term SOFR + 3.25%), 10/18/2028		493,403	496,025
Claire’s Stores, Inc., Term Loan, 11.92% (1 mo. Term SOFR + 6.50%), 12/18/2026		182,887	174,109
Clear Channel Outdoor Holdings, Inc., Term Loan B, 9.43% (1 mo. Term SOFR + 4.00%), 08/23/2028		618,223	619,512

	Principal Amount		Value
United States–(continued)
Cushman & Wakefield U.S. Borrower LLC, Term Loan B, 9.07% (1 mo. Term SOFR + 4.25%), 01/31/2030(n)	$	643,387	$      646,604
Dun & Bradstreet Corp. (The), Incremental Term Loan B-2, 8.07% (1 mo. Term SOFR + 2.75%), 01/18/2029		647,227	649,522
Endo Luxembourg Finance Co. I S.a.r.l., Term Loan, 6.05% (1 mo. USD LIBOR + 4.00%), 03/27/2028		8,357	5,467
Greystar Real Estate Partners LLC, Term Loan B, 8.58% (1 mo. Term SOFR + 3.25%), 08/21/2030(n)		356,212	357,548
IRB Holding Corp., Term Loan B, 8.17% (1 mo. Term SOFR + 2.75%), 12/15/2027		626,127	627,780
Jane Street Group LLC, Term Loan, - % , 01/26/2028(s)		618,402	619,633
Mozart Debt Merger Sub, Inc. (Medline Industries), Term Loan B, 8.07% (1 mo. Term SOFR + 2.75%), 10/23/2028		565,881	568,014
New Fortress Energy, Inc.,
Term Loan B, 10.33% (1 mo. Term SOFR + 5.00%), 10/30/2028		856,852	862,743
Prairie ECI Acquiror L.P., Term Loan B, 10.07% (1 mo. Term SOFR + 4.75%), 08/01/2029		650,000	651,544
Schweitzer-Mauduit International, Inc. (SWM International), Term Loan B, 9.18% (1 mo. Term SOFR + 3.75%), 04/20/2028		565,977	565,977
Scientific Games Lottery, First Lien Term Loan, 8.56% (3 mo. Term SOFR + 3.50%), 04/04/2029		639,483	640,531
SRS Distribution, Inc., Term Loan, 8.93% (1 mo. Term SOFR + 3.50%), 06/02/2028		275,000	277,295
Syneos Health, Inc., Term Loan, 9.31% (3 mo. Term SOFR + 4.00%), 09/27/2030		638,000	638,600
Uber Technologies, Inc., Term Loan B, 8.08% (3 mo. Term SOFR+ 2.75%), 03/03/2030		373,815	376,736
Victoria’s Secret & Co., First Lien Term Loan, -% , 08/02/2028(s)		621,258	615,046
			10,647,570
Total Variable Rate Senior Loan Interests (Cost $11,113,769)			11,287,735

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

18 Invesco Global Strategic Income Fund

	Shares		Value
Preferred Stocks–0.04%
United States–0.04%
Bank of America Corp., 6.50%, Series Z, Pfd.(c)		615,000	$	617,431
Claire’s Holdings LLC, Series A, Pfd.		195		39,975
Total Preferred Stocks (Cost $710,072)				657,406
Money Market Funds–2.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(t)(u)		10,799,096		10,799,096
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(t)(u)		7,711,109		7,713,423
Invesco Treasury Portfolio, Institutional Class, 5.22%(t)(u)		12,341,825		12,341,825
Total Money Market Funds (Cost $30,854,561)				30,854,344
Options Purchased–1.91%
(Cost $38,288,895)(v)				29,531,081
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-97.13% (Cost $1,571,248,876)				1,499,864,959

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.44%
Invesco Private Government Fund, 5.29%(t)(u)(w)		18,733,095	$	18,733,095
Invesco Private Prime Fund, 5.46%(t)(u)(w)		49,805,505		49,820,447
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $68,561,183)				68,553,542
TOTAL INVESTMENTS IN SECURITIES–101.57% (Cost $1,639,810,059)				1,568,418,501
OTHER ASSETS LESS LIABILITIES–(1.57)%				(24,288,142	)
NET ASSETS–100.00%			$	1,544,130,359

Investment Abbreviations:
ADR	– American Depositary Receipt
ARM	– Adjustable Rate Mortgage
ARS	– Argentina Peso
BRL	– Brazilian Real
CAD	– Canadian Dollar
CNY	– Chinese Yuan Renminbi
COP	– Colombia Peso
Ctfs.	– Certificates
EGP	– Egypt Pound
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
IDR	– Indonesian Rupiah
INR	– Indian Rupee
IO	– Interest Only
JPY	– Japanese Yen
LIBOR	– London Interbank Offered Rate
MXN	– Mexican Peso
MYR	– Malaysian Ringgit
NZD	– New Zealand Dollar
PEN	– Peruvian Sol
Pfd.	– Preferred
REMICs	– Real Estate Mortgage Investment Conduits
SOFR	– Secured Overnight Financing Rate
SONIA	– Sterling Overnight Index Average
STACR®	– Structured Agency Credit Risk
STRIPS	– Separately Traded Registered Interest and Principal Security
TRY	– Turkish Lira
USD	– U.S. Dollar
UYU	– Uruguay Peso
Wts.	– Warrants
ZAR	– South African Rand

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

19 Invesco Global Strategic Income Fund

Notes to Consolidated Schedule of Investments: 

^(a) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(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, 2024 was $649,497,940, which represented 42.06% of the Fund’s Net Assets.

^(c) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d) All or a portion of this security was out on loan at April 30, 2024.

^(e) Perpetual bond with no specified maturity date.

^(f) Zero coupon bond issued at a discount.

^(g) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30, 2024 was $1,592,905, which represented less than 1% of the Fund’s Net Assets.

^(h) Foreign denominated security. Principal amount is denominated in the currency indicated.

⁽ⁱ⁾ Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(j) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2024.

^(k) Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on April 30, 2024.

^(l) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on April 30, 2024.

^(m) Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

⁽ⁿ⁾ Security valued using significant unobservable inputs (Level 3). See Note 3.

^(o) All or a portion of the value was designated as collateral to cover margin requirements for swap agreements. See Note 1R.

^(p) Non-income producing security.

^(q) Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(r) Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate (“SOFR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(s) This variable rate interest will settle after April 30, 2024, at which time the interest rate will be determined.

^(t) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	17,246,221	$	119,963,247	$	(126,410,372)		$      -	$	-	$	10,799,096	$	352,854
Invesco Liquid Assets Portfolio, Institutional Class		12,317,028		85,688,033		(90,295,102)		(889)		4,353		7,713,423		260,302
Invesco Treasury Portfolio, Institutional Class		19,709,966		137,100,855		(144,468,996)		-		-		12,341,825		402,470
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		18,315,184		74,121,614		(73,703,703)		-		-		18,733,095		461,076*
Invesco Private Prime Fund		41,281,255		160,352,477		(151,814,604)		(8,465)		9,784		49,820,447		1,267,165*
Total	$	108,869,654	$	577,226,226	$	(586,692,777)		$(9,354)	$	14,137	$	99,407,886	$	2,743,867

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Consolidated Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(u) The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

^(v) The table below details options purchased.

^(w) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1L.

Open Over-The-Counter Foreign Currency Options Purchased(a)
Description	Type of Contract		Counterparty	Expiration Date		Exercise Price		Notional Value		Value
Currency Risk
AUD versus USD		Call	J.P. Morgan Chase Bank, N.A.		05/21/2024		USD    0.67		AUD 2,800,000	$	94,759
EUR versus USD		Call	Goldman Sachs International		05/20/2024		USD    1.15		EUR 52,125,000		56
USD versus JPY		Call	Goldman Sachs International		02/13/2026		JPY  175.00		USD 10,350,000		579,921
USD versus JPY		Call	J.P. Morgan Chase Bank,N.A.		02/13/2026		JPY  175.00		USD 10,350,000		579,921
Subtotal – Foreign Currency Call Options Purchased											1,254,657

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

20 Invesco Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Purchased(a)–(continued)
Description	Type of Contract		Counterparty	Expiration Date		Exercise Price		Notional Value		Value
Currency Risk
CNH versus INR		Put	Deutsche Bank AG		03/28/2025		INR    11.45		CNH 12,075,000	$	345,052
EUR versus BRL		Put	Goldman Sachs International		05/29/2024		BRL   5.35		EUR  3,450,000		154,453
EUR versus CLP		Put	Merrill Lynch International		07/31/2024		CLP    950.00		EUR  4,140,000		416,111
EUR versus HUF		Put	J.P. Morgan Chase Bank, N.A.		10/29/2024		HUF   385.00		EUR  2,587,500		187,934
EUR versus HUF		Put	Merrill Lynch International		07/16/2024		HUF   390.00		EUR 34,500,000		66,825
EUR versus INR		Put	J.P. Morgan Chase Bank, N.A.		09/10/2024		INR     89.50		EUR  4,145,000		435,295
EUR versus MXN		Put	Morgan Stanley and Co. International PLC		07/02/2024		MXN    17.75		EUR  2,587,500		232,920
EUR versus NOK		Put	J.P. Morgan Chase Bank, N.A.		06/20/2024		NOK    11.40		EUR 62,550,000		14,686
EUR versus NOK		Put	Merrill Lynch International		05/15/2024		NOK    11.30		EUR 41,400,000		353
EUR versus ZAR		Put	Goldman Sachs International		08/01/2024		ZAR    19.80		EUR  2,760,000		297,493
USD versus BRL		Put	Goldman Sachs International		06/20/2024		BRL    4.80		USD  2,780,000		81,382
USD versus BRL		Put	Goldman Sachs International		08/20/2024		BRL    4.78		USD 27,600,000		31,326
USD versus BRL		Put	Merrill Lynch International		06/17/2024		BRL    4.85		USD  4,485,000		61,018
USD versus BRL		Put	Merrill Lynch International		10/08/2024		BRL    4.90		USD  2,100,000		240,427
USD versus BRL		Put	Morgan Stanley and Co. International PLC		07/08/2024		BRL     4.60		USD  2,100,000		5,767
USD versus CAD		Put	Deutsche Bank AG		05/07/2024		CAD   1.30		USD  1,737,500		2
USD versus CAD		Put	Merrill Lynch International		05/17/2024		CAD   1.32		USD  3,450,000		1,266
USD versus CAD		Put	Morgan Stanley and Co. International PLC		05/21/2024		CAD     1.32		USD  2,800,000		2,456
USD versus CLP		Put	J.P. Morgan Chase Bank, N.A.		07/03/2024		CLP    920.00		USD 34,560,000		231,379
USD versus CLP		Put	Morgan Stanley and Co. International PLC		05/06/2024		CLP    870.00		USD 41,700,000		42
USD versus COP		Put	Goldman Sachs International		07/05/2024		COP  3,750.00		USD 41,470,000		129,013
USD versus COP		Put	Morgan Stanley and Co. International PLC		07/02/2024		COP  3,810.00		USD 34,500,000		189,784
USD versus IDR		Put	Goldman Sachs International		05/07/2024		IDR 14,600.00		USD  4,170,000		4
USD versus IDR		Put	Standard Chartered Bank PLC		05/07/2024		IDR 15,375.00		USD 33,360,000		33
USD versus IDR		Put	Standard Chartered Bank PLC		08/23/2024		IDR 15,400.00		USD 34,500,000		51,336
USD versus JPY		Put	Deutsche Bank AG		07/18/2024		JPY   129.40		USD  1,750,000		8,031
USD versus JPY		Put	Goldman Sachs International		05/07/2024		JPY   118.00		USD 52,500,000		53
USD versus JPY		Put	Goldman Sachs International		05/30/2024		JPY   115.00		USD  5,250,000		121
USD versus JPY		Put	Goldman Sachs International		06/10/2024		JPY   115.00		USD  5,250,000		567
USD versus JPY		Put	Goldman Sachs International		09/17/2024		JPY   122.00		USD  3,475,000		21,104
USD versus JPY		Put	Merrill Lynch International		06/03/2024		JPY   115.00		USD  3,500,000		192
USD versus MXN		Put	Goldman Sachs International		05/16/2024		MXN   16.25		USD  3,455,000		18,571
USD versus MXN		Put	Goldman Sachs International		08/08/2024		MXN   16.30		USD  2,432,500		202,649
USD versus MXN		Put	Goldman Sachs International		09/26/2024		MXN   16.75		USD  4,140,000		525,436
USD versus MXN		Put	Goldman Sachs International		03/31/2025		MXN   16.75		USD 56,925,000		661,013
USD versus MXN		Put	Merrill Lynch International		07/05/2024		MXN   16.40		USD  5,547,600		307,165
USD versus TRY		Put	Goldman Sachs International		08/01/2024		TRY   32.50		USD  3,450,000		222,756
USD versus ZAR		Put	Goldman Sachs International		05/14/2024		ZAR   15.00		USD  7,000,000		28
USD versus ZAR		Put	Goldman Sachs International		08/01/2024		ZAR   18.70		USD  2,760,000		338,194
USD versus ZAR		Put	Goldman Sachs International		10/16/2024		ZAR   18.15		USD 26,250,000		441,761
USD versus ZAR		Put	J.P. Morgan Chase Bank, N.A.		07/10/2024		ZAR   18.50		USD  2,432,500		414,887
USD versus ZAR		Put	J.P. Morgan Chase Bank, N.A.		08/27/2024		ZAR   18.50		USD  4,140,000		346,497
Subtotal – Foreign Currency Put Options Purchased											6,685,382
Total Foreign Currency Options Purchased										$	7,940,039

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $39,335,888.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

21 Invesco Global Strategic Income Fund

Open Over-The-Counter Interest Rate Swaptions Purchased(a)

Description

Type of Contract

Counterparty

Exercise Rate

Pay/ Receive Exercise Rate

Floating Rate Index

Payment Frequency

Expiration Date

Notional Value

Value

Interest Rate Risk

5 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

3.30%

Receive

KWCDC

Quarterly

11/08/2028

KRW 20,850,000,000

$

220,556

Interest Rate Risk

30 Year Interest Rate Swap

Put

BNP Paribas S.A.

3.36

Pay

SOFR

Annually

05/01/2024

USD      33,600,000

3,839,906

30 Year Interest Rate Swap

Put

Deutsche Bank AG

3.64

Pay

SOFR

Annually

01/11/2027

USD      20,700,000

2,256,859

15 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

1.76

Pay

6 Month EURIBOR

Semi- Annually

03/15/2039

EUR     103,500,000

15,273,721

Subtotal – Interest Rate Put Swaptions Purchased

21,370,486

Total Interest Rate Swaptions Purchased

$

21,591,042

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $39,335,888.

Open Over-The-Counter Credit Default Swaptions Written(a)
Counterparty	Type of Contract		Exercise Rate			Reference Entity	(Pay)/ Receive Fixed Rate			Payment Frequency		Expiration Date		Implied Credit Spread(b)			Notional Value		Value
Credit Risk
Goldman Sachs International		Put		350.00	%	Markit iTraxx Europe Crossover Index, Series 41, Version 1		(5.00	)%		Quarterly		06/19/2024		3.182	%		EUR  69,850,000	$	(395,961	)
J.P. Morgan Chase Bank, N.A.		Put		350.00		Markit iTraxx Europe Crossover Index, Series 41, Version 1		(5.00	)		Quarterly		06/19/2024		3.182			EUR 116,410,000		(659,898	)
J.P. Morgan Chase Bank, N.A.		Put		104.50		Markit CDX North America High Yield Index, Series 42, Version 1		(5.00	)		Quarterly		06/20/2024		3.539			USD 214,000,000		(1,198,171	)
Total Credit Default Swaptions Written																			$	(2,254,030	)

^(a) Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $39,335,888.

^(b) Implied credit spreads represent the current level, as of April 30, 2024, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Over-The-Counter Foreign Currency Options Written(a)
Description	Type of Contract		Counterparty	Expiration Date	Exercise Price		Notional Value		Value
Currency Risk
CNH versus INR		Call	Deutsche Bank AG	03/28/2025	INR	12.39	CNH	12,075,000	$	(337,260	)
EUR versus CLP		Call	Merrill Lynch International	09/30/2024	CLP	1,100.00	EUR	41,400,000		(616,915	)
EUR versus HUF		Call	J.P. Morgan Chase Bank, N.A.	05/30/2024	HUF	410.00	EUR	25,875,000		(11,984	)
EUR versus HUF		Call	Merrill Lynch International	07/16/2024	HUF	405.00	EUR	34,500,000		(150,514	)
EUR versus PLN		Call	Goldman Sachs International	08/23/2024	PLN	4.50	EUR	41,400,000		(154,991	)
USD versus BRL		Call	Goldman Sachs International	02/20/2025	BRL	5.30	USD	2,760,000		(1,310,191	)
USD versus BRL		Call	Goldman Sachs International	03/20/2025	BRL	5.50	USD	2,780,000		(981,023	)
USD versus BRL		Call	Goldman Sachs International	04/16/2025	BRL	5.75	USD	34,535,000		(792,958	)
USD versus BRL		Call	Merrill Lynch International	09/17/2024	BRL	5.30	USD	44,850,000		(1,079,539	)
USD versus CLP		Call	J.P. Morgan Chase Bank, N.A.	07/03/2024	CLP	1,020.00	USD	34,560,000		(217,728	)
USD versus COP		Call	Goldman Sachs International	07/05/2024	COP	3,925.00	USD	41,470,000		(1,107,083	)
USD versus COP		Call	Morgan Stanley and Co. International PLC	07/02/2024	COP	4,030.00	USD	34,500,000		(504,425	)
USD versus IDR		Call	Standard Chartered Bank PLC	05/07/2024	IDR	16,325.00	USD	33,360,000		(56,979	)
USD versus IDR		Call	Standard Chartered Bank PLC	08/23/2024	IDR	16,290.00	USD	25,875,000		(404,400	)
USD versus MXN		Call	Goldman Sachs International	03/31/2025	MXN	18.50	USD	104,362,500		(3,389,381	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

22 Invesco Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Written(a)–(continued)
Description	Type of Contract	Counterparty	Expiration Date		Exercise Price				Notional Value		Value
USD versus MXN	Call	Merrill Lynch International		04/30/2025		MXN	19.00	USD		5,547,600	$	(1,514,495	)
USD versus ZAR	Call	Goldman Sachs International		10/16/2024		ZAR	21.75	USD		26,250,000		(205,616	)
USD versus ZAR	Call	Goldman Sachs International		12/16/2024		ZAR	21.50	USD		6,950,000		(98,676	)
USD versus ZAR	Call	J.P. Morgan Chase Bank, N.A.		10/21/2024		ZAR	22.00	USD		41,400,000		(293,940	)
Subtotal – Foreign Currency Call Options Written												(13,228,098	)
Currency Risk
AUD versus USD	Put	Goldman Sachs International		01/02/2025		USD	0.64	AUD		86,875,000		(1,272,100	)
AUD versus USD	Put	Goldman Sachs International		01/02/2025		USD	0.64	AUD		53,906,250		(789,342	)
EUR versus NOK	Put	Merrill Lynch International		05/15/2024		NOK	11.10	EUR		82,800,000		(88	)
USD versus CLP	Put	J.P. Morgan Chase Bank, N.A.		07/03/2024		CLP	890.00	USD		34,560,000		(72,576	)
USD versus CNH	Put	Goldman Sachs International		04/28/2025		CNH	6.89	USD		1,035,000		(508,674	)
USD versus COP	Put	Goldman Sachs International		07/05/2024		COP	3,650.00	USD		41,470,000		(43,378	)
USD versus COP	Put	Morgan Stanley and Co. International PLC		07/02/2024		COP	3,660.00	USD		34,500,000		(37,191	)
USD versus IDR	Put	Standard Chartered Bank PLC		05/07/2024		IDR	14,895.00	USD		33,360,000		(33	)
USD versus IDR	Put	Standard Chartered Bank PLC		08/23/2024		IDR	14,925.00	USD		51,750,000		(25,409	)
USD versus MXN	Put	Goldman Sachs International		03/31/2025		MXN	16.00	USD		56,925,000		(233,165	)
USD versus ZAR	Put	Goldman Sachs International		10/16/2024		ZAR	17.15	USD		26,250,000		(138,338	)
Subtotal – Foreign Currency Put Options Written												(3,120,294	)
Total – Foreign Currency Options Written											$	(16,348,392	)

^(a) Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $39,335,888.

Open Over-The-Counter Interest Rate Swaptions Written(a)

Description

Type of Contract

Counterparty

Exercise Rate

Floating Rate Index

Pay/ Receive Exercise Rate

Payment Frequency

Expiration Date

Notional Value

Value

Interest Rate Risk

30 Year Interest Rate Swap

Call

Deutsche Bank AG

3.50

%

SOFR

Receive

Annually

03/28/2025

USD

52,500,000

$

(1,549,697

)

30 Year Interest Rate Swap

Call

Goldman Sachs International

3.55

SOFR

Receive

Annually

07/02/2024

USD

93,150,000

(336,082

)

30 Year Interest Rate Swap

Call

Goldman Sachs International

3.75

SOFR

Receive

Annually

07/17/2024

USD

51,750,000

(595,954

)

10 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

3.85

SOFR

Receive

Annually

06/17/2024

USD

69,000,000

(136,020

)

10 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

4.00

SOFR

Receive

Annually

07/24/2024

USD

82,800,000

(612,155

)

10 Year Interest Rate Swap

Call

Merrill Lynch International

3.75

SOFR

Receive

Annually

08/05/2024

USD

65,320,000

(259,358

)

30 Year Interest Rate Swap

Call

Toronto- Dominion Bank (The)

3.70

SOFR

Receive

Annually

07/24/2024

USD

51,750,000

(542,025

)

Subtotal – Interest Rate Call Swaptions Written

(4,031,291

)

Interest Rate Risk

5 Year Interest Rate Swap

Put

BNP Paribas S.A.

3.57

SOFR

Pay

Annually

05/01/2024

USD

151,500,000

(6,114,308

)

2 Year Interest Rate Swap

Put

Deutsche Bank AG

3.99

SOFR

Pay

Annually

01/11/2027

USD

186,300,000

(2,551,170

)

10 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

3.10

6 Month EURIBOR

Pay

Semi-Annually

12/06/2024

EUR

121,625,000

(1,713,777

)

2 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

2.26

6 Month EURIBOR

Pay

Semi-Annually

03/15/2039

EUR

207,000,000

(5,721,370

)

30 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

4.00

SOFR

Pay

Annually

07/08/2024

USD

51,840,000

(1,439,876

)

10 Year Interest Rate Swap

Put

Merrill Lynch International

4.25

SOFR

Pay

Annually

07/08/2024

USD

69,000,000

(1,102,115

)

2 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

4.95

SOFR

Pay

Annually

07/11/2024

USD

342,930,000

(997,861

)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

23 Invesco Global Strategic Income Fund

Open Over-The-Counter Interest Rate Swaptions Written(a)-(continued)

Description

Type of Contract

Counterparty

Exercise Rate

Floating Rate Index

Pay/ Receive Exercise Rate

Payment Frequency

Expiration Date

Notional Value

Value

1 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

4.50

%

SONIA

Pay

At Maturity

03/24/2025

GBP

415,735,000

$

(2,219,792

)

2 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

4.60

SOFR

Pay

Annually

07/02/2024

USD

548,550,000

(3,741,210

)

Subtotal - Interest Rate Put Swaptions Written

(25,601,479

)

Total Open Over-The-Counter Interest Rate Swaptions Written

$

(29,632,770

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $39,335,888.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		597		June-2024	$	120,985,781		$	(1,189,066	)	$	(1,189,066	)
U.S. Treasury 5 Year Notes		750		June-2024		78,556,641			(1,497,533	)		(1,497,533	)
U.S. Treasury 10 Year Notes		744		June-2024		79,933,500			(1,919,740	)		(1,919,740	)
Subtotal-Long Futures Contracts									(4,606,339	)		(4,606,339	)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury Long Bonds		33		June-2024		(3,755,813	)		173,434			173,434
U.S. Treasury Ultra Bonds		73		June-2024		(8,728,062	)		591,245			591,245
Subtotal-Short Futures Contracts									764,679			764,679
Total Futures Contracts								$	(3,841,660	)	$	(3,841,660	)

Open Forward Foreign Currency Contracts
Settlement		Contract to							Unrealized Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
Currency Risk
06/20/2024	BNP Paribas S.A.		NZD		42,671,000	USD		26,243,424	$	1,099,624
06/20/2024	Citibank, N.A.		USD		2,460,975	GBP		1,975,000		7,516
06/21/2024	Citibank, N.A.		USD		32,000,000	CLP		30,870,720,000		140,193
06/20/2024	Deutsche Bank AG		AUD		11,800,000	USD		7,779,559		124,394
06/20/2024	Deutsche Bank AG		CAD		2,730,000	USD		2,013,170		28,503
06/20/2024	Deutsche Bank AG		EUR		23,800,000	USD		25,932,075		482,137
06/20/2024	Deutsche Bank AG		IDR 261,179,830,000			USD		16,733,179		693,247
06/20/2024	Deutsche Bank AG		MXN		575,567,444	USD		33,827,541		484,839
06/20/2024	Deutsche Bank AG		PEN		119,727,000	USD		32,623,161		838,244
06/20/2024	Deutsche Bank AG		USD		13,581,998	COP		53,981,785,000		77,723
06/20/2024	Deutsche Bank AG		USD		3,792,695	EUR		3,555,000		8,755
06/20/2024	Deutsche Bank AG		ZAR		90,364,054	USD		4,821,699		39,096
07/22/2024	Deutsche Bank AG		JPY		501,095,000	USD		3,500,000		283,594
05/03/2024	Goldman Sachs International		BRL		522,453,350	USD		104,381,418		3,766,437
05/09/2024	Goldman Sachs International		JPY		2,190,384,000	USD		17,220,000		3,317,355
05/10/2024	Goldman Sachs International		IDR 169,406,250,000			USD		10,842,000		424,577
05/20/2024	Goldman Sachs International		AUD		14,437,500	USD		9,704,888		347,185
06/04/2024	Goldman Sachs International		BRL		490,914,000	USD		94,709,792		427,392
06/20/2024	Goldman Sachs International		INR		1,543,170,000	USD		18,572,048		119,440
06/20/2024	Goldman Sachs International		MXN		385,481,250	USD		22,500,000		169,018
06/20/2024	Goldman Sachs International		PLN		131,756,639	USD		32,700,000		235,857
07/12/2024	Goldman Sachs International		EUR		19,905,000	ZAR		405,892,808		138,310

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

24 Invesco Global Strategic Income Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to							Unrealized Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
03/19/2025	Goldman Sachs International		INR		13,503,685,250	USD		159,850,000	$	406,634
06/20/2024	J.P. Morgan Chase Bank, N.A.		AUD		30,236,485	USD		19,962,925		347,223
06/20/2024	J.P. Morgan Chase Bank, N.A.		EUR		129,102,740	USD		141,575,432		3,522,627
06/20/2024	J.P. Morgan Chase Bank, N.A.		GBP		81,819,000	USD		104,694,390		2,431,387
06/20/2024	J.P. Morgan Chase Bank, N.A.		JPY		2,400,799,000	USD		16,332,732		997,043
06/20/2024	J.P. Morgan Chase Bank, N.A.		THB		738,969,445	USD		20,500,000		484,903
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD		23,657,036	CNY		169,110,000		112,138
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD		17,029,572	MXN		294,517,538		31,870
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD		929,710	ZAR		17,646,000		4,222
06/21/2024	Merrill Lynch International		CLP		4,525,565,000	USD		4,771,236		59,570
08/02/2024	Merrill Lynch International		COP		12,184,020,000	USD		3,105,000		42,565
10/09/2024	Merrill Lynch International		USD		5,547,600	MXN		97,526,808		3,828
06/20/2024	Morgan Stanley and Co. International PLC		COP		72,279,500,000	USD		18,500,000		210,168
06/20/2024	Morgan Stanley and Co. International PLC		USD		2,013,062	MXN		34,840,000		5,224
06/20/2024	Royal Bank of Canada		EUR		20,270,000	USD		21,719,548		44,327
05/13/2024	Standard Chartered Bank PLC		IDR		215,855,046,000	USD		13,761,000		487,904
06/20/2024	Standard Chartered Bank PLC		ZAR		751,334,946	USD		40,068,632		303,516
06/20/2024	UBS AG		CAD		13,745,000	USD		10,198,835		206,438
06/20/2024	UBS AG		JPY		787,017,999	USD		5,313,966		286,696
06/20/2024	UBS AG		THB		142,656,758	USD		3,900,000		36,121
Subtotal–Appreciation										23,277,840
Currency Risk
06/20/2024	Barclays Bank PLC		USD		2,852,222	EUR		2,620,000		(50,590	)
06/20/2024	Barclays Bank PLC		USD		16,000,000	ZAR		301,936,080		(19,746	)
06/20/2024	BNP Paribas S.A.		USD		2,134,112	NZD		3,470,000		(89,421	)
06/20/2024	Citibank, N.A.		COP		17,634,643,086	USD		4,445,167		(17,159	)
06/20/2024	Citibank, N.A.		GBP		20,088,900	USD		25,011,868		(96,618	)
06/20/2024	Citibank, N.A.		USD		11,115,717	GBP		8,890,000		(4,385	)
06/20/2024	Deutsche Bank AG		COP		196,602,666,914	USD		49,465,888		(283,070	)
06/20/2024	Deutsche Bank AG		USD		47,490,089	IDR		741,249,054,100		(1,967,489	)
06/20/2024	Deutsche Bank AG		USD		1,840	KRW		2,409,298		(98	)
06/20/2024	Deutsche Bank AG		USD		11,617,076	MXN		198,096,245		(141,334	)
06/20/2024	Deutsche Bank AG		USD		21,158,415	THB		750,156,789		(840,307	)
05/03/2024	Goldman Sachs International		USD		101,284,994	BRL		522,453,350		(670,012	)
05/06/2024	Goldman Sachs International		MXN		190,927,043	USD		9,917,000		(1,222,987	)
05/16/2024	Goldman Sachs International		ZAR		124,715,938	USD		6,212,500		(406,869	)
05/17/2024	Goldman Sachs International		MXN		42,358,400	USD		2,240,000		(227,157	)
06/04/2024	Goldman Sachs International		USD		6,084,742	BRL		31,539,350		(27,458	)
06/20/2024	Goldman Sachs International		EUR		29,509,036	USD		31,470,000		(84,754	)
06/20/2024	Goldman Sachs International		USD		1,606,311	INR		133,470,000		(10,331	)
07/12/2024	Goldman Sachs International		ZAR		407,049,785	EUR		19,905,000		(199,437	)
11/08/2024	Goldman Sachs International		USD		7,245,000	JPY		1,047,627,000		(411,164	)
02/21/2025	Goldman Sachs International		CNY		282,547,148	USD		39,815,000		(125,940	)
03/19/2027	Goldman Sachs International		USD		173,750,000	INR		15,445,512,500		(488,753	)
06/20/2024	HSBC Bank USA		USD		8,073,835	NOK		84,742,000		(435,936	)
06/20/2024	HSBC Bank USA		USD		33,608,739	PLN		131,674,000		(1,164,958	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		CNY		52,980,000	USD		7,411,447		(35,131	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		EUR		14,762,539	USD		15,735,000		(50,954	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD		28,351,158	AUD		42,843,903		(556,484	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD		90,118,864	EUR		82,185,000		(2,236,376	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

25 Invesco Global Strategic Income Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to							Unrealized Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD		23,833,556	GBP		18,626,000	$	(553,502	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD		88,017,975	JPY		12,806,259,759		(6,214,868	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD		8,682,596	KRW		11,365,605,715		(462,982	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD		2,637,858	MXN		44,670,755		(50,075	)
06/20/2024	Merrill Lynch International		USD		7,657,660	AUD		11,800,000		(2,494	)
06/21/2024	Merrill Lynch International		USD		14,043,753	CLP		13,320,640,618		(175,338	)
07/05/2024	Merrill Lynch International		CLP		47,548,314,000	EUR		45,540,000		(385,375	)
06/20/2024	Morgan Stanley and Co. International PLC		EUR		1,294,000	USD		1,379,916		(3,790	)
06/20/2024	Morgan Stanley and Co. International PLC		USD		141,135	CZK		3,260,000		(2,789	)
06/20/2024	Morgan Stanley and Co. International PLC		USD		9,818,377	KRW		12,860,708,623		(517,503	)
06/20/2024	Morgan Stanley and Co. International PLC		USD		23,700,000	MXN		398,914,317		(590,838	)
06/20/2024	Morgan Stanley and Co. International PLC		USD		3,819,526	THB		135,766,211		(142,278	)
06/20/2024	Royal Bank of Canada		GBP		1,380,000	USD		1,710,313		(14,506	)
06/20/2024	Standard Chartered Bank PLC		USD		12,124,216	HUF		4,422,550,117		(95,408	)
06/20/2024	Standard Chartered Bank PLC		USD		8,625,848	ZAR		161,745,000		(65,340	)
06/20/2024	UBS AG		CAD		6,053,595	USD		4,400,000		(867	)
06/20/2024	UBS AG		USD		5,936,026	CAD		8,000,000		(120,153	)
06/20/2024	UBS AG		USD		8,303,263	EUR		7,600,000		(176,391	)
06/20/2024	UBS AG		USD		7,630,410	GBP		5,975,000		(162,445	)
Subtotal-Depreciation										(21,601,860	)
Total Forward Foreign Currency Contracts									$	1,675,980

Open Centrally Cleared Credit Default Swap Agreements(a)
Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread(b)			Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Credit Risk
Markit iTraxx Europe Crossover Index, Series 41, Version 1		Buy		(5.00	)%		Quarterly		06/20/2029		3.182	%		EUR	85,080,000	$	(8,181,169	)	$	(6,988,133	)	$	1,193,036
UBS AG		Sell		1.00			Quarterly		12/20/2028		0.566			EUR	5,170,000		74,393			103,034			28,641
Subtotal - Appreciation																	(8,106,776	)		(6,885,099	)		1,221,677
Credit Risk
Brazil Government International Bonds		Buy		(1.00	)		Quarterly		12/20/2027		1.058			USD	3,500,000		141,384			6,773			(134,611	)
Markit CDX North America High Yield Index, Series 41, Version 2		Buy		(5.00	)		Quarterly		12/20/2028		3.373			USD	109,271,250		9,799			(6,609,927	)		(6,619,726	)
Intesa Sanpaolo S.p.A.		Buy		(1.00	)		Quarterly		12/20/2028		0.573			EUR	5,170,000		(52,280	)		(102,757	)		(50,477	)
Subtotal - Depreciation																	98,903			(6,705,911	)		(6,804,814	)
Total Centrally Cleared Credit Default Swap Agreements																$	(8,007,873	)	$	(13,591,010	)	$	(5,583,137	)

^(a) Centrally cleared swap agreements collateralized by $16,422,885 cash held with Counterparties.

^(b) Implied credit spreads represent the current level, as of April 30, 2024, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

26 Invesco Global Strategic Income Fund

Open Centrally Cleared Interest Rate Swap Agreements(a)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Receive	3 Month JIBAR	Quarterly		(9.87	)%		Quarterly		06/15/2033		ZAR	98,700,000	$	–		$	18,075		$	18,075
Pay	3 Month CZK PRIBOR	Quarterly		5.36			Annually		01/05/2025		CZK	815,500,000		–			37,788			37,788
Receive	6 Month MIBOR	Semi-Annually		(6.52	)		Semi-Annually		03/19/2027		INR	6,557,200,000		–			38,282			38,282
Receive	TONAR	Annually		(0.53	)		Annually		03/12/2029		JPY	4,139,995,537		–			76,089			76,089
Pay	3 Month CZK PRIBOR	Quarterly		6.06			Annually		09/20/2024		CZK	1,165,500,000		–			104,991			104,991
Pay	COOVIBR	Quarterly		9.44			Quarterly		10/24/2026		COP	35,000,000,000		–			148,452			148,452
Receive	BZDIOVRA	At Maturity		(11.23	)		At Maturity		01/02/2029		BRL	162,287,206		–			176,925			176,925
Receive	6 Month MIBOR	Semi-Annually		(6.37	)		Semi-Annually		03/19/2027		INR	6,650,000,000		–			252,135			252,135
Receive	CORRA	Semi-Annually		(3.51	)		Semi-Annually		03/26/2034		CAD	83,135,000		–			1,556,816			1,556,816
Receive	SOFR	Annually		(3.61	)		Annually		04/13/2056		USD	46,060,000		(38,594	)		1,927,856			1,966,450
Receive	SOFR	Annually		(3.87	)		Annually		04/08/2036		USD	157,889,250		54,842			3,063,715			3,008,873
Subtotal – Appreciation														16,248			7,401,124			7,384,876
Interest Rate Risk
Pay	EFFR	Annually		3.67			Annually		08/09/2039		USD	210,000,000		(154,340	)		(12,464,426	)		(12,310,086	)
Pay	SOFR	Annually		3.85			Annually		04/08/2028		USD	538,200,000		(67,019	)		(3,107,104	)		(3,040,085	)
Pay	SOFR	Annually		3.30			Annually		05/11/2028		USD	61,130,000		–			(2,858,041	)		(2,858,041	)
Pay	CORRA	Semi-Annually		3.69			Semi-Annually		03/26/2026		CAD	748,205,000		–			(2,255,018	)		(2,255,018	)
Pay	SOFR	Annually		4.00			Annually		12/13/2028		USD	65,121,500		–			(1,426,138	)		(1,426,138	)
Pay	28 Day MXN TIIE	28 days		8.86			28 days		03/14/2029		MXN	714,755,000		–			(1,417,469	)		(1,417,469	)
Pay	BZDIOVRA	At Maturity		9.93			At Maturity		01/04/2027		BRL	278,524,077		–			(1,358,478	)		(1,358,478	)
Pay	SOFR	Annually		4.04			Annually		04/13/2028		USD	423,763,500		(102,236	)		(1,012,604	)		(910,368	)
Pay	28 Day MXN TIIE	28 days		9.65			28 days		04/06/2027		MXN	1,040,000,000		–			(725,530	)		(725,530	)
Pay	SOFR	Annually		4.05			Annually		03/19/2027		USD	80,500,000		–			(659,115	)		(659,115	)
Pay	SOFR	Annually		3.99			Annually		04/10/2028		USD	189,750,000		22,518			(629,232	)		(651,750	)
Pay	6 Month EURIBOR	Semi-Annually		2.62			Annually		01/15/2029		EUR	33,396,000		(7	)		(571,811	)		(571,804	)
Pay	28 Day MXN TIIE	28 days		8.87			28 days		03/14/2029		MXN	290,500,000		–			(571,147	)		(571,147	)
Pay	SONIA	Annually		4.31			Annually		04/17/2026		GBP	48,321,120		–			(511,444	)		(511,444	)
Receive	COOVIBR	Quarterly		(9.91	)		Quarterly		01/17/2028		COP	42,590,000,000		–			(502,395	)		(502,395	)
Pay	BZDIOVRA	At Maturity		9.77			At Maturity		01/04/2027		BRL	65,047,685		–			(387,982	)		(387,982	)
Pay	28 Day MXN TIIE	28 days		9.13			28 days		02/11/2028		MXN	163,100,000		–			(233,611	)		(233,611	)
Receive	COOVIBR	Quarterly		(9.06	)		Quarterly		05/16/2032		COP	25,900,000,000		–			(214,392	)		(214,392	)
Receive	6 Month EURIBOR	Semi-Annually		(2.59	)		Annually		06/15/2054		EUR	16,539,692		–			(202,398	)		(202,398	)
Receive	COOVIBR	Quarterly		(9.01	)		Quarterly		05/24/2032		COP	25,400,000,000		–			(198,944	)		(198,944	)
Pay	SOFR	Annually		3.60			Annually		10/01/2030		USD	8,340,000		–			(195,827	)		(195,827	)
Pay	SOFR	Annually		4.38			Annually		03/19/2027		USD	74,200,000		–			(167,265	)		(167,265	)
Receive	COOVIBR	Quarterly		(8.88	)		Quarterly		05/09/2032		COP	27,000,000,000		–			(149,264	)		(149,264	)
Pay	28 Day MXN TIIE	28 days		9.65			28 days		04/12/2029		MXN	572,700,000		–			(102,435	)		(102,435	)
Pay	6 Month EURIBOR	Semi-Annually		3.74			Annually		03/14/2025		EUR	113,162,000		–			(19,312	)		(19,312	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

27 Invesco Global Strategic Income Fund

Open Centrally Cleared Interest Rate Swap Agreements(a) –(continued)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Pay	28 Day MXN TIIE		28 days		9.71	%		28 days		04/23/2029		MXN	605,000,000	$	–		$	(13,087	)	$	(13,087	)
Receive	3 Month JIBAR		Quarterly		(10.00	)		Quarterly		10/26/2033		ZAR	203,000,000		–			(8,810	)		(8,810	)
Receive	COOVIBR		Quarterly		(8.54	)		Quarterly		05/27/2032		COP	9,450,000,000		–			(8,669	)		(8,669	)
Receive	28 Day MXN TIIE		28 Days		(9.55	)		28 Days		04/17/2034		MXN	363,000,000		–			(3,915	)		(3,915	)
Subtotal – Depreciation															(301,084	)		(31,975,863	)		(31,674,779	)
Total Centrally Cleared Interest Rate Swap Agreements														$	(284,836	)	$	(24,574,739	)	$	(24,289,903	)

^(a)  Centrally cleared swap agreements collateralized by $16,422,885 cash held with Counterparties.

Open Over-The-Counter Credit Default Swap Agreements(a)
Counterparty	Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread(b)			Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.		Buy		(1.00	)%		Quarterly		12/20/2024		0.313	%	EUR	3,750,000		$      9,434		$	19,918			$      10,484
Goldman Sachs International	Markit iTraxx Europe Crossover Index, Series 32, Version 6		Sell		5.00			Quarterly		12/20/2024		0.210		EUR	7,100,000		151,854			231,628			79,774
J.P. Morgan Chase Bank, N.A.	Markit CDX North America Investment Grade Index, Series 33, Version 1		Sell		1.00			Quarterly		12/20/2024		2.472		USD	7,000,000		(327,113	)		(64,779	)		262,334
Subtotal–Appreciation																	(165,825	)		186,767			352,592
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.		Sell		1.00			Quarterly		12/20/2024		0.220		EUR	3,750,000		6,128			(17,552	)		(23,680	)
Goldman Sachs International	Markit CDX North America High Yield Index, Series 37, Version 4		Buy		(5.00	)		Quarterly		12/20/2026		0.130		USD	14,829,808		(1,606,765	)		(1,773,558	)		(166,793	)
J.P. Morgan Chase Bank, N.A.	Markit CDX North America High Yield Index, Series 39, Version 3		Buy		(5.00	)		Quarterly		12/20/2027		0.302		USD	20,994,346		(2,811,699	)		(3,214,836	)		(403,137	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 40, Version 1		Sell		5.00			Quarterly		12/20/2028		6.635		EUR	17,250,000		(752,219	)		(1,193,634	)		(441,415	)
Subtotal–Depreciation																	(5,164,555	)		(6,199,580	)		(1,035,025	)
Total Open Over-The-Counter Credit Default Swap Agreements																	$(5,330,380	)	$	(6,012,813	)		$  (682,433	)

^(a) Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $39,335,888.

^(b) Implied credit spreads represent the current level, as of April 30, 2024, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Over-The-Counter Interest Rate Swap Agreements(a)

Counterparty

Pay/ Receive Floating Rate

Floating Rate Index

Payment Frequency

(Pay)/ Received Fixed Rate

Payment Frequency

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation

Interest Rate Risk

Morgan Stanley and Co. International PLC

Receive

EFFR

Annually

(3.67

)%

Annually

08/09/2039

USD $210,000,000

$

–

$

12,464,426

$

12,464,426

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $39,335,888.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

28 Invesco Global Strategic Income Fund

Abbreviations:
AUD	–Australian Dollar
BRL	–Brazilian Real
BZDIOVRA	–Brazil Ceptip DI Interbank Deposit Rate
CAD	–Canadian Dollar
CLP	–Chile Peso
CNH	–Chinese Renminbi
CNY	–Chinese Yuan Renminbi
COOVIBR	–Colombia IBR Overnight Nominal Interbank Reference Rate
COP	–Colombia Peso
CORRA	–Canadian Overnight Repo Rate Average
CZK	–Czech Koruna
EFFR	–Effective Federal Funds Rate
EUR	–Euro
EURIBOR	–Euro Interbank Offered Rate
GBP	–British Pound Sterling
HUF	–Hungarian Forint
IDR	–Indonesian Rupiah
INR	–Indian Rupee
JIBAR	–Johannesburg Interbank Average Rate
JPY	–Japanese Yen
KRW	–South Korean Won
KWCDC	–South Korean Won Certificate of Deposit
MIBOR	–Mumbai Interbank Offered Rate
MXN	–Mexican Peso
NOK	–Norwegian Krone
NZD	–New Zealand Dollar
PEN	–Peruvian Sol
PLN	–Polish Zloty
PRIBOR	–Prague Interbank Offerred Rate
SOFR	–Secured Overnight Financing Rate
SONIA	–Sterling Overnight Index Average
THB	–Thai Baht
TIIE	–Interbank Equilibrium Interest Rate
TONAR	–Tokyo Overnight Average Rate
TRY	–Turkish Lira
USD	–U.S. Dollar
ZAR	–South African Rand

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2024

U.S. Dollar Denominated Bonds & Notes	37.87	%
Non-U.S. Dollar Denominated Bonds & Notes	33.19
Asset-Backed Securities	7.14
U.S. Government Sponsored Agency Mortgage-Backed Securities	6.30
Agency Credit Risk Transfer Notes	4.16
U.S. Treasury Securities	2.26
Common Stocks & Other Equity Interests	1.53
Open Over-The-Counter Interest Rate Swaptions Purchased	1.40
Security Types Each Less Than 1% of Portfolio	1.28
Money Market Funds Plus Other Assets Less Liabilities	4.87

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

29 Invesco Global Strategic Income Fund

Consolidated Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,540,394,315)*	$	1,469,010,615
Investments in affiliated money market funds, at value (Cost $99,415,744)		99,407,886
Other investments:
Swaps receivable – OTC		165,758
Unrealized appreciation on swap agreements – OTC		12,817,018
Unrealized appreciation on forward foreign currency contracts outstanding		23,277,840
Deposits with brokers:
Cash collateral – centrally cleared swap agreements		16,422,885
Cash collateral – OTC Derivatives		39,335,888
Cash collateral – TBA commitments		669,000
Cash		39,188,178
Foreign currencies, at value (Cost $23,473,019)		23,372,504
Receivable for:
Investments sold		11,790,602
Fund shares sold		285,995
Dividends		62,951
Interest		21,941,295
Principal paydowns		60,431
Investment for trustee deferred compensation and retirement plans		396,063
Other assets		87,507
Total assets		1,758,292,416
Liabilities:
Other investments:
Options written, at value (premiums received $42,385,498)		48,235,192
Variation margin payable – futures contracts		714,683
Variation margin payable – centrally cleared swap agreements		932,689
Premiums received on swap agreements – OTC		5,330,380
Unrealized depreciation on forward foreign currency contracts outstanding		21,601,860
Swaps payable – OTC		213,645
Unrealized depreciation on swap agreements – OTC		1,035,025
Payable for:
Investments purchased		51,706,136
Dividends		1,253,396
Fund shares reacquired		758,634
Collateral upon return of securities loaned		68,561,183
Accrued fees to affiliates		734,548
Accrued other operating expenses		207,482
Trustee deferred compensation and retirement plans		396,063
Collateral due to broker – OTC Derivatives		12,481,141
Total liabilities		214,162,057
Net assets applicable to shares outstanding	$	1,544,130,359

Net assets consist of:
Shares of beneficial interest	$	2,636,615,561
Distributable earnings (loss)		(1,092,485,202	)
	$	1,544,130,359
Net Assets:
Class A	$	1,333,459,333
Class C	$	38,156,260
Class R	$	50,653,235
Class Y	$	111,085,426
Class R5	$	8,180
Class R6	$	10,767,925
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		442,325,319
Class C		12,691,286
Class R		16,789,883
Class Y		36,900,044
Class R5		2,710
Class R6		3,586,970
Class A:
Net asset value per share	$	3.01
Maximum offering price per share (Net asset value of $3.01 ÷ 95.75%)	$	3.14
Class C:
Net asset value and offering price per share	$	3.01
Class R:
Net asset value and offering price per share	$	3.02
Class Y:
Net asset value and offering price per share	$	3.01
Class R5:
Net asset value and offering price per share	$	3.02
Class R6:
Net asset value and offering price per share	$	3.00

* At April 30, 2024, securities with an aggregate value of $66,420,088 were on loan to brokers.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

30 Invesco Global Strategic Income Fund

Consolidated Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $248,288)	$	48,252,949
Dividends		23,668
Dividends from affiliates (includes net securities lending income of $70,048)		1,085,674
Total investment income		49,362,291
Expenses:
Advisory fees		4,796,936
Administrative services fees		115,856
Custodian fees		181,727
Distribution fees:
Class A		1,641,627
Class C		205,745
Class R		130,557
Transfer agent fees – A, C, R and Y		1,216,391
Transfer agent fees – R5		2
Transfer agent fees – R6		1,613
Trustees’ and officers’ fees and benefits		14,246
Registration and filing fees		53,077
Reports to shareholders		160,871
Professional services fees		61,839
Other		13,880
Total expenses		8,594,367
Less: Fees waived and/or expense offset arrangement(s)		(91,547	)
Net expenses		8,502,820
Net investment income		40,859,471
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $196)		(16,295,033	)
Affiliated investment securities		14,137
Foreign currencies		(1,277,898	)
Forward foreign currency contracts		(7,539,525	)
Futures contracts		316,891
Option contracts written		28,453,467
Swap agreements		(8,815,555	)
		(5,143,516	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		75,849,626
Affiliated investment securities		(9,354	)
Foreign currencies		232,945
Forward foreign currency contracts		(10,340,710	)
Futures contracts		1,029,481
Option contracts written		(11,463,077	)
Swap agreements		(9,627,395	)
		45,671,516
Net realized and unrealized gain		40,528,000
Net increase in net assets resulting from operations	$	81,387,471

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31 Invesco Global Strategic Income Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30,			October 31,
	2024			2023
Operations:
Net investment income	$	40,859,471		$	81,706,028
Net realized gain (loss)		(5,143,516	)		(101,912,309	)
Change in net unrealized appreciation		45,671,516			139,697,511
Net increase in net assets resulting from operations		81,387,471			119,491,230
Distributions to shareholders from distributable earnings:
Class A		(38,256,324	)		(55,950,291	)
Class C		(980,337	)		(1,513,240	)
Class R		(1,374,051	)		(1,998,328	)
Class Y		(3,234,052	)		(4,395,833	)
Class R5		(245	)		(344	)
Class R6		(320,917	)		(444,870	)
Total distributions from distributable earnings		(44,165,926	)		(64,302,906	)
Return of capital:
Class A		–			(14,433,288	)
Class C		–			(390,365	)
Class R		–			(515,501	)
Class Y		–			(1,133,977	)
Class R5		–			(89	)
Class R6		–			(114,762	)
Total return of capital		–			(16,587,982	)
Total distributions		(44,165,926	)		(80,890,888	)
Share transactions–net:
Class A		(52,108,301	)		(114,721,926	)
Class C		(3,963,702	)		(8,498,785	)
Class R		(2,831,996	)		(720,903	)
Class Y		1,439,861			1,618,883
Class R6		(214,322	)		76,553
Net increase (decrease) in net assets resulting from share transactions		(57,678,460	)		(122,246,178	)
Net increase (decrease) in net assets		(20,456,915	)		(83,645,836	)
Net assets:
Beginning of period		1,564,587,274			1,648,233,110
End of period	$	1,544,130,359		$	1,564,587,274

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32 Invesco Global Strategic Income Fund

Consolidated Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment  operations			Dividends from net investment income			Return of capital			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover  (d)(e)
Class A
Six months ended 04/30/24	$	2.95	$	0.08	$	0.07		$	0.15		$	(0.09	)	$	–		$	(0.09	)	$	3.01		4.87	%(f)	$	1,333,459		1.06	%(f)(g)		1.07	%(f)(g)		5.11	%(f)(g)		60	%
Year ended 10/31/23		2.89		0.15		0.06			0.21			(0.12	)		(0.03	)		(0.15	)		2.95		7.14	(f)		1,353,279		1.04	(f)		1.05	(f)		4.89	(f)		75
Year ended 10/31/22		3.56		0.09		(0.66	)		(0.57	)		–			(0.10	)		(0.10	)		2.89		(16.12	)(f)		1,433,892		1.08	(f)(h)		1.10	(f)(h)		2.89	(f)(h)		88
Year ended 10/31/21		3.58		0.10		(0.03	)		0.07			(0.04	)		(0.05	)		(0.09	)		3.56		2.04	(f)		2,004,153		0.99	(f)		1.01	(f)		2.79	(f)		241
Year ended 10/31/20		3.75		0.10		(0.16	)		(0.06	)		(0.05	)		(0.06	)		(0.11	)		3.58		(1.47	)(f)		2,236,548		0.98	(f)		0.99	(f)		2.70	(f)		273
One month ended 10/31/19		3.72		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.75		(1.11	)		2,669,175		0.96	(g)		1.00	(g)		3.80	(g)		25
Year ended 09/30/19		3.73		0.19		(0.01	)		0.18			(0.13	)		(0.06	)		(0.19	)		3.72		5.08			2,671,046		0.95			1.00			5.25			114
Class C
Six months ended 04/30/24		2.94		0.07		0.07			0.14			(0.07	)		–			(0.07	)		3.01		4.83			38,156		1.82	(g)		1.83	(g)		4.35	(g)		60
Year ended 10/31/23		2.88		0.13		0.05			0.18			(0.10	)		(0.02	)		(0.12	)		2.94		6.34			41,073		1.80			1.81			4.13			75
Year ended 10/31/22		3.55		0.07		(0.66	)		(0.59	)		–			(0.08	)		(0.08	)		2.88		(16.83	)		48,257		1.84	(h)		1.86	(h)		2.13	(h)		88
Year ended 10/31/21		3.57		0.07		(0.02	)		0.05			(0.05	)		(0.02	)		(0.07	)		3.55		1.27			78,455		1.75			1.77			2.03			241
Year ended 10/31/20		3.74		0.07		(0.16	)		(0.09	)		(0.03	)		(0.05	)		(0.08	)		3.57		(2.23	)		154,642		1.74			1.75			1.94			273
One month ended 10/31/19		3.71		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.74		1.04			220,077		1.72	(g)		1.76	(g)		3.03	(g)		25
Year ended 09/30/19		3.72		0.17		(0.02	)		0.15			(0.11	)		(0.05	)		(0.16	)		3.71		4.28			224,035		1.71			1.76			4.49			114
Class R
Six months ended 04/30/24		2.95		0.07		0.08			0.15			(0.08	)		–			(0.08	)		3.02		5.07			50,653		1.32	(g)		1.33	(g)		4.85	(g)		60
Year ended 10/31/23		2.89		0.14		0.06			0.20			(0.11	)		(0.03	)		(0.14	)		2.95		6.86			52,259		1.30			1.31			4.63			75
Year ended 10/31/22		3.56		0.09		(0.66	)		(0.57	)		–			(0.10	)		(0.10	)		2.89		(16.34	)		51,836		1.34	(h)		1.36	(h)		2.63	(h)		88
Year ended 10/31/21		3.59		0.09		(0.03	)		0.06			(0.05	)		(0.04	)		(0.09	)		3.56		1.49			70,527		1.25			1.27			2.53			241
Year ended 10/31/20		3.75		0.09		(0.15	)		(0.06	)		(0.04	)		(0.06	)		(0.10	)		3.59		(1.45	)		79,116		1.24			1.25			2.44			273
One month ended 10/31/19		3.72		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.75		1.09			99,920		1.22	(g)		1.26	(g)		3.53	(g)		25
Year ended 09/30/19		3.73		0.18		(0.01	)		0.17			(0.12	)		(0.06	)		(0.18	)		3.72		4.81			100,112		1.21			1.26			4.99			114
Class Y
Six months ended 04/30/24		2.94		0.08		0.08			0.16			(0.09	)		–			(0.09	)		3.01		5.34			111,085		0.82	(g)		0.83	(g)		5.35	(g)		60
Year ended 10/31/23		2.88		0.16		0.06			0.22			(0.13	)		(0.03	)		(0.16	)		2.94		7.40			107,237		0.80			0.81			5.13			75
Year ended 10/31/22		3.55		0.10		(0.66	)		(0.56	)		–			(0.11	)		(0.11	)		2.88		(15.97	)		103,794		0.84	(h)		0.86	(h)		3.13	(h)		88
Year ended 10/31/21		3.58		0.11		(0.04	)		0.07			(0.04	)		(0.06	)		(0.10	)		3.55		2.00			157,186		0.75			0.77			3.03			241
Year ended 10/31/20		3.75		0.11		(0.16	)		(0.05	)		(0.05	)		(0.07	)		(0.12	)		3.58		(1.24	)		201,675		0.74			0.75			2.94			273
One month ended 10/31/19		3.71		0.01		0.04			0.05			(0.00	)		(0.01	)		(0.01	)		3.75		1.40			335,775		0.72	(g)		0.77	(g)		4.03	(g)		25
Year ended 09/30/19		3.73		0.20		(0.02	)		0.18			(0.13	)		(0.07	)		(0.20	)		3.71		5.05			329,963		0.72			0.77			5.49			114
Class R5
Six months ended 04/30/24		2.95		0.08		0.08			0.16			(0.09	)		–			(0.09	)		3.02		5.39			8		0.71	(g)		0.71	(g)		5.46	(g)		60
Year ended 10/31/23		2.89		0.16		0.06			0.22			(0.13	)		(0.03	)		(0.16	)		2.95		7.51			8		0.69			0.69			5.24			75
Year ended 10/31/22		3.56		0.11		(0.66	)		(0.55	)		–			(0.12	)		(0.12	)		2.89		(15.81	)		8		0.73	(h)		0.75	(h)		3.24	(h)		88
Year ended 10/31/21		3.59		0.12		(0.04	)		0.08			(0.04	)		(0.07	)		(0.11	)		3.56		2.14			10		0.61			0.62			3.17			241
Year ended 10/31/20		3.75		0.11		(0.14	)		(0.03	)		(0.06	)		(0.07	)		(0.13	)		3.59		(0.81	)		10		0.64			0.64			3.04			273
One month ended 10/31/19		3.72		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.75		1.14			10		0.70	(g)		0.72	(g)		4.05	(g)		25
Period ended 09/30/19(i)		3.69		0.07		0.02			0.09			(0.04	)		(0.02	)		(0.06	)		3.72		2.40			10		0.63	(g)		0.68	(g)		5.58	(g)		114
Class R6
Six months ended 04/30/24		2.93		0.08		0.08			0.16			(0.09	)		–			(0.09	)		3.00		5.41			10,768		0.71	(g)		0.71	(g)		5.46	(g)		60
Year ended 10/31/23		2.87		0.16		0.06			0.22			(0.13	)		(0.03	)		(0.16	)		2.93		7.53			10,731		0.69			0.69			5.24			75
Year ended 10/31/22		3.54		0.11		(0.66	)		(0.55	)		–			(0.12	)		(0.12	)		2.87		(15.93	)		10,447		0.73	(h)		0.75	(h)		3.24	(h)		88
Year ended 10/31/21		3.57		0.12		(0.04	)		0.08			(0.05	)		(0.06	)		(0.11	)		3.54		2.13			18,954		0.61			0.63			3.17			241
Year ended 10/31/20		3.73		0.11		(0.15	)		(0.04	)		(0.05	)		(0.07	)		(0.12	)		3.57		(0.86	)		20,939		0.63			0.63			3.05			273
One month ended 10/31/19		3.70		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.73		1.14			36,634		0.57	(g)		0.62	(g)		4.18	(g)		25
Year ended 09/30/19		3.71		0.21		(0.01	)		0.20			(0.14	)		(0.07	)		(0.21	)		3.70		5.49			36,479		0.57			0.62			5.63			114

^(a) Calculated using average shares outstanding.

^(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c) Does not include indirect expenses from affiliated fund fees and expenses of 0.04% and 0.04% for the one month ended October 31, 2019 and the year ended September 30, 2019, respectively.

^(d) The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $364,949,527 and $405,130,315, $5,760,311,794 and $5,754,174,138 for the one month ended October 31, 2019 and the year ended September 30, 2019, respectively.

^(e) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f) The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended April 30, 2024 and the years ended ended October 31, 2023, 2022, 2021 and 2020, respectively.

^(g) Annualized.

^(h) Includes Interest, facilities and maintenance fees of 0.08% for the year ended October 31, 2022.

⁽ⁱ⁾ Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

33 Invesco Global Strategic Income Fund

Notes to Consolidated Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Global Strategic Income Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Invesco Global Strategic Income Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

 The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary.

 The Fund’s investment objective is to seek total return.

 The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

 The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

 The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask 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.

34 Invesco Global Strategic Income Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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. Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income

35 Invesco Global Strategic Income Fund

accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade datepurchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

J. Treasury Inflation-Protected Securities – The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as interest income in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

K. Structured Securities – The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.

L. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations.

M. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Consolidated Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

N. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date

36 Invesco Global Strategic Income Fund

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.

O. 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 instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

P. Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Consolidated Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Q. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated 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.

R. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

37 Invesco Global Strategic Income Fund

the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

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. 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, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2024, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

S. Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement.

T. LIBOR Transition Risk -The Fund may have investments in financial instruments that recently transitioned from, or continue to be tied to, the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR was a common benchmark interest rate index historically used to make adjustments to variable-rate debt instruments, to determine interest rates for a variety of financial instruments and borrowing arrangements and as a reference rate in derivative contracts.

The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, has ceased publishing the majority of LIBOR rates. In April 2023, the FCA announced that some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts, but any such rates are considered non-representative of the underlying market. Regulators and financial industry working groups have worked to identify alternative reference rates (“ARRs”) to replace LIBOR and to assist with the transition to the new ARRs. Under U.S. regulations that implement a statutory fallback mechanism

38 Invesco Global Strategic Income Fund

to replace LIBOR, benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) have replaced LIBOR in certain financial contracts. SOFR is a broad measure of the cost of overnight borrowing of cash through repurchase agreements collateralized by U.S. Treasury securities.

While the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty and risks relating to converting certain longer-term securities and transactions to a new ARR. There can be no assurance that the composition or characteristics of any ARRs or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, while some legacy USD LIBOR instruments may provide for an alternative or fallback rate-setting methodology, there may be significant uncertainty regarding the effectiveness of such methodologies to replicate USD LIBOR; other legacy USD LIBOR instruments may not include such fallback rate-setting provisions at all or may not be able to rely on the statutory fallback mechanism, the effectiveness of which is also uncertain. While it is expected that the market participants will amend legacy financial instruments referencing LIBOR to include such fallback provisions to ARRs, there remains uncertainty regarding the willingness and ability of parties to add or amend such fallback provisions in legacy instruments. Moreover, certain aspects of the transition from LIBOR will rely on the actions of third-party market participants, such as clearing houses, trustees, administrative agents, asset servicers and certain service providers; the Adviser cannot guarantee the performance of such market participants and any failure on the part of such market participants to manage their part of the LIBOR transition could impact the Fund. The Fund may have instruments linked to other interbank offered rates that may also cease to be published in the future. All of the foregoing may adversely affect the Fund’s performance or NAV.

U. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

V. Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

W. Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

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.

Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate*
First $200 million		0.750	%
Next $200 million		0.720	%
Next $200 million		0.690	%
Next $200 million		0.660	%
Next $200 million		0.600	%
Next $4 billion		0.500	%
Next $5 billion		0.480	%
Over $10 billion		0.460	%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.60%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary’s average daily net assets as set forth in the table above.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after fee waiver and/or expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2024, the Adviser waived advisory fees of $20,718.

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, 2024, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and

39 Invesco Global Strategic Income Fund

Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, 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 Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2024, 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, 2024, IDI advised the Fund that IDI retained $27,106 in front-end sales commissions from the sale of Class A shares and $12 and $1,129 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–	$	584,758,012	$	–	$	584,758,012
Non-U.S. Dollar Denominated Bonds & Notes		–		512,417,393		–		512,417,393
Asset-Backed Securities		–		100,953,707		9,337,283		110,290,990
U.S. Government Sponsored Agency Mortgage-Backed Securities		–		97,285,912		–		97,285,912
Agency Credit Risk Transfer Notes		–		64,203,490		–		64,203,490
U.S. Treasury Securities		–		34,923,846		–		34,923,846
Common Stocks & Other Equity Interests		23,045,205		592,030		17,515		23,654,750
Variable Rate Senior Loan Interests		–		10,283,583		1,004,152		11,287,735
Preferred Stocks		–		657,406		–		657,406
Money Market Funds		30,854,344		68,553,542		–		99,407,886
Options Purchased		–		29,531,081		–		29,531,081
Total Investments in Securities		53,899,549		1,504,160,002		10,358,950		1,568,418,501
Other Investments – Assets*
Futures Contracts		764,679		–		–		764,679
Forward Foreign Currency Contracts		–		23,277,840		–		23,277,840
Swap Agreements		–		21,423,571		–		21,423,571
		764,679		44,701,411		–		45,466,090

40 Invesco Global Strategic Income Fund

	Level 1			Level 2			Level 3		Total
Other Investments - Liabilities*
Futures Contracts	$	(4,606,339	)	$	–		$	–	$	(4,606,339	)
Forward Foreign Currency Contracts		–			(21,601,860	)		–		(21,601,860	)
Options Written		–			(48,235,192	)		–		(48,235,192	)
Swap Agreements		–			(39,514,618	)		–		(39,514,618	)
		(4,606,339	)		(109,351,670	)		–		(113,958,009	)
Total Other Investments		(3,841,660	)		(64,650,259	)		–		(68,491,919	)
Total Investments	$	50,057,889		$	1,439,509,743		$	10,358,950	$	1,499,926,582

* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

NOTE 4–Derivative Investments

The Fund may enter into an ISDA Master Agreement under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2024:

	Value
Derivative Assets	Credit Risk			Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	–		$	–	$	764,679		$	764,679
Unrealized appreciation on swap agreements – Centrally Cleared(a)		1,221,677			–		7,384,876			8,606,553
Unrealized appreciation on forward foreign currency contracts outstanding		–			23,277,840		–			23,277,840
Unrealized appreciation on swap agreements – OTC		352,592			–		12,464,426			12,817,018
Options purchased, at value – OTC(b)		–			7,940,039		21,591,042			29,531,081
Total Derivative Assets		1,574,269			31,217,879		42,205,023			74,997,171
Derivatives not subject to master netting agreements		(1,221,677	)		–		(8,149,555	)		(9,371,232	)
Total Derivative Assets subject to master netting agreements	$	352,592		$	31,217,879	$	34,055,468		$	65,625,939

	Value
Derivative Liabilities	Credit Risk			Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	–		$	–		$	(4,606,339	)	$	(4,606,339	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		(6,804,814	)		–			(31,674,779	)		(38,479,593	)
Unrealized depreciation on forward foreign currency contracts outstanding		–			(21,601,860	)		–			(21,601,860	)
Unrealized depreciation on swap agreements – OTC		(1,035,025	)		–			–			(1,035,025	)
Options written, at value – OTC		(2,254,030	)		(16,348,392	)		(29,632,770	)		(48,235,192	)
Total Derivative Liabilities		(10,093,869	)		(37,950,252	)		(65,913,888	)		(113,958,009	)
Derivatives not subject to master netting agreements		6,804,814			–			36,281,118			43,085,932
Total Derivative Liabilities subject to master netting agreements	$	(3,289,055	)	$	(37,950,252	)	$	(29,632,770	)	$	(70,872,077	)

^(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.

41 Invesco Global Strategic Income Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2024.

	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 Bank PLC	$	-	$	-	$	-	$	-	$	(70,336	)	$	-		$	-		$	(70,336	)	$	(70,336	)	$	-	$	-		$	(70,336	)
BNP Paribas S.A.		1,099,624		3,839,906		-		4,939,530		(89,421	)		(6,114,308	)		-			(6,203,729	)		(1,264,199	)		-		1,060,000			(204,199	)
Citibank, N.A.		147,709		-		15,191		162,900		(118,162	)		-			(28,389	)		(146,551	)		16,349			-		(16,349	)		-
Deutsche Bank AG		3,060,532		2,609,944		-		5,670,476		(3,232,298	)		(4,438,127	)		-			(7,670,425	)		(1,999,949	)		-		1,999,949			-
Goldman Sachs International		9,352,205		3,705,901		124,353		13,182,459		(3,874,862	)		(12,352,913	)		(253,300	)		(16,481,075	)		(3,298,616	)		-		3,298,616			-
HSBC Bank USA		-		-		-		-		(1,600,894	)		-			-			(1,600,894	)		(1,600,894	)		-		1,230,000			(370,894	)
J.P. Morgan Chase Bank, N.A.		7,931,413		17,579,079		378,806		25,889,298		(10,160,372	)		(12,077,495	)		(966,981	)		(23,204,848	)		2,684,450			-		-			2,684,450
Merrill Lynch International		105,963		1,093,357		-		1,199,320		(563,207	)		(4,723,024	)		-			(5,286,231	)		(4,086,911	)		-		2,780,000			(1,306,911	)
Morgan Stanley and Co.
International PLC		215,392		651,525		12,464,426		13,331,343		(1,257,198	)		(7,500,479	)		-			(8,757,677	)		4,573,666			-		-			4,573,666
Royal Bank of Canada		44,327		-		-		44,327		(14,506	)		-			-			(14,506	)		29,821			-		-			29,821
Standard Chartered Bank PLC		791,420		51,369		-		842,789		(160,748	)		(486,821	)		-			(647,569	)		195,220			-		-			195,220
Toronto-Dominion Bank (The)		-		-		-		-		-			(542,025	)		-			(542,025	)		(542,025	)		-		542,025			-
UBS AG		529,255		-		-		529,255		(459,856	)		-			-			(459,856	)		69,399			-		-			69,399
Total	$	23,277,840	$	29,531,081	$	12,982,776	$	65,791,697	$	(21,601,860	)	$	(48,235,192	)	$	(1,248,670	)	$	(71,085,722	)	$	(5,294,025	)	$	-	$	10,894,241		$	5,600,216

Effect of Derivative Investments for the six months ended April 30, 2024

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Consolidated Statement of Operations
	Credit Risk			Currency Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	(7,539,525	)	$	-		$	(7,539,525	)
Futures contracts		-			-			316,891			316,891
Options purchased(a)		-			(5,770,797	)		(2,106,556	)		(7,877,353	)
Options written		-			20,182,670			8,270,797			28,453,467
Swap agreements		(7,102,889	)		-			(1,712,666	)		(8,815,555	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			(10,340,710	)		-			(10,340,710	)
Futures contracts		-			-			1,029,481			1,029,481
Options purchased(a)		569,471			4,000,417			3,948,337			8,518,225
Options written		(1,398,231	)		(1,333,179	)		(8,731,667	)		(11,463,077	)
Swap agreements		(6,942,007	)		-			(2,685,388	)		(9,627,395	)
Total	$	(14,873,656	)	$	(801,124	)	$	(1,670,771	)	$	(17,345,551	)

^(a) Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period.

Foreign

Foreign

Forward

Currency

Currency

Foreign Currency

Futures

Swaptions

Options

Swaptions

Options

Swap

Contracts

Contracts

Purchased

Purchased

Written

Written

Agreements

Average notional value

$2,133,625,004

$760,619,077

$399,854,120

$1,127,368,667

$2,978,497,333

$1,249,849,277

$2,265,459,879

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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $70,829.

42 Invesco Global Strategic 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 SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

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 carryforward 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term			Long-Term			Total
Not subject to expiration	$	530,941,468		$	422,664,954		$	953,606,422

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $558,209,808 and $508,583,172, 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	$	87,353,454
Aggregate unrealized (depreciation) of investments		(217,104,451	)
Net unrealized appreciation (depreciation) of investments	$	(129,750,997	)

Cost of investments for tax purposes is $1,624,347,199.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2024(a)						Year ended October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		9,890,696		$	30,627,693			13,925,917		$	42,639,727
Class C		1,080,254			3,333,555			2,291,502			7,014,812
Class R		1,305,523			4,045,550			2,329,843			7,126,090
Class Y		5,516,207			17,063,697			16,517,530			50,711,935
Class R6		536,805			1,656,408			956,838			2,908,613
Issued as reinvestment of dividends:
Class A		10,215,126			31,663,974			18,982,473			58,175,403
Class C		299,677			926,595			581,152			1,775,763
Class R		433,365			1,344,722			805,926			2,470,293
Class Y		747,616			2,313,248			1,330,969			4,068,922
Class R6		85,475			263,753			147,936			450,844
Automatic conversion of Class C shares to Class A shares:
Class A		1,207,119			3,736,493			2,496,863			7,637,199
Class C		(1,211,032	)		(3,736,493	)		(2,504,256	)		(7,637,199	)

43 Invesco Global Strategic Income Fund

	Summary of Share Activity
	Six months ended April 30, 2024(a)						Year ended October 31, 2023
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(38,209,674	)	$	(118,136,461	)		(72,984,662	)	$	(223,174,255	)
Class C		(1,454,904	)		(4,487,359	)		(3,158,608	)		(9,652,161	)
Class R		(2,670,564	)		(8,222,268	)		(3,361,269	)		(10,317,286	)
Class Y		(5,807,170	)		(17,937,084	)		(17,432,059	)		(53,161,974	)
Class R6		(692,911	)		(2,134,483	)		(1,083,688	)		(3,282,904	)
Net increase (decrease) in share activity		(18,728,392	)	$	(57,678,460	)		(40,157,593	)	$	(122,246,178	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 12% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

44 Invesco Global Strategic 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, 2023 through April 30, 2024.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning   Account Value   (11/01/23)	Ending   Account Value   (04/30/24)1	Expenses   Paid During   Period2	Ending   Account Value   (04/30/24)	Expenses   Paid During   Period2	Annualized   Expense Ratio
Class A	$1,000.00	$1,052.20	$5.41	$1,019.59	$5.32	1.06%
Class C	1,000.00	1,048.30	9.27	1,015.81	9.12	1.82
Class R	1,000.00	1,050.70	6.73	1,018.30	6.62	1.32
Class Y	1,000.00	1,056.90	4.19	1,020.79	4.12	0.82
Class R5	1,000.00	1,057.40	3.63	1,021.33	3.57	0.71
Class R6	1,000.00	1,057.60	3.63	1,021.33	3.57	0.71

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

45 Invesco Global Strategic Income Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1)  Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

Matter	Votes For		Votes Against/Withheld
(1)*  Beth Ann Brown		2,249,378,619.33		41,629,442.71
Carol Deckbar		2,246,234,264.52		44,773,797.52
Cynthia Hostetler		2,239,884,066.77		51,123,995.27
Dr. Eli Jones		2,247,948,469.91		43,059,592.13
Elizabeth Krentzman		2,249,230,311.83		41,777,750.22
Jeffrey H. Kupor		2,246,969,783.10		44,038,278.94
Anthony J. LaCava, Jr.		2,248,588,977.62		42,419,084.42
James Liddy		2,247,297,130.55		43,710,931.50
Dr. Prema Mathai-Davis		2,240,956,129.31		50,051,932.73
Joel W. Motley		2,243,008,410.57		47,999,651.47
Teresa M. Ressel		2,248,731,273.34		42,276,788.70
Douglas Sharp		2,248,447,243.22		42,560,818.83
Robert C. Troccoli		2,246,647,253.82		44,360,808.22
Daniel S. Vandivort		2,247,577,966.04		43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

46 Invesco Global Strategic Income Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders.For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

 Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

 Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05426 and 033-19338 Invesco Distributors, Inc. O-GLSI-SAR-1

Semiannual Report to Shareholders April 30, 2024

Invesco Greater China Fund

Nasdaq:

A: AACFX ∎ C: CACFX ∎ R: IGCRX ∎ Y: AMCYX ∎ R5: IACFX ∎ R6: CACSX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses
19	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, 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	4.89	%
Class C Shares	4.47
Class R Shares	4.70
Class Y Shares	4.98
Class R5 Shares	5.16
Class R6 Shares	5.10
MSCI China Index▼ (Broad Market Index)	4.31
MSCI China All Shares Index∎ (Style-Specific Index)	3.64
Source(s): ▼RIMES Technologies Corp.; ∎Bloomberg LP
The MSCI China Index is an unmanaged index considered representative of Chinese stocks. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The MSCI China All Shares Index is composed of large- and mid-cap stocks issued as China A-shares, B-shares, H-shares, Red-chips, P-chips and foreign listings. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Greater China Fund

 

 

 

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	4.78	%
10 Years	1.47
5 Years	-6.44
1 Year	-13.14
Class C Shares
Inception (3/31/06)	4.75	%
10 Years	1.45
5 Years	-6.08
1 Year	-9.70
Class R Shares
10 Years	1.78	%
5 Years	-5.63
1 Year	-8.35
Class Y Shares
Inception (10/3/08)	4.70	%
10 Years	2.30
5 Years	-5.15
1 Year	-7.89
Class R5 Shares
Inception (3/31/06)	5.57	%
10 Years	2.47
5 Years	-5.02
1 Year	-7.68
Class R6 Shares
10 Years	2.34	%
5 Years	-5.00
1 Year	-7.73

Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

 Class R shares incepted on April 23, 2021. Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

 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 Greater China Fund

Liquidity Risk Management Program

  In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Greater China Fund

Schedule of Investments^(a)

April 30, 2024

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.40%(b)
Aluminum–2.88%
Yunnan Aluminium Co. Ltd., A Shares		846,900	$	1,671,103
Apparel, Accessories & Luxury Goods–1.74%
ANTA Sports Products Ltd.		52,600		595,484
Shenzhou International Group Holdings Ltd.		42,100		413,810
				1,009,294
Automotive Parts & Equipment–2.59%
Fuyao Glass Industry Group Co. Ltd., A Shares		182,100		1,252,012
Fuyao Glass Industry Group Co. Ltd., H Shares(c)		41,600		249,062
				1,501,074
Biotechnology–1.93%
Akeso, Inc.(c)(d)		29,000		177,454
Beijing Tiantan Biological Products Corp. Ltd., A Shares		71,000		281,152
Innovent Biologics, Inc.(c)(d)		136,000		658,371
				1,116,977
Broadline Retail–6.30%
Alibaba Group Holding Ltd.		297,400		2,784,574
MINISO Group Holding Ltd., A shares		83,800		472,720
PDD Holdings, Inc., ADR(d)		3,144		393,566
				3,650,860
Coal & Consumable Fuels–0.45%
China Shenhua Energy Co. Ltd., H Shares		63,000		261,480
Construction & Engineering–0.30%
China Railway Group Ltd., H Shares		353,000		174,191
Construction Machinery & Heavy Transportation Equipment–1.45%
Sany Heavy Industry Co. Ltd., A Shares		285,700		641,956
Weichai Power Co. Ltd., H Shares		97,000		198,206
				840,162
Copper–2.98%
Tongling Nonferrous Metals Group Co. Ltd., A Shares		3,118,500		1,729,081
Distillers & Vintners–10.81%
Kweichow Moutai Co. Ltd., A Shares		10,600		2,485,204
Luzhou Laojiao Co. Ltd., A Shares		88,300		2,260,090
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., A Shares		11,541		415,648
Wuliangye Yibin Co. Ltd., A Shares		53,500		1,106,380
				6,267,322
Diversified Banks–6.99%
Bank of China Ltd., H Shares		3,847,000		1,725,341
China Construction Bank Corp., H Shares		2,415,000		1,562,483

	Shares		Value
Diversified Banks–(continued)
China Merchants Bank Co. Ltd., H Shares		176,500	$	764,396
				4,052,220
Diversified Metals & Mining–4.69%
CMOC Group Ltd., A Shares		1,687,100		2,074,340
CMOC Group Ltd., H Shares		405,000		379,975
Western Mining Co. Ltd., A Shares		95,300		262,774
				2,717,089
Education Services–1.52%
New Oriental Education & Technology Group, Inc.(d)		110,900		881,207
Electrical Components & Equipment–2.59%
Contemporary Amperex Technology Co. Ltd., A Shares		24,465		684,252
Gongniu Group Co. Ltd., A Shares		47,792		787,096
Hongfa Technology Co. Ltd., A Shares		7,125		28,019
				1,499,367
Electronic Components–0.24%
Xiamen Faratronic Co. Ltd., A Shares		10,400		141,194
Footwear–0.52%
Stella International Holdings Ltd.		167,000		304,413
Gas Utilities–0.61%
China Resources Gas Group Ltd.		113,200		355,784
Gold–7.91%
Zijin Mining Group Co. Ltd., A Shares		1,198,500		2,885,346
Zijin Mining Group Co. Ltd., H Shares		778,000		1,697,185
				4,582,531
Health Care Equipment–1.04%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares		14,400		604,620
Heavy Electrical Equipment–0.22%
NARI Technology Co. Ltd., A Shares		38,700		125,164
Household Appliances–4.70%
Haier Smart Home Co. Ltd., A Shares		655,146		2,725,465
Industrial Machinery & Supplies & Components–2.29%
Haitian International Holdings Ltd.		282,000		918,431
Jiangsu Hengli Hydraulic Co. Ltd., A Shares		40,300		283,694
Shenzhen Inovance Technology Co. Ltd., A Shares		15,500		127,108
				1,329,233
Integrated Oil & Gas–1.98%
PetroChina Co. Ltd., A Shares		375,100		529,179
PetroChina Co. Ltd., H Shares		662,000		616,813
				1,145,992
Interactive Home Entertainment–3.10%
NetEase, Inc.		95,800		1,795,735

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

5 Invesco Greater China Fund

	Shares		Value
Interactive Media & Services–11.98%
Baidu, Inc., A Shares(d)		25,200	$	326,481
Kuaishou Technology(c)(d)		39,100		274,118
Tencent Holdings Ltd.		144,500		6,341,120
				6,941,719
Investment Banking & Brokerage–0.32%
Futu Holdings Ltd., ADR (Hong Kong)(d)		2,869		184,505
Life & Health Insurance–0.46%
AIA Group Ltd. (Hong Kong)		36,400		266,606
Marine Transportation–1.25%
SITC International Holdings Co. Ltd.		334,000		724,310
Movies & Entertainment–2.62%
Tencent Music Entertainment Group, ADR(d)		120,990		1,518,425
Oil & Gas Drilling–0.36%
China Oilfield Services Ltd., H Shares		194,000		207,445
Packaged Foods & Meats–1.20%
Guangdong Haid Group Co. Ltd., A Shares		101,300		696,999
Paper Products–0.14%
Lee & Man Paper Manufacturing Ltd.		267,000		80,366
Pharmaceuticals–0.17%
China Animal Healthcare Ltd.(e)		349,000		0
Hansoh Pharmaceutical Group Co. Ltd.(c)		44,000		97,227
				97,227
Property & Casualty Insurance–0.93%
PICC Property & Casualty Co. Ltd., H Shares		432,000		536,709
Real Estate Development–0.35%
Longfor Group Holdings Ltd.(c)		137,500		203,657
Real Estate Services–0.43%
KE Holdings, Inc., A shares		48,300		247,019

	Shares		Value
Restaurants–1.61%
Meituan, B Shares(c)(d)		61,920	$	845,488
Yum China Holdings, Inc.		2,300		86,102
				931,590
Specialty Chemicals–4.56%
Shenzhen Capchem Technology Co. Ltd., A Shares		4,960		22,987
Wanhua Chemical Group Co. Ltd., A Shares		214,100		2,622,863
				2,645,850
Steel–1.22%
CITIC Pacific Special Steel Group Co. Ltd., A Shares		190,200		408,544
Zhejiang JIULI Hi-tech Metals Co. Ltd., A Shares		86,500		297,792
				706,336
Technology Hardware, Storage & Peripherals–0.97%
Lenovo Group Ltd.		498,000		560,130
Total Common Stocks & Other Equity Interests (Cost $50,382,698)				57,030,451
Money Market Funds–0.83%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(f)(g)		167,527		167,527
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(f)(g)		119,616		119,651
Invesco Treasury Portfolio, Institutional Class, 5.22%(f)(g)		191,460		191,460
Total Money Market Funds (Cost $478,648)				478,638
TOTAL INVESTMENTS IN SECURITIES–99.23% (Cost $50,861,346)				57,509,089
OTHER ASSETS LESS LIABILITIES–0.77%				448,732
NET ASSETS–100.00%			$	57,957,821

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $2,505,377, which represented 4.32% of the Fund’s Net Assets.

^(d)  Non-income producing security.

^(e)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(f)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

								Change in
								Unrealized
	Value		Purchases		Proceeds			Appreciation		Realized		Value
	October 31, 2023		at Cost		from Sales			(Depreciation)		Gain		April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$145,289	$	4,184,704	$	(4,162,466	)		$    -	$	-		$167,527		$6,823
Invesco Liquid Assets Portfolio, Institutional Class		103,766		2,989,074		(2,973,205	)		(19)		35		119,651		5,079
Invesco Treasury Portfolio, Institutional Class		166,045		4,782,519		(4,757,104	)		-		-		191,460		7,743

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Greater China Fund

								Change in
								Unrealized
	Value		Purchases		Proceeds			Appreciation		Realized		Value
	October 31, 2023		at Cost		from Sales			(Depreciation)		Gain		April 30, 2024		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$  208,790	$	4,297,465	$	(4,506,255	)		$  -		$  -		$    -		$ 9,787	*
Invesco Private Prime Fund		537,124		10,216,257		(10,754,033	)		(6)		658		-		26,277	*
Total		$1,161,014	$	26,470,019	$	(27,153,063	)		$(25)		$693		$478,638		$55,709

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(g)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2024

Materials	24.38	%
Consumer Discretionary	18.99
Communication Services	17.69
Consumer Staples	12.02
Financials	8.70
Industrials	8.10
Health Care	3.14
Energy	2.79
Other Sectors, Each Less than 2% of Net Assets	2.59
Money Market Funds Plus Other Assets Less Liabilities	1.60

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Greater China Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $50,382,698)	$	57,030,451
Investments in affiliated money market funds, at value (Cost $478,648)		478,638
Foreign currencies, at value (Cost $53,906)		53,939
Receivable for:
Investments sold		444,092
Fund shares sold		21,840
Dividends		1,011
Investment for trustee deferred compensation and retirement plans		50,081
Other assets		179,709
Total assets		58,259,761
Liabilities:
Payable for:
Investments purchased		93,532
Dividends		18
Fund shares reacquired		33,479
Accrued fees to affiliates		47,165
Accrued other operating expenses		35,990
Trustee deferred compensation and retirement plans		91,756
Total liabilities		301,940
Net assets applicable to shares outstanding	$	57,957,821
Net assets consist of:
Shares of beneficial interest	$	86,173,014
Distributable earnings (loss)		(28,215,193	)
	$	57,957,821

Net Assets:
Class A	$	51,647,425
Class C	$	1,947,328
Class R	$	496,403
Class Y	$	3,552,997
Class R5	$	6,900
Class R6	$	306,768
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,944,921
Class C		116,153
Class R		28,340
Class Y		202,467
Class R5		393
Class R6		17,474
Class A:
Net asset value per share	$	17.54
Maximum offering price per share (Net asset value of $17.54 ÷ 94.50%)	$	18.56
Class C:
Net asset value and offering price per share	$	16.77
Class R:
Net asset value and offering price per share	$	17.52
Class Y:
Net asset value and offering price per share	$	17.55
Class R5:
Net asset value and offering price per share	$	17.56
Class R6:
Net asset value and offering price per share	$	17.56

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Greater China Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $14,328)	$	263,909
Dividends from affiliated money market funds (includes net securities lending income of $964)		20,609
Total investment income		284,518
Expenses:
Advisory fees		253,459
Administrative services fees		4,405
Custodian fees		2,129
Distribution fees:
Class A		64,157
Class C		9,662
Class R		1,157
Transfer agent fees – A, C, R and Y		68,053
Transfer agent fees – R6		40
Trustees’ and officers’ fees and benefits		9,890
Registration and filing fees		38,271
Reports to shareholders		28,158
Professional services fees		36,857
Other		6,048
Total expenses		522,286
Less: Fees waived and/or expense offset arrangement(s)		(3,641	)
Net expenses		518,645
Net investment income (loss)		(234,127	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(5,075,937	)
Affiliated investment securities		693
Foreign currencies		(23,308	)
		(5,098,552	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		7,774,389
Affiliated investment securities		(25	)
Foreign currencies		170
		7,774,534
Net realized and unrealized gain		2,675,982
Net increase in net assets resulting from operations	$	2,441,855

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Greater China Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30,			October 31,
	2024			2023
Operations:
Net investment income (loss)	$	(234,127	)	$	759,718
Net realized gain (loss)		(5,098,552	)		(18,420,097	)
Change in net unrealized appreciation		7,774,534			29,196,995
Net increase in net assets resulting from operations		2,441,855			11,536,616
Distributions to shareholders from distributable earnings:
Class A		(1,022,887	)		(1,147,256	)
Class C		(23,143	)		(22,293	)
Class R		(7,477	)		(6,683	)
Class Y		(97,974	)		(117,984	)
Class R5		(162	)		(151	)
Class R6		(8,656	)		(8,833	)
Total distributions from distributable earnings		(1,160,299	)		(1,303,200	)
Share transactions–net:
Class A		(5,698,527	)		(8,406,321	)
Class C		(341,890	)		(212,608	)
Class R		(6,762	)		85,057
Class Y		(1,305,385	)		(491,134	)
Class R6		(65,499	)		(9,615	)
Net increase (decrease) in net assets resulting from share transactions		(7,418,063	)		(9,034,621	)
Net increase (decrease) in net assets		(6,136,507	)		1,198,795
Net assets:
Beginning of period		64,094,328			62,895,533
End of period	$	57,957,821		$	64,094,328

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Greater China Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee  waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee  waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/24		$17.05		$(0.07	)		$ 0.88			$ 0.81			$(0.32	)		$  –			$(0.32	)		$17.54		4.89	%		$51,647		1.77	%(d)		1.78	%(d)		(0.79	)%(d)		41	%
Year ended 10/31/23		14.70		0.19			2.47			2.66			(0.31	)		–			(0.31	)		17.05		17.90			56,178		1.63			1.63			0.99			94
Year ended 10/31/22		25.26		0.23	(e)		(10.77	)		(10.54	)		(0.02	)		–			(0.02	)		14.70		(41.77	)		55,282		1.55			1.60			1.10	(e)		114
Year ended 10/31/21		29.41		0.07			(4.06	)		(3.99	)		–			(0.16	)		(0.16	)		25.26		(13.66	)		110,423		1.52			1.52			0.23			101
Year ended 10/31/20		23.24		0.00	(e)		6.42			6.42			(0.25	)		–			(0.25	)		29.41		27.92			68,875		1.66			1.67			0.02	(e)		59
Year ended 10/31/19		25.52		0.20	(e)		1.77			1.97			(0.21	)		(4.04	)		(4.25	)		23.24		9.33			62,869		1.76			1.76			0.86	(e)		59
Class C
Six months ended 04/30/24		16.23		(0.12	)		0.84			0.72			(0.18	)		–			(0.18	)		16.77		4.53	(f)		1,947		2.51	(d)(f)		2.52	(d)(f)		(1.53	)(d)(f)		41
Year ended 10/31/23		13.97		0.06			2.35			2.41			(0.15	)		–			(0.15	)		16.23		17.14	(f)		2,244		2.29	(f)		2.29	(f)		0.33	(f)		94
Year ended 10/31/22		24.17		0.07	(e)		(10.27	)		(10.20	)		–			–			–			13.97		(42.20	)		2,110		2.30			2.35			0.35	(e)		114
Year ended 10/31/21		28.37		(0.15	)		(3.89	)		(4.04	)		–			(0.16	)		(0.16	)		24.17		(14.33	)		4,296		2.27			2.27			(0.52	)		101
Year ended 10/31/20		22.35		(0.18	)(e)		6.21			6.03			(0.01	)		–			(0.01	)		28.37		26.98			3,647		2.41			2.42			(0.73	)(e)		59
Year ended 10/31/19		24.65		0.02	(e)		1.72			1.74			–			(4.04	)		(4.04	)		22.35		8.51			5,198		2.51			2.51			0.11	(e)		59
Class R
Six months ended 04/30/24		17.00		(0.09	)		0.88			0.79			(0.27	)		–			(0.27	)		17.52		4.76			496		2.02	(d)		2.03	(d)		(1.04	)(d)		41
Year ended 10/31/23		14.65		0.14	(e)		2.47			2.61			(0.26	)		–			(0.26	)		17.00		17.62			489		1.88			1.88			0.74			94
Year ended 10/31/22		25.21		0.18	(e)		(10.74	)		(10.56	)		–			–			–			14.65		(41.89	)		366		1.80			1.85			0.85	(e)		114
Period ended 10/31/21(g)		32.59		0.01			(7.39	)		(7.38	)		–			–			–			25.21		(22.65	)		701		1.71	(d)		1.71	(d)		0.04	(d)		101
Class Y
Six months ended 04/30/24		17.10		(0.04	)		0.86			0.82			(0.37	)		–			(0.37	)		17.55		4.98			3,553		1.52	(d)		1.53	(d)		(0.54	)(d)		41
Year ended 10/31/23		14.74		0.24	(e)		2.49			2.73			(0.37	)		–			(0.37	)		17.10		18.27			4,809		1.38			1.38			1.24			94
Year ended 10/31/22		25.34		0.28	(e)		(10.80	)		(10.52	)		(0.08	)		–			(0.08	)		14.74		(41.64	)		4,805		1.30			1.35			1.35	(e)		114
Year ended 10/31/21		29.44		0.14			(4.08	)		(3.94	)		–			(0.16	)		(0.16	)		25.34		(13.47	)		10,703		1.27			1.27			0.48			101
Year ended 10/31/20		23.26		0.06	(e)		6.43			6.49			(0.31	)		–			(0.31	)		29.44		28.26			7,754		1.41			1.42			0.27	(e)		59
Year ended 10/31/19		25.57		0.26	(e)		1.76			2.02			(0.29	)		(4.04	)		(4.33	)		23.26		9.56			9,339		1.51			1.51			1.11	(e)		59
Class R5
Six months ended 04/30/24		17.12		(0.03	)		0.88			0.85			(0.41	)		–			(0.41	)		17.56		5.16			7		1.30	(d)		1.30	(d)		(0.32	)(d)		41
Year ended 10/31/23		14.75		0.27	(e)		2.49			2.76			(0.39	)		–			(0.39	)		17.12		18.41			7		1.20			1.20			1.42			94
Year ended 10/31/22		25.37		0.30	(e)		(10.82	)		(10.52	)		(0.10	)		–			(0.10	)		14.75		(41.61	)		6		1.24			1.24			1.41	(e)		114
Year ended 10/31/21		29.45		0.18			(4.10	)		(3.92	)		–			(0.16	)		(0.16	)		25.37		(13.40	)		17		1.17			1.17			0.58			101
Year ended 10/31/20		23.27		0.11	(e)		6.43			6.54			(0.36	)		–			(0.36	)		29.45		28.49			32		1.26			1.27			0.42	(e)		59
Year ended 10/31/19		25.58		0.30	(e)		1.77			2.07			(0.34	)		(4.04	)		(4.38	)		23.27		9.79			23		1.33			1.33			1.29	(e)		59
Class R6
Six months ended 04/30/24		17.12		(0.03	)		0.88			0.85			(0.41	)		–			(0.41	)		17.56		5.16			307		1.32	(d)		1.32	(d)		(0.34	)(d)		41
Year ended 10/31/23		14.76		0.27	(e)		2.49			2.76			(0.40	)		–			(0.40	)		17.12		18.42			368		1.20			1.20			1.42			94
Year ended 10/31/22		25.37		0.31	(e)		(10.81	)		(10.50	)		(0.11	)		–			(0.11	)		14.76		(41.55	)		326		1.18			1.18			1.47	(e)		114
Year ended 10/31/21		29.43		0.18			(4.08	)		(3.90	)		–			(0.16	)		(0.16	)		25.37		(13.34	)		981		1.13			1.13			0.62			101
Year ended 10/31/20		23.26		0.11	(e)		6.42			6.53			(0.36	)		–			(0.36	)		29.43		28.46			867		1.25			1.26			0.43	(e)		59
Year ended 10/31/19		25.57		0.30	(e)		1.77			2.07			(0.34	)		(4.04	)		(4.38	)		23.26		9.79			642		1.33			1.33			1.29	(e)		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. For the year ended October 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $64,937,627 in connection with the acquisition of Invesco Pacific Growth Fund into the Fund.

^(d)  Annualized.

^(e)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2022. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.23 and 1.09%, $0.06 and 0.34%, $0.17 and 0.84%, $0.28 and 1.34%, $0.30 and 1.40% and $0.31 and 1.46% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2020. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.05) and (0.17)%, $(0.23) and (0.92)%, $0.01 and 0.08%, $0.06 and 0.23% and $0.06 and 0.24% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.05 and 0.20%, $(0.13) and (0.55)%, $0.11 and 0.45%, $0.15 and 0.63% and $0.15 and 0.63% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(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 0.99% and 0.91% for the six months ended April 30, 2024 and the year ended October 31, 2023, respectively.

^(g)  Commencement date of April 23, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Greater China Fund

Notes to Financial Statements

April 30, 2024

(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 six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

12 Invesco Greater China Fund

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

13 Invesco Greater China Fund

compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

K. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

L. Other Risks - Investing in a single-country mutual fund involves greater risk than investing in a more diversified fund due to lack of exposure to other countries.

Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; lack of publicly available information; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.

The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. In addition, export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has recently imposed tariffs on the other country’s products. Further, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

14 Invesco Greater China Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $1 billion		0.870	%
Next $1 billion		0.820	%
Next $49 billion		0.770	%
Over $51 billion		0.760	%

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.87%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, 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 “boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2024, the Adviser waived advisory fees of $459.

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, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2024, 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, 2024, IDI advised the Fund that IDI retained $2,042 in front-end sales commissions from the sale of Class A shares and $0 and $124 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

15 Invesco Greater China Fund

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
Investments in Securities
Common Stocks & Other Equity Interests	$	2,096,496		$	54,933,955			$0		$	57,030,451
Money Market Funds		478,638			–			–			478,638
Total Investments	$	2,575,134		$	54,933,955			$0		$	57,509,089

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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,182.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7–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 carryforward 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$14,547,589		$14,428,520		$28,976,109

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $24,011,023 and $33,371,535, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	8,148,921
Aggregate unrealized (depreciation) of investments		(1,944,454	)
Net unrealized appreciation of investments	$	6,204,467

Cost of investments for tax purposes is $51,304,622.

16 Invesco Greater China Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		114,733		$	1,877,778			997,548		$	18,622,567
Class C		4,141			65,420			16,309			306,867
Class R		2,337			38,414			9,267			182,948
Class Y		80,415			1,336,146			215,424			4,628,149
Class R6		2,363			39,036			9,350			178,763
Issued as reinvestment of dividends:
Class A		55,382			904,394			53,343			1,017,779
Class C		1,388			21,717			1,174			21,445
Class R		458			7,477			351			6,683
Class Y		5,231			85,372			5,452			104,082
Class R6		444			7,248			426			8,124
Automatic conversion of Class C shares to Class A shares:
Class A		3,798			62,080			5,889			110,321
Class C		(3,971	)		(62,080	)		(6,166	)		(110,321	)
Reacquired:
Class A		(523,770	)		(8,542,779	)		(1,523,331	)		(28,156,988	)
Class C		(23,673	)		(366,947	)		(24,044	)		(430,599	)
Class R		(3,202	)		(52,653	)		(5,890	)		(104,574	)
Class Y		(164,480	)		(2,726,903	)		(265,441	)		(5,223,365	)
Class R6		(6,834	)		(111,783	)		(10,396	)		(196,502	)
Net increase (decrease) in share activity		(455,240	)	$	(7,418,063	)		(520,735	)	$	(9,034,621	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 45% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17 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, 2023 through April 30, 2024.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value (11/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (04/30/24)1	Expenses Paid During Period2	Ending Account  Value (04/30/24)	Expenses Paid During Period2
Class A	$1,000.00	$1,048.90	$9.02	$1,016.06	$8.87	1.77%
Class C	1,000.00	1,044.70	12.76	1,012.38	12.56	2.51
Class R	1,000.00	1,047.00	10.28	1,014.82	10.12	2.02
Class Y	1,000.00	1,049.80	7.75	1,017.30	7.62	1.52
Class R5	1,000.00	1,051.60	6.63	1,018.40	6.52	1.30
Class R6	1,000.00	1,051.00	6.73	1,018.30	6.62	1.32

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

18 Invesco Greater China Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

	Matter	Votes For		Votes Against/Withheld
(1)*	Beth Ann Brown		2,249,378,619.33		41,629,442.71
	Carol Deckbar		2,246,234,264.52		44,773,797.52
	Cynthia Hostetler		2,239,884,066.77		51,123,995.27
	Dr. Eli Jones		2,247,948,469.91		43,059,592.13
	Elizabeth Krentzman		2,249,230,311.83		41,777,750.22
	Jeffrey H. Kupor		2,246,969,783.10		44,038,278.94
	Anthony J. LaCava, Jr		2,248,588,977.62		42,419,084.42
	James Liddy		2,247,297,130.55		43,710,931.50
	Dr. Prema Mathai-Davis		2,240,956,129.31		50,051,932.73
	Joel W. Motley		2,243,008,410.57		47,999,651.47
	Teresa M. Ressel		2,248,731,273.34		42,276,788.70
	Douglas Sharp		2,248,447,243.22		42,560,818.83
	Robert C. Troccoli		2,246,647,253.82		44,360,808.22
	Daniel S. Vandivort		2,247,577,966.04		43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

19 Invesco Greater China Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05426 and 033-19338      Invesco Distributors, Inc. CHI-SAR-1      

Semiannual Report to Shareholders April 30, 2024

Invesco Health Care Fund

Nasdaq:

A: GGHCX ∎ C: GTHCX ∎ Y: GGHYX ∎ Investor: GTHIX ∎ R6: GGHSX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses
18	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	17.43	%
Class C Shares	17.02
Class Y Shares	17.56
Investor Class Shares	17.43
Class R6 Shares	17.62
MSCI World Index▼ (Broad Market Index)	20.29
S&P Composite 1500 Health Care Index▼ (Style-Specific Index)	13.68
MSCI World Health Care Index▼ (Style-Specific Index)	13.97
Source(s): ▼RIMES Technologies Corp.
The MSCI World IndexSM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The S&P Composite 1500® Health Care Index comprises those companies included in the S&P Composite 1500 that are classified as members of the GICS® Health Care sector.
The MSCI World Health Care Index is an unmanaged index considered representative of health care stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

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 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (8/7/89)	9.96	%
10 Years	6.54
5 Years	7.01
1 Year	1.92
Class C Shares
Inception (3/1/99)	8.23	%
10 Years	6.50
5 Years	7.41
1 Year	6.04
Class Y Shares
Inception (10/3/08)	9.81	%
10 Years	7.41
5 Years	8.50
1 Year	8.13
Investor Class Shares
Inception (7/15/05)	8.14	%
10 Years	7.14
5 Years	8.23
1 Year	7.85
Class R6 Shares
10 Years	7.39	%
5 Years	8.58
1 Year	8.20

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

 Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares, Investor Class shares and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

 The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

 Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in

the past, returns would have been lower. See current prospectus for more information.

3 Invesco Health Care Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Health Care Fund

Schedule of Investments^(a)

April 30, 2024

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.06%
Biotechnology–17.69%
AbbVie, Inc.		155,744	$	25,330,204
Amgen, Inc.		70,962		19,439,330
argenx SE, ADR (Netherlands)(b)		6,161		2,313,456
Ascendis Pharma A/S, ADR (Denmark)(b)		61,627		8,531,642
Blueprint Medicines Corp.(b)		61,180		5,588,181
BridgeBio Pharma, Inc.(b)		84,127		2,155,334
CSL Ltd. (Australia)		10,752		1,910,373
Cytokinetics, Inc.(b)		105,756		6,484,958
Exact Sciences Corp.(b)(c)		25,626		1,520,903
Exelixis, Inc.(b)		239,574		5,620,406
Halozyme Therapeutics, Inc.(b)		73,638		2,805,608
Ideaya Biosciences, Inc.(b)(c)		55,542		2,257,782
Immunovant, Inc.(b)		76,427		2,097,157
Insmed, Inc.(b)(c)		68,537		1,694,235
Ionis Pharmaceuticals, Inc.(b)		60,533		2,497,592
Krystal Biotech, Inc.(b)(c)		24,912		3,814,525
Kyverna Therapeutics, Inc.(b)(c)		55,564		841,239
Natera, Inc.(b)		134,888		12,528,397
Neurocrine Biosciences, Inc.(b)		73,975		10,174,522
Regeneron Pharmaceuticals, Inc.(b)		50,296		44,796,635
Sarepta Therapeutics, Inc.(b)		29,593		3,748,249
Scholar Rock Holding Corp.(b)(c)		55,502		814,214
SpringWorks Therapeutics, Inc.(b)(c)		88,909		4,151,161
Twist Bioscience Corp.(b)(c)		135,732		4,238,910
Ultragenyx Pharmaceutical, Inc.(b)		49,138		2,090,331
United Therapeutics Corp.(b)		12,957		3,036,214
Vaxcyte, Inc.(b)		88,019		5,329,551
Vericel Corp.(b)(c)		42,109		1,931,540
Vertex Pharmaceuticals, Inc.(b)		106,643		41,890,437
Viking Therapeutics, Inc.(b)(c)		42,888		3,413,027
				233,046,113
Health Care Distributors–7.44%
Cencora, Inc.		169,593		40,541,207
McKesson Corp.		106,906		57,430,972
				97,972,179
Health Care Equipment–18.97%
Boston Scientific Corp.(b)		1,066,783		76,669,694
DexCom, Inc.(b)		199,263		25,384,114
Edwards Lifesciences Corp.(b)		88,833		7,521,490
Glaukos Corp.(b)		65,606		6,298,176
IDEXX Laboratories, Inc.(b)		29,825		14,696,567
Inspire Medical Systems, Inc.(b)		19,372		4,681,438
Integer Holdings Corp.(b)		64,723		7,225,028
Intuitive Surgical, Inc.(b)		112,051		41,528,342
iRhythm Technologies, Inc.(b)(c)		25,916		2,839,875
Shockwave Medical, Inc.(b)		20,870		6,891,065
STERIS PLC		18,827		3,851,251
Stryker Corp.		136,225		45,839,713
TransMedics Group, Inc.(b)(c)		55,022		5,179,221
Treace Medical Concepts, Inc.(b)		116,295		1,205,979
				249,811,953

	Shares		Value
Health Care Facilities–5.52%
Acadia Healthcare Co., Inc.(b)		60,465	$	4,470,782
Encompass Health Corp.		212,793		17,742,680
HCA Healthcare, Inc.		91,744		28,424,126
Tenet Healthcare Corp.(b)		196,871		22,106,645
				72,744,233
Health Care Services–0.75%
BrightSpring Health Services, Inc.(b)(c)		259,196		2,770,805
RadNet, Inc.(b)(c)		145,310		7,047,535
				9,818,340
Health Care Supplies–1.49%
Alcon, Inc. (Switzerland)		61,914		4,747,366
Cooper Cos., Inc. (The)		105,934		9,434,482
Lantheus Holdings, Inc.(b)		28,490		1,895,725
RxSight, Inc.(b)		67,912		3,540,252
				19,617,825
Health Care Technology–0.22%
Veeva Systems, Inc., Class A(b)		14,830		2,944,645
Life Sciences Tools & Services–12.65%
Bruker Corp.		139,493		10,881,849
Charles River Laboratories International, Inc.(b)		27,736		6,351,544
Danaher Corp.		167,249		41,246,948
ICON PLC(b)		79,022		23,539,073
Lonza Group AG (Switzerland)		15,888		8,770,069
Medpace Holdings, Inc.(b)		39,681		15,410,116
Repligen Corp.(b)		67,406		11,068,065
Thermo Fisher Scientific, Inc.		81,342		46,260,822
West Pharmaceutical Services, Inc.		8,580		3,067,179
				166,595,665
Managed Health Care–10.23%
Elevance Health, Inc.		82,239		43,469,891
HealthEquity, Inc.(b)		95,828		7,561,788
Humana, Inc.		8,645		2,611,568
Molina Healthcare, Inc.(b)		46,581		15,935,360
Progyny, Inc.(b)(c)		61,490		1,971,369
UnitedHealth Group, Inc.		130,671		63,205,563
				134,755,539
Office REITs–0.24%
Alexandria Real Estate Equities, Inc.		27,191		3,150,621
Pharmaceuticals–21.86%
AstraZeneca PLC (United Kingdom)		44,802		6,776,252
AstraZeneca PLC, ADR (United Kingdom)(c)		530,651		40,265,798
Axsome Therapeutics, Inc.(b)		21,596		1,592,921
Collegium Pharmaceutical, Inc.(b)(c)		55,480		2,048,876
Eli Lilly and Co.		160,437		125,317,341
Intra-Cellular Therapies, Inc.(b)		81,261		5,835,352
Merck & Co., Inc.		381,072		49,242,124
Novo Nordisk A/S, Class B (Denmark)		327,404		41,987,007
Tarsus Pharmaceuticals, Inc.(b)		99,928		3,140,737

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

5 Invesco Health Care Fund

	Shares		Value
Pharmaceuticals–(continued)
Zoetis, Inc.		73,795	$	11,751,116
				287,957,524
Total Common Stocks & Other Equity Interests (Cost $816,289,535)				1,278,414,637
Money Market Funds–2.99%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e)		13,549,918		13,549,918
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(d)(e)		10,329,665		10,332,764
Invesco Treasury Portfolio, Institutional Class, 5.22%(d)(e)		15,485,620		15,485,620
Total Money Market Funds (Cost $39,366,154)				39,368,302
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $855,655,689)				1,317,782,939

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.25%
Invesco Private Government Fund, 5.29%(d)(e)(f)		12,004,799	$	12,004,799
Invesco Private Prime Fund, 5.46%(d)(e)(f)		30,867,449		30,876,709
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $42,884,271)				42,881,508
TOTAL INVESTMENTS IN SECURITIES-103.30% (Cost $898,539,960)				1,360,664,447
OTHER ASSETS LESS LIABILITIES–(3.30)%				(43,508,230	)
NET ASSETS–100.00%			$	1,317,156,217

Investment Abbreviations:

ADR  -  American Depositary Receipt

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2024.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

								Change in
								Unrealized
	Value		Purchases		Proceeds			Appreciation		Realized		Value
	October 31, 2023		at Cost		from Sales			(Depreciation)		Gain		April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 22,579,302	$	48,569,258	$	(57,598,642	)		$     -	$	-		$13,549,918		$  352,009
Invesco Liquid Assets Portfolio, Institutional Class		16,779,987		34,692,326		(41,141,887	)		(2,042)		4,380		10,332,764		275,815
Invesco Treasury Portfolio, Institutional Class		25,804,916		55,507,723		(65,827,019	)		-		-		15,485,620		399,698
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		16,203,495		76,707,068		(80,905,764	)		-		-		12,004,799		446,067*
Invesco Private Prime Fund		36,593,104		152,502,848		(158,229,673	)		(4,080)		14,510		30,876,709		1,202,507*
Total		$117,960,804	$	367,979,223	$	(403,702,985	)		$(6,122)	$	18,890		$82,249,810		$ 2,676,096

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Health Care Fund

Portfolio Composition

By industry, based on Net Assets

as of April 30, 2024

Pharmaceuticals	21.86	%
Health Care Equipment	18.97
Biotechnology	17.69
Life Sciences Tools & Services	12.65
Managed Health Care	10.23
Health Care Distributors	7.44
Health Care Facilities	5.52
Health Care Supplies	1.49
Industry Type Each Less Than 1% of Net Assets	1.21
Money Market Funds Plus Other Assets Less Liabilities	2.94

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Health Care Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $816,289,535)*	$	1,278,414,637
Investments in affiliated money market funds, at value (Cost $82,250,425)		82,249,810
Foreign currencies, at value (Cost $1,074)		1,006
Receivable for:
Investments sold		1,493,715
Fund shares sold		170,724
Dividends		1,623,946
Investment for trustee deferred compensation and retirement plans		183,189
Other assets		65,619
Total assets		1,364,202,646
Liabilities:
Payable for:
Investments purchased		2,800,236
Fund shares reacquired		475,826
Collateral upon return of securities loaned		42,884,271
Accrued fees to affiliates		590,211
Accrued other operating expenses		63,059
Trustee deferred compensation and retirement plans		232,826
Total liabilities		47,046,429
Net assets applicable to shares outstanding	$	1,317,156,217
Net assets consist of:
Shares of beneficial interest	$	840,115,522
Distributable earnings		477,040,695
	$	1,317,156,217

Net Assets:
Class A	$	670,913,159
Class C	$	16,909,534
Class Y	$	44,913,215
Investor Class	$	582,676,836
Class R6	$	1,743,473
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		17,569,022
Class C		868,989
Class Y		1,129,389
Investor Class		15,254,590
Class R6		43,604
Class A:
Net asset value per share	$	38.19
Maximum offering price per share (Net asset value of $38.19 ÷ 94.50%)	$	40.41
Class C:
Net asset value and offering price per share	$	19.46
Class Y:
Net asset value and offering price per share	$	39.77
Investor Class:
Net asset value and offering price per share	$	38.20
Class R6:
Net asset value and offering price per share	$	39.98

* At April 30, 2024, securities with an aggregate value of $41,777,627 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Health Care Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $45,544)	$	4,708,414
Dividends from affiliated money market funds (includes net securities lending income of $65,292)		1,092,814
Total investment income		5,801,228
Expenses:
Advisory fees		4,075,902
Administrative services fees		88,623
Custodian fees		9,684
Distribution fees:
Class A		824,755
Class C		83,896
Investor Class		713,830
Transfer agent fees – A, C, Y and Investor		820,818
Transfer agent fees – R6		243
Trustees’ and officers’ fees and benefits		14,745
Registration and filing fees		47,068
Reports to shareholders		99,133
Professional services fees		42,931
Other		13,691
Total expenses		6,835,319
Less: Fees waived and/or expense offset arrangement(s)		(55,494	)
Net expenses		6,779,825
Net investment income (loss)		(978,597	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		24,625,752
Affiliated investment securities		18,890
Foreign currencies		8,688
		24,653,330
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		179,389,907
Affiliated investment securities		(6,122	)
Foreign currencies		4,681
		179,388,466
Net realized and unrealized gain		204,041,796
Net increase in net assets resulting from operations	$	203,063,199

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Health Care Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30,			October 31,
	2024			2023
Operations:
Net investment income (loss)	$	(978,597	)	$	(580,059	)
Net realized gain		24,653,330			19,855,383
Change in net unrealized appreciation (depreciation)		179,388,466			(76,922,488	)
Net increase (decrease) in net assets resulting from operations		203,063,199			(57,647,164	)
Share transactions–net:
Class A		(39,882,965	)		(59,793,005	)
Class C		(1,177,521	)		(3,599,535	)
Class Y		(498,802	)		(5,698,577	)
Investor Class		(29,817,300	)		(39,916,790	)
Class R6		15,924			269,234
Net increase (decrease) in net assets resulting from share transactions		(71,360,664	)		(108,738,673	)
Net increase (decrease) in net assets		131,702,535			(166,385,837	)
Net assets:
Beginning of period		1,185,453,682			1,351,839,519
End of period	$	1,317,156,217		$	1,185,453,682

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Health Care Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/24		$32.52		$(0.03	)		$ 5.70			$ 5.67			$   –			$   –			$   –			$38.19		17.43	%		$670,913		1.06	%(d)		1.06	%(d)		(0.16	)%(d)		28	%
Year ended 10/31/23		34.13		(0.01	)		(1.60	)		(1.61	)		–			–			–			32.52		(4.72	)		607,032		1.05			1.05			(0.05	)		59
Year ended 10/31/22		50.30		(0.05	)		(6.19	)		(6.24	)		–			(9.93	)		(9.93	)		34.13		(14.73	)		696,308		1.04			1.04			(0.16	)		44
Year ended 10/31/21		41.82		(0.11	)		11.49			11.38			(0.01	)		(2.89	)		(2.90	)		50.30		28.20			896,054		1.02			1.02			(0.24	)		78
Year ended 10/31/20		38.59		0.03			4.67			4.70			(0.10	)		(1.37	)		(1.47	)		41.82		12.32			740,884		1.06			1.06			0.08			17
Year ended 10/31/19		37.89		0.08			3.52			3.60			–			(2.90	)		(2.90	)		38.59		10.46			700,483		1.08			1.08			0.22			11
Class C
Six months ended 04/30/24		16.63		(0.08	)		2.91			2.83			–			–			–			19.46		17.02			16,910		1.81	(d)		1.81	(d)		(0.91	)(d)		28
Year ended 10/31/23		17.59		(0.14	)		(0.82	)		(0.96	)		–			–			–			16.63		(5.46	)		15,508		1.80			1.80			(0.80	)		59
Year ended 10/31/22		31.06		(0.17	)		(3.37	)		(3.54	)		–			(9.93	)		(9.93	)		17.59		(15.35	)		20,023		1.79			1.79			(0.91	)		44
Year ended 10/31/21		26.99		(0.29	)		7.25			6.96			–			(2.89	)		(2.89	)		31.06		27.26			29,391		1.77			1.77			(0.99	)		78
Year ended 10/31/20		25.48		(0.18	)		3.06			2.88			–			(1.37	)		(1.37	)		26.99		11.46			27,720		1.81			1.81			(0.67	)		17
Year ended 10/31/19		26.20		(0.13	)		2.31			2.18			–			(2.90	)		(2.90	)		25.48		9.62			24,570		1.83			1.83			(0.53	)		11
Class Y
Six months ended 04/30/24		33.83		0.02			5.92			5.94			–			–			–			39.77		17.56			44,913		0.81	(d)		0.81	(d)		0.09	(d)		28
Year ended 10/31/23		35.41		0.07			(1.65	)		(1.58	)		–			–			–			33.83		(4.46	)		38,762		0.80			0.80			0.20			59
Year ended 10/31/22		51.69		0.04			(6.39	)		(6.35	)		–			(9.93	)		(9.93	)		35.41		(14.51	)		46,087		0.79			0.79			0.09			44
Year ended 10/31/21		42.90		0.00			11.79			11.79			(0.11	)		(2.89	)		(3.00	)		51.69		28.52			60,527		0.77			0.77			0.01			78
Year ended 10/31/20		39.54		0.14			4.79			4.93			(0.20	)		(1.37	)		(1.57	)		42.90		12.62			43,816		0.81			0.81			0.33			17
Year ended 10/31/19		38.67		0.18			3.59			3.77			–			(2.90	)		(2.90	)		39.54		10.70			38,519		0.83			0.83			0.47			11
Investor Class
Six months ended 04/30/24		32.53		(0.03	)		5.70			5.67			–			–			–			38.20		17.43			582,677		1.06	(d)		1.06	(d)		(0.16	)(d)		28
Year ended 10/31/23		34.14		(0.01	)		(1.60	)		(1.61	)		–			–			–			32.53		(4.72	)		522,684		1.05			1.05			(0.05	)		59
Year ended 10/31/22		50.31		(0.05	)		(6.19	)		(6.24	)		–			(9.93	)		(9.93	)		34.14		(14.73	)		588,159		1.04			1.04			(0.16	)		44
Year ended 10/31/21		41.83		(0.11	)		11.49			11.38			(0.01	)		(2.89	)		(2.90	)		50.31		28.20			745,607		1.02			1.02			(0.24	)		78
Year ended 10/31/20		38.60		0.03			4.67			4.70			(0.10	)		(1.37	)		(1.47	)		41.83		12.33			618,818		1.06			1.06			0.08			17
Year ended 10/31/19		37.90		0.08			3.52			3.60			–			(2.90	)		(2.90	)		38.60		10.45			597,301		1.08			1.08			0.22			11
Class R6
Six months ended 04/30/24		33.99		0.04			5.95			5.99			–			–			–			39.98		17.62			1,743		0.71	(d)		0.71	(d)		0.19	(d)		28
Year ended 10/31/23		35.56		0.11			(1.68	)		(1.57	)		–			–			–			33.99		(4.42	)		1,467		0.70			0.70			0.30			59
Year ended 10/31/22		51.82		0.07			(6.40	)		(6.33	)		–			(9.93	)		(9.93	)		35.56		(14.42	)		1,262		0.69			0.69			0.19			44
Year ended 10/31/21		42.97		0.04			11.83			11.87			(0.13	)		(2.89	)		(3.02	)		51.82		28.66			2,174		0.69			0.69			0.09			78
Year ended 10/31/20		39.61		0.16			4.79			4.95			(0.22	)		(1.37	)		(1.59	)		42.97		12.65			374		0.77			0.77			0.37			17
Year ended 10/31/19		38.71		0.20			3.60			3.80			–			(2.90	)		(2.90	)		39.61		10.77			52		0.77			0.77			0.53			11

^(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)  Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Health Care Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Health Care Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Investor Class and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Investor Class and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

12 Invesco Health Care Fund

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

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. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

13 Invesco Health Care Fund

compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, the Fund paid the Adviser $4,050 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

K. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

L. Other Risks - The Fund’s performance is vulnerable to factors affecting the health care sector, including significant government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products, services and facilities, pricing pressure, an increased emphasis on outpatient services, a limited number of products, industry innovation, costs associated with obtaining and protecting patents, product liability and other claims, changes in technologies and other market developments.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $350 million		0.750	%
Next $350 million		0.650	%
Next $1.3 billion		0.550	%
Next $2 billion		0.450	%
Next $2 billion		0.400	%
Next $2 billion		0.375	%
Over $8 billion		0.350	%

For the six months ended April 30, 2024, the effective advisory fee rate 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 agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary 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

14 Invesco Health Care Fund

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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2024, the Adviser waived advisory fees of $24,062.

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, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2024, 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, 2024, IDI advised the Fund that IDI retained $23,669 in front-end sales commissions from the sale of Class A shares and $301 and $441 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2024, the Fund incurred $23,120 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. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
Investments in Securities
Common Stocks & Other Equity Interests	$	1,214,223,570		$	64,191,067			$–		$	1,278,414,637
Money Market Funds		39,368,302			42,881,508			–			82,249,810
Total Investments	$	1,253,591,872		$	107,072,575			$–		$	1,360,664,447

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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $31,432.

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

15 Invesco Health Care Fund

period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7–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 carryforward 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$4,206,451	$–	$4,206,451

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $347,950,703 and $388,672,325, 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	$	467,858,352
Aggregate unrealized (depreciation) of investments		(9,415,187	)
Net unrealized appreciation of investments	$	458,443,165

Cost of investments for tax purposes is $902,221,282.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		318,961		$	11,852,071			648,963		$	22,356,047
Class C		91,619			1,725,969			193,583			3,428,618
Class Y		203,860			7,934,264			426,648			15,311,305
Investor Class		41,526			1,530,319			93,942			3,246,765
Class R6		3,432			125,571			16,542			583,646
Automatic conversion of Class C shares to Class A shares:
Class A		30,157			1,122,434			94,432			3,232,212
Class C		(59,089	)		(1,122,434	)		(183,978	)		(3,232,212	)
Reacquired:
Class A		(1,445,311	)		(52,857,470	)		(2,477,109	)		(85,381,264	)
Class C		(95,848	)		(1,781,056	)		(215,594	)		(3,795,941	)
Class Y		(220,398	)		(8,433,066	)		(582,115	)		(21,009,882	)
Investor Class		(854,554	)		(31,347,619	)		(1,252,654	)		(43,163,555	)
Class R6		(2,993	)		(109,647	)		(8,860	)		(314,412	)
Net increase (decrease) in share activity		(1,988,638	)	$	(71,360,664	)		(3,246,200	)	$	(108,738,673	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 14% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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, 2023 through April 30, 2024.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (11/01/23)	Ending  Account Value  (04/30/24)1	Expenses   Paid During   Period2	Ending  Account Value   (04/30/24)	Expenses   Paid During   Period2	Annualized    Expense    Ratio
Class A	$1,000.00	$1,174.30	$5.73	$1,019.59	$5.32	1.06%
Class C	1,000.00	1,170.20	9.77	1,015.86	9.07	1.81
Class Y	1,000.00	1,175.60	4.38	1,020.84	4.07	0.81
Investor Class	1,000.00	1,174.30	5.73	1,019.59	5.32	1.06
Class R6	1,000.00	1,176.20	3.84	1,021.33	3.57	0.71

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17 Invesco Health Care Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

	Matter	Votes For		Votes Against/Withheld
(1)*	Beth Ann Brown		2,249,378,619.33		41,629,442.71
	Carol Deckbar		2,246,234,264.52		44,773,797.52
	Cynthia Hostetler		2,239,884,066.77		51,123,995.27
	Dr. Eli Jones		2,247,948,469.91		43,059,592.13
	Elizabeth Krentzman		2,249,230,311.83		41,777,750.22
	Jeffrey H. Kupor		2,246,969,783.10		44,038,278.94
	Anthony J. LaCava, Jr.		2,248,588,977.62		42,419,084.42
	James Liddy		2,247,297,130.55		43,710,931.50
	Dr. Prema Mathai-Davis		2,240,956,129.31		50,051,932.73
	Joel W. Motley		2,243,008,410.57		47,999,651.47
	Teresa M. Ressel		2,248,731,273.34		42,276,788.70
	Douglas Sharp		2,248,447,243.22		42,560,818.83
	Robert C. Troccoli		2,246,647,253.82		44,360,808.22
	Daniel S. Vandivort		2,247,577,966.04		43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

18 Invesco Health Care Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05426 and 033-19338      Invesco Distributors, Inc. GHC-SAR-1      

Semiannual Report to Shareholders	April 30, 2024
Invesco International Bond Fund
Nasdaq:
A: OIBAX ∎ C: OIBCX ∎ R: OIBNX ∎ Y: OIBYX ∎ R5: INBQX ∎ R6: OIBIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
20	Consolidated Financial Statements
23	Consolidated Financial Highlights
24	Notes to Consolidated Financial Statements
34	Fund Expenses
35	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, 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	3.70	%
Class C Shares	3.57
Class R Shares	3.82
Class Y Shares	4.08
Class R5 Shares	4.08
Class R6 Shares	3.85
FTSE Non-U.S. Dollar World Government Bond Index▼*	4.18
JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index▼	4.07
JP Morgan EMBI Global Diversified Index▼	10.57
Bloomberg Global Aggregate ex U.S. Index▼*	3.92
Custom Invesco International Bond Index∎	5.42
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.
Effective February 28, 2024, the Fund changed its broad-based securities market benchmark from the FTSE Non-U.S. Dollar World Government Bond Index to the Bloomberg Global Aggregate ex U.S. Index to reflect that the Bloomberg Global Aggregate ex U.S. Index can be considered more broadly representative of the overall applicable securities market.
The FTSE Non-U.S. Dollar World Government Bond Index is a broad benchmark providing exposure to the global sovereign fixed-income market, excluding the US.
The JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index is a comprehensive global local emerging markets index comprising liquid, fixed-rate, domestic currency government bonds.
The JP Morgan EMBI Global Diversified Index is an unmanaged index that tracks the traded market for US-dollar-denominated Brady bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities.
The Bloomberg Global Aggregate ex U.S. Index is an unmanaged index considered representative of bonds of foreign countries.
The Custom Invesco International Bond Index is composed of 50% FTSE Non-U.S. Dollar World Government Bond Index, 30% JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index and 20% JP Morgan EMBI Global Diversified Index.
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 International Bond Fund

Average Annual Total Returns
As of 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (6/15/95)	5.27	%
10 Years	-0.36
5 Years	-2.36
1 Year	-2.44
Class C Shares
Inception (6/15/95)	5.19	%
10 Years	-0.50
5 Years	-2.23
1 Year	0.33
Class R Shares
Inception (3/1/01)	4.53	%
10 Years	-0.17
5 Years	-1.74
1 Year	1.81
Class Y Shares
Inception (9/27/04)	3.61	%
10 Years	0.32
5 Years	-1.27
1 Year	2.33
Class R5 Shares
10 Years	0.24	%
5 Years	-1.18
1 Year	2.33
Class R6 Shares
Inception (1/27/12)	0.88	%
10 Years	0.46
5 Years	-1.17
1 Year	2.15

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer International Bond Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer International Bond Fund. Note: The Fund was subsequently renamed the Invesco International Bond Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduc-

tion of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

 Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

 The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

 Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco International Bond Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco International Bond Fund

Consolidated Schedule of Investments

April 30, 2024

(Unaudited)

		Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–54.20%(a)
Argentina–0.01%
Argentine Bonos del Tesoro, 15.50%, 10/17/2026	ARS		135,000,000	$     97,148
Austria–1.90%
Republic of Austria Government Bond, 2.10%, 09/20/2117(b)	EUR		25,825,000	20,265,919
Brazil–2.10%
Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055	BRL		28,000,000	22,436,980
Colombia–8.47%
Colombian TES,
Series B, 7.50%, 08/26/2026	COP		45,000,000,000	10,927,694
Series B, 6.00%, 04/28/2028	COP		51,500,000,000	11,457,267
Series B, 7.75%, 09/18/2030	COP		175,000,000,000	39,672,568
Series B, 9.25%, 05/28/2042	COP		16,250,000,000	3,544,960
Series B, 7.25%, 10/26/2050	COP		100,000,000,000	17,246,214
Fideicomiso PA Concesion Ruta al Mar, 6.75%, 02/15/2044(b)	COP		8,000,000,000	1,412,185
Fideicomiso PA Costera, Series B, 6.25%, 01/15/2034(b)	COP		6,107,644,400	1,377,840
PA Autopista Rio Magdalena, 6.05%, 06/15/2036(b)	COP		23,500,000,000	4,690,538
				90,329,266
Czech Republic–1.48%
Czech Republic Government Bond, Series 105, 2.75%, 07/23/2029	CZK		400,000,000	15,818,407
Egypt–1.63%
Egypt Government Bond, 0.00%, 09/30/2025(c)	EGP		250,000,000	3,781,760
Egypt Treasury Bills, Series 364D, 26.05%, 03/18/2025(d)	EGP		240,000,000	4,100,391
Series 364D, 25.75%, 04/01/2025(d)	EGP		166,675,000	2,824,815
Series 364D, 25.95%, 04/29/2025(d)	EGP		400,000,000	6,672,414
				17,379,380
France–0.30%
Societe Generale S.A., 7.88%(b)(e)(f)	EUR		2,900,000	3,193,144

		Principal Amount		Value
Greece–4.27%
Hellenic Republic Government Bond,
4.38%, 07/18/2038(b)	EUR		20,000,000	$ 22,528,753
0.00%, 10/15/2042(c)	EUR		107,000,000	319,733
4.13%, 06/15/2054(b)	EUR		21,250,000	22,666,673
				45,515,159
India–4.83%
India Government Bond,
8.15%, 11/24/2026	INR		500,000,000	6,139,683
6.54%, 01/17/2032	INR		1,000,000,000	11,535,753
7.26%, 08/22/2032	INR		1,300,000,000	15,617,013
State of Gujarat India, 7.52%, 05/24/2027	INR		500,000,000	6,013,327
State of Maharashtra India, 7.99%, 10/28/2025	INR		500,000,000	6,045,511
State of Tamil Nadu India, 8.53%, 03/09/2026	INR		500,000,000	6,111,780
				51,463,067
Indonesia–1.99%
Indonesia Treasury Bond,
Series FR95, 6.38%, 08/15/2028	IDR		200,000,000,000	11,966,334
Series FR96, 7.00%, 02/15/2033	IDR		150,000,000,000	9,212,039
				21,178,373
Ivory Coast–0.29%
Ivory Coast Government International Bond, 4.88%, 01/30/2032(b)	EUR		3,500,000	3,123,899
Japan–1.63%
Japan Government Bond,
Series 15, 1.00%, 03/20/2062	JPY		2,405,700,000	11,137,825
Series 77, 1.60%, 12/20/2052	JPY		1,054,500,000	6,253,440
				17,391,265
Malaysia–2.07%
Malaysia Government Bond,
Series 115, 3.96%, 09/15/2025	MYR		25,000,000	5,272,702
Series 319, 3.48%, 06/14/2024	MYR		80,000,000	16,765,506
				22,038,208
Netherlands–0.22%
ABN AMRO Bank N.V., 4.38%(b)(e)(f)	EUR		2,200,000	2,286,901

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

5 Invesco International Bond Fund

 

		Principal Amount		Value
New Zealand–2.02%
New Zealand Government Bond, Series 554, 5.00%, 05/15/2054	NZD		37,600,000	$  21,575,646
Peru–4.49%
Credicorp Capital Sociedad Titulizadora S.A., 10.10%, 12/15/2043(b)	PEN		10,000,000	2,731,336
Peru Government Bond, 6.15%, 08/12/2032	PEN		180,000,000	45,173,232
				47,904,568
South Africa–9.80%
Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032	ZAR		783,300,000	34,642,700
Series 2040, 9.00%, 01/31/2040	ZAR		800,000,000	31,768,347
Series R186, 10.50%, 12/21/2026	ZAR		700,000,000	38,095,769
				104,506,816
Spain–1.60%
Repsol International Finance B.V., 3.75%(b)(e)(f)	EUR		2,200,000	2,304,704
Spain Government Bond, 1.45%, 10/31/2071(b)	EUR		20,000,000	10,324,952
Telefonica Europe B.V., 2.88%(b)(e)(f)	EUR		4,400,000	4,406,241
				17,035,897
Supranational–1.68%
African Development Bank, 0.00%, 04/05/2046(c)	ZAR		600,000,000	2,662,966
0.00%, 01/17/2050(c)	ZAR		310,000,000	1,096,157
Corp. Andina de Fomento, 10.35%, 03/15/2033(b)	MXN		200,000,000	11,747,881
International Bank for Reconstruction & Development, 0.00%, 09/30/2052(c)	MXN		700,000,000	2,457,861
				17,964,865
Sweden–0.16%
Heimstaden Bostad AB, 3.38%(b)(e)(f)	EUR		2,500,000	1,747,541
Switzerland–0.97%
UBS Group AG, 2.13%, 10/13/2026(b)(e)	EUR		10,000,000	10,375,025
United Kingdom–1.52%
Barclays PLC, 7.13%(e)(f)	GBP		1,900,000	2,342,985
Gatwick Airport Finance PLC, 4.38%, 04/07/2026(b)	GBP		4,700,000	5,673,918
Lloyds Banking Group PLC, 8.50%(e)(f)	GBP		2,850,000	3,596,901

		Principal Amount		Value
United Kingdom–(continued)
Nationwide Building Society, 5.75%(b)(e)(f)	GBP		2,200,000	$   2,566,916
NatWest Group PLC, 5.13%(e)(f)	GBP		1,800,000	2,049,440
				16,230,160
United States–0.42%
Citigroup, Inc., 4.25%, 02/25/2030(b)(e)	EUR		4,250,000	4,524,224
Uruguay–0.35%
Uruguay Government International Bond, 9.75%, 07/20/2033	UYU		138,900,300	3,778,475
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $633,759,171)				578,160,333
U.S. Dollar Denominated Bonds & Notes–16.89%
Argentina–0.22%
Argentine Republic Government International Bond, 0.75%, 07/09/2030(g)	$		2,500,000	1,452,525
YPF S.A., 9.50%, 01/17/2031(b)			911,000	921,116
				2,373,641
Australia–0.47%
QBE Insurance Group Ltd., 6.75%, 12/02/2044(b)(e)			5,000,000	5,012,310
Belgium–0.72%
Kingdom of Belgium Government International Bond, 4.88%, 06/10/2055(b)			8,000,000	7,657,402
Brazil–1.28%
CSN Inova Ventures, 6.75%, 01/28/2028(b)			475,000	454,912
CSN Resources S.A., 5.88%, 04/08/2032(b)			1,250,000	1,045,363
Embraer Netherlands Finance B.V., 7.00%, 07/28/2030(b)			2,150,000	2,201,925
Minerva (Luxembourg) S.A., 8.88%, 09/13/2033(b)			2,110,000	2,165,571
Nexa Resources S.A., 6.75%, 04/09/2034(b)			2,260,000	2,269,209
Sitios Latinoamerica S.A.B. de C.V., 5.38%, 04/04/2032(b)			5,970,000	5,458,394
				13,595,374
Chile–0.66%
AES Andes S.A., 6.35%, 10/07/2079(b)(e)			1,398,000	1,362,345

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

6 Invesco International Bond Fund

 

	Principal Amount		Value
Chile–(continued)
Banco del Estado de Chile, 7.95%(b)(e)(f)	$	1,450,000	$	1,461,781
Mercury Chile Holdco LLC, 6.50%, 01/24/2027(b)		4,400,000		4,230,422
				7,054,548
China–0.17%
Prosus N.V., 3.06%, 07/13/2031(b)		2,200,000		1,764,132
Colombia–0.26%
Colombia Government International Bond, 4.13%, 02/22/2042		4,400,000		2,811,625
Denmark–0.28%
Danske Bank A/S, 0.98%, 09/10/2025(b)(e)		3,075,000		3,016,635
Dominican Republic–0.20%
Dominican Republic International Bond, 4.50%, 01/30/2030(b)		975,000		874,231
4.88%, 09/23/2032(b)		1,470,000		1,290,659
				2,164,890
Egypt–0.23%
Egypt Government International Bond, 8.50%, 01/31/2047(b)		3,130,000		2,397,424
France–2.33%
BNP Paribas S.A., 7.38%(b)(e)(f)		10,500,000		10,520,094
7.75%(b)(e)(f)(h)		2,200,000		2,224,009
BPCE S.A., 1.00%, 01/20/2026(b)		4,500,000		4,164,812
Electricite de France S.A., 9.13%(b)(e)(f)		3,000,000		3,265,059
Societe Generale S.A., 6.75%(b)(e)(f)		2,250,000		2,011,774
4.75%(b)(e)(f)		3,000,000		2,676,045
				24,861,793
Hong Kong–0.39%
Melco Resorts Finance Ltd., 4.88%, 06/06/2025(b)		2,200,000		2,144,366
5.75%, 07/21/2028(b)		2,200,000		2,042,116
				4,186,482
Indonesia–0.38%
PT Indonesia Asahan Aluminium/PT Mineral Industri Indonesia (Persero), 6.76%, 11/15/2048(b)		2,380,000		2,390,703

	Principal Amount		Value
Indonesia–(continued)
PT Pertamina (Persero), 4.18%, 01/21/2050(b)(h)	$	2,200,000	$	1,627,061
				4,017,764
Iraq–0.11%
Iraq International Bond, 5.80%, 01/15/2028(b)		1,250,000		1,170,813
Ireland–0.53%
BB Blue Financing DAC, Series A1, 4.40%, 09/20/2037		2,500,000		2,390,289
Coriolanus DAC, Series 116, 0.00%, 04/30/2025(b)(c)		346,651		333,233
Series 119, 0.00%, 04/30/2025(b)(c)		368,795		354,520
Series 120, 0.00%, 04/30/2025(b)(c)		461,639		443,770
Series 122, 0.00%, 04/30/2025(b)(c)		404,463		388,808
Series 124, 0.00%, 04/30/2025(b)(c)		324,862		312,288
Series 126, 0.00%, 04/30/2025(b)(c)		545,130		524,030
Series 127, 0.00%, 04/30/2025(b)(c)		420,947		404,653
0.00%, 04/30/2025(b)(c)		495,561		476,379
				5,627,970
Ivory Coast–0.51%
Ivory Coast Government International Bond, 5.38%, 07/23/2024(b)		2,650,000		2,638,128
8.25%, 01/30/2037(b)		2,910,000		2,789,817
				5,427,945
Macau–0.32%
MGM China Holdings Ltd., 5.88%, 05/15/2026(b)		3,520,000		3,459,680
Mexico–1.40%
Banco Mercantil del Norte S.A., 8.38%(b)(e)(f)		2,500,000		2,490,636
Braskem Idesa S.A.P.I., 7.45%, 11/15/2029(b)		3,520,000		2,782,630
6.99%, 02/20/2032(b)(h)		876,000		658,426
CEMEX S.A.B. de C.V., 5.13%(b)(e)(f)		3,050,000		2,935,030
Nemak S.A.B. de C.V., 3.63%, 06/28/2031(b)		3,750,000		2,936,262
Petroleos Mexicanos, 7.69%, 01/23/2050		2,500,000		1,742,104
6.95%, 01/28/2060		2,120,000		1,350,345
				14,895,433

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

7 Invesco International Bond Fund

 

	Principal Amount		Value
Nigeria–0.37%
Nigeria Government International Bond, 6.50%, 11/28/2027(b)	$	2,200,000	$	2,043,338
7.88%, 02/16/2032(b)		2,200,000		1,930,991
				3,974,329
Oman–0.41%
Oman Government International Bond, 6.75%, 01/17/2048(b)		4,400,000		4,364,492
Panama–0.18%
Telecomunicaciones Digitales S.A., 4.50%, 01/30/2030(b)		2,200,000		1,936,296
Romania–0.21%
Romanian Government International Bond, 7.13%, 01/17/2033(b)		2,200,000		2,276,318
Supranational–0.23%
European Bank for Reconstruction and Development, 6.40%, 08/27/2025		2,400,000		2,433,731
Sweden–0.37%
Swedbank AB, Series NC5, 5.63%(b)(e)(f)		4,000,000		3,972,240
Switzerland–1.30%
Cloverie PLC for Swiss Reinsurance Co. Ltd., 4.50%, 09/11/2044(b)(e)		4,000,000		3,962,288
Credit Suisse Group AG, 6.25%(b)(e)(f)(i)		9,800,000		1,127,000
UBS Group AG, 6.88%(b)(e)(f)		5,000,000		4,925,960
Willow No 2 Ireland PLC for Zurich Insurance Co. Ltd., 4.25%, 10/01/2045(b)(e)		4,000,000		3,867,540
				13,882,788
Turkey–0.27%
Ford Otomotiv Sanayi A.S., 7.13%, 04/25/2029(b)		2,860,000		2,863,403
Ukraine–0.09%
Ukraine Government International Bond, 7.75%, 08/01/2041(b)(i)		1,760,000		943,612
United Kingdom–2.73%
abrdn PLC, 4.25%, 06/30/2028(b)		2,000,000		1,782,872
Barclays PLC, 8.00%(e)(f)		13,000,000		13,021,307

		Principal Amount		Value
United Kingdom–(continued)
British Telecommunications PLC, 4.25%, 11/23/2081(b)(e)		$	4,400,000	$	4,151,572
Lloyds Banking Group PLC, 7.50%(e)(f)			1,760,000		1,763,237
NatWest Group PLC, 6.00%(e)(f)(h)			4,400,000		4,287,414
Vodafone Group PLC, 3.25%, 06/04/2081(e)			4,400,000		4,092,202
					29,098,604
United States–0.27%
BP Capital Markets PLC, 4.88%(e)(f)			1,500,000		1,405,756
U.S. International Development Finance Corp., Series 4, 3.13%, 04/15/2028			1,600,000		1,500,620
					2,906,376
Total U.S. Dollar Denominated Bonds & Notes (Cost $197,351,234)					180,148,050
U.S. Treasury Securities–10.57%
U.S. Treasury Bills–10.57%
5.29 - 5.31%, 06/13/2024(d)			64,592,837		64,592,837
5.11%, 09/05/2024(d)			48,107,605		48,099,394
Total U.S. Treasury Securities (Cost $112,700,442)					112,692,231
Asset-Backed Securities–8.01%
Alba PLC, Series 2007-1, Class F, 8.60% (SONIA + 3.37%), 03/17/2039(a)(b)(j)	GBP		3,146,096		3,763,382
Series 2006-2, Class F, 8.60% (SONIA + 3.37%), 12/15/2038(a)(b)(j)	GBP		1,036,592		1,201,668
Eurohome UK Mortgages PLC, Series 2007-1, Class M2, 5.85% (SONIA + 0.62%), 06/15/2044(a)(b)(j)	GBP		4,000,000		4,612,789
Series 2007-1, Class B1, 6.25% (SONIA + 1.02%), 06/15/2044(a)(b)(j)	GBP		5,275,000		5,759,486
Series 2007-2, Class B1, 6.75% (SONIA + 1.52%), 09/15/2044(a)(b)(j)	GBP		4,000,000		4,269,243
Series 2007-2, Class B2, 9.35% (SONIA + 4.12%), 09/15/2044(a)(b)(j)	GBP		3,750,000		4,448,233
Eurosail PLC, Series 2007-4X, Class D1A, 7.10% (SONIA + 1.87%), 06/13/2045(a)(b)(j)	GBP		4,094,013		4,661,822

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

8 Invesco International Bond Fund

 

		Principal Amount		Value
Eurosail-UK NC PLC, Series 2007-1X, Class D1C, 6.24% (SONIA + 1.01%), 03/13/2045(a)(b)(j)	GBP		2,500,000	$	2,675,487
Ludgate Funding PLC, Series 2007-1, Class RES, 0.00%, 01/01/2061(a)(b)(c)(k)	GBP		207,500,000		3,359,512
Mansard Mortgages PLC, Series 2006-1X, Class B2, 8.85% (SONIA + 3.62%), 10/15/2048(a)(b)(j)	GBP		3,243,751		4,053,129
Series 2007-1X, Class B2, 8.35% (SONIA + 3.12%), 04/15/2049(a)(b)(j)	GBP		2,059,680		2,456,084
Mortgage Funding PLC, Series 2008-1, Class B2, 8.55% (SONIA + 3.32%), 03/13/2046(a)(b)(j)	GBP		1,509,419		1,801,213
Newgate Funding PLC, Series 2006-2, Class CB, 4.34% (3 mo. EURIBOR + 0.43%), 12/01/2050(a)(b)(j)	EUR		1,412,749		1,354,180
Series 2007-2X, Class CB, 4.38% (3 mo. EURIBOR + 0.44%), 12/15/2050(a)(b)(j)	EUR		1,846,158		1,635,197
Series 2007-1X, Class CB, 4.32% (3 mo. EURIBOR + 0.38%), 12/01/2050(a)(b)(j)	EUR		1,037,130		954,021
ResLoC UK PLC, Series 2007-1X, Class D1A, 5.14% (3 mo. EURIBOR + 1.20%), 12/15/2043(a)(b)(j)	EUR		3,606,339		3,246,764
RMAC Securities No. 1 PLC, Series 2006-NS4X, Class B1C, 4.79% (3 mo. EURIBOR + 0.85%), 06/12/2044(a)(b)(j)	EUR		6,794,501		6,726,145
Towd Point Mortgage Funding 2024 - Granite 6 PLC, Series 2024- GR6X, Class F, 0.00% (SONIA + 4.50%), 07/20/2053(a)(b)(c)(j)	GBP		1,000,000		1,250,121
Sestante Finance S.r.l., Series 2005, Class C1, 4.71% (3 mo. EURIBOR + 0.80%), 07/15/2045(a)(b)(j)	EUR		9,700,000		6,720,573
IM Pastor 4, FTA, Series B, 4.11% (3 mo. EURIBOR + 0.19%), 03/22/2044(a)(b)(j)	EUR		3,800,000		2,707,583
Lusitano Mortgages No. 5 PLC, Series D, 4.87% (3 mo. EURIBOR + 0.96%), 07/15/2059(a)(b)(j)	EUR		5,120,345		4,597,787

		Principal Amount		Value
Fideicomiso Dorrego Y Libertador, 2.00%, 12/31/2043(l)	$		10,843,617	$	10,301,436
0.00%, 12/31/2043(a)(c)(l)	ARS		117,222,368		127,013
Fideicomiso Financiero Invernea Proteina 2, Serie II, 0.00%, 08/25/2032(a)(c)(k)(l)	ARS		445,000,000		2,761,549
Total Asset-Backed Securities (Cost $93,419,911)					85,444,417
		Shares
Common Stocks & Other Equity Interests–3.50%
Argentina–3.50%
Banco BBVA Argentina S.A.(m)			500,000		1,987,122
Banco Macro S.A., Class B(m)			950,000		6,434,873
Grupo Financiero Galicia S.A., Class B			2,260,000		9,135,419
Pampa Energia S.A.(m)			1,450,000		3,208,365
YPF S.A., ADR(m)			70,000		1,537,200
YPF S.A., Class D(m)			547,500		15,052,385
Total Common Stocks & Other Equity Interests (Cost $27,596,390)					37,355,364
Money Market Funds–0.72%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(n)(o)			2,681,060		2,681,060
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(n)(o)			1,914,231		1,914,805
Invesco Treasury Portfolio, Institutional Class, 5.22%(n)(o)			3,064,068		3,064,068
Total Money Market Funds (Cost $7,659,984)					7,659,933
Options Purchased–2.82%
(Cost $43,316,150)(p)					30,067,594
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-96.71% (Cost $1,115,803,282)					1,031,527,922
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.14%
Invesco Private Government Fund, 5.29%(n)(o)(q)			421,728		421,728
Invesco Private Prime Fund, 5.46%(n)(o)(q)			1,084,118		1,084,443
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,506,235)					1,506,171
TOTAL INVESTMENTS IN SECURITIES–96.85% (Cost $1,117,309,517)					1,033,034,093
OTHER ASSETS LESS LIABILITIES–3.15%					33,636,441
NET ASSETS–100.00%				$	1,066,670,534

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

9 Invesco International Bond Fund

Investment Abbreviations:
ADR	– American Depositary Receipt
ARS	– Argentina Peso
BRL	– Brazilian Real
COP	– Colombia Peso
CZK	– Czech Koruna
EGP	– Egypt Pound
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
IDR	– Indonesian Rupiah
INR	– Indian Rupee
JPY	– Japanese Yen
MXN	– Mexican Peso
MYR	– Malaysian Ringgit
NZD	– New Zealand Dollar
PEN	– Peruvian Sol
SONIA	– Sterling Overnight Index Average
UYU	– Uruguay Peso
ZAR	– South African Rand

Notes to Consolidated Schedule of Investments:

^(a)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $352,099,904, which represented 33.01% of the Fund’s Net Assets.

^(c)  Zero coupon bond issued at a discount.

^(d)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(e)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(f)  Perpetual bond with no specified maturity date.

^(g)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(h)  All or a portion of this security was out on loan at April 30, 2024.

⁽ⁱ⁾  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30, 2024 was $2,070,612, which represented less than 1% of the Fund’s Net Assets.

^(j)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2024.

^(k)  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, 2024.

^(l)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(m)  Non-income producing security.

⁽ⁿ⁾  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	20,424,446		$	107,312,646		$	(125,056,032)		$	-		$	-		$	2,681,060		$	179,444
Invesco Liquid Assets Portfolio, Institutional Class			14,229,288			76,651,890			(88,968,780)			(1,148)			3,555			1,914,805			126,684
Invesco Treasury Portfolio, Institutional Class			23,342,225			122,643,024			(142,921,181)			-			-			3,064,068			204,204
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,739,416			19,886,769			(22,204,457)			-			-			421,728			41,461*
Invesco Private Prime Fund			7,045,803			44,830,150			(50,792,439)			(156)			1,085			1,084,443			113,124*
Total		$	67,781,178		$	371,324,479		$	(429,942,889)		$	(1,304)		$	4,640		$	9,166,104		$	664,917

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Consolidated Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(o)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

^(p)  The table below details options purchased.

^(q)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

10 Invesco International Bond Fund

Open Over-The-Counter Foreign Currency Options Purchased(a)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

Currency Risk

AUD versus USD

Call

J.P. Morgan Chase Bank, N.A.

05/21/2024

USD

0.67

AUD

6,000,000

$

203,054

EUR versus USD

Call

Goldman Sachs International

05/20/2024

USD

1.15

EUR

75,000,000

80

USD versus JPY

Call

Goldman Sachs International

02/13/2026

JPY

175.00

USD

10,000,000

560,310

USD versus JPY

Call

J.P. Morgan Chase Bank, N.A.

02/13/2026

JPY

175.00

USD

10,000,000

560,310

Subtotal – Foreign Currency Call Options Purchased

1,323,754

Currency Risk

CNH versus INR

Put

Deutsche Bank AG

03/28/2025

INR

11.45

CNH

17,500,000

500,076

EUR versus BRL

Put

Goldman Sachs International

05/29/2024

BRL

5.35

EUR

5,000,000

223,845

EUR versus CLP

Put

Merrill Lynch International

07/31/2024

CLP

950.00

EUR

4,000,000

402,040

EUR versus HUF

Put

J.P. Morgan Chase Bank, N.A.

10/29/2024

HUF

385.00

EUR

3,750,000

272,368

EUR versus HUF

Put

Merrill Lynch International

07/16/2024

HUF

390.00

EUR

50,000,000

96,848

EUR versus INR

Put

J.P. Morgan Chase Bank, N.A.

09/10/2024

INR

89.50

EUR

4,000,000

420,067

EUR versus MXN

Put

Morgan Stanley and Co. International PLC

07/02/2024

MXN

17.75

EUR

2,250,000

202,539

EUR versus NOK

Put

J.P. Morgan Chase Bank, N.A.

06/20/2024

NOK

11.40

EUR

60,000,000

14,087

EUR versus NOK

Put

Merrill Lynch International

05/15/2024

NOK

11.30

EUR

40,000,000

342

EUR versus ZAR

Put

Goldman Sachs International

08/01/2024

ZAR

19.80

EUR

3,000,000

323,362

USD versus BRL

Put

Goldman Sachs International

06/20/2024

BRL

4.80

USD

4,000,000

117,096

USD versus BRL

Put

Goldman Sachs International

08/20/2024

BRL

4.78

USD

60,000,000

68,100

USD versus BRL

Put

Merrill Lynch International

06/17/2024

BRL

4.85

USD

3,500,000

47,618

USD versus BRL

Put

Merrill Lynch International

10/08/2024

BRL

4.90

USD

2,000,000

228,978

USD versus BRL

Put

Morgan Stanley and Co. International PLC

07/08/2024

BRL

4.60

USD

2,000,000

5,492

USD versus CAD

Put

Deutsche Bank AG

05/07/2024

CAD

1.30

USD

2,500,000

3

USD versus CAD

Put

Merrill Lynch International

05/17/2024

CAD

1.32

USD

5,000,000

1,835

USD versus CAD

Put

Morgan Stanley and Co. International PLC

05/21/2024

CAD

1.32

USD

6,000,000

5,262

USD versus CLP

Put

J.P. Morgan Chase Bank, N.A.

07/03/2024

CLP

920.00

USD

50,000,000

334,750

USD versus CLP

Put

Morgan Stanley and Co. International PLC

05/06/2024

CLP

870.00

USD

40,000,000

40

USD versus COP

Put

Goldman Sachs International

07/05/2024

COP

3,750.00

USD

40,000,000

124,440

USD versus COP

Put

Morgan Stanley and Co. International PLC

07/02/2024

COP

3,810.00

USD

50,000,000

275,050

USD versus IDR

Put

Goldman Sachs International

05/07/2024

IDR

14,600.00

USD

4,000,000

4

USD versus IDR

Put

Standard Chartered Bank PLC

05/07/2024

IDR

15,375.00

USD

32,000,000

32

USD versus IDR

Put

Standard Chartered Bank PLC

08/23/2024

IDR

15,400.00

USD

50,000,000

74,400

USD versus JPY

Put

Deutsche Bank AG

07/18/2024

JPY

129.40

USD

5,000,000

22,945

USD versus JPY

Put

Goldman Sachs International

05/07/2024

JPY

118.00

USD

50,000,000

50

USD versus JPY

Put

Goldman Sachs International

05/30/2024

JPY

115.00

USD

5,000,000

115

USD versus JPY

Put

Goldman Sachs International

06/10/2024

JPY

115.00

USD

5,000,000

540

USD versus JPY

Put

Goldman Sachs International

09/17/2024

JPY

122.00

USD

10,000,000

60,730

USD versus JPY

Put

Merrill Lynch International

06/03/2024

JPY

115.00

USD

7,500,000

413

USD versus MXN

Put

Goldman Sachs International

05/16/2024

MXN

16.25

USD

5,000,000

26,875

USD versus MXN

Put

Goldman Sachs International

08/08/2024

MXN

16.30

USD

3,500,000

291,581

USD versus MXN

Put

Goldman Sachs International

09/26/2024

MXN

16.75

USD

4,000,000

507,668

USD versus MXN

Put

Goldman Sachs International

03/31/2025

MXN

16.75

USD

67,500,000

783,810

USD versus MXN

Put

J.P. Morgan Chase Bank, N.A.

06/17/2024

MXN

16.50

USD

5,000,000

303,880

USD versus MXN

Put

Merrill Lynch International

07/05/2024

MXN

16.40

USD

3,960,000

219,261

USD versus TRY

Put

Goldman Sachs International

08/01/2024

TRY

32.50

USD

5,000,000

322,835

USD versus ZAR

Put

Goldman Sachs International

05/14/2024

ZAR

15.00

USD

10,000,000

40

USD versus ZAR

Put

Goldman Sachs International

08/01/2024

ZAR

18.70

USD

6,000,000

735,204

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

11 Invesco International Bond Fund

Open Over-The-Counter Foreign Currency Options Purchased(a)–(continued)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

USD versus ZAR

Put

Goldman Sachs International

10/16/2024

ZAR

18.15

USD

37,500,000

$

631,087

USD versus ZAR

Put

J.P. Morgan Chase Bank, N.A.

07/10/2024

ZAR

18.50

USD

3,500,000

596,960

USD versus ZAR

Put

J.P. Morgan Chase Bank, N.A.

08/27/2024

ZAR

18.50

USD

4,000,000

334,780

Subtotal – Foreign Currency Put Options Purchased

8,577,448

Total Foreign Currency Options Purchased

$

9,901,202

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $43,324,000.

Open Over-The-Counter Interest Rate Swaptions Purchased(a)

Description

Type of Contract

Counterparty

Exercise Rate

Pay/ Receive Exercise Rate

Floating Rate Index

Payment Frequency

Expiration Date

Notional Value

Value

Interest Rate Risk

5 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

3.30%

Receive

KWCDC

Quarterly

11/08/2028

KRW

20,000,000,000

$

211,565

Interest Rate Risk

30 Year Interest Rate Swap

Put

BNP Paribas S.A.

3.36

Pay

SOFR

Annually

05/01/2024

USD

26,400,000

3,017,069

30 Year Interest Rate Swap

Put

Deutsche Bank AG

3.64

Pay

SOFR

Annually

01/11/2027

USD

20,000,000

2,180,540

15 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

1.76

Pay

6 Month EURIBOR

Semi-Annually

03/15/2039

EUR

100,000,000

14,757,218

Subtotal – Interest Rate Put Swaptions Purchased

19,954,827

Total Interest Rate Swaptions Purchased

$

20,166,392

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $43,324,000.

Open Over-The-Counter Credit Default Swaptions Written(a)
Counterparty	Type of Contract	Exercise Rate	Reference Entity	(Pay)/ Receive Fixed Rate	Payment Frequency	Expiration Date	Implied Credit Spread(b)				Notional Value		Value
Credit Risk
Goldman Sachs International	Put	350.00%	Markit iTraxx Europe Crossover Index, Series 41, Version 1	(5.00)%	Quarterly	06/19/2024		3.182	%	EUR		49,500,000	$	(280,602	)
J.P. Morgan Chase Bank, N.A.	Put	350.00	Markit iTraxx Europe Crossover Index, Series 41, Version 1	(5.00)	Quarterly	06/19/2024		3.182		EUR		82,500,000		(467,671	)
J.P. Morgan Chase Bank, N.A.	Put	104.50	Markit CDX North America High Yield Index, Series 42, Version 1	(5.00)	Quarterly	06/20/2024		3.539		USD		163,000,000		(912,626	)
Total Credit Default Swaptions Written													$	(1,660,899	)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $43,324,000.

^(b)  Implied credit spreads represent the current level, as of April 30, 2024, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

12 Invesco International Bond Fund

Open Over-The-Counter Foreign Currency Options Written(a)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

Currency Risk

CNH versus INR

Call

Deutsche Bank AG

03/28/2025

INR

12.39

CNH

17,500,000

$

(488,783

)

EUR versus CLP

Call

Merrill Lynch International

09/30/2024

CLP

1,100.00

EUR

40,000,000

(596,053

)

EUR versus HUF

Call

J.P. Morgan Chase Bank, N.A.

05/30/2024

HUF

410.00

EUR

37,500,000

(17,369

)

EUR versus HUF

Call

Merrill Lynch International

07/16/2024

HUF

405.00

EUR

50,000,000

(218,136

)

EUR versus PLN

Call

Goldman Sachs International

08/23/2024

PLN

4.50

EUR

40,000,000

(149,750

)

USD versus BRL

Call

Goldman Sachs International

02/20/2025

BRL

5.30

USD

6,000,000

(2,848,242

)

USD versus BRL

Call

Goldman Sachs International

03/20/2025

BRL

5.50

USD

4,000,000

(1,411,544

)

USD versus BRL

Call

Goldman Sachs International

04/16/2025

BRL

5.75

USD

50,000,000

(1,148,050

)

USD versus BRL

Call

Merrill Lynch International

09/17/2024

BRL

5.30

USD

35,000,000

(842,450

)

USD versus CLP

Call

J.P. Morgan Chase Bank, N.A.

07/03/2024

CLP

1,020.00

USD

50,000,000

(315,000

)

USD versus COP

Call

Goldman Sachs International

07/05/2024

COP

3,925.00

USD

40,000,000

(1,067,840

)

USD versus COP

Call

Morgan Stanley and Co. International PLC

07/02/2024

COP

4,030.00

USD

50,000,000

(731,050

)

USD versus IDR

Call

Standard Chartered Bank PLC

05/07/2024

IDR

16,325.00

USD

32,000,000

(54,656

)

USD versus IDR

Call

Standard Chartered Bank PLC

08/23/2024

IDR

16,290.00

USD

37,500,000

(586,087

)

USD versus MXN

Call

Goldman Sachs International

03/31/2025

MXN

18.50

USD

123,750,000

(4,019,029

)

USD versus MXN

Call

Merrill Lynch International

04/30/2025

MXN

19.00

USD

3,960,000

(1,081,080

)

USD versus ZAR

Call

Goldman Sachs International

10/16/2024

ZAR

21.75

USD

37,500,000

(293,737

)

USD versus ZAR

Call

Goldman Sachs International

12/16/2024

ZAR

21.50

USD

15,000,000

(212,970

)

USD versus ZAR

Call

J.P. Morgan Chase Bank, N.A.

10/21/2024

ZAR

22.00

USD

40,000,000

(284,000

)

Subtotal – Foreign Currency Call Options Written

(16,365,826

)

Currency Risk

AUD versus USD

Put

Goldman Sachs International

01/02/2025

USD

0.64

AUD

75,000,000

(1,098,215

)

AUD versus USD

Put

Goldman Sachs International

01/02/2025

USD

0.64

AUD

46,875,000

(686,385

)

EUR versus NOK

Put

Merrill Lynch International

05/15/2024

NOK

11.10

EUR

80,000,000

(85

)

USD versus CLP

Put

J.P. Morgan Chase Bank, N.A.

07/03/2024

CLP

890.00

USD

50,000,000

(105,000

)

USD versus CNH

Put

Goldman Sachs International

04/28/2025

CNH

6.89

USD

1,500,000

(737,208

)

USD versus COP

Put

Goldman Sachs International

07/05/2024

COP

3,650.00

USD

40,000,000

(41,840

)

USD versus COP

Put

Morgan Stanley and Co. International PLC

07/02/2024

COP

3,660.00

USD

50,000,000

(53,900

)

USD versus IDR

Put

Standard Chartered Bank PLC

05/07/2024

IDR

14,895.00

USD

32,000,000

(32

)

USD versus IDR

Put

Standard Chartered Bank PLC

08/23/2024

IDR

14,925.00

USD

75,000,000

(36,825

)

USD versus MXN

Put

Goldman Sachs International

03/31/2025

MXN

16.00

USD

67,500,000

(276,480

)

USD versus ZAR

Put

Goldman Sachs International

10/16/2024

ZAR

17.15

USD

37,500,000

(197,625

)

Subtotal – Foreign Currency Put Options Written

(3,233,595

)

Total – Foreign Currency Options Written

$

(19,599,421

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $43,324,000.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

13 Invesco International Bond Fund

Open Over-The-Counter Interest Rate Swaptions Written(a)

Description

Type of Contract

Counterparty

Exercise Rate

Floating Rate Index

Pay/ Receive Exercise Rate

Payment Frequency

Expiration Date

Notional Value

Value

Interest Rate Risk

30 Year Interest Rate Swap

Call

Goldman Sachs International

3.55

%

SOFR

Receive

Annually

07/02/2024

USD

135,000,000

$(487,075)

30 Year Interest Rate Swap

Call

Goldman Sachs International

3.75

SOFR

Receive

Annually

07/17/2024

USD

75,000,000

(863,701)

10 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

4.00

SOFR

Receive

Annually

07/24/2024

USD

80,000,000

(591,454)

10 Year Interest Rate Swap

Call

Merrill Lynch International

3.75

SOFR

Receive

Annually

08/05/2024

USD

40,500,000

(160,808

)

30 Year Interest Rate Swap

Call

Toronto-Dominion Bank (The)

3.70

SOFR

Receive

Annually

07/24/2024

USD

75,000,000

(785,544

)

Subtotal–Interest Rate Call Swaptions Written

(2,888,582

)

Interest Rate Risk

5 Year Interest Rate Swap

Put

BNP Paribas S.A.

3.57

SOFR

Pay

Annually

05/01/2024

USD

118,000,000

(4,762,299

)

2 Year Interest Rate Swap

Put

Deutsche Bank AG

3.99

SOFR

Pay

Annually

01/11/2027

USD

180,000,000

(2,464,898

)

5 Year Interest Rate Swap

Put

Goldman Sachs International

4.10

SOFR

Pay

Annually

05/29/2024

USD

200,000,000

(3,427,252

)

10 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

3.10

6 Month EURIBOR

Pay

Semi- Annually

12/06/2024

EUR

75,000,000

(1,056,800

)

2 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

2.26

6 Month EURIBOR

Pay

Semi- Annually

03/15/2039

EUR

200,000,000

(5,527,894

)

30 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

4.00

SOFR

Pay

Annually

07/08/2024

USD

75,000,000

(2,083,154

)

10 Year Interest Rate Swap

Put

Merrill Lynch International

4.25

SOFR

Pay

Annually

07/08/2024

USD

100,000,000

(1,597,268

)

2 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

4.95

SOFR

Pay

Annually

07/11/2024

USD

203,000,000

(590,691

)

1 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

4.50

SONIA

Pay

At Maturity

03/24/2025

GBP

400,000,000

(2,135,776

)

2 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

4.60

SOFR

Pay

Annually

07/02/2024

USD

705,000,000

(4,808,227

)

Subtotal–Interest Rate Put Swaptions Written

(28,454,259

)

Total Open Over-The-Counter Interest Rate Swaptions Written

$

(31,342,841

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $43,324,000.

Open Forward Foreign Currency Contracts
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
06/20/2024	BNP Paribas S.A.		NZD	38,950,000		USD	23,954,943	$	1,003,734
06/20/2024	Citibank, N.A.		USD	3,875,257		GBP	3,110,000		11,835
06/21/2024	Citibank, N.A.		USD	22,465,000		CLP	21,672,210,150		98,420
06/20/2024	Deutsche Bank AG		AUD	17,200,000		USD	11,339,697		181,320
06/20/2024	Deutsche Bank AG		IDR	373,114,050,000		USD	23,904,542		990,352
06/20/2024	Deutsche Bank AG		MXN	502,597,718		USD	29,682,443		566,887
06/20/2024	Deutsche Bank AG		PEN	171,037,000		USD	46,604,087		1,197,481
06/20/2024	Deutsche Bank AG		ZAR	239,632,807		USD	12,786,470		103,676
07/22/2024	Deutsche Bank AG		JPY	1,431,700,000		USD	10,000,000		810,269
05/03/2024	Goldman Sachs International		BRL	230,427,044		USD	45,272,805		896,761
05/09/2024	Goldman Sachs International		JPY	2,086,080,000		USD	16,400,000		3,159,385
05/10/2024	Goldman Sachs International		IDR	162,500,000,000		USD	10,400,000		407,269
05/20/2024	Goldman Sachs International		AUD	12,375,000		USD	8,318,475		297,588
06/04/2024	Goldman Sachs International		BRL	103,110,244		USD	19,892,587		89,769
06/20/2024	Goldman Sachs International		INR	4,640,681,000		USD	55,850,586		359,186

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

14 Invesco International Bond Fund

Open Forward Foreign Currency Contracts–(continued)
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
06/20/2024	Goldman Sachs International		MXN	609,917,000		USD	35,600,000	$	267,424
06/20/2024	Goldman Sachs International		PLN	104,357,705		USD	25,900,000		186,810
07/12/2024	Goldman Sachs International		EUR	19,200,000		ZAR	391,516,800		133,412
03/19/2025	Goldman Sachs International		INR	19,429,825,000		USD	230,000,000		584,353
06/04/2024	J.P. Morgan Chase Bank, N.A.		BRL	56,429,132		USD	10,970,000		132,513
06/20/2024	J.P. Morgan Chase Bank, N.A.		AUD	48,037,138		USD	31,696,126		532,377
06/20/2024	J.P. Morgan Chase Bank, N.A.		EUR	115,858,000		USD	127,051,111		3,161,237
06/20/2024	J.P. Morgan Chase Bank, N.A.		GBP	61,796,505		USD	79,073,899		1,836,386
06/20/2024	J.P. Morgan Chase Bank, N.A.		JPY	4,592,295,649		USD	31,082,864		1,748,457
06/20/2024	J.P. Morgan Chase Bank, N.A.		KRW	17,103,799,650		USD	13,066,210		696,730
06/20/2024	J.P. Morgan Chase Bank, N.A.		NZD	19,549,212		USD	11,800,000		280,666
06/20/2024	J.P. Morgan Chase Bank, N.A.		THB	1,066,999,784		USD	29,600,000		700,153
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD	33,522,877		CNY	239,635,000		158,903
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD	1,702,360		ZAR	32,311,000		7,731
06/21/2024	Merrill Lynch International		CLP	5,428,840,000		USD	5,723,545		71,459
08/02/2024	Merrill Lynch International		COP	17,658,000,000		USD	4,500,000		61,688
10/09/2024	Merrill Lynch International		USD	3,960,000		MXN	69,616,800		2,732
06/20/2024	Morgan Stanley and Co. International PLC		COP	42,977,000,000		USD	11,000,000		124,965
06/20/2024	Morgan Stanley and Co. International PLC		CZK	375,355,000		USD	16,250,182		321,168
06/20/2024	Morgan Stanley and Co. International PLC		EUR	34,000,000		USD	37,052,262		695,206
06/20/2024	Morgan Stanley and Co. International PLC		GBP	5,503,988		USD	6,900,000		20,738
06/20/2024	Morgan Stanley and Co. International PLC		USD	2,709,892		MXN	46,900,000		7,032
06/20/2024	Royal Bank of Canada		EUR	20,835,000		USD	22,324,953		45,563
05/13/2024	Standard Chartered Bank PLC		IDR	207,055,200,000		USD	13,200,000		468,014
06/20/2024	Standard Chartered Bank PLC		HUF	9,027,943,772		USD	24,749,688		194,760
06/20/2024	Standard Chartered Bank PLC		ZAR	1,992,434,973		USD	106,256,399		804,882
06/20/2024	UBS AG		CAD	1,655,000		USD	1,228,015		24,857
06/20/2024	UBS AG		JPY	1,132,400,000		USD	7,645,994		412,513
06/20/2024	UBS AG		THB	446,259,603		USD	12,200,000		112,993
Subtotal–Appreciation									23,969,654
Currency Risk
06/20/2024	Barclays Bank PLC		USD	2,737,915		EUR	2,515,000		(48,563	)
06/20/2024	Barclays Bank PLC		USD	11,000,000		ZAR	207,581,055		(13,575	)
06/20/2024	BNP Paribas S.A.		USD	14,532,871		NZD	23,630,000		(608,941	)
06/20/2024	Citibank, N.A.		COP	28,285,380,595		USD	7,129,899		(27,523	)
06/20/2024	Deutsche Bank AG		COP	315,344,134,405		USD	79,341,638		(454,034	)
06/20/2024	Deutsche Bank AG		USD	2,369,273		GBP	1,849,000		(58,266	)
06/20/2024	Deutsche Bank AG		USD	71,837,491		IDR	1,121,275,479,200		(2,976,188	)
06/20/2024	Deutsche Bank AG		USD	4,631		KRW	6,062,741		(246	)
06/20/2024	Deutsche Bank AG		USD	38,727,975		MXN	660,395,617		(471,165	)
06/20/2024	Deutsche Bank AG		USD	36,265,905		THB	1,285,782,264		(1,440,302	)
05/03/2024	Goldman Sachs International		USD	45,435,970		BRL	230,427,044		(1,059,926	)
05/06/2024	Goldman Sachs International		MXN	112,299,832		USD	5,833,000		(719,339	)
05/16/2024	Goldman Sachs International		ZAR	178,165,625		USD	8,875,000		(581,241	)
05/17/2024	Goldman Sachs International		MXN	90,768,000		USD	4,800,000		(486,765	)
06/04/2024	Goldman Sachs International		USD	24,562,648		BRL	127,316,800		(110,843	)
06/20/2024	Goldman Sachs International		EUR	20,722,901		USD	22,100,000		(59,519	)
06/20/2024	Goldman Sachs International		USD	12,630,407		INR	1,049,473,125		(81,228	)
07/12/2024	Goldman Sachs International		ZAR	392,632,800		EUR	19,200,000		(192,373	)
11/08/2024	Goldman Sachs International		USD	24,500,000		JPY	3,542,700,000		(1,390,410	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

15 Invesco International Bond Fund

Open Forward Foreign Currency Contracts–(continued)
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
02/21/2025	Goldman Sachs International		CNY	272,505,600		USD	38,400,000	$	(121,464	)
03/19/2027	Goldman Sachs International		USD	250,000,000		INR	22,223,750,000		(703,342	)
06/20/2024	HSBC Bank USA, N.A.		USD	6,565,910		NOK	68,915,000		(354,517	)
06/20/2024	HSBC Bank USA, N.A.		USD	26,694,488		PLN	104,585,000		(925,294	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		CNY	44,785,000		USD	6,265,037		(29,697	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		EUR	20,734,166		USD	22,100,000		(71,565	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD	48,976,464		AUD	74,016,270		(958,940	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD	307,393,117		EUR	280,271,000		(7,692,287	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD	14,312,801		GBP	11,185,500		(332,396	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD	120,477,434		JPY	17,528,979,970		(8,506,800	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD	21,848,823		KRW	28,600,327,484		(1,165,046	)
06/20/2024	J.P. Morgan Chase Bank, N.A.		USD	8,793,857		MXN	148,919,383		(166,937	)
06/20/2024	Merrill Lynch International		USD	11,162,012		AUD	17,200,000		(3,636	)
06/21/2024	Merrill Lynch International		USD	10,456,728		CLP	9,918,311,865		(130,553	)
07/05/2024	Merrill Lynch International		CLP	22,970,200,000		EUR	22,000,000		(372,343	)
06/20/2024	Morgan Stanley and Co. International PLC		EUR	1,453,000		USD	1,549,474		(4,256	)
06/20/2024	Morgan Stanley and Co. International PLC		USD	815,853		CZK	18,845,000		(16,125	)
06/20/2024	Morgan Stanley and Co. International PLC		USD	24,706,891		KRW	32,362,593,555		(1,302,241	)
06/20/2024	Morgan Stanley and Co. International PLC		USD	16,700,000		MXN	281,091,523		(416,329	)
06/20/2024	Morgan Stanley and Co. International PLC		USD	6,546,737		THB	232,705,736		(243,868	)
06/20/2024	Royal Bank of Canada		GBP	1,000,000		USD	1,239,357		(10,512	)
06/20/2024	Standard Chartered Bank PLC		USD	7,015,463		GBP	5,600,000		(16,198	)
06/20/2024	Standard Chartered Bank PLC		USD	30,829,438		HUF	11,245,654,000		(242,603	)
06/20/2024	Standard Chartered Bank PLC		USD	20,179,242		ZAR	378,385,000		(152,856	)
06/20/2024	UBS AG		CAD	4,677,778		USD	3,400,000		(670	)
06/20/2024	UBS AG		EUR	20,789,900		USD	22,145,526		(85,637	)
06/20/2024	UBS AG		USD	5,494,534		CAD	7,405,000		(111,217	)
06/20/2024	UBS AG		USD	4,984,739		EUR	4,550,000		(119,309	)
Subtotal–Depreciation									(35,037,085	)
Total Forward Foreign Currency Contracts									$(11,067,431)

	Open Centrally Cleared Credit Default Swap Agreements(a)
			(Pay)/
			Receive						Implied						Upfront						Unrealized
	Buy/Sell		Fixed		Payment		Maturity		Credit						Payments Paid						Appreciation
Reference Entity	Protection		Rate		Frequency		Date		Spread(b)			Notional Value			(Received)			Value			(Depreciation)
Credit Risk
Markit iTraxx Europe Crossover Index, Series 41, Version 1		Buy		(5.00)%		Quarterly		06/20/2029		3.182	%		EUR	60,950,000	$	(5,860,861	)	$	(5,006,191	)	$	854,670
UBS AG		Sell		1.00		Quarterly		12/20/2028		0.567			EUR	7,500,000		107,921			149,469			41,548
Subtotal - Appreciation																(5,752,940	)		(4,856,722	)		896,218
Credit Risk
Brazil Government International Bonds		Buy		(1.00)		Quarterly		12/20/2027		1.059			USD	5,000,000		201,977			9,676			(192,301	)
Markit CDX North America High Yield Index, Series 41, Version 2		Buy		(5.00)		Quarterly		12/20/2028		3.374			USD	82,179,900		7,370			(4,971,144	)		(4,978,514	)
Intesa Sanpaolo S.p.A.		Buy		(1.00)		Quarterly		12/20/2028		0.573			EUR	7,500,000		(75,841	)		(149,067	)		(73,226	)
Subtotal - Depreciation																133,506			(5,110,535	)		(5,244,041	)
Total Centrally Cleared Credit Default Swap Agreements															$	(5,619,434	)	$	(9,967,257	)	$	(4,347,823	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

16 Invesco International Bond Fund

^(a)  Centrally cleared swap agreements collateralized by $17,323,457 cash held with Counterparties.

^(b)  Implied credit spreads represent the current level, as of April 30, 2024, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Centrally Cleared Interest Rate Swap Agreements(a)
Pay/ Receive Floating  Rate	Floating Rate Index	Payment Frequency		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Pay	6 Month EURIBOR		Semi-Annually		2.60	%		Annually		01/09/2029		EUR	111,800,000	$	–			$         –			$         –
Receive	3 Month JIBAR		Quarterly		(9.87	)		Quarterly		06/15/2033		ZAR	141,000,000		–			25,821			25,821
Pay	3 Month CZK PRIBOR		Quarterly		5.36			Annually		01/05/2025		CZK	1,165,000,000		–			53,983			53,983
Receive	6 Month MIBOR Semi-Annually				(6.52	)		Semi-Annually		03/19/2027		INR	9,500,000,000		–			55,463			55,463
Pay	3 Month CZK PRIBOR		Quarterly		6.06			Annually		09/20/2024		CZK	1,665,000,000		–			149,986			149,986
Receive	TONAR		Annually		(0.53	)		Annually		03/12/2029		JPY	9,000,006,432		–			165,411			165,411
Pay	COOVIBR		Quarterly		9.44			Quarterly		10/24/2026		COP	50,000,000,000		–			212,074			212,074
Receive	BZDIOVRA		At Maturity		(11.23	)		At Maturity		01/02/2029		BRL	235,198,849		–			256,413			256,413
Receive	6 Month MIBOR Semi-Annually				(6.37	)		Semi-Annually		03/19/2027		INR	9,500,000,000		–			360,193			360,193
Receive	SOFR		Annually		(4.10	)		Annually		05/09/2029		USD	25,000,000		5,195			416,896			411,701
Receive	3 Month JIBAR		Quarterly		(7.42	)		Quarterly		05/05/2027		ZAR	370,000,000		–			571,321			571,321
Receive	CORRA		Semi-Annually		(3.51	)		Semi-Annually		03/26/2034		CAD	80,000,000		–			1,498,109			1,498,109
Receive	COOVIBR		Quarterly		(4.20	)		Quarterly		02/08/2031		COP	43,000,000,000		–			2,448,028			2,448,028
Receive	SOFR		Annually		(3.61	)		Annually		04/13/2056		USD	73,360,000		(61,469	)		3,070,506			3,131,975
Receive	SOFR		Annually		(3.87	)		Annually		04/08/2036		USD	176,175,000		61,193			3,418,535			3,357,342
Receive	SOFR		Annually		(3.53	)		Annually		09/27/2032		USD	62,000,000		–			3,504,416			3,504,416
Subtotal – Appreciation															4,919			16,207,155			16,202,236
Interest Rate Risk
Pay	EFFR		Annually		3.67			Annually		08/09/2039		USD	200,000,000		(146,990	)		(11,870,882	)		(11,723,892	)
Pay	CORRA		Semi-Annually		3.69			Semi-Annually		03/26/2026		CAD	720,000,000		–			(2,170,010	)		(2,170,010	)
Pay	28 Day MXN TIIE		28 days		8.86			28 days		03/14/2029		MXN	1,063,880,000		–			(2,109,838	)		(2,109,838	)
Pay	BZDIOVRA		At Maturity		9.93			At Maturity		01/04/2027		BRL	397,901,409		–			(1,940,731	)		(1,940,731	)
Pay	SOFR		Annually		3.78			Annually		04/13/2028		USD	230,000,000		(32,775	)		(1,593,675	)		(1,560,900	)
Pay	SOFR		Annually		3.85			Annually		04/08/2028		USD	260,000,000		(32,376	)		(1,501,016	)		(1,468,640	)
Pay	28 Day MXN TIIE		28 days		9.65			28 days		04/06/2027		MXN	1,540,000,000		–			(1,074,343	)		(1,074,343	)
Pay	SOFR		Annually		3.99			Annually		04/10/2028		USD	275,000,000		32,635			(911,930	)		(944,565	)
Pay	SOFR		Annually		4.05			Annually		03/19/2027		USD	115,000,000		–			(941,594	)		(941,594	)
Pay	SONIA		Annually		4.31			Annually		04/17/2026		GBP	78,970,000		–			(835,839	)		(835,839	)
Pay	28 Day MXN TIIE		28 days		8.87			28 days		03/14/2029		MXN	415,000,000		–			(815,925	)		(815,925	)
Receive	COOVIBR		Quarterly		(9.91	)		Quarterly		01/17/2028		COP	60,845,000,000		–			(717,732	)		(717,732	)
Pay	BZDIOVRA		At Maturity		9.77			At Maturity		01/04/2027		BRL	90,677,160		–			(540,852	)		(540,852	)
Pay	SOFR		Annually		4.04			Annually		04/13/2028		USD	250,850,000		(60,520	)		(599,419	)		(538,899	)
Pay	28 Day MXN TIIE		28 days		9.13			28 days		02/11/2028		MXN	233,000,000		–			(333,731	)		(333,731	)
Receive	COOVIBR		Quarterly		(9.01	)		Quarterly		05/24/2032		COP	36,300,000,000		–			(284,317	)		(284,317	)
Pay	SOFR		Annually		4.38			Annually		03/19/2027		USD	107,500,000		–			(242,332	)		(242,332	)
Receive	6 Month EURIBOR		Semi-Annually		(2.59	)		Annually		06/15/2054		EUR	17,002,616		(30	)		(208,063	)		(208,033	)
Pay	28 Day MXN TIIE		28 days		9.71			28 days		04/23/2029		MXN	875,000,000		–			(18,927	)		(18,927	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

17 Invesco International Bond Fund

Open Centrally Cleared Interest Rate Swap Agreements(a)–(continued)
Pay/ Receive Floating  Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Receive	3 Month JIBAR	Quarterly		(10.00	)%		Quarterly		10/26/2033		ZAR	290,000,000	$	–			$(12,585	)		$(12,585	)
Receive	COOVIBR	Quarterly		(8.54	)		Quarterly		05/27/2032		COP	13,500,000,000		–			(12,383	)		(12,383	)
Receive	28 Day MXN TIIE	28 Days		(9.55	)		28 Days		04/17/2034		MXN	525,000,000		–			(5,663	)		(5,663	)
Subtotal – Depreciation														(240,056	)		(28,741,787	)		(28,501,731	)
Total Centrally Cleared Interest Rate Swap Agreements														$(235,137)			$(12,534,632	)		$(12,299,495	)

^(a)  Centrally cleared swap agreements collateralized by $17,323,457 cash held with Counterparties.

Open Over-The-Counter Credit Default Swap Agreements(a)
				(Pay)/							Implied						Upfront						Unrealized
		Buy/Sell		Receive			Payment		Maturity		Credit			Notional			Payments Paid						Appreciation
Counterparty	Reference Entity	Protection		Fixed Rate			Frequency		Date		Spread(b)			Value			(Received)			Value			(Depreciation)
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.		Buy		(1.00	)%		Quarterly		12/20/2024		0.313	%		EUR	5,000,000	$	12,565		$	26,557		$	13,992
Goldman Sachs International	Markit iTraxx Europe Crossover Index, Series 32, Version 6		Sell		5.00			Quarterly		12/20/2024		0.210			EUR	10,000,000		213,878			326,237			112,359
Subtotal–Appreciation																		226,443			352,794			126,351
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.		Buy		(1.00	)		Quarterly		12/20/2024		0.313			EUR	5,000,000		8,162			(51,377	)		(59,539	)
Goldman Sachs International	Markit CDX North America High Yield Index, Series 37, Version 4		Buy		(5.00	)		Quarterly		12/20/2026		0.130			USD	24,724,038		(2,677,941	)		(2,955,929	)		(277,988	)
J.P. Morgan Chase Bank, N.A.	Markit CDX North America High Yield Index, Series 39, Version 3		Buy		(5.00	)		Quarterly		12/20/2027		0.302			USD	19,994,615		(2,677,809	)		(3,061,748	)		(383,939	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 40, Version 1		Sell		5.00			Quarterly		12/20/2028		6.635			EUR	15,000,000		(654,103	)		(1,037,943	)		(383,840	)
Subtotal–Depreciation																		(6,001,691	)		(7,106,997	)		(1,105,306	)
Total Open Over-The-Counter Credit Default Swap Agreements																	$	(5,775,248	)	$	(6,754,203	)	$	(978,955	)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $43,324,000.

^(b)  Implied credit spreads represent the current level, as of April 30, 2024, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Over-The-Counter Interest Rate Swap Agreements(a)
Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Received Fixed Rate	Payment Frequency	Maturity Date	Notional Value	Upfront Payments Paid (Received)	Value	Unrealized Appreciation
Interest Rate Risk
Morgan Stanley and Co. International PLC	Receive	EFFR	Annually	(3.67)%	Annually	08/09/2039	USD $200,000,000	$–	$11,870,882	$11,870,882

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $43,324,000.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

18 Invesco International Bond Fund

Abbreviations:

AUD	– Australian Dollar
BRL	– Brazilian Real
BZDIOVRA	– Brazil Ceptip DI Interbank Deposit Rate
CAD	– Canadian Dollar
CLP	– Chile Peso
CNH	– Chinese Renminbi
CNY	– Chinese Yuan Renminbi
COOVIBR	– Colombia IBR Overnight Nominal Interbank Reference Rate
COP	– Colombia Peso
CORRA	– Canadian Overnight Repo Rate Average
CZK	– Czech Koruna
EFFR	– Effective Federal Funds Rate
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
HUF	– Hungarian Forint
IDR	– Indonesian Rupiah
INR	– Indian Rupee
JIBAR	– Johannesburg Interbank Average Rate
JPY	– Japanese Yen
KRW	– South Korean Won
KWCDC	– South Korean Won Certificate of Deposit
MIBOR	– Mumbai Interbank Offered Rate
MXN	– Mexican Peso
NOK	– Norwegian Krone
NZD	– New Zealand Dollar
PEN	– Peruvian Sol
PLN	– Polish Zloty
PRIBOR	– Prague Interbank Offerred Rate
SOFR	– Secured Overnight Financing Rate
SONIA	– Sterling Overnight Index Average
THB	– Thai Baht
TIIE	– Interbank Equilibrium Interest Rate
TONAR	– Tokyo Overnight Average Rate
TRY	– Turkish Lira
USD	– U.S. Dollar
ZAR	– South African Rand

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2024

Non-U.S. Dollar Denominated Bonds & Notes	54.20%
U.S. Dollar Denominated Bonds & Notes	16.89
U.S. Treasury Securities	10.57
Asset-Backed Securities	8.01
Common Stocks & Other Equity Interests	3.50
Open Over-The-Counter Interest Rate Swaptions Purchased	1.88
Security Types Each Less Than 1% of Portfolio	0.94
Money Market Funds Plus Other Assets Less Liabilities	4.01

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

19 Invesco International Bond Fund

Consolidated Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,108,143,298)*	$	1,023,867,989
Investments in affiliated money market funds, at value (Cost $9,166,219)		9,166,104
Other investments:
Variation margin receivable – futures contracts		6,715,986
Swaps receivable – OTC		163,242
Unrealized appreciation on swap agreements – OTC		11,997,233
Unrealized appreciation on forward foreign currency contracts outstanding		23,969,654
Deposits with brokers:
Cash collateral – centrally cleared swap agreements		17,323,457
Cash collateral – OTC Derivatives		43,324,000
Cash		40,002,318
Foreign currencies, at value (Cost $17,672,855)		17,277,051
Receivable for:
Investments sold		9,045,110
Fund shares sold		390,267
Dividends		62,837
Interest		15,696,854
Investment for trustee deferred compensation and retirement plans		327,456
Other assets		74,707
Total assets		1,219,404,265
Liabilities:
Other investments:
Options written, at value (premiums received $42,927,828)		52,603,161
Variation margin payable – centrally cleared swap agreements		176,550
Premiums received on swap agreements – OTC		5,775,248
Unrealized depreciation on forward foreign currency contracts outstanding		35,037,085
Swaps payable – OTC		267,057
Unrealized depreciation on swap agreements – OTC		1,105,306
Payable for:
Investments purchased		52,600,812
Dividends		794,784
Fund shares reacquired		1,111,640
Collateral upon return of securities loaned		1,506,235
Accrued fees to affiliates		525,709
Accrued other operating expenses		258,304
Trustee deferred compensation and retirement plans		327,456
Collateral due to broker – OTC Derivatives		644,384
Total liabilities		152,733,731
Net assets applicable to shares outstanding	$	1,066,670,534

Net assets consist of:
Shares of beneficial interest	$	1,425,643,533
Distributable earnings (loss)		(358,972,999	)
	$	1,066,670,534
Net Assets:
Class A	$	388,668,960
Class C	$	13,392,041
Class R	$	36,444,614
Class Y	$	415,762,309
Class R5	$	1,306,943
Class R6	$	211,095,667
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		92,525,079
Class C		3,199,586
Class R		8,699,680
Class Y		99,024,210
Class R5		310,665
Class R6		50,358,088
Class A:
Net asset value per share	$	4.20
Maximum offering price per share (Net asset value of $4.20 ÷ 95.75%)	$	4.39
Class C:
Net asset value and offering price per share	$	4.19
Class R:
Net asset value and offering price per share	$	4.19
Class Y:
Net asset value and offering price per share	$	4.20
Class R5:
Net asset value and offering price per share	$	4.21
Class R6:
Net asset value and offering price per share	$	4.19

* At April 30, 2024, securities with an aggregate value of $1,462,116 were on loan to brokers.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

20 Invesco International Bond Fund

Consolidated Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $367,195)	$	36,464,111
Dividends from affiliated money market funds (includes net securities lending income of $9,809)		520,141
Total investment income		36,984,252
Expenses:
Advisory fees		3,901,630
Administrative services fees		88,959
Custodian fees		232,526
Distribution fees:
Class A		504,427
Class C		72,335
Class R		96,837
Transfer agent fees – A, C, R and Y		886,019
Transfer agent fees – R5		629
Transfer agent fees – R6		49,572
Trustees’ and officers’ fees and benefits		13,111
Registration and filing fees		45,550
Reports to shareholders		189,997
Professional services fees		60,442
Other		11,836
Total expenses		6,153,870
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(654,411	)
Net expenses		5,499,459
Net investment income		31,484,793
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(7,947,145	)
Affiliated investment securities		4,640
Foreign currencies		(2,887,093	)
Forward foreign currency contracts		(6,484,144	)
Futures contracts		1,553,761
Option contracts written		23,553,897
Swap agreements		(670,724	)
		7,123,192
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		53,377,253
Affiliated investment securities		(1,304	)
Foreign currencies		255,920
Forward foreign currency contracts		(15,155,578	)
Futures contracts		575,410
Option contracts written		(19,797,543	)
Swap agreements		(3,431,804	)
		15,822,354
Net realized and unrealized gain		22,945,546
Net increase in net assets resulting from operations	$	54,430,339

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

21 Invesco International Bond Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30, 2024			October 31, 2023
Operations:
Net investment income	$	31,484,793		$	67,993,807
Net realized gain (loss)		7,123,192			(72,822,919	)
Change in net unrealized appreciation		15,822,354			128,427,764
Net increase in net assets resulting from operations		54,430,339			123,598,652
Distributions to shareholders from distributable earnings:
Class A		(10,095,749	)		(3,990,702	)
Class C		(301,033	)		(124,362	)
Class R		(901,497	)		(347,746	)
Class Y		(11,283,056	)		(4,555,496	)
Class R5		(32,505	)		(10,546	)
Class R6		(8,427,110	)		(3,296,864	)
Total distributions from distributable earnings		(31,040,950	)		(12,325,716	)
Return of capital:
Class A		–			(15,235,988	)
Class C		–			(474,796	)
Class R		–			(1,327,651	)
Class Y		–			(17,392,299	)
Class R5		–			(40,262	)
Class R6		–			(12,587,001	)
Total return of capital		–			(47,057,997	)
Total distributions		(31,040,950	)		(59,383,713	)
Share transactions–net:
Class A		(27,183,768	)		(63,170,758	)
Class C		(1,614,409	)		(3,654,656	)
Class R		(2,538,437	)		(4,724,501	)
Class Y		(25,950,296	)		(86,721,980	)
Class R5		181,609			112,045
Class R6		(149,148,163	)		52,649,973
Net increase (decrease) in net assets resulting from share transactions		(206,253,464	)		(105,509,877	)
Net increase (decrease) in net assets		(182,864,075	)		(41,294,938	)
Net assets:
Beginning of period		1,249,534,609			1,290,829,547
End of period	$	1,066,670,534		$	1,249,534,609

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

22 Invesco International Bond Fund

Consolidated Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover(d)
Class A
Six months ended 04/30/24		$	4.15		$	0.11		$	0.05			$	0.16			$	(0.11	)		$	–			$	(0.11	)		$	4.20		3.70	%		$	388,669		1.04	%(e)		1.19	%(e)		4.97	%(e)		44	%
Year ended 10/31/23			3.96			0.21			0.17				0.38				(0.04	)			(0.15	)			(0.19	)			4.15		9.40	(f)			409,561		1.03	(f)		1.14	(f)		4.95	(f)		78
Year ended 10/31/22			5.08			0.15			(1.13	)			(0.98	)			–				(0.14	)			(0.14	)			3.96		(19.50	)			449,632		1.16	(g)		1.18	(g)		3.21	(g)		90
Year ended 10/31/21			5.41			0.15			(0.33	)			(0.18	)			–				(0.15	)			(0.15	)			5.08		(3.54	)			690,866		1.01			1.07			2.73			197
Year ended 10/31/20			5.53			0.17			(0.10	)			0.07				(0.12	)			(0.07	)			(0.19	)			5.41		1.35				894,798		1.00			1.04			3.17			162
One month ended 10/31/19			5.41			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.53		2.60				1,043,265		1.01	(e)		1.03	(e)		4.60	(e)		7
Year ended 09/30/19			5.47			0.28			(0.06	)			0.22				–				(0.28	)			(0.28	)			5.41		4.15				1,039,683		0.99			1.02			5.15			105
Class C
Six months ended 04/30/24			4.13			0.09			0.06				0.15				(0.09	)			–				(0.09	)			4.19		3.57				13,392		1.79	(e)		1.94	(e)		4.22	(e)		44
Year ended 10/31/23			3.94			0.18			0.16				0.34				(0.03	)			(0.12	)			(0.15	)			4.13		8.61				14,744		1.79			1.90			4.19			78
Year ended 10/31/22			5.06			0.11			(1.12	)			(1.01	)			–				(0.11	)			(0.11	)			3.94		(20.21	)			17,454		1.91	(g)		1.93	(g)		2.46	(g)		90
Year ended 10/31/21			5.39			0.11			(0.33	)			(0.22	)			–				(0.11	)			(0.11	)			5.06		(4.29	)			30,414		1.76			1.82			1.98			197
Year ended 10/31/20			5.51			0.13			(0.10	)			0.03				(0.09	)			(0.06	)			(0.15	)			5.39		0.58				64,440		1.75			1.79			2.42			162
One month ended 10/31/19			5.39			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.51		2.55				113,329		1.77	(e)		1.79	(e)		3.84	(e)		7
Year ended 09/30/19			5.45			0.24			(0.06	)			0.18				–				(0.24	)			(0.24	)			5.39		3.36				116,134		1.74			1.77			4.39			105
Class R
Six months ended 04/30/24			4.13			0.10			0.06				0.16				(0.10	)			–				(0.10	)			4.19		3.82				36,445		1.29	(e)		1.44	(e)		4.72	(e)		44
Year ended 10/31/23			3.95			0.20			0.15				0.35				(0.04	)			(0.13	)			(0.17	)			4.13		8.87				38,381		1.29			1.40			4.69			78
Year ended 10/31/22			5.06			0.14			(1.12	)			(0.98	)			–				(0.13	)			(0.13	)			3.95		(19.59	)			40,962		1.41	(g)		1.43	(g)		2.96	(g)		90
Year ended 10/31/21			5.39			0.14			(0.34	)			(0.20	)			–				(0.13	)			(0.13	)			5.06		(3.80	)			60,913		1.26			1.32			2.48			197
Year ended 10/31/20			5.51			0.15			(0.10	)			0.05				(0.10	)			(0.07	)			(0.17	)			5.39		1.09				79,763		1.25			1.29			2.92			162
One month ended 10/31/19			5.39			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.51		2.59				99,080		1.27	(e)		1.29	(e)		4.34	(e)		7
Year ended 09/30/19			5.45			0.27			(0.06	)			0.21				–				(0.27	)			(0.27	)			5.39		3.88				98,380		1.24			1.27			4.90			105
Class Y
Six months ended 04/30/24			4.14			0.11			0.06				0.17				(0.11	)			–				(0.11	)			4.20		4.08				415,762		0.79	(e)		0.94	(e)		5.22	(e)		44
Year ended 10/31/23			3.96			0.22			0.16				0.38				(0.04	)			(0.16	)			(0.20	)			4.14		9.40				435,275		0.79			0.90			5.19			78
Year ended 10/31/22			5.08			0.16			(1.12	)			(0.96	)			–				(0.16	)			(0.16	)			3.96		(19.28	)			497,025		0.91	(g)		0.93	(g)		3.46	(g)		90
Year ended 10/31/21			5.40			0.16			(0.32	)			(0.16	)			–				(0.16	)			(0.16	)			5.08		(3.11	)			936,624		0.76			0.82			2.98			197
Year ended 10/31/20			5.53			0.18			(0.11	)			0.07				(0.12	)			(0.08	)			(0.20	)			5.40		1.41				1,105,508		0.75			0.79			3.42			162
One month ended 10/31/19			5.41			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.53		2.62				1,623,640		0.77	(e)		0.79	(e)		4.84	(e)		7
Year ended 09/30/19			5.47			0.29			(0.05	)			0.24				–				(0.30	)			(0.30	)			5.41		4.40				1,611,797		0.74			0.77			5.39			105
Class R5
Six months ended 04/30/24			4.15			0.11			0.06				0.17				(0.11	)			–				(0.11	)			4.21		4.08				1,307		0.79	(e)		0.84	(e)		5.22	(e)		44
Year ended 10/31/23			3.96			0.22			0.17				0.39				(0.04	)			(0.16	)			(0.20	)			4.15		9.66				1,118		0.78			0.81			5.20			78
Year ended 10/31/22			5.08			0.15			(1.11	)			(0.96	)			–				(0.16	)			(0.16	)			3.96		(19.23	)			964		0.84	(g)		0.84	(g)		3.53	(g)		90
Year ended 10/31/21			5.41			0.16			(0.32	)			(0.16	)			–				(0.17	)			(0.17	)			5.08		(3.16	)			70		0.64			0.64			3.10			197
Year ended 10/31/20			5.53			0.19			(0.11	)			0.08				(0.12	)			(0.08	)			(0.20	)			5.41		1.71				10		0.61			0.62			3.56			162
One month ended 10/31/19			5.41			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.53		2.62				10		0.68	(e)		0.68	(e)		4.93	(e)		7
Period ended 09/30/19(h)			5.41			0.11			(0.01	)			0.10				–				(0.10	)			(0.10	)			5.41		1.74				10		0.65	(e)		0.67	(e)		5.48	(e)		105
Class R6
Six months ended 04/30/24			4.14			0.11			0.05				0.16				(0.11	)			–				(0.11	)			4.19		3.85				211,096		0.77	(e)		0.77	(e)		5.24	(e)		44
Year ended 10/31/23			3.95			0.22			0.17				0.39				(0.04	)			(0.16	)			(0.20	)			4.14		9.75				350,456		0.74			0.74			5.24			78
Year ended 10/31/22			5.07			0.17			(1.13	)			(0.96	)			–				(0.16	)			(0.16	)			3.95		(19.25	)			284,792		0.78	(g)		0.78	(g)		3.59	(g)		90
Year ended 10/31/21			5.40			0.17			(0.33	)			(0.16	)			–				(0.17	)			(0.17	)			5.07		(3.17	)			469,683		0.64			0.65			3.10			197
Year ended 10/31/20			5.52			0.19			(0.10	)			0.09				(0.13	)			(0.08	)			(0.21	)			5.40		1.75				574,695		0.61			0.62			3.56			162
One month ended 10/31/19			5.40			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.52		2.64				878,616		0.60	(e)		0.62	(e)		5.01	(e)		7
Year ended 09/30/19			5.46			0.30			(0.06	)			0.24				–				(0.30	)			(0.30	)			5.40		4.55				857,498		0.60			0.62			5.53			105

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Does not include estimated acquired fund fees from underlying funds of 0.01% and 0.01% for the one month ended October 31, 2019 and the year ended September 30, 2019, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Annualized.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the year ended October 31, 2023.

^(g)  Ratios include interest, facilities and maintenance fees of 0.15% for the year ended October 31, 2022.

^(h)  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

23 Invesco International Bond Fund

Notes to Consolidated Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco International Bond Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Invesco International Bond Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

 The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Susbsidiary. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary.

 The Fund’s investment objective is to seek total return.

 The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

 The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

 The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask 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.

24 Invesco International Bond Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the 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 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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 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 Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

J. Structured Securities – The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”).

25 Invesco International Bond Fund

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. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations.

L. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Consolidated Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

M. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Consolidated Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities.

N. 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 instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the

26 Invesco International Bond Fund

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.

O. Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period.

Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Consolidated Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

P. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Q. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

27 Invesco International Bond Fund

thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income generated and capital gains, if any. The unrealized appreciation (depreciation) on total return swaps includes dividends on the underlying securities and financing rate payable from the Counterparty. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on 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. 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, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2024, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

R. LIBOR Transition Risk – The Fund may have investments in financial instruments that recently transitioned from, or continue to be tied to, the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR was a common benchmark interest rate index historically used to make adjustments to variable-rate debt instruments, to determine interest rates for a variety of financial instruments and borrowing arrangements and as a reference rate in derivative contracts.

The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, has ceased publishing the majority of LIBOR rates. In April 2023, the FCA announced that some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts, but any such rates are considered non-representative of the underlying market. Regulators and financial industry working groups have worked to identify alternative reference rates (“ARRs”) to replace LIBOR and to assist with the transition to the new ARRs. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) have replaced LIBOR in certain financial contracts. SOFR is a broad measure of the cost of overnight borrowing of cash through repurchase agreements collateralized by U.S. Treasury securities.

While the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty and risks relating to converting certain longer-term securities and transactions to a new ARR. There can be no assurance that the composition or characteristics of any ARRs or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, while some legacy USD LIBOR instruments may provide for an alternative or fallback rate-setting methodology, there may be significant uncertainty regarding the effectiveness of such methodologies to replicate USD LIBOR; other legacy USD LIBOR instruments may not include such fallback rate-setting provisions at all or may not be able to rely on the statutory fallback mechanism, the effectiveness of which is also uncertain. While it is expected that the market participants will amend legacy financial instruments referencing LIBOR to include such fallback provisions to ARRs, there remains uncertainty regarding the willingness and ability of parties to add or amend such fallback provisions in legacy instruments. Moreover, certain aspects of the transition from LIBOR will rely on the actions of third-party market participants, such as clearing houses, trustees, administrative agents, asset servicers and certain service providers; the Adviser cannot guarantee the performance of such market participants and any failure on the part of such market participants to manage their part of the LIBOR transition could impact the Fund. The Fund may have instruments linked to other interbank offered rates that may also cease to be published in the future. All of the foregoing may adversely affect the Fund’s performance or NAV.

S. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

T. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

28 Invesco International Bond Fund

U. Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate*
First $ 200 million		0.750%
Next $200 million		0.720%
Next $200 million		0.690%
Next $200 million		0.660%
Next $200 million		0.600%
Next $4 billion		0.500%
Next $10 billion		0.480%
Over $15 billion		0.450%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

 For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.63%.

 The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary’s average daily net assets as set forth in the table above.

 Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

 The Adviser has contractually agreed, through at least February 28, 2025, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.04%, 1.79%, 1.29%, 0.79%, 0.79%, and 0.79%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate February 28, 2025. 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, 2025, 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, 2024, the Adviser waived advisory fees of $9,964 and reimbursed class level expenses of $277,421, $10,107, $27,057, $305,516, $305 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

 The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2024, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

 The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, 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 Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2024, 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

29 Invesco International Bond Fund

shareholder. During the six months ended April 30, 2024, IDI advised the Fund that IDI retained $7,662 in front-end sales commissions from the sale of Class A shares and $288 and $222 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

 Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

 The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes	$	–	$	578,160,333		$	–	$	578,160,333
U.S. Dollar Denominated Bonds & Notes		–		180,148,050			–		180,148,050
U.S. Treasury Securities		–		112,692,231			–		112,692,231
Asset-Backed Securities		–		72,254,419			13,189,998		85,444,417
Common Stocks & Other Equity Interests		37,355,364		–			–		37,355,364
Money Market Funds		7,659,933		1,506,171			–		9,166,104
Options Purchased		–		30,067,594			–		30,067,594
Total Investments in Securities		45,015,297		974,828,798			13,189,998		1,033,034,093
Other Investments - Assets*
Forward Foreign Currency Contracts		–		23,969,654			–		23,969,654
Swap Agreements		–		29,095,687			–		29,095,687
		–		53,065,341			–		53,065,341
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(35,037,085	)		–		(35,037,085	)
Options Written		–		(52,603,161	)		–		(52,603,161	)
Swap Agreements		–		(34,851,078	)		–		(34,851,078	)
		–		(122,491,324	)		–		(122,491,324	)
Total Other Investments		–		(69,425,983	)		–		(69,425,983	)
Total Investments	$	45,015,297	$	905,402,815		$	13,189,998	$	963,608,110

* Forward foreign currency contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

 A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

 The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended April 30, 2024:

	Value 10/31/23		Purchases at Cost		Proceeds from Sales		Accrued Discounts/ Premiums		Realized Gain		Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3		Transfers out of Level 3		Value 04/30/24
Asset-Backed Securities	$	14,327,403	$	–	.$	–	$	–	$	–	$	(1,137,405	)	$	–	$	–	$	13,189,998

NOTE 4–Derivative Investments

The Fund may enter into an ISDA Master Agreement under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

 For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

30 Invesco International Bond Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2024:

	Value
Derivative Assets	Credit Risk			Currency Risk			Interest Rate Risk			Total
Unrealized appreciation on swap agreements – Centrally Cleared(a)	$	896,218		$	–		$	16,202,236		$	17,098,454
Unrealized appreciation on forward foreign currency contracts outstanding		–			23,969,654			–			23,969,654
Unrealized appreciation on swap agreements – OTC		126,351			–			11,870,882			11,997,233
Options purchased, at value – OTC(b)		–			9,901,202			20,166,392			30,067,594
Total Derivative Assets		1,022,569			33,870,856			48,239,510			83,132,935
Derivatives not subject to master netting agreements		(896,218	)		–			(16,202,236	)		(17,098,454	)
Total Derivative Assets subject to master netting agreements	$	126,351		$	33,870,856		$	32,037,274		$	66,034,481
	Value
Derivative Liabilities	Credit Risk			Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on swap agreements – Centrally Cleared(a)	$	(5,244,041	)	$	–		$	(28,501,731	)	$	(33,745,772	)
Unrealized depreciation on forward foreign currency contracts outstanding		–			(35,037,085	)		–			(35,037,085	)
Unrealized depreciation on swap agreements – OTC		(1,105,306	)		–			–			(1,105,306	)
Options written, at value – OTC		(1,660,899	)		(19,599,421	)		(31,342,841	)		(52,603,161	)
Total Derivative Liabilities		(8,010,246	)		(54,636,506	)		(59,844,572	)		(122,491,324	)
Derivatives not subject to master netting agreements		5,244,041			–			28,501,731			33,745,772
Total Derivative Liabilities subject to master netting agreements	$	(2,766,205	)	$	(54,636,506	)	$	(31,342,841	)	$	(88,745,552	)

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

^(b)  Options purchased, at value as reported in the Consolidated Schedule of Investments.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2024.

	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 Bank PLC	$	–	$	–	$	–	$	–	$	(62,138	)	$	–		$	–		$	(62,138	)	$	(62,138	)	$	–	$	–		$	(62,138	)
BNP Paribas S.A.		1,003,734		3,017,069		–		4,020,803		(608,941	)		(4,762,299	)		–			(5,371,240	)		(1,350,437	)		–		1,120,000			(230,437	)
Citibank, N.A.		110,255		–		20,271		130,526		(27,523	)		–			(65,818	)		(93,341	)		37,185			–		(37,185	)		–
Deutsche Bank AG		3,849,985		2,703,564		–		6,553,549		(5,400,201	)		(2,953,681	)		–			(8,353,882	)		(1,800,333	)		–		1,800,333			–
Goldman Sachs International		6,381,957		4,777,772		175,144		11,334,873		(5,506,450	)		(19,247,545	)		(422,168	)		(25,176,163	)		(13,841,290	)		–		13,841,290			–
HSBC Bank USA, N.A.		–		–		–		–		(1,279,811	)		–			–			(1,279,811	)		(1,279,811	)		–		1,190,000			(89,811	)
J.P. Morgan Chase Bank, N.A.		9,255,153		17,797,474		94,178		27,146,805		(18,923,668	)		(11,360,968	)		(884,378	)		(31,169,014	)		(4,022,209	)		–		4,022,209			–
Merrill Lynch International		135,879		997,335		–		1,133,214		(506,532	)		(4,495,880	)		–			(5,002,412	)		(3,869,198	)		–		2,910,000			(959,198	)
Morgan Stanley and Co. International PLC		1,169,109		699,948		11,870,882		13,739,939		(1,982,819	)		(8,319,644	)		–			(10,302,463	)		3,437,476			–		–			3,437,476
Royal Bank of Canada		45,563		–		–		45,563		(10,512	)		–			–			(10,512	)		35,051			–		–			35,051
Standard Chartered Bank PLC		1,467,656		74,432		–		1,542,088		(411,657	)		(677,600	)		–			(1,089,257	)		452,831			–		–			452,831
Toronto-Dominion Bank (The)		–		–		–		–		–			(785,544	)		–			(785,544	)		(785,544	)		–		785,544			–
UBS AG		550,363		–		–		550,363		(316,833	)		–			–			(316,833	)		233,530			–		–			233,530
Total	$	23,969,654	$	30,067,594	$	12,160,475	$	66,197,723	$	(35,037,085	)	$	(52,603,161	)	$	(1,372,364	)	$	(89,012,610	)	$	(22,814,887	)	$	–	$	25,632,191		$	2,817,304

31 Invesco International Bond Fund

Effect of Derivative Investments for the six months ended April 30, 2024

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Consolidated Statement of Operations
	Credit Risk			Currency Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	–		$	(6,484,144	)	$	–		$	(6,484,144	)
Futures contracts		–			–			1,553,761			1,553,761
Options purchased(a)		–			(6,205,017	)		(1,513,187	)		(7,718,204	)
Options written		–			17,651,347			5,902,550			23,553,897
Swap agreements		(5,350,717	)		–			4,679,993			(670,724	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		–			(15,155,578	)		–			(15,155,578	)
Futures contracts		–			–			575,410			575,410
Options purchased(a)		406,765			3,320,048			3,582,242			7,309,055
Options written		(1,009,393	)		(1,484,342	)		(17,303,808	)		(19,797,543	)
Swap agreements		(5,775,253	)		–			2,343,449			(3,431,804	)
Total	$	(11,728,598	)	$	(8,357,686	)	$	(179,590	)	$	(20,265,874	)

^(a)  Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts		Futures Contracts		Swaptions Purchased		Foreign Currency Options Purchased		Swaptions Written		Foreign Currency Options Written		Swap Agreements
Average notional value	$	2,804,969,864	$	659,865,585	$	371,537,213	$	1,348,524,440	$	2,601,255,412	$	1,299,686,158	$	2,427,460,131

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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $24,041.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

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 carryforward 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, 2023, as follows:

	Capital Loss Carryforward*
Expiration		Short-Term		Long-Term	Total
Not subject to expiration		$	200,602,146	$51,168,234	$	251,770,380

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

32 Invesco International Bond Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $417,286,919 and $488,365,730, 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	$	84,944,006
Aggregate unrealized (depreciation) of investments		(198,639,634	)
Net unrealized appreciation (depreciation) of investments	$	(113,695,628	)

 Cost of investments for tax purposes is $1,071,528,490.

NOTE 10–Share Information

				Summary of Share Activity
	Six months ended						Year ended
	April 30, 2024(a)						October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		2,793,805		$	12,160,902			5,240,826		$	22,502,818
Class C		210,477			908,825			380,326			1,625,996
Class R		692,008			2,999,051			1,008,632			4,318,474
Class Y		9,654,844			42,010,113			21,710,668			93,548,744
Class R5		57,190			250,141			58,516			253,566
Class R6		3,678,988			15,918,626			27,187,620			115,228,476
Issued as reinvestment of dividends:
Class A		1,928,361			8,384,963			3,706,065			15,942,298
Class C		60,479			262,211			120,181			515,001
Class R		205,721			892,180			388,397			1,665,068
Class Y		1,934,505			8,407,708			3,836,793			16,491,201
Class R5		7,422			32,292			11,684			50,318
Class R6		1,865,626			8,120,913			3,531,830			15,156,966
Automatic conversion of Class C shares to Class A shares:
Class A		249,542			1,085,908			458,185			1,971,834
Class C		(250,582	)		(1,085,908	)		(459,908	)		(1,971,834	)
Reacquired:
Class A		(11,230,199	)		(48,815,541	)		(24,206,556	)		(103,587,708	)
Class C		(390,434	)		(1,699,537	)		(897,168	)		(3,823,819	)
Class R		(1,481,729	)		(6,429,668	)		(2,491,619	)		(10,708,043	)
Class Y		(17,609,546	)		(76,368,117	)		(46,146,891	)		(196,761,925	)
Class R5		(23,093	)		(100,824	)		(44,307	)		(191,839	)
Class R6		(39,845,679	)		(173,187,702	)		(18,101,341	)		(77,735,469	)
Net increase (decrease) in share activity		(47,492,294	)	$	(206,253,464	)		(24,708,067	)	$	(105,509,877	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 47% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

33 Invesco International 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, 2023 through April 30, 2024.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

 The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning  Account Value  (11/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)
		Ending  Account  Value  (04/30/24)1	Expenses  Paid During  Period2	Ending  Account Value  (04/30/24)	Expenses  Paid During  Period2	Annualized  Expense Ratio
Class A	$1,000.00	$1,037.00	$5.27	$1,019.69	$5.22	1.04%
Class C	1,000.00	1,035.70	9.06	1,015.96	8.97	1.79
Class R	1,000.00	1,038.20	6.54	1,018.45	6.47	1.29
Class Y	1,000.00	1,040.80	4.01	1,020.93	3.97	0.79
Class R5	1,000.00	1,040.80	4.01	1,020.93	3.97	0.79
Class R6	1,000.00	1,038.50	3.90	1,021.03	3.87	0.77

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

34 Invesco International Bond Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

	Matter	Votes For		Votes Against/ Withheld
(1)*	Beth Ann Brown		2,249,378,619.33		41,629,442.71
	Carol Deckbar		2,246,234,264.52		44,773,797.52
	Cynthia Hostetler		2,239,884,066.77		51,123,995.27
	Dr. Eli Jones		2,247,948,469.91		43,059,592.13
	Elizabeth Krentzman		2,249,230,311.83		41,777,750.22
	Jeffrey H. Kupor		2,246,969,783.10		44,038,278.94
	Anthony J. LaCava, Jr.		2,248,588,977.62		42,419,084.42
	James Liddy		2,247,297,130.55		43,710,931.50
	Dr. Prema Mathai-Davis		2,240,956,129.31		50,051,932.73
	Joel W. Motley		2,243,008,410.57		47,999,651.47
	Teresa M. Ressel		2,248,731,273.34		42,276,788.70
	Douglas Sharp		2,248,447,243.22		42,560,818.83
	Robert C. Troccoli		2,246,647,253.82		44,360,808.22
	Daniel S. Vandivort		2,247,577,966.04		43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

35 Invesco International Bond Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

 Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

 Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05426 and 033-19338    Invesco Distributors, Inc. O-IBD-SAR-1        

Semiannual Report to Shareholders April 30, 2024

Invesco Macro Allocation Strategy Fund

Nasdaq:

A: GMSDX ∎ C: GMSEX ∎ R: GMSJX ∎ Y: GMSHX ∎ R5: GMSKX ∎ R6: GMSLX

 

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
11	Consolidated Financial Statements
14	Consolidated Financial Highlights
15	Notes to Consolidated Financial Statements
24	Fund Expenses
25	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	6.31	%
Class C Shares	6.02
Class R Shares	6.31
Class Y Shares	6.51
Class R5 Shares	6.50
Class R6 Shares	6.52
Bloomberg 3-month Treasury Bellwether Index▼ (Broad Market*/Style-Specific Index)	2.68
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index)*	4.97
Source(s): ▼RIMES Technologies Corp.
*Effective February 28, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg 3-month Treasury Bellwether Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
The Bloomberg 3-month Treasury Bellwether Index measures the performance of treasury bills with maturities of less than three months.  The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.  The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).  A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

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 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (8/28/13)	1.13	%
10 Years	1.24
5 Years	-1.93
1 Year	0.10
Class C Shares
Inception (8/28/13)	1.11	%
10 Years	1.20
5 Years	-1.56
1 Year	4.15
Class R Shares
Inception (8/28/13)	1.44	%
10 Years	1.57
5 Years	-1.06
1 Year	5.59
Class Y Shares
Inception (9/26/12)	2.22	%
10 Years	2.08
5 Years	-0.59
1 Year	6.09
Class R5 Shares
Inception (8/28/13)	1.94	%
10 Years	2.08
5 Years	-0.57
1 Year	6.22
Class R6 Shares
Inception (8/28/13)	1.93	%
10 Years	2.07
5 Years	-0.59
1 Year	6.09

On August 28, 2013, Class H1 shares converted to Class Y shares.

 Class A, Class C and Class R shares incepted on August 28, 2013. Performance shown prior to that date is that of Class Y shares at net asset value, restated to reflect the higher 12b-1 fees applicable to Class A, Class C and Class R shares.

 Class R5 shares and Class R6 shares incepted on August 28, 2013. Performance shown prior to that date is that of Class Y shares at net asset value.

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

 Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC)

for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

 The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

 Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco Macro Allocation Strategy Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Macro Allocation Strategy Fund

Consolidated Schedule of Investments

April 30, 2024

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–29.30%
U.S. Treasury Floating Rate Notes–29.30%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.25%)(a)		5.57%		01/31/2026	$	23,030	$ 23,082,503
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(a)		5.47%		04/30/2026		24,000	23,994,819
Total U.S. Treasury Securities (Cost $47,030,000)							47,077,322
					Shares
Exchange-Traded Funds–4.04%
Invesco Short Term Treasury ETF(b) (Cost $6,489,480)						61,500	6,484,560
Money Market Funds–55.11%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(b)(c)						37,742,901	37,742,901
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(b)(c)						14,649,419	14,653,813
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Agency Class, 5.52%(b)(c)						12,939,382	12,939,382
Invesco Treasury Portfolio, Institutional Class, 5.22%(b)(c)						23,194,173	23,194,173
Total Money Market Funds (Cost $88,527,150)							88,530,269
Options Purchased–0.29%
(Cost $1,065,894)(d)							465,348
TOTAL INVESTMENTS IN SECURITIES–88.74% (Cost $143,112,524)							142,557,499
OTHER ASSETS LESS LIABILITIES–11.26%							18,084,971
NET ASSETS–100.00%							$160,642,470

Investment Abbreviations:

ETF – Exchange-Traded Fund

Notes to Consolidated Schedule of Investments:

^(a)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2024.

^(b)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2024		Dividend Income
Invesco Short Term Treasury ETF	$	6,490,710	$	-	$	-			$(6,150)	$	-	$	6,484,560		$  169,356
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		35,477,548		22,079,836		(19,814,483	)		-		-		37,742,901		958,398
Invesco Liquid Assets Portfolio, Institutional Class		13,036,207		15,771,312		(14,153,202	)		(987)		483		14,653,813		370,599
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, Agency Class		13,384,742		30,359,297		(30,804,657	)		-		-		12,939,382		349,305
Invesco Treasury Portfolio, Institutional Class		20,605,197		25,234,099		(22,645,123	)		-		-		23,194,173		567,609
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		58,236,645		(58,236,645	)		-		-		-		22,791*
Invesco Private Prime Fund		-		107,867,454		(107,866,329	)		-		(1,125)		-		62,413*
Total	$	88,994,404	$	259,548,643	$	(253,520,439	)		$(7,137)		$  (642)	$	95,014,829		$2,500,471

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Consolidated Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(c)  The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

^(d)  The table below details options purchased.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

5 Invesco Macro Allocation Strategy Fund

Open Exchange-Traded Index Options Purchased^(a)

Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price		Notional Value*		Value
Equity Risk
S&P 500 Mini Index		Put		07/19/2024		38		USD 453.00		USD 1,721,400	$  8,227
S&P 500 Mini Index		Put		08/16/2024		38		USD 465.00		USD 1,767,000	16,397
S&P 500 Mini Index		Put		10/18/2024		38		USD 437.00		USD 1,660,600	15,257
S&P 500 Mini Index		Put		11/15/2024		38		USD 429.00		USD 1,630,200	16,815
S&P 500 Mini Index		Put		12/20/2024		38		USD 465.00		USD 1,767,000	36,195
S&P 500 Mini Index		Put		01/17/2025		38		USD 480.00		USD 1,824,000	50,255
S&P 500 Mini Index		Put		03/21/2025		38		USD 520.00		USD 1,976,000	104,253
S&P 500 Mini Index		Put		02/21/2025		38		USD 493.00		USD 1,873,400	67,089
S&P 500 Mini Index		Put		04/17/2025		38		USD 535.00		USD 2,033,000	128,687
S&P 500 Mini Index		Put		05/17/2024		38		USD 420.00		USD 1,596,000	437
S&P 500 Mini Index		Put		06/21/2024		38		USD 425.00		USD 1,615,000	2,071
S&P 500 Mini Index		Put		09/20/2024		38		USD 460.00		USD 1,748,000	19,665
Total Index Options Purchased											$465,348

^(a)  Open Exchange-Traded Index Options Purchased collateralized by $4,095,000 cash held with Morgan Stanley & Co.

* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts			Expiration  Month		Notional  Value		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Brent Crude		32			June-2024	$	2,739,520	$	156,755		$	156,755
Cocoa		2			July-2024		185,660		65,868			65,868
Coffee ‘C’		13			July-2024		1,056,169		115,992			115,992
Cotton No. 2		44			December-2024		1,690,260		(122,911	)		(122,911	)
Gasoline Reformulated Blendstock Oxygenate Blending		27			May-2024		3,051,821		(63,903	)		(63,903	)
Live Cattle		7			December-2024		509,040		(16,301	)		(16,301	)
Low Sulphur Gas Oil		48			May-2024		3,715,200		(294,790	)		(294,790	)
New York Harbor Ultra-Low Sulfur Diesel		28			May-2024		2,972,458		(84,080	)		(84,080	)
Soybean		16			July-2024		930,400		(112,422	)		(112,422	)
Soybean Oil		8			July-2024		206,448		(29,131	)		(29,131	)
Sugar No. 11		60			February-2025		1,325,856		(195,075	)		(195,075	)
WTI Crude		21			September-2024		1,663,410		2,047			2,047
Subtotal									(577,951	)		(577,951	)
Equity Risk
E-Mini Russell 2000 Index		30			June-2024		2,978,400		(178,178	)		(178,178	)
EURO STOXX 50 Index		114			June-2024		5,957,733		(745	)		(745	)
FTSE 100 Index		76			June-2024		7,747,786		227,417			227,417
MSCI Emerging Markets Index		88			June-2024		4,584,800		(43,837	)		(43,837	)
S&P/TSX 60 Index		33			June-2024		6,258,889		(62,608	)		(62,608	)
Tokyo Stock Price Index		61			June-2024		10,624,671		167,139			167,139
Subtotal									109,188			109,188
Interest Rate Risk
Australia 10 Year Bonds		137			June-2024		9,986,923		(322,802	)		(322,802	)
Japan 10 Year Bonds		16			June-2024		14,659,354		(97,610	)		(97,610	)
Long Gilt		41			June-2024		4,906,958		(140,331	)		(140,331	)
Subtotal									(560,743	)		(560,743	)
Subtotal–Long Futures Contracts									(1,029,506	)		(1,029,506	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

6 Invesco Macro Allocation Strategy Fund

Open Futures Contracts(a)–(continued)
Short Futures Contracts	Number of Contracts			Expiration  Month		Notional  Value			Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Corn		78			July-2024	$	(1,742,325	)	$	188,447		$	188,447
Gold 100 Oz.		15			June-2024		(3,454,350	)		(181,388	)		(181,388	)
Kansas City Wheat		76			July-2024		(2,413,950	)		(89,276	)		(89,276	)
Lean Hogs		4			December-2024		(123,520	)		(77	)		(77	)
LME Nickel		15			June-2024		(1,725,210	)		(98,748	)		(98,748	)
Natural Gas		73			November-2024		(2,574,710	)		17,612			17,612
Silver		28			July-2024		(3,731,560	)		160,656			160,656
Soybean Meal		9			July-2024		(316,710	)		(14,163	)		(14,163	)
Wheat		61			July-2024		(1,839,913	)		86,105			86,105
Subtotal										69,168			69,168
Equity Risk
E-Mini S&P 500 Index		98			June-2024		(24,828,300	)		614,296			614,296
MSCI EAFE Index		190			June-2024		(21,541,250	)		551,303			551,303
Subtotal										1,165,599			1,165,599
Interest Rate Risk
Canada 10 Year Bonds		94			June-2024		(7,988,276	)		184,363			184,363
Euro-Bund		18			June-2024		(2,498,786	)		50,397			50,397
U.S. Treasury Long Bonds		40			June-2024		(4,552,500	)		228,690			228,690
Subtotal										463,450			463,450
Subtotal–Short Futures Contracts										1,698,217			1,698,217
Total Futures Contracts									$	668,711		$	668,711

^(a)  Futures contracts collateralized by $12,434,000 cash held with Goldman Sachs International, the futures commission merchant.

Open Over-The-Counter Total Return Swap Agreements(a)
Counterparty	Pay/ Receive		Reference Entity(b)		Fixed Rate			Payment Frequency		Number of Contracts			Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Barclays Bank PLC		Receive		Barclays Commodity Strategy 1756 Excess Return Index		(0.42	)%		Monthly		69,400			March–2025	USD	15,420,153		$–	$	51,606		$	51,606
Canadian Imperial Bank of Commerce		Receive		Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.27			Monthly		1,800			February–2025	USD	205,293		–		12,327			12,327
Macquarie Bank Ltd.		Receive		Macquarie F6 Carry Alpha Index		(0.32	)		Monthly		177,450			April–2025	USD	53,331,480		–		355,468			355,468
Subtotal – Appreciation																		–		419,401			419,401
Commodity Risk
Macquarie Bank Ltd.		Pay		Macquarie Single Commodity Aluminum type A Excess Return Index		(0.14	)		Monthly		(32,200	)		December–2024	USD	1,998,016		–		(20,344	)		(20,344	)
Total – Total Return Swap Agreements																		$–	$	399,057		$	399,057

^(a)  The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

^(b)  The Reference Entity Components table below includes additional information regarding the underlying components of certain reference entities that are not publicly available.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

7 Invesco Macro Allocation Strategy Fund

Open Over-The-Counter Total Return Swap Agreements(a)

Counterparty

Pay/ Receive

Reference Entity

Floating Rate Index

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Equity Risk

BNP Paribas S.A.

Receive

MSCI EAFE Momentum Index

SOFR - 0.100%

Monthly

315

May–2024

USD

2,376,417

$–

$  21,429

$  21,429

BNP Paribas S.A.

Receive

MSCI EAFE Momentum Index

SOFR - 0.130%

Monthly

625

May–2024

USD

4,715,113

–

42,518

42,518

Citibank, N.A.

Receive

MSCI EAFE Minimum Volatility Index

SOFR - 0.010%

Monthly

1,240

May–2024

USD

2,570,136

–

68,907

68,907

Citibank, N.A.

Receive

MSCI EAFE Quality Index

SOFR - 0.060%

Monthly

405

May–2024

USD

2,048,834

–

31,276

31,276

Citibank, N.A.

Receive

MSCI EAFE Quality Index

SOFR - 0.130%

Monthly

1,000

May–2024

USD

5,058,850

–

77,225

77,225

Citibank, N.A.

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR - 0.150%

Monthly

2,200

May–2024

USD

4,559,918

–

122,254

122,254

J.P. Morgan Chase Bank, N.A.

Receive

Invesco U.S. Low Volatility Total Return Index

SOFR + 0.415%

Monthly

720

June–2024

USD

4,986,828

–

31,192

31,192

J.P. Morgan Chase Bank, N.A.

Receive

Invesco U.S. Low Volatility Total Return Index

SOFR + 0.415%

Monthly

285

June–2024

USD

1,973,953

–

12,346

12,346

J.P. Morgan Chase Bank, N.A.

Receive

Invesco U.S. Low Volatility Total Return Index

SOFR + 0.420%

Monthly

20

June–2024

USD

138,523

–

866

866

Subtotal – Appreciation

–

408,013

408,013

Equity Risk

J.P. Morgan Chase Bank, N.A.

Receive

Invesco U.S. Large Cap Broad Price Momentum Total Return Index

SOFR + 0.420%

Monthly

245

June–2024

USD

2,257,337

–

(24,321

)

(24,321

)

J.P. Morgan Chase Bank, N.A.

Receive

Invesco U.S. Large Cap Broad Price Momentum Total Return Index

SOFR + 0.420%

Monthly

543

June–2024

USD

5,002,996

–

(53,905

)

(53,905

)

J.P. Morgan Chase Bank, N.A.

Receive

Invesco U.S. Large Cap Broad Quality Total Return Index

SOFR + 0.570%

Monthly

185

September–2024

USD

2,301,801

–

(29,346

)

(29,346

)

J.P. Morgan Chase Bank, N.A.

Receive

Invesco U.S. Large Cap Broad Quality Total Return Index

SOFR + 0.630%

Monthly

395

October–2024

USD

4,925,346

–

(73,347

)

(73,347

)

Subtotal – Depreciation

–

(180,919

)

(180,919

)

Total – Total Return Swap Agreements

$–

$ 227,094

$ 227,094

^(a)  The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively. 

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

8 Invesco Macro Allocation Strategy Fund

Reference Entity Components

Reference Entity      Underlying Components Percentage

Barclays Commodity Strategy 1756 Excess Return Index

Long Futures Contracts
Aluminum	4.17	%
Brent Crude	8.09	%
Coffee ‘C’	3.33	%
Corn	5.06	%
Cotton No.2	1.56	%
Gas Oil	2.84	%
Gasoline	2.65	%
Gold	15.57	%
Heating Oil	2.10	%
Kansas Wheat	1.58	%
Lead	0.84	%
Lean Hogs	2.53	%
Live Cattle	3.32	%
Natural Gas	6.32	%
Nickel	2.65	%
Silver	5.14	%
Soybean Meal	3.04	%
Soybean Oil	3.07	%
Soybeans	5.17	%
Sugar	2.57	%
US Copper	5.59	%
Wheat	2.42	%
WTI Crude	7.87	%
Zinc	2.52	%
Total	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.

9 Invesco Macro Allocation Strategy Fund

Reference Entity Components–(continued)

Reference Entity      Underlying Components Percentage

Macquarie F6 Carry Alpha Index

 

Long Futures Contracts
Aluminum	6.14	%
Coffee ‘C’	4.67	%
Copper	8.40	%
Corn	7.44	%
Cotton No.2	1.96	%
Heating Oil	2.76	%
KC HRW Wheat	2.53	%
Lean Hogs	2.52	%
Live Cattle	4.80	%
Low Sulphur Gasoil	3.67	%
Malaysian Palm Oil Futures	1.21	%
Natural Gas	10.37	%
Nickel	3.97	%
RBOB Gasoline	3.03	%
Soybean Meal	4.40	%
Soybean Oil	4.09	%
Soybeans	7.16	%
Sugar No.11	3.41	%
Wheat	3.84	%
WTI Crude	9.95	%
Zinc	3.68	%
Total	100.00	%

Macquarie Single Commodity Aluminum type A Excess Return Index

Long Futures Contracts
Aluminum	100.00%

Abbreviations:

SOFR –Secured Overnight Financing Rate

USD –U.S. Dollar

Notional Asset Weights of April 30, 2024

Asset Class	Notional Asset Weights
Equities		25.75	%
Fixed Income		9.43
Commodities		43.55
Options		11.19
Total		89.92

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 Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $48,095,894)	$	47,542,670
Investments in affiliates, at value (Cost $95,016,630)		95,014,829
Other investments:
Variation margin receivable – non-LME futures contracts		842,560
Unrealized appreciation on swap agreements – OTC		827,414
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		12,434,000
Cash collateral – exchange-traded options contracts		4,095,000
Foreign currencies, at value (Cost $639)		626
Receivable for:
Fund shares sold		1,151
Dividends		403,809
Interest		7,214
Investment for trustee deferred compensation and retirement plans		24,532
Other assets		45,578
Total assets		161,239,383
Liabilities:
Other investments:
Swaps payable – OTC		83,622
Unrealized depreciation on LME futures contracts		98,748
Unrealized depreciation on swap agreements–OTC		201,263
Payable for:
Fund shares reacquired		101,946
Accrued fees to affiliates		31,989
Accrued other operating expenses		52,676
Trustee deferred compensation and retirement plans		26,669
Total liabilities		596,913
Net assets applicable to shares outstanding	$	160,642,470

Net assets consist of:
Shares of beneficial interest	$	161,802,521
Distributable earnings (loss)		(1,160,051	)
	$	160,642,470
Net Assets:
Class A	$	1,272,409
Class C	$	114,216
Class R	$	80,521
Class Y	$	3,640,579
Class R5	$	7,499
Class R6	$	155,527,246
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		163,500
Class C		14,936
Class R		10,376
Class Y		462,402
Class R5		952
Class R6		19,786,708
Class A:
Net asset value per share	$	7.78
Maximum offering price per share
(Net asset value of $7.78 ÷ 94.50%)	$	8.23
Class C:
Net asset value and offering price per share	$	7.65
Class R:
Net asset value and offering price per share	$	7.76
Class Y:
Net asset value and offering price per share	$	7.87
Class R5:
Net asset value and offering price per share	$	7.88
Class R6:
Net asset value and offering price per share	$	7.86

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

11 Invesco Macro Allocation Strategy Fund

Consolidated Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Interest	$	1,534,933
Dividends from affiliates (includes net securities lending income of $ 8,377)		2,423,644
Total investment income		3,958,577
Expenses:
Advisory fees		852,049
Administrative services fees		10,866
Custodian fees		28,088
Distribution fees:
Class A		1,540
Class C		721
Class R		203
Transfer agent fees – A, C, R and Y		3,367
Transfer agent fees – R5		1
Transfer agent fees – R6		22,468
Trustees’ and officers’ fees and benefits		9,309
Registration and filing fees		37,664
Reports to shareholders		5,012
Professional services fees		44,255
Other		7,298
Total expenses		1,022,841
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(136,134	)
Net expenses		886,707
Net investment income		3,071,870
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(576,926	)
Affiliated investment securities		(642	)
Foreign currencies		(2,511	)
Futures contracts		1,449,434
Swap agreements		6,655,175
		7,524,530
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(811,438	)
Affiliated investment securities		(7,137	)
Foreign currencies		(70,289	)
Futures contracts		(1,673,253	)
Swap agreements		1,699,028
		(863,089	)
Net realized and unrealized gain		6,661,441
Net increase in net assets resulting from operations	$	9,733,311

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

12 Invesco Macro Allocation Strategy Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30,			October 31,
	2024			2023
Operations:
Net investment income	$	3,071,870		$	5,268,152
Net realized gain (loss)		7,524,530			(6,663,103	)
Change in net unrealized appreciation (depreciation)		(863,089	)		(713,074	)
Net increase (decrease) in net assets resulting from operations		9,733,311			(2,108,025	)
Distributions to shareholders from distributable earnings:
Class A		(17,453	)		–
Class C		(1,123	)		–
Class R		(912	)		–
Class Y		(59,073	)		–
Class R5		(117	)		–
Class R6		(2,361,332	)		–
Total distributions from distributable earnings		(2,440,010	)		–
Share transactions–net:
Class A		(63,929	)		(109,285	)
Class C		(70,301	)		(14,558	)
Class R		(5,950	)		(42,383	)
Class Y		8,976			(756,813	)
Class R6		4,009,991			(3,614,708	)
Net increase (decrease) in net assets resulting from share transactions		3,878,787			(4,537,747	)
Net increase (decrease) in net assets		11,172,088			(6,645,772	)
Net assets:
Beginning of period		149,470,382			156,116,154
End of period	$	160,642,470		$	149,470,382

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

13 Invesco Macro Allocation Strategy Fund

Consolidated Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/24		$	7.42		$	0.14			$	0.32			$	0.46			$	(0.10	)		$	–			$	(0.10	)		$	7.78		6.31	%		$	1,272		1.39	%(d)		1.66	%(d)		3.72	%(d)		80	%
Year ended 10/31/23			7.54			0.24				(0.36	)			(0.12	)			–				–				–				7.42		(1.59	)			1,278		1.39			1.67			3.17			20
Year ended 10/31/22			9.16			(0.05	)			(0.76	)			(0.81	)			(0.49	)			(0.32	)			(0.81	)			7.54		(9.88	)			1,411		1.41			1.58			(0.67	)		104
Year ended 10/31/21			8.18			(0.12	)			1.10				0.98				–				–				–				9.16		11.98				1,982		1.42			1.62			(1.36	)		86
Year ended 10/31/20			9.47			(0.06	)			(0.56	)			(0.62	)			(0.67	)			–				(0.67	)			8.18		(7.02	)			2,111		1.38			1.85			(0.75	)		120
Year ended 10/31/19			8.81			0.08				0.60				0.68				(0.02	)			–				(0.02	)			9.47		7.67				4,982		1.37	(e)		2.12	(e)		0.87	(e)		0
Class C
Six months ended 04/30/24			7.26			0.11				0.32				0.43				(0.04	)			–				(0.04	)			7.65		6.02				114		2.14	(d)		2.41	(d)		2.97	(d)		80
Year ended 10/31/23			7.43			0.18				(0.35	)			(0.17	)			–				–				–				7.26		(2.29	)			178		2.14			2.42			2.42			20
Year ended 10/31/22			8.98			(0.11	)			(0.77	)			(0.88	)			(0.35	)			(0.32	)			(0.67	)			7.43		(10.66	)			197		2.16			2.33			(1.42	)		104
Year ended 10/31/21			8.08			(0.19	)			1.09				0.90				–				–				–				8.98		11.14				364		2.17			2.37			(2.11	)		86
Year ended 10/31/20			9.30			(0.13	)			(0.54	)			(0.67	)			(0.55	)			–				(0.55	)			8.08		(7.61	)			828		2.13			2.60			(1.50	)		120
Year ended 10/31/19			8.71			0.01				0.58				0.59				(0.00	)			–				(0.00	)			9.30		6.82				3,329		2.12	(e)		2.87	(e)		0.12	(e)		0
Class R
Six months ended 04/30/24			7.38			0.13				0.33				0.46				(0.08	)			–				(0.08	)			7.76		6.31				81		1.64	(d)		1.91	(d)		3.47	(d)		80
Year ended 10/31/23			7.52			0.22				(0.36	)			(0.14	)			–				–				–				7.38		(1.86	)			82		1.64			1.92			2.92			20
Year ended 10/31/22			9.12			(0.07	)			(0.76	)			(0.83	)			(0.45	)			(0.32	)			(0.77	)			7.52		(10.11	)			127		1.66			1.83			(0.92	)		104
Year ended 10/31/21			8.17			(0.15	)			1.10				0.95				–				–				–				9.12		11.63				151		1.67			1.87			(1.61	)		86
Year ended 10/31/20			9.44			(0.08	)			(0.56	)			(0.64	)			(0.63	)			–				(0.63	)			8.17		(7.22	)			98		1.63			2.10			(1.00	)		120
Year ended 10/31/19			8.80			0.06				0.59				0.65				(0.01	)			–				(0.01	)			9.44		7.41				128		1.62	(e)		2.37	(e)		0.62	(e)		0
Class Y
Six months ended 04/30/24			7.51			0.15				0.33				0.48				(0.12	)			–				(0.12	)			7.87		6.51				3,641		1.14	(d)		1.41	(d)		3.97	(d)		80
Year ended 10/31/23			7.61			0.26				(0.36	)			(0.10	)			–				–				–				7.51		(1.31	)			3,455		1.14			1.42			3.42			20
Year ended 10/31/22			9.25			(0.03	)			(0.77	)			(0.80	)			(0.52	)			(0.32	)			(0.84	)			7.61		(9.70	)			4,275		1.16			1.33			(0.42	)		104
Year ended 10/31/21			8.25			(0.10	)			1.10				1.00				–				–				–				9.25		12.12				5,934		1.17			1.37			(1.11	)		86
Year ended 10/31/20			9.54			(0.04	)			(0.55	)			(0.59	)			(0.70	)			–				(0.70	)			8.25		(6.66	)			10,377		1.13			1.60			(0.50	)		120
Year ended 10/31/19			8.87			0.10				0.60				0.70				(0.03	)			–				(0.03	)			9.54		7.88				17,768		1.12	(e)		1.87	(e)		1.12	(e)		0
Class R5
Six months ended 04/30/24			7.51			0.15				0.34				0.49				(0.12	)			–				(0.12	)			7.88		6.64				7		1.14	(d)		1.31	(d)		3.97	(d)		80
Year ended 10/31/23			7.62			0.26				(0.37	)			(0.11	)			–				–				–				7.51		(1.44	)			7		1.14			1.32			3.42			20
Year ended 10/31/22			9.26			(0.03	)			(0.77	)			(0.80	)			(0.52	)			(0.32	)			(0.84	)			7.62		(9.69	)			7		1.16			1.27			(0.42	)		104
Year ended 10/31/21			8.26			(0.10	)			1.10				1.00				–				–				–				9.26		12.11				9		1.17			1.22			(1.11	)		86
Year ended 10/31/20			9.54			(0.04	)			(0.54	)			(0.58	)			(0.70	)			–				(0.70	)			8.26		(6.55	)			8		1.13			1.58			(0.50	)		120
Year ended 10/31/19			8.88			0.11				0.58				0.69				(0.03	)			–				(0.03	)			9.54		7.76				9		1.12	(e)		1.83	(e)		1.12	(e)		0
Class R6
Six months ended 04/30/24			7.50			0.15				0.33				0.48				(0.12	)			–				(0.12	)			7.86		6.52				155,527		1.14	(d)		1.31	(d)		3.97	(d)		80
Year ended 10/31/23			7.60			0.26				(0.36	)			(0.10	)			–				–				–				7.50		(1.32	)			144,471		1.14			1.32			3.42			20
Year ended 10/31/22			9.24			(0.03	)			(0.77	)			(0.80	)			(0.52	)			(0.32	)			(0.84	)			7.60		(9.72	)			150,099		1.16			1.27			(0.42	)		104
Year ended 10/31/21			8.23			(0.10	)			1.11				1.01				–				–				–				9.24		12.27				243,382		1.17			1.22			(1.11	)		86
Year ended 10/31/20			9.53			(0.04	)			(0.56	)			(0.60	)			(0.70	)			–				(0.70	)			8.23		(6.77	)			169,884		1.13			1.58			(0.50	)		120
Year ended 10/31/19			8.86			0.10				0.60				0.70				(0.03	)			–				(0.03	)			9.53		7.89				244		1.12	(e)		1.83	(e)		1.12	(e)		0

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Annualized.

^(e)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds was 0.11% for the year ended October 31, 2019.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

14 Invesco Macro Allocation Strategy Fund

Notes to Consolidated Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Macro Allocation Strategy Fund (the “Fund”), is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Invesco Cayman Commodity Fund V Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives and other securities that may provide leveraged and non-leveraged exposure to commodities. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is to seek a positive absolute return over a complete economic and market cycle.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask 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.

15 Invesco Macro Allocation Strategy Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

16 Invesco Macro Allocation Strategy Fund

(i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

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. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliates on the Consolidated Statement of Operations.

K. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar 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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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 exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Consolidated Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities.

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 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 instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made on non-LME futures contracts depending upon whether unrealized gains or losses are

17 Invesco Macro Allocation Strategy Fund

incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. For LME contracts, subsequent or variation margin payments are not made and the value of the contracts is presented as unrealized appreciation or depreciation on the Consolidated Statement of Assets and Liabilities. When LME or non-LME contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. For settlement of LME commodity futures contracts, cash is not transferred until the settled futures contracts expire. Net realized gains or losses on LME contracts which have been closed out but for which the contract has not yet expired are reflected as a receivable or payable on the Consolidated Statements of Assets and Liabilities. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

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 Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

P. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

Q. 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.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

18 Invesco Macro Allocation Strategy Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser less the amount paid by the Subsidiary to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 250 million	1.100%
Next $250 million	1.080%
Next $500 million	1.050%
Next $1.5 billion	1.030%
Next $2.5 billion	1.000%
Next $2.5 billion	0.980%
Next $2.5 billion	0.950%
Over $10 billion	0.930%

For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 1.10%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary’s average daily net assets as set forth in the table above.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2025, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2025. 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, 2025, 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, 2024, the Adviser waived advisory fees of $110,105 and reimbursed class level expenses of $810, $95, $53, $2,409, $1 and $22,468 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, 2024, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, 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 Plans 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, 2024, 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, 2024, IDI advised the Fund that IDI retained $526 in front-end sales commissions from the sale of Class A shares and $350 and $100 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

19 Invesco Macro Allocation Strategy Fund

market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1	-	Prices are determined using quoted prices in an active market for identical assets.
Level 2	-	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	-	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Treasury Securities	$	–		$	47,077,322			$–	$	47,077,322
Exchange-Traded Funds		6,484,560			–			–		6,484,560
Money Market Funds		88,530,269			–			–		88,530,269
Options Purchased		465,348			–			–		465,348
Total Investments in Securities		95,480,177			47,077,322			–		142,557,499
Other Investments - Assets*
Futures Contracts		2,817,087			–			–		2,817,087
Swap Agreements		–			827,414			–		827,414
		2,817,087			827,414			–		3,644,501
Other Investments - Liabilities*
Futures Contracts		(2,148,376	)		–			–		(2,148,376	)
Swap Agreements		–			(201,263	)		–		(201,263	)
		(2,148,376	)		(201,263	)		–		(2,349,639	)
Total Other Investments		668,711			626,151			–		1,294,862
Total Investments	$	96,148,888		$	47,703,473			$–	$	143,852,361

* Unrealized appreciation (depreciation).

NOTE 4– Derivative Investments

The Fund may enter into an ISDA Master Agreement under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2024:

	Value
Derivative Assets	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	793,482		$	1,560,155		$	463,450		$	2,817,087
Unrealized appreciation on swap agreements – OTC		419,401			408,013			–			827,414
Options purchased, at value – Exchange-Traded(b)		–			465,348			–			465,348
Total Derivative Assets		1,212,883			2,433,516			463,450			4,109,849
Derivatives not subject to master netting agreements		(793,482	)		(2,025,503	)		(463,450	)		(3,282,435	)
Total Derivative Assets subject to master netting agreements	$	419,401		$	408,013		$	–		$	827,414
	Value
Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(1,302,265	)	$	(285,368	)	$	(560,743	)	$	(2,148,376	)
Unrealized depreciation on swap agreements – OTC		(20,344	)		(180,919	)		–			(201,263	)
Total Derivative Liabilities		(1,322,609	)		(466,287	)		(560,743	)		(2,349,639	)
Derivatives not subject to master netting agreements		1,302,265			285,368			560,743			2,148,376
Total Derivative Liabilities subject to master netting agreements	$	(20,344	)	$	(180,919	)	$	–		$	(201,263	)

20 Invesco Macro Allocation Strategy Fund

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

^(b)  Options purchased, at value as reported in the Consolidated Schedule of Investments.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2024.

	Financial Derivative Assets				Financial Derivative Liabilities							Collateral (Received)/Pledged
Counterparty	Swap Agreements				Swap Agreements				Net Value of Derivatives			Non-Cash			Cash		Net Amount(a)
Fund
BNP Paribas S.A.		$  63,948				$ (12,270	)			$  51,678			$–			$–		$  51,678
Citibank, N.A.		299,662				(24,708	)			274,954			–			–		274,954
J.P. Morgan Chase Bank, N.A.		44,403				(220,389	)			(175,986	)		–			–		(175,986	)
Subtotal - Fund		408,013				(257,367	)			150,646			–			–		150,646
Subsidiary
Barclays Bank PLC		51,606				(2,878	)			48,728			–			–		48,728
Canadian Imperial Bank of Commerce		12,327				(31	)			12,296			–			–		12,296
Macquarie Bank Ltd.		355,468				(24,609	)			330,859			–			–		330,859
Subtotal - Subsidiary		419,401				(27,518)				391,883			–			–		391,883
Total		$827,414				$(284,885	)			$542,529			$–			$–		$ 542,529

^(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, 2024

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	$	1,598,510		$	(917,874	)	$	768,798	$	1,449,434
Options purchased(a)		-			(576,981	)		-		(576,981	)
Swap agreements		2,212,057			4,443,118			-		6,655,175
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(1,430,534	)		(265,215	)		22,496		(1,673,253	)
Options purchased(a)		-			(859,432	)		-		(859,432	)
Swap agreements		350,976			1,348,052			-		1,699,028
Total	$	2,731,009		$	3,171,668		$	791,294	$	6,693,971

^(a)  Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts		Index Options Purchased		Swap Agreements
Average notional value	$	204,785,855	$	25,150,367	$	116,938,517
Average contracts		–		570		–

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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $193.

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

21 Invesco Macro Allocation Strategy Fund

such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the 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 carryforward 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$5,034,386		$4,794,819		$9,829,205

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $722,771 and $106,783, 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	$	1,269,691
Aggregate unrealized (depreciation) of investments		(3,089,263	)
Net unrealized appreciation (depreciation) of investments	$	(1,819,572	)

Cost of investments for tax purposes is $145,671,933.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2024(a)						Year ended October 31, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		11,950		$	91,213			37,042		$	275,645
Class C		1,528			11,262			6,268			45,715
Class R		138			1,037			1,726			12,759
Class Y		361,776			2,827,444			23,587			176,838
Class R6		539,125			4,226,732			1,752,205			13,095,257
Issued as reinvestment of dividends:
Class A		2,299			17,034			-			-
Class C		140			1,024			-			-
Class R		113			835			-			-
Class Y		7,769			58,189			-			-
Class R6		315,670			2,361,215			-			-
Automatic conversion of Class C shares to Class A shares:
Class A		3,394			25,782			3,726			27,617
Class C		(3,453	)		(25,782	)		(3,795	)		(27,617	)

22 Invesco Macro Allocation Strategy Fund

	Summary of Share Activity
	Six months ended April 30, 2024(a)						Year ended October 31, 2023
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(26,377	)	$	(197,958	)		(55,710	)	$	(412,547	)
Class C		(7,736	)		(56,805	)		(4,476	)		(32,656	)
Class R		(1,039	)		(7,822	)		(7,412	)		(55,142	)
Class Y		(366,996	)		(2,876,657	)		(125,196	)		(933,651	)
Class R6		(328,540	)		(2,577,956	)		(2,233,900	)		(16,709,965	)
Net increase (decrease) in share activity		509,761		$	3,878,787			(605,935	)	$	(4,537,747	)

^(a)  93% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

23 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, 2023 through April 30, 2024.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

 The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value (11/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized  Expense Ratio
		Ending Account Value (04/30/24)1	Expenses Paid During Period2	Ending Account Value (04/30/24)	Expenses Paid During Period2
Class A	$1,000.00	$1,063.10	$7.13	$1,017.95	$6.97	1.39%
Class C	1,000.00	1,060.20	10.96	1,014.22	10.72	2.14
Class R	1,000.00	1,063.10	8.41	1,016.71	8.22	1.64
Class Y	1,000.00	1,065.10	5.85	1,019.19	5.72	1.14
Class R5	1,000.00	1,065.00	5.85	1,019.19	5.72	1.14
Class R6	1,000.00	1,065.20	5.85	1,019.19	5.72	1.14

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

24 Invesco Macro Allocation Strategy Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

Matter	Votes For		Votes  Against/Withheld
(1)*   Beth Ann Brown		2,249,378,619.33		41,629,442.71
Carol Deckbar		2,246,234,264.52		44,773,797.52
Cynthia Hostetler		2,239,884,066.77		51,123,995.27
Dr. Eli Jones		2,247,948,469.91		43,059,592.13
Elizabeth Krentzman		2,249,230,311.83		41,777,750.22
Jeffrey H. Kupor		2,246,969,783.10		44,038,278.94
Anthony J. LaCava, Jr.		2,248,588,977.62		42,419,084.42
James Liddy		2,247,297,130.55		43,710,931.50
Dr. Prema Mathai-Davis		2,240,956,129.31		50,051,932.73
Joel W. Motley		2,243,008,410.57		47,999,651.47
Teresa M. Ressel		2,248,731,273.34		42,276,788.70
Douglas Sharp		2,248,447,243.22		42,560,818.83
Robert C. Troccoli		2,246,647,253.82		44,360,808.22
Daniel S. Vandivort		2,247,577,966.04		43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

25 Invesco Macro Allocation Strategy Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

 Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

 Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05426 and 033-19338 Invesco Distributors, Inc. MAS-SAR-1

Semiannual Report to Shareholders April 30, 2024

Invesco Multi-Asset Income Fund

Nasdaq:

A: PIAFX ∎ C: PICFX ∎ R: PIRFX ∎ Y: PIYFX ∎ R5: IPNFX ∎ R6: PIFFX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
28	Financial Statements
31	Financial Highlights
32	Notes to Financial Statements
41	Fund Expenses
42	Proxy Results

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is 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, 10/31/23 to 4/30/24, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	9.57	%
Class C Shares	9.15
Class R Shares	9.42
Class Y Shares	9.69
Class R5 Shares	9.75
Class R6 Shares	9.74
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index)	4.97
Custom Invesco Multi-Asset Income Index∎ (Style-Specific Index)	10.93
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp. The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.  The Custom Invesco Multi-Asset Income Index comprises the following indexes: 60% of the Bloomberg U.S. Aggregate Bond Index and 40% of the MSCI World Index. The MSCI World Index is an unmanaged index considered representative of stocks of developed countries. The index return is computed using the net return, which withholds applicable taxes for non-resident investors.  The 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 4/30/24, including maximum applicable sales charges
Class A Shares
Inception (12/14/11)	3.10	%
10 Years	2.20
5 Years	-1.42
1 Year	-0.25
Class C Shares
Inception (12/14/11)	3.06	%
10 Years	2.17
5 Years	-1.05
1 Year	3.84
Class R Shares
Inception (12/14/11)	3.32	%
10 Years	2.54
5 Years	-0.53
1 Year	5.35
Class Y Shares
Inception (12/14/11)	3.83	%
10 Years	3.05
5 Years	-0.05
1 Year	5.89
Class R5 Shares
Inception (12/14/11)	3.83	%
10 Years	3.04
5 Years	-0.06
1 Year	5.81
Class R6 Shares
Inception (9/24/12)	3.15	%
10 Years	3.07
5 Years	0.01
1 Year	5.98

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

 Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

 The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

 Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees

and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco Multi-Asset Income Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 25-27, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Multi-Asset Income Fund

Schedule of Investments^(a)

April 30, 2024

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–37.43%
Advertising–0.15%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028(b)(c)	$	700,000	$      652,058
Belo Corp., 7.25%, 09/15/2027		813,000	822,194
			1,474,252
Aerospace & Defense–0.35%
AAR Escrow Issuer LLC, 6.75%, 03/15/2029(b)		645,000	649,289
Boeing Co. (The),
2.75%, 02/01/2026		119,000	112,161
2.25%, 06/15/2026		59,000	54,305
6.26%, 05/01/2027(b)		329,000	330,172
Bombardier, Inc. (Canada), 8.75%, 11/15/2030(b)		800,000	852,110
Moog, Inc., 4.25%, 12/15/2027(b)		500,000	467,253
Spirit AeroSystems, Inc., 9.38%, 11/30/2029(b)		413,000	447,185
TransDigm, Inc., 4.88%, 05/01/2029(c)		700,000	644,623
			3,557,098
Agricultural & Farm Machinery–0.10%
CNH Industrial Capital LLC, 4.55%, 04/10/2028		75,000	72,221
Deere & Co., 2.75%, 04/15/2025		125,000	121,905
Titan International, Inc., 7.00%, 04/30/2028		850,000	822,566
			1,016,692
Agricultural Products & Services–0.06%
Darling Ingredients, Inc., 5.25%, 04/15/2027(b)		622,000	603,304
Air Freight & Logistics–0.17%
GN Bondco LLC, 9.50%, 10/15/2031(b)(c)		352,000	338,364
Rand Parent LLC, 8.50%, 02/15/2030(b)(c)		1,400,000	1,386,374
			1,724,738
Alternative Carriers–0.04%
Zayo Group Holdings, Inc., 4.00%, 03/01/2027(b)		478,000	380,941
Aluminum–0.10%
Kaiser Aluminum Corp., 4.50%, 06/01/2031(b)(c)		400,000	350,823
Novelis Corp., 3.25%, 11/15/2026(b)		216,000	202,185
PT Indonesia Asahan Aluminium/PT Mineral Industri Indonesia (Persero) (Indonesia), 4.75%, 05/15/2025(b)		458,000	451,907
			1,004,915

	Principal Amount		Value
Apparel Retail–0.22%
Gap, Inc. (The),
3.63%, 10/01/2029(b)(c)	$	975,000	$ 825,805
3.88%, 10/01/2031(b)		935,000	760,910
Ross Stores, Inc., 0.88%, 04/15/2026		164,000	150,206
Victoria’s Secret & Co., 4.63%, 07/15/2029(b)(c)		592,000	465,629
			2,202,550
Apparel, Accessories & Luxury Goods–0.05%
Hanesbrands, Inc., 9.00%, 02/15/2031(b)(c)		380,000	378,483
Tapestry, Inc.,
7.00%, 11/27/2026		54,000	55,044
4.13%, 07/15/2027		59,000	55,625
			489,152
Application Software–0.17%
Cloud Software Group, Inc.,
6.50%, 03/31/2029(b)		308,000	292,358
9.00%, 09/30/2029(b)		1,178,000	1,134,402
Open Text Holdings, Inc. (Canada), 4.13%, 12/01/2031(b)		317,000	271,932
			1,698,692
Asset Management & Custody Banks–0.05%
Ares Capital Corp., 2.88%, 06/15/2028		110,000	96,668
BrightSphere Investment Group, Inc., 4.80%, 07/27/2026		400,000	385,400
Legg Mason, Inc., 4.75%, 03/15/2026		59,000	58,332
			540,400
Automobile Manufacturers–0.12%
American Honda Finance Corp., 2.35%, 01/08/2027		95,000	88,021
General Motors Co., 6.13%, 10/01/2025		135,000	135,489
Jaguar Land Rover Automotive PLC (United Kingdom),
7.75%, 10/15/2025(b)		434,000	436,624
4.50%, 10/01/2027(b)		412,000	383,895
Toyota Motor Credit Corp.,
3.20%, 01/11/2027		100,000	94,800
1.15%, 08/13/2027		100,000	87,909
			1,226,738
Automotive Parts & Equipment–0.47%
ANGI Group LLC, 3.88%, 08/15/2028(b)		500,000	423,199
Dana, Inc., 4.50%, 02/15/2032		283,000	240,340
IHO Verwaltungs GmbH (Germany), 7.13% PIK Rate, 6.38% Cash Rate, 05/15/2029(b)(d)		857,000	843,358
Tenneco, Inc., 8.00%, 11/17/2028(b)		1,759,000	1,645,331
United Rentals (North America), Inc., 4.88%, 01/15/2028(c)		397,000	380,911

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

5 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Automotive Parts & Equipment–(continued)
ZF North America Capital, Inc. (Germany), 4.75%, 04/29/2025(b)	$	1,182,000	$    1,164,081
			4,697,220
Automotive Retail–0.02%
Sonic Automotive, Inc., 4.63%, 11/15/2029(b)		250,000	224,023
Broadcasting–0.29%
iHeartCommunications, Inc., 5.25%, 08/15/2027(b)(c)		443,000	325,412
Paramount Global,
3.70%, 06/01/2028		125,000	111,782
6.38%, 03/30/2062(c)(e)		1,722,000	1,594,341
Sinclair Television Group, Inc., 4.13%, 12/01/2030(b)(c)		443,000	307,469
Urban One, Inc., 7.38%, 02/01/2028(b)		250,000	203,077
Videotron Ltd. (Canada), 5.13%, 04/15/2027(b)		411,000	397,495
			2,939,576
Broadline Retail–0.46%
Amazon.com, Inc.,
3.30%, 04/13/2027		150,000	142,673
1.65%, 05/12/2028		60,000	52,691
GrubHub Holdings, Inc., 5.50%, 07/01/2027(b)		289,000	258,024
Kohl’s Corp., 4.63%, 05/01/2031(c)		840,000	693,394
Macy’s Retail Holdings LLC, 6.70%, 07/15/2034(b)		437,000	368,157
Nordstrom, Inc.,
6.95%, 03/15/2028		400,000	397,062
4.25%, 08/01/2031(c)		578,000	499,155
5.00%, 01/15/2044(c)		1,330,000	1,010,983
QVC, Inc., 4.75%, 02/15/2027(c)		605,000	527,821
Rakuten Group, Inc. (Japan), 11.25%, 02/15/2027(b)		635,000	661,527
			4,611,487
Building Products–0.41%
Adams Homes, Inc., 9.25%, 10/15/2028(b)		405,000	418,586
JELD-WEN, Inc., 4.88%, 12/15/2027(b)(c)		991,000	941,597
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030(b)(c)		1,000,000	906,677
Standard Industries, Inc.,
4.75%, 01/15/2028(b)		967,000	912,913
4.38%, 07/15/2030(b)		1,019,000	903,310
			4,083,083
Cable & Satellite–1.30%
Cable One, Inc., 4.00%, 11/15/2030(b)(c)		540,000	412,549

	Principal Amount		Value
Cable & Satellite–(continued)
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.50%, 05/01/2026(b)	$	969,000	$      950,195
5.13%, 05/01/2027(b)		548,000	514,064
4.75%, 03/01/2030(b)		1,010,000	840,068
4.25%, 02/01/2031(b)		1,260,000	987,069
4.50%, 05/01/2032		1,065,000	818,694
4.50%, 06/01/2033(b)		1,080,000	813,092
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		100,000	98,655
CSC Holdings LLC,
11.75%, 01/31/2029(b)		700,000	622,335
5.75%, 01/15/2030(b)		452,000	198,602
4.63%, 12/01/2030(b)		765,000	332,712
4.50%, 11/15/2031(b)		741,000	470,994
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027(b)		1,863,000	1,737,996
Discovery Communications LLC, 3.95%, 03/20/2028		100,000	93,067
DISH DBS Corp.,
7.75%, 07/01/2026		915,000	575,043
5.25%, 12/01/2026(b)		532,000	419,353
5.75%, 12/01/2028(b)		660,000	446,924
DISH Network Corp., 11.75%, 11/15/2027(b)		820,000	827,296
LCPR Senior Secured Financing DAC (Puerto Rico),
6.75%, 10/15/2027(b)		982,000	911,051
5.13%, 07/15/2029(b)		745,000	622,955
Scripps Escrow, Inc., 5.88%, 07/15/2027(b)(c)		430,000	338,798
			13,031,512
Cargo Ground Transportation–0.01%
Ryder System, Inc., 5.65%, 03/01/2028		150,000	150,870
Casinos & Gaming–0.55%
Codere Finance 2 (Luxembourg) S.A. (Spain), 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027(b)(d)		100,894	7,063
Genting New York LLC/GENNY Capital, Inc., 3.30%, 02/15/2026(b)		674,000	644,610
International Game Technology PLC,
4.13%, 04/15/2026(b)		227,000	218,760
6.25%, 01/15/2027(b)		241,000	240,814
Melco Resorts Finance Ltd. (Hong Kong),
4.88%, 06/06/2025(b)		616,000	600,422
5.25%, 04/26/2026(b)		310,000	297,814
5.75%, 07/21/2028(b)		319,000	296,107
MGM China Holdings Ltd. (Macau),
5.25%, 06/18/2025(b)(c)		683,000	672,752
4.75%, 02/01/2027(b)		646,000	610,230
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026(b)		911,000	866,097

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Casinos & Gaming–(continued)
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, 09/01/2031(b)	$	585,000	$      420,534
Wynn Macau Ltd. (Macau), 5.63%, 08/26/2028(b)		740,000	683,055
			5,558,258
Coal & Consumable Fuels–0.01%
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp., 7.50%, 05/01/2025(b)		90,000	89,943
Commercial & Residential Mortgage Finance–0.07%
PennyMac Financial Services, Inc., 5.38%, 10/15/2025(b)		362,000	357,431
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026(b)		357,000	328,075
			685,506
Commodity Chemicals–0.05%
Methanex Corp. (Canada), 5.13%, 10/15/2027		540,000	519,894
Communications Equipment–0.23%
Ciena Corp., 4.00%, 01/31/2030(b)(c)		610,000	535,628
Viasat, Inc.,
5.63%, 04/15/2027(b)(c)		1,240,000	1,135,984
6.50%, 07/15/2028(b)		277,000	212,029
7.50%, 05/30/2031(b)(c)		570,000	403,272
			2,286,913
Construction & Engineering–0.15%
AECOM, 5.13%, 03/15/2027		650,000	631,995
Brand Industrial Services, Inc., 10.38%, 08/01/2030(b)		805,000	864,851
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(b)		36,000	35,552
			1,532,398
Construction Machinery & Heavy Transportation Equipment– 0.02%
Caterpillar Financial Services Corp., 1.10%, 09/14/2027		130,000	114,072
Wabtec Corp., 3.45%, 11/15/2026		135,000	128,060
			242,132
Construction Materials–0.24%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(b)(c)		427,000	420,193
Eco Material Technologies, Inc., 7.88%, 01/31/2027(b)		492,000	496,051
Smyrna Ready Mix Concrete LLC,
6.00%, 11/01/2028(b)		1,095,000	1,060,283
8.88%, 11/15/2031(b)		400,000	421,561
			2,398,088
Consumer Electronics–0.01%
Tyco Electronics Group S.A., 3.13%, 08/15/2027		75,000	70,126

	Principal Amount		Value
Consumer Finance–0.76%
Ally Financial, Inc., 5.75%, 11/20/2025	$	558,000	$      553,619
American Express Co., 3.30%, 05/03/2027		130,000	122,351
ASG Finance Designated Activity Co. (Cyprus), 7.88%, 12/03/2024(b)		712,000	704,880
Bread Financial Holdings, Inc., 9.75%, 03/15/2029(b)		475,000	494,381
General Motors Financial Co., Inc.,
2.75%, 06/20/2025		100,000	96,608
1.50%, 06/10/2026		61,000	55,957
Navient Corp.,
5.00%, 03/15/2027		300,000	283,097
4.88%, 03/15/2028		279,000	252,338
5.50%, 03/15/2029(c)		1,256,000	1,126,984
5.63%, 08/01/2033		602,000	478,709
OneMain Finance Corp.,
7.13%, 03/15/2026(c)		952,000	961,391
3.50%, 01/15/2027		775,000	713,692
3.88%, 09/15/2028(c)		540,000	475,843
PRA Group, Inc., 8.38%, 02/01/2028(b)		541,000	528,072
Synchrony Financial, 7.25%, 02/02/2033		800,000	780,976
			7,628,898
Copper–0.01%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		75,000	73,717
Data Processing & Outsourced Services–0.02%
Concentrix Corp., 6.60%, 08/02/2028		200,000	199,491
Distillers & Vintners–0.01%
Constellation Brands, Inc., 3.70%, 12/06/2026		117,000	111,832
Distributors–0.02%
Resideo Funding, Inc., 4.00%, 09/01/2029(b)		250,000	219,490
Diversified Banks–0.49%
Banco Santander S.A. (Spain), 2.75%, 05/28/2025		200,000	193,698
Bank of America Corp.,
4.45%, 03/03/2026		100,000	97,984
1.32%, 06/19/2026(e)		160,000	152,085
1.20%, 10/24/2026(e)		160,000	149,514
1.73%, 07/22/2027(e)		70,000	64,235
Series L, 4.18%, 11/25/2027		100,000	95,714
Banque Centrale de Tunisie International Bond (Tunisia), 5.75%, 01/30/2025(b)		600,000	565,920
Citigroup, Inc.,
1.12%, 01/28/2027(e)		110,000	101,546
1.46%, 06/09/2027(e)		140,000	128,210
Freedom Mortgage Corp., 6.63%, 01/15/2027(b)		300,000	289,031
HSBC Holdings PLC (United Kingdom),
1.59%, 05/24/2027(e)		200,000	183,282
4.58%, 06/19/2029(e)		200,000	190,752

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Diversified Banks–(continued)
ING Groep N.V. (Netherlands), 4.02%, 03/28/2028(e)	$	200,000	$      190,774
Intesa Sanpaolo S.p.A. (Italy), 5.71%, 01/15/2026(b)		350,000	344,998
JPMorgan Chase & Co.,
2.08%, 04/22/2026(e)		134,000	129,223
1.05%, 11/19/2026(e)		60,000	55,852
4.25%, 10/01/2027		75,000	72,377
2.18%, 06/01/2028(e)		75,000	67,819
Lloyds Banking Group PLC (United Kingdom), 4.45%, 05/08/2025		275,000	271,199
Mitsubishi UFJ Financial Group, Inc. (Japan), 3.29%, 07/25/2027		60,000	56,326
Mizuho Financial Group, Inc. (Japan), 5.78%, 07/06/2029(e)		200,000	200,704
PNC Bank N.A., 4.20%, 11/01/2025		275,000	268,187
Royal Bank of Canada (Canada), 4.65%, 01/27/2026		125,000	122,982
Toronto-Dominion Bank (The) (Canada), 5.16%, 01/10/2028		100,000	99,215
U.S. Bancorp,
1.45%, 05/12/2025		125,000	119,935
4.55%, 07/22/2028(e)		50,000	48,380
Wells Fargo & Co.,
2.19%, 04/30/2026(e)		150,000	144,651
3.53%, 03/24/2028(e)		160,000	151,029
4.81%, 07/25/2028(e)		100,000	97,462
6.30%, 10/23/2029(e)		100,000	102,479
Westpac Banking Corp. (Australia),
3.40%, 01/25/2028		105,000	98,440
1.95%, 11/20/2028		60,000	52,039
			4,906,042
Diversified Capital Markets–0.01%
Deutsche Bank AG (Germany), 2.55%, 01/07/2028(e)		150,000	137,001
Diversified Chemicals–0.20%
Chemours Co. (The),
5.38%, 05/15/2027		407,000	385,533
5.75%, 11/15/2028(b)		303,000	278,632
4.63%, 11/15/2029(b)		974,000	835,585
INEOS Finance PLC (Luxembourg), 6.75%, 05/15/2028(b)		536,000	527,234
			2,026,984
Diversified Financial Services–0.73%
Albion Financing 1 S.a.r.l./Aggreko Holdings, Inc. (Luxembourg), 6.13%, 10/15/2026(b)		439,000	431,356
Corebridge Financial, Inc., 3.65%, 04/05/2027		130,000	123,151
eG Global Finance PLC (United Kingdom), 12.00%, 11/30/2028(b)		630,000	650,990
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b)		466,000	419,685

	Principal Amount		Value
Diversified Financial Services–(continued)
Midcap Financial Issuer Trust,
6.50%, 05/01/2028(b)	$	615,000	$      556,812
5.63%, 01/15/2030(b)		285,000	239,983
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027(b)(c)		500,000	464,393
PHH Mortgage Corp., 7.88%, 03/15/2026(b)		1,299,000	1,243,822
Resorts World Las Vegas LLC/RWLV Capital, Inc.,
4.63%, 04/16/2029(b)		800,000	710,625
4.63%, 04/06/2031(b)		500,000	424,572
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)		745,000	705,401
United Wholesale Mortgage LLC,
5.50%, 11/15/2025(b)		677,000	666,529
5.75%, 06/15/2027(b)		350,000	336,208
5.50%, 04/15/2029(b)(c)		410,000	381,306
			7,354,833
Diversified Metals & Mining–0.27%
Corp. Nacional del Cobre de Chile (Chile),
3.63%, 08/01/2027(b)		1,524,000	1,424,383
5.63%, 10/18/2043(b)		95,000	85,430
4.88%, 11/04/2044(b)		105,000	85,085
Mineral Resources Ltd. (Australia),
8.00%, 11/01/2027(b)		650,000	658,161
9.25%, 10/01/2028(b)(c)		450,000	472,314
			2,725,373
Diversified Real Estate Activities–0.00%
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025(b)		4,000	4,006
Diversified REITs–0.22%
Global Net Lease, Inc./Global Net Lease Operating Partnership L.P., 3.75%, 12/15/2027(b)(c)		609,000	518,823
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/2026(b)(c)		753,000	700,688
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032(b)		396,000	351,281
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 4.63%, 06/15/2025(b)		630,000	618,525
			2,189,317
Diversified Support Services–0.26%
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l., 4.63%, 06/01/2028(b)		950,000	854,372
MPH Acquisition Holdings LLC, 5.50%, 09/01/2028(b)		606,000	494,428
Neptune Bidco US, Inc., 9.29%, 04/15/2029(b)		1,173,000	1,108,281

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Diversified Support Services–(continued)
Sabre GLBL, Inc., 8.63%, 06/01/2027(b)	$	124,000	$      109,824
			2,566,905
Drug Retail–0.04%
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026(c)		385,000	364,078
Education Services–0.06%
Grand Canyon University, 5.13%, 10/01/2028		630,000	562,225
Electric Utilities–0.61%
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)		706,000	706,000
Edison International,
4.13%, 03/15/2028		100,000	94,111
5.25%, 11/15/2028		90,000	88,143
8.13%, 06/15/2053(c)(e)		626,000	640,030
7.88%, 06/15/2054(c)(e)		450,000	458,422
Eversource Energy, 5.95%, 02/01/2029		100,000	101,178
NextEra Energy Operating Partners L.P.,
3.88%, 10/15/2026(b)(c)		800,000	749,168
4.50%, 09/15/2027(b)		125,000	116,594
7.25%, 01/15/2029(b)(c)		800,000	811,126
NRG Energy, Inc.,
3.63%, 02/15/2031(b)		1,103,000	934,861
3.88%, 02/15/2032(b)		77,000	64,947
Pacific Gas and Electric Co.,
3.30%, 12/01/2027		100,000	91,894
3.00%, 06/15/2028		85,000	76,511
System Energy Resources, Inc., 6.00%, 04/15/2028		150,000	150,913
Talen Energy Supply LLC, 8.63%, 06/01/2030(b)		898,000	950,824
Xcel Energy, Inc., 3.35%, 12/01/2026		50,000	47,323
			6,082,045
Electrical Components & Equipment–0.15%
Emerson Electric Co., 1.80%, 10/15/2027		80,000	71,746
EnerSys, 4.38%, 12/15/2027(b)		600,000	564,113
WESCO Distribution, Inc., 7.13%, 06/15/2025(b)		863,000	864,440
			1,500,299
Environmental & Facilities Services–0.09%
Enviri Corp., 5.75%, 07/31/2027(b)		763,000	714,459
GFL Environmental, Inc., 3.75%, 08/01/2025(b)		190,000	184,965
			899,424
Fertilizers & Agricultural Chemicals–0.14%
Consolidated Energy Finance S.A. (Switzerland),
5.63%, 10/15/2028(b)		559,000	472,986
12.00%, 02/15/2031(b)		480,000	497,402

	Principal Amount		Value
Fertilizers & Agricultural Chemicals–(continued)
Egyptian Financial Co. for Sovereign Taskeek (The) (Egypt), 10.88%, 02/28/2026(b)	$	381,000	$      394,811
			1,365,199
Financial Exchanges & Data–0.11%
Cboe Global Markets, Inc., 3.65%, 01/12/2027		60,000	57,606
Coinbase Global, Inc., 3.38%, 10/01/2028(b)		1,215,000	1,019,808
S&P Global, Inc., 2.45%, 03/01/2027		65,000	60,177
			1,137,591
Food Distributors–0.08%
C&S Group Enterprises LLC, 5.00%, 12/15/2028(b)		1,087,000	838,558
Food Retail–0.05%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027(b)		200,000	191,276
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(b)		372,000	353,967
			545,243
Footwear–0.04%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(b)		401,000	404,442
Gas Utilities–0.13%
AmeriGas Partners L.P./AmeriGas Finance Corp.,
5.50%, 05/20/2025		184,000	183,068
5.88%, 08/20/2026		456,000	448,787
9.38%, 06/01/2028(b)		620,000	644,816
Southwest Gas Corp., 5.45%, 03/23/2028		80,000	79,702
			1,356,373
Health Care Equipment–0.02%
Baxter International, Inc., 2.27%, 12/01/2028		245,000	212,056
Health Care Facilities–0.16%
LifePoint Health, Inc.,
9.88%, 08/15/2030(b)		407,000	424,317
11.00%, 10/15/2030(b)(c)		529,000	563,725
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/2026(b)		522,000	520,267
Universal Health Services, Inc., 1.65%, 09/01/2026		134,000	121,783
			1,630,092
Health Care REITs–0.19%
MPT Operating Partnership L.P./MPT Finance Corp.,
5.25%, 08/01/2026(c)		380,000	346,566
5.00%, 10/15/2027(c)		952,000	779,683
4.63%, 08/01/2029(c)		847,000	634,603

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Health Care REITs–(continued)
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026	$	120,000	$      118,333
			1,879,185
Health Care Services–0.38%
CommonSpirit Health, 1.55%, 10/01/2025		64,000	60,239
Community Health Systems, Inc.,
8.00%, 03/15/2026(b)		297,000	295,842
5.63%, 03/15/2027(b)		707,000	648,076
8.00%, 12/15/2027(b)		329,000	322,351
5.25%, 05/15/2030(b)		746,000	610,605
HCA, Inc., 5.63%, 09/01/2028		150,000	149,364
Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 04/30/2028(b)(c)		337,000	355,151
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029(b)(c)		515,000	358,276
Prime Healthcare Services, Inc., 7.25%, 11/01/2025(b)		453,000	450,427
Sutter Health, Series 20A, 1.32%, 08/15/2025		167,000	157,814
US Acute Care Solutions LLC, 6.38%, 03/01/2026(b)		361,000	365,879
			3,774,024
Health Care Supplies–0.05%
Embecta Corp., 5.00%, 02/15/2030(b)(c)		700,000	540,390
Health Care Technology–0.08%
athenahealth Group, Inc., 6.50%, 02/15/2030(b)		858,000	773,210
Home Furnishings–0.20%
Tempur Sealy International, Inc.,
4.00%, 04/15/2029(b)(c)		936,000	833,117
3.88%, 10/15/2031(b)		937,000	772,351
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026(b)(c)		469,000	455,174
			2,060,642
Home Improvement Retail–0.01%
Home Depot, Inc. (The), 2.50%, 04/15/2027		80,000	74,273
Lowe’s Cos., Inc., 4.80%, 04/01/2026		74,000	73,180
			147,453
Homebuilding–0.19%
Beazer Homes USA, Inc., 5.88%, 10/15/2027		435,000	422,888
Lennar Corp., 4.75%, 11/29/2027		60,000	58,947
LGI Homes, Inc., 4.00%, 07/15/2029(b)		508,000	436,171
Mattamy Group Corp. (Canada), 4.63%, 03/01/2030(b)		276,000	247,441
Taylor Morrison Communities, Inc., 5.88%, 06/15/2027(b)		640,000	630,677
5.75%, 01/15/2028(b)		100,000	97,318
			1,893,442

	Principal Amount		Value
Hotel & Resort REITs–0.12%
Host Hotels & Resorts L.P., Series F, 4.50%, 02/01/2026	$	50,000	$       48,731
Service Properties Trust,
4.75%, 10/01/2026		450,000	418,236
4.95%, 02/15/2027		277,000	255,167
4.95%, 10/01/2029		595,000	487,225
			1,209,359
Hotels, Resorts & Cruise Lines–0.20%
Booking Holdings, Inc., 3.55%, 03/15/2028		50,000	47,020
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028(c)		1,043,000	967,205
Royal Caribbean Cruises Ltd., 4.25%, 07/01/2026(b)		540,000	518,899
Travel + Leisure Co., 6.60%, 10/01/2025		444,000	446,859
			1,979,983
Housewares & Specialties–0.22%
Newell Brands, Inc.,
5.70%, 04/01/2026		654,000	644,124
6.38%, 09/15/2027(c)		776,000	759,127
6.63%, 09/15/2029(c)		626,000	605,815
7.00%, 04/01/2046		310,000	251,830
			2,260,896
Human Resource & Employment Services–0.12%
AMN Healthcare, Inc., 4.00%, 04/15/2029(b)		1,195,000	1,059,994
Automatic Data Processing, Inc., 3.38%, 09/15/2025		100,000	97,504
			1,157,498
Independent Power Producers & Energy Traders–0.19%
AES Corp. (The), 5.45%, 06/01/2028		80,000	78,798
Calpine Corp., 4.50%, 02/15/2028(b)		300,000	280,412
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030(b)		1,044,000	854,901
Vistra Operations Co. LLC, 5.63%, 02/15/2027(b)		689,000	670,931
			1,885,042
Industrial Conglomerates–0.21%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,
6.38%, 12/15/2025		667,000	655,645
6.25%, 05/15/2026		719,000	699,897
5.25%, 05/15/2027		846,000	777,579
			2,133,121
Industrial Machinery & Supplies & Components–0.08%
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025(b)		396,000	393,999
Stanley Black & Decker, Inc., 3.40%, 03/01/2026		80,000	76,944

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Industrial Machinery & Supplies & Components–(continued)
TK Elevator U.S. Newco, Inc. (Germany), 5.25%, 07/15/2027(b)	$	358,000	$      342,831
			813,774
Insurance Brokers–0.04%
Alliant Holdings Intermediate LLC/ Alliant Holdings Co-Issuer, 6.75%, 10/15/2027(b)		349,000	342,524
Willis North America, Inc., 4.65%, 06/15/2027		75,000	72,914
			415,438
Integrated Oil & Gas–0.59%
BP Capital Markets America, Inc., 3.54%, 04/06/2027		75,000	71,541
Chevron USA, Inc., 1.02%, 08/12/2027		100,000	87,714
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 8.63%, 03/15/2029(b)		1,085,000	1,094,159
Exxon Mobil Corp., 3.29%, 03/19/2027		50,000	47,848
Petroleos Mexicanos (Mexico), 7.69%, 01/23/2050		4,600,000	3,205,470
PETRONAS Capital Ltd. (Malaysia), 2.48%, 01/28/2032(b)		898,000	727,647
Qatar Energy (Qatar), 1.38%, 09/12/2026(b)		800,000	729,018
			5,963,397
Integrated Telecommunication Services–0.50%
Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027(b)		574,000	204,310
Altice France S.A. (France),
8.13%, 02/01/2027(b)		814,000	613,599
5.13%, 07/15/2029(b)		551,000	359,701
5.50%, 10/15/2029(b)		200,000	131,154
CommScope, Inc., 6.00%, 03/01/2026(b)		329,000	294,455
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)		1,154,000	1,118,645
Consolidated Communications, Inc., 6.50%, 10/01/2028(b)		292,000	253,757
Iliad Holding S.A.S. (France), 6.50%, 10/15/2026(b)		889,000	885,568
Level 3 Financing, Inc., 10.50%, 05/15/2030(b)		527,000	524,851
Windstream Escrow LLC/ Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b)		672,000	648,179
			5,034,219
Interactive Home Entertainment–0.03%
Jacobs Entertainment, Inc., 6.75%, 02/15/2029(b)		281,000	266,996
Interactive Media & Services–0.07%
Nexstar Media, Inc., 5.63%, 07/15/2027(b)		408,000	384,000
Scripps Escrow II, Inc., 3.88%, 01/15/2029(b)		307,000	227,087

	Principal Amount		Value
Interactive Media & Services–(continued)
TripAdvisor, Inc., 7.00%, 07/15/2025(b)	$	133,000	$      133,174
			744,261
Internet Services & Infrastructure–0.11%
Arches Buyer, Inc., 4.25%, 06/01/2028(b)		990,000	849,863
Cogent Communications Group, Inc., 3.50%, 05/01/2026(b)		261,000	245,652
			1,095,515
Investment Banking & Brokerage–0.13%
Charles Schwab Corp. (The),
2.00%, 03/20/2028		100,000	88,338
6.20%, 11/17/2029(e)		100,000	102,376
Goldman Sachs Group, Inc. (The),
3.85%, 01/26/2027		125,000	119,929
1.54%, 09/10/2027(e)		140,000	126,885
1.95%, 10/21/2027(e)		75,000	68,492
3.62%, 03/15/2028(e)		105,000	99,369
Morgan Stanley,
3.63%, 01/20/2027		130,000	124,305
1.59%, 05/04/2027(e)		110,000	101,404
6.30%, 10/18/2028(e)		300,000	306,415
Nomura Holdings, Inc. (Japan), 1.65%, 07/14/2026		200,000	182,941
			1,320,454
IT Consulting & Other Services–0.16%
Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029(b)		273,000	247,307
EquipmentShare.com, Inc., 9.00%, 05/15/2028(b)(c)		337,000	346,378
International Business Machines Corp.,
3.45%, 02/19/2026		150,000	145,098
3.30%, 05/15/2026		100,000	96,107
Kyndryl Holdings, Inc., 2.05%, 10/15/2026		100,000	91,437
Unisys Corp., 6.88%, 11/01/2027(b)		780,000	673,405
			1,599,732
Leisure Facilities–0.12%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(b)		100,000	100,000
Life Time, Inc., 5.75%, 01/15/2026(b)(c)		456,000	451,379
NCL Corp. Ltd., 5.88%, 02/15/2027(b)		634,000	619,795
			1,171,174
Life & Health Insurance–0.10%
Genworth Holdings, Inc., 6.50%, 06/15/2034		910,000	849,594
Principal Financial Group, Inc., 3.40%, 05/15/2025		160,000	156,451
			1,006,045

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Life Sciences Tools & Services–0.04%
IQVIA, Inc., 5.00%, 05/15/2027(b)	$	419,000	$      404,907
Managed Health Care–0.01%
Centene Corp., 2.45%, 07/15/2028		60,000	52,428
Marine Ports & Services–0.08%
DP World Ltd. (United Arab Emirates), 6.85%, 07/02/2037(b)		810,000	855,642
Marine Transportation–0.05%
Seaspan Corp. (Hong Kong), 5.50%, 08/01/2029(b)		276,000	237,756
Stena International S.A. (Sweden), 7.25%, 01/15/2031(b)		250,000	250,438
			488,194
Metal, Glass & Plastic Containers–0.24%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/2029(b)(c)		500,000	412,620
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
5.25%, 04/30/2025(b)		819,000	811,793
4.13%, 08/15/2026(b)		1,043,000	870,271
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028(b)(c)		350,000	334,518
			2,429,202
Movies & Entertainment–0.14%
Cinemark USA, Inc., 8.75%, 05/01/2025(b)		388,000	388,000
Live Nation Entertainment, Inc., 6.50%, 05/15/2027(b)		406,000	407,141
Odeon Finco PLC (United Kingdom), 12.75%, 11/01/2027(b)		617,000	636,215
			1,431,356
Multi-line Insurance–0.01%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026		94,000	94,265
Multi-Utilities–0.09%
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082(e)		1,037,000	900,417
Office REITs–0.06%
Boston Properties L.P., 4.50%, 12/01/2028		100,000	93,271
Office Properties Income Trust, 4.50%, 02/01/2025		678,000	535,398
			628,669
Office Services & Supplies–0.24%
ACCO Brands Corp., 4.25%, 03/15/2029(b)(c)		1,090,000	948,989
Pitney Bowes, Inc.,
6.88%, 03/15/2027(b)		578,000	521,484
7.25%, 03/15/2029(b)		540,000	462,947

	Principal Amount		Value
Office Services & Supplies–(continued)
Steelcase, Inc., 5.13%, 01/18/2029	$	503,000	$      471,106
			2,404,526
Oil & Gas Drilling–0.28%
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)		370,000	361,710
Harvest Midstream I L.P., 7.50%, 09/01/2028(b)		855,000	858,151
Nabors Industries, Inc.,
7.38%, 05/15/2027(b)		958,000	950,321
9.13%, 01/31/2030(b)(c)		593,000	611,934
			2,782,116
Oil & Gas Equipment & Services–0.09%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		75,000	70,009
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b)		850,000	871,200
			941,209
Oil & Gas Exploration & Production–0.88%
Baytex Energy Corp. (Canada), 8.50%, 04/30/2030(b)		405,000	422,588
Civitas Resources, Inc.,
5.00%, 10/15/2026(b)		427,000	413,393
8.75%, 07/01/2031(b)		404,000	429,045
Comstock Resources, Inc.,
6.75%, 03/01/2029(b)(c)		1,020,000	972,062
5.88%, 01/15/2030(b)		837,000	763,186
Crescent Energy Finance LLC, 9.25%, 02/15/2028(b)		405,000	428,233
Devon Energy Corp., 5.25%, 10/15/2027		75,000	74,154
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.00%, 04/15/2030(b)		307,000	294,456
8.38%, 11/01/2033(b)		529,000	567,891
Ithaca Energy (North Sea) PLC (United Kingdom), 9.00%, 07/15/2026(b)		249,000	250,845
PDC Energy, Inc., 5.75%, 05/15/2026		496,000	496,027
PT Pertamina (Persero) (Indonesia), 6.45%, 05/30/2044(b)		200,000	201,857
Sinopec Group Overseas Development 2018 Ltd. (China), 2.95%, 11/12/2029(b)		2,760,000	2,480,319
SM Energy Co., 6.63%, 01/15/2027(c)		423,000	421,192
Talos Production, Inc., 9.38%, 02/01/2031(b)		570,000	607,913
			8,823,161
Oil & Gas Refining & Marketing–0.11%
HF Sinclair Corp., 5.88%, 04/01/2026		94,000	94,262

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Oil & Gas Refining & Marketing–(continued)
NuStar Logistics L.P.,
6.00%, 06/01/2026	$	422,000	$      419,138
5.63%, 04/28/2027		555,000	543,386
			1,056,786
Oil & Gas Storage & Transportation–1.23%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), 4.60%, 11/02/2047(b)		1,587,000	1,368,724
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		125,000	123,262
Energy Transfer L.P.,
4.40%, 03/15/2027		60,000	58,139
5.50%, 06/01/2027		50,000	49,763
Genesis Energy L.P./Genesis Energy Finance Corp., 7.75%, 02/01/2028		350,000	350,220
ITT Holdings LLC, 6.50%, 08/01/2029(b)		497,000	449,406
Martin Midstream Partners L.P./Martin Midstream Finance Corp., 11.50%, 02/15/2028(b)		410,000	435,307
New Fortress Energy, Inc.,
6.75%, 09/15/2025(b)		861,000	851,140
6.50%, 09/30/2026(b)(c)		1,217,000	1,164,765
Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026(b)		443,000	434,080
ONEOK, Inc., 5.65%, 11/01/2028		100,000	100,348
Rockies Express Pipeline LLC, 7.50%, 07/15/2038(b)		366,000	375,716
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.50%, 10/15/2026(b)(f)		1,053,000	1,076,000
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.,
6.00%, 03/01/2027(b)		290,000	282,746
7.38%, 02/15/2029(b)		430,000	430,842
6.00%, 12/31/2030(b)		1,145,000	1,078,274
Venture Global LNG, Inc.,
8.13%, 06/01/2028(b)		913,000	934,294
9.50%, 02/01/2029(b)		786,000	845,333
8.38%, 06/01/2031(b)		1,136,000	1,166,527
9.88%, 02/01/2032(b)		712,000	760,225
			12,335,111
Other Specialized REITs–0.08%
EPR Properties, 4.75%, 12/15/2026		75,000	71,959
Iron Mountain, Inc.,
4.88%, 09/15/2027(b)		238,000	227,319
4.50%, 02/15/2031(b)		585,000	516,569
			815,847
Other Specialty Retail–0.43%
Bath & Body Works, Inc.,
6.69%, 01/15/2027		600,000	604,294
6.75%, 07/01/2036		670,000	654,468

	Principal Amount		Value
Other Specialty Retail–(continued)
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026(b)	$	377,000	$      369,919
Michaels Cos., Inc. (The), 5.25%, 05/01/2028(b)(c)		237,000	200,862
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028(b)		1,545,000	1,427,415
Staples, Inc., 7.50%, 04/15/2026(b)		1,130,000	1,090,481
			4,347,439
Packaged Foods & Meats–0.07%
Conagra Brands, Inc., 1.38%, 11/01/2027		100,000	86,514
TKC Holdings, Inc., 6.88%, 05/15/2028(b)		500,000	472,460
Tyson Foods, Inc., 4.00%, 03/01/2026		127,000	123,333
			682,307
Paper & Plastic Packaging Products & Materials–0.30%
Berry Global, Inc., 1.57%, 01/15/2026		80,000	74,544
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/2026		879,000	861,003
LABL, Inc.,
6.75%, 07/15/2026(b)		276,000	272,440
5.88%, 11/01/2028(b)		266,000	237,067
Mauser Packaging Solutions Holding Co., 9.25%, 04/15/2027(b)		435,000	426,777
Sealed Air Corp.,
5.50%, 09/15/2025(b)		563,000	560,267
6.13%, 02/01/2028(b)		184,000	181,947
6.88%, 07/15/2033(b)(c)		430,000	433,379
			3,047,424
Paper Products–0.09%
Domtar Corp., 6.75%, 10/01/2028(b)		999,000	873,420
Passenger Airlines–0.48%
Air Canada (Canada), 3.88%, 08/15/2026(b)		680,000	645,638
Air Canada Pass-Through Trust (Canada), Series 2020-1, Class C, 10.50%, 07/15/2026(b)		583,000	635,470
Allegiant Travel Co., 7.25%, 08/15/2027(b)(c)		410,000	396,703
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)		626,000	619,314
Cargo Aircraft Management, Inc., 4.75%, 02/01/2028(b)		434,000	392,395
Delta Air Lines, Inc., 7.38%, 01/15/2026		416,000	425,891
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026(b)(c)		838,000	786,823
Southwest Airlines Co., 3.45%, 11/16/2027		125,000	116,116

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Passenger Airlines–(continued)
United AirLines, Inc., 4.38%, 04/15/2026(b)	$	799,000	$      769,280
			4,787,630
Passenger Ground Transportation–0.04%
Uber Technologies, Inc., 8.00%, 11/01/2026(b)		400,000	404,331
Personal Care Products–0.05%
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025(b)		571,000	548,363
Pharmaceuticals–0.49%
1375209 BC Ltd. (Canada), 9.00%, 01/30/2028(b)(c)		669,000	657,511
AdaptHealth LLC,
4.63%, 08/01/2029(b)		805,000	679,010
5.13%, 03/01/2030(b)(c)		1,043,000	888,825
Bausch Health Cos., Inc., 5.50%, 11/01/2025(b)		465,000	433,589
Bristol-Myers Squibb Co., 0.75%, 11/13/2025		100,000	93,287
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.88%, 06/01/2029(b)(c)		565,000	332,364
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028(b)		1,778,000	1,621,015
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		134,000	128,532
Viatris, Inc., 2.30%, 06/22/2027		85,000	76,449
			4,910,582
Property & Casualty Insurance–0.01%
Fairfax Financial Holdings Ltd. (Canada), 4.85%, 04/17/2028		75,000	72,850
Publishing–0.08%
Gannett Holdings LLC, 6.00%, 11/01/2026(b)		858,000	797,087
Rail Transportation–0.12%
Empresa de Transporte de Pasajeros Metro S.A. (Chile), 4.70%, 05/07/2050(b)		1,550,000	1,236,874
Real Estate Development–0.05%
Forestar Group, Inc., 3.85%, 05/15/2026(b)		558,000	530,073
Real Estate Services–0.29%
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp., 7.00%, 04/15/2030(b)(c)		934,254	820,733
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/2028(b)		1,255,000	1,238,479
Newmark Group, Inc., 7.50%, 01/12/2029(b)		845,000	853,959
			2,913,171

	Principal Amount		Value
Regional Banks–0.06%
Santander Holdings USA, Inc., 2.49%, 01/06/2028(e)	$	100,000	$       90,637
Truist Financial Corp., 4.87%, 01/26/2029(e)		100,000	97,009
Verde Purchaser LLC, 10.50%, 11/30/2030(b)(c)		355,000	374,392
			562,038
Reinsurance–0.09%
Global Atlantic (Fin) Co., 4.70%, 10/15/2051(b)(e)		992,000	876,982
Renewable Electricity–0.04%
Sunnova Energy Corp., 5.88%, 09/01/2026(b)		700,000	436,026
Retail REITs–0.21%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC,
5.75%, 05/15/2026(b)(c)		1,000,000	968,541
4.50%, 04/01/2027(b)		517,000	459,653
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner L.P., 4.50%, 09/30/2028(b)		594,000	507,227
Realty Income Corp., 4.88%, 06/01/2026		80,000	78,998
Simon Property Group L.P., 3.30%, 01/15/2026		64,000	61,633
			2,076,052
Security & Alarm Services–0.15%
CoreCivic, Inc.,
4.75%, 10/15/2027		467,000	435,718
8.25%, 04/15/2029		400,000	413,654
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 04/15/2026(b)		634,000	626,593
			1,475,965
Semiconductors–0.04%
ams-OSRAM AG (Austria), 12.25%, 03/30/2029(b)(c)		429,000	429,807
Sovereign Debt–14.82%
Abu Dhabi Government International Bond (United Arab Emirates),
3.13%, 05/03/2026(b)		440,000	421,775
2.70%, 09/02/2070(b)		5,040,000	2,717,250
Angolan Government International Bond (Angola),
8.25%, 05/09/2028(b)		1,745,000	1,648,999
9.38%, 05/08/2048(b)		440,000	375,263
9.13%, 11/26/2049(b)		1,140,000	951,410
Argentine Republic Government International Bond (Argentina),
0.75%, 07/09/2030(f)		3,000,000	1,743,030
3.63%, 07/09/2046(f)		2,192,000	1,047,781
Bahrain Government International Bond (Bahrain),
7.00%, 01/26/2026(b)		2,000,000	2,015,620
7.00%, 10/12/2028(b)		979,000	998,803

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Sovereign Debt–(continued)
Brazilian Government International Bond (Brazil),
4.63%, 01/13/2028	$	1,110,000	$    1,067,578
4.50%, 05/30/2029		760,000	708,709
3.88%, 06/12/2030		1,540,000	1,356,498
6.00%, 10/20/2033		1,528,000	1,462,552
7.13%, 01/20/2037		854,000	882,555
5.63%, 01/07/2041		252,000	217,550
CBB International Sukuk Programme Co. WLL (Bahrain), 4.50%, 03/30/2027(b)		2,880,000	2,762,286
Chile Government International Bond (Chile),
3.24%, 02/06/2028		1,241,000	1,147,951
2.45%, 01/31/2031		1,414,000	1,180,664
2.55%, 01/27/2032		770,000	631,422
3.50%, 01/31/2034		1,140,000	965,976
China Government International Bond (China), 1.20%, 10/21/2030(b)		908,000	735,157
Colombia Government International Bond (Colombia),
3.88%, 04/25/2027		2,250,000	2,093,615
4.50%, 03/15/2029		880,000	791,918
7.50%, 02/02/2034		880,000	867,676
7.38%, 09/18/2037		3,000,000	2,872,190
6.13%, 01/18/2041		1,950,000	1,605,861
Costa Rica Government International Bond (Costa Rica),
6.13%, 02/19/2031(b)		440,000	438,827
6.55%, 04/03/2034(b)		1,688,000	1,713,697
Dominican Republic International Bond (Dominican Republic),
6.88%, 01/29/2026(b)		820,000	823,779
6.00%, 07/19/2028(b)		600,000	587,924
5.50%, 02/22/2029(b)		440,000	419,720
4.50%, 01/30/2030(b)		1,140,000	1,022,177
4.88%, 09/23/2032(b)		1,975,000	1,734,049
6.00%, 02/22/2033(b)		820,000	777,360
6.85%, 01/27/2045(b)		802,000	764,923
Ecuador Government International Bond (Ecuador),
6.00%, 07/31/2030(b)(f)		293,000	206,821
3.50%, 07/31/2035(b)(f)		2,022,000	1,115,549
Egypt Government International Bond (Egypt),
7.50%, 01/31/2027(b)		1,118,000	1,063,866
5.80%, 09/30/2027(b)		770,000	687,013
7.60%, 03/01/2029(b)		200,000	180,486
8.50%, 01/31/2047(b)		2,896,000	2,218,221
7.90%, 02/21/2048(b)		1,200,000	874,044
8.70%, 03/01/2049(b)		2,110,000	1,641,913
El Salvador Government International Bond (El Salvador),
7.65%, 06/15/2035(b)		274,000	198,574
9.50%, 07/15/2052(b)		590,000	467,204
Ghana Government International Bond (Ghana),
7.63%, 05/16/2029(b)		818,000	398,530
8.95%, 03/26/2051(b)		738,000	358,577

	Principal Amount		Value
Sovereign Debt–(continued)
Guatemala Government Bond (Guatemala), 6.60%, 06/13/2036(b)	$	895,000	$      879,518
Hungary Government International Bond (Hungary),
5.25%, 06/16/2029(b)		3,080,000	2,988,462
2.13%, 09/22/2031(b)		2,400,000	1,851,847
6.25%, 09/22/2032(b)		1,334,000	1,347,908
5.50%, 06/16/2034(b)		410,000	390,951
7.63%, 03/29/2041		1,200,000	1,335,060
6.75%, 09/25/2052(b)		380,000	391,478
Indonesia Government International Bond (Indonesia),
4.75%, 01/08/2026(b)		636,000	630,264
4.85%, 01/11/2033		780,000	746,703
8.50%, 10/12/2035(b)		581,000	721,134
6.75%, 01/15/2044(b)		651,000	729,772
Ivory Coast Government International Bond (Ivory Coast),
6.38%, 03/03/2028(b)		650,000	631,638
6.13%, 06/15/2033(b)		820,000	712,490
Jamaica Government International Bond (Jamaica), 6.75%, 04/28/2028		1,600,000	1,634,948
Jordan Government International Bond (Jordan),
6.13%, 01/29/2026(b)		1,000,000	972,777
7.50%, 01/13/2029(b)		1,849,000	1,826,045
Kazakhstan Government International Bond (Kazakhstan), 4.88%, 10/14/2044(b)		1,000,000	926,800
KSA Sukuk Ltd. (Saudi Arabia), 4.30%, 01/19/2029(b)		2,000,000	1,922,324
Kuwait International Government Bond (Kuwait), 3.50%, 03/20/2027(b)		800,000	763,560
Malaysia Sukuk Global Bhd. (Malaysia), 3.18%, 04/27/2026(b)		250,000	240,460
Mexico Government International Bond (Mexico),
4.13%, 01/21/2026		2,310,000	2,250,837
4.50%, 04/22/2029		2,310,000	2,187,422
6.35%, 02/09/2035		342,000	340,725
5.75%, 10/12/2110		3,150,000	2,611,031
Series A, 6.05%, 01/11/2040		366,000	348,854
Nigeria Government International Bond (Nigeria),
8.38%, 03/24/2029(b)		1,785,000	1,693,947
7.70%, 02/23/2038(b)		2,000,000	1,582,060
7.63%, 11/28/2047(b)		440,000	328,060
Oman Government International Bond (Oman),
4.75%, 06/15/2026(b)		3,310,000	3,231,944
5.63%, 01/17/2028(b)		1,000,000	985,922
6.25%, 01/25/2031(b)		1,000,000	1,011,560

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Sovereign Debt–(continued)
Panama Government International Bond (Panama),
7.13%, 01/29/2026	$	1,110,000	$    1,121,224
3.88%, 03/17/2028		1,000,000	901,587
3.16%, 01/23/2030		780,000	637,318
2.25%, 09/29/2032		780,000	541,360
6.40%, 02/14/2035(c)		1,160,000	1,067,321
6.70%, 01/26/2036		1,350,000	1,270,625
6.88%, 01/31/2036(c)		1,807,000	1,706,128
4.50%, 04/01/2056		2,700,000	1,683,315
4.50%, 01/19/2063(c)		1,520,000	932,101
Paraguay Government International Bond (Paraguay), 5.00%, 04/15/2026(b)		769,000	755,858
Perusahaan Penerbit SBSN Indonesia III (Indonesia), 4.15%, 03/29/2027(b)		1,176,000	1,135,908
Peruvian Government International Bond (Peru),
2.39%, 01/23/2026		1,180,000	1,115,395
4.13%, 08/25/2027		1,226,000	1,171,811
2.84%, 06/20/2030		500,000	425,625
2.78%, 01/23/2031		1,059,000	881,512
8.75%, 11/21/2033		725,000	863,692
3.60%, 01/15/2072		650,000	397,475
Philippine Government International Bond (Philippines),
3.00%, 02/01/2028		1,000,000	920,238
6.38%, 01/15/2032		2,000,000	2,111,569
Qatar Government International Bond (Qatar),
6.40%, 01/20/2040(b)		780,000	848,946
5.10%, 04/23/2048(b)		936,000	866,647
4.82%, 03/14/2049(b)		964,000	854,343
4.40%, 04/16/2050(b)		1,033,000	859,001
Republic of Poland Government International Bond (Poland),
3.25%, 04/06/2026		2,310,000	2,229,289
5.75%, 11/16/2032		1,980,000	2,019,129
Republic of South Africa Government International Bond (South Africa),
5.88%, 09/16/2025		1,100,000	1,093,070
4.30%, 10/12/2028		965,000	861,258
4.85%, 09/30/2029		1,000,000	892,113
5.88%, 04/20/2032		440,000	392,157
5.38%, 07/24/2044		820,000	581,273
5.65%, 09/27/2047		780,000	554,034
5.75%, 09/30/2049		1,177,000	835,246
7.30%, 04/20/2052		400,000	338,928
Romanian Government International Bond (Romania),
3.00%, 02/27/2027(b)		780,000	720,619
6.63%, 02/17/2028(b)		820,000	831,154
3.63%, 03/27/2032(b)		800,000	664,273
7.13%, 01/17/2033(b)		380,000	393,183
6.00%, 05/25/2034(b)		1,540,000	1,477,091
6.13%, 01/22/2044(b)		800,000	750,720
5.13%, 06/15/2048(b)		2,344,000	1,914,017
4.00%, 02/14/2051(b)		1,750,000	1,175,232
7.63%, 01/17/2053(b)		760,000	813,031

	Principal Amount		Value
Sovereign Debt–(continued)
Saudi Government International Bond (Saudi Arabia),
3.25%, 10/26/2026(b)	$	500,000	$      476,784
4.38%, 04/16/2029(b)		1,798,000	1,729,458
4.50%, 04/17/2030(b)		1,062,000	1,014,999
5.50%, 10/25/2032(b)		1,560,000	1,569,240
2.25%, 02/02/2033(b)		2,550,000	1,989,637
4.50%, 10/26/2046(b)		618,000	503,145
4.63%, 10/04/2047(b)		780,000	641,156
5.00%, 01/18/2053(b)		1,320,000	1,118,283
4.50%, 04/22/2060(b)		1,140,000	879,994
Serbia International Bond (Serbia), 6.50%, 09/26/2033(b)		370,000	370,503
Sharjah Sukuk Program Ltd. (United Arab Emirates),
3.85%, 04/03/2026(b)		600,000	578,258
4.23%, 03/14/2028(b)		1,019,000	966,873
Turkey Government International Bond (Turkey),
4.75%, 01/26/2026		440,000	431,248
4.25%, 04/14/2026		1,320,000	1,276,295
7.63%, 04/26/2029		1,474,000	1,499,795
11.88%, 01/15/2030		1,232,000	1,529,485
6.88%, 03/17/2036		1,218,000	1,131,967
Uruguay Government International Bond (Uruguay), 5.75%, 10/28/2034		405,000	415,361
			148,907,141
Specialized Consumer Services–0.04%
Sotheby’s, 7.38%, 10/15/2027(b)		430,000	401,103
Specialized Finance–0.03%
Blackstone Private Credit Fund, 3.25%, 03/15/2027		75,000	68,845
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026(b)		251,000	246,974
			315,819
Specialty Chemicals–0.15%
ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028(b)		385,000	232,369
PPG Industries, Inc., 1.20%, 03/15/2026		67,000	61,834
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/2026(b)		832,000	799,458
WR Grace Holdings LLC, 5.63%, 08/15/2029(b)		470,000	421,326
			1,514,987
Steel–0.06%
ArcelorMittal S.A. (Luxembourg), 4.55%, 03/11/2026		134,000	130,878
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030(b)		379,000	370,565
Nucor Corp., 3.95%, 05/01/2028		100,000	95,147
			596,590
Systems Software–0.16%
Gen Digital, Inc., 6.75%, 09/30/2027(b)		424,000	425,934

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Systems Software–(continued)
McAfee Corp., 7.38%, 02/15/2030(b)	$	740,000	$      686,140
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b)		502,000	457,143
			1,569,217
Technology Distributors–0.03%
Avnet, Inc., 4.63%, 04/15/2026		75,000	73,256
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/2025(b)		260,000	259,131
			332,387
Technology Hardware, Storage & Peripherals–0.25%
Apple, Inc.,
3.25%, 02/23/2026		150,000	144,999
3.20%, 05/11/2027		135,000	128,038
Seagate HDD Cayman, 9.63%, 12/01/2032		466,706	523,889
Western Digital Corp., 4.75%, 02/15/2026		538,000	523,941
Xerox Corp., 6.75%, 12/15/2039(c)		513,000	391,282
Xerox Holdings Corp.,
5.00%, 08/15/2025(b)		231,000	224,668
5.50%, 08/15/2028(b)(c)		693,000	601,986
			2,538,803
Telecom Tower REITs–0.08%
American Tower Corp.,
1.30%, 09/15/2025		134,000	126,348
3.65%, 03/15/2027		105,000	99,678
3.55%, 07/15/2027		105,000	98,745
SBA Communications Corp., 3.88%, 02/15/2027		481,000	452,504
			777,275
Tires & Rubber–0.06%
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027(c)		655,000	628,678
Tobacco–0.12%
Altria Group, Inc., 4.40%, 02/14/2026		134,000	131,383
B.A.T Capital Corp. (United Kingdom), 3.22%, 09/06/2026		134,000	126,806
Philip Morris International, Inc., 4.88%, 02/15/2028		160,000	157,325
Vector Group Ltd., 5.75%, 02/01/2029(b)		817,000	743,632
			1,159,146
Trading Companies & Distributors–0.15%
Air Lease Corp., 4.63%, 10/01/2028		90,000	86,140
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/2025(b)		540,000	540,000
Herc Holdings, Inc., 5.50%, 07/15/2027(b)		880,000	855,539
			1,481,679

	Principal Amount		Value
Transaction & Payment Processing Services–0.11%
Block, Inc., 2.75%, 06/01/2026	$	276,000	$      259,557
Global Payments, Inc., 2.15%, 01/15/2027		110,000	100,739
NCR Atleos Corp., 9.50%, 04/01/2029(b)		655,000	696,860
Western Union Co. (The), 1.35%, 03/15/2026		75,000	69,007
			1,126,163
Wireless Telecommunication Services–0.01%
Sprint Capital Corp., 6.88%, 11/15/2028		70,000	73,362
Total U.S. Dollar Denominated Bonds & Notes (Cost $391,829,393)			376,081,872
Equity Linked Notes–22.26%
Diversified Banks–21.43%
Bank of Montreal (Communication Services Select Sector SPDR Fund) (Canada), 15.71%, 05/22/2024(b)		8,678,000	8,457,744
Bank of Montreal (Industrial Select Sector SPDR Fund) (Canada), 11.81%, 05/15/2024(b)		8,925,000	8,680,385
Bank of Montreal (Technology Select Sector SPDR Fund) (Canada), 16.32%, 05/09/2024(b)		12,360,000	11,566,919
Bank of Nova Scotia (The) (Technology Select Sector SPDR Fund) (Canada),
15.75%, 05/01/2024(b)		12,271,000	11,683,681
17.25%, 06/03/2024(b)		11,644,000	11,442,071
Barclays Bank PLC (Consumer Staples Select Sector SPDR Fund) (United Kingdom), 8.15%, 05/20/2024(b)		5,868,000	5,983,200
Barclays Bank PLC (Technology Select Sector SPDR Fund) (United Kingdom),
17.00%, 05/03/2024(b)		12,210,000	11,226,902
18.23%, 06/05/2024(b)		11,409,000	11,409,000
BNP Paribas S.A. (Industrial Select Sector SPDR Fund) (France), 10.09%, 05/08/2024(b)		8,910,000	8,717,818
Canadian Imperial Bank of Commerce (Financial Select Sector SPDR Fund) (Canada), 15.00%, 05/24/2024(b)		8,603,000	8,661,506
Citigroup, Inc. (Consumer Discretionary Select Sector SPDR Fund), 19.05%, 05/21/2024(b)		6,815,000	6,891,594
HSBC Bank PLC (Consumer Discretionary Select Sector SPDR Fund) (United Kingdom), 17.88%, 05/29/2024(b)		6,726,000	6,850,758
HSBC Bank PLC (Health Care Select Sector SPDR Fund) (United Kingdom), Series 76, 11.21%, 05/28/2024(b)		7,930,000	7,978,696
JPMorgan Chase & Co. (Health Care Select Sector SPDR Fund), 9.41%, 05/31/2024(b)		7,857,000	7,832,595

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Diversified Banks–(continued)
Mizuho Financial Group, Inc. (Consumer Discretionary Select Sector SPDR Fund) (Japan), 15.50%, 05/10/2024(b)	$	7,128,000	$    7,050,269
Mizuho Financial Group, Inc. (Consumer Staples Select Sector SPDR Fund) (Japan),
7.00%, 05/02/2024(b)		5,689,000	5,712,094
5.06%, 06/04/2024(b)		5,461,000	5,404,794
Mizuho Financial Group, Inc. (Materials Select Sector SPDR Fund) (Japan), 12.50%, 05/16/2024(b)		4,851,000	4,678,419
Mizuho Financial Group, Inc. (Utilities Select Sector SPDR Fund) (Japan), 13.70%, 05/16/2024(b)		4,497,000	4,521,883
Royal Bank of Canada (Communication Services Select Sector SPDR Fund) (Canada), 15.04%, 05/07/2024(b)		8,979,000	8,458,520
Royal Bank of Canada (iShares Dow Jones U.S. Real Estate ETF) (Canada), 14.41%, 05/23/2024(b)		4,111,000	4,172,399
Royal Bank of Canada (Technology Select Sector SPDR Fund) (Canada), 16.81%, 05/29/2024(b)		11,648,000	11,819,731
Societe Generale S.A. (Financial Select Sector SPDR Fund) (France),
13.76%, 05/13/2024(b)		9,061,000	8,762,281
10.80%, 05/30/2024(b)		8,421,000	8,204,506
Toronto-Dominion Bank (The) (Energy Select Sector SPDR Fund) (Canada), 19.20%, 05/23/2024(b)		7,542,000	7,523,104
Toronto-Dominion Bank (The) (Technology Select Sector SPDR Fund) (Canada), 18.50%, 05/17/2024(b)		12,501,000	11,638,908
			215,329,777
Diversified Capital Markets–0.83%
UBS Group AG (Health Care Select Sector SPDR Fund) (Switzerland), 9.15%, 05/14/2024(b)		8,448,000	8,297,208
Total Equity Linked Notes (Cost $228,543,000)			223,626,985
U.S. Treasury Securities–19.58%
U.S. Treasury Bills–0.09%
5.27% - 5.28%, 09/05/2024(g)(h)		851,000	835,359
U.S. Treasury Bonds–16.95%
5.25%, 11/15/2028		400,000	408,031
4.75%, 11/15/2053		170,700,000	169,873,172
			170,281,203

	Principal Amount		Value
U.S. Treasury Notes–2.54%
1.13%, 01/15/2025	$	9,650,000	$    9,371,848
5.00%, 09/30/2025		4,700,000	4,688,801
0.38%, 12/31/2025		5,350,000	4,949,168
1.25%, 12/31/2026		6,100,000	5,548,855
2.63%, 05/31/2027		1,050,000	983,350
			25,542,022
Total U.S. Treasury Securities (Cost $211,082,102)			196,658,584
	Shares
Preferred Stocks–7.01%
Alternative Carriers–0.04%
Qwest Corp., 6.50%, Pfd.		27,087	263,286
Qwest Corp., 6.75%, Pfd.		18,289	179,781
			443,067
Asset Management & Custody Banks–0.17%
Affiliated Managers Group, Inc., 5.88%, Pfd.		8,313	183,800
Affiliated Managers Group, Inc., 4.75%, Pfd.		7,620	141,046
Affiliated Managers Group, Inc., 4.20%, Pfd.		5,542	91,776
Affiliated Managers Group, Inc., 6.75%, Pfd.(c)		12,470	319,232
Brookfield Oaktree Holdings LLC, 6.63%, Series A, Pfd.		4,988	108,738
Brookfield Oaktree Holdings LLC, 6.55%, Series B, Pfd.		6,512	140,008
New Mountain Finance Corp., 8.25%, Pfd.		3,187	81,364
Northern Trust Corp., 4.70%, Series E, Pfd.		11,084	230,547
Prospect Capital Corp., 5.35%, Series A, Pfd.		3,638	62,574
State Street Corp., 5.35%, Series G, Pfd.(c)		13,855	329,472
			1,688,557
Automobile Manufacturers–0.14%
Ford Motor Co., 6.20%, Pfd.		20,783	502,325
Ford Motor Co., 6.00%, Pfd.		22,168	532,032
Ford Motor Co., 6.50%, Pfd.		16,626	407,337
			1,441,694
Broadline Retail–0.04%
Dillard’s Capital Trust I, 7.50%, Pfd.		5,542	143,316
QVC, Inc., 6.38%, Pfd.		6,235	79,185
QVC, Inc., 6.25%, Pfd.		13,862	173,691
			396,192
Commercial & Residential Mortgage Finance–0.02%
Merchants Bancorp, 6.00%, Series C, Pfd.		5,436	105,241
Merchants Bancorp, 8.25%, Pfd.(e)		3,949	102,674
			207,915
Consumer Finance–0.29%
Capital One Financial Corp., 5.00%, Series I, Pfd.		41,565	803,036
Capital One Financial Corp., 4.80%, Series J, Pfd.		34,638	635,954

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Invesco Multi-Asset Income Fund

	Shares		Value
Consumer Finance–(continued)
Capital One Financial Corp., 4.63%, Series K, Pfd.		3,464	$       62,733
Capital One Financial Corp., 4.38%, Series L, Pfd.		18,704	316,285
Capital One Financial Corp., 4.25%, Series N, Pfd.		11,777	194,320
Navient Corp., 6.00%, Pfd.		8,313	155,536
Synchrony Financial, 5.63%, Series A, Pfd.		20,783	369,937
Synchrony Financial, 8.25%, Series B, Pfd.(e)		13,855	348,176
			2,885,977
Data Center REITs–0.05%
Digital Realty Trust, Inc., 5.25%, Series J, Pfd.		5,542	117,102
Digital Realty Trust, Inc., 5.85%, Series K, Pfd.		5,819	132,499
Digital Realty Trust, Inc., 5.20%, Series L, Pfd.		9,560	202,672
			452,273
Diversified Banks–1.82%
Bank of America Corp., 6.00%, Series GG, Pfd.		37,409	921,384
Bank of America Corp., 5.88%, Series HH, Pfd.		23,587	575,759
Bank of America Corp., 6.45%, Series K, Pfd.		29,096	733,219
Bank of America Corp., 5.38%, Series KK, Pfd.		38,290	871,480
Bank of America Corp., 5.00%, Series LL, Pfd.		36,054	768,311
Bank of America Corp., 4.38%, Series NN, Pfd.		29,783	562,899
Bank of America Corp., 4.13%, Series PP, Pfd.		25,285	451,843
Bank of America Corp., 4.25%, Series QQ, Pfd.		35,939	657,684
Bank of America Corp., 4.75%, Series SS, Pfd.		19,025	384,876
Fifth Third Bancorp, 6.00%, Series A, Pfd.		5,542	127,355
Fifth Third Bancorp, 4.95%, Series K, Pfd.		6,928	148,606
First Citizens BancShares, Inc., 5.38%, Series A, Pfd.		9,560	200,569
First Citizens BancShares, Inc., 5.63%, Series C, Pfd.		5,542	120,871
JPMorgan Chase & Co., 5.75%, Series DD, Pfd.		47,003	1,162,854
JPMorgan Chase & Co., 6.00%, Series EE, Pfd.		51,264	1,289,290
JPMorgan Chase & Co., 4.75%, Series GG, Pfd.		24,939	531,450
JPMorgan Chase & Co., 4.55%, Series JJ, Pfd.		41,565	844,601
JPMorgan Chase & Co., 4.63%, Series LL, Pfd.		51,264	1,064,753
JPMorgan Chase & Co., 4.20%, Series MM, Pfd.		55,420	1,054,088
KeyCorp, 6.13%, Series E, Pfd.(e)		13,855	319,496
KeyCorp, 5.65%, Series F, Pfd.		11,777	242,253

	Shares		Value
Diversified Banks–(continued)
KeyCorp, 5.63%, Series G, Pfd.		12,470	$      257,131
KeyCorp, 6.20%, Pfd.(e)		16,626	372,422
U.S. Bancorp, 5.50%, Series K, Pfd.		15,933	371,398
U.S. Bancorp, 3.75%, Series L, Pfd.		13,855	224,728
U.S. Bancorp, 4.00%, Series M, Pfd.		20,783	358,715
U.S. Bancorp, 4.50%, Series O, Pfd.		12,470	242,292
Wells Fargo & Co., 5.63%, Series Y, Pfd.		19,120	445,305
Wells Fargo & Co., 4.75%, Series Z, Pfd.		55,766	1,135,953
Wells Fargo & Co., 4.70%, Series AA, Pfd.		32,421	653,607
Wells Fargo & Co., 4.38%, Series CC, Pfd.		29,096	554,279
Wells Fargo & Co., 4.25%, Series DD, Pfd.		34,638	640,110
			18,289,581
Diversified Chemicals–0.01%
EIDP, Inc., 4.50%, Series B, Pfd.		1,218	84,895
Diversified Financial Services–0.27%
Apollo Global Management, Inc., 7.63%, Pfd.(e)		16,626	439,259
Brookfield BRP Holdings Canada, Inc., 4.63%, Pfd.		9,699	150,819
Brookfield BRP Holdings Canada, Inc., 4.88%, Pfd.		7,205	116,361
Carlyle Finance LLC, 4.63%, Pfd.		13,855	250,914
Equitable Holdings, Inc., 5.25%, Series A, Pfd.(c)		22,168	483,262
Equitable Holdings, Inc., 4.30%, Series C, Pfd.		8,313	146,143
Jackson Financial, Inc., 8.00%, Pfd.(e)		15,241	399,009
KKR Group Finance Co. IX LLC, 4.63%, Pfd.		13,855	261,998
TPG Operating Group II L.P., 6.95%, Pfd.		11,084	285,856
Voya Financial, Inc., 5.35%, Series B, Pfd.(e)		8,313	199,845
			2,733,466
Diversified REITs–0.02%
Global Net Lease, Inc., 7.25%, Series A, Pfd.		4,710	94,247
Global Net Lease, Inc., 6.88%, Series B, Pfd.		3,133	60,373
			154,620
Electric Utilities–0.52%
BIP Bermuda Holdings I Ltd., 5.13%, Pfd.		8,313	147,473
Brookfield Infrastructure Finance ULC, 5.00%, Pfd.		6,928	118,053
Duke Energy Corp., 5.63%, Pfd.		13,855	326,701
Duke Energy Corp., 5.75%, Series A, Pfd.(c)		27,710	685,822
Entergy Arkansas LLC, 4.88%, Pfd.		11,361	241,421
Entergy Louisiana LLC, 4.88%, Pfd.		7,482	158,618
Entergy Mississippi LLC, 4.90%, Pfd.		7,205	156,421
Entergy New Orleans LLC, 5.50%, Pfd.		3,048	69,129
Georgia Power Co., 5.00%, Series 2017-A, Pfd.		7,482	165,053

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19 Invesco Multi-Asset Income Fund

	Shares		Value
Electric Utilities–(continued)
National Rural Utilities Cooperative Finance Corp., 5.50%, Pfd.		6,928	$      170,429
NextEra Energy Capital Holdings, Inc., 5.65%, Series N, Pfd.		19,051	464,463
Pacific Gas and Electric Co., 6.00%, Series A, Pfd.		2,918	65,480
SCE Trust II, 5.10%, Pfd.		6,096	120,762
SCE Trust IV, 5.38%, Series J, Pfd.(e)		9,006	212,452
SCE Trust V, 5.45%, Series K, Pfd.(e)		8,313	204,167
SCE Trust VI, 5.00%, Pfd.		13,162	260,871
SCE Trust VII, 7.50%, Series M, Pfd.		15,241	397,790
Southern Co. (The), 5.25%, Pfd.		12,470	281,198
Southern Co. (The), 4.95%,
Series 2020, Pfd.		27,710	592,163
Southern Co. (The), 4.20%, Series C, Pfd.		20,783	399,241
			5,237,707
Gas Utilities–0.02%
South Jersey Industries, Inc., 5.63%, Pfd.		4,788	66,518
Spire, Inc., 5.90%, Series A, Pfd.		6,928	166,757
			233,275
Integrated Telecommunication Services–0.30%
AT&T, Inc., 5.35%, Pfd.		36,646	821,970
AT&T, Inc., 5.63%, Pfd.(c)		22,861	545,006
AT&T, Inc., 5.00%, Series A, Pfd.		33,252	689,979
AT&T, Inc., 4.75%, Series C, Pfd.		48,493	952,403
			3,009,358
Investment Banking & Brokerage–0.59%
Brookfield Finance I (UK) PLC, 4.50%, Pfd.		6,373	99,801
Brookfield Finance, Inc., 4.63%, Series 50, Pfd.		11,084	189,204
Charles Schwab Corp. (The), 5.95%, Series D, Pfd.		20,783	517,497
Charles Schwab Corp. (The), 4.45%, Series J, Pfd.		16,626	330,359
Morgan Stanley, 5.85%, Series K, Pfd.		27,710	663,931
Morgan Stanley, 7.13%, Series E, Pfd.		23,900	602,997
Morgan Stanley, 6.88%, Series F, Pfd.		23,554	592,619
Morgan Stanley, 6.38%, Series I, Pfd.		27,710	690,533
Morgan Stanley, 4.88%, Series L, Pfd.		13,855	301,208
Morgan Stanley, 4.25%, Series O, Pfd.		36,023	668,947
Morgan Stanley, 6.50%, Series P, Pfd.		27,710	700,786
Stifel Financial Corp., 5.20%, Pfd.		6,235	134,801
Stifel Financial Corp., 6.25%, Series B, Pfd.		4,434	107,081
Stifel Financial Corp., 6.13%, Series C, Pfd.		6,235	144,901
Stifel Financial Corp., 4.50%, Series D, Pfd.		8,313	146,558
			5,891,223
Leisure Products–0.04%
Brunswick Corp., 6.50%, Pfd.		5,126	124,972
Brunswick Corp., 6.63%, Pfd.		3,464	84,937
Brunswick Corp., 6.38%, Pfd.		6,373	155,374
			365,283

	Shares		Value
Life & Health Insurance–0.71%
AEGON Funding Co. LLC, 5.10%, Pfd.		25,632	$      539,041
American Equity Investment Life Holding Co., 6.63%, Series B, Pfd.		8,313	204,250
Athene Holding Ltd., 5.63%, Series B, Pfd.		9,560	197,701
Athene Holding Ltd., 6.38%, Series C, Pfd.(e)		16,626	416,149
Athene Holding Ltd., 4.88%, Series D, Pfd.		15,933	282,014
Athene Holding Ltd., 7.75%, Series E, Pfd.(e)		13,855	368,682
Athene Holding Ltd., 6.35%, Series A, Pfd.(e)		23,900	561,889
Athene Holding Ltd., 7.25%, Pfd.(e)		15,933	396,891
Brighthouse Financial, Inc., 6.25%, Pfd.		10,391	233,486
Brighthouse Financial, Inc., 6.60%, Series A, Pfd.		11,777	261,685
Brighthouse Financial, Inc., 6.75%, Series B, Pfd.		11,153	259,642
Brighthouse Financial, Inc., 5.38%, Series C, Pfd.		15,933	293,326
Brighthouse Financial, Inc., 4.63%, Series D, Pfd.		9,699	149,559
CNO Financial Group, Inc., 5.13%, Pfd.		4,157	83,722
F&G Annuities & Life, Inc., 7.95%, Pfd.		9,560	248,560
Globe Life, Inc., 4.25%, Pfd.		9,006	135,630
Lincoln National Corp., 9.00%, Series D, Pfd.		13,855	373,392
MetLife, Inc., 5.63%, Series E, Pfd.		22,307	523,545
MetLife, Inc., 4.75%, Series F, Pfd.		27,710	565,838
Prudential Financial, Inc., 5.63%, Pfd.		15,656	375,901
Prudential Financial, Inc., 4.13%, Pfd.		13,855	268,302
Prudential Financial, Inc., 5.95%, Pfd.		8,313	208,074
Unum Group, 6.25%, Pfd.		8,313	206,578
			7,153,857
Multi-line Insurance–0.01%
Assurant, Inc., 5.25%, Pfd.		6,928	143,063
Multi-Utilities–0.21%
Brookfield Infrastructure Partners L.P., 5.13%, Series 13, Pfd.		5,542	95,600
Brookfield Infrastructure Partners L.P., 5.00%, Series 14, Pfd.		5,542	92,829
CMS Energy Corp., 5.63%, Pfd.		5,542	128,297
CMS Energy Corp., 5.88%, Pfd.(i)		7,759	186,837
CMS Energy Corp., 5.88%, Pfd.(i)		17,457	424,205
CMS Energy Corp., 4.20%, Series C, Pfd.		6,373	117,901
DTE Energy Co., 5.25%, Series E, Investment Units		11,084	250,055
DTE Energy Co., 4.38%, Series G, Pfd.		6,373	124,337
DTE Energy Co., 4.38%, Pfd.		7,759	153,007
Sempra, 5.75%, Pfd.		20,990	505,439
			2,078,507
Office REITs–0.08%
Hudson Pacific Properties, Inc., 4.75%, Series C, Pfd.		11,777	167,233
SL Green Realty Corp., 6.50%, Series I, Pfd.		6,371	141,755

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20 Invesco Multi-Asset Income Fund

	Shares		Value
Office REITs–(continued)
Vornado Realty Trust, 5.40%, Series L, Pfd.		8,313	$ 127,937
Vornado Realty Trust, 5.25%, Series M, Pfd.		8,853	133,680
Vornado Realty Trust, 5.25%, Series N, Pfd.		8,313	123,698
Vornado Realty Trust, 4.45%, Series O, Pfd.		8,313	105,991
			800,294
Office Services & Supplies–0.02%
Pitney Bowes, Inc., 6.70%, Pfd.		11,777	193,378
Other Specialized REITs–0.01%
EPR Properties, 5.75%, Series G, Pfd.		4,157	78,401
Property & Casualty Insurance–0.40%
Allstate Corp. (The), 5.10%, Series H, Pfd.		31,867	683,229
Allstate Corp. (The), 4.75%, Series I, Pfd.		8,313	172,412
Allstate Corp. (The), 7.38%, Series J, Pfd.		16,626	443,582
American Financial Group, Inc., 5.88%, Pfd.		3,464	79,014
American Financial Group, Inc., 5.13%, Pfd.		5,542	114,609
American Financial Group, Inc., 5.63%, Pfd.		4,157	94,114
American Financial Group, Inc., 4.50%, Pfd.		5,542	103,746
Arch Capital Group Ltd., 5.45%, Series F, Pfd.		9,144	205,009
Arch Capital Group Ltd., 4.55%, Series G, Pfd.		13,855	267,402
Argo Group International Holdings, Inc., 7.00%, Pfd.(e)		4,157	101,015
Argo Group US, Inc., 6.50%, Pfd.		3,983	85,396
Aspen Insurance Holdings Ltd., 5.63%, Pfd.		6,928	136,135
Aspen Insurance Holdings Ltd., 5.63%, Pfd.		6,928	133,433
AXIS Capital Holdings Ltd., 5.50%, Series E, Pfd.		15,241	317,622
Hartford Financial Services Group, Inc. (The), 6.00%, Series G, Pfd.		9,560	238,713
Kemper Corp., 5.88%, Pfd.(e)		4,157	92,909
PartnerRe Ltd., 4.88%, Series J, Pfd.		5,542	108,180
Selective Insurance Group, Inc., 4.60%, Series B, Pfd.		5,542	99,534
W.R. Berkley Corp., 5.70%, Pfd.		5,126	117,693
W.R. Berkley Corp., 5.10%, Pfd.		8,313	175,487
W.R. Berkley Corp., 4.25%, Pfd.		6,928	129,761
W.R. Berkley Corp., 4.13%, Pfd.		8,313	152,128
			4,051,123
Real Estate Operating Companies–0.05%
Brookfield Property Partners L.P., 6.50%, Series A-1, Pfd.		5,099	74,190
Brookfield Property Partners L.P., 6.38%, Series A-2, Pfd.		6,928	93,736
Brookfield Property Partners L.P., 5.75%, Series A, Pfd.		7,967	99,667

	Shares		Value
Real Estate Operating Companies–(continued)
Brookfield Property Preferred L.P., 6.25%, Pfd.		18,597	$ 269,843
			537,436
Regional Banks–0.47%
Associated Banc-Corp, 5.88%, Series E, Pfd.		2,771	55,420
Associated Banc-Corp, 5.63%, Series F, Pfd.		2,771	52,344
Associated Banc-Corp, 6.63%, Pfd.(e)		8,313	186,211
Bank of Hawaii Corp., 4.38%, Series A, Pfd.		4,988	79,808
Bank OZK, 4.63%, Series A, Pfd.		9,699	166,241
Cadence Bank, 5.50%, Series A, Pfd.		4,780	98,372
Citizens Financial Group, Inc., 5.00%, Series E, Pfd.		12,470	244,661
Cullen/Frost Bankers, Inc., 4.45%, Series B, Pfd.		4,157	76,239
First Horizon Corp., 6.50%, Series E, Pfd.		4,157	98,521
First Horizon Corp., 4.70%, Series F, Pfd.		4,157	72,748
Fulton Financial Corp., 5.13%, Series A, Pfd.		5,542	101,973
Hancock Whitney Corp., 6.25%, Pfd.		4,780	110,591
Huntington Bancshares, Inc., 4.50%, Series H, Pfd.		13,855	247,173
Huntington Bancshares, Inc., 5.70%, Series C, Pfd.		4,849	104,544
Huntington Bancshares, Inc., 6.88%, Series J, Pfd.(e)		9,006	223,709
M&T Bank Corp., 5.63%, Series H, Pfd.(e)		6,928	159,344
New York Community Bancorp, Inc., 6.38%, Series A, Pfd.(e)		14,271	222,913
Old National Bancorp, 7.00%, Series C, Pfd.		3,394	86,717
Old National Bancorp, 7.00%, Series A, Pfd.		2,993	75,124
Popular Capital Trust II, 6.13%, Pfd.		2,799	70,759
Regions Financial Corp., 5.70%, Series C, Pfd.(e)		13,855	302,870
Regions Financial Corp., 4.45%, Series E, Pfd.		11,084	189,647
Texas Capital Bancshares, Inc., 5.75%, Series B, Pfd.		8,313	158,529
Truist Financial Corp., 5.25%, Series O, Pfd.		15,933	354,669
Truist Financial Corp., 4.75%, Series R, Pfd.		25,632	508,283
Valley National Bancorp, 6.25%, Series A, Pfd.(e)		3,187	69,891
WaFd, Inc., 4.88%, Series A, Pfd.		8,313	128,851
Webster Financial Corp., 5.25%, Series F, Pfd.		4,157	78,983
Western Alliance Bancorporation, 4.25%, Series A, Pfd.(e)		8,313	148,803
Wintrust Financial Corp., 6.50%, Series D, Pfd.(e)		3,464	83,517
Wintrust Financial Corp., 6.88%, Series E, Pfd.(e)		7,967	200,131
			4,757,586

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21 Invesco Multi-Asset Income Fund

	Shares		Value
Reinsurance–0.17%
Enstar Group Ltd., 7.00%, Series D, Pfd.(e)		11,084	$      282,642
Enstar Group Ltd., 7.00%, Series E, Pfd.		3,048	73,701
Reinsurance Group of America, Inc., 5.75%, Pfd.(e)		11,084	276,768
Reinsurance Group of America, Inc., 7.13%, Pfd.(e)		19,397	508,007
RenaissanceRe Holdings Ltd., 5.75%, Series F, Pfd.		6,928	157,681
RenaissanceRe Holdings Ltd., 4.20%, Series G, Pfd.		13,855	241,770
SiriusPoint Ltd., 8.00%, Series B, Pfd.(e)		5,542	141,044
			1,681,613
Renewable Electricity–0.01%
Brookfield Renewable Partners L.P., 5.25%, Series 17, Pfd.		5,542	94,214
Retail REITs–0.07%
Agree Realty Corp., 4.25%, Series A, Pfd.		4,849	81,172
Federal Realty Investment Trust, 5.00%, Series C, Pfd.		4,157	85,842
Kimco Realty Corp., 5.13%, Series L, Pfd.		6,167	133,639
Kimco Realty Corp., 5.25%, Series M, Pfd.		7,250	161,167
Realty Income Corp., 6.00%, Series A, Pfd.		4,780	112,856
SITE Centers Corp., 6.38%, Series A, Pfd.		4,849	105,175
			679,851
Self-Storage REITs–0.24%
Public Storage, 5.15%, Series F, Pfd.		8,053	182,320
Public Storage, 5.05%, Series G, Pfd.		8,305	188,773
Public Storage, 5.60%, Series H, Pfd.		8,184	201,899
Public Storage, 4.88%, Series I, Pfd.		8,749	190,028
Public Storage, 4.70%, Series J, Pfd.		7,505	155,279
Public Storage, 4.75%, Series K, Pfd.		6,719	140,158
Public Storage, 4.63%, Series L, Pfd.		15,962	328,498
Public Storage, 4.13%, Series M, Pfd.		6,388	116,964
Public Storage, 3.88%, Series N, Pfd.		8,222	139,938
Public Storage, 3.90%, Series O, Pfd.		5,046	85,833
Public Storage, 4.00%, Series P, Pfd.		17,081	303,700
Public Storage, 3.95%, Series Q, Pfd.		4,327	74,468
Public Storage, 4.00%, Series R, Pfd.		12,414	220,100
Public Storage, 4.10%, Series S, Pfd.		3,547	63,669
			2,391,627
Single-Family Residential REITs–0.01%
American Homes 4 Rent, 5.88%, Series G, Pfd.		3,187	69,763
American Homes 4 Rent, 6.25%, Series H, Pfd.		3,187	72,600
			142,363
Trading Companies & Distributors–0.09%
FTAI Aviation Ltd., 8.25%, Series C, Pfd.(e)		2,910	73,303
Triton International Ltd., 8.00%, Pfd.		3,983	101,168

	Shares			Value
Trading Companies & Distributors–(continued)
Triton International Ltd., 7.38%, Pfd.			4,849	$      118,800
Triton International Ltd., 6.88%, Pfd.			4,157	94,780
Triton International Ltd., 5.75%, Series E, Pfd.			4,849	97,562
WESCO International, Inc., 10.63%, Series A, Pfd.(e)			14,920	393,739
				879,352
Wireless Telecommunication Services–0.12%
Telephone and Data Systems, Inc., 6.63%, Series UU, Pfd.			11,638	201,803
Telephone and Data Systems, Inc., 6.00%, Series VV, Pfd.			19,120	287,565
United States Cellular Corp., 6.25%, Pfd.			13,855	266,847
United States Cellular Corp., 5.50%, Pfd.			13,855	246,203
United States Cellular Corp., 5.50%, Pfd.			13,855	244,541
				1,246,959
Total Preferred Stocks (Cost $67,487,912)				70,424,707
	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes–0.79%
Agricultural Products & Services–0.01%
Archer-Daniels-Midland Co., 1.00%, 09/12/2025		EUR	125,000	128,190
Apparel, Accessories & Luxury Goods–0.01%
PVH Corp., 3.13%, 12/15/2027(b)		EUR	100,000	103,232
Automobile Manufacturers–0.04%
Nissan Motor Co. Ltd. (Japan), 2.65%, 03/17/2026(b)		EUR	100,000	104,076
Volkswagen Financial Services AG (Germany), 0.13%, 02/12/2027(b)		EUR	90,000	87,113
2.25%, 10/01/2027(b)		EUR	49,000	50,183
Volkswagen Leasing GmbH (Germany),
1.50%, 06/19/2026(b)		EUR	100,000	101,818
0.38%, 07/20/2026(b)		EUR	85,000	84,217
				427,407
Brewers–0.01%
Anheuser-Busch InBev S.A./N.V. (Belgium), 2.00%, 03/17/2028(b)		EUR	100,000	102,149
Broadcasting–0.02%
ITV PLC (United Kingdom), 1.38%, 09/26/2026(b)		EUR	125,000	125,689
TDF Infrastructure S.A.S.U. (France), 2.50%, 04/07/2026(b)		EUR	100,000	103,664
				229,353
Cable & Satellite–0.01%
SES S.A. (Luxembourg), 1.63%, 03/22/2026(b)		EUR	120,000	121,933

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22 Invesco Multi-Asset Income Fund

	Principal Amount			Value
Casinos & Gaming–0.01%
Codere Finance 2 (Luxembourg) S.A. (Spain), 3.00% PIK Rate, 8.00% Cash Rate, 09/30/2026(b)(d)		EUR	216,503	$       78,558
Commercial & Residential Mortgage Finance–0.01%
Aareal Bank AG (Germany), 0.50%, 04/07/2027(b)		EUR	100,000	93,987
Construction Materials–0.02%
Danfoss Finance I B.V. (Denmark), 0.38%, 10/28/2028(b)		EUR	100,000	91,989
Heidelberg Materials Finance (Luxembourg) S.A. (Germany), 1.63%, 04/07/2026(b)		EUR	60,000	61,772
				153,761
Consumer Finance–0.02%
General Motors Financial Co., Inc., 0.65%, 09/07/2028(b)		EUR	200,000	186,119
Diversified Banks–0.20%
ASB Bank Ltd. (New Zealand), 0.25%, 09/08/2028(b)		EUR	200,000	184,419
Banco Santander S.A. (Spain),
3.13%, 01/19/2027(b)		EUR	100,000	104,502
0.50%, 02/04/2027(b)		EUR	100,000	97,682
Bank of America Corp., 0.58%, 08/24/2028(b)(e)		EUR	100,000	96,169
Bankinter S.A. (Spain), 0.88%, 07/08/2026(b)		EUR	100,000	100,035
Banque Federative du Credit Mutuel S.A. (France),
2.13%, 09/12/2026(b)		EUR	100,000	102,249
0.63%, 11/19/2027(b)		EUR	100,000	95,561
Belfius Bank S.A. (Belgium), 0.01%, 10/15/2025(b)		EUR	200,000	201,784
BNP Paribas S.A. (France), 1.50%, 11/17/2025(b)		EUR	100,000	103,140
2.88%, 10/01/2026(b)		EUR	100,000	104,079
0.25%, 04/13/2027(b)(e)		EUR	100,000	99,407
Credit Agricole S.A. (France), 0.38%, 10/21/2025(b)		EUR	100,000	101,661
Mediobanca Banca di Credito Finanziario S.p.A. (Italy), 0.88%, 01/15/2026(b)		EUR	100,000	101,364
NatWest Group PLC (United Kingdom), 4.07%, 09/06/2028(b)(e)		EUR	100,000	107,512
Standard Chartered PLC (United Kingdom), 0.90%, 07/02/2027(b)(e)		EUR	100,000	100,159
Swedbank AB (Sweden), 0.30%, 05/20/2027(b)(e)		EUR	100,000	99,434
0.20%, 01/12/2028(b)		EUR	100,000	93,858
Virgin Money UK PLC (United Kingdom), 4.63%, 10/29/2028(b)(e)		EUR	100,000	108,860
				2,001,875
Diversified Capital Markets–0.05%
Deutsche Bank AG (Germany), 2.63%, 02/12/2026(b)		EUR	100,000	104,449
0.75%, 02/17/2027(b)(e)		EUR	100,000	100,654

	Principal Amount			Value
Diversified Capital Markets–(continued)
Macquarie Group Ltd. (Australia), 0.63%, 02/03/2027(b)		EUR	100,000	$       98,331
UBS Group AG (Switzerland), 0.25%, 11/05/2028(b)(e)		EUR	200,000	188,166
				491,600
Diversified Chemicals–0.02%
BASF SE (Germany), 3.13%, 06/29/2028(b)		EUR	100,000	105,712
LANXESS AG (Germany), 1.75%, 03/22/2028(b)		EUR	100,000	97,451
				203,163
Diversified Financial Services–0.03%
Clearstream Banking AG (Germany), 0.00%, 12/01/2025(b)		EUR	100,000	100,772
Nykredit Realkredit A/S (Denmark), 4.00%, 07/17/2028(b)		EUR	100,000	106,770
OP Corporate Bank PLC (Finland), 0.60%, 01/18/2027		EUR	100,000	98,101
				305,643
Electric Utilities–0.03%
AusNet Services Holdings Pty. Ltd. (Australia), 1.50%, 02/26/2027(b)		EUR	100,000	100,553
EDP Finance B.V. (Portugal), 1.50%, 11/22/2027(b)		EUR	100,000	99,254
Elenia Verkko OYJ (Finland), 0.38%, 02/06/2027(b)		EUR	140,000	134,742
				334,549
Health Care Equipment–0.01%
Zimmer Biomet Holdings, Inc., 2.43%, 12/13/2026		EUR	100,000	103,271
Health Care Services–0.00%
Fresenius Medical Care AG (Germany), 0.63%, 11/30/2026(b)		EUR	30,000	29,686
Highways & Railtracks–0.01%
Autostrade per l’Italia S.p.A. (Italy), 2.00%, 12/04/2028(b)		EUR	100,000	97,533
Household Appliances–0.01%
Whirlpool Finance (Luxembourg) S.a.r.l., 1.10%, 11/09/2027		EUR	100,000	97,343
Household Products–0.01%
Procter & Gamble Co. (The), 4.88%, 05/11/2027		EUR	75,000	83,631
Industrial Machinery & Supplies & Components–0.01%
SKF AB (Sweden), 3.13%, 09/14/2028(b)		EUR	100,000	104,341
Integrated Oil & Gas–0.01%
Eni S.p.A. (Italy), 1.00%, 03/14/2025(b)		EUR	130,000	135,522

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23 Invesco Multi-Asset Income Fund

	Principal Amount			Value
Integrated Telecommunication Services–0.01%
Verizon Communications, Inc., 1.38%, 11/02/2028		EUR	100,000	$       97,603
Investment Banking & Brokerage–0.02%
Goldman Sachs Group, Inc. (The), 0.25%, 01/26/2028(b)		EUR	72,000	67,946
Morgan Stanley, 4.81%, 10/25/2028(e)		EUR	100,000	110,061
				178,007
IT Consulting & Other Services–0.02%
DXC Technology Co., 1.75%, 01/15/2026		EUR	100,000	102,765
International Business Machines Corp., 1.25%, 01/29/2027		EUR	100,000	100,373
				203,138
Life & Health Insurance–0.01%
New York Life Global Funding, 0.25%, 01/23/2027(b)		EUR	100,000	97,932
Multi-Sector Holdings–0.02%
Berkshire Hathaway, Inc., 1.13%, 03/16/2027		EUR	100,000	100,182
Groupe Bruxelles Lambert N.V. (Belgium), 1.88%, 06/19/2025(b)		EUR	100,000	104,610
				204,792
Office REITs–0.01%
Inmobiliaria Colonial SOCIMI S.A. (Spain), 1.63%, 11/28/2025(b)		EUR	100,000	103,107
Oil & Gas Exploration & Production–0.01%
APA Infrastructure Ltd. (Australia), 2.00%, 03/22/2027(b)		EUR	100,000	101,364
Passenger Airlines–0.01%
easyJet FinCo B.V. (United Kingdom), 1.88%, 03/03/2028(b)		EUR	100,000	99,043
Passenger Ground Transportation–0.01%
ALD S.A. (France), 4.75%, 10/13/2025(b)		EUR	100,000	107,917
Pharmaceuticals–0.01%
Novartis Finance S.A. (Switzerland), 1.63%, 11/09/2026(b)		EUR	100,000	102,578
Precious Metals & Minerals–0.01%
Anglo American Capital PLC (South Africa), 1.63%, 03/11/2026(b)		EUR	100,000	102,725
Regional Banks–0.03%
Credit Mutuel Arkea S.A. (France),
0.88%, 05/07/2027(b)		EUR	100,000	98,178
0.38%, 10/03/2028(b)		EUR	100,000	92,644
SpareBank 1 SMN (Norway), 0.01%, 02/18/2028(b)		EUR	100,000	93,595
				284,417

	Principal Amount				Value
Renewable Electricity–0.01%
Southern Power Co., 1.85%, 06/20/2026		EUR		100,000	$      102,236
Restaurants–0.02%
Sodexo S.A. (France), 0.75%, 04/27/2025(b)		EUR		150,000	155,422
Telecom Tower REITs–0.01%
American Tower Corp., 1.95%, 05/22/2026		EUR		100,000	102,520
Tobacco–0.01%
Imperial Brands Finance PLC (United Kingdom), 3.38%, 02/26/2026(b)		EUR		100,000	105,725
Transaction & Payment Processing Services–0.01%
Euronet Worldwide, Inc., 1.38%, 05/22/2026		EUR		100,000	101,223
Water Utilities–0.01%
Thames Water Utilities Finance PLC (United Kingdom), 0.88%, 01/31/2028(b)		EUR		100,000	85,105
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $8,559,439)					7,947,700
Asset-Backed Securities–0.00%
Banc of America Funding Trust, Series 2007-1, Class 1A3, 6.00%, 01/25/2037			$	45,877	36,766
GMACM Home Equity Loan Trust, Series 2007-HE2, Class A2, 6.05%, 12/25/2037(j)				1,335	1,259
Total Asset-Backed Securities (Cost $42,980)					38,025
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.00%
Fannie Mae REMICs, IO, 4.37%(9.80% - (30 Day Average SOFR + 0.11%)), 03/17/2031 (Cost $1)(k)(l)				6	0
			Shares
Money Market Funds–15.30%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(m)(n)				53,788,852	53,788,852
Invesco Liquid Assets Portfolio, Institutional Class, 5.34%(m)(n)				38,418,085	38,429,610
Invesco Treasury Portfolio, Institutional Class, 5.22%(m)(n)				61,472,974	61,472,974
Total Money Market Funds (Cost $153,685,150)					153,691,436
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-102.37% (Cost $1,061,229,977)					1,028,469,309
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.76%
Invesco Private Government Fund, 5.29%(m)(n)(o)				12,632,996	12,632,996

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24 Invesco Multi-Asset Income Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 5.46%(m)(n)(o)		35,184,789	$	35,195,345
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $47,834,849)				47,828,341
TOTAL INVESTMENTS IN SECURITIES–107.13% (Cost $1,109,064,826)				1,076,297,650
OTHER ASSETS LESS LIABILITIES–(7.13)%				(71,656,270	)
NET ASSETS–100.00%			$	1,004,641,380

Investment Abbreviations:
ETF	– Exchange-Traded Fund
EUR	– Euro
IO	– Interest Only
Pfd.	– Preferred
PIK	– Pay-in-Kind
REIT	– Real Estate Investment Trust
REMICs	– Real Estate Mortgage Investment Conduits
SOFR	– Secured Overnight Financing Rate
SPDR	– Standard & Poor’s Depositary Receipt

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) 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, 2024 was $482,739,495, which represented 48.05% of the Fund’s Net Assets.

^(c) All or a portion of this security was out on loan at April 30, 2024.

^(d) All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(e) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(f) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(g) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1O.

^(h) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

⁽ⁱ⁾ The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.

^(j) 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, 2024.

^(k) Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(l) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2024.

^(m) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.

	Value October 31, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	54,873,700	$	113,497,641	$	(114,582,489)	$	-	$	-	$	53,788,852	$	1,575,121
Invesco Liquid Assets Portfolio, Institutional Class		39,204,104		81,069,744		(81,844,636)		(1,211)		1,609		38,429,610		1,154,767
Invesco Treasury Portfolio, Institutional Class		62,712,800		129,711,589		(130,951,415)		-		-		61,472,974		1,787,509
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		14,854,024		49,521,043		(51,742,071)		-		-		12,632,996		363,166*
Invesco Private Prime Fund		38,687,262		93,327,366		(96,823,656)		(7,816)		12,189		35,195,345		1,001,071*
Total	$	210,331,890	$	467,127,383	$	(475,944,267)	$	(9,027)	$	13,798	$	201,519,777	$	5,881,634

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

⁽ⁿ⁾ The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

^(o) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1L.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25 Invesco Multi-Asset Income Fund

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts			Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini Russell 2000 Index		25			June-2024	$	2,482,000		$	(140,556	)	$	(140,556	)
E-Mini S&P 500 Index		11			June-2024		2,786,850			(68,960	)		(68,960	)
EURO STOXX 50 Index		220			June-2024		11,497,378			(5,282	)		(5,282	)
FTSE 100 Index		158			June-2024		16,107,239			311,951			311,951
MSCI Emerging Markets Index		105			June-2024		5,470,500			(62,252	)		(62,252	)
Tokyo Stock Price Index		124			June-2024		21,597,692			334,547			334,547
Subtotal										369,448			369,448
Interest Rate Risk
U.S. Treasury 5 Year Notes		126			June-2024		13,197,516			(254,352	)		(254,352	)
U.S. Treasury 10 Year Notes		107			June-2024		11,495,813			(194,587	)		(194,587	)
U.S. Treasury Ultra Bonds		2			June-2024		239,125			(629	)		(629	)
Subtotal										(449,568	)		(449,568	)
Subtotal–Long Futures Contracts										(80,120	)		(80,120	)
Short Futures Contracts
Interest Rate Risk
Euro-Bobl		26			June-2024		(3,230,608	)		47,131			47,131
Euro-Bund		371			June-2024		(51,502,757	)		1,024,384			1,024,384
Euro-Schatz		30			June-2024		(3,365,204	)		19,072			19,072
Long Gilt		249			June-2024		(29,800,797	)		737,001			737,001
U.S. Treasury 2 Year Notes		66			June-2024		(13,375,312	)		118,620			118,620
U.S. Treasury 10 Year Ultra Notes		30			June-2024		(3,306,563	)		117,306			117,306
U.S. Treasury Long Bonds		371			June-2024		(42,224,438	)		1,913,967			1,913,967
Subtotal–Short Futures Contracts										3,977,481			3,977,481
Total Futures Contracts									$	3,897,361		$	3,897,361

^(a)  Futures contracts collateralized by $9,527,000 cash held with Goldman Sachs International, the futures commission merchant.

Open Forward Foreign Currency Contracts
								Unrealized Appreciation (Depreciation)
Settlement Date		Contract to
	Counterparty	Deliver			Receive
Currency Risk
06/21/2024	Citibank, N.A.		EUR	25,000		USD	27,180	$	446
05/15/2024	Goldman Sachs International		EUR	223,000		USD	242,368		4,269
05/15/2024	State Street Bank & Trust Co.		EUR	8,530,000		USD	9,260,947		153,422
06/21/2024	State Street Bank & Trust Co.		USD	1,151,182		EUR	1,080,000		3,741
Subtotal–Appreciation									161,878
Currency Risk
05/15/2024	J.P. Morgan Chase Bank, N.A.		USD	60,545		EUR	56,000		(754	)
05/15/2024	Merrill Lynch International		USD	122,889		EUR	113,000		(2,239	)
05/15/2024	Royal Bank of Canada		USD	30,368		EUR	28,000		(472	)
05/15/2024	UBS AG		USD	98,204		EUR	90,000		(2,110	)
Subtotal–Depreciation									(5,575	)
Total Forward Foreign Currency Contracts								$	156,303

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26 Invesco Multi-Asset Income Fund

Open Centrally Cleared Credit Default Swap Agreements(a)

Reference Entity

Buy/Sell Protection

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Implied Credit Spread(b)

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation

Credit Risk

Markit CDX North America High Yield Index, Series 39, Version 2

Sell

5.00%

Quarterly

12/20/2027

3.011%

USD 1,435,700

$25,379

$88,947

$63,568

^(a) Swaps are collateralized by $86,011 cash held with Merrill Lynch International, the Counterparty.

^(b) Implied credit spreads represent the current level, as of April 30, 2024, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Abbreviations:

EUR – Euro

USD – U.S. Dollar

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2024

U.S. Dollar Denominated Bonds & Notes	37.43	%
Equity Linked Notes	22.26
U.S. Treasury Securities	19.58
Preferred Stocks	7.01
Security Types Each Less Than 1% of Portfolio	0.79
Money Market Funds Plus Other Assets Less Liabilities	12.93

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27 Invesco Multi-Asset Income Fund

Statement of Assets and Liabilities

April 30, 2024

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $907,544,827)*	$	874,777,873
Investments in affiliated money market funds, at value (Cost $201,519,999)		201,519,777
Other investments:
Variation margin receivable – futures contracts		843,130
Variation margin receivable–centrally cleared swap agreements		358,083
Unrealized appreciation on forward foreign currency contracts outstanding		161,878
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		9,527,000
Cash collateral – centrally cleared swap agreements		86,011
Foreign currencies, at value (Cost $51,525)		51,626
Receivable for:
Fund shares sold		921,222
Dividends		1,024,528
Interest		10,792,693
Investments matured, at value (Cost $1,618,563)		0
Investment for trustee deferred compensation and retirement plans		177,535
Other assets		75,650
Total assets		1,100,317,006
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		5,575
Payable for:
Investments purchased		45,121,000
Fund shares reacquired		1,464,547
Amount due custodian		303,840
Collateral upon return of securities loaned		47,834,849
Accrued fees to affiliates		469,406
Accrued other operating expenses		263,170
Trustee deferred compensation and retirement plans		213,239
Total liabilities		95,675,626
Net assets applicable to shares outstanding	$	1,004,641,380

Net assets consist of:
Shares of beneficial interest	$	1,752,974,456
Distributable earnings (loss)		(748,333,076	)
	$	1,004,641,380
Net Assets:
Class A	$	804,011,803
Class C	$	56,599,843
Class R	$	23,778,625
Class Y	$	113,538,572
Class R5	$	9,324
Class R6	$	6,703,213

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		104,535,593
Class C		7,361,218
Class R		3,089,232
Class Y		14,751,366
Class R5		1,212
Class R6		870,351
Class A:
Net asset value per share	$	7.69
Maximum offering price per share (Net asset value of $7.69 ÷ 94.50%)	$	8.14
Class C:
Net asset value and offering price per share	$	7.69
Class R:
Net asset value and offering price per share	$	7.70
Class Y:
Net asset value and offering price per share	$	7.70
Class R5:
Net asset value and offering price per share	$	7.69
Class R6:
Net asset value and offering price per share	$	7.70

* At April 30, 2024, securities with an aggregate value of $45,937,077 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28 Invesco Multi-Asset Income Fund

Statement of Operations

For the six months ended April 30, 2024

(Unaudited)

Investment income:
Interest	$	31,822,483
Dividends (net of foreign withholding taxes of $743)		2,444,174
Dividends from affiliated money market funds (includes net securities lending income of $146,135)		4,663,532
Total investment income		38,930,189
Expenses:
Advisory fees		2,522,801
Administrative services fees		78,018
Custodian fees		49,623
Distribution fees:
Class A		948,388
Class C		306,817
Class R		58,940
Transfer agent fees – A, C, R and Y		722,419
Transfer agent fees – R6		6,040
Trustees’ and officers’ fees and benefits		17,772
Registration and filing fees		44,417
Licensing fees		56,118
Reports to shareholders		99,984
Professional services fees		41,827
Other		15,522
Total expenses		4,968,686
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(269,248	)
Net expenses		4,699,438
Net investment income		34,230,751
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(52,138,098	)
Affiliated investment securities		13,798
Foreign currencies		(39,233	)
Forward foreign currency contracts		231,506
Futures contracts		1,104,804
Swap agreements		26,286
		(50,800,937	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		113,569,771
Affiliated investment securities		(9,027	)
Foreign currencies		(450,268	)
Forward foreign currency contracts		(186,104	)
Futures contracts		2,369,056
Swap agreements		84,296
		115,377,724
Net realized and unrealized gain		64,576,787
Net increase in net assets resulting from operations	$	98,807,538

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29 Invesco Multi-Asset Income Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)

	April 30,			October 31,
	2024			2023
Operations:
Net investment income	$	34,230,751		$	77,145,429
Net realized gain (loss)		(50,800,937	)		(63,118,839	)
Change in net unrealized appreciation		115,377,724			35,395,133
Net increase in net assets resulting from operations		98,807,538			49,421,723
Distributions to shareholders from distributable earnings:
Class A		(27,548,672	)		(58,444,286	)
Class C		(1,840,648	)		(4,626,634	)
Class R		(765,561	)		(1,605,955	)
Class Y		(4,747,763	)		(11,320,083	)
Class R5		(331	)		(1,985	)
Class R6		(1,324,185	)		(3,499,023	)
Total distributions from distributable earnings		(36,227,160	)		(79,497,966	)
Share transactions–net:
Class A		(23,005,670	)		(49,251,490	)
Class C		(8,749,520	)		(21,038,526	)
Class R		225,224			(525,326	)
Class Y		(39,002,106	)		(24,691,098	)
Class R5		–			(55,170	)
Class R6		(38,265,907	)		(6,897,140	)
Net increase (decrease) in net assets resulting from share transactions		(108,797,979	)		(102,458,750	)
Net increase (decrease) in net assets		(46,217,601	)		(132,534,993	)
Net assets:
Beginning of period		1,050,858,981			1,183,393,974
End of period	$	1,004,641,380		$	1,050,858,981

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30 Invesco Multi-Asset Income Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				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 04/30/24		$	7.26		$	0.25		$	0.44			$	0.69			$	(0.26	)		$	7.69		9.57	%(d)		$	804,012		0.86	%(d)(e)		0.91	%(d)(e)		6.38	%(d)(e)		52	%
Year ended 10/31/23			7.49			0.51			(0.21	)			0.30				(0.53	)			7.26		3.87	(d)			780,788		0.79	(d)		0.85	(d)		6.69	(d)		54
Year ended 10/31/22			9.75			0.50			(2.21	)			(1.71	)			(0.55	)			7.49		(18.16	)(d)			852,899		0.82	(d)		0.87	(d)		5.68	(d)		94
Year ended 10/31/21			9.26			0.48			0.59				1.07				(0.58	)			9.75		11.73	(d)			1,178,389		0.82	(d)		0.91	(d)		4.93	(d)		53
Year ended 10/31/20			10.79			0.58			(1.55	)			(0.97	)			(0.56	)			9.26		(8.97	)(d)			1,209,154		0.82	(d)		0.92	(d)		6.13	(d)		117
Year ended 10/31/19			10.07			0.55			0.74				1.29				(0.57	)			10.79		13.18				188,655		0.84			0.97			5.21			76
Class C
Six months ended 04/30/24			7.26			0.22			0.44				0.66				(0.23	)			7.69		9.15				56,600		1.63	(e)		1.68	(e)		5.61	(e)		52
Year ended 10/31/23			7.49			0.45			(0.21	)			0.24				(0.47	)			7.26		3.08				61,668		1.56			1.62			5.92			54
Year ended 10/31/22			9.75			0.43			(2.21	)			(1.78	)			(0.48	)			7.49		(18.80	)			84,143		1.59			1.64			4.91			94
Year ended 10/31/21			9.26			0.40			0.60				1.00				(0.51	)			9.75		10.89				147,030		1.59			1.68			4.16			53
Year ended 10/31/20			10.78			0.51			(1.54	)			(1.03	)			(0.49	)			9.26		(9.58	)			210,967		1.59			1.69			5.36			117
Year ended 10/31/19			10.06			0.47			0.74				1.21				(0.49	)			10.78		12.35				118,619		1.59			1.72			4.46			76
Class R
Six months ended 04/30/24			7.27			0.24			0.44				0.68				(0.25	)			7.70		9.42				23,779		1.13	(e)		1.18	(e)		6.11	(e)		52
Year ended 10/31/23			7.49			0.49			(0.20	)			0.29				(0.51	)			7.27		3.73				22,241		1.06			1.12			6.42			54
Year ended 10/31/22			9.76			0.47			(2.22	)			(1.75	)			(0.52	)			7.49		(18.47	)			23,452		1.09			1.14			5.41			94
Year ended 10/31/21			9.27			0.45			0.59				1.04				(0.55	)			9.76		11.43				47,214		1.09			1.18			4.66			53
Year ended 10/31/20			10.78			0.55			(1.52	)			(0.97	)			(0.54	)			9.27		(9.02	)			55,930		1.09			1.19			5.86			117
Year ended 10/31/19			10.07			0.52			0.74				1.26				(0.55	)			10.78		12.80				5,202		1.09			1.22			4.96			76
Class Y
Six months ended 04/30/24			7.27			0.25			0.45				0.70				(0.27	)			7.70		9.69				113,539		0.63	(e)		0.68	(e)		6.61	(e)		52
Year ended 10/31/23			7.49			0.53			(0.20	)			0.33				(0.55	)			7.27		4.26				143,870		0.56			0.62			6.92			54
Year ended 10/31/22			9.76			0.52			(2.22	)			(1.70	)			(0.57	)			7.49		(18.05	)			172,528		0.59			0.64			5.91			94
Year ended 10/31/21			9.27			0.50			0.59				1.09				(0.60	)			9.76		11.99				274,095		0.59			0.68			5.16			53
Year ended 10/31/20			10.79			0.62			(1.55	)			(0.93	)			(0.59	)			9.27		(8.65	)			360,565		0.59			0.69			6.36			117
Year ended 10/31/19			10.07			0.57			0.75				1.32				(0.60	)			10.79		13.47				397,303		0.59			0.72			5.46			76
Class R5
Six months ended 04/30/24			7.26			0.26			0.44				0.70				(0.27	)			7.69		9.75				9		0.45	(e)		0.47	(e)		6.79	(e)		52
Year ended 10/31/23			7.49			0.54			(0.22	)			0.32				(0.55	)			7.26		4.13				9		0.53			0.58			6.95			54
Year ended 10/31/22			9.75			0.52			(2.21	)			(1.69	)			(0.57	)			7.49		(17.97	)			63		0.59			0.62			5.91			94
Year ended 10/31/21			9.27			0.50			0.58				1.08				(0.60	)			9.75		11.89				78		0.59			0.60			5.16			53
Year ended 10/31/20			10.79			0.62			(1.55	)			(0.93	)			(0.59	)			9.27		(8.63	)			85		0.59			0.63			6.36			117
Year ended 10/31/19			10.08			0.57			0.74				1.31				(0.60	)			10.79		13.35				104		0.59			0.68			5.46			76
Class R6
Six months ended 04/30/24			7.27			0.26			0.44				0.70				(0.27	)			7.70		9.74				6,703		0.55	(e)		0.57	(e)		6.69	(e)		52
Year ended 10/31/23			7.49			0.54			(0.21	)			0.33				(0.55	)			7.27		4.32				42,283		0.49			0.51			6.99			54
Year ended 10/31/22			9.76			0.52			(2.22	)			(1.70	)			(0.57	)			7.49		(18.01	)			50,310		0.54			0.55			5.96			94
Year ended 10/31/21			9.27			0.51			0.59				1.10				(0.61	)			9.76		12.05				64,850		0.54			0.55			5.21			53
Year ended 10/31/20			10.79			0.62			(1.55	)			(0.93	)			(0.59	)			9.27		(8.59	)			65,618		0.53			0.54			6.42			117
Year ended 10/31/19			10.07			0.57			0.75				1.32				(0.60	)			10.79		13.47				59,569		0.59			0.60			5.46			76

^(a) Calculated using average shares outstanding.

^(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $1,279,950,104 in connection with the acquisition of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund into the Fund.

^(d) The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.23% for Class A for the six months ended April 30, 2024 and the years ended October 31, 2023, 2022, 2021 and 2020, respectively.

^(e) Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31 Invesco Multi-Asset Income Fund

Notes to Financial Statements

April 30, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Multi-Asset Income Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

 The Fund’s investment objective is to provide current income.

 The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

 The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

 The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

32 Invesco Multi-Asset Income Fund

other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, 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 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.

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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

33 Invesco Multi-Asset Income Fund

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. Equity-Linked Notes – The Fund may invest in Equity-Linked Notes (ELNs). ELNs are hybrid derivative-type instruments, in a single note form, that are specially designed to combine the characteristics of one or more reference securities (such as a single stock, an exchange traded fund, exchange-traded note, or an index or basket of securities (underlying securities)) and a related equity derivative, such as a put or call option. Generally, when purchasing an ELN, the Fund pays the counterparty the current value of the underlying securities plus a commission. Upon the maturity of the note, the Fund generally receives the par value of the note plus a return based on the appreciation of the underlying securities. Investments in ELNs possess the risks associated with the underlying securities, such as management risk, market risk and, as applicable, foreign securities and currency risks. In addition, as a note, ELNs are also subject to certain debt securities risks, such as interest rate and credit risk. An investment in an ELN also bears the risk that the ELN issuer will default or become bankrupt. In such an event, the Fund may have difficulty being repaid, or fail to be repaid, the principal amount of, or income from, its investment. As the holder of an ELN, the Fund generally has no rights to the underlying securities, including no voting rights or rights to receive dividends. Should the prices of the underlying securities move in an unexpected manner, the Fund may not achieve the anticipated benefits of its ELN investments, and it may realize losses, which could be significant and could include the Fund’s entire principal investment.

L. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, the Fund paid the Adviser $3,612 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

M. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

N. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or

34 Invesco Multi-Asset Income Fund

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.

O. 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 instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

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 net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. 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, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including

35 Invesco Multi-Asset Income Fund

potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2024, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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. This practice does not apply to securities pledged as collateral for securities lending transactions.

S. Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $500 million		0.500%
Next $500 million		0.450%
Next $500 million		0.400%
Over $1.5 billion		0.390%

 For the six months ended April 30, 2024, the effective advisory fee rate incurred by the Fund was 0.47%.

 Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

 Effective March 1, 2023, through at least February 28, 2025, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.90%, 1.65%, 1.15%, 0.65%, 0.65% and 0.65%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to March 1, 2023, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or 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. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2025. 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 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, 2025, 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, 2024, the Adviser waived advisory fees of $93,635 and reimbursed class level expenses of $106,120, $8,029, $3,068, $17,923, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

 The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

 The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2024, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

36 Invesco Multi-Asset Income 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 Plans 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, 2024, 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, 2024, IDI advised the Fund that IDI retained $42,207 in front-end sales commissions from the sale of Class A shares and $0 and $1,000 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

 Certain officers and trustees of the Trust are officers and directors of Invesco.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–		$	376,081,872			$–	$	376,081,872
Equity Linked Notes		–			223,626,985			–		223,626,985
U.S. Treasury Securities		–			196,658,584			–		196,658,584
Preferred Stocks		70,358,189			66,518			–		70,424,707
Non-U.S. Dollar Denominated Bonds & Notes		–			7,947,700			–		7,947,700
Asset-Backed Securities		–			38,025			–		38,025
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			0			–		0
Money Market Funds		153,691,436			47,828,341			–		201,519,777
Total Investments in Securities		224,049,625			852,248,025			–		1,076,297,650
Other Investments - Assets*
Investments Matured		–			–			0		0
Futures Contracts		4,623,979			–			–		4,623,979
Forward Foreign Currency Contracts		–			161,878			–		161,878
Swap Agreements		–			63,568			–		63,568
		4,623,979			225,446			0		4,849,425
Other Investments - Liabilities*
Futures Contracts		(726,618	)		–			–		(726,618	)
Forward Foreign Currency Contracts		–			(5,575	)		–		(5,575	)
		(726,618	)		(5,575	)		–		(732,193	)
Total Other Investments		3,897,361			219,871			–		4,117,232
Total Investments	$	227,946,986		$	852,467,896			$0	$	1,080,414,882

* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Investments matured is 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 Statement of Assets and Liabilities.

37 Invesco Multi-Asset Income Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2024:

	Value
Derivative Assets	Credit Risk			Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts –Exchange-Traded	$	–		$	–	$	646,498		$	3,977,481		$	4,623,979
Unrealized appreciation on swap agreements – Centrally Cleared(a)		63,568			–		–			–			63,568
Unrealized appreciation on forward foreign currency contracts outstanding		–			161,878		–			–			161,878
Total Derivative Assets		63,568			161,878		646,498			3,977,481			4,849,425
Derivatives not subject to master netting agreements		(63,568	)		–		(646,498	)		(3,977,481	)		(4,687,547	)
Total Derivative Assets subject to master netting agreements	$	–		$	161,878	$	–		$	–		$	161,878

	Value
Derivative Liabilities	Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts –Exchange-Traded	$	–		$	(277,050	)	$	(449,568	)	$	(726,618	)
Unrealized depreciation on forward foreign currency contracts outstanding		(5,575	)		–			–			(5,575	)
Total Derivative Liabilities		(5,575	)		(277,050	)		(449,568	)		(732,193	)
Derivatives not subject to master netting agreements		–			277,050			449,568			726,618
Total Derivative Liabilities subject to master netting agreements	$	(5,575	)	$	–		$	–		$	(5,575	)

^(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, 2024.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash	Cash	Net Amount
Citibank, N.A.		$    446		$     –			$    446		$–	$–	$	446
Goldman Sachs International		4,269		–			4,269		–	–		4,269
J.P. Morgan Chase Bank, N.A.		–		(754	)		(754	)	–	–		(754	)
Merrill Lynch International		–		(2,239	)		(2,239	)	–	–		(2,239	)
Royal Bank of Canada		–		(472	)		(472	)	–	–		(472	)
State Street Bank & Trust Co.		157,163		–			157,163		–	–		157,163
UBS AG		–		(2,110	)		(2,110	)	–	–		(2,110	)
Total		$161,878		$(5,575	)		$156,303		$–	$–	$	156,303

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	$	–	$	231,506		$	–	$	–		$	231,506
Futures contracts		–		–			5,441,898		(4,337,094	)		1,104,804
Swap agreements		26,286		–			–		–			26,286
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		–		(186,104	)		–		–			(186,104	)
Futures contracts		–		–			1,705,890		663,166			2,369,056
Swap agreements		84,296		–			–		–			84,296
Total	$	110,582	$	45,402		$	7,147,788	$	(3,673,928	)	$	3,629,844

The table below summarizes the average notional value of derivatives held during the period.

	Forward
	Foreign Currency	Futures	Swap
	Contracts	Contracts	Agreements
Average notional value	$11,367,750	$262,509,575	$1,566,367

38 Invesco Multi-Asset Income 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, 2024, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $40,473.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

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 carryforward 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term			Long-Term			Total
Not subject to expiration	$	426,554,070		$	199,700,138		$	626,254,208

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2024 was $170,639,570 and $212,756,106, 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	$	15,688,867
Aggregate unrealized (depreciation) of investments		(84,108,338	)
Net unrealized appreciation (depreciation) of investments	$	(68,419,471	)

Cost of investments for tax purposes is $1,148,834,353.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2024(a)				Year ended October 31, 2023
	Shares		Amount		Shares		Amount
Sold:
Class A		2,607,984	$	20,128,577		4,002,354	$	30,757,252
Class C		270,696		2,099,142		591,278		4,557,505
Class R		201,201		1,559,949		465,761		3,589,248
Class Y		1,796,533		13,966,441		3,962,741		30,627,354
Class R6		186,863		1,438,183		259,652		1,988,962
Issued as reinvestment of dividends:
Class A		3,174,856		24,394,255		6,704,847		51,334,704
Class C		179,353		1,377,543		448,775		3,437,889
Class R		97,484		749,726		205,567		1,575,533
Class Y		433,062		3,327,490		1,013,311		7,764,065
Class R5		-		-		170		1,318
Class R6		163,875		1,261,058		437,489		3,353,057

39 Invesco Multi-Asset Income Fund

	Summary of Share Activity
	Six months ended April 30, 2024(a)						Year ended October 31, 2023
	Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		715,920		$	5,524,594			1,551,820		$	11,884,183
Class C		(716,069	)		(5,524,594	)		(1,552,009	)		(11,884,183	)
Reacquired:
Class A		(9,454,329	)		(73,053,096	)		(18,650,298	)		(143,227,629	)
Class C		(865,507	)		(6,701,611	)		(2,234,003	)		(17,149,737	)
Class R		(269,085	)		(2,084,451	)		(740,749	)		(5,690,107	)
Class Y		(7,271,069	)		(56,296,037	)		(8,202,752	)		(63,082,517	)
Class R5		-			-			(7,400	)		(56,488	)
Class R6		(5,297,496	)		(40,965,148	)		(1,593,389	)		(12,239,159	)
Net increase (decrease) in share activity		(14,045,728	)	$	(108,797,979	)		(13,336,835	)	$	(102,458,750	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 11% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

40 Invesco 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, 2023 through April 30, 2024.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (11/01/23)	Ending  Account Value  (04/30/24)1	Expenses   Paid During   Period2	Ending  Account Value   (04/30/24)	Expenses   Paid During   Period2	Annualized    Expense    Ratio
Class A	$1,000.00	$1,095.70	$4.48	$1,020.59	$4.32	0.86%
Class C	1,000.00	1,091.50	8.48	1,016.76	8.17	1.63
Class R	1,000.00	1,094.20	5.88	1,019.24	5.67	1.13
Class Y	1,000.00	1,096.90	3.28	1,021.73	3.17	0.63
Class R5	1,000.00	1,097.50	2.35	1,022.63	2.26	0.45
Class R6	1,000.00	1,097.40	2.87	1,022.13	2.77	0.55

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2023 through April 30, 2024, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

41 Invesco Multi-Asset Income Fund

Proxy Results

A Special Joint Meeting (“Meeting”) of Shareholders of AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (“Trust”), was held on January 16, 2024. The Meeting was held for the following purpose:

(1) Elect 14 trustees to the Board of Trustees of the Trust, each of whom will serve until his or her successor is duly elected and qualified.

The results of the voting on the above matter were as follows:

				Votes
	Matter	Votes For		Against/Withheld
(1)*	Beth Ann Brown		2,249,378,619.33		41,629,442.71
	Carol Deckbar		2,246,234,264.52		44,773,797.52
	Cynthia Hostetler		2,239,884,066.77		51,123,995.27
	Dr. Eli Jones		2,247,948,469.91		43,059,592.13
	Elizabeth Krentzman		2,249,230,311.83		41,777,750.22
	Jeffrey H. Kupor		2,246,969,783.10		44,038,278.94
	Anthony J. LaCava, Jr.		2,248,588,977.62		42,419,084.42
	James Liddy		2,247,297,130.55		43,710,931.50
	Dr. Prema Mathai-Davis		2,240,956,129.31		50,051,932.73
	Joel W. Motley		2,243,008,410.57		47,999,651.47
	Teresa M. Ressel		2,248,731,273.34		42,276,788.70
	Douglas Sharp		2,248,447,243.22		42,560,818.83
	Robert C. Troccoli		2,246,647,253.82		44,360,808.22
	Daniel S. Vandivort		2,247,577,966.04		43,430,096.00

* Proposal 1 required approval by a combined vote of all the portfolios of AIM Investment Funds (Invesco Investment Funds).

42 Invesco Multi-Asset Income Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

 Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

 Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05426 and 033-19338     Invesco Distributors, Inc. MAIN-SAR-1          

(b) Not applicable.

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT 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 June 14, 2024, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 14, 2024, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 14. EXHIBITS.

14(a) (1)	Not applicable.
14(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.
14(a) (3)	Not applicable.
14(a) (4)	Not applicable.
14(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Investment Funds (Invesco Investment Funds)
By:	/s/ Glenn Brightman
	Glenn Brightman
	Principal Executive Officer
Date:	June 28, 2024

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/ Glenn Brightman
	Glenn Brightman
	Principal Executive Officer
Date:	June 28, 2024

By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	June 28, 2024