# EDGAR Filing Document

**Accession Number:** 0000826644
**File Stem:** 0001193125-26-001679
**Filing Date:** 2026-1
**Character Count:** 2998202
**Document Hash:** 8a629769ae5b2abd8d023559bed62a4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-001679.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001193125-26-001679

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 186

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
- **CENTRAL INDEX KEY:** 0000826644

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05426
- **FILM NUMBER:** 26504235

**BUSINESS ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 7136261919

**MAIL ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM INVESTMENT FUNDS
- **DATE OF NAME CHANGE:** 19980529

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** G T INVESTMENT FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** G T GLOBAL INCOME SERIES INC
- **DATE OF NAME CHANGE:** 19890521

## Series and Classes Contracts Data

### Invesco Emerging Markets ex-China Fund (Series ID: S000000234)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000562 | Class A      | GTDDX           |
| C000000564 | Class C      | GTDCX           |
| C000029646 | CLASS R5     | GTDIX           |
| C000071223 | Class Y      | GTDYX           |
| C000120699 | CLASS R6     | GTDFX           |

### INVESCO Health Care Fund (Series ID: S000000235)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000000565 | Class A        | GGHCX           |
| C000000567 | Class C        | GTHCX           |
| C000029647 | Investor Class | GTHIX           |
| C000071224 | Class Y        | GGHYX           |
| C000188882 | Class R6       |  |
| C000265799 | Class R        | GTHRX           |

### INVESCO BALANCED-RISK ALLOCATION FUND (Series ID: S000025654)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000076836 | CLASS A      | ABRZX           |
| C000076838 | CLASS C      | ABRCX           |
| C000076839 | CLASS R      | ABRRX           |
| C000076840 | CLASS Y      | ABRYX           |
| C000076841 | CLASS R5     | ABRIX           |
| C000120702 | CLASS R6     | ALLFX           |

### Invesco Balanced-Risk Commodity Strategy Fund (Series ID: S000030111)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000092474 | Class A      | BRCAX           |
| C000092476 | Class C      | BRCCX           |
| C000092477 | Class R      | BRCRX           |
| C000092478 | Class Y      | BRCYX           |
| C000092479 | CLASS R5     | BRCNX           |
| C000120704 | CLASS R6     | IBRFX           |

### Invesco Multi-Asset Income Fund (Series ID: S000035024)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000107688 | Class A      | PIAFX           |
| C000107689 | Class C      | PICFX           |
| C000107690 | Class R      | PIRFX           |
| C000107691 | Class Y      | PIYFX           |
| C000107692 | CLASS R5     | IPNFX           |
| C000120706 | CLASS R6     | PIFFX           |

### Invesco Emerging Markets Local Debt Fund (Series ID: S000064693)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209535 | Class R6     |  |
| C000209536 | Class R5     |  |
| C000209537 | Class A      |  |
| C000209538 | Class R      |  |
| C000209539 | Class C      |  |
| C000209540 | Class Y      |  |

### Invesco Global Allocation Fund (Series ID: S000064695)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209547 | Class R      |  |
| C000209548 | Class C      |  |
| C000209549 | Class Y      |  |
| C000209550 | Class R5     |  |
| C000209551 | Class R6     |  |
| C000209552 | Class A      |  |

### Invesco Multi-Strategy Fund (Series ID: S000064696)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209553 | Class R6     |  |
| C000209554 | Class R5     |  |
| C000209555 | Class Y      |  |
| C000209556 | Class R      |  |
| C000209557 | Class C      |  |
| C000209558 | Class A      |  |

### Invesco Core Bond Fund (Series ID: S000064702)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209589 | Class R6     |  |
| C000209590 | Class R5     |  |
| C000209591 | Class Y      |  |
| C000209592 | Class R      |  |
| C000209593 | Class C      |  |
| C000209594 | Class A      |  |

### Invesco Developing Markets Fund (Series ID: S000064706)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209613 | Class R6     |  |
| C000209614 | Class R5     |  |
| C000209615 | Class A      |  |
| C000209616 | Class R      |  |
| C000209617 | Class C      |  |
| C000209618 | Class Y      |  |

### Invesco Global Strategic Income Fund (Series ID: S000064708)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209625 | Class R6     |  |
| C000209626 | Class R5     |  |
| C000209627 | Class A      |  |
| C000209628 | Class R      |  |
| C000209629 | Class C      |  |
| C000209630 | Class Y      |  |

### Invesco International Bond Fund (Series ID: S000064709)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209631 | Class R6     |  |
| C000209632 | Class R5     |  |
| C000209633 | Class A      |  |
| C000209634 | Class R      |  |
| C000209635 | Class C      |  |
| C000209636 | Class Y      |  |

### Invesco Discovery Mid Cap Growth Fund (Series ID: S000064710)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209637 | Class R6     |  |
| C000209638 | Class R5     |  |
| C000209639 | Class A      |  |
| C000209640 | Class R      |  |
| C000209641 | Class C      |  |
| C000209642 | Class Y      |  |

?xml version='1.0' encoding='ASCII'? b0453894-3f65-49c5-ab6e-03127c8ee8f0

#### 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, Principal Executive Officer

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(713) 626-1919

#### Date of fiscal year end:

#### October 31

#### Date of reporting period:

#### October 31, 2025
Item 1. Reports to Stockholders.

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

![TSR_logo](images_2625.jpg)

### Invesco Balanced-Risk Allocation Fund

### Class A: ABRZX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Balanced-Risk Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Allocation Fund<br>(Class A) | $1371.32%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices. Because the Fund is diversified across stocks, bonds and commodities, it benefited from this broader market environment.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 6.83%. For the same time period, the Custom Invesco Balanced Risk Allocation Style Index (the "Benchmark") returned 15.74%.

#### What contributed to performance?
**Growth Macro Factor \|** The Fund's strategic exposure to the growth macro factor, achieved through exchange-traded futures, swaps and listed options, was the strongest contributor to performance supported by broad-based gains across key markets. Ex-US equities outperformed in a notable rotation away from US equities.

**Defensive Macro Factor \|** Strategic exposure to the defensive macro factor, achieved through exchange-traded futures, also contributed to performance gains in Australian, Canadian and US government bonds, outweighing losses from UK, German and Japanese government bonds. Mixed results across markets reflected ongoing uncertainty around inflation and diverging central bank policies. While some regions benefited from rate cuts amid economic softening, others were pressured by rising yields and persistent inflation concerns.

**Real Return Macro Factor \|** Strategic exposure to the real return macro factor, achieved through exchange-traded futures, swaps, and commodity-linked notes, contributed positively to performance, driven by strong gains in precious metals, industrial metals and energy, which more than offset losses in agriculture.

#### What detracted from performance?
**Tactical positioning \|** Tactical positioning detracted from performance as gains from positioning in equities were outweighed by losses from positioning within bonds and commodities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712247.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Balanced-Risk Allocation Fund (Class A) —including sales charge** | 1.00% | 3.23% | 3.76% |
| **Invesco Balanced-Risk Allocation Fund (Class A) —excluding sales charge** | 6.83% | 4.41% | 4.35% |
| **Custom Invesco Balanced Risk Allocation Style Index** | 15.74% | 9.26% | 8.06% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

The Custom Invesco Balanced-Risk Allocation Style Index is composed of 60% MSCI World Index (Net) and 40% Bloomberg U.S. Aggregate Bond Index.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$904179164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8599542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Target risk contribution and**

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Equities and Options | 47.06% | 50.36% |
| Fixed Income | 16.67% | 69.81% |
| Commodities | 36.27% | 22.81% |
| Total | 100.00% | 142.98% |
| \* 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. <br>\*\* 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. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712252.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

IBRA-AR-A **Invesco Balanced-Risk Allocation Fund**

![TSR_logo](images_2625.jpg)

### Invesco Balanced-Risk Allocation Fund

### Class C: ABRCX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Balanced-Risk Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Allocation Fund<br>(Class C) | $2132.07%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices. Because the Fund is diversified across stocks, bonds and commodities, it benefited from this broader market environment.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 6.11%. For the same time period, the Custom Invesco Balanced Risk Allocation Style Index (the "Benchmark") returned 15.74%.

#### What contributed to performance?
**Growth Macro Factor \|** The Fund's strategic exposure to the growth macro factor, achieved through exchange-traded futures, swaps and listed options, was the strongest contributor to performance supported by broad-based gains across key markets. Ex-US equities outperformed in a notable rotation away from US equities.

**Defensive Macro Factor \|** Strategic exposure to the defensive macro factor, achieved through exchange-traded futures, also contributed to performance gains in Australian, Canadian and US government bonds, outweighing losses from UK, German and Japanese government bonds. Mixed results across markets reflected ongoing uncertainty around inflation and diverging central bank policies. While some regions benefited from rate cuts amid economic softening, others were pressured by rising yields and persistent inflation concerns.

**Real Return Macro Factor \|** Strategic exposure to the real return macro factor, achieved through exchange-traded futures, swaps, and commodity-linked notes, contributed positively to performance, driven by strong gains in precious metals, industrial metals and energy, which more than offset losses in agriculture.

#### What detracted from performance?
**Tactical positioning \|** Tactical positioning detracted from performance as gains from positioning in equities were outweighed by losses from positioning within bonds and commodities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712302.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Balanced-Risk Allocation Fund (Class C) —including sales charge** | 5.17% | 3.64% | 3.72% |
| **Invesco Balanced-Risk Allocation Fund (Class C) —excluding sales charge** | 6.11% | 3.64% | 3.72% |
| **Custom Invesco Balanced Risk Allocation Style Index** | 15.74% | 9.26% | 8.06% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

The Custom Invesco Balanced-Risk Allocation Style Index is composed of 60% MSCI World Index (Net) and 40% Bloomberg U.S. Aggregate Bond Index.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$904179164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8599542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Target risk contribution and**

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Equities and Options | 47.06% | 50.36% |
| Fixed Income | 16.67% | 69.81% |
| Commodities | 36.27% | 22.81% |
| Total | 100.00% | 142.98% |
| \* 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. <br>\*\* 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. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712297.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

IBRA-AR-C **Invesco Balanced-Risk Allocation Fund**

![TSR_logo](images_2625.jpg)

### Invesco Balanced-Risk Allocation Fund

### Class R: ABRRX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Balanced-Risk Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Allocation Fund<br>(Class R) | $1621.57%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices. Because the Fund is diversified across stocks, bonds and commodities, it benefited from this broader market environment.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 6.47%. For the same time period, the Custom Invesco Balanced Risk Allocation Style Index (the "Benchmark") returned 15.74%.

#### What contributed to performance?
**Growth Macro Factor \|** The Fund's strategic exposure to the growth macro factor, achieved through exchange-traded futures, swaps and listed options, was the strongest contributor to performance supported by broad-based gains across key markets. Ex-US equities outperformed in a notable rotation away from US equities.

**Defensive Macro Factor \|** Strategic exposure to the defensive macro factor, achieved through exchange-traded futures, also contributed to performance gains in Australian, Canadian and US government bonds, outweighing losses from UK, German and Japanese government bonds. Mixed results across markets reflected ongoing uncertainty around inflation and diverging central bank policies. While some regions benefited from rate cuts amid economic softening, others were pressured by rising yields and persistent inflation concerns.

**Real Return Macro Factor \|** Strategic exposure to the real return macro factor, achieved through exchange-traded futures, swaps, and commodity-linked notes, contributed positively to performance, driven by strong gains in precious metals, industrial metals and energy, which more than offset losses in agriculture.

#### What detracted from performance?
**Tactical positioning \|** Tactical positioning detracted from performance as gains from positioning in equities were outweighed by losses from positioning within bonds and commodities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712319.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Balanced-Risk Allocation Fund (Class R)** | 6.47% | 4.12% | 4.08% |
| **Custom Invesco Balanced Risk Allocation Style Index** | 15.74% | 9.26% | 8.06% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

The Custom Invesco Balanced-Risk Allocation Style Index is composed of 60% MSCI World Index (Net) and 40% Bloomberg U.S. Aggregate Bond Index.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$904179164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8599542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Target risk contribution and**

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Equities and Options | 47.06% | 50.36% |
| Fixed Income | 16.67% | 69.81% |
| Commodities | 36.27% | 22.81% |
| Total | 100.00% | 142.98% |
| \* 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. <br>\*\* 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. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712324.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

IBRA-AR-R **Invesco Balanced-Risk Allocation Fund**

![TSR_logo](images_2625.jpg)

### Invesco Balanced-Risk Allocation Fund

### Class Y: ABRYX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Balanced-Risk Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Allocation Fund<br>(Class Y) | $1111.07%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices. Because the Fund is diversified across stocks, bonds and commodities, it benefited from this broader market environment.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 7.05%. For the same time period, the Custom Invesco Balanced Risk Allocation Style Index (the "Benchmark") returned 15.74%.

#### What contributed to performance?
**Growth Macro Factor \|** The Fund's strategic exposure to the growth macro factor, achieved through exchange-traded futures, swaps and listed options, was the strongest contributor to performance supported by broad-based gains across key markets. Ex-US equities outperformed in a notable rotation away from US equities.

**Defensive Macro Factor \|** Strategic exposure to the defensive macro factor, achieved through exchange-traded futures, also contributed to performance gains in Australian, Canadian and US government bonds, outweighing losses from UK, German and Japanese government bonds. Mixed results across markets reflected ongoing uncertainty around inflation and diverging central bank policies. While some regions benefited from rate cuts amid economic softening, others were pressured by rising yields and persistent inflation concerns.

**Real Return Macro Factor \|** Strategic exposure to the real return macro factor, achieved through exchange-traded futures, swaps, and commodity-linked notes, contributed positively to performance, driven by strong gains in precious metals, industrial metals and energy, which more than offset losses in agriculture.

#### What detracted from performance?
**Tactical positioning \|** Tactical positioning detracted from performance as gains from positioning in equities were outweighed by losses from positioning within bonds and commodities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712374.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Balanced-Risk Allocation Fund (Class Y)** | 7.05% | 4.66% | 4.61% |
| **Custom Invesco Balanced Risk Allocation Style Index** | 15.74% | 9.26% | 8.06% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

The Custom Invesco Balanced-Risk Allocation Style Index is composed of 60% MSCI World Index (Net) and 40% Bloomberg U.S. Aggregate Bond Index.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$904179164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8599542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Target risk contribution and**

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Equities and Options | 47.06% | 50.36% |
| Fixed Income | 16.67% | 69.81% |
| Commodities | 36.27% | 22.81% |
| Total | 100.00% | 142.98% |
| \* 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. <br>\*\* 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. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712369.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

IBRA-AR-Y **Invesco Balanced-Risk Allocation Fund**

![TSR_logo](images_2625.jpg)

### Invesco Balanced-Risk Allocation Fund

### Class R5: ABRIX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Balanced-Risk Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Allocation Fund<br>(Class R5) | $1071.03%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices. Because the Fund is diversified across stocks, bonds and commodities, it benefited from this broader market environment.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 7.12%. For the same time period, the Custom Invesco Balanced Risk Allocation Style Index (the "Benchmark") returned 15.74%.

#### What contributed to performance?
**Growth Macro Factor \|** The Fund's strategic exposure to the growth macro factor, achieved through exchange-traded futures, swaps and listed options, was the strongest contributor to performance supported by broad-based gains across key markets. Ex-US equities outperformed in a notable rotation away from US equities.

**Defensive Macro Factor \|** Strategic exposure to the defensive macro factor, achieved through exchange-traded futures, also contributed to performance gains in Australian, Canadian and US government bonds, outweighing losses from UK, German and Japanese government bonds. Mixed results across markets reflected ongoing uncertainty around inflation and diverging central bank policies. While some regions benefited from rate cuts amid economic softening, others were pressured by rising yields and persistent inflation concerns.

**Real Return Macro Factor \|** Strategic exposure to the real return macro factor, achieved through exchange-traded futures, swaps, and commodity-linked notes, contributed positively to performance, driven by strong gains in precious metals, industrial metals and energy, which more than offset losses in agriculture.

#### What detracted from performance?
**Tactical positioning \|** Tactical positioning detracted from performance as gains from positioning in equities were outweighed by losses from positioning within bonds and commodities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712446.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Balanced-Risk Allocation Fund (Class R5)** | 7.12% | 4.71% | 4.66% |
| **Custom Invesco Balanced Risk Allocation Style Index** | 15.74% | 9.26% | 8.06% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

The Custom Invesco Balanced-Risk Allocation Style Index is composed of 60% MSCI World Index (Net) and 40% Bloomberg U.S. Aggregate Bond Index.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$904179164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8599542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Target risk contribution and**

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Equities and Options | 47.06% | 50.36% |
| Fixed Income | 16.67% | 69.81% |
| Commodities | 36.27% | 22.81% |
| Total | 100.00% | 142.98% |
| \* 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. <br>\*\* 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. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712441.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

IBRA-AR-R5 **Invesco Balanced-Risk Allocation Fund**

![TSR_logo](images_2625.jpg)

### Invesco Balanced-Risk Allocation Fund

### Class R6: ALLFX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Balanced-Risk Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Allocation Fund<br>(Class R6) | $990.96%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices. Because the Fund is diversified across stocks, bonds and commodities, it benefited from this broader market environment.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 7.28%. For the same time period, the Custom Invesco Balanced Risk Allocation Style Index (the "Benchmark") returned 15.74%.

#### What contributed to performance?
**Growth Macro Factor \|** The Fund's strategic exposure to the growth macro factor, achieved through exchange-traded futures, swaps and listed options, was the strongest contributor to performance supported by broad-based gains across key markets. Ex-US equities outperformed in a notable rotation away from US equities.

**Defensive Macro Factor \|** Strategic exposure to the defensive macro factor, achieved through exchange-traded futures, also contributed to performance gains in Australian, Canadian and US government bonds, outweighing losses from UK, German and Japanese government bonds. Mixed results across markets reflected ongoing uncertainty around inflation and diverging central bank policies. While some regions benefited from rate cuts amid economic softening, others were pressured by rising yields and persistent inflation concerns.

**Real Return Macro Factor \|** Strategic exposure to the real return macro factor, achieved through exchange-traded futures, swaps, and commodity-linked notes, contributed positively to performance, driven by strong gains in precious metals, industrial metals and energy, which more than offset losses in agriculture.

#### What detracted from performance?
**Tactical positioning \|** Tactical positioning detracted from performance as gains from positioning in equities were outweighed by losses from positioning within bonds and commodities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712391.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Balanced-Risk Allocation Fund (Class R6)** | 7.28% | 4.78% | 4.73% |
| **Custom Invesco Balanced Risk Allocation Style Index** | 15.74% | 9.26% | 8.06% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

The Custom Invesco Balanced-Risk Allocation Style Index is composed of 60% MSCI World Index (Net) and 40% Bloomberg U.S. Aggregate Bond Index.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$904179164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8599542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Target risk contribution and**

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Equities and Options | 47.06% | 50.36% |
| Fixed Income | 16.67% | 69.81% |
| Commodities | 36.27% | 22.81% |
| Total | 100.00% | 142.98% |
| \* 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. <br>\*\* 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. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712396.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

IBRA-AR-R6 **Invesco Balanced-Risk Allocation Fund**

![TSR_logo](images_2625.jpg)

### Invesco Balanced-Risk Commodity Strategy Fund

### Class A: BRCAX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Balanced-Risk Commodity Strategy Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Commodity Strategy Fund<br>(Class A) | $1391.31%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 12.77%. For the same time period, the Bloomberg Commodity Index (the "Benchmark") returned 14.15%.

• The Fund's commodity exposure is achieved primarily through futures, swaps and commodity-linked notes.

#### What contributed to performance?
**Strategic exposure to metals \|** The Fund's strategic precious metals exposure contributed to performance, led by gold. Gold ended the period at an all-time-high, driven by ongoing geopolitical tensions, central bank demand and rising fiscal deficits and debt-to-gross domestic product levels. Silver also performed well due to concerns about future supply and its crossover use in industrial applications. The Fund's strategic exposure to industrial metals also contributed due to copper, which benefited from China's stimulus policy and undersupply concerns due to growing demand from the transition to green energy and artificial intelligence (AI) data centers.

**Strategic exposure to energy \|** The Fund's strategic exposure to energy commodities also contributed to absolute performance. Heating oil and gasoil were the top contributors due to supply constraints and geopolitical risks.

**Tactical positioning \|** The Fund's tactical positioning added to results during the period as well, driven by timely positioning in agriculture, industrial metals and precious metals.

#### What detracted from performance?
**Strategic exposure to agriculture \|** The Fund's strategic exposure to agricultural commodities detracted from performance in the aggregate primarily due to losses in sugar, cotton, wheat, soymeal and corn. Relatively favorable weather and harvests amid tepid demand led to many agricultural commodities trading lower.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712878.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Balanced-Risk Commodity Strategy Fund (Class A) —including sales charge** | 6.59% | 10.62% | 4.30% |
| **Invesco Balanced-Risk Commodity Strategy Fund (Class A) —excluding sales charge** | 12.77% | 11.89% | 4.89% |
| **Bloomberg Commodity Index** | 14.15% | 11.86% | 4.31% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1018617334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6899529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Target risk contribution and**

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Agriculture | 20.17% | 30.48% |
| Energy | 47.12% | 32.90% |
| Industrial Metals | 19.25% | 23.10% |
| Precious Metals | 13.46% | 22.98% |
| Total | 100.00% | 109.46% |
| \* 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. <br>\*\* 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. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712873.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

BRCS-AR-A **Invesco Balanced-Risk Commodity Strategy Fund**

![TSR_logo](images_2625.jpg)

### Invesco Balanced-Risk Commodity Strategy Fund

### Class C: BRCCX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Balanced-Risk Commodity Strategy Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Commodity Strategy Fund<br>(Class C) | $2182.06%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 12.08%. For the same time period, the Bloomberg Commodity Index (the "Benchmark") returned 14.15%.

• The Fund's commodity exposure is achieved primarily through futures, swaps and commodity-linked notes.

#### What contributed to performance?
**Strategic exposure to metals \|** The Fund's strategic precious metals exposure contributed to performance, led by gold. Gold ended the period at an all-time-high, driven by ongoing geopolitical tensions, central bank demand and rising fiscal deficits and debt-to-gross domestic product levels. Silver also performed well due to concerns about future supply and its crossover use in industrial applications. The Fund's strategic exposure to industrial metals also contributed due to copper, which benefited from China's stimulus policy and undersupply concerns due to growing demand from the transition to green energy and artificial intelligence (AI) data centers.

**Strategic exposure to energy \|** The Fund's strategic exposure to energy commodities also contributed to absolute performance. Heating oil and gasoil were the top contributors due to supply constraints and geopolitical risks.

**Tactical positioning \|** The Fund's tactical positioning added to results during the period as well, driven by timely positioning in agriculture, industrial metals and precious metals.

#### What detracted from performance?
**Strategic exposure to agriculture \|** The Fund's strategic exposure to agricultural commodities detracted from performance in the aggregate primarily due to losses in sugar, cotton, wheat, soymeal and corn. Relatively favorable weather and harvests amid tepid demand led to many agricultural commodities trading lower.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712895.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Balanced-Risk Commodity Strategy Fund (Class C) —including sales charge** | 11.08% | 11.06% | 4.26% |
| **Invesco Balanced-Risk Commodity Strategy Fund (Class C) —excluding sales charge** | 12.08% | 11.06% | 4.26% |
| **Bloomberg Commodity Index** | 14.15% | 11.86% | 4.31% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1018617334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6899529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Target risk contribution and**

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Agriculture | 20.17% | 30.48% |
| Energy | 47.12% | 32.90% |
| Industrial Metals | 19.25% | 23.10% |
| Precious Metals | 13.46% | 22.98% |
| Total | 100.00% | 109.46% |
| \* 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. <br>\*\* 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. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712900.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

BRCS-AR-C **Invesco Balanced-Risk Commodity Strategy Fund**

![TSR_logo](images_2625.jpg)

### Invesco Balanced-Risk Commodity Strategy Fund

### Class R: BRCRX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Balanced-Risk Commodity Strategy Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Commodity Strategy Fund<br>(Class R) | $1661.56%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 12.40%. For the same time period, the Bloomberg Commodity Index (the "Benchmark") returned 14.15%.

• The Fund's commodity exposure is achieved primarily through futures, swaps and commodity-linked notes.

#### What contributed to performance?
**Strategic exposure to metals \|** The Fund's strategic precious metals exposure contributed to performance, led by gold. Gold ended the period at an all-time-high, driven by ongoing geopolitical tensions, central bank demand and rising fiscal deficits and debt-to-gross domestic product levels. Silver also performed well due to concerns about future supply and its crossover use in industrial applications. The Fund's strategic exposure to industrial metals also contributed due to copper, which benefited from China's stimulus policy and undersupply concerns due to growing demand from the transition to green energy and artificial intelligence (AI) data centers.

**Strategic exposure to energy \|** The Fund's strategic exposure to energy commodities also contributed to absolute performance. Heating oil and gasoil were the top contributors due to supply constraints and geopolitical risks.

**Tactical positioning \|** The Fund's tactical positioning added to results during the period as well, driven by timely positioning in agriculture, industrial metals and precious metals.

#### What detracted from performance?
**Strategic exposure to agriculture \|** The Fund's strategic exposure to agricultural commodities detracted from performance in the aggregate primarily due to losses in sugar, cotton, wheat, soymeal and corn. Relatively favorable weather and harvests amid tepid demand led to many agricultural commodities trading lower.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712950.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Balanced-Risk Commodity Strategy Fund (Class R)** | 12.40% | 11.59% | 4.65% |
| **Bloomberg Commodity Index** | 14.15% | 11.86% | 4.31% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1018617334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6899529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Target risk contribution and**

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Agriculture | 20.17% | 30.48% |
| Energy | 47.12% | 32.90% |
| Industrial Metals | 19.25% | 23.10% |
| Precious Metals | 13.46% | 22.98% |
| Total | 100.00% | 109.46% |
| \* 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. <br>\*\* 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. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712945.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

BRCS-AR-R **Invesco Balanced-Risk Commodity Strategy Fund**

![TSR_logo](images_2625.jpg)

### Invesco Balanced-Risk Commodity Strategy Fund

### Class Y: BRCYX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Balanced-Risk Commodity Strategy Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Commodity Strategy Fund<br>(Class Y) | $1131.06%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 13.03%. For the same time period, the Bloomberg Commodity Index (the "Benchmark") returned 14.15%.

• The Fund's commodity exposure is achieved primarily through futures, swaps and commodity-linked notes.

#### What contributed to performance?
**Strategic exposure to metals \|** The Fund's strategic precious metals exposure contributed to performance, led by gold. Gold ended the period at an all-time-high, driven by ongoing geopolitical tensions, central bank demand and rising fiscal deficits and debt-to-gross domestic product levels. Silver also performed well due to concerns about future supply and its crossover use in industrial applications. The Fund's strategic exposure to industrial metals also contributed due to copper, which benefited from China's stimulus policy and undersupply concerns due to growing demand from the transition to green energy and artificial intelligence (AI) data centers.

**Strategic exposure to energy \|** The Fund's strategic exposure to energy commodities also contributed to absolute performance. Heating oil and gasoil were the top contributors due to supply constraints and geopolitical risks.

**Tactical positioning \|** The Fund's tactical positioning added to results during the period as well, driven by timely positioning in agriculture, industrial metals and precious metals.

#### What detracted from performance?
**Strategic exposure to agriculture \|** The Fund's strategic exposure to agricultural commodities detracted from performance in the aggregate primarily due to losses in sugar, cotton, wheat, soymeal and corn. Relatively favorable weather and harvests amid tepid demand led to many agricultural commodities trading lower.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712967.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Balanced-Risk Commodity Strategy Fund (Class Y)** | 13.03% | 12.18% | 5.16% |
| **Bloomberg Commodity Index** | 14.15% | 11.86% | 4.31% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1018617334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6899529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Target risk contribution and**

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Agriculture | 20.17% | 30.48% |
| Energy | 47.12% | 32.90% |
| Industrial Metals | 19.25% | 23.10% |
| Precious Metals | 13.46% | 22.98% |
| Total | 100.00% | 109.46% |
| \* 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. <br>\*\* 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. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712972.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

BRCS-AR-Y **Invesco Balanced-Risk Commodity Strategy Fund**

![TSR_logo](images_2625.jpg)

### Invesco Balanced-Risk Commodity Strategy Fund

### Class R5: BRCNX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Balanced-Risk Commodity Strategy Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Commodity Strategy Fund<br>(Class R5) | $1121.05%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 12.95%. For the same time period, the Bloomberg Commodity Index (the "Benchmark") returned 14.15%.

• The Fund's commodity exposure is achieved primarily through futures, swaps and commodity-linked notes.

#### What contributed to performance?
**Strategic exposure to metals \|** The Fund's strategic precious metals exposure contributed to performance, led by gold. Gold ended the period at an all-time-high, driven by ongoing geopolitical tensions, central bank demand and rising fiscal deficits and debt-to-gross domestic product levels. Silver also performed well due to concerns about future supply and its crossover use in industrial applications. The Fund's strategic exposure to industrial metals also contributed due to copper, which benefited from China's stimulus policy and undersupply concerns due to growing demand from the transition to green energy and artificial intelligence (AI) data centers.

**Strategic exposure to energy \|** The Fund's strategic exposure to energy commodities also contributed to absolute performance. Heating oil and gasoil were the top contributors due to supply constraints and geopolitical risks.

**Tactical positioning \|** The Fund's tactical positioning added to results during the period as well, driven by timely positioning in agriculture, industrial metals and precious metals.

#### What detracted from performance?
**Strategic exposure to agriculture \|** The Fund's strategic exposure to agricultural commodities detracted from performance in the aggregate primarily due to losses in sugar, cotton, wheat, soymeal and corn. Relatively favorable weather and harvests amid tepid demand led to many agricultural commodities trading lower.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713022.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Balanced-Risk Commodity Strategy Fund (Class R5)** | 12.95% | 12.14% | 5.19% |
| **Bloomberg Commodity Index** | 14.15% | 11.86% | 4.31% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1018617334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6899529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Target risk contribution and**

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Agriculture | 20.17% | 30.48% |
| Energy | 47.12% | 32.90% |
| Industrial Metals | 19.25% | 23.10% |
| Precious Metals | 13.46% | 22.98% |
| Total | 100.00% | 109.46% |
| \* 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. <br>\*\* 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. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713017.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

BRCS-AR-R5 **Invesco Balanced-Risk Commodity Strategy Fund**

![TSR_logo](images_2625.jpg)

### Invesco Balanced-Risk Commodity Strategy Fund

### Class R6: IBRFX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Balanced-Risk Commodity Strategy Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Commodity Strategy Fund<br>(Class R6) | $1121.05%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 13.08%. For the same time period, the Bloomberg Commodity Index (the "Benchmark") returned 14.15%.

• The Fund's commodity exposure is achieved primarily through futures, swaps and commodity-linked notes.

#### What contributed to performance?
**Strategic exposure to metals \|** The Fund's strategic precious metals exposure contributed to performance, led by gold. Gold ended the period at an all-time-high, driven by ongoing geopolitical tensions, central bank demand and rising fiscal deficits and debt-to-gross domestic product levels. Silver also performed well due to concerns about future supply and its crossover use in industrial applications. The Fund's strategic exposure to industrial metals also contributed due to copper, which benefited from China's stimulus policy and undersupply concerns due to growing demand from the transition to green energy and artificial intelligence (AI) data centers.

**Strategic exposure to energy \|** The Fund's strategic exposure to energy commodities also contributed to absolute performance. Heating oil and gasoil were the top contributors due to supply constraints and geopolitical risks.

**Tactical positioning \|** The Fund's tactical positioning added to results during the period as well, driven by timely positioning in agriculture, industrial metals and precious metals.

#### What detracted from performance?
**Strategic exposure to agriculture \|** The Fund's strategic exposure to agricultural commodities detracted from performance in the aggregate primarily due to losses in sugar, cotton, wheat, soymeal and corn. Relatively favorable weather and harvests amid tepid demand led to many agricultural commodities trading lower.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713039.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Balanced-Risk Commodity Strategy Fund (Class R6)** | 13.08% | 12.16% | 5.21% |
| **Bloomberg Commodity Index** | 14.15% | 11.86% | 4.31% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1018617334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6899529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Target risk contribution and**

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Agriculture | 20.17% | 30.48% |
| Energy | 47.12% | 32.90% |
| Industrial Metals | 19.25% | 23.10% |
| Precious Metals | 13.46% | 22.98% |
| Total | 100.00% | 109.46% |
| \* 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. <br>\*\* 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. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713044.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

BRCS-AR-R6 **Invesco Balanced-Risk Commodity Strategy Fund**

![TSR_logo](images_2625.jpg)

### Invesco Core Bond Fund

### Class A: OPIGX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Core Bond Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Bond Fund<br> (Class A) | $700.68%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and credit spread tightening. Elevated yields continued to attract buyers and we believe stability in interest rates can be a positive factor further supporting demand for investment grade credit.

 **•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 5.68%. For the same time period, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") returned 6.16%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by security selection and underweight allocation to Treasuries.

#### What contributed to performance?
 **Investment grade financial institutions sub-sector \|** Sector allocation to the investment grade financial institutions sub-sector contributed to relative performance. Strong corporate fundamentals anchored US investment grade credit, the yield backdrop appeared attractive, and a lower average dollar price of bonds across the Benchmark presented discounted buying opportunities, and enhanced downside protection for bondholders.

 **Securitized debt \|** Sector allocation to securitized debt, particularly Agency mortgages, non-Agency mortgages, and collateralized loan obligations (CLOs), contributed to relative performance, driven by supportive market technicals and valuations throughout the year.

#### What detracted from performance?
 **Treasuries \|** Selection in treasuries, particularly in longer-maturity treasury bonds, detracted from relative performance due to an elevated rates environment.

 **Technology, media, and telecom sub-sector \|** Sector allocation to the investment grade technology, media, and telecom sub-sectors detracted from relative performance due to lagging credits in the sector.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714551.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Core Bond Fund (Class A) —including sales charge** | 1.21% | -1.25% | 1.52% |
| **Invesco Core Bond Fund (Class A) —excluding sales charge** | 5.68% | -0.40% | 1.96% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **Bloomberg U.S. Credit Index** | 6.68% | 0.46% | 3.00% |
| **FTSE Broad Investment Grade Bond Index** | 6.21% | -0.25% | 1.92% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Total Return Bond Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3179283171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8171113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;627% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 09/30/2027 | &nbsp;&nbsp;&nbsp;6.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 10/15/2028 | &nbsp;&nbsp;&nbsp;1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.39% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714555.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-TRB-AR-A **Invesco Core Bond Fund**

![TSR_logo](images_2625.jpg)

### Invesco Core Bond Fund

### Class C: OPBCX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Core Bond Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Bond Fund<br> (Class C) | $1461.43%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and credit spread tightening. Elevated yields continued to attract buyers and we believe stability in interest rates can be a positive factor further supporting demand for investment grade credit.

 **•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 4.71%. For the same time period, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") returned 6.16%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by security selection and underweight allocation to Treasuries.

#### What contributed to performance?
 **Investment grade financial institutions sub-sector \|** Sector allocation to the investment grade financial institutions sub-sector contributed to relative performance. Strong corporate fundamentals anchored US investment grade credit, the yield backdrop appeared attractive, and a lower average dollar price of bonds across the Benchmark presented discounted buying opportunities, and enhanced downside protection for bondholders.

 **Securitized debt \|** Sector allocation to securitized debt, particularly Agency mortgages, non-Agency mortgages, and collateralized loan obligations (CLOs), contributed to relative performance, driven by supportive market technicals and valuations throughout the year.

#### What detracted from performance?
 **Treasuries \|** Selection in treasuries, particularly in longer-maturity treasury bonds, detracted from relative performance due to an elevated rates environment.

 **Technology, media, and telecom sub-sector \|** Sector allocation to the investment grade technology, media, and telecom sub-sectors detracted from relative performance due to lagging credits in the sector.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714606.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Core Bond Fund (Class C) —including sales charge** | 3.71% | -1.15% | 1.32% |
| **Invesco Core Bond Fund (Class C) —excluding sales charge** | 4.71% | -1.15% | 1.32% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **Bloomberg U.S. Credit Index** | 6.68% | 0.46% | 3.00% |
| **FTSE Broad Investment Grade Bond Index** | 6.21% | -0.25% | 1.92% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Total Return Bond Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3179283171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8171113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;627% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 09/30/2027 | &nbsp;&nbsp;&nbsp;6.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 10/15/2028 | &nbsp;&nbsp;&nbsp;1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.39% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714602.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-TRB-AR-C **Invesco Core Bond Fund**

![TSR_logo](images_2625.jpg)

### Invesco Core Bond Fund

### Class R: OPBNX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Core Bond Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Bond Fund<br>(Class R) | $960.93%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and credit spread tightening. Elevated yields continued to attract buyers and we believe stability in interest rates can be a positive factor further supporting demand for investment grade credit.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 5.42%. For the same time period, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") returned 6.16%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by security selection and underweight allocation to Treasuries.

#### What contributed to performance?
**Investment grade financial institutions sub-sector \|** Sector allocation to the investment grade financial institutions sub-sector contributed to relative performance. Strong corporate fundamentals anchored US investment grade credit, the yield backdrop appeared attractive, and a lower average dollar price of bonds across the Benchmark presented discounted buying opportunities, and enhanced downside protection for bondholders.

**Securitized debt \|** Sector allocation to securitized debt, particularly Agency mortgages, non-Agency mortgages, and collateralized loan obligations (CLOs), contributed to relative performance, driven by supportive market technicals and valuations throughout the year.

#### What detracted from performance?
**Treasuries \|** Selection in treasuries, particularly in longer-maturity treasury bonds, detracted from relative performance due to an elevated rates environment.

**Technology, media, and telecom sub-sector \|** Sector allocation to the investment grade technology, media, and telecom sub-sectors detracted from relative performance due to lagging credits in the sector.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714623.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Core Bond Fund (Class R)** | 5.42% | -0.63% | 1.68% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **Bloomberg U.S. Credit Index** | 6.68% | 0.46% | 3.00% |
| **FTSE Broad Investment Grade Bond Index** | 6.21% | -0.25% | 1.92% |

---

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Total Return Bond Fund (the predecessor fund) were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3179283171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8171113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;627% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 09/30/2027 | &nbsp;&nbsp;&nbsp;6.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 10/15/2028 | &nbsp;&nbsp;&nbsp;1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714627.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-TRB-AR-R **Invesco Core Bond Fund**

![TSR_logo](images_2625.jpg)

### Invesco Core Bond Fund

### Class Y: OPBYX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Core Bond Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Bond Fund<br>(Class Y) | $440.43%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and credit spread tightening. Elevated yields continued to attract buyers and we believe stability in interest rates can be a positive factor further supporting demand for investment grade credit.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 5.95%. For the same time period, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") returned 6.16%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by security selection and underweight allocation to Treasuries.

#### What contributed to performance?
**Investment grade financial institutions sub-sector \|** Sector allocation to the investment grade financial institutions sub-sector contributed to relative performance. Strong corporate fundamentals anchored US investment grade credit, the yield backdrop appeared attractive, and a lower average dollar price of bonds across the Benchmark presented discounted buying opportunities, and enhanced downside protection for bondholders.

**Securitized debt \|** Sector allocation to securitized debt, particularly Agency mortgages, non-Agency mortgages, and collateralized loan obligations (CLOs), contributed to relative performance, driven by supportive market technicals and valuations throughout the year.

#### What detracted from performance?
**Treasuries \|** Selection in treasuries, particularly in longer-maturity treasury bonds, detracted from relative performance due to an elevated rates environment.

**Technology, media, and telecom sub-sector \|** Sector allocation to the investment grade technology, media, and telecom sub-sectors detracted from relative performance due to lagging credits in the sector.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714678.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Core Bond Fund (Class Y)** | 5.95% | -0.10% | 2.25% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **Bloomberg U.S. Credit Index** | 6.68% | 0.46% | 3.00% |
| **FTSE Broad Investment Grade Bond Index** | 6.21% | -0.25% | 1.92% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Total Return Bond Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3179283171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8171113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;627% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 09/30/2027 | &nbsp;&nbsp;&nbsp;6.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 10/15/2028 | &nbsp;&nbsp;&nbsp;1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714674.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-TRB-AR-Y **Invesco Core Bond Fund**

![TSR_logo](images_2625.jpg)

### Invesco Core Bond Fund

### Class R5: TRTMX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Core Bond Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Bond Fund<br>(Class R5) | $380.37%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and credit spread tightening. Elevated yields continued to attract buyers and we believe stability in interest rates can be a positive factor further supporting demand for investment grade credit.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 6.00%. For the same time period, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") returned 6.16%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by security selection and underweight allocation to Treasuries.

#### What contributed to performance?
**Investment grade financial institutions sub-sector \|** Sector allocation to the investment grade financial institutions sub-sector contributed to relative performance. Strong corporate fundamentals anchored US investment grade credit, the yield backdrop appeared attractive, and a lower average dollar price of bonds across the Benchmark presented discounted buying opportunities, and enhanced downside protection for bondholders.

**Securitized debt \|** Sector allocation to securitized debt, particularly Agency mortgages, non-Agency mortgages, and collateralized loan obligations (CLOs), contributed to relative performance, driven by supportive market technicals and valuations throughout the year.

#### What detracted from performance?
**Treasuries \|** Selection in treasuries, particularly in longer-maturity treasury bonds, detracted from relative performance due to an elevated rates environment.

**Technology, media, and telecom sub-sector \|** Sector allocation to the investment grade technology, media, and telecom sub-sectors detracted from relative performance due to lagging credits in the sector.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714695.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Core Bond Fund (Class R5)** | 6.00% | -0.12% | 2.15% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **Bloomberg U.S. Credit Index** | 6.68% | 0.46% | 3.00% |
| **FTSE Broad Investment Grade Bond Index** | 6.21% | -0.25% | 1.92% |

---

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Total Return Bond Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3179283171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8171113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;627% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 09/30/2027 | &nbsp;&nbsp;&nbsp;6.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 10/15/2028 | &nbsp;&nbsp;&nbsp;1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714699.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-TRB-AR-R5 **Invesco Core Bond Fund**

![TSR_logo](images_2625.jpg)

### Invesco Core Bond Fund

### Class R6: OPBIX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Core Bond Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Bond Fund<br>(Class R6) | $380.37%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and credit spread tightening. Elevated yields continued to attract buyers and we believe stability in interest rates can be a positive factor further supporting demand for investment grade credit.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 5.83%. For the same time period, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") returned 6.16%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by security selection and underweight allocation to Treasuries.

#### What contributed to performance?
**Investment grade financial institutions sub-sector \|** Sector allocation to the investment grade financial institutions sub-sector contributed to relative performance. Strong corporate fundamentals anchored US investment grade credit, the yield backdrop appeared attractive, and a lower average dollar price of bonds across the Benchmark presented discounted buying opportunities, and enhanced downside protection for bondholders.

**Securitized debt \|** Sector allocation to securitized debt, particularly Agency mortgages, non-Agency mortgages, and collateralized loan obligations (CLOs), contributed to relative performance, driven by supportive market technicals and valuations throughout the year.

#### What detracted from performance?
**Treasuries \|** Selection in treasuries, particularly in longer-maturity treasury bonds, detracted from relative performance due to an elevated rates environment.

**Technology, media, and telecom sub-sector \|** Sector allocation to the investment grade technology, media, and telecom sub-sectors detracted from relative performance due to lagging credits in the sector.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714750.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Core Bond Fund (Class R6)** | 5.83% | -0.10% | 2.28% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **Bloomberg U.S. Credit Index** | 6.68% | 0.46% | 3.00% |
| **FTSE Broad Investment Grade Bond Index** | 6.21% | -0.25% | 1.92% |

---

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer Total Return Bond Fund (the predecessor fund) were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3179283171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8171113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;627% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 09/30/2027 | &nbsp;&nbsp;&nbsp;6.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 10/15/2028 | &nbsp;&nbsp;&nbsp;1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714746.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-TRB-AR-R6 **Invesco Core Bond Fund**

![TSR_logo](images_2625.jpg)

### Invesco Developing Markets Fund

### Class A: ODMAX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Developing Markets Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Developing Markets Fund<br>(Class A) | $141 | 1.29% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, emerging market (EM) equities delivered positive performance and returned 27.91% for the period, outperforming developed international markets and US equities. Strong EM equity performance, as measured by the MSCI Emerging Markets Index (Net) (the "Benchmark"), was driven by returns in China, Taiwan, and South Korea. China and Taiwan led EM countries as the artificial intelligence (AI) trade continued to lead global markets to positive returns on the back of surging demand for semiconductors, AI servers, and data centers. Additionally, the continued decline in the US dollar helped broader EM equities.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 19.24%. For the same time period, the Benchmark returned 27.91%.

#### What contributed to performance?
**Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor is one of the world's leading semiconductor foundries and the key enabler of the new computing revolution, with multiple architectures, chip platforms and design teams competing to push computing and AI innovation. The company is known for its advanced technology, high-volume production, and strong customer base, including major tech companies like Apple, Qualcomm, and NVIDIA.

**Tencent Holdings Ltd. \|** Tencent, a long-term holding of the Fund, is a Chinese internet and technology company that has developed a robust suite of digital offerings for its user base. The company provides communication and social tools, PC and mobile games, and a plethora of digital content including news and literature. Additionally, Tencent provides enterprise services, such as cloud computing and access to fintech platforms for its clients.

#### What detracted from performance?
**Meituan \|** Meituan operates the leading service-based e-commerce platform in China focusing on mass-market, essential and high-frequency service categories to connect consumers and merchants. Meituan mainly generates revenue from its food delivery business, in-store hotel and travel business and new initiatives. It operates mobile apps including Meituan, Dianping, Meituan Waimai and Mobike to provide services for merchants and consumers. It serves as the world's largest on-demand food delivery service provider and China's largest e-commerce platform for in-store dining services. The stock struggled over the period due to an increasing competitive landscape combined with margin compressions due to higher cost of goods sold. This position was exited during the period.

**Tata Consultancy Services Ltd. \|** Tata Consultancy is a global IT services, consulting, and business solutions company headquartered in Mumbai, India, and part of the Tata Group. It provides services such as software development, cloud computing, AI, and digital transformation to clients across multiple industries worldwide. The company is one of the largest IT firms globally, known for its strong presence in emerging markets and focus on innovation and sustainability. The company's share price underperformed peers due to global economic headwinds, slower client spending in key markets like the US and Europe, and internal challenges such as deal delays leading to weaker revenue growth.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713255.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Developing Markets Fund (Class A) —including sales charge** | 12.68% | 1.22% | 4.69% |
| **Invesco Developing Markets Fund (Class A) —excluding sales charge** | 19.24% | 2.37% | 5.28% |
| **MSCI Emerging Markets Index (Net)** | 27.91% | 7.46% | 7.69% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Developing Markets Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$10638187052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$114501695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;79% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;11.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;7.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale S.A., ADR | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc., A Shares | &nbsp;&nbsp;&nbsp;2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., ADR | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;2.21% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713259.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective June 23, 2025, the Fund modified its principal investment strategies and principal risks to reflect that the Fund no longer focuses on growth stocks. In addition, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-DVM-AR-A **Invesco Developing Markets Fund**

![TSR_logo](images_2625.jpg)

### Invesco Developing Markets Fund

### Class C: ODVCX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Developing Markets Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Developing Markets Fund<br>(Class C) | $223 | 2.04% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, emerging market (EM) equities delivered positive performance and returned 27.91% for the period, outperforming developed international markets and US equities. Strong EM equity performance, as measured by the MSCI Emerging Markets Index (Net) (the "Benchmark"), was driven by returns in China, Taiwan, and South Korea. China and Taiwan led EM countries as the artificial intelligence (AI) trade continued to lead global markets to positive returns on the back of surging demand for semiconductors, AI servers, and data centers. Additionally, the continued decline in the US dollar helped broader EM equities.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 18.37%. For the same time period, the Benchmark returned 27.91%.

#### What contributed to performance?
**Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor is one of the world's leading semiconductor foundries and the key enabler of the new computing revolution, with multiple architectures, chip platforms and design teams competing to push computing and AI innovation. The company is known for its advanced technology, high-volume production, and strong customer base, including major tech companies like Apple, Qualcomm, and NVIDIA.

**Tencent Holdings Ltd. \|** Tencent, a long-term holding of the Fund, is a Chinese internet and technology company that has developed a robust suite of digital offerings for its user base. The company provides communication and social tools, PC and mobile games, and a plethora of digital content including news and literature. Additionally, Tencent provides enterprise services, such as cloud computing and access to fintech platforms for its clients.

#### What detracted from performance?
**Meituan \|** Meituan operates the leading service-based e-commerce platform in China focusing on mass-market, essential and high-frequency service categories to connect consumers and merchants. Meituan mainly generates revenue from its food delivery business, in-store hotel and travel business and new initiatives. It operates mobile apps including Meituan, Dianping, Meituan Waimai and Mobike to provide services for merchants and consumers. It serves as the world's largest on-demand food delivery service provider and China's largest e-commerce platform for in-store dining services. The stock struggled over the period due to an increasing competitive landscape combined with margin compressions due to higher cost of goods sold. This position was exited during the period.

**Tata Consultancy Services Ltd. \|** Tata Consultancy is a global IT services, consulting, and business solutions company headquartered in Mumbai, India, and part of the Tata Group. It provides services such as software development, cloud computing, AI, and digital transformation to clients across multiple industries worldwide. The company is one of the largest IT firms globally, known for its strong presence in emerging markets and focus on innovation and sustainability. The company's share price underperformed peers due to global economic headwinds, slower client spending in key markets like the US and Europe, and internal challenges such as deal delays leading to weaker revenue growth.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713310.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Developing Markets Fund (Class C) —including sales charge** | 17.37% | 1.61% | 4.65% |
| **Invesco Developing Markets Fund (Class C) —excluding sales charge** | 18.37% | 1.61% | 4.65% |
| **MSCI Emerging Markets Index (Net)** | 27.91% | 7.46% | 7.69% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Developing Markets Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$10638187052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$114501695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;79% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;11.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;7.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale S.A., ADR | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc., A Shares | &nbsp;&nbsp;&nbsp;2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., ADR | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;2.21% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713306.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective June 23, 2025, the Fund modified its principal investment strategies and principal risks to reflect that the Fund no longer focuses on growth stocks. In addition, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-DVM-AR-C **Invesco Developing Markets Fund**

![TSR_logo](images_2625.jpg)

### Invesco Developing Markets Fund

### Class R: ODVNX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Developing Markets Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Developing Markets Fund<br>(Class R) | $169 | 1.54% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, emerging market (EM) equities delivered positive performance and returned 27.91% for the period, outperforming developed international markets and US equities. Strong EM equity performance, as measured by the MSCI Emerging Markets Index (Net) (the "Benchmark"), was driven by returns in China, Taiwan, and South Korea. China and Taiwan led EM countries as the artificial intelligence (AI) trade continued to lead global markets to positive returns on the back of surging demand for semiconductors, AI servers, and data centers. Additionally, the continued decline in the US dollar helped broader EM equities.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 18.94%. For the same time period, the Benchmark returned 27.91%.

#### What contributed to performance?
**Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor is one of the world's leading semiconductor foundries and the key enabler of the new computing revolution, with multiple architectures, chip platforms and design teams competing to push computing and AI innovation. The company is known for its advanced technology, high-volume production, and strong customer base, including major tech companies like Apple, Qualcomm, and NVIDIA.

**Tencent Holdings Ltd. \|** Tencent, a long-term holding of the Fund, is a Chinese internet and technology company that has developed a robust suite of digital offerings for its user base. The company provides communication and social tools, PC and mobile games, and a plethora of digital content including news and literature. Additionally, Tencent provides enterprise services, such as cloud computing and access to fintech platforms for its clients.

#### What detracted from performance?
**Meituan \|** Meituan operates the leading service-based e-commerce platform in China focusing on mass-market, essential and high-frequency service categories to connect consumers and merchants. Meituan mainly generates revenue from its food delivery business, in-store hotel and travel business and new initiatives. It operates mobile apps including Meituan, Dianping, Meituan Waimai and Mobike to provide services for merchants and consumers. It serves as the world's largest on-demand food delivery service provider and China's largest e-commerce platform for in-store dining services. The stock struggled over the period due to an increasing competitive landscape combined with margin compressions due to higher cost of goods sold. This position was exited during the period.

**Tata Consultancy Services Ltd. \|** Tata Consultancy is a global IT services, consulting, and business solutions company headquartered in Mumbai, India, and part of the Tata Group. It provides services such as software development, cloud computing, AI, and digital transformation to clients across multiple industries worldwide. The company is one of the largest IT firms globally, known for its strong presence in emerging markets and focus on innovation and sustainability. The company's share price underperformed peers due to global economic headwinds, slower client spending in key markets like the US and Europe, and internal challenges such as deal delays leading to weaker revenue growth.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713327.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Developing Markets Fund (Class R)** | 18.94% | 2.12% | 5.02% |
| **MSCI Emerging Markets Index (Net)** | 27.91% | 7.46% | 7.69% |

---

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Developing Markets Fund (the predecessor fund) were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$10638187052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$114501695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;79% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;11.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;7.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale S.A., ADR | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc., A Shares | &nbsp;&nbsp;&nbsp;2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., ADR | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;2.21% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713331.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective June 23, 2025, the Fund modified its principal investment strategies and principal risks to reflect that the Fund no longer focuses on growth stocks. In addition, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-DVM-AR-R **Invesco Developing Markets Fund**

![TSR_logo](images_2625.jpg)

### Invesco Developing Markets Fund

### Class Y: ODVYX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Developing Markets Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Developing Markets Fund<br>(Class Y) | $114 | 1.04% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, emerging market (EM) equities delivered positive performance and returned 27.91% for the period, outperforming developed international markets and US equities. Strong EM equity performance, as measured by the MSCI Emerging Markets Index (Net) (the "Benchmark"), was driven by returns in China, Taiwan, and South Korea. China and Taiwan led EM countries as the artificial intelligence (AI) trade continued to lead global markets to positive returns on the back of surging demand for semiconductors, AI servers, and data centers. Additionally, the continued decline in the US dollar helped broader EM equities.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 19.54%. For the same time period, the Benchmark returned 27.91%.

#### What contributed to performance?
**Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor is one of the world's leading semiconductor foundries and the key enabler of the new computing revolution, with multiple architectures, chip platforms and design teams competing to push computing and AI innovation. The company is known for its advanced technology, high-volume production, and strong customer base, including major tech companies like Apple, Qualcomm, and NVIDIA.

**Tencent Holdings Ltd. \|** Tencent, a long-term holding of the Fund, is a Chinese internet and technology company that has developed a robust suite of digital offerings for its user base. The company provides communication and social tools, PC and mobile games, and a plethora of digital content including news and literature. Additionally, Tencent provides enterprise services, such as cloud computing and access to fintech platforms for its clients.

#### What detracted from performance?
**Meituan \|** Meituan operates the leading service-based e-commerce platform in China focusing on mass-market, essential and high-frequency service categories to connect consumers and merchants. Meituan mainly generates revenue from its food delivery business, in-store hotel and travel business and new initiatives. It operates mobile apps including Meituan, Dianping, Meituan Waimai and Mobike to provide services for merchants and consumers. It serves as the world's largest on-demand food delivery service provider and China's largest e-commerce platform for in-store dining services. The stock struggled over the period due to an increasing competitive landscape combined with margin compressions due to higher cost of goods sold. This position was exited during the period.

**Tata Consultancy Services Ltd. \|** Tata Consultancy is a global IT services, consulting, and business solutions company headquartered in Mumbai, India, and part of the Tata Group. It provides services such as software development, cloud computing, AI, and digital transformation to clients across multiple industries worldwide. The company is one of the largest IT firms globally, known for its strong presence in emerging markets and focus on innovation and sustainability. The company's share price underperformed peers due to global economic headwinds, slower client spending in key markets like the US and Europe, and internal challenges such as deal delays leading to weaker revenue growth.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713454.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Developing Markets Fund (Class Y)** | 19.54% | 2.63% | 5.55% |
| **MSCI Emerging Markets Index (Net)** | 27.91% | 7.46% | 7.69% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Developing Markets Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$10638187052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$114501695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;79% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;11.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;7.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale S.A., ADR | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc., A Shares | &nbsp;&nbsp;&nbsp;2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., ADR | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;2.21% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713449.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective June 23, 2025, the Fund modified its principal investment strategies and principal risks to reflect that the Fund no longer focuses on growth stocks. In addition, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-DVM-AR-Y **Invesco Developing Markets Fund**

![TSR_logo](images_2625.jpg)

### Invesco Developing Markets Fund

### Class R5: DVMFX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Developing Markets Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Developing Markets Fund<br>(Class R5) | $103 | 0.94% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, emerging market (EM) equities delivered positive performance and returned 27.91% for the period, outperforming developed international markets and US equities. Strong EM equity performance, as measured by the MSCI Emerging Markets Index (Net) (the "Benchmark"), was driven by returns in China, Taiwan, and South Korea. China and Taiwan led EM countries as the artificial intelligence (AI) trade continued to lead global markets to positive returns on the back of surging demand for semiconductors, AI servers, and data centers. Additionally, the continued decline in the US dollar helped broader EM equities.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 19.68%. For the same time period, the Benchmark returned 27.91%.

#### What contributed to performance?
**Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor is one of the world's leading semiconductor foundries and the key enabler of the new computing revolution, with multiple architectures, chip platforms and design teams competing to push computing and AI innovation. The company is known for its advanced technology, high-volume production, and strong customer base, including major tech companies like Apple, Qualcomm, and NVIDIA.

**Tencent Holdings Ltd. \|** Tencent, a long-term holding of the Fund, is a Chinese internet and technology company that has developed a robust suite of digital offerings for its user base. The company provides communication and social tools, PC and mobile games, and a plethora of digital content including news and literature. Additionally, Tencent provides enterprise services, such as cloud computing and access to fintech platforms for its clients.

#### What detracted from performance?
**Meituan \|** Meituan operates the leading service-based e-commerce platform in China focusing on mass-market, essential and high-frequency service categories to connect consumers and merchants. Meituan mainly generates revenue from its food delivery business, in-store hotel and travel business and new initiatives. It operates mobile apps including Meituan, Dianping, Meituan Waimai and Mobike to provide services for merchants and consumers. It serves as the world's largest on-demand food delivery service provider and China's largest e-commerce platform for in-store dining services. The stock struggled over the period due to an increasing competitive landscape combined with margin compressions due to higher cost of goods sold. This position was exited during the period.

**Tata Consultancy Services Ltd. \|** Tata Consultancy is a global IT services, consulting, and business solutions company headquartered in Mumbai, India, and part of the Tata Group. It provides services such as software development, cloud computing, AI, and digital transformation to clients across multiple industries worldwide. The company is one of the largest IT firms globally, known for its strong presence in emerging markets and focus on innovation and sustainability. The company's share price underperformed peers due to global economic headwinds, slower client spending in key markets like the US and Europe, and internal challenges such as deal delays leading to weaker revenue growth.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713382.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Developing Markets Fund (Class R5)** | 19.68% | 2.75% | 5.53% |
| **MSCI Emerging Markets Index (Net)** | 27.91% | 7.46% | 7.69% |

---

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Developing Markets Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$10638187052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$114501695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;79% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;11.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;7.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale S.A., ADR | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc., A Shares | &nbsp;&nbsp;&nbsp;2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., ADR | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;2.21% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713377.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective June 23, 2025, the Fund modified its principal investment strategies and principal risks to reflect that the Fund no longer focuses on growth stocks. In addition, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-DVM-AR-R5 **Invesco Developing Markets Fund**

![TSR_logo](images_2625.jpg)

### Invesco Developing Markets Fund

### Class R6: ODVIX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Developing Markets Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Developing Markets Fund<br>(Class R6) | $96 | 0.87% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, emerging market (EM) equities delivered positive performance and returned 27.91% for the period, outperforming developed international markets and US equities. Strong EM equity performance, as measured by the MSCI Emerging Markets Index (Net) (the "Benchmark"), was driven by returns in China, Taiwan, and South Korea. China and Taiwan led EM countries as the artificial intelligence (AI) trade continued to lead global markets to positive returns on the back of surging demand for semiconductors, AI servers, and data centers. Additionally, the continued decline in the US dollar helped broader EM equities.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 19.72%. For the same time period, the Benchmark returned 27.91%.

#### What contributed to performance?
**Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor is one of the world's leading semiconductor foundries and the key enabler of the new computing revolution, with multiple architectures, chip platforms and design teams competing to push computing and AI innovation. The company is known for its advanced technology, high-volume production, and strong customer base, including major tech companies like Apple, Qualcomm, and NVIDIA.

**Tencent Holdings Ltd. \|** Tencent, a long-term holding of the Fund, is a Chinese internet and technology company that has developed a robust suite of digital offerings for its user base. The company provides communication and social tools, PC and mobile games, and a plethora of digital content including news and literature. Additionally, Tencent provides enterprise services, such as cloud computing and access to fintech platforms for its clients.

#### What detracted from performance?
**Meituan \|** Meituan operates the leading service-based e-commerce platform in China focusing on mass-market, essential and high-frequency service categories to connect consumers and merchants. Meituan mainly generates revenue from its food delivery business, in-store hotel and travel business and new initiatives. It operates mobile apps including Meituan, Dianping, Meituan Waimai and Mobike to provide services for merchants and consumers. It serves as the world's largest on-demand food delivery service provider and China's largest e-commerce platform for in-store dining services. The stock struggled over the period due to an increasing competitive landscape combined with margin compressions due to higher cost of goods sold. This position was exited during the period.

**Tata Consultancy Services Ltd. \|** Tata Consultancy is a global IT services, consulting, and business solutions company headquartered in Mumbai, India, and part of the Tata Group. It provides services such as software development, cloud computing, AI, and digital transformation to clients across multiple industries worldwide. The company is one of the largest IT firms globally, known for its strong presence in emerging markets and focus on innovation and sustainability. The company's share price underperformed peers due to global economic headwinds, slower client spending in key markets like the US and Europe, and internal challenges such as deal delays leading to weaker revenue growth.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713399.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Developing Markets Fund (Class R6)** | 19.72% | 2.78% | 5.71% |
| **MSCI Emerging Markets Index (Net)** | 27.91% | 7.46% | 7.69% |

---

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer Developing Markets Fund (the predecessor fund) were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$10638187052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$114501695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;79% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;11.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;7.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale S.A., ADR | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc., A Shares | &nbsp;&nbsp;&nbsp;2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., ADR | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;2.21% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713404.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective June 23, 2025, the Fund modified its principal investment strategies and principal risks to reflect that the Fund no longer focuses on growth stocks. In addition, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-DVM-AR-R6 **Invesco Developing Markets Fund**

![TSR_logo](images_2625.jpg)

### Invesco Discovery Mid Cap Growth Fund

### Class A: OEGAX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Discovery Mid Cap Growth Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Mid Cap Growth Fund<br>(Class A) | $111 | 1.04% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, US mid-cap growth equities benefited from an environment of falling interest rates, economic growth, and a robust artificial intelligence ecosystem.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 13.55%. For the same time period, the Russell Midcap<sup>®</sup> Growth Index (the "Benchmark") returned 19.59%. The Fund underperformed its Benchmark primarily due to weaker stock selection in the information technology sector. These results were partially offset by strong stock selection within the industrials sector.

#### What contributed to performance?
**Howmet Aerospace, Inc. \|** Howmet Aerospace is a leading producer of aero engine and industrial gas turbine components. Management reported solid quarterly results that beat expectations and raised guidance for fiscal year 2025 earnings and cash flow.

**Robinhood Markets, Inc. \|** Robinhood Markets is a financial services organization operating a commission-free trading platform with the goal of making investing accessible to everyone. During the period, management consistently reported strong quarterly results. New account and revenue growth continued to exceed expectations and clients increased trading in a wider range of products (cryptocurrency, options, prediction markets) that generate higher fees.

#### What detracted from performance?
**Trade Desk, Inc. \|** Trade Desk provides a demand-side platform for advertisers to manage and optimize digital advertising campaigns across various channels. During the period, internal execution errors came to a head in the fourth quarter of 2024. We exited our position during the period.

**Coherent Corp. \|** Coherent is a leader in photonics and laser technology. The stock declined due to the uncertainty surrounding the potential tariffs proposed by the Trump administration. We exited our position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713471.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Mid Cap Growth Fund (Class A) —including sales charge** | 7.31% | 7.11% | 10.88% |
| **Invesco Discovery Mid Cap Growth Fund (Class A) —excluding sales charge** | 13.55% | 8.33% | 11.50% |
| **Russell Midcap<sup>®</sup> Growth Index** | 19.59% | 11.17% | 12.65% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Discovery Mid Cap Growth Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6491090602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$37961751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.95% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713476.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-DMCG-AR-A **Invesco Discovery Mid Cap Growth Fund**

![TSR_logo](images_2625.jpg)

### Invesco Discovery Mid Cap Growth Fund

### Class C: OEGCX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Discovery Mid Cap Growth Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Mid Cap Growth Fund<br>(Class C) | $188 | 1.77% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, US mid-cap growth equities benefited from an environment of falling interest rates, economic growth, and a robust artificial intelligence ecosystem.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 12.71%. For the same time period, the Russell Midcap<sup>®</sup> Growth Index (the "Benchmark") returned 19.59%. The Fund underperformed its Benchmark primarily due to weaker stock selection in the information technology sector. These results were partially offset by strong stock selection within the industrials sector.

#### What contributed to performance?
**Howmet Aerospace, Inc. \|** Howmet Aerospace is a leading producer of aero engine and industrial gas turbine components. Management reported solid quarterly results that beat expectations and raised guidance for fiscal year 2025 earnings and cash flow.

**Robinhood Markets, Inc. \|** Robinhood Markets is a financial services organization operating a commission-free trading platform with the goal of making investing accessible to everyone. During the period, management consistently reported strong quarterly results. New account and revenue growth continued to exceed expectations and clients increased trading in a wider range of products (cryptocurrency, options, prediction markets) that generate higher fees.

#### What detracted from performance?
**Trade Desk, Inc. \|** Trade Desk provides a demand-side platform for advertisers to manage and optimize digital advertising campaigns across various channels. During the period, internal execution errors came to a head in the fourth quarter of 2024. We exited our position during the period.

**Coherent Corp. \|** Coherent is a leader in photonics and laser technology. The stock declined due to the uncertainty surrounding the potential tariffs proposed by the Trump administration. We exited our position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713526.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Mid Cap Growth Fund (Class C) —including sales charge** | 11.71% | 7.54% | 10.84% |
| **Invesco Discovery Mid Cap Growth Fund (Class C) —excluding sales charge** | 12.71% | 7.54% | 10.84% |
| **Russell Midcap<sup>®</sup> Growth Index** | 19.59% | 11.17% | 12.65% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Discovery Mid Cap Growth Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6491090602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$37961751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.95% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713521.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-DMCG-AR-C **Invesco Discovery Mid Cap Growth Fund**

![TSR_logo](images_2625.jpg)

### Invesco Discovery Mid Cap Growth Fund

### Class R: OEGNX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Discovery Mid Cap Growth Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Mid Cap Growth Fund<br>(Class R) | $138 | 1.29% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, US mid-cap growth equities benefited from an environment of falling interest rates, economic growth, and a robust artificial intelligence ecosystem.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 13.29%. For the same time period, the Russell Midcap<sup>®</sup> Growth Index (the "Benchmark") returned 19.59%. The Fund underperformed its Benchmark primarily due to weaker stock selection in the information technology sector. These results were partially offset by strong stock selection within the industrials sector.

#### What contributed to performance?
**Howmet Aerospace, Inc. \|** Howmet Aerospace is a leading producer of aero engine and industrial gas turbine components. Management reported solid quarterly results that beat expectations and raised guidance for fiscal year 2025 earnings and cash flow.

**Robinhood Markets, Inc. \|** Robinhood Markets is a financial services organization operating a commission-free trading platform with the goal of making investing accessible to everyone. During the period, management consistently reported strong quarterly results. New account and revenue growth continued to exceed expectations and clients increased trading in a wider range of products (cryptocurrency, options, prediction markets) that generate higher fees.

#### What detracted from performance?
**Trade Desk, Inc. \|** Trade Desk provides a demand-side platform for advertisers to manage and optimize digital advertising campaigns across various channels. During the period, internal execution errors came to a head in the fourth quarter of 2024. We exited our position during the period.

**Coherent Corp. \|** Coherent is a leader in photonics and laser technology. The stock declined due to the uncertainty surrounding the potential tariffs proposed by the Trump administration. We exited our position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713543.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Mid Cap Growth Fund (Class R)** | 13.29% | 8.06% | 11.22% |
| **Russell Midcap<sup>®</sup> Growth Index** | 19.59% | 11.17% | 12.65% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Discovery Mid Cap Growth Fund (the predecessor fund) were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6491090602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$37961751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.95% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713548.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-DMCG-AR-R **Invesco Discovery Mid Cap Growth Fund**

![TSR_logo](images_2625.jpg)

### Invesco Discovery Mid Cap Growth Fund

### Class Y: OEGYX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Discovery Mid Cap Growth Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Mid Cap Growth Fund<br>(Class Y) | $84 | 0.79% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, US mid-cap growth equities benefited from an environment of falling interest rates, economic growth, and a robust artificial intelligence ecosystem.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 13.83%. For the same time period, the Russell Midcap<sup>®</sup> Growth Index (the "Benchmark") returned 19.59%. The Fund underperformed its Benchmark primarily due to weaker stock selection in the information technology sector. These results were partially offset by strong stock selection within the industrials sector.

#### What contributed to performance?
**Howmet Aerospace, Inc. \|** Howmet Aerospace is a leading producer of aero engine and industrial gas turbine components. Management reported solid quarterly results that beat expectations and raised guidance for fiscal year 2025 earnings and cash flow.

**Robinhood Markets, Inc. \|** Robinhood Markets is a financial services organization operating a commission-free trading platform with the goal of making investing accessible to everyone. During the period, management consistently reported strong quarterly results. New account and revenue growth continued to exceed expectations and clients increased trading in a wider range of products (cryptocurrency, options, prediction markets) that generate higher fees.

#### What detracted from performance?
**Trade Desk, Inc. \|** Trade Desk provides a demand-side platform for advertisers to manage and optimize digital advertising campaigns across various channels. During the period, internal execution errors came to a head in the fourth quarter of 2024. We exited our position during the period.

**Coherent Corp. \|** Coherent is a leader in photonics and laser technology. The stock declined due to the uncertainty surrounding the potential tariffs proposed by the Trump administration. We exited our position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713670.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Mid Cap Growth Fund (Class Y)** | 13.83% | 8.59% | 11.78% |
| **Russell Midcap<sup>®</sup> Growth Index** | 19.59% | 11.17% | 12.65% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Discovery Mid Cap Growth Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6491090602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$37961751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.95% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713665.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-DMCG-AR-Y **Invesco Discovery Mid Cap Growth Fund**

![TSR_logo](images_2625.jpg)

### Invesco Discovery Mid Cap Growth Fund

### Class R5: DMCFX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Discovery Mid Cap Growth Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Mid Cap Growth Fund<br>(Class R5) | $79 | 0.74% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, US mid-cap growth equities benefited from an environment of falling interest rates, economic growth, and a robust artificial intelligence ecosystem.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 13.89%. For the same time period, the Russell Midcap<sup>®</sup> Growth Index (the "Benchmark") returned 19.59%. The Fund underperformed its Benchmark primarily due to weaker stock selection in the information technology sector. These results were partially offset by strong stock selection within the industrials sector.

#### What contributed to performance?
**Howmet Aerospace, Inc. \|** Howmet Aerospace is a leading producer of aero engine and industrial gas turbine components. Management reported solid quarterly results that beat expectations and raised guidance for fiscal year 2025 earnings and cash flow.

**Robinhood Markets, Inc. \|** Robinhood Markets is a financial services organization operating a commission-free trading platform with the goal of making investing accessible to everyone. During the period, management consistently reported strong quarterly results. New account and revenue growth continued to exceed expectations and clients increased trading in a wider range of products (cryptocurrency, options, prediction markets) that generate higher fees.

#### What detracted from performance?
**Trade Desk, Inc. \|** Trade Desk provides a demand-side platform for advertisers to manage and optimize digital advertising campaigns across various channels. During the period, internal execution errors came to a head in the fourth quarter of 2024. We exited our position during the period.

**Coherent Corp. \|** Coherent is a leader in photonics and laser technology. The stock declined due to the uncertainty surrounding the potential tariffs proposed by the Trump administration. We exited our position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713598.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Mid Cap Growth Fund (Class R5)** | 13.89% | 8.66% | 11.73% |
| **Russell Midcap<sup>®</sup> Growth Index** | 19.59% | 11.17% | 12.65% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Discovery Mid Cap Growth Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6491090602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$37961751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.95% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713593.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-DMCG-AR-R5 **Invesco Discovery Mid Cap Growth Fund**

![TSR_logo](images_2625.jpg)

### Invesco Discovery Mid Cap Growth Fund

### Class R6: OEGIX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Discovery Mid Cap Growth Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Mid Cap Growth Fund<br>(Class R6) | $72 | 0.67% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, US mid-cap growth equities benefited from an environment of falling interest rates, economic growth, and a robust artificial intelligence ecosystem.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 13.96%. For the same time period, the Russell Midcap<sup>®</sup> Growth Index (the "Benchmark") returned 19.59%. The Fund underperformed its Benchmark primarily due to weaker stock selection in the information technology sector. These results were partially offset by strong stock selection within the industrials sector.

#### What contributed to performance?
**Howmet Aerospace, Inc. \|** Howmet Aerospace is a leading producer of aero engine and industrial gas turbine components. Management reported solid quarterly results that beat expectations and raised guidance for fiscal year 2025 earnings and cash flow.

**Robinhood Markets, Inc. \|** Robinhood Markets is a financial services organization operating a commission-free trading platform with the goal of making investing accessible to everyone. During the period, management consistently reported strong quarterly results. New account and revenue growth continued to exceed expectations and clients increased trading in a wider range of products (cryptocurrency, options, prediction markets) that generate higher fees.

#### What detracted from performance?
**Trade Desk, Inc. \|** Trade Desk provides a demand-side platform for advertisers to manage and optimize digital advertising campaigns across various channels. During the period, internal execution errors came to a head in the fourth quarter of 2024. We exited our position during the period.

**Coherent Corp. \|** Coherent is a leader in photonics and laser technology. The stock declined due to the uncertainty surrounding the potential tariffs proposed by the Trump administration. We exited our position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713615.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Mid Cap Growth Fund (Class R6)** | 13.96% | 8.74% | 11.95% |
| **Russell Midcap<sup>®</sup> Growth Index** | 19.59% | 11.17% | 12.65% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer Discovery Mid Cap Growth Fund (the predecessor fund) were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6491090602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$37961751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.95% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713620.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-DMCG-AR-R6 **Invesco Discovery Mid Cap Growth Fund**

![TSR_logo](images_2625.jpg)

### Invesco Emerging Markets ex-China Fund

### Class A: GTDDX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Emerging Markets ex-China Fund (the "Fund"), formerly Invesco EQV Emerging Markets All Cap Fund, for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Emerging Markets ex-China Fund<br>(Class A) | $155 | 1.39% |

---

### How Did The Fund Perform During The Period?
**•** Emerging markets (EM) equities performed very well during the fiscal year ended October 31, 2025. EM outperformed developed markets as well as US equities as the continued US dollar decline pushed the MSCI Emerging Markets Index to near all-time highs. EM excluding China performed strongly in the year however lagged broader EM equities which included strong performance from China but outperformed global and US markets. EM excluding China equities rallied from strength in Brazil and other commodity-linked markets along with the continued trade in technology and artificial intelligence (AI) affiliated equities.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 22.44%. For the same time period, the MSCI Emerging Markets ex China Index (Net) returned 25.85%.

#### What contributed to performance?
**Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor is one of the world's leading semiconductor foundries and the key enabler of the new computing revolution, with multiple architectures, chip platforms and design teams competing to push computing and AI innovation. The company is known for its advanced technology, high-volume production, and strong customer base, including major tech companies like Apple, Qualcomm, and NVIDIA.

**Samsung Electronics Co. Ltd. \|** Samsung Electronics is a South Korean multinational corporation that designs and manufactures consumer electronics, semiconductors, and IT solutions, and is a global leader in smartphones, memory chips, and display technology. The company is coming off a strong year driven by strong demand for AI-related semiconductors and premium smartphones.

#### What detracted from performance?
**PT Bank Central Asia Tbk \|** Bank Central Asia is the number one private bank in Indonesia and is the industry leader in transactional banking. Economic slowdown, tighter system liquidity, and political uncertainty led to a pullback in Indonesian banks during the first quarter of 2025. The bank maintains the best-in-class deposit franchise and has been relatively resilient against near-term industry headwinds. The Fund exited this position during the period.

**PT Kalbe Farma Tbk \|** Kalbe Farma is an Indonesian pharmaceutical company. Weak macro environment and consumer sentiment, along with political noises caused derating of the overall Indonesia market during the first quarter of 2025. In addition, the market was over concerned about Kalbe's high US dollar cost exposure, which the company has managed to cut significantly during the fiscal year. The Fund exited this position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712463.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Emerging Markets ex-China Fund (Class A) —including sales charge** | 15.71% | 3.12% | 6.20% |
| **Invesco Emerging Markets ex-China Fund (Class A) —excluding sales charge** | 22.44% | 4.29% | 6.81% |
| **MSCI Emerging Markets ex China Index (Net)** | 25.85% | 12.90% | 8.92% |
| **MSCI Emerging Markets Index (Net)** | 27.91% | 7.46% | 7.69% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1166890791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$11745777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;14.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;7.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Yageo Corp. | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL, Foreign Shares | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Saudi National Bank (The) | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., Preference Shares | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;&nbsp;2.29% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712468.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective June 23, 2025, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund. Additionally, the Fund modified its principal investment strategies and risks to reflect that the Fund no longer focuses on securities its portfolio managers consider to have potential for earnings or revenue growth.

Effective August 22, 2025, Invesco EQV Emerging Markets All Cap Fund was renamed Invesco Emerging Markets ex-China Fund. Additionally, the 80% investment policy of the Fund was changed to reflect the Fund's revised focus to invest in emerging markets, excluding China.

In connection with these changes, the Fund modified its principal investment strategies and risks to reflect that the Fund no longer invests in China as a part of its principal investment strategies.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

DVM-AR-A **Invesco Emerging Markets ex-China Fund**

![TSR_logo](images_2625.jpg)

### Invesco Emerging Markets ex-China Fund

### Class C: GTDCX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Emerging Markets ex-China Fund (the "Fund"), formerly Invesco EQV Emerging Markets All Cap Fund, for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Emerging Markets ex-China Fund<br>(Class C) | $237 | 2.14% |

---

### How Did The Fund Perform During The Period?
**•** Emerging markets (EM) equities performed very well during the fiscal year ended October 31, 2025. EM outperformed developed markets as well as US equities as the continued US dollar decline pushed the MSCI Emerging Markets Index to near all-time highs. EM excluding China performed strongly in the year however lagged broader EM equities which included strong performance from China but outperformed global and US markets. EM excluding China equities rallied from strength in Brazil and other commodity-linked markets along with the continued trade in technology and artificial intelligence (AI) affiliated equities.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 21.56%. For the same time period, the MSCI Emerging Markets ex China Index (Net) returned 25.85%.

#### What contributed to performance?
**Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor is one of the world's leading semiconductor foundries and the key enabler of the new computing revolution, with multiple architectures, chip platforms and design teams competing to push computing and AI innovation. The company is known for its advanced technology, high-volume production, and strong customer base, including major tech companies like Apple, Qualcomm, and NVIDIA.

**Samsung Electronics Co. Ltd. \|** Samsung Electronics is a South Korean multinational corporation that designs and manufactures consumer electronics, semiconductors, and IT solutions, and is a global leader in smartphones, memory chips, and display technology. The company is coming off a strong year driven by strong demand for AI-related semiconductors and premium smartphones.

#### What detracted from performance?
**PT Bank Central Asia Tbk \|** Bank Central Asia is the number one private bank in Indonesia and is the industry leader in transactional banking. Economic slowdown, tighter system liquidity, and political uncertainty led to a pullback in Indonesian banks during the first quarter of 2025. The bank maintains the best-in-class deposit franchise and has been relatively resilient against near-term industry headwinds. The Fund exited this position during the period.

**PT Kalbe Farma Tbk \|** Kalbe Farma is an Indonesian pharmaceutical company. Weak macro environment and consumer sentiment, along with political noises caused derating of the overall Indonesia market during the first quarter of 2025. In addition, the market was over concerned about Kalbe's high US dollar cost exposure, which the company has managed to cut significantly during the fiscal year. The Fund exited this position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712518.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Emerging Markets ex-China Fund (Class C) —including sales charge** | 20.56% | 3.51% | 6.17% |
| **Invesco Emerging Markets ex-China Fund (Class C) —excluding sales charge** | 21.56% | 3.51% | 6.17% |
| **MSCI Emerging Markets ex China Index (Net)** | 25.85% | 12.90% | 8.92% |
| **MSCI Emerging Markets Index (Net)** | 27.91% | 7.46% | 7.69% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1166890791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$11745777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;14.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;7.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Yageo Corp. | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL, Foreign Shares | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Saudi National Bank (The) | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., Preference Shares | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;&nbsp;2.29% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712513.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective June 23, 2025, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund. Additionally, the Fund modified its principal investment strategies and risks to reflect that the Fund no longer focuses on securities its portfolio managers consider to have potential for earnings or revenue growth.

Effective August 22, 2025, Invesco EQV Emerging Markets All Cap Fund was renamed Invesco Emerging Markets ex-China Fund. Additionally, the 80% investment policy of the Fund was changed to reflect the Fund's revised focus to invest in emerging markets, excluding China.

In connection with these changes, the Fund modified its principal investment strategies and risks to reflect that the Fund no longer invests in China as a part of its principal investment strategies.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

DVM-AR-C **Invesco Emerging Markets ex-China Fund**

![TSR_logo](images_2625.jpg)

### Invesco Emerging Markets ex-China Fund

### Class Y: GTDYX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Emerging Markets ex-China Fund (the "Fund"), formerly Invesco EQV Emerging Markets All Cap Fund, for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Emerging Markets ex-China Fund<br>(Class Y) | $127 | 1.14% |

---

### How Did The Fund Perform During The Period?
**•** Emerging markets (EM) equities performed very well during the fiscal year ended October 31, 2025. EM outperformed developed markets as well as US equities as the continued US dollar decline pushed the MSCI Emerging Markets Index to near all-time highs. EM excluding China performed strongly in the year however lagged broader EM equities which included strong performance from China but outperformed global and US markets. EM excluding China equities rallied from strength in Brazil and other commodity-linked markets along with the continued trade in technology and artificial intelligence (AI) affiliated equities.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 22.76%. For the same time period, the MSCI Emerging Markets ex China Index (Net) returned 25.85%.

#### What contributed to performance?
**Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor is one of the world's leading semiconductor foundries and the key enabler of the new computing revolution, with multiple architectures, chip platforms and design teams competing to push computing and AI innovation. The company is known for its advanced technology, high-volume production, and strong customer base, including major tech companies like Apple, Qualcomm, and NVIDIA.

**Samsung Electronics Co. Ltd. \|** Samsung Electronics is a South Korean multinational corporation that designs and manufactures consumer electronics, semiconductors, and IT solutions, and is a global leader in smartphones, memory chips, and display technology. The company is coming off a strong year driven by strong demand for AI-related semiconductors and premium smartphones.

#### What detracted from performance?
**PT Bank Central Asia Tbk \|** Bank Central Asia is the number one private bank in Indonesia and is the industry leader in transactional banking. Economic slowdown, tighter system liquidity, and political uncertainty led to a pullback in Indonesian banks during the first quarter of 2025. The bank maintains the best-in-class deposit franchise and has been relatively resilient against near-term industry headwinds. The Fund exited this position during the period.

**PT Kalbe Farma Tbk \|** Kalbe Farma is an Indonesian pharmaceutical company. Weak macro environment and consumer sentiment, along with political noises caused derating of the overall Indonesia market during the first quarter of 2025. In addition, the market was over concerned about Kalbe's high US dollar cost exposure, which the company has managed to cut significantly during the fiscal year. The Fund exited this position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712535.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Emerging Markets ex-China Fund (Class Y)** | 22.76% | 4.55% | 7.08% |
| **MSCI Emerging Markets ex China Index (Net)** | 25.85% | 12.90% | 8.92% |
| **MSCI Emerging Markets Index (Net)** | 27.91% | 7.46% | 7.69% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1166890791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$11745777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;14.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;7.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Yageo Corp. | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL, Foreign Shares | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Saudi National Bank (The) | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., Preference Shares | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;&nbsp;2.29% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712540.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective June 23, 2025, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund. Additionally, the Fund modified its principal investment strategies and risks to reflect that the Fund no longer focuses on securities its portfolio managers consider to have potential for earnings or revenue growth.

Effective August 22, 2025, Invesco EQV Emerging Markets All Cap Fund was renamed Invesco Emerging Markets ex-China Fund. Additionally, the 80% investment policy of the Fund was changed to reflect the Fund's revised focus to invest in emerging markets, excluding China.

In connection with these changes, the Fund modified its principal investment strategies and risks to reflect that the Fund no longer invests in China as a part of its principal investment strategies.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

DVM-AR-Y **Invesco Emerging Markets ex-China Fund**

![TSR_logo](images_2625.jpg)

### Invesco Emerging Markets ex-China Fund

### Class R5: GTDIX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Emerging Markets ex-China Fund (the "Fund"), formerly Invesco EQV Emerging Markets All Cap Fund, for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Emerging Markets ex-China Fund<br>(Class R5) | $118 | 1.06% |

---

### How Did The Fund Perform During The Period?
**•** Emerging markets (EM) equities performed very well during the fiscal year ended October 31, 2025. EM outperformed developed markets as well as US equities as the continued US dollar decline pushed the MSCI Emerging Markets Index to near all-time highs. EM excluding China performed strongly in the year however lagged broader EM equities which included strong performance from China but outperformed global and US markets. EM excluding China equities rallied from strength in Brazil and other commodity-linked markets along with the continued trade in technology and artificial intelligence (AI) affiliated equities.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 22.86%. For the same time period, the MSCI Emerging Markets ex China Index (Net) returned 25.85%.

#### What contributed to performance?
**Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor is one of the world's leading semiconductor foundries and the key enabler of the new computing revolution, with multiple architectures, chip platforms and design teams competing to push computing and AI innovation. The company is known for its advanced technology, high-volume production, and strong customer base, including major tech companies like Apple, Qualcomm, and NVIDIA.

**Samsung Electronics Co. Ltd. \|** Samsung Electronics is a South Korean multinational corporation that designs and manufactures consumer electronics, semiconductors, and IT solutions, and is a global leader in smartphones, memory chips, and display technology. The company is coming off a strong year driven by strong demand for AI-related semiconductors and premium smartphones.

#### What detracted from performance?
**PT Bank Central Asia Tbk \|** Bank Central Asia is the number one private bank in Indonesia and is the industry leader in transactional banking. Economic slowdown, tighter system liquidity, and political uncertainty led to a pullback in Indonesian banks during the first quarter of 2025. The bank maintains the best-in-class deposit franchise and has been relatively resilient against near-term industry headwinds. The Fund exited this position during the period.

**PT Kalbe Farma Tbk \|** Kalbe Farma is an Indonesian pharmaceutical company. Weak macro environment and consumer sentiment, along with political noises caused derating of the overall Indonesia market during the first quarter of 2025. In addition, the market was over concerned about Kalbe's high US dollar cost exposure, which the company has managed to cut significantly during the fiscal year. The Fund exited this position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712607.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Emerging Markets ex-China Fund (Class R5)** | 22.86% | 4.61% | 7.16% |
| **MSCI Emerging Markets ex China Index (Net)** | 25.85% | 12.90% | 8.92% |
| **MSCI Emerging Markets Index (Net)** | 27.91% | 7.46% | 7.69% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1166890791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$11745777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;14.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;7.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Yageo Corp. | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL, Foreign Shares | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Saudi National Bank (The) | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., Preference Shares | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;&nbsp;2.29% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712612.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective June 23, 2025, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund. Additionally, the Fund modified its principal investment strategies and risks to reflect that the Fund no longer focuses on securities its portfolio managers consider to have potential for earnings or revenue growth.

Effective August 22, 2025, Invesco EQV Emerging Markets All Cap Fund was renamed Invesco Emerging Markets ex-China Fund. Additionally, the 80% investment policy of the Fund was changed to reflect the Fund's revised focus to invest in emerging markets, excluding China.

In connection with these changes, the Fund modified its principal investment strategies and risks to reflect that the Fund no longer invests in China as a part of its principal investment strategies.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

DVM-AR-R5 **Invesco Emerging Markets ex-China Fund**

![TSR_logo](images_2625.jpg)

### Invesco Emerging Markets ex-China Fund

### Class R6: GTDFX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Emerging Markets ex-China Fund (the "Fund"), formerly Invesco EQV Emerging Markets All Cap Fund, for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Emerging Markets ex-China Fund<br>(Class R6) | $110 | 0.99% |

---

### How Did The Fund Perform During The Period?
**•** Emerging markets (EM) equities performed very well during the fiscal year ended October 31, 2025. EM outperformed developed markets as well as US equities as the continued US dollar decline pushed the MSCI Emerging Markets Index to near all-time highs. EM excluding China performed strongly in the year however lagged broader EM equities which included strong performance from China but outperformed global and US markets. EM excluding China equities rallied from strength in Brazil and other commodity-linked markets along with the continued trade in technology and artificial intelligence (AI) affiliated equities.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 22.96%. For the same time period, the MSCI Emerging Markets ex China Index (Net) returned 25.85%.

#### What contributed to performance?
**Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor is one of the world's leading semiconductor foundries and the key enabler of the new computing revolution, with multiple architectures, chip platforms and design teams competing to push computing and AI innovation. The company is known for its advanced technology, high-volume production, and strong customer base, including major tech companies like Apple, Qualcomm, and NVIDIA.

**Samsung Electronics Co. Ltd. \|** Samsung Electronics is a South Korean multinational corporation that designs and manufactures consumer electronics, semiconductors, and IT solutions, and is a global leader in smartphones, memory chips, and display technology. The company is coming off a strong year driven by strong demand for AI-related semiconductors and premium smartphones.

#### What detracted from performance?
**PT Bank Central Asia Tbk \|** Bank Central Asia is the number one private bank in Indonesia and is the industry leader in transactional banking. Economic slowdown, tighter system liquidity, and political uncertainty led to a pullback in Indonesian banks during the first quarter of 2025. The bank maintains the best-in-class deposit franchise and has been relatively resilient against near-term industry headwinds. The Fund exited this position during the period.

**PT Kalbe Farma Tbk \|** Kalbe Farma is an Indonesian pharmaceutical company. Weak macro environment and consumer sentiment, along with political noises caused derating of the overall Indonesia market during the first quarter of 2025. In addition, the market was over concerned about Kalbe's high US dollar cost exposure, which the company has managed to cut significantly during the fiscal year. The Fund exited this position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712590.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Emerging Markets ex-China Fund (Class R6)** | 22.96% | 4.69% | 7.23% |
| **MSCI Emerging Markets ex China Index (Net)** | 25.85% | 12.90% | 8.92% |
| **MSCI Emerging Markets Index (Net)** | 27.91% | 7.46% | 7.69% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1166890791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$11745777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;14.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;7.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Yageo Corp. | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL, Foreign Shares | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Saudi National Bank (The) | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., Preference Shares | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;&nbsp;2.29% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712585.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective June 23, 2025, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund. Additionally, the Fund modified its principal investment strategies and risks to reflect that the Fund no longer focuses on securities its portfolio managers consider to have potential for earnings or revenue growth.

Effective August 22, 2025, Invesco EQV Emerging Markets All Cap Fund was renamed Invesco Emerging Markets ex-China Fund. Additionally, the 80% investment policy of the Fund was changed to reflect the Fund's revised focus to invest in emerging markets, excluding China.

In connection with these changes, the Fund modified its principal investment strategies and risks to reflect that the Fund no longer invests in China as a part of its principal investment strategies.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

DVM-AR-R6 **Invesco Emerging Markets ex-China Fund**

![TSR_logo](images_2625.jpg)

### Invesco Emerging Markets Local Debt Fund

### Class A: OEMAX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Emerging Markets Local Debt Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Emerging Markets Local Debt Fund<br>(Class A) | $1261.19%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, local emerging market bonds remained resilient despite global trade tension and geopolitical uncertainty. Emerging markets broadly benefited from moderating inflation, diverging global growth, and renewed monetary easing. Monetary easing across emerging markets continued, driven by domestic growth concerns, subdued inflation, and a favorable global environment. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. Importantly, the US dollar weakened over the period, providing an additional tailwind for emerging market assets. The more idiosyncratic aspects of emerging market performance continued to be shaped by fiscal policy and election cycles, which remained key drivers of differentiation across countries.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 12.34%. For the same time period, the JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index returned 13.06%.

#### What contributed to performance?
**Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Hungarian forint.

**Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in South Africa and Egypt.

#### What detracted from performance?
**Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Turkish lira and Colombian peso.

**Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in Turkey and Brazil.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714335.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Emerging Markets Local Debt Fund (Class A) —including sales charge** | 7.61% | 1.22% | 2.86% |
| **Invesco Emerging Markets Local Debt Fund (Class A) —excluding sales charge** | 12.34% | 2.10% | 3.31% |
| **JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index** | 13.06% | 2.33% | 3.13% |
| **Bloomberg Global Aggregate ex-U.S. Index** | 5.22% | -2.82% | 0.35% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Emerging Markets Local Debt Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$90764742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$287829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;114% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 11.00%, 08/22/2029 | &nbsp;&nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032 | &nbsp;&nbsp;&nbsp;3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.00%, 03/26/2031 | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, Series 219, 3.89%, 08/15/2029 | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;India Government Bond, 7.30%, 06/19/2053 | &nbsp;&nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR96, 7.00%, 02/15/2033 | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.00%, 07/31/2053 | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government Bond, 30.00%, 09/12/2029 | &nbsp;&nbsp;&nbsp;2.60% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714340.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-EMLD-AR-A **Invesco Emerging Markets Local Debt Fund**

![TSR_logo](images_2625.jpg)

### Invesco Emerging Markets Local Debt Fund

### Class C: OEMCX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Emerging Markets Local Debt Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Emerging Markets Local Debt Fund<br> (Class C) | $2051.94%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, local emerging market bonds remained resilient despite global trade tension and geopolitical uncertainty. Emerging markets broadly benefited from moderating inflation, diverging global growth, and renewed monetary easing. Monetary easing across emerging markets continued, driven by domestic growth concerns, subdued inflation, and a favorable global environment. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. Importantly, the US dollar weakened over the period, providing an additional tailwind for emerging market assets. The more idiosyncratic aspects of emerging market performance continued to be shaped by fiscal policy and election cycles, which remained key drivers of differentiation across countries.

 **•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 11.50%. For the same time period, the JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index returned 13.06%.

#### What contributed to performance?
 **Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Hungarian forint.

 **Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in South Africa and Egypt.

#### What detracted from performance?
 **Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Turkish lira and Colombian peso.

 **Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in Turkey and Brazil.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714390.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Emerging Markets Local Debt Fund (Class C) —including sales charge** | 10.50% | 1.32% | 2.65% |
| **Invesco Emerging Markets Local Debt Fund (Class C) —excluding sales charge** | 11.50% | 1.32% | 2.65% |
| **JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index** | 13.06% | 2.33% | 3.13% |
| **Bloomberg Global Aggregate ex-U.S. Index** | 5.22% | -2.82% | 0.35% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Emerging Markets Local Debt Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$90764742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$287829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;114% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 11.00%, 08/22/2029 | &nbsp;&nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032 | &nbsp;&nbsp;&nbsp;3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.00%, 03/26/2031 | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, Series 219, 3.89%, 08/15/2029 | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;India Government Bond, 7.30%, 06/19/2053 | &nbsp;&nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR96, 7.00%, 02/15/2033 | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.00%, 07/31/2053 | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government Bond, 30.00%, 09/12/2029 | &nbsp;&nbsp;&nbsp;2.60% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714385.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-EMLD-AR-C **Invesco Emerging Markets Local Debt Fund**

![TSR_logo](images_2625.jpg)

### Invesco Emerging Markets Local Debt Fund

### Class R: OEMNX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Emerging Markets Local Debt Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Emerging Markets Local Debt Fund<br> (Class R) | $1531.44%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, local emerging market bonds remained resilient despite global trade tension and geopolitical uncertainty. Emerging markets broadly benefited from moderating inflation, diverging global growth, and renewed monetary easing. Monetary easing across emerging markets continued, driven by domestic growth concerns, subdued inflation, and a favorable global environment. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. Importantly, the US dollar weakened over the period, providing an additional tailwind for emerging market assets. The more idiosyncratic aspects of emerging market performance continued to be shaped by fiscal policy and election cycles, which remained key drivers of differentiation across countries.

 **•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 12.06%. For the same time period, the JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index returned 13.06%.

#### What contributed to performance?
 **Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Hungarian forint.

 **Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in South Africa and Egypt.

#### What detracted from performance?
 **Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Turkish lira and Colombian peso.

 **Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in Turkey and Brazil.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714407.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Emerging Markets Local Debt Fund (Class R)** | 12.06% | 1.83% | 3.02% |
| **JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index** | 13.06% | 2.33% | 3.13% |
| **Bloomberg Global Aggregate ex-U.S. Index** | 5.22% | -2.82% | 0.35% |

---

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Emerging Markets Local Debt Fund (the predecessor fund) were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$90764742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$287829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;114% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 11.00%, 08/22/2029 | &nbsp;&nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032 | &nbsp;&nbsp;&nbsp;3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.00%, 03/26/2031 | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, Series 219, 3.89%, 08/15/2029 | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;India Government Bond, 7.30%, 06/19/2053 | &nbsp;&nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR96, 7.00%, 02/15/2033 | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.00%, 07/31/2053 | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government Bond, 30.00%, 09/12/2029 | &nbsp;&nbsp;&nbsp;2.60% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714412.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-EMLD-AR-R **Invesco Emerging Markets Local Debt Fund**

![TSR_logo](images_2625.jpg)

### Invesco Emerging Markets Local Debt Fund

### Class Y: OEMYX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Emerging Markets Local Debt Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Emerging Markets Local Debt Fund<br> (Class Y) | $1000.94%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, local emerging market bonds remained resilient despite global trade tension and geopolitical uncertainty. Emerging markets broadly benefited from moderating inflation, diverging global growth, and renewed monetary easing. Monetary easing across emerging markets continued, driven by domestic growth concerns, subdued inflation, and a favorable global environment. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. Importantly, the US dollar weakened over the period, providing an additional tailwind for emerging market assets. The more idiosyncratic aspects of emerging market performance continued to be shaped by fiscal policy and election cycles, which remained key drivers of differentiation across countries.

 **•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 12.62%. For the same time period, the JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index returned 13.06%.

#### What contributed to performance?
 **Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Hungarian forint.

 **Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in South Africa and Egypt.

#### What detracted from performance?
 **Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Turkish lira and Colombian peso.

 **Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in Turkey and Brazil.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714462.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Emerging Markets Local Debt Fund (Class Y)** | 12.62% | 2.32% | 3.55% |
| **JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index** | 13.06% | 2.33% | 3.13% |
| **Bloomberg Global Aggregate ex-U.S. Index** | 5.22% | -2.82% | 0.35% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Emerging Markets Local Debt Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$90764742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$287829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;114% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 11.00%, 08/22/2029 | &nbsp;&nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032 | &nbsp;&nbsp;&nbsp;3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.00%, 03/26/2031 | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, Series 219, 3.89%, 08/15/2029 | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;India Government Bond, 7.30%, 06/19/2053 | &nbsp;&nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR96, 7.00%, 02/15/2033 | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.00%, 07/31/2053 | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government Bond, 30.00%, 09/12/2029 | &nbsp;&nbsp;&nbsp;2.60% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714457.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-EMLD-AR-Y **Invesco Emerging Markets Local Debt Fund**

![TSR_logo](images_2625.jpg)

### Invesco Emerging Markets Local Debt Fund

### Class R5: EMLDX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Emerging Markets Local Debt Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Emerging Markets Local Debt Fund<br> (Class R5) | $1000.94%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, local emerging market bonds remained resilient despite global trade tension and geopolitical uncertainty. Emerging markets broadly benefited from moderating inflation, diverging global growth, and renewed monetary easing. Monetary easing across emerging markets continued, driven by domestic growth concerns, subdued inflation, and a favorable global environment. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. Importantly, the US dollar weakened over the period, providing an additional tailwind for emerging market assets. The more idiosyncratic aspects of emerging market performance continued to be shaped by fiscal policy and election cycles, which remained key drivers of differentiation across countries.

 **•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 12.62%. For the same time period, the JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index returned 13.06%.

#### What contributed to performance?
 **Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Hungarian forint.

 **Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in South Africa and Egypt.

#### What detracted from performance?
 **Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Turkish lira and Colombian peso.

 **Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in Turkey and Brazil.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714479.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Emerging Markets Local Debt Fund (Class R5)** | 12.62% | 2.40% | 3.50% |
| **JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index** | 13.06% | 2.33% | 3.13% |
| **Bloomberg Global Aggregate ex-U.S. Index** | 5.22% | -2.82% | 0.35% |

---

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Emerging Markets Local Debt Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$90764742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$287829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;114% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 11.00%, 08/22/2029 | &nbsp;&nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032 | &nbsp;&nbsp;&nbsp;3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.00%, 03/26/2031 | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, Series 219, 3.89%, 08/15/2029 | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;India Government Bond, 7.30%, 06/19/2053 | &nbsp;&nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR96, 7.00%, 02/15/2033 | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.00%, 07/31/2053 | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government Bond, 30.00%, 09/12/2029 | &nbsp;&nbsp;&nbsp;2.60% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714483.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-EMLD-AR-R5 **Invesco Emerging Markets Local Debt Fund**

![TSR_logo](images_2625.jpg)

### Invesco Emerging Markets Local Debt Fund

### Class R6: OEMIX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Emerging Markets Local Debt Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Emerging Markets Local Debt Fund<br> (Class R6) | $1000.94%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, local emerging market bonds remained resilient despite global trade tension and geopolitical uncertainty. Emerging markets broadly benefited from moderating inflation, diverging global growth, and renewed monetary easing. Monetary easing across emerging markets continued, driven by domestic growth concerns, subdued inflation, and a favorable global environment. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. Importantly, the US dollar weakened over the period, providing an additional tailwind for emerging market assets. The more idiosyncratic aspects of emerging market performance continued to be shaped by fiscal policy and election cycles, which remained key drivers of differentiation across countries.

 **•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 12.62%. For the same time period, the JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index returned 13.06%.

#### What contributed to performance?
 **Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Hungarian forint.

 **Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in South Africa and Egypt.

#### What detracted from performance?
 **Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Turkish lira and Colombian peso.

 **Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in Turkey and Brazil.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714534.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Emerging Markets Local Debt Fund (Class R6)** | 12.62% | 2.41% | 3.65% |
| **JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index** | 13.06% | 2.33% | 3.13% |
| **Bloomberg Global Aggregate ex-U.S. Index** | 5.22% | -2.82% | 0.35% |

---

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer Emerging Markets Local Debt Fund (the predecessor fund) were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$90764742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$287829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;114% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 11.00%, 08/22/2029 | &nbsp;&nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032 | &nbsp;&nbsp;&nbsp;3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.00%, 03/26/2031 | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, Series 219, 3.89%, 08/15/2029 | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;India Government Bond, 7.30%, 06/19/2053 | &nbsp;&nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR96, 7.00%, 02/15/2033 | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.00%, 07/31/2053 | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government Bond, 30.00%, 09/12/2029 | &nbsp;&nbsp;&nbsp;2.60% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714530.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-EMLD-AR-R6 **Invesco Emerging Markets Local Debt Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Allocation Fund

### Class A: QVGIX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Global Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Allocation Fund<br>(Class A) | $1161.09%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** Global equity and fixed income markets delivered positive returns, with equities achieving double-digit gains for the fiscal year ended October 31, 2025. In the US, three key themes dominated the year's news flow: the election, tariffs, and excitement around the artificial intelligence investment wave, which drove historic market concentrated leadership among mega-cap technology stocks. Meanwhile, international markets experienced increased fiscal stimulus, particularly focused on defense spending.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 12.19%. For the same time period, the Custom Invesco Global Allocation Index (the "Benchmark") returned 15.67%.

#### What contributed to performance?
**Asset Allocation - Total Allocation \|** The Fund's tactical asset allocation contributed positively to relative performance as the Fund's exposure to fixed income, foreign exchange (FX) activity, and commodities offset the detractors of equities.

**Asset Allocation – Emerging Markets (EM) Sovereign Debt \|** The Fund being underweight international fixed income relative to the Benchmark was a positive driver of relative performance. Additionally, the Fund's allocation to Invesco Emerging Markets Sovereign Debt ETF (PCY) was a positive driver of relative performance as EM fixed income outperformed US and Developed ex-US fixed income counterparts.

**Asset Allocation - FX Activity \|** The Fund's FX activity was a positive driver of relative performance given the decline in the US dollar.

#### What detracted from performance?
**Asset Allocation - US Fixed Income \|** The Fund's overweight to US fixed income relative to the Benchmark was the largest detractor from relative performance given the strong equity markets returns.

**Manager selection \|** The Fund's manager selection effects detracted from the Fund's relative performance, with key detractors being selection within US mid-cap growth and emerging market equities.

**Dynamic Multifactor - OMFL \|** The Fund's allocation to Invesco's Dynamic Multifactor ETF suite (tickers: OMFL, OMFS, and IMFL), specifically the Invesco Russell 1000 Dynamic Multifactor ETF (OMFL), was a detractor of relative performance. Drivers of underperformance can be attributed to tactical factor allocations and factor security selections. This resulted in OMFL being underweight the "Magnificent 7", which has been the main driver of US equity market returns over the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713903.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Allocation Fund (Class A) —including sales charge** | 6.02% | 6.33% | 5.22% |
| **Invesco Global Allocation Fund (Class A) —excluding sales charge** | 12.19% | 7.54% | 5.81% |
| **Custom Invesco Global Allocation Index** | 15.67% | 8.99% | 7.94% |
| **Bloomberg Global Aggregate USD Hedged Index** | 5.30% | 0.52% | 2.37% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

The Custom Invesco Global Allocation Index is composed of 60% MSCI ACWI Index (Net) and 40% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Global Allocation Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1021194433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6339369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;21.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;16.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.88%, 02/15/2032 | &nbsp;&nbsp;&nbsp;14.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;12.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;6.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 12/31/2029 | &nbsp;&nbsp;&nbsp;6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI USA ETF | &nbsp;&nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Revenue ETF | &nbsp;&nbsp;&nbsp;5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;2.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713908.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-GLAL-AR-A **Invesco Global Allocation Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Allocation Fund

### Class C: QGRCX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Global Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Allocation Fund<br>(Class C) | $1941.84%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** Global equity and fixed income markets delivered positive returns, with equities achieving double-digit gains for the fiscal year ended October 31, 2025. In the US, three key themes dominated the year's news flow: the election, tariffs, and excitement around the artificial intelligence investment wave, which drove historic market concentrated leadership among mega-cap technology stocks. Meanwhile, international markets experienced increased fiscal stimulus, particularly focused on defense spending.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 11.36%. For the same time period, the Custom Invesco Global Allocation Index (the "Benchmark") returned 15.67%.

#### What contributed to performance?
**Asset Allocation - Total Allocation \|** The Fund's tactical asset allocation contributed positively to relative performance as the Fund's exposure to fixed income, foreign exchange (FX) activity, and commodities offset the detractors of equities.

**Asset Allocation – Emerging Markets (EM) Sovereign Debt \|** The Fund being underweight international fixed income relative to the Benchmark was a positive driver of relative performance. Additionally, the Fund's allocation to Invesco Emerging Markets Sovereign Debt ETF (PCY) was a positive driver of relative performance as EM fixed income outperformed US and Developed ex-US fixed income counterparts.

**Asset Allocation - FX Activity \|** The Fund's FX activity was a positive driver of relative performance given the decline in the US dollar.

#### What detracted from performance?
**Asset Allocation - US Fixed Income \|** The Fund's overweight to US fixed income relative to the Benchmark was the largest detractor from relative performance given the strong equity markets returns.

**Manager selection \|** The Fund's manager selection effects detracted from the Fund's relative performance, with key detractors being selection within US mid-cap growth and emerging market equities.

**Dynamic Multifactor - OMFL \|** The Fund's allocation to Invesco's Dynamic Multifactor ETF suite (tickers: OMFL, OMFS, and IMFL), specifically the Invesco Russell 1000 Dynamic Multifactor ETF (OMFL), was a detractor of relative performance. Drivers of underperformance can be attributed to tactical factor allocations and factor security selections. This resulted in OMFL being underweight the "Magnificent 7", which has been the main driver of US equity market returns over the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713958.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Allocation Fund (Class C) —including sales charge** | 10.36% | 6.73% | 5.18% |
| **Invesco Global Allocation Fund (Class C) —excluding sales charge** | 11.36% | 6.73% | 5.18% |
| **Custom Invesco Global Allocation Index** | 15.67% | 8.99% | 7.94% |
| **Bloomberg Global Aggregate USD Hedged Index** | 5.30% | 0.52% | 2.37% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

The Custom Invesco Global Allocation Index is composed of 60% MSCI ACWI Index (Net) and 40% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Global Allocation Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1021194433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6339369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;21.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;16.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.88%, 02/15/2032 | &nbsp;&nbsp;&nbsp;14.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;12.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;6.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 12/31/2029 | &nbsp;&nbsp;&nbsp;6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI USA ETF | &nbsp;&nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Revenue ETF | &nbsp;&nbsp;&nbsp;5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;2.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713952.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-GLAL-AR-C **Invesco Global Allocation Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Allocation Fund

### Class R: QGRNX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Global Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Allocation Fund<br>(Class R) | $1421.34%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** Global equity and fixed income markets delivered positive returns, with equities achieving double-digit gains for the fiscal year ended October 31, 2025. In the US, three key themes dominated the year's news flow: the election, tariffs, and excitement around the artificial intelligence investment wave, which drove historic market concentrated leadership among mega-cap technology stocks. Meanwhile, international markets experienced increased fiscal stimulus, particularly focused on defense spending.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 11.88%. For the same time period, the Custom Invesco Global Allocation Index (the "Benchmark") returned 15.67%.

#### What contributed to performance?
**Asset Allocation - Total Allocation \|** The Fund's tactical asset allocation contributed positively to relative performance as the Fund's exposure to fixed income, foreign exchange (FX) activity, and commodities offset the detractors of equities.

**Asset Allocation – Emerging Markets (EM) Sovereign Debt \|** The Fund being underweight international fixed income relative to the Benchmark was a positive driver of relative performance. Additionally, the Fund's allocation to Invesco Emerging Markets Sovereign Debt ETF (PCY) was a positive driver of relative performance as EM fixed income outperformed US and Developed ex-US fixed income counterparts.

**Asset Allocation - FX Activity \|** The Fund's FX activity was a positive driver of relative performance given the decline in the US dollar.

#### What detracted from performance?
**Asset Allocation - US Fixed Income \|** The Fund's overweight to US fixed income relative to the Benchmark was the largest detractor from relative performance given the strong equity markets returns.

**Manager selection \|** The Fund's manager selection effects detracted from the Fund's relative performance, with key detractors being selection within US mid-cap growth and emerging market equities.

**Dynamic Multifactor - OMFL \|** The Fund's allocation to Invesco's Dynamic Multifactor ETF suite (tickers: OMFL, OMFS, and IMFL), specifically the Invesco Russell 1000 Dynamic Multifactor ETF (OMFL), was a detractor of relative performance. Drivers of underperformance can be attributed to tactical factor allocations and factor security selections. This resulted in OMFL being underweight the "Magnificent 7", which has been the main driver of US equity market returns over the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713975.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Allocation Fund (Class R)** | 11.88% | 7.26% | 5.55% |
| **Custom Invesco Global Allocation Index** | 15.67% | 8.99% | 7.94% |
| **Bloomberg Global Aggregate USD Hedged Index** | 5.30% | 0.52% | 2.37% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

The Custom Invesco Global Allocation Index is composed of 60% MSCI ACWI Index (Net) and 40% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Global Allocation Fund (the predecessor fund) were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1021194433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6339369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;21.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;16.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.88%, 02/15/2032 | &nbsp;&nbsp;&nbsp;14.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;12.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;6.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 12/31/2029 | &nbsp;&nbsp;&nbsp;6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI USA ETF | &nbsp;&nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Revenue ETF | &nbsp;&nbsp;&nbsp;5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;2.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713981.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-GLAL-AR-R **Invesco Global Allocation Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Allocation Fund

### Class Y: QGRYX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Global Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Allocation Fund<br>(Class Y) | $890.84%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** Global equity and fixed income markets delivered positive returns, with equities achieving double-digit gains for the fiscal year ended October 31, 2025. In the US, three key themes dominated the year's news flow: the election, tariffs, and excitement around the artificial intelligence investment wave, which drove historic market concentrated leadership among mega-cap technology stocks. Meanwhile, international markets experienced increased fiscal stimulus, particularly focused on defense spending.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 12.49%. For the same time period, the Custom Invesco Global Allocation Index (the "Benchmark") returned 15.67%.

#### What contributed to performance?
**Asset Allocation - Total Allocation \|** The Fund's tactical asset allocation contributed positively to relative performance as the Fund's exposure to fixed income, foreign exchange (FX) activity, and commodities offset the detractors of equities.

**Asset Allocation – Emerging Markets (EM) Sovereign Debt \|** The Fund being underweight international fixed income relative to the Benchmark was a positive driver of relative performance. Additionally, the Fund's allocation to Invesco Emerging Markets Sovereign Debt ETF (PCY) was a positive driver of relative performance as EM fixed income outperformed US and Developed ex-US fixed income counterparts.

**Asset Allocation - FX Activity \|** The Fund's FX activity was a positive driver of relative performance given the decline in the US dollar.

#### What detracted from performance?
**Asset Allocation - US Fixed Income \|** The Fund's overweight to US fixed income relative to the Benchmark was the largest detractor from relative performance given the strong equity markets returns.

**Manager selection \|** The Fund's manager selection effects detracted from the Fund's relative performance, with key detractors being selection within US mid-cap growth and emerging market equities.

**Dynamic Multifactor - OMFL \|** The Fund's allocation to Invesco's Dynamic Multifactor ETF suite (tickers: OMFL, OMFS, and IMFL), specifically the Invesco Russell 1000 Dynamic Multifactor ETF (OMFL), was a detractor of relative performance. Drivers of underperformance can be attributed to tactical factor allocations and factor security selections. This resulted in OMFL being underweight the "Magnificent 7", which has been the main driver of US equity market returns over the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714030.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Allocation Fund (Class Y)** | 12.49% | 7.79% | 6.07% |
| **Custom Invesco Global Allocation Index** | 15.67% | 8.99% | 7.94% |
| **Bloomberg Global Aggregate USD Hedged Index** | 5.30% | 0.52% | 2.37% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

The Custom Invesco Global Allocation Index is composed of 60% MSCI ACWI Index (Net) and 40% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Global Allocation Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1021194433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6339369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;21.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;16.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.88%, 02/15/2032 | &nbsp;&nbsp;&nbsp;14.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;12.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;6.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 12/31/2029 | &nbsp;&nbsp;&nbsp;6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI USA ETF | &nbsp;&nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Revenue ETF | &nbsp;&nbsp;&nbsp;5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;2.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714024.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-GLAL-AR-Y **Invesco Global Allocation Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Allocation Fund

### Class R5: GLALX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Global Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Allocation Fund<br>(Class R5) | $780.73%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** Global equity and fixed income markets delivered positive returns, with equities achieving double-digit gains for the fiscal year ended October 31, 2025. In the US, three key themes dominated the year's news flow: the election, tariffs, and excitement around the artificial intelligence investment wave, which drove historic market concentrated leadership among mega-cap technology stocks. Meanwhile, international markets experienced increased fiscal stimulus, particularly focused on defense spending.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 12.63%. For the same time period, the Custom Invesco Global Allocation Index (the "Benchmark") returned 15.67%.

#### What contributed to performance?
**Asset Allocation - Total Allocation \|** The Fund's tactical asset allocation contributed positively to relative performance as the Fund's exposure to fixed income, foreign exchange (FX) activity, and commodities offset the detractors of equities.

**Asset Allocation – Emerging Markets (EM) Sovereign Debt \|** The Fund being underweight international fixed income relative to the Benchmark was a positive driver of relative performance. Additionally, the Fund's allocation to Invesco Emerging Markets Sovereign Debt ETF (PCY) was a positive driver of relative performance as EM fixed income outperformed US and Developed ex-US fixed income counterparts.

**Asset Allocation - FX Activity \|** The Fund's FX activity was a positive driver of relative performance given the decline in the US dollar.

#### What detracted from performance?
**Asset Allocation - US Fixed Income \|** The Fund's overweight to US fixed income relative to the Benchmark was the largest detractor from relative performance given the strong equity markets returns.

**Manager selection \|** The Fund's manager selection effects detracted from the Fund's relative performance, with key detractors being selection within US mid-cap growth and emerging market equities.

**Dynamic Multifactor - OMFL \|** The Fund's allocation to Invesco's Dynamic Multifactor ETF suite (tickers: OMFL, OMFS, and IMFL), specifically the Invesco Russell 1000 Dynamic Multifactor ETF (OMFL), was a detractor of relative performance. Drivers of underperformance can be attributed to tactical factor allocations and factor security selections. This resulted in OMFL being underweight the "Magnificent 7", which has been the main driver of US equity market returns over the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714047.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Allocation Fund (Class R5)** | 12.63% | 7.94% | 6.08% |
| **Custom Invesco Global Allocation Index** | 15.67% | 8.99% | 7.94% |
| **Bloomberg Global Aggregate USD Hedged Index** | 5.30% | 0.52% | 2.37% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

The Custom Invesco Global Allocation Index is composed of 60% MSCI ACWI Index (Net) and 40% Bloomberg Global Aggregate USD Hedged Index.

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Global Allocation Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1021194433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6339369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;21.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;16.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.88%, 02/15/2032 | &nbsp;&nbsp;&nbsp;14.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;12.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;6.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 12/31/2029 | &nbsp;&nbsp;&nbsp;6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI USA ETF | &nbsp;&nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Revenue ETF | &nbsp;&nbsp;&nbsp;5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;2.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714053.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-GLAL-AR-R5 **Invesco Global Allocation Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Allocation Fund

### Class R6: QGRIX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Global Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Allocation Fund<br>(Class R6) | $780.73%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** Global equity and fixed income markets delivered positive returns, with equities achieving double-digit gains for the fiscal year ended October 31, 2025. In the US, three key themes dominated the year's news flow: the election, tariffs, and excitement around the artificial intelligence investment wave, which drove historic market concentrated leadership among mega-cap technology stocks. Meanwhile, international markets experienced increased fiscal stimulus, particularly focused on defense spending.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 12.59%. For the same time period, the Custom Invesco Global Allocation Index (the "Benchmark") returned 15.67%.

#### What contributed to performance?
**Asset Allocation - Total Allocation \|** The Fund's tactical asset allocation contributed positively to relative performance as the Fund's exposure to fixed income, foreign exchange (FX) activity, and commodities offset the detractors of equities.

**Asset Allocation – Emerging Markets (EM) Sovereign Debt \|** The Fund being underweight international fixed income relative to the Benchmark was a positive driver of relative performance. Additionally, the Fund's allocation to Invesco Emerging Markets Sovereign Debt ETF (PCY) was a positive driver of relative performance as EM fixed income outperformed US and Developed ex-US fixed income counterparts.

**Asset Allocation - FX Activity \|** The Fund's FX activity was a positive driver of relative performance given the decline in the US dollar.

#### What detracted from performance?
**Asset Allocation - US Fixed Income \|** The Fund's overweight to US fixed income relative to the Benchmark was the largest detractor from relative performance given the strong equity markets returns.

**Manager selection \|** The Fund's manager selection effects detracted from the Fund's relative performance, with key detractors being selection within US mid-cap growth and emerging market equities.

**Dynamic Multifactor - OMFL \|** The Fund's allocation to Invesco's Dynamic Multifactor ETF suite (tickers: OMFL, OMFS, and IMFL), specifically the Invesco Russell 1000 Dynamic Multifactor ETF (OMFL), was a detractor of relative performance. Drivers of underperformance can be attributed to tactical factor allocations and factor security selections. This resulted in OMFL being underweight the "Magnificent 7", which has been the main driver of US equity market returns over the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714102.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Allocation Fund (Class R6)** | 12.59% | 7.93% | 6.24% |
| **Custom Invesco Global Allocation Index** | 15.67% | 8.99% | 7.94% |
| **Bloomberg Global Aggregate USD Hedged Index** | 5.30% | 0.52% | 2.37% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

The Custom Invesco Global Allocation Index is composed of 60% MSCI ACWI Index (Net) and 40% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer Global Allocation Fund (the predecessor fund) were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1021194433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6339369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;21.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;16.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.88%, 02/15/2032 | &nbsp;&nbsp;&nbsp;14.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;12.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;6.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 12/31/2029 | &nbsp;&nbsp;&nbsp;6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI USA ETF | &nbsp;&nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Revenue ETF | &nbsp;&nbsp;&nbsp;5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;2.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714096.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-GLAL-AR-R6 **Invesco Global Allocation Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Strategic Income Fund

### Class A: OPSIX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Global Strategic Income Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Strategic Income Fund<br>(Class A) | $1091.03%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global fixed income was generally supported by moderating inflation and monetary easing amidst diverging global growth and shifting dollar dynamics. Changes in trade policy, security frameworks, and economic alliances are leading the global economic cycle to appear increasingly fragmented – with growth and inflation trajectories as well as monetary and fiscal policy responses differing across regions and countries. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. These shifts in the global economic landscape created a robust opportunity set to generate excess return through active management.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 12.11%. For the same time period, Bloomberg Global Aggregate Index (the "Benchmark") returned 5.69%.

#### What contributed to performance?
**Credit Exposure \|** The top contributors to relative return were credit exposures in the European Union and UK.

**Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Mexican peso.

**Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in the European Union and Brazil.

#### What detracted from performance?
**Credit Exposure \|** The top detractors to relative return were credit exposures in Italy and Colombia.

**Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Argentinian peso and Euro.

**Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in China and Germany.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714119.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Strategic Income Fund (Class A) —including sales charge** | 7.22% | 1.53% | 2.03% |
| **Invesco Global Strategic Income Fund (Class A) —excluding sales charge** | 12.11% | 2.42% | 2.46% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Global Strategic Income Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1692206370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$9337799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;385% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.50%, 08/15/2028 | &nbsp;&nbsp;&nbsp;4.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, Series S, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055 | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.31%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.04% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714125.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-GLSI-AR-A **Invesco Global Strategic Income Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Strategic Income Fund

### Class C: OSICX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Global Strategic Income Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Strategic Income Fund<br>(Class C) | $1891.79%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global fixed income was generally supported by moderating inflation and monetary easing amidst diverging global growth and shifting dollar dynamics. Changes in trade policy, security frameworks, and economic alliances are leading the global economic cycle to appear increasingly fragmented – with growth and inflation trajectories as well as monetary and fiscal policy responses differing across regions and countries. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. These shifts in the global economic landscape created a robust opportunity set to generate excess return through active management.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 11.30%. For the same time period, Bloomberg Global Aggregate Index (the "Benchmark") returned 5.69%.

#### What contributed to performance?
**Credit Exposure \|** The top contributors to relative return were credit exposures in the European Union and UK.

**Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Mexican peso.

**Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in the European Union and Brazil.

#### What detracted from performance?
**Credit Exposure \|** The top detractors to relative return were credit exposures in Italy and Colombia.

**Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Argentinian peso and Euro.

**Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in China and Germany.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714174.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Strategic Income Fund (Class C) —including sales charge** | 10.30% | 1.63% | 1.83% |
| **Invesco Global Strategic Income Fund (Class C) —excluding sales charge** | 11.30% | 1.63% | 1.83% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Global Strategic Income Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1692206370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$9337799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;385% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.50%, 08/15/2028 | &nbsp;&nbsp;&nbsp;4.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, Series S, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055 | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.31%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.04% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714168.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-GLSI-AR-C **Invesco Global Strategic Income Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Strategic Income Fund

### Class R: OSINX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Global Strategic Income Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Strategic Income Fund<br>(Class R) | $1371.29%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global fixed income was generally supported by moderating inflation and monetary easing amidst diverging global growth and shifting dollar dynamics. Changes in trade policy, security frameworks, and economic alliances are leading the global economic cycle to appear increasingly fragmented – with growth and inflation trajectories as well as monetary and fiscal policy responses differing across regions and countries. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. These shifts in the global economic landscape created a robust opportunity set to generate excess return through active management.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 11.84%. For the same time period, Bloomberg Global Aggregate Index (the "Benchmark") returned 5.69%.

#### What contributed to performance?
**Credit Exposure \|** The top contributors to relative return were credit exposures in the European Union and UK.

**Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Mexican peso.

**Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in the European Union and Brazil.

#### What detracted from performance?
**Credit Exposure \|** The top detractors to relative return were credit exposures in Italy and Colombia.

**Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Argentinian peso and Euro.

**Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in China and Germany.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714191.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Strategic Income Fund (Class R)** | 11.84% | 2.15% | 2.20% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Global Strategic Income Fund (the predecessor fund) were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1692206370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$9337799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;385% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.50%, 08/15/2028 | &nbsp;&nbsp;&nbsp;4.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, Series S, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055 | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.31%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.04% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714197.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-GLSI-AR-R **Invesco Global Strategic Income Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Strategic Income Fund

### Class Y: OSIYX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Global Strategic Income Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Strategic Income Fund<br>(Class Y) | $840.79%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global fixed income was generally supported by moderating inflation and monetary easing amidst diverging global growth and shifting dollar dynamics. Changes in trade policy, security frameworks, and economic alliances are leading the global economic cycle to appear increasingly fragmented – with growth and inflation trajectories as well as monetary and fiscal policy responses differing across regions and countries. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. These shifts in the global economic landscape created a robust opportunity set to generate excess return through active management.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 12.04%. For the same time period, Bloomberg Global Aggregate Index (the "Benchmark") returned 5.69%.

#### What contributed to performance?
**Credit Exposure \|** The top contributors to relative return were credit exposures in the European Union and UK.

**Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Mexican peso.

**Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in the European Union and Brazil.

#### What detracted from performance?
**Credit Exposure \|** The top detractors to relative return were credit exposures in Italy and Colombia.

**Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Argentinian peso and Euro.

**Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in China and Germany.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714246.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Strategic Income Fund (Class Y)** | 12.04% | 2.72% | 2.73% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Global Strategic Income Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1692206370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$9337799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;385% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.50%, 08/15/2028 | &nbsp;&nbsp;&nbsp;4.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, Series S, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055 | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.31%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.04% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714241.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-GLSI-AR-Y **Invesco Global Strategic Income Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Strategic Income Fund

### Class R5: GLSSX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Global Strategic Income Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Strategic Income Fund<br>(Class R5) | $730.69%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global fixed income was generally supported by moderating inflation and monetary easing amidst diverging global growth and shifting dollar dynamics. Changes in trade policy, security frameworks, and economic alliances are leading the global economic cycle to appear increasingly fragmented – with growth and inflation trajectories as well as monetary and fiscal policy responses differing across regions and countries. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. These shifts in the global economic landscape created a robust opportunity set to generate excess return through active management.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 12.51%. For the same time period, Bloomberg Global Aggregate Index (the "Benchmark") returned 5.69%.

#### What contributed to performance?
**Credit Exposure \|** The top contributors to relative return were credit exposures in the European Union and UK.

**Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Mexican peso.

**Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in the European Union and Brazil.

#### What detracted from performance?
**Credit Exposure \|** The top detractors to relative return were credit exposures in Italy and Colombia.

**Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Argentinian peso and Euro.

**Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in China and Germany.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714263.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Strategic Income Fund (Class R5)** | 12.51% | 2.79% | 2.70% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Global Strategic Income Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1692206370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$9337799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;385% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.50%, 08/15/2028 | &nbsp;&nbsp;&nbsp;4.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, Series S, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055 | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.31%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.04% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714268.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-GLSI-AR-R5 **Invesco Global Strategic Income Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Strategic Income Fund

### Class R6: OSIIX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Global Strategic Income Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Strategic Income Fund<br>(Class R6) | $730.69%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global fixed income was generally supported by moderating inflation and monetary easing amidst diverging global growth and shifting dollar dynamics. Changes in trade policy, security frameworks, and economic alliances are leading the global economic cycle to appear increasingly fragmented – with growth and inflation trajectories as well as monetary and fiscal policy responses differing across regions and countries. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. These shifts in the global economic landscape created a robust opportunity set to generate excess return through active management.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 12.19%. For the same time period, Bloomberg Global Aggregate Index (the "Benchmark") returned 5.69%.

#### What contributed to performance?
**Credit Exposure \|** The top contributors to relative return were credit exposures in the European Union and UK.

**Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Mexican peso.

**Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in the European Union and Brazil.

#### What detracted from performance?
**Credit Exposure \|** The top detractors to relative return were credit exposures in Italy and Colombia.

**Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Argentinian peso and Euro.

**Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in China and Germany.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714318.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Strategic Income Fund (Class R6)** | 12.19% | 2.83% | 2.87% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer Global Strategic Income Fund (the predecessor fund) were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1692206370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$9337799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;385% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.50%, 08/15/2028 | &nbsp;&nbsp;&nbsp;4.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, Series S, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055 | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.31%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.04% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714313.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-GLSI-AR-R6 **Invesco Global Strategic Income Fund**

![TSR_logo](images_2625.jpg)

### Invesco Health Care Fund

### Class A: GGHCX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Health Care Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Health Care Fund<br>(Class A) | $109 | 1.06% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, US health care equities lagged the overall equity market as investors rotated into the more cyclical sectors of the market.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 5.59%. For the same time period, the S&P Composite 1500<sup>®</sup> Health Care Index (the "Benchmark") returned -0.09%. The Fund outperformed the Benchmark primarily due to strong stock selection in the biotechnology, health care services and pharmaceuticals industries. These results were partially offset by weaker stock selection within the life science tools & services industry and the Fund's underweight allocation to the pharmaceuticals and healthcare services industries.

#### What contributed to performance?
**Boston Scientific Corp. \|** Boston Scientific makes surgical devices and medical equipment to treat cardiovascular, gastrointestinal and pulmonological conditions. The stock rallied following the announcement of its intent to acquire Bolt Medical (not a Fund holding), which makes a laser-based platform to treat coronary and peripheral artery disease. The company also reported continued organic sales growth driven by its cardiovascular segment and also raised its earnings guidance.

**Cencora, Inc. \|** Cencora distributes pharmaceuticals, medical supplies and health care equipment, while also providing services to health care providers, manufacturers and pharmacies. The stock advanced on better-than-expected earnings and guidance, driven by continued positive trends in health care utilization, prescription distribution growth and demand for GLP-1 obesity treatments.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** UnitedHealth is a large-cap managed care company that provides health care benefits, services, data and analytics. The stock declined in response to weaker-than-expected quarterly results due to higher-than-expected medical losses, the abrupt resignation of its CEO, and news of a Department of Justice investigation into the company's Medicare billing practices. The stock detracted from absolute return, but the Fund was underweight in UnitedHealth, which added to relative performance.

**Vertex Pharmaceuticals, Inc. \|** Vertex Pharmaceuticals is a global biotechnology company. Management reported softer quarterly financial results in their core cystic fibrosis drug franchise as well as a slower start for their newly approved pain drug.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713094.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Health Care Fund (Class A) —including sales charge** | -0.21% | 4.75% | 5.56% |
| **Invesco Health Care Fund (Class A) —excluding sales charge** | 5.59% | 5.94% | 6.16% |
| **S&P Composite 1500<sup>®</sup> Health Care Index** | -0.09% | 8.53% | 9.19% |
| **MSCI World Health Care Index** | -0.34% | 7.41% | 7.47% |
| **MSCI World Index (Net)** | 22.02% | 15.58% | 11.79% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1253599511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7688341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;8.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;argenx SE, ADR | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC, ADR | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713089.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added issuer focus risk to its principal risks to reflect that although the Fund is classified as diversified, it may focus its investments in a relatively small number of issuers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GHC-AR-A **Invesco Health Care Fund**

![TSR_logo](images_2625.jpg)

### Invesco Health Care Fund

### Class C: GTHCX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Health Care Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Health Care Fund<br>(Class C) | $185 | 1.81% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, US health care equities lagged the overall equity market as investors rotated into the more cyclical sectors of the market.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 4.80%. For the same time period, the S&P Composite 1500<sup>®</sup> Health Care Index (the "Benchmark") returned -0.09%. The Fund outperformed the Benchmark primarily due to strong stock selection in the biotechnology, health care services and pharmaceuticals industries. These results were partially offset by weaker stock selection within the life science tools & services industry and the Fund's underweight allocation to the pharmaceuticals and healthcare services industries.

#### What contributed to performance?
**Boston Scientific Corp. \|** Boston Scientific makes surgical devices and medical equipment to treat cardiovascular, gastrointestinal and pulmonological conditions. The stock rallied following the announcement of its intent to acquire Bolt Medical (not a Fund holding), which makes a laser-based platform to treat coronary and peripheral artery disease. The company also reported continued organic sales growth driven by its cardiovascular segment and also raised its earnings guidance.

**Cencora, Inc. \|** Cencora distributes pharmaceuticals, medical supplies and health care equipment, while also providing services to health care providers, manufacturers and pharmacies. The stock advanced on better-than-expected earnings and guidance, driven by continued positive trends in health care utilization, prescription distribution growth and demand for GLP-1 obesity treatments.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** UnitedHealth is a large-cap managed care company that provides health care benefits, services, data and analytics. The stock declined in response to weaker-than-expected quarterly results due to higher-than-expected medical losses, the abrupt resignation of its CEO, and news of a Department of Justice investigation into the company's Medicare billing practices. The stock detracted from absolute return, but the Fund was underweight in UnitedHealth, which added to relative performance.

**Vertex Pharmaceuticals, Inc. \|** Vertex Pharmaceuticals is a global biotechnology company. Management reported softer quarterly financial results in their core cystic fibrosis drug franchise as well as a slower start for their newly approved pain drug.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713111.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Health Care Fund (Class C) —including sales charge** | 3.85% | 5.15% | 5.52% |
| **Invesco Health Care Fund (Class C) —excluding sales charge** | 4.80% | 5.15% | 5.52% |
| **S&P Composite 1500<sup>®</sup> Health Care Index** | -0.09% | 8.53% | 9.19% |
| **MSCI World Health Care Index** | -0.34% | 7.41% | 7.47% |
| **MSCI World Index (Net)** | 22.02% | 15.58% | 11.79% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1253599511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7688341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;8.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;argenx SE, ADR | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC, ADR | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713116.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added issuer focus risk to its principal risks to reflect that although the Fund is classified as diversified, it may focus its investments in a relatively small number of issuers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GHC-AR-C **Invesco Health Care Fund**

![TSR_logo](images_2625.jpg)

### Invesco Health Care Fund

### Class R: GTHRX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Health Care Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>▼</sup>** |
| Invesco Health Care Fund<br>(Class R) | $91.05%<sup>†</sup> |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | *For the period September 30, 2025 (commencement of operations) to October 31, 2025. Expenses for a full reporting period would be higher.* |
| *\** | **Annualized.**  |
| **<sup>†</sup>**  | **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.**  |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, US health care equities lagged the overall equity market as investors rotated into the more cyclical sectors of the market.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 5.35%. For the same time period, the S&P Composite 1500<sup>®</sup> Health Care Index (the "Benchmark") returned -0.09%. The Fund outperformed the Benchmark primarily due to strong stock selection in the biotechnology, health care services and pharmaceuticals industries. These results were partially offset by weaker stock selection within the life science tools & services industry and the Fund's underweight allocation to the pharmaceuticals and healthcare services industries.

#### What contributed to performance?
**Boston Scientific Corp. \|** Boston Scientific makes surgical devices and medical equipment to treat cardiovascular, gastrointestinal and pulmonological conditions. The stock rallied following the announcement of its intent to acquire Bolt Medical (not a Fund holding), which makes a laser-based platform to treat coronary and peripheral artery disease. The company also reported continued organic sales growth driven by its cardiovascular segment and also raised its earnings guidance.

**Cencora, Inc. \|** Cencora distributes pharmaceuticals, medical supplies and health care equipment, while also providing services to health care providers, manufacturers and pharmacies. The stock advanced on better-than-expected earnings and guidance, driven by continued positive trends in health care utilization, prescription distribution growth and demand for GLP-1 obesity treatments.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** UnitedHealth is a large-cap managed care company that provides health care benefits, services, data and analytics. The stock declined in response to weaker-than-expected quarterly results due to higher-than-expected medical losses, the abrupt resignation of its CEO, and news of a Department of Justice investigation into the company's Medicare billing practices. The stock detracted from absolute return, but the Fund was underweight in UnitedHealth, which added to relative performance.

**Vertex Pharmaceuticals, Inc. \|** Vertex Pharmaceuticals is a global biotechnology company. Management reported softer quarterly financial results in their core cystic fibrosis drug franchise as well as a slower start for their newly approved pain drug.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9723919.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Health Care Fund (Class R)** | 5.35% | 5.68% | 5.89% |
| **S&P Composite 1500<sup>®</sup> Health Care Index** | -0.09% | 8.53% | 9.19% |
| **MSCI World Health Care Index** | -0.34% | 7.41% | 7.47% |
| **MSCI World Index (Net)** | 22.02% | 15.58% | 11.79% |

---

Class R shares incepted on September 30, 2025. Performance shown prior to that date is that of Class A shares at net asset value restated to reflect the higher 12b-1 fees applicable to Class R shares. Class R shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1253599511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7688341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;8.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;argenx SE, ADR | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC, ADR | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9723924.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added issuer focus risk to its principal risks to reflect that although the Fund is classified as diversified, it may focus its investments in a relatively small number of issuers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GHC-AR-R **Invesco Health Care Fund**

![TSR_logo](images_2625.jpg)

### Invesco Health Care Fund

### Class Y: GGHYX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Health Care Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Health Care Fund<br>(Class Y) | $83 | 0.81% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, US health care equities lagged the overall equity market as investors rotated into the more cyclical sectors of the market.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 5.85%. For the same time period, the S&P Composite 1500<sup>®</sup> Health Care Index (the "Benchmark") returned -0.09%. The Fund outperformed the Benchmark primarily due to strong stock selection in the biotechnology, health care services and pharmaceuticals industries. These results were partially offset by weaker stock selection within the life science tools & services industry and the Fund's underweight allocation to the pharmaceuticals and healthcare services industries.

#### What contributed to performance?
**Boston Scientific Corp. \|** Boston Scientific makes surgical devices and medical equipment to treat cardiovascular, gastrointestinal and pulmonological conditions. The stock rallied following the announcement of its intent to acquire Bolt Medical (not a Fund holding), which makes a laser-based platform to treat coronary and peripheral artery disease. The company also reported continued organic sales growth driven by its cardiovascular segment and also raised its earnings guidance.

**Cencora, Inc. \|** Cencora distributes pharmaceuticals, medical supplies and health care equipment, while also providing services to health care providers, manufacturers and pharmacies. The stock advanced on better-than-expected earnings and guidance, driven by continued positive trends in health care utilization, prescription distribution growth and demand for GLP-1 obesity treatments.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** UnitedHealth is a large-cap managed care company that provides health care benefits, services, data and analytics. The stock declined in response to weaker-than-expected quarterly results due to higher-than-expected medical losses, the abrupt resignation of its CEO, and news of a Department of Justice investigation into the company's Medicare billing practices. The stock detracted from absolute return, but the Fund was underweight in UnitedHealth, which added to relative performance.

**Vertex Pharmaceuticals, Inc. \|** Vertex Pharmaceuticals is a global biotechnology company. Management reported softer quarterly financial results in their core cystic fibrosis drug franchise as well as a slower start for their newly approved pain drug.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713166.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Health Care Fund (Class Y)** | 5.85% | 6.20% | 6.42% |
| **S&P Composite 1500<sup>®</sup> Health Care Index** | -0.09% | 8.53% | 9.19% |
| **MSCI World Health Care Index** | -0.34% | 7.41% | 7.47% |
| **MSCI World Index (Net)** | 22.02% | 15.58% | 11.79% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1253599511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7688341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;8.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;argenx SE, ADR | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC, ADR | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713161.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added issuer focus risk to its principal risks to reflect that although the Fund is classified as diversified, it may focus its investments in a relatively small number of issuers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GHC-AR-Y **Invesco Health Care Fund**

![TSR_logo](images_2625.jpg)

### Invesco Health Care Fund

### Investor Class: GTHIX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Health Care Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Health Care Fund<br>(Investor Class) | $109 | 1.06% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, US health care equities lagged the overall equity market as investors rotated into the more cyclical sectors of the market.

**•** For the fiscal year ended October 31, 2025, Investor Class shares of the Fund returned 5.59%. For the same time period, the S&P Composite 1500<sup>®</sup> Health Care Index (the "Benchmark") returned -0.09%. The Fund outperformed the Benchmark primarily due to strong stock selection in the biotechnology, health care services and pharmaceuticals industries. These results were partially offset by weaker stock selection within the life science tools & services industry and the Fund's underweight allocation to the pharmaceuticals and healthcare services industries.

#### What contributed to performance?
**Boston Scientific Corp. \|** Boston Scientific makes surgical devices and medical equipment to treat cardiovascular, gastrointestinal and pulmonological conditions. The stock rallied following the announcement of its intent to acquire Bolt Medical (not a Fund holding), which makes a laser-based platform to treat coronary and peripheral artery disease. The company also reported continued organic sales growth driven by its cardiovascular segment and also raised its earnings guidance.

**Cencora, Inc. \|** Cencora distributes pharmaceuticals, medical supplies and health care equipment, while also providing services to health care providers, manufacturers and pharmacies. The stock advanced on better-than-expected earnings and guidance, driven by continued positive trends in health care utilization, prescription distribution growth and demand for GLP-1 obesity treatments.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** UnitedHealth is a large-cap managed care company that provides health care benefits, services, data and analytics. The stock declined in response to weaker-than-expected quarterly results due to higher-than-expected medical losses, the abrupt resignation of its CEO, and news of a Department of Justice investigation into the company's Medicare billing practices. The stock detracted from absolute return, but the Fund was underweight in UnitedHealth, which added to relative performance.

**Vertex Pharmaceuticals, Inc. \|** Vertex Pharmaceuticals is a global biotechnology company. Management reported softer quarterly financial results in their core cystic fibrosis drug franchise as well as a slower start for their newly approved pain drug.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713183.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Health Care Fund (Investor Class)** | 5.59% | 5.94% | 6.15% |
| **S&P Composite 1500<sup>®</sup> Health Care Index** | -0.09% | 8.53% | 9.19% |
| **MSCI World Health Care Index** | -0.34% | 7.41% | 7.47% |
| **MSCI World Index (Net)** | 22.02% | 15.58% | 11.79% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1253599511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7688341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;8.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;argenx SE, ADR | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC, ADR | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713188.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added issuer focus risk to its principal risks to reflect that although the Fund is classified as diversified, it may focus its investments in a relatively small number of issuers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GHC-AR-INV **Invesco Health Care Fund**

![TSR_logo](images_2625.jpg)

### Invesco Health Care Fund

### Class R6: GGHSX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Health Care Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Health Care Fund<br>(Class R6) | $73 | 0.71% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, US health care equities lagged the overall equity market as investors rotated into the more cyclical sectors of the market.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 5.94%. For the same time period, the S&P Composite 1500<sup>®</sup> Health Care Index (the "Benchmark") returned -0.09%. The Fund outperformed the Benchmark primarily due to strong stock selection in the biotechnology, health care services and pharmaceuticals industries. These results were partially offset by weaker stock selection within the life science tools & services industry and the Fund's underweight allocation to the pharmaceuticals and healthcare services industries.

#### What contributed to performance?
**Boston Scientific Corp. \|** Boston Scientific makes surgical devices and medical equipment to treat cardiovascular, gastrointestinal and pulmonological conditions. The stock rallied following the announcement of its intent to acquire Bolt Medical (not a Fund holding), which makes a laser-based platform to treat coronary and peripheral artery disease. The company also reported continued organic sales growth driven by its cardiovascular segment and also raised its earnings guidance.

**Cencora, Inc. \|** Cencora distributes pharmaceuticals, medical supplies and health care equipment, while also providing services to health care providers, manufacturers and pharmacies. The stock advanced on better-than-expected earnings and guidance, driven by continued positive trends in health care utilization, prescription distribution growth and demand for GLP-1 obesity treatments.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** UnitedHealth is a large-cap managed care company that provides health care benefits, services, data and analytics. The stock declined in response to weaker-than-expected quarterly results due to higher-than-expected medical losses, the abrupt resignation of its CEO, and news of a Department of Justice investigation into the company's Medicare billing practices. The stock detracted from absolute return, but the Fund was underweight in UnitedHealth, which added to relative performance.

**Vertex Pharmaceuticals, Inc. \|** Vertex Pharmaceuticals is a global biotechnology company. Management reported softer quarterly financial results in their core cystic fibrosis drug franchise as well as a slower start for their newly approved pain drug.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713238.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Health Care Fund (Class R6)** | 5.94% | 6.30% | 6.45% |
| **S&P Composite 1500<sup>®</sup> Health Care Index** | -0.09% | 8.53% | 9.19% |
| **MSCI World Health Care Index** | -0.34% | 7.41% | 7.47% |
| **MSCI World Index (Net)** | 22.02% | 15.58% | 11.79% |

---

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1253599511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7688341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;8.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;argenx SE, ADR | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC, ADR | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713234.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added issuer focus risk to its principal risks to reflect that although the Fund is classified as diversified, it may focus its investments in a relatively small number of issuers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GHC-AR-R6 **Invesco Health Care Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Bond Fund

### Class A: OIBAX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco International Bond Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Bond Fund<br>(Class A) | $1111.03%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, international fixed income was generally supported by moderating inflation and monetary easing amidst diverging global growth and shifting dollar dynamics. Changes in trade policy, security frameworks, and economic alliances are leading the global economic cycle to appear increasingly fragmented – with growth and inflation trajectories as well as monetary and fiscal policy responses differing across regions and countries. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. These shifts in the global economic landscape created a robust opportunity set to generate excess return through active management.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 15.59%. For the same time period, the Custom Invesco International Bond Index (the "Benchmark") returned 8.85%.

#### What contributed to performance?
**Credit Exposure \|** The top contributors to relative return were credit exposures in the UK and European Union.

**Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Mexican peso.

**Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in the European Union and Mexico.

#### What detracted from performance?
**Credit Exposure \|** The top detractors to relative return were credit exposures in Italy and Mexico.

**Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Argentinian peso and Japanese yen.

**Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in China and Indonesia.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714767.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Bond Fund (Class A) —including sales charge** | 10.68% | 0.36% | 1.93% |
| **Invesco International Bond Fund (Class A) —excluding sales charge** | 15.59% | 1.23% | 2.37% |
| **FTSE Non-U.S. Dollar World Government Bond Index** | 4.79% | -4.45% | -0.35% |
| **Custom Invesco International Bond Index** | 8.85% | -0.98% | 1.66% |
| **JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index** | 13.06% | 2.33% | 3.13% |
| **JP Morgan EMBI Global Diversified Index** | 12.76% | 2.71% | 4.13% |
| **Bloomberg Global Aggregate ex-U.S. Index** | 5.22% | -2.82% | 0.35% |

---

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 Global Diversified Index and 20% JP Morgan Emerging Markets Bond Index Global Diversified Index.

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer International Bond Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1290200567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6000672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;88% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;8.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bond, Series 142, 4.25%, 04/21/2026 | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055 | &nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bond, 2.80%, 05/31/2026 | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, Series S, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Galicia S.A., Class B | &nbsp;&nbsp;&nbsp;1.27% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714771.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-IBD-AR-A **Invesco International Bond Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Bond Fund

### Class C: OIBCX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco International Bond Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Bond Fund<br>(Class C) | $1911.78%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, international fixed income was generally supported by moderating inflation and monetary easing amidst diverging global growth and shifting dollar dynamics. Changes in trade policy, security frameworks, and economic alliances are leading the global economic cycle to appear increasingly fragmented – with growth and inflation trajectories as well as monetary and fiscal policy responses differing across regions and countries. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. These shifts in the global economic landscape created a robust opportunity set to generate excess return through active management.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 14.79%. For the same time period, the Custom Invesco International Bond Index (the "Benchmark") returned 8.85%.

#### What contributed to performance?
**Credit Exposure \|** The top contributors to relative return were credit exposures in the UK and European Union.

**Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Mexican peso.

**Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in the European Union and Mexico.

#### What detracted from performance?
**Credit Exposure \|** The top detractors to relative return were credit exposures in Italy and Mexico.

**Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Argentinian peso and Japanese yen.

**Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in China and Indonesia.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714822.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Bond Fund (Class C) —including sales charge** | 13.79% | 0.47% | 1.74% |
| **Invesco International Bond Fund (Class C) —excluding sales charge** | 14.79% | 0.47% | 1.74% |
| **FTSE Non-U.S. Dollar World Government Bond Index** | 4.79% | -4.45% | -0.35% |
| **Custom Invesco International Bond Index** | 8.85% | -0.98% | 1.66% |
| **JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index** | 13.06% | 2.33% | 3.13% |
| **JP Morgan EMBI Global Diversified Index** | 12.76% | 2.71% | 4.13% |
| **Bloomberg Global Aggregate ex-U.S. Index** | 5.22% | -2.82% | 0.35% |

---

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 Global Diversified Index and 20% JP Morgan Emerging Markets Bond Index Global Diversified Index.

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer International Bond Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1290200567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6000672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;88% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;8.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bond, Series 142, 4.25%, 04/21/2026 | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055 | &nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bond, 2.80%, 05/31/2026 | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, Series S, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Galicia S.A., Class B | &nbsp;&nbsp;&nbsp;1.27% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714818.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-IBD-AR-C **Invesco International Bond Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Bond Fund

### Class R: OIBNX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco International Bond Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Bond Fund<br>(Class R) | $1381.28%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, international fixed income was generally supported by moderating inflation and monetary easing amidst diverging global growth and shifting dollar dynamics. Changes in trade policy, security frameworks, and economic alliances are leading the global economic cycle to appear increasingly fragmented – with growth and inflation trajectories as well as monetary and fiscal policy responses differing across regions and countries. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. These shifts in the global economic landscape created a robust opportunity set to generate excess return through active management.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 15.34%. For the same time period, the Custom Invesco International Bond Index (the "Benchmark") returned 8.85%.

#### What contributed to performance?
**Credit Exposure \|** The top contributors to relative return were credit exposures in the UK and European Union.

**Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Mexican peso.

**Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in the European Union and Mexico.

#### What detracted from performance?
**Credit Exposure \|** The top detractors to relative return were credit exposures in Italy and Mexico.

**Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Argentinian peso and Japanese yen.

**Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in China and Indonesia.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714839.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Bond Fund (Class R)** | 15.34% | 1.01% | 2.13% |
| **FTSE Non-U.S. Dollar World Government Bond Index** | 4.79% | -4.45% | -0.35% |
| **Custom Invesco International Bond Index** | 8.85% | -0.98% | 1.66% |
| **JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index** | 13.06% | 2.33% | 3.13% |
| **JP Morgan EMBI Global Diversified Index** | 12.76% | 2.71% | 4.13% |
| **Bloomberg Global Aggregate ex-U.S. Index** | 5.22% | -2.82% | 0.35% |

---

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 Global Diversified Index and 20% JP Morgan Emerging Markets Bond Index Global Diversified Index.

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer International Bond Fund (the predecessor fund) were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1290200567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6000672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;88% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;8.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bond, Series 142, 4.25%, 04/21/2026 | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055 | &nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bond, 2.80%, 05/31/2026 | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, Series S, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Galicia S.A., Class B | &nbsp;&nbsp;&nbsp;1.27% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714843.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-IBD-AR-R **Invesco International Bond Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Bond Fund

### Class Y: OIBYX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco International Bond Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Bond Fund<br>(Class Y) | $840.78%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, international fixed income was generally supported by moderating inflation and monetary easing amidst diverging global growth and shifting dollar dynamics. Changes in trade policy, security frameworks, and economic alliances are leading the global economic cycle to appear increasingly fragmented – with growth and inflation trajectories as well as monetary and fiscal policy responses differing across regions and countries. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. These shifts in the global economic landscape created a robust opportunity set to generate excess return through active management.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 15.88%. For the same time period, the Custom Invesco International Bond Index (the "Benchmark") returned 8.85%.

#### What contributed to performance?
**Credit Exposure \|** The top contributors to relative return were credit exposures in the UK and European Union.

**Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Mexican peso.

**Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in the European Union and Mexico.

#### What detracted from performance?
**Credit Exposure \|** The top detractors to relative return were credit exposures in Italy and Mexico.

**Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Argentinian peso and Japanese yen.

**Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in China and Indonesia.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714894.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Bond Fund (Class Y)** | 15.88% | 1.49% | 2.63% |
| **FTSE Non-U.S. Dollar World Government Bond Index** | 4.79% | -4.45% | -0.35% |
| **Custom Invesco International Bond Index** | 8.85% | -0.98% | 1.66% |
| **JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index** | 13.06% | 2.33% | 3.13% |
| **JP Morgan EMBI Global Diversified Index** | 12.76% | 2.71% | 4.13% |
| **Bloomberg Global Aggregate ex-U.S. Index** | 5.22% | -2.82% | 0.35% |

---

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 Global Diversified Index and 20% JP Morgan Emerging Markets Bond Index Global Diversified Index.

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer International Bond Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1290200567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6000672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;88% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;8.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bond, Series 142, 4.25%, 04/21/2026 | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055 | &nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bond, 2.80%, 05/31/2026 | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, Series S, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Galicia S.A., Class B | &nbsp;&nbsp;&nbsp;1.27% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714890.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-IBD-AR-Y **Invesco International Bond Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Bond Fund

### Class R5: INBQX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco International Bond Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Bond Fund<br>(Class R5) | $840.78%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, international fixed income was generally supported by moderating inflation and monetary easing amidst diverging global growth and shifting dollar dynamics. Changes in trade policy, security frameworks, and economic alliances are leading the global economic cycle to appear increasingly fragmented – with growth and inflation trajectories as well as monetary and fiscal policy responses differing across regions and countries. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. These shifts in the global economic landscape created a robust opportunity set to generate excess return through active management.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 16.13%. For the same time period, the Custom Invesco International Bond Index (the "Benchmark") returned 8.85%.

#### What contributed to performance?
**Credit Exposure \|** The top contributors to relative return were credit exposures in the UK and European Union.

**Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Mexican peso.

**Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in the European Union and Mexico.

#### What detracted from performance?
**Credit Exposure \|** The top detractors to relative return were credit exposures in Italy and Mexico.

**Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Argentinian peso and Japanese yen.

**Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in China and Indonesia.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714911.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Bond Fund (Class R5)** | 16.13% | 1.53% | 2.56% |
| **FTSE Non-U.S. Dollar World Government Bond Index** | 4.79% | -4.45% | -0.35% |
| **Custom Invesco International Bond Index** | 8.85% | -0.98% | 1.66% |
| **JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index** | 13.06% | 2.33% | 3.13% |
| **JP Morgan EMBI Global Diversified Index** | 12.76% | 2.71% | 4.13% |
| **Bloomberg Global Aggregate ex-U.S. Index** | 5.22% | -2.82% | 0.35% |

---

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 Global Diversified Index and 20% JP Morgan Emerging Markets Bond Index Global Diversified Index.

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer International Bond Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1290200567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6000672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;88% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;8.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bond, Series 142, 4.25%, 04/21/2026 | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055 | &nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bond, 2.80%, 05/31/2026 | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, Series S, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Galicia S.A., Class B | &nbsp;&nbsp;&nbsp;1.27% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714915.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-IBD-AR-R5 **Invesco International Bond Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Bond Fund

### Class R6: OIBIX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco International Bond Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Bond Fund<br>(Class R6) | $820.76%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, international fixed income was generally supported by moderating inflation and monetary easing amidst diverging global growth and shifting dollar dynamics. Changes in trade policy, security frameworks, and economic alliances are leading the global economic cycle to appear increasingly fragmented – with growth and inflation trajectories as well as monetary and fiscal policy responses differing across regions and countries. Over the period, the US Federal Reserve cut rates four times and ended quantitative tightening, while the European Central Bank took a more accommodative stance, and the Bank of Japan hiked interest rates. These shifts in the global economic landscape created a robust opportunity set to generate excess return through active management.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 15.93%. For the same time period, the Custom Invesco International Bond Index (the "Benchmark") returned 8.85%.

#### What contributed to performance?
**Credit Exposure \|** The top contributors to relative return were credit exposures in the UK and European Union.

**Foreign Currency Exposure \|** The top contributors to relative return were positioning in the Brazilian real and Mexican peso.

**Interest Rate Positioning \|** The top contributors to relative return were interest rate positioning in the European Union and Mexico.

#### What detracted from performance?
**Credit Exposure \|** The top detractors to relative return were credit exposures in Italy and Mexico.

**Foreign Currency Exposure \|** The top detractors to relative return were positioning in the Argentinian peso and Japanese yen.

**Interest Rate Positioning \|** The top detractors to relative return were interest rate positioning in China and Indonesia.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9714966.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Bond Fund (Class R6)** | 15.93% | 1.56% | 2.74% |
| **FTSE Non-U.S. Dollar World Government Bond Index** | 4.79% | -4.45% | -0.35% |
| **Custom Invesco International Bond Index** | 8.85% | -0.98% | 1.66% |
| **JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index** | 13.06% | 2.33% | 3.13% |
| **JP Morgan EMBI Global Diversified Index** | 12.76% | 2.71% | 4.13% |
| **Bloomberg Global Aggregate ex-U.S. Index** | 5.22% | -2.82% | 0.35% |

---

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 Global Diversified Index and 20% JP Morgan Emerging Markets Bond Index Global Diversified Index.

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer International Bond Fund (the predecessor fund) were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1290200567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6000672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;88% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;8.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bond, Series 142, 4.25%, 04/21/2026 | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055 | &nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bond, 2.80%, 05/31/2026 | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, Series S, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Galicia S.A., Class B | &nbsp;&nbsp;&nbsp;1.27% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9714962.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-IBD-AR-R6 **Invesco International Bond Fund**

![TSR_logo](images_2625.jpg)

### Invesco Multi-Asset Income Fund

### Class A: PIAFX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Multi-Asset Income Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Asset Income Fund<br> (Class A) | $880.84%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing.

 **•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 8.95%. For the same time period, the Custom Invesco Multi-Asset Income Index (the "Benchmark") returned 12.39%.

#### What contributed to performance?
 **Strategic Equity \|** The Fund's strategic equity exposures produced gains across the board over the fiscal year. The Fund's positions in Invesco QQQ Income Advantage ETF, Invesco S&P 500 Equal Weight Income Advantage ETF and Invesco MSCI EAFE Income Advantage ETF were all notable contributors to performance.

 **Strategic Fixed Income \|** The Fund's strategic fixed income exposures broadly produced gains over the fiscal year with short-term investment grade and high yield exposures being the top contributors within the asset class.

#### What detracted from performance?
 **Tactical Positioning \|** The Fund's adaptive monthly tactical positioning produced a slight drag on performance during the fiscal year, due to positioning within fixed income. Most notable was the Fund's tactical positioning in UK gilts and German government bonds.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712662.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Multi-Asset Income Fund (Class A) —including sales charge** | 2.96% | 2.56% | 3.11% |
| **Invesco Multi-Asset Income Fund (Class A) —excluding sales charge** | 8.95% | 3.73% | 3.70% |
| **Custom Invesco Multi-Asset Income Index** | 12.39% | 6.02% | 5.98% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |

---

The Custom Invesco Multi-Asset Income Index is composed of 60% Bloomberg U.S. Aggregate Bond Index and 40% MSCI World Index (Net).

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$906531058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3977363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp;23.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Core Fixed Income ETF | &nbsp;&nbsp;&nbsp;19.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp;10.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp;8.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 09/30/2032 | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.88%, 08/15/2045 | &nbsp;&nbsp;&nbsp;1.36% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712657.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective March 1, 2025, Class A shares' expense limitation of 0.90% changed to a boundary limit of 1.50% of the Fund's average daily net assets. The new boundary limit will remain in effect for an indefinite period. Invesco may amend and/or terminate the boundary limit at any time in its sole discretion.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

MAIN-AR-A **Invesco Multi-Asset Income Fund**

![TSR_logo](images_2625.jpg)

### Invesco Multi-Asset Income Fund

### Class C: PICFX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Multi-Asset Income Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Asset Income Fund<br> (Class C) | $1671.61%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing.

 **•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 7.98%. For the same time period, the Custom Invesco Multi-Asset Income Index (the "Benchmark") returned 12.39%.

#### What contributed to performance?
 **Strategic Equity \|** The Fund's strategic equity exposures produced gains across the board over the fiscal year. The Fund's positions in Invesco QQQ Income Advantage ETF, Invesco S&P 500 Equal Weight Income Advantage ETF and Invesco MSCI EAFE Income Advantage ETF were all notable contributors to performance.

 **Strategic Fixed Income \|** The Fund's strategic fixed income exposures broadly produced gains over the fiscal year with short-term investment grade and high yield exposures being the top contributors within the asset class.

#### What detracted from performance?
 **Tactical Positioning \|** The Fund's adaptive monthly tactical positioning produced a slight drag on performance during the fiscal year, due to positioning within fixed income. Most notable was the Fund's tactical positioning in UK gilts and German government bonds.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712679.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Multi-Asset Income Fund (Class C) —including sales charge** | 6.98% | 2.93% | 3.08% |
| **Invesco Multi-Asset Income Fund (Class C) —excluding sales charge** | 7.98% | 2.93% | 3.08% |
| **Custom Invesco Multi-Asset Income Index** | 12.39% | 6.02% | 5.98% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |

---

The Custom Invesco Multi-Asset Income Index is composed of 60% Bloomberg U.S. Aggregate Bond Index and 40% MSCI World Index (Net).

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$906531058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3977363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp;23.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Core Fixed Income ETF | &nbsp;&nbsp;&nbsp;19.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp;10.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp;8.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 09/30/2032 | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.88%, 08/15/2045 | &nbsp;&nbsp;&nbsp;1.36% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712684.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective March 1, 2025, Class C shares' expense limitation of 1.65% changed to a boundary limit of 2.25% of the Fund's average daily net assets. The new boundary limit will remain in effect for an indefinite period. Invesco may amend and/or terminate the boundary limit at any time in its sole discretion.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

MAIN-AR-C **Invesco Multi-Asset Income Fund**

![TSR_logo](images_2625.jpg)

### Invesco Multi-Asset Income Fund

### Class R: PIRFX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Multi-Asset Income Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Asset Income Fund<br> (Class R) | $1161.11%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing.

 **•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 8.52%. For the same time period, the Custom Invesco Multi-Asset Income Index (the "Benchmark") returned 12.39%.

#### What contributed to performance?
 **Strategic Equity \|** The Fund's strategic equity exposures produced gains across the board over the fiscal year. The Fund's positions in Invesco QQQ Income Advantage ETF, Invesco S&P 500 Equal Weight Income Advantage ETF and Invesco MSCI EAFE Income Advantage ETF were all notable contributors to performance.

 **Strategic Fixed Income \|** The Fund's strategic fixed income exposures broadly produced gains over the fiscal year with short-term investment grade and high yield exposures being the top contributors within the asset class.

#### What detracted from performance?
 **Tactical Positioning \|** The Fund's adaptive monthly tactical positioning produced a slight drag on performance during the fiscal year, due to positioning within fixed income. Most notable was the Fund's tactical positioning in UK gilts and German government bonds.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712734.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Multi-Asset Income Fund (Class R)** | 8.52% | 3.43% | 3.44% |
| **Custom Invesco Multi-Asset Income Index** | 12.39% | 6.02% | 5.98% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |

---

The Custom Invesco Multi-Asset Income Index is composed of 60% Bloomberg U.S. Aggregate Bond Index and 40% MSCI World Index (Net).

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$906531058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3977363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp;23.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Core Fixed Income ETF | &nbsp;&nbsp;&nbsp;19.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp;10.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp;8.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 09/30/2032 | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.88%, 08/15/2045 | &nbsp;&nbsp;&nbsp;1.36% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712729.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective March 1, 2025, Class R shares' expense limitation of 1.15% changed to a boundary limit of 1.75% of the Fund's average daily net assets. The new boundary limit will remain in effect for an indefinite period. Invesco may amend and/or terminate the boundary limit at any time in its sole discretion.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

MAIN-AR-R **Invesco Multi-Asset Income Fund**

![TSR_logo](images_2625.jpg)

### Invesco Multi-Asset Income Fund

### Class Y: PIYFX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Multi-Asset Income Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Asset Income Fund<br> (Class Y) | $640.61%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing.

 **•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 9.06%. For the same time period, the Custom Invesco Multi-Asset Income Index (the "Benchmark") returned 12.39%.

#### What contributed to performance?
 **Strategic Equity \|** The Fund's strategic equity exposures produced gains across the board over the fiscal year. The Fund's positions in Invesco QQQ Income Advantage ETF, Invesco S&P 500 Equal Weight Income Advantage ETF and Invesco MSCI EAFE Income Advantage ETF were all notable contributors to performance.

 **Strategic Fixed Income \|** The Fund's strategic fixed income exposures broadly produced gains over the fiscal year with short-term investment grade and high yield exposures being the top contributors within the asset class.

#### What detracted from performance?
 **Tactical Positioning \|** The Fund's adaptive monthly tactical positioning produced a slight drag on performance during the fiscal year, due to positioning within fixed income. Most notable was the Fund's tactical positioning in UK gilts and German government bonds.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712751.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Multi-Asset Income Fund (Class Y)** | 9.06% | 3.97% | 3.95% |
| **Custom Invesco Multi-Asset Income Index** | 12.39% | 6.02% | 5.98% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |

---

The Custom Invesco Multi-Asset Income Index is composed of 60% Bloomberg U.S. Aggregate Bond Index and 40% MSCI World Index (Net).

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$906531058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3977363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp;23.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Core Fixed Income ETF | &nbsp;&nbsp;&nbsp;19.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp;10.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp;8.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 09/30/2032 | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.88%, 08/15/2045 | &nbsp;&nbsp;&nbsp;1.36% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712756.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective March 1, 2025, Class Y shares' expense limitation of 0.65% changed to a boundary limit of 1.25% of the Fund's average daily net assets. The new boundary limit will remain in effect for an indefinite period. Invesco may amend and/or terminate the boundary limit at any time in its sole discretion.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

MAIN-AR-Y **Invesco Multi-Asset Income Fund**

![TSR_logo](images_2625.jpg)

### Invesco Multi-Asset Income Fund

### Class R5: IPNFX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Multi-Asset Income Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Asset Income Fund<br> (Class R5) | $540.52%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing.

 **•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 9.16%. For the same time period, the Custom Invesco Multi-Asset Income Index (the "Benchmark") returned 12.39%.

#### What contributed to performance?
 **Strategic Equity \|** The Fund's strategic equity exposures produced gains across the board over the fiscal year. The Fund's positions in Invesco QQQ Income Advantage ETF, Invesco S&P 500 Equal Weight Income Advantage ETF and Invesco MSCI EAFE Income Advantage ETF were all notable contributors to performance.

 **Strategic Fixed Income \|** The Fund's strategic fixed income exposures broadly produced gains over the fiscal year with short-term investment grade and high yield exposures being the top contributors within the asset class.

#### What detracted from performance?
 **Tactical Positioning \|** The Fund's adaptive monthly tactical positioning produced a slight drag on performance during the fiscal year, due to positioning within fixed income. Most notable was the Fund's tactical positioning in UK gilts and German government bonds.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712823.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Multi-Asset Income Fund (Class R5)** | 9.16% | 3.99% | 3.96% |
| **Custom Invesco Multi-Asset Income Index** | 12.39% | 6.02% | 5.98% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |

---

The Custom Invesco Multi-Asset Income Index is composed of 60% Bloomberg U.S. Aggregate Bond Index and 40% MSCI World Index (Net).

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$906531058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3977363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp;23.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Core Fixed Income ETF | &nbsp;&nbsp;&nbsp;19.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp;10.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp;8.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 09/30/2032 | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.88%, 08/15/2045 | &nbsp;&nbsp;&nbsp;1.36% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712828.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective March 1, 2025, Class R5 shares' expense limitation of 0.65% changed to a boundary limit of 1.25% of the Fund's average daily net assets. The new boundary limit will remain in effect for an indefinite period. Invesco may amend and/or terminate the boundary limit at any time in its sole discretion.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

MAIN-AR-R5 **Invesco Multi-Asset Income Fund**

![TSR_logo](images_2625.jpg)

### Invesco Multi-Asset Income Fund

### Class R6: PIFFX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Multi-Asset Income Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Asset Income Fund<br> (Class R6) | $540.52%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing.

 **•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 9.30%. For the same time period, the Custom Invesco Multi-Asset Income Index (the "Benchmark") returned 12.39%.

#### What contributed to performance?
 **Strategic Equity \|** The Fund's strategic equity exposures produced gains across the board over the fiscal year. The Fund's positions in Invesco QQQ Income Advantage ETF, Invesco S&P 500 Equal Weight Income Advantage ETF and Invesco MSCI EAFE Income Advantage ETF were all notable contributors to performance.

 **Strategic Fixed Income \|** The Fund's strategic fixed income exposures broadly produced gains over the fiscal year with short-term investment grade and high yield exposures being the top contributors within the asset class.

#### What detracted from performance?
 **Tactical Positioning \|** The Fund's adaptive monthly tactical positioning produced a slight drag on performance during the fiscal year, due to positioning within fixed income. Most notable was the Fund's tactical positioning in UK gilts and German government bonds.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9712806.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Multi-Asset Income Fund (Class R6)** | 9.30% | 4.07% | 4.01% |
| **Custom Invesco Multi-Asset Income Index** | 12.39% | 6.02% | 5.98% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |

---

The Custom Invesco Multi-Asset Income Index is composed of 60% Bloomberg U.S. Aggregate Bond Index and 40% MSCI World Index (Net).

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$906531058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3977363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp;23.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Core Fixed Income ETF | &nbsp;&nbsp;&nbsp;19.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp;10.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp;8.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 09/30/2032 | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.88%, 08/15/2045 | &nbsp;&nbsp;&nbsp;1.36% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9712801.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective March 1, 2025, Class R6 shares' expense limitation of 0.65% changed to a boundary limit of 1.25% of the Fund's average daily net assets. The new boundary limit will remain in effect for an indefinite period. Invesco may amend and/or terminate the boundary limit at any time in its sole discretion.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

MAIN-AR-R6 **Invesco Multi-Asset Income Fund**

![TSR_logo](images_2625.jpg)

### Invesco Multi-Strategy Fund

### Class A: QVOPX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Multi-Strategy Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Strategy Fund<br>(Class A) | $1261.28%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned -3.70%. For the same time period, the HFRX Global Hedge Fund Index returned 7.27%.

#### What contributed to performance?
**Defensive exposures \|** The Fund's diversified defense component contributed to results in the aggregate. The diversified defense component is made up of factor equities, bonds, currency and commodities. Momentum equities were the top performer, benefiting from their overweight to the technology sector. Low volatility commodity exposure also contributed followed by value and quality factor bonds.

#### What detracted from performance?
**Adaptive positioning (Managed Futures) \|** The adaptive positioning (managed futures) strategy detracted from performance with losses in all four asset classes: stocks, bonds, commodities and currencies. Commodity positioning was the largest detractor primarily due to losses in energy and agriculture as volatile energy prices have made positioning challenging. Long exposure to gold helped buffer the losses with the metal ending the period at an all time high.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713687.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Multi-Strategy Fund (Class A) —including sales charge** | -9.07% | -0.57% | 0.16% |
| **Invesco Multi-Strategy Fund (Class A) —excluding sales charge** | -3.70% | 0.56% | 0.73% |
| **HFRX Global Hedge Fund Index** | 7.27% | 3.80% | 2.80% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Fundamental Alternatives Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$253772222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1947185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;103% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Managed Futures Strategy ETF | &nbsp;&nbsp;&nbsp;44.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;0.47% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713692.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-FALT-AR-A **Invesco Multi-Strategy Fund**

![TSR_logo](images_2625.jpg)

### Invesco Multi-Strategy Fund

### Class C: QOPCX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Multi-Strategy Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Strategy Fund<br>(Class C) | $1982.03%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned -4.46%. For the same time period, the HFRX Global Hedge Fund Index returned 7.27%.

#### What contributed to performance?
**Defensive exposures \|** The Fund's diversified defense component contributed to results in the aggregate. The diversified defense component is made up of factor equities, bonds, currency and commodities. Momentum equities were the top performer, benefiting from their overweight to the technology sector. Low volatility commodity exposure also contributed followed by value and quality factor bonds.

#### What detracted from performance?
**Adaptive positioning (Managed Futures) \|** The adaptive positioning (managed futures) strategy detracted from performance with losses in all four asset classes: stocks, bonds, commodities and currencies. Commodity positioning was the largest detractor primarily due to losses in energy and agriculture as volatile energy prices have made positioning challenging. Long exposure to gold helped buffer the losses with the metal ending the period at an all time high.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713742.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Multi-Strategy Fund (Class C) —including sales charge** | -5.45% | -0.19% | 0.11% |
| **Invesco Multi-Strategy Fund (Class C) —excluding sales charge** | -4.46% | -0.19% | 0.11% |
| **HFRX Global Hedge Fund Index** | 7.27% | 3.80% | 2.80% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Fundamental Alternatives Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$253772222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1947185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;103% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Managed Futures Strategy ETF | &nbsp;&nbsp;&nbsp;44.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;0.47% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713737.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-FALT-AR-C **Invesco Multi-Strategy Fund**

![TSR_logo](images_2625.jpg)

### Invesco Multi-Strategy Fund

### Class R: QOPNX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Multi-Strategy Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Strategy Fund<br>(Class R) | $1501.53%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned -3.97%. For the same time period, the HFRX Global Hedge Fund Index returned 7.27%.

#### What contributed to performance?
**Defensive exposures \|** The Fund's diversified defense component contributed to results in the aggregate. The diversified defense component is made up of factor equities, bonds, currency and commodities. Momentum equities were the top performer, benefiting from their overweight to the technology sector. Low volatility commodity exposure also contributed followed by value and quality factor bonds.

#### What detracted from performance?
**Adaptive positioning (Managed Futures) \|** The adaptive positioning (managed futures) strategy detracted from performance with losses in all four asset classes: stocks, bonds, commodities and currencies. Commodity positioning was the largest detractor primarily due to losses in energy and agriculture as volatile energy prices have made positioning challenging. Long exposure to gold helped buffer the losses with the metal ending the period at an all time high.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713759.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Multi-Strategy Fund (Class R)** | -3.97% | 0.30% | 0.46% |
| **HFRX Global Hedge Fund Index** | 7.27% | 3.80% | 2.80% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Fundamental Alternatives Fund (the predecessor fund) were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$253772222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1947185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;103% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Managed Futures Strategy ETF | &nbsp;&nbsp;&nbsp;44.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;0.47% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713764.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-FALT-AR-R **Invesco Multi-Strategy Fund**

![TSR_logo](images_2625.jpg)

### Invesco Multi-Strategy Fund

### Class Y: QOPYX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Multi-Strategy Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Strategy Fund<br>(Class Y) | $1011.03%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned -3.50%. For the same time period, the HFRX Global Hedge Fund Index returned 7.27%.

#### What contributed to performance?
**Defensive exposures \|** The Fund's diversified defense component contributed to results in the aggregate. The diversified defense component is made up of factor equities, bonds, currency and commodities. Momentum equities were the top performer, benefiting from their overweight to the technology sector. Low volatility commodity exposure also contributed followed by value and quality factor bonds.

#### What detracted from performance?
**Adaptive positioning (Managed Futures) \|** The adaptive positioning (managed futures) strategy detracted from performance with losses in all four asset classes: stocks, bonds, commodities and currencies. Commodity positioning was the largest detractor primarily due to losses in energy and agriculture as volatile energy prices have made positioning challenging. Long exposure to gold helped buffer the losses with the metal ending the period at an all time high.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713814.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Multi-Strategy Fund (Class Y)** | -3.50% | 0.81% | 0.97% |
| **HFRX Global Hedge Fund Index** | 7.27% | 3.80% | 2.80% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Fundamental Alternatives Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$253772222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1947185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;103% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Managed Futures Strategy ETF | &nbsp;&nbsp;&nbsp;44.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;0.47% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713809.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-FALT-AR-Y **Invesco Multi-Strategy Fund**

![TSR_logo](images_2625.jpg)

### Invesco Multi-Strategy Fund

### Class R5: FDATX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Multi-Strategy Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Strategy Fund<br>(Class R5) | $870.88%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned -3.36%. For the same time period, the HFRX Global Hedge Fund Index returned 7.27%.

#### What contributed to performance?
**Defensive exposures \|** The Fund's diversified defense component contributed to results in the aggregate. The diversified defense component is made up of factor equities, bonds, currency and commodities. Momentum equities were the top performer, benefiting from their overweight to the technology sector. Low volatility commodity exposure also contributed followed by value and quality factor bonds.

#### What detracted from performance?
**Adaptive positioning (Managed Futures) \|** The adaptive positioning (managed futures) strategy detracted from performance with losses in all four asset classes: stocks, bonds, commodities and currencies. Commodity positioning was the largest detractor primarily due to losses in energy and agriculture as volatile energy prices have made positioning challenging. Long exposure to gold helped buffer the losses with the metal ending the period at an all time high.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713831.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Multi-Strategy Fund (Class R5)** | -3.36% | 0.96% | 0.98% |
| **HFRX Global Hedge Fund Index** | 7.27% | 3.80% | 2.80% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Fundamental Alternatives Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$253772222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1947185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;103% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Managed Futures Strategy ETF | &nbsp;&nbsp;&nbsp;44.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;0.47% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713836.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-FALT-AR-R5 **Invesco Multi-Strategy Fund**

![TSR_logo](images_2625.jpg)

### Invesco Multi-Strategy Fund

### Class R6: QOPIX

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Multi-Strategy Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Strategy Fund<br>(Class R6) | $870.88%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly while major central banks cut rates amid easing inflation. Equities advanced overall with leadership broadening beyond the US as investors rotated towards international and emerging markets amid a weaker US dollar and policy uncertainty. Government bond yields moved lower amid moderating inflation and rising expectations for policy easing. Commodities were supported by resilient energy prices but were tempered by softer industrial metals prices.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned -3.33%. For the same time period, the HFRX Global Hedge Fund Index returned 7.27%.

#### What contributed to performance?
**Defensive exposures \|** The Fund's diversified defense component contributed to results in the aggregate. The diversified defense component is made up of factor equities, bonds, currency and commodities. Momentum equities were the top performer, benefiting from their overweight to the technology sector. Low volatility commodity exposure also contributed followed by value and quality factor bonds.

#### What detracted from performance?
**Adaptive positioning (Managed Futures) \|** The adaptive positioning (managed futures) strategy detracted from performance with losses in all four asset classes: stocks, bonds, commodities and currencies. Commodity positioning was the largest detractor primarily due to losses in energy and agriculture as volatile energy prices have made positioning challenging. Long exposure to gold helped buffer the losses with the metal ending the period at an all time high.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9713886.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Multi-Strategy Fund (Class R6)** | -3.33% | 0.98% | 1.14% |
| **HFRX Global Hedge Fund Index** | 7.27% | 3.80% | 2.80% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |

---

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer Fundamental Alternatives Fund (the predecessor fund) were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$253772222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1947185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;103% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Managed Futures Strategy ETF | &nbsp;&nbsp;&nbsp;44.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;0.47% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9713881.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-FALT-AR-R6 **Invesco Multi-Strategy Fund**

------

(b) Not applicable.

------

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended October 31, 2025.

------

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that the Registrant has two audit committee financial experts serving on its Audit Committee: Anthony J. LaCava, Jr. and James Liddy. Each of these audit committee financial experts is "independent" within the meaning of that term as used in Form N-CSR.

------

Item 4. Principal Accountant Fees and Services.

------

(a) to (d)

#### Fees Billed by PwC Related to the Registrant
PricewaterhouseCoopers LLP ("PwC"), the Registrant's independent registered public accounting firm, billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

---

| | | |
|:---|:---|:---|
|  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2025  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2024  |
| Audit Fees  | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 770708  | &nbsp;&nbsp;&nbsp;&nbsp;$866608  |
| Audit-Related Fees<sup>(</sup><sup>1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 15270&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13992&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Tax Fees<sup>(</sup><sup>2)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;$482698  | &nbsp;&nbsp;&nbsp;&nbsp;$306569  |
| All Other Fees  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  |
| Total Fees  | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;1268676  | &nbsp;&nbsp;&nbsp;&nbsp;$1187169  |

---

(1) Audit-Related Fees for the fiscal years ended 2025 and 2024 includes fees billed for reviewing regulatory filings. 

(2) Tax Fees for the fiscal years ended 2025 and 2024 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences. 

#### Fees Billed by PwC Related to Invesco and Affiliates
PwC billed Invesco Advisers, Inc. ("Invesco"), the Registrant's investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Affiliates") aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

---

| | | |
|:---|:---|:---|
|  | Fees Billed for Non- <br> Audit Services <br> Rendered to <br> Invesco and <br> Affiliates for Fiscal <br> Year Ended 2025 That <br> Were Required <br> to be Pre-Approved <br> by the Registrant's Audit Committee  | Fees Billed for Non- <br> Audit Services <br> Rendered to <br> Invesco and <br> Affiliates for Fiscal <br> Year Ended 2024 That <br> Were Required <br> to be Pre-Approved <br> by the Registrant's Audit Committee  |
| Audit-Related Fees<sup>(</sup><sup>1)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp; 1161000  | $&nbsp;&nbsp;&nbsp;&nbsp; 1134000  |
| Tax Fees  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  |
| All Other Fees  | <u>$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 0</u>  | <u>$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 0</u>  |
| Total Fees  | $1161000  | $&nbsp;&nbsp;&nbsp;&nbsp; 1134000  |

---

------

(1) Audit-Related Fees for the fiscal years ended 2025 and 2024 include fees billed related to reviewing controls at a service organization.

#### (e)(1)

#### PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

#### POLICIES AND PROCEDURES
As adopted by the Audit Committees

of the Invesco Funds (the "Funds")

Last Amended March 29, 2017

I. **Statement of Principles** 

The Audit Committees (the "Audit Committee") of the Boards of Trustees of the Funds (the "Board") have adopted these policies and procedures (the "Procedures") with respect to the pre-approval of audit and non-audit services to be provided by the Funds' independent auditor (the "Auditor") to the Funds, and to the Funds' investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, "Service Affiliates").

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate's engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a "Service Affiliate's Covered Engagement").

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate's Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission ("SEC") and other organizations and regulatory bodies applicable to the Funds ("Applicable Rules").<sup>1</sup> They address both general pre-approvals without consideration of specific case-by-case services ("general pre-approvals") and pre-approvals on a case-by-case basis ("specific pre-approvals"). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II. **Pre-Approval of Fund Audit Services** 

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds' financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor's qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

------

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III. **General and Specific Pre-Approval of Non-Audit Fund Services** 

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee's review and approval of General Pre-Approved Non-Audit Services, the Funds' Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV. **Non-Audit Service Types** 

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

a. <u>Audit-Related Services</u> 

"Audit-related services" are assurance and related services that are reasonably related to the performance of the audit or review of the Fund's financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as "Audit services"; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

b. <u>Tax Services</u> 

"Tax services" include, but are not limited to, the review and signing of the Funds' federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds' Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

------

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

c. <u>Other Services</u> 

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. <u>Appendix I</u> includes a list of services that the Auditor is prohibited from performing by the SEC rules. <u>Appendix I</u> also includes a list of services that would impair the Auditor's independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements.

V. **Pre-Approval of Service Affiliate's Covered Engagements** 

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate's engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a "Service Affiliate's Covered Engagement".

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate's Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate's Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate's Covered Engagement must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds' Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

------

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Funds. The Funds' Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Fund.

VI. **Pre-Approved Fee Levels or Established Amounts** 

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate's Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII. **Delegation** 

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate's Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case-by-case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate's Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII. **Compliance with Procedures** 

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds' Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds' Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds' Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX. **Amendments to Procedures** 

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

------

#### Appendix I

#### Non-Audit Services That May Impair the Auditor's Independence
The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

· Management functions; 

· Human resources; 

· Broker-dealer, investment adviser, or investment banking services; 

· Legal services; 

· Expert services unrelated to the audit; 

· Any service or product provided for a contingent fee or a commission; 

· Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance; 

· Tax services for persons in financial reporting oversight roles at the Fund; and 

· Any other service that the Public Company Oversight Board determines by regulation is impermissible. 

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements:

· Bookkeeping or other services related to the accounting records or financial statements of the audit client; 

· Financial information systems design and implementation; 

· Appraisal or valuation services, fairness opinions, or contribution-in-kind reports; 

· Actuarial services; and 

· Internal audit outsourcing services. 

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,737,000 for the fiscal year ended October 31, 2025 and $6,466,000 for the fiscal year ended October 31, 2024. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $8,380,698 for the fiscal year ended October 31, 2025 and $7,906,569 for the fiscal year ended October 31, 2024.

PwC provided audit services to the Investment Company complex of approximately $35 million.

------

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC's independence.

(i) Not applicable.

(j) Not applicable.

---

| | |
|:---|:---|
| 1  | Applicable Rules include, for example, New York Stock Exchange ("NYSE") rules applicable to closed-end funds managed by Invesco and listed on NYSE.  |

---

------

Item 5. Audit Committee of Listed Registrants.

Not applicable.

------

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](img3d7bfac41.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Balanced-Risk Allocation Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_4c209f17-0b73-446e-8695-3e85952d88d9_SOI-Continued-10_1) | Consolidated Schedule of Investments |
| [11](#xx_4c209f17-0b73-446e-8695-3e85952d88d9_FS-Continued-10_1) | Consolidated Financial Statements |
| [14](#xx_4c209f17-0b73-446e-8695-3e85952d88d9_FS-Continued-10_4) | Consolidated Financial Highlights |
| [15](#xx_4c209f17-0b73-446e-8695-3e85952d88d9_NTF-Continued-10_1) | Notes to Consolidated Financial Statements |
| [24](#xx_4c209f17-0b73-446e-8695-3e85952d88d9_ARS-Continued-10_1) | Report of Independent Registered Public Accounting Firm |
| [25](#xx_4c209f17-0b73-446e-8695-3e85952d88d9_AOC-Continued-10_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [28](#xx_4c209f17-0b73-446e-8695-3e85952d88d9_TI-Continued-10_1) | Tax Information |
| [29](#xx_4c209f17-0b73-446e-8695-3e85952d88d9_OIRSR-Continued-10_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments** 

*October 31, 2025* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **U.S. Treasury Securities–28.12%** | **U.S. Treasury Securities–28.12%** | **U.S. Treasury Securities–28.12%** | **U.S. Treasury Securities–28.12%** |  |  |
| **U.S. Treasury Floating Rate Notes–28.12%** | **U.S. Treasury Floating Rate Notes–28.12%** | **U.S. Treasury Floating Rate Notes–28.12%** | **U.S. Treasury Floating Rate Notes–28.12%** | **U.S. Treasury Floating Rate Notes–28.12%** | **U.S. Treasury Floating Rate Notes–28.12%** |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.25%)<sup>(a)</sup> <br>| 4.10% | 01/31/2026 |  | $80400 | &nbsp;&nbsp; $80412477 |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)<sup>(a)</sup> <br>| 4.00% | 04/30/2026 |  | 93350 | &nbsp;&nbsp; 93334129 |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.18%)<sup>(a)</sup> <br>| 4.08% | 07/31/2026 |  | 80500 | &nbsp;&nbsp; 80503098 |
| Total U.S. Treasury Securities (Cost $254,255,402) | Total U.S. Treasury Securities (Cost $254,255,402) | Total U.S. Treasury Securities (Cost $254,255,402) | Total U.S. Treasury Securities (Cost $254,255,402) |  | &nbsp;&nbsp; 254249704 |
|  |  | **Expiration**<br> **Date**<br>|  |  |  |
| **Commodity-Linked Securities–5.43%** | **Commodity-Linked Securities–5.43%** | **Commodity-Linked Securities–5.43%** | **Commodity-Linked Securities–5.43%** | **Commodity-Linked Securities–5.43%** | **Commodity-Linked Securities–5.43%** |
| Bank of Montreal, Commodity-Linked Notes (linked to the S&P GSCI Aluminum Dynamic Roll <br> Index) (Canada)<sup>(b)(c)</sup> <br>|  | 08/25/2026 |  | 9500 | &nbsp;&nbsp; 11178473 |
| Canadian Imperial Bank of Commerce, EMTN, U.S. Federal Funds Effective Rate minus 0.03% <br> (linked to the Canadian Imperial Bank of Commerce Gold Standard Roll Excess Return Index) <br> (Canada)<sup>(b)(c)</sup> <br>|  | 07/29/2026 |  | 11300 | &nbsp;&nbsp; 16775429 |
| Canadian Imperial Bank of Commerce, EMTN, U.S. Federal Funds Effective Rate minus 0.03% <br> (linked to the Canadian Imperial Bank of Commerce Silver Index) (Canada)<sup>(b)(c)</sup> <br>|  | 07/27/2026 |  | 4700 | &nbsp;&nbsp; 7719377 |
| Royal Bank of Canada, Commodity-Linked Notes (linked to the RBC Enhanced Copper 2x Index, <br> multiplied by 2) (Canada)<sup>(b)(c)</sup> <br>|  | 08/24/2026 |  | 11800 | &nbsp;&nbsp; 13420011 |
| Total Commodity-Linked Securities (Cost $37,300,000) | Total Commodity-Linked Securities (Cost $37,300,000) | Total Commodity-Linked Securities (Cost $37,300,000) | Total Commodity-Linked Securities (Cost $37,300,000) |  | &nbsp;&nbsp; 49093290 |
|  |  |  | **Shares** | **Shares** |  |
| **Money Market Funds–58.23%** | **Money Market Funds–58.23%** | **Money Market Funds–58.23%** | **Money Market Funds–58.23%** | **Money Market Funds–58.23%** | **Money Market Funds–58.23%** |
| Invesco Government & Agency Portfolio, Institutional Class, 4.06%<sup>(d)(e)</sup> <br>|  |  |  | 138918312 | &nbsp;&nbsp; 138918312 |
| Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Agency Class, <br> 4.29%<sup>(d)(e)</sup> <br>|  |  |  | 81581377 | &nbsp;&nbsp; 81581377 |
| Invesco Treasury Obligations Portfolio, Institutional Class, 3.86%<sup>(d)(e)</sup> <br>|  |  |  | 250700000 | &nbsp;&nbsp; 250700000 |
| Invesco Treasury Portfolio, Institutional Class, 3.96%<sup>(d)(e)</sup> <br>|  |  |  | 55340001 | &nbsp;&nbsp; 55340001 |
| Total Money Market Funds (Cost $526,539,690) | Total Money Market Funds (Cost $526,539,690) | Total Money Market Funds (Cost $526,539,690) | Total Money Market Funds (Cost $526,539,690) |  | &nbsp;&nbsp; 526539690 |
| **Options Purchased–0.27%** | **Options Purchased–0.27%** | **Options Purchased–0.27%** | **Options Purchased–0.27%** | **Options Purchased–0.27%** | **Options Purchased–0.27%** |
| (Cost $8,186,033)<sup>(f)</sup>  | (Cost $8,186,033)<sup>(f)</sup>  | (Cost $8,186,033)<sup>(f)</sup>  | (Cost $8,186,033)<sup>(f)</sup>  |  | &nbsp;&nbsp; 2390469 |
| TOTAL INVESTMENTS IN SECURITIES–92.05% (Cost $826,281,125) | TOTAL INVESTMENTS IN SECURITIES–92.05% (Cost $826,281,125) | TOTAL INVESTMENTS IN SECURITIES–92.05% (Cost $826,281,125) | TOTAL INVESTMENTS IN SECURITIES–92.05% (Cost $826,281,125) |  | &nbsp;&nbsp; 832273153 |
| OTHER ASSETS LESS LIABILITIES–7.95% | OTHER ASSETS LESS LIABILITIES–7.95% | OTHER ASSETS LESS LIABILITIES–7.95% | OTHER ASSETS LESS LIABILITIES–7.95% |  | &nbsp;&nbsp; 71906011 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $904179164 |

---

Investment Abbreviations:

EMTN – European Medium-Term Notes

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

**2**

**Invesco Balanced-Risk Allocation Fund**

------

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2025.

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $49,093,290, which represented 5.43% of the Fund's Net Assets. 

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

<sup>(d)</sup> 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 fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $158269511 | &nbsp;&nbsp; $213906215 | &nbsp;&nbsp; $(233257414) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $138918312 | &nbsp;&nbsp; $6499908 |
| Invesco Liquidity Funds PLC, Invesco US Dollar <br> Liquidity Portfolio, Agency Class<br>| 110226460 | &nbsp;&nbsp; 173849058 | &nbsp;&nbsp; (202494141) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 81581377 | &nbsp;&nbsp; 3982538 |
| Invesco Treasury Obligations Portfolio, Institutional <br> Class<br>| 336300000 | &nbsp;&nbsp; - | &nbsp;&nbsp; (85600000) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 250700000 | &nbsp;&nbsp; 11465975 |
| Invesco Treasury Portfolio, Institutional Class | 44106515 | &nbsp;&nbsp; 397254400 | &nbsp;&nbsp; (386020914) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 55340001 | &nbsp;&nbsp; 2521550 |
| Total | $648902486 | &nbsp;&nbsp; $785009673 | &nbsp;&nbsp; $(907372469) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $526539690 | &nbsp;&nbsp; $24469971 |

---

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025. <br> <sup>(f)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| EURO STOXX 50 Index | Put | 11/21/2025 | &nbsp;&nbsp;&nbsp; 41 | EUR | 4800.00 | EUR | 1968000 | &nbsp;&nbsp;&nbsp; $1323 |
| EURO STOXX 50 Index | Put | 12/19/2025 | &nbsp;&nbsp;&nbsp; 41 | EUR | 4700.00 | EUR | 1927000 | &nbsp;&nbsp;&nbsp; 4584 |
| EURO STOXX 50 Index | Put | 01/16/2026 | &nbsp;&nbsp;&nbsp; 40 | EUR | 4700.00 | EUR | 1880000 | &nbsp;&nbsp;&nbsp; 8345 |
| EURO STOXX 50 Index | Put | 02/20/2026 | &nbsp;&nbsp;&nbsp; 40 | EUR | 5100.00 | EUR | 2040000 | &nbsp;&nbsp;&nbsp; 26834 |
| EURO STOXX 50 Index | Put | 04/17/2026 | &nbsp;&nbsp;&nbsp; 40 | EUR | 5100.00 | EUR | 2040000 | &nbsp;&nbsp;&nbsp; 41127 |
| EURO STOXX 50 Index | Put | 05/15/2026 | &nbsp;&nbsp;&nbsp; 40 | EUR | 5000.00 | EUR | 2000000 | &nbsp;&nbsp;&nbsp; 44077 |
| EURO STOXX 50 Index | Put | 03/20/2026 | &nbsp;&nbsp;&nbsp; 40 | EUR | 5400.00 | EUR | 2160000 | &nbsp;&nbsp;&nbsp; 57771 |
| EURO STOXX 50 Index | Put | 08/21/2026 | &nbsp;&nbsp;&nbsp; 40 | EUR | 5000.00 | EUR | 2000000 | &nbsp;&nbsp;&nbsp; 65332 |
| EURO STOXX 50 Index | Put | 07/17/2026 | &nbsp;&nbsp;&nbsp; 40 | EUR | 5100.00 | EUR | 2040000 | &nbsp;&nbsp;&nbsp; 66761 |
| EURO STOXX 50 Index | Put | 06/19/2026 | &nbsp;&nbsp;&nbsp; 40 | EUR | 5200.00 | EUR | 2080000 | &nbsp;&nbsp;&nbsp; 69528 |
| EURO STOXX 50 Index | Put | 09/18/2026 | &nbsp;&nbsp;&nbsp; 40 | EUR | 5200.00 | EUR | 2080000 | &nbsp;&nbsp;&nbsp; 89676 |
| EURO STOXX 50 Index | Put | 10/16/2026 | &nbsp;&nbsp;&nbsp; 40 | EUR | 5500.00 | EUR | 2200000 | &nbsp;&nbsp;&nbsp; 137304 |
| FTSE 100 Index | Put | 11/21/2025 | &nbsp;&nbsp;&nbsp; 25 | GBP | 8100.00 | GBP | 2025000 | &nbsp;&nbsp;&nbsp; 821 |
| FTSE 100 Index | Put | 12/19/2025 | &nbsp;&nbsp;&nbsp; 25 | GBP | 8250.00 | GBP | 2062500 | &nbsp;&nbsp;&nbsp; 3448 |
| FTSE 100 Index | Put | 01/16/2026 | &nbsp;&nbsp;&nbsp; 25 | GBP | 8150.00 | GBP | 2037500 | &nbsp;&nbsp;&nbsp; 5583 |
| FTSE 100 Index | Put | 02/20/2026 | &nbsp;&nbsp;&nbsp; 25 | GBP | 8475.00 | GBP | 2118750 | &nbsp;&nbsp;&nbsp; 13465 |
| FTSE 100 Index | Put | 04/17/2026 | &nbsp;&nbsp;&nbsp; 25 | GBP | 8500.00 | GBP | 2125000 | &nbsp;&nbsp;&nbsp; 19377 |
| FTSE 100 Index | Put | 03/20/2026 | &nbsp;&nbsp;&nbsp; 25 | GBP | 8800.00 | GBP | 2200000 | &nbsp;&nbsp;&nbsp; 22661 |
| FTSE 100 Index | Put | 05/15/2026 | &nbsp;&nbsp;&nbsp; 25 | GBP | 8350.00 | GBP | 2087500 | &nbsp;&nbsp;&nbsp; 24632 |
| FTSE 100 Index | Put | 06/19/2026 | &nbsp;&nbsp;&nbsp; 25 | GBP | 8700.00 | GBP | 2175000 | &nbsp;&nbsp;&nbsp; 37769 |
| FTSE 100 Index | Put | 07/17/2026 | &nbsp;&nbsp;&nbsp; 25 | GBP | 8700.00 | GBP | 2175000 | &nbsp;&nbsp;&nbsp; 43024 |
| FTSE 100 Index | Put | 08/21/2026 | &nbsp;&nbsp;&nbsp; 26 | GBP | 8950.00 | GBP | 2327000 | &nbsp;&nbsp;&nbsp; 59090 |
| FTSE 100 Index | Put | 09/18/2026 | &nbsp;&nbsp;&nbsp; 25 | GBP | 9000.00 | GBP | 2250000 | &nbsp;&nbsp;&nbsp; 69790 |
| FTSE 100 Index | Put | 10/16/2026 | &nbsp;&nbsp;&nbsp; 25 | GBP | 9375.00 | GBP | 2343750 | &nbsp;&nbsp;&nbsp; 107559 |
| MSCI Emerging Markets Index | Put | 11/21/2025 | &nbsp;&nbsp;&nbsp; 18 | USD | 1125.00 | USD | 2025000 | &nbsp;&nbsp;&nbsp; 990 |
| MSCI Emerging Markets Index | Put | 12/19/2025 | &nbsp;&nbsp;&nbsp; 18 | USD | 1080.00 | USD | 1944000 | &nbsp;&nbsp;&nbsp; 2655 |
| MSCI Emerging Markets Index | Put | 01/16/2026 | &nbsp;&nbsp;&nbsp; 18 | USD | 1060.00 | USD | 1908000 | &nbsp;&nbsp;&nbsp; 4185 |
| MSCI Emerging Markets Index | Put | 02/20/2026 | &nbsp;&nbsp;&nbsp; 18 | USD | 1070.00 | USD | 1926000 | &nbsp;&nbsp;&nbsp; 7830 |
| MSCI Emerging Markets Index | Put | 03/20/2026 | &nbsp;&nbsp;&nbsp; 18 | USD | 1090.00 | USD | 1962000 | &nbsp;&nbsp;&nbsp; 12330 |

---

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

**3**

**Invesco Balanced-Risk Allocation Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of**<br> **Contract**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Date**<br>| &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value**<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value**<sup>(a)</sup> | **Value** |
| MSCI Emerging Markets Index | Put | 04/17/2026 | &nbsp;&nbsp;&nbsp; 18 | USD | 1100.00 | USD | 1980000 | &nbsp;&nbsp;&nbsp; $17190 |
| MSCI Emerging Markets Index | Put | 05/15/2026 | &nbsp;&nbsp;&nbsp; 18 | USD | 1100.00 | USD | 1980000 | &nbsp;&nbsp;&nbsp; 23130 |
| MSCI Emerging Markets Index | Put | 06/18/2026 | &nbsp;&nbsp;&nbsp; 18 | USD | 1140.00 | USD | 2052000 | &nbsp;&nbsp;&nbsp; 33660 |
| MSCI Emerging Markets Index | Put | 07/17/2026 | &nbsp;&nbsp;&nbsp; 18 | USD | 1220.00 | USD | 2196000 | &nbsp;&nbsp;&nbsp; 56160 |
| MSCI Emerging Markets Index | Put | 08/21/2026 | &nbsp;&nbsp;&nbsp; 17 | USD | 1210.00 | USD | 2057000 | &nbsp;&nbsp;&nbsp; 56950 |
| MSCI Emerging Markets Index | Put | 09/18/2026 | &nbsp;&nbsp;&nbsp; 17 | USD | 1250.00 | USD | 2125000 | &nbsp;&nbsp;&nbsp; 64600 |
| MSCI Emerging Markets Index | Put | 10/16/2026 | &nbsp;&nbsp;&nbsp; 18 | USD | 1350.00 | USD | 2430000 | &nbsp;&nbsp;&nbsp; 119880 |
| Nikkei 225 Index | Put | 12/12/2025 | &nbsp;&nbsp;&nbsp; 10 | JPY | 37000.00 | JPY | 370000000 | &nbsp;&nbsp;&nbsp; 4867 |
| Nikkei 225 Index | Put | 12/12/2025 | &nbsp;&nbsp;&nbsp; 10 | JPY | 37250.00 | JPY | 372500000 | &nbsp;&nbsp;&nbsp; 4932 |
| Nikkei 225 Index | Put | 03/13/2026 | &nbsp;&nbsp;&nbsp; 9 | JPY | 36250.00 | JPY | 326250000 | &nbsp;&nbsp;&nbsp; 10512 |
| Nikkei 225 Index | Put | 03/13/2026 | &nbsp;&nbsp;&nbsp; 10 | JPY | 37000.00 | JPY | 370000000 | &nbsp;&nbsp;&nbsp; 13302 |
| Nikkei 225 Index | Put | 03/13/2026 | &nbsp;&nbsp;&nbsp; 10 | JPY | 37250.00 | JPY | 372500000 | &nbsp;&nbsp;&nbsp; 13951 |
| Nikkei 225 Index | Put | 06/12/2026 | &nbsp;&nbsp;&nbsp; 9 | JPY | 34250.00 | JPY | 308250000 | &nbsp;&nbsp;&nbsp; 16936 |
| Nikkei 225 Index | Put | 06/12/2026 | &nbsp;&nbsp;&nbsp; 9 | JPY | 35000.00 | JPY | 315000000 | &nbsp;&nbsp;&nbsp; 18980 |
| Nikkei 225 Index | Put | 06/12/2026 | &nbsp;&nbsp;&nbsp; 9 | JPY | 36000.00 | JPY | 324000000 | &nbsp;&nbsp;&nbsp; 21900 |
| Nikkei 225 Index | Put | 09/11/2026 | &nbsp;&nbsp;&nbsp; 9 | JPY | 38500.00 | JPY | 346500000 | &nbsp;&nbsp;&nbsp; 45260 |
| Nikkei 225 Index | Put | 09/11/2026 | &nbsp;&nbsp;&nbsp; 9 | JPY | 39250.00 | JPY | 353250000 | &nbsp;&nbsp;&nbsp; 50224 |
| Nikkei 225 Index | Put | 09/11/2026 | &nbsp;&nbsp;&nbsp; 9 | JPY | 40750.00 | JPY | 366750000 | &nbsp;&nbsp;&nbsp; 62780 |
| Nikkei 225 Index | Put | 12/11/2026 | &nbsp;&nbsp;&nbsp; 9 | JPY | 43000.00 | JPY | 387000000 | &nbsp;&nbsp;&nbsp; 102784 |
| S&P 500 Index | Put | 11/21/2025 | &nbsp;&nbsp;&nbsp; 5 | USD | 5825.00 | USD | 2912500 | &nbsp;&nbsp;&nbsp; 1625 |
| S&P 500 Index | Put | 12/19/2025 | &nbsp;&nbsp;&nbsp; 5 | USD | 6100.00 | USD | 3050000 | &nbsp;&nbsp;&nbsp; 12375 |
| S&P 500 Index | Put | 01/16/2026 | &nbsp;&nbsp;&nbsp; 4 | USD | 5975.00 | USD | 2390000 | &nbsp;&nbsp;&nbsp; 14800 |
| S&P 500 Index | Put | 02/20/2026 | &nbsp;&nbsp;&nbsp; 4 | USD | 6000.00 | USD | 2400000 | &nbsp;&nbsp;&nbsp; 24860 |
| S&P 500 Index | Put | 04/17/2026 | &nbsp;&nbsp;&nbsp; 4 | USD | 5625.00 | USD | 2250000 | &nbsp;&nbsp;&nbsp; 25900 |
| S&P 500 Index | Put | 03/20/2026 | &nbsp;&nbsp;&nbsp; 4 | USD | 5975.00 | USD | 2390000 | &nbsp;&nbsp;&nbsp; 31600 |
| S&P 500 Index | Put | 05/15/2026 | &nbsp;&nbsp;&nbsp; 4 | USD | 5650.00 | USD | 2260000 | &nbsp;&nbsp;&nbsp; 32100 |
| S&P 500 Index | Put | 06/18/2026 | &nbsp;&nbsp;&nbsp; 4 | USD | 5950.00 | USD | 2380000 | &nbsp;&nbsp;&nbsp; 51640 |
| S&P 500 Index | Put | 07/17/2026 | &nbsp;&nbsp;&nbsp; 4 | USD | 6225.00 | USD | 2490000 | &nbsp;&nbsp;&nbsp; 74400 |
| S&P 500 Index | Put | 08/21/2026 | &nbsp;&nbsp;&nbsp; 4 | USD | 6300.00 | USD | 2520000 | &nbsp;&nbsp;&nbsp; 88240 |
| S&P 500 Index | Put | 09/18/2026 | &nbsp;&nbsp;&nbsp; 4 | USD | 6450.00 | USD | 2580000 | &nbsp;&nbsp;&nbsp; 106880 |
| S&P 500 Index | Put | 10/16/2026 | &nbsp;&nbsp;&nbsp; 4 | USD | 6725.00 | USD | 2690000 | &nbsp;&nbsp;&nbsp; 140180 |
| Total Index Options Purchased | Total Index Options Purchased | Total Index Options Purchased |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $2390469 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Commodity Risk** | **Commodity Risk** | **Commodity Risk** | **Commodity Risk** | **Commodity Risk** | **Commodity Risk** |
| Gasoline Reformulated Blendstock Oxygenate Blending | &nbsp;&nbsp;&nbsp; 215 | November-2025 | &nbsp;&nbsp;&nbsp; $17164224 | &nbsp;&nbsp;&nbsp; $920721 | &nbsp;&nbsp;&nbsp; $920721 |
| Silver | &nbsp;&nbsp;&nbsp; 15 | December-2025 | &nbsp;&nbsp;&nbsp; 3612000 | &nbsp;&nbsp;&nbsp; 720579 | &nbsp;&nbsp;&nbsp; 720579 |
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; 1641300 | &nbsp;&nbsp;&nbsp; 1641300 |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-Mini Russell 2000 Index | &nbsp;&nbsp;&nbsp; 338 | December-2025 | &nbsp;&nbsp;&nbsp; 42079310 | &nbsp;&nbsp;&nbsp; 1204038 | &nbsp;&nbsp;&nbsp; 1204038 |
| E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 24 | December-2025 | &nbsp;&nbsp;&nbsp; 8248800 | &nbsp;&nbsp;&nbsp; 217958 | &nbsp;&nbsp;&nbsp; 217958 |
| EURO STOXX 50 Index | &nbsp;&nbsp;&nbsp; 255 | December-2025 | &nbsp;&nbsp;&nbsp; 16662652 | &nbsp;&nbsp;&nbsp; 725377 | &nbsp;&nbsp;&nbsp; 725377 |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; 58 | December-2025 | &nbsp;&nbsp;&nbsp; 7425924 | &nbsp;&nbsp;&nbsp; 326559 | &nbsp;&nbsp;&nbsp; 326559 |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 705 | December-2025 | &nbsp;&nbsp;&nbsp; 49617900 | &nbsp;&nbsp;&nbsp; 2522793 | &nbsp;&nbsp;&nbsp; 2522793 |
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp; 68 | December-2025 | &nbsp;&nbsp;&nbsp; 23152034 | &nbsp;&nbsp;&nbsp; 3860448 | &nbsp;&nbsp;&nbsp; 3860448 |
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; 8857173 | &nbsp;&nbsp;&nbsp; 8857173 |

---

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

**4**

**Invesco Balanced-Risk Allocation Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Australia 10 Year Bonds | &nbsp;&nbsp;&nbsp; 1935 | December-2025 | &nbsp;&nbsp;&nbsp; $143841426 | &nbsp;&nbsp;&nbsp; $163412 | &nbsp;&nbsp;&nbsp; $163412 |
| Canada 10 Year Bonds | &nbsp;&nbsp;&nbsp; 2000 | December-2025 | &nbsp;&nbsp;&nbsp; 175052583 | &nbsp;&nbsp;&nbsp; 3653104 | &nbsp;&nbsp;&nbsp; 3653104 |
| Euro-Bund | &nbsp;&nbsp;&nbsp; 823 | December-2025 | &nbsp;&nbsp;&nbsp; 122743365 | &nbsp;&nbsp;&nbsp; 972788 | &nbsp;&nbsp;&nbsp; 972788 |
| Japan 10 Year Bonds | &nbsp;&nbsp;&nbsp; 151 | December-2025 | &nbsp;&nbsp;&nbsp; 133294659 | &nbsp;&nbsp;&nbsp; (1078108)<br>| &nbsp;&nbsp;&nbsp; (1078108)<br>|
| Long Gilt | &nbsp;&nbsp;&nbsp; 844 | December-2025 | &nbsp;&nbsp;&nbsp; 103802346 | &nbsp;&nbsp;&nbsp; 3455999 | &nbsp;&nbsp;&nbsp; 3455999 |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 800 | December-2025 | &nbsp;&nbsp;&nbsp; 93850000 | &nbsp;&nbsp;&nbsp; 2601978 | &nbsp;&nbsp;&nbsp; 2601978 |
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; 9769173 | &nbsp;&nbsp;&nbsp; 9769173 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $20267646 | &nbsp;&nbsp;&nbsp; $20267646 |

---

<sup>(a)</sup> Futures contracts collateralized by $40,417,671 cash held with Merrill Lynch International, the futures commission merchant.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  |
| **Counterparty** | **Pay/** <br>**Receive**<br>| **Reference Entity**<sup>(c)</sup> <br>| **Fixed** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Number of** <br>**Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Commodity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Barclays Bank PLC | Receive | Barclays Soybeans <br> Seasonal Index Excess <br> Return<br>| 0.19% | Monthly | 21200 | February—2026 | USD | 6391791 | $— | $452597 | $452597 |
| Barclays Bank PLC | Receive | Barclays Wheat <br> Seasonal Index<br>| 0.17 | Monthly | 365000 | May—2026 | USD | 4087635 |  | 288898 | 288898 |
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial Bank <br> of Commerce <br> Seasonally Enhanced <br> Cotton Commodity <br> Excess Return Index<br>| 0.28 | Monthly | 35800 | February—2026 | USD | 4283660 |  | 131361 | 131361 |
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial Bank <br> of Commerce Soybean <br> Meal 1 Excess Return <br> Commodity Index<br>| 0.14 | Monthly | 47500 | February—2026 | USD | 7418635 |  | 1285607 | 1285607 |
| Citibank, N.A. | Receive | Citi Commodities Curve <br> Beta Enhanced <br> Distributed Mono Index <br> - WTI Crude Oil (Excess <br> Return)<br>| 0.14 | Monthly | 6400 | October—2026 | USD | 5342368 |  | 70246 | 70246 |
| Goldman Sachs <br> International<br>| Receive | Goldman Sachs <br> Commodity Daily IC <br> Selective Curve <br> Strategy - LA<br>| 0.25 | Monthly | 47000 | July—2026 | USD | 5833358 |  | 292453 | 292453 |
| Goldman Sachs <br> International<br>| Receive | S&P GSCI Corn Excess <br> Return Index<br>| 0.18 | Monthly | 5000 | June—2026 | USD | 118043 |  | 3304 | 3304 |
| J.P. Morgan Chase <br> Bank, N.A.<br>| Receive | J.P. Morgan Contag <br> Beta Gas Oil Excess <br> Return Index<br>| 0.25 | Monthly | 48000 | January—2026 | USD | 17184298 |  | 1371830 | 1371830 |
| Macquarie Bank Ltd. | Receive | Macquarie Single <br> Commodity Soymeal <br> type A Excess Return<br>| 0.17 | Monthly | 20000 | February—2026 | USD | 6026214 |  | 448314 | 448314 |
| Merrill Lynch <br> International<br>| Pay | Merrill Lynch Gold <br> Excess Return Index<br>| 0.01 | Monthly | 1300 | October—2026 | USD | 498488 |  | 0 | 0 |
| Merrill Lynch <br> International<br>| Receive | MLCISCE Excess Return <br> Index<br>| 0.12 | Monthly | 104000 | May—2026 | USD | 4268337 |  | 0 | 0 |
| Merrill Lynch <br> International<br>| Receive | MLCX Natural Gas <br> Annual Excess Return <br> Index<br>| 0.25 | Monthly | 89500 | October—2026 | USD | 5355966 |  | 64386 | 64386 |

---

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

**5**

**Invesco Balanced-Risk Allocation Fund**

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** |
| **Counterparty** | **Pay/**<br> **Receive**<br>| **Reference Entity**<sup>(c)</sup> | **Fixed**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Number of**<br> **Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Merrill Lynch <br> International<br>| Receive | MLCX6CTE Excess <br> Return Index<br>| 0.18% | Monthly | 70500 | October—2026 | USD | 5193375 | $— | $0 | $0 |
| Royal Bank of Canada | Receive | RBC Commodity SO01 <br> Excess Return Custom <br> Index<br>| 0.18 | Monthly | 49500 | February—2026 | USD | 5584338 |  | 0 | 0 |
| Subtotal |  |  |  |  |  |  |  |  |  | 4408996 | 4408996 |
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A. | Receive | BNP Paribas AIR VAR <br> Intraday US Calendar <br> Excess Return Index<br>| 0.00 | Monthly | 98500 | October—2026 | USD | 21103605 |  | 156689 | 156689 |
| Citibank, N.A. | Receive | Citi EQ U.S. Volatility <br> Carry (G) Series 5 <br> Index<br>| 0.00 | Monthly | 87000 | September—2026 | USD | 13574610 |  | 51784 | 51784 |
| Goldman Sachs <br> International<br>| Receive | Volatility Carry US <br> Series VSB1 Excess <br> Return Strategy<br>| 0.00 | Monthly | 266000 | October—2026 | USD | 26647880 |  | 84240 | 84240 |
| Macquarie Bank Ltd. | Receive | Macquarie Volatility <br> Product VMAQWSL5<br>| 0.15 | Monthly | 202000 | October—2026 | USD | 24274502 |  | 55252 | 55252 |
| Morgan Stanley and Co. <br> International PLC<br>| Receive | Morgan Stanley <br> Volatility Relative <br> Value SPX<br>| 0.00 | Monthly | 129000 | October—2026 | USD | 17743950 |  | 83852 | 83852 |
| Subtotal |  |  |  |  |  |  |  |  |  | 431817 | 431817 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  |  |  | 4840813 | 4840813 |
| **Commodity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Barclays Bank PLC | Receive | Barclays Brent Crude <br> Roll Yield Index<br>| 0.17 | Monthly | 30100 | October—2026 | USD | 14900746 |  | (29847)<br>| (29847)<br>|
| Barclays Bank PLC | Receive | Barclays Soybean Oil <br> Seasonal Index<br>| 0.19 | Monthly | 61000 | December—2025 | USD | 6480689 |  | (270450)<br>| (270450)<br>|
| Canadian Imperial Bank <br> of Commerce<br>| Pay | Canadian Imperial Bank <br> of Commerce LME <br> Copper Standard Roll <br> Excess Return Index<br>| 0.06 | Monthly | 5700 | August—2026 | USD | 3267149 |  | (18341)<br>| (18341)<br>|
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial Bank <br> of Commerce <br> Seasonally Enhanced <br> Bean Oil Commodity <br> Index<br>| 0.26 | Monthly | 11000 | February—2026 | USD | 1329767 |  | (50457)<br>| (50457)<br>|
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial Bank <br> of Commerce <br> Seasonally Enhanced <br> Lean Hog Commodity <br> Index<br>| 0.20 | Monthly | 136000 | April—2026 | USD | 7107646 |  | (299472)<br>| (299472)<br>|
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial Bank <br> of Commerce <br> Seasonally Enhanced <br> Live Cattle Commodity <br> Index<br>| 0.15 | Monthly | 33300 | December—2025 | USD | 4388264 |  | (270289)<br>| (270289)<br>|
| Canadian Imperial Bank <br> of Commerce<br>| Receive | CIBZ Enhanced Sugar 2 <br> Excess Return Index<br>| 0.21 | Monthly | 88500 | December—2025 | USD | 9643942 |  | (729010)<br>| (729010)<br>|
| Citibank, N.A. | Receive | Citi Commodities <br> Benchmark (Regular <br> Roll) Mono Index <br> Coffee<br>| 0.12 | Monthly | 425000 | December—2025 | USD | 8086050 |  | (109650)<br>| (109650)<br>|

---

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

**6**

**Invesco Balanced-Risk Allocation Fund**

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** |
| **Counterparty** | **Pay/**<br> **Receive**<br>| **Reference Entity**<sup>(c)</sup> | **Fixed**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Number of**<br> **Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Goldman Sachs <br> International<br>| Receive | S&P GSCI Soybean Oil <br> Excess Return Index<br>| 0.25% | Monthly | 48300 | February—2026 | USD | 6521968 | $— | $(301551)<br>| $(301551)<br>|
| J.P. Morgan Chase <br> Bank, N.A.<br>| Receive | J.P. Morgan Front <br> Month Heating Oil <br> Excess Return Index<br>| 0.11 | Monthly | 58900 | October—2026 | USD | 18794554 |  | (54689)<br>| (54689)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  |  |  | (2133756)<br>| (2133756)<br>|
| Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements |  |  |  |  | $— | $2707057 | $2707057 |

---

---

| |
|:---|
| <sup>(a)</sup> Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $350,000. |
| <sup>(b)</sup> The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively. |
| <sup>(c)</sup> The Reference Entity Components table below includes additional information regarding the underlying components of certain reference entities that are not <br>publicly available. |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  |
| **Counterparty** | **Pay/** <br>**Receive**<br>| **Reference Entity** | **Floating** <br>**Rate** <br>**Index**<br>| **Payment** <br>**Frequency**<br>| **Number of** <br>**Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A. | Receive | MSCI Japan <br> Minimum <br> Volatility Index<br>| TONAR - <br> 0.150%<br>| Monthly | 336542 | January—2026 | JPY | 1377584196 | $— | $338093 | $338093 |
| BNP Paribas S.A. | Receive | MSCI Japan <br> Quality Index<br>| TONAR - <br> 0.060%<br>| Monthly | 262469 | January—2026 | JPY | 1157619525 |  | 643923 | 643923 |
| Citibank, N.A. | Receive | Invesco UK <br> Broad Low <br> Volatility Net <br> Total Return <br> Index<br>| SONIA + <br> 0.440%<br>| Monthly | 1008 | November—2025 | GBP | 6597935 |  | 196451 | 196451 |
| Citibank, N.A. | Receive | Invesco UK <br> Broad Price <br> Momentum Net <br> Total Return <br> Index<br>| SONIA + <br> 0.425%<br>| Monthly | 428 | November—2025 | GBP | 3822327 |  | 110430 | 110430 |
| Citibank, N.A. | Receive | Invesco UK <br> Broad Price <br> Momentum Net <br> Total Return <br> Index<br>| SONIA + <br> 0.439%<br>| Monthly | 1272 | November—2025 | GBP | 11359812 |  | 328194 | 328194 |
| Citibank, N.A. | Receive | Invesco UK <br> Broad Quality <br> Net Total Return <br> Index<br>| SONIA + <br> 0..525%<br>| Monthly | 1110 | December—2025 | GBP | 10973582 |  | 503220 | 503220 |
| Citibank, N.A. | Receive | MSCI EMU <br> Momentum <br> Index<br>| ESTRON + <br> 0.353%<br>| Monthly | 1650 | January—2026 | EUR | 14233897 |  | 39837 | 39837 |
| Citibank, N.A. | Receive | MSCI Japan <br> Minimum <br> Volatility Index<br>| TONAR - <br> 0.070%<br>| Monthly | 336344 | February—2026 | JPY | 1376773712 |  | 337894 | 337894 |
| Citibank, N.A. | Receive | MSCI Japan <br> Minimum <br> Volatility Index<br>| TONAR - <br> 0.070%<br>| Monthly | 222114 | February—2026 | JPY | 909190341 |  | 223137 | 223137 |
| Citibank, N.A. | Receive | MSCI Japan <br> Minimum <br> Volatility Index<br>| TONAR - <br> 0.090%<br>| Monthly | 70000 | February—2026 | JPY | 286534500 |  | 70323 | 70323 |
| Citibank, N.A. | Receive | MSCI Japan <br> Quality Index<br>| TONAR - <br> 0.010%<br>| Monthly | 71519 | February—2026 | JPY | 315434549 |  | 175460 | 175460 |
| Citibank, N.A. | Receive | MSCI Japan <br> Quality Index<br>| TONAR + <br> 0.000%<br>| Monthly | 368259 | February—2026 | JPY | 1624206320 |  | 903461 | 903461 |
| Citibank, N.A. | Receive | MSCI Japan <br> Quality Index<br>| TONAR + <br> 0.020%<br>| Monthly | 232753 | February—2026 | JPY | 1026557107 |  | 571020 | 571020 |

---

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

**7**

**Invesco Balanced-Risk Allocation Fund**

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** |
| **Counterparty** | **Pay/**<br> **Receive**<br>| **Reference Entity** | **Floating**<br> **Rate**<br> **Index**<br>| **Payment**<br> **Frequency**<br>| **Number of**<br> **Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Goldman Sachs <br> International<br>| Receive | Invesco <br> U.S. Large Cap <br> Broad Quality <br> Total Return <br> Index<br>| SOFR + <br> 0.720%<br>| Monthly | 1090 | December—2025 | USD | 18108955 | $— | $212499 | $212499 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK <br> Broad Low <br> Volatility Net <br> Total Return <br> Index<br>| SONIA + <br> 0.430%<br>| Monthly | 1382 | November—2025 | GBP | 9045978 |  | 269340 | 269340 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK <br> Broad Quality <br> Net Total Return <br> Index<br>| SONIA + <br> 0.520%<br>| Monthly | 390 | December—2025 | GBP | 3899692 |  | 118861 | 118861 |
| Merrill Lynch <br> International<br>| Receive | Invesco UK <br> Broad Quality <br> Net Total Return <br> Index<br>| SONIA + <br> 0.509%<br>| Monthly | 30 | January—2026 | GBP | 298898 |  | 10560 | 10560 |
| Merrill Lynch <br> International<br>| Receive | MSCI EMU <br> Minimum <br> Volatility Index<br>| ESTRON + <br> 0.339%<br>| Monthly | 3700 | March—2026 | EUR | 14785681 |  | 97920 | 97920 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  |  |  | 5150623 | 5150623 |
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A. | Receive | MSCI EMU <br> Quality Index<br>| ESTRON + <br> 0.398%<br>| Monthly | 2920 | January—2026 | EUR | 14405645 |  | (41937)<br>| (41937)<br>|
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco <br> U.S. Large Cap <br> Broad Price <br> Momentum <br> Total Return <br> Index<br>| SOFR + <br> 0.640%<br>| Monthly | 1350 | December—2025 | USD | 17966516 |  | (228617)<br>| (228617)<br>|
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco <br> U.S. Low <br> Volatility Total <br> Return Index<br>| SOFR + <br> 0.670%<br>| Monthly | 2120 | December—2025 | USD | 18209401 |  | (375346)<br>| (375346)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  |  |  | (645900)<br>| (645900)<br>|
| Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements |  |  |  |  | $— | $4504723 | $4504723 |

---

---

| |
|:---|
| <sup>(a)</sup> Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $350,000. |
| <sup>(b)</sup> The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively. |

---

---

| | | |
|:---|:---|:---|
| **Reference Entity Components** | **Reference Entity Components** | **Reference Entity Components** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **Barclays Soybeans Seasonal Index Excess Return** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean | &nbsp;&nbsp; 100.00% |
| **Barclays Wheat Seasonal Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Wheat | &nbsp;&nbsp; 100.00% |
| **Canadian Imperial Bank of Commerce Seasonally Enhanced Cotton** <br> **Commodity Excess Return Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Cotton | &nbsp;&nbsp; 100.00% |

---

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

**8**

**Invesco Balanced-Risk Allocation Fund**

------

---

| | | |
|:---|:---|:---|
| **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **Canadian Imperial Bank of Commerce Soybean Meal 1 Excess Return** <br> **Commodity Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Meal | &nbsp;&nbsp; 100.00% |
| **Citi Commodities Curve Beta Enhanced Distributed Mono Index - WTI** <br> **Crude Oil (Excess Return)**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Crude Oil | &nbsp;&nbsp; 100.00% |
| **Goldman Sachs Commodity Daily IC Selective Curve Strategy - LA** |  |  |
|  | **Long Futures Contracts** |  |
|  | Aluminum | &nbsp;&nbsp; 100.00% |
| **S&P GSCI Corn Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Corn | &nbsp;&nbsp; 100.00% |
| **J.P. Morgan Contag Beta Gas Oil Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Gas Oil | &nbsp;&nbsp; 100.00% |
| **Macquarie Single Commodity Soymeal type A Excess Return** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soymeal | &nbsp;&nbsp; 100.00% |
| **Merrill Lynch Gold Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Gold | &nbsp;&nbsp; 100.00% |
| **MLCISCE Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Corn | &nbsp;&nbsp; 100.00% |
| **MLCX Natural Gas Annual Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Natural Gas | &nbsp;&nbsp; 100.00% |
| **MLCX6CTE Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Cotton | &nbsp;&nbsp; 100.00% |
| **RBC Commodity SO01 Excess Return Custom Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean | &nbsp;&nbsp; 100.00% |
| **Barclays Brent Crude Roll Yield Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Brent Crude | &nbsp;&nbsp; 100.00% |
| **Barclays Soybean Oil Seasonal Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Oil  | &nbsp;&nbsp; 100.00% |

---

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

**9**

**Invesco Balanced-Risk Allocation Fund**

------

---

| | | |
|:---|:---|:---|
| **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **Canadian Imperial Bank of Commerce LME Copper Standard Roll** <br> **Excess Return Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Copper | &nbsp;&nbsp; 100.00% |
| **Canadian Imperial Bank of Commerce Seasonally Enhanced Bean Oil** <br> **Commodity Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Bean Oil | &nbsp;&nbsp; 100.00% |
| **Canadian Imperial Bank of Commerce Seasonally Enhanced Lean Hog** <br> **Commodity Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Lean Hog | &nbsp;&nbsp; 100.00% |
| **Canadian Imperial Bank of Commerce Seasonally Enhanced Live Cattle** <br> **Commodity Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Live Cattle | &nbsp;&nbsp; 100.00% |
| **CIBZ Enhanced Sugar 2 Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Sugar | &nbsp;&nbsp; 100.00% |
| **Citi Commodities Benchmark (Regular Roll) Mono Index Coffee** |  |  |
|  | **Long Futures Contracts** |  |
|  | Coffee | &nbsp;&nbsp; 100.00% |
| **S&P GSCI Soybean Oil Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Oil | &nbsp;&nbsp; 100.00% |
| **J.P. Morgan Front Month Heating Oil Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Heating Oil | &nbsp;&nbsp; 100.00% |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EMU | —European Economic and Monetary Union |
| ESTRON | —Euro Short-Term Rate |
| EUR | —Euro |
| 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.

**10**

**Invesco Balanced-Risk Allocation Fund**

------

**Consolidated Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $299,741,435)<br>| &nbsp;&nbsp; $305733463 |
| Investments in affiliated money market funds, at value <br> (Cost $526,539,690)<br>| &nbsp;&nbsp; 526539690 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 221269 |
| Swaps receivable — OTC | &nbsp;&nbsp; 575738 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 9991436 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 40417671 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 350000 |
| Foreign currencies, at value (Cost $23,668,579) | &nbsp;&nbsp; 23258288 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 3408 |
| Fund shares sold | &nbsp;&nbsp; 191807 |
| Dividends | &nbsp;&nbsp; 1801491 |
| Interest | &nbsp;&nbsp; 29585 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 588505 |
| Other assets | &nbsp;&nbsp; 54545 |
| Total assets | &nbsp;&nbsp; 909756896 |
| **Liabilities:** |  |
| Other investments: |  |
| Swaps payable — OTC | &nbsp;&nbsp; 224606 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 2779656 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 1331525 |
| Accrued fees to affiliates | &nbsp;&nbsp; 506024 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1716 |
| Accrued other operating expenses | &nbsp;&nbsp; 122644 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 611561 |
| Total liabilities | &nbsp;&nbsp; 5577732 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $904179164 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1059426918 |
| Distributable earnings (loss) | &nbsp;&nbsp; (155247754)<br>|
|  | &nbsp;&nbsp; $904179164 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $569771695 |
| Class C | &nbsp;&nbsp; $33460493 |
| Class R | &nbsp;&nbsp; $14456285 |
| Class Y | &nbsp;&nbsp; $260178714 |
| Class R5 | &nbsp;&nbsp; $2916620 |
| Class R6 | &nbsp;&nbsp; $23395357 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 66941425 |
| Class C | &nbsp;&nbsp; 4296705 |
| Class R | &nbsp;&nbsp; 1755516 |
| Class Y | &nbsp;&nbsp; 29620080 |
| Class R5 | &nbsp;&nbsp; 331932 |
| Class R6 | &nbsp;&nbsp; 2649865 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $8.51 |
| Maximum offering price per share <br>(Net asset value of $8.51 ÷ 94.50%)<br>| &nbsp;&nbsp; $9.01 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.79 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.23 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.78 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.79 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.83 |

---

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

**11**

**Invesco Balanced-Risk Allocation Fund**

------

**Consolidated Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $181,483) | &nbsp;&nbsp; $12844306 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 24469971 |
| Total investment income | &nbsp;&nbsp; 37314277 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 9099103 |
| Administrative services fees | &nbsp;&nbsp; 140420 |
| Custodian fees | &nbsp;&nbsp; 83055 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1474465 |
| Class C | &nbsp;&nbsp; 393546 |
| Class R | &nbsp;&nbsp; 74919 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1306458 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 5273 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 8382 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 29049 |
| Registration and filing fees | &nbsp;&nbsp; 98299 |
| Reports to shareholders | &nbsp;&nbsp; 110942 |
| Professional services fees | &nbsp;&nbsp; 94184 |
| Other | &nbsp;&nbsp; 27350 |
| Total expenses | &nbsp;&nbsp; 12945445 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (522130)<br>|
| Net expenses | &nbsp;&nbsp; 12423315 |
| Net investment income | &nbsp;&nbsp; 24890962 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 843917 |
| Foreign currencies | &nbsp;&nbsp; 244043 |
| Futures contracts | &nbsp;&nbsp; (46789184)<br>|
| Swap agreements | &nbsp;&nbsp; 15134996 |
|  | &nbsp;&nbsp; (30566228)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 6094873 |
| Foreign currencies | &nbsp;&nbsp; (96954)<br>|
| Futures contracts | &nbsp;&nbsp; 43293836 |
| Swap agreements | &nbsp;&nbsp; 15588928 |
|  | &nbsp;&nbsp; 64880683 |
| Net realized and unrealized gain | &nbsp;&nbsp; 34314455 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $59205417 |

---

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

**12**

**Invesco Balanced-Risk Allocation Fund**

------

**Consolidated Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $24890962 | &nbsp;&nbsp; $43833454 |
| Net realized gain (loss) | &nbsp;&nbsp; (30566228)<br>| &nbsp;&nbsp; 108147619 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 64880683 | &nbsp;&nbsp; 25348764 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 59205417 | &nbsp;&nbsp; 177329837 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (73231093)<br>| &nbsp;&nbsp; (15953610)<br>|
| Class C | &nbsp;&nbsp; (5511858)<br>| &nbsp;&nbsp; (929968)<br>|
| Class R | &nbsp;&nbsp; (1868729)<br>| &nbsp;&nbsp; (339762)<br>|
| Class Y | &nbsp;&nbsp; (43929149)<br>| &nbsp;&nbsp; (12574677)<br>|
| Class R5 | &nbsp;&nbsp; (985026)<br>| &nbsp;&nbsp; (226914)<br>|
| Class R6 | &nbsp;&nbsp; (2773763)<br>| &nbsp;&nbsp; (634393)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (128299618)<br>| &nbsp;&nbsp; (30659324)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (46217699)<br>| &nbsp;&nbsp; (132388484)<br>|
| Class C | &nbsp;&nbsp; (12512974)<br>| &nbsp;&nbsp; (21174661)<br>|
| Class R | &nbsp;&nbsp; (932542)<br>| &nbsp;&nbsp; (1986106)<br>|
| Class Y | &nbsp;&nbsp; (108798758)<br>| &nbsp;&nbsp; (187019241)<br>|
| Class R5 | &nbsp;&nbsp; (5430154)<br>| &nbsp;&nbsp; (2379157)<br>|
| Class R6 | &nbsp;&nbsp; 540751 | &nbsp;&nbsp; (5527587)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (173351376)<br>| &nbsp;&nbsp; (350475236)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (242445577)<br>| &nbsp;&nbsp; (203804723)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1146624741 | &nbsp;&nbsp; 1350429464 |
| End of year | &nbsp;&nbsp; $904179164 | &nbsp;&nbsp; $1146624741 |

---

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

**13**

**Invesco Balanced-Risk Allocation Fund**

------

**Consolidated Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $9.00 | $0.20 | $0.35 | $0.55 | $(1.04)<br>| $— | $(1.04)<br>| $8.51 | 6.83<br> %<br>| &nbsp;&nbsp; $569772 | 1.32<br> %<br>| 1.37<br> %<br>| 2.45<br> %<br>| 19<br> %<br>|
| Year ended 10/31/24 | 8.07 | 0.30 | 0.82 | 1.12 | (0.19)<br>|  | (0.19)<br>| 9.00 | 14.02 | &nbsp;&nbsp; 652194 | 1.30 | 1.35 | 3.35 | 89 |
| Year ended 10/31/23 | 8.24 | 0.25 | (0.42)<br>| (0.17)<br>|  |  |  | 8.07 | (2.06)<br>| &nbsp;&nbsp; 706256 | 1.29 | 1.34 | 2.95 | 17 |
| Year ended 10/31/22 | 12.09 | (0.04)<br>| (1.29)<br>| (1.33)<br>| (1.43)<br>| (1.09)<br>| (2.52)<br>| 8.24 | (13.99)<br>| &nbsp;&nbsp; 852412 | 1.31 | 1.35 | (0.47)<br>| 92 |
| Year ended 10/31/21 | 10.12 | (0.15)<br>| 2.25 | 2.10 | (0.13)<br>|  | (0.13)<br>| 12.09 | 20.91 | &nbsp;&nbsp; 1093094 | 1.31 | 1.33 | (1.26)<br>| 16 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 8.30 | 0.13 | 0.32 | 0.45 | (0.96)<br>|  | (0.96)<br>| 7.79 | 6.11 | &nbsp;&nbsp; 33460 | 2.07 | 2.12 | 1.70 | 19 |
| Year ended 10/31/24 | 7.44 | 0.21 | 0.76 | 0.97 | (0.11)<br>|  | (0.11)<br>| 8.30 | 13.17 | &nbsp;&nbsp; 49693 | 2.05 | 2.10 | 2.60 | 89 |
| Year ended 10/31/23 | 7.66 | 0.17 | (0.39)<br>| (0.22)<br>|  |  |  | 7.44 | (2.87)<br>| &nbsp;&nbsp; 63864 | 2.04 | 2.09 | 2.20 | 17 |
| Year ended 10/31/22 | 11.36 | (0.11)<br>| (1.19)<br>| (1.30)<br>| (1.31)<br>| (1.09)<br>| (2.40)<br>| 7.66 | (14.57)<br>| &nbsp;&nbsp; 100109 | 2.06 | 2.10 | (1.22)<br>| 92 |
| Year ended 10/31/21 | 9.50 | (0.22)<br>| 2.12 | 1.90 | (0.04)<br>|  | (0.04)<br>| 11.36 | 20.04 | &nbsp;&nbsp; 167794 | 2.06 | 2.08 | (2.01)<br>| 16 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 8.74 | 0.17 | 0.33 | 0.50 | (1.01)<br>|  | (1.01)<br>| 8.23 | 6.47 | &nbsp;&nbsp; 14456 | 1.57 | 1.62 | 2.20 | 19 |
| Year ended 10/31/24 | 7.83 | 0.27 | 0.80 | 1.07 | (0.16)<br>|  | (0.16)<br>| 8.74 | 13.86 | &nbsp;&nbsp; 16373 | 1.55 | 1.60 | 3.10 | 89 |
| Year ended 10/31/23 | 8.02 | 0.22 | (0.41)<br>| (0.19)<br>|  |  |  | 7.83 | (2.37)<br>| &nbsp;&nbsp; 16480 | 1.54 | 1.59 | 2.70 | 17 |
| Year ended 10/31/22 | 11.82 | (0.07)<br>| (1.25)<br>| (1.32)<br>| (1.39)<br>| (1.09)<br>| (2.48)<br>| 8.02 | (14.21)<br>| &nbsp;&nbsp; 16270 | 1.56 | 1.60 | (0.72)<br>| 92 |
| Year ended 10/31/21 | 9.90 | (0.17)<br>| 2.19 | 2.02 | (0.10)<br>|  | (0.10)<br>| 11.82 | 20.52 | &nbsp;&nbsp; 17666 | 1.56 | 1.58 | (1.51)<br>| 16 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 9.26 | 0.23 | 0.35 | 0.58 | (1.06)<br>|  | (1.06)<br>| 8.78 | 7.05 | &nbsp;&nbsp; 260179 | 1.07 | 1.12 | 2.70 | 19 |
| Year ended 10/31/24 | 8.30 | 0.33 | 0.84 | 1.17 | (0.21)<br>|  | (0.21)<br>| 9.26 | 14.31 | &nbsp;&nbsp; 395325 | 1.05 | 1.10 | 3.60 | 89 |
| Year ended 10/31/23 | 8.46 | 0.28 | (0.44)<br>| (0.16)<br>|  |  |  | 8.30 | (1.89)<br>| &nbsp;&nbsp; 526412 | 1.04 | 1.09 | 3.20 | 17 |
| Year ended 10/31/22 | 12.34 | (0.02)<br>| (1.31)<br>| (1.33)<br>| (1.46)<br>| (1.09)<br>| (2.55)<br>| 8.46 | (13.66)<br>| &nbsp;&nbsp; 792547 | 1.06 | 1.10 | (0.22)<br>| 92 |
| Year ended 10/31/21 | 10.33 | (0.12)<br>| 2.29 | 2.17 | (0.16)<br>|  | (0.16)<br>| 12.34 | 21.18 | &nbsp;&nbsp; 1062698 | 1.06 | 1.08 | (1.01)<br>| 16 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 9.27 | 0.23 | 0.36 | 0.59 | (1.07)<br>|  | (1.07)<br>| 8.79 | 7.12 | &nbsp;&nbsp; 2917 | 1.03 | 1.08 | 2.74 | 19 |
| Year ended 10/31/24 | 8.31 | 0.33 | 0.85 | 1.18 | (0.22)<br>|  | (0.22)<br>| 9.27 | 14.36 | &nbsp;&nbsp; 9091 | 1.00 | 1.05 | 3.65 | 89 |
| Year ended 10/31/23 | 8.46 | 0.28 | (0.43)<br>| (0.15)<br>|  |  |  | 8.31 | (1.77)<br>| &nbsp;&nbsp; 10334 | 0.99 | 1.04 | 3.25 | 17 |
| Year ended 10/31/22 | 12.35 | (0.02)<br>| (1.31)<br>| (1.33)<br>| (1.47)<br>| (1.09)<br>| (2.56)<br>| 8.46 | (13.72)<br>| &nbsp;&nbsp; 12874 | 1.04 | 1.08 | (0.20)<br>| 92 |
| Year ended 10/31/21 | 10.34 | (0.12)<br>| 2.30 | 2.18 | (0.17)<br>|  | (0.17)<br>| 12.35 | 21.22 | &nbsp;&nbsp; 16750 | 1.02 | 1.04 | (0.97)<br>| 16 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 9.30 | 0.24 | 0.36 | 0.60 | (1.07)<br>|  | (1.07)<br>| 8.83 | 7.28 | &nbsp;&nbsp; 23395 | 0.96 | 1.01 | 2.81 | 19 |
| Year ended 10/31/24 | 8.34 | 0.34 | 0.84 | 1.18 | (0.22)<br>|  | (0.22)<br>| 9.30 | 14.39 | &nbsp;&nbsp; 23950 | 0.95 | 1.00 | 3.70 | 89 |
| Year ended 10/31/23 | 8.49 | 0.29 | (0.44)<br>| (0.15)<br>|  |  |  | 8.34 | (1.77)<br>| &nbsp;&nbsp; 27084 | 0.93 | 0.98 | 3.31 | 17 |
| Year ended 10/31/22 | 12.38 | (0.01)<br>| (1.32)<br>| (1.33)<br>| (1.47)<br>| (1.09)<br>| (2.56)<br>| 8.49 | (13.62)<br>| &nbsp;&nbsp; 38385 | 0.97 | 1.01 | (0.13)<br>| 92 |
| Year ended 10/31/21 | 10.37 | (0.11)<br>| 2.30 | 2.19 | (0.18)<br>|  | (0.18)<br>| 12.38 | 21.26 | &nbsp;&nbsp; 49008 | 0.95 | 0.97 | (0.90)<br>| 16 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

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

**14**

**Invesco Balanced-Risk Allocation Fund**

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**Notes to Consolidated Financial Statements**

*October 31, 2025*

**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.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 Allocation Fund**

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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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

**16**

**Invesco Balanced-Risk Allocation Fund**

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overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's consolidated financial statements. Adoption of the new standard impacted the Fund's consolidated financial statement notes disclosures only and did not affect the Fund's financial position or the results of its 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

**17**

**Invesco Balanced-Risk Allocation Fund**

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

**P.** **Other Risks** - 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 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.

Fluctuations 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, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. 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 and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

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

By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary's investments. The Subsidiary is not registered under the 1940 Act, and, except as otherwise noted in the Fund's prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended, and could negatively affect the Fund and its shareholders.

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.

**18**

**Invesco Balanced-Risk Allocation Fund**

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**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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.950% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.925% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.900% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.875% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.850% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.825% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.800% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.775% |

---

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.92%.

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. To the extent the Fund invests in the Subsidiary, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from the Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from the Subsidiary.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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. 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 August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended October 31, 2025, the Adviser waived advisory fees of $499,561.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, 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 year ended October 31, 2025, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $53,906 in front-end sales commissions from the sale of Class A shares and $622 and $1,945 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

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

**19**

**Invesco Balanced-Risk Allocation Fund**

------

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $254249704 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $254249704 |
| Commodity-Linked Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49093290 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49093290 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 526539690 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 526539690 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 2390469 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2390469 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 528930159 | &nbsp;&nbsp;&nbsp;&nbsp; 303342994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 832273153 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 21345754 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21345754 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9991436 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9991436 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 21345754 | &nbsp;&nbsp;&nbsp;&nbsp; 9991436 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31337190 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1078108)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1078108)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2779656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2779656)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1078108)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2779656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3857764)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 20267646 | &nbsp;&nbsp;&nbsp;&nbsp; 7211780 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27479426 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $549197805 | &nbsp;&nbsp;&nbsp;&nbsp; $310554774 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $859752579 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Commodity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1641300 | &nbsp;&nbsp;&nbsp;&nbsp; $8857173 | &nbsp;&nbsp;&nbsp;&nbsp; $10847281 | &nbsp;&nbsp;&nbsp;&nbsp; $21345754 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; 4408996 | &nbsp;&nbsp;&nbsp;&nbsp; 5582440 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9991436 |
| Options purchased, at value — Exchange-Traded<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2390469 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2390469 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 6050296 | &nbsp;&nbsp;&nbsp;&nbsp; 16830082 | &nbsp;&nbsp;&nbsp;&nbsp; 10847281 | &nbsp;&nbsp;&nbsp;&nbsp; 33727659 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (1641300)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11247642)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10847281)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23736223)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $4408996 | &nbsp;&nbsp;&nbsp;&nbsp; $5582440 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9991436 |
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Commodity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1078108)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1078108)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (2133756)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (645900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2779656)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (2133756)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (645900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1078108)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3857764)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1078108 | &nbsp;&nbsp;&nbsp;&nbsp; 1078108 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(2133756)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(645900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2779656)<br>|

---

**20**

**Invesco Balanced-Risk Allocation Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities. <br> <sup>(b)</sup> Options purchased, at value as reported in the Consolidated Schedule of Investments.

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Swap** <br>**Agreements**<br>| &nbsp;&nbsp; **Swap** <br>**Agreements**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<sup>(a)</sup><br>|
| **Fund** |  |  |  |  |  |  |
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; $1138705 | &nbsp;&nbsp;&nbsp; $(60876)<br>| &nbsp;&nbsp;&nbsp; $1077829 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(850000)<br>| &nbsp;&nbsp;&nbsp; $227829 |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; 3511211 | &nbsp;&nbsp;&nbsp; (95157)<br>| &nbsp;&nbsp;&nbsp; 3416054 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2910000)<br>| &nbsp;&nbsp;&nbsp; 506054 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 296739 | &nbsp;&nbsp;&nbsp; (12541)<br>| &nbsp;&nbsp;&nbsp; 284198 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (284198)<br>| &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 388201 | &nbsp;&nbsp;&nbsp; (649703)<br>| &nbsp;&nbsp;&nbsp; (261502)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (261502)<br>|
| Macquarie Bank Ltd. | &nbsp;&nbsp;&nbsp; 55252 | &nbsp;&nbsp;&nbsp; (985)<br>| &nbsp;&nbsp;&nbsp; 54267 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 54267 |
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; 108480 | &nbsp;&nbsp;&nbsp; (17034)<br>| &nbsp;&nbsp;&nbsp; 91446 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (91446)<br>| &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley and Co. International PLC | &nbsp;&nbsp;&nbsp; 83852 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 83852 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (30000)<br>| &nbsp;&nbsp;&nbsp; 53852 |
| Subtotal - Fund | &nbsp;&nbsp;&nbsp; 5582440 | &nbsp;&nbsp;&nbsp; (836296)<br>| &nbsp;&nbsp;&nbsp; 4746144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4165644)<br>| &nbsp;&nbsp;&nbsp; 580500 |
| **Subsidiary** |  |  |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 741495 | &nbsp;&nbsp;&nbsp; (302107)<br>| &nbsp;&nbsp;&nbsp; 439388 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (310000)<br>| &nbsp;&nbsp;&nbsp; 129388 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; 1416968 | &nbsp;&nbsp;&nbsp; (1371151)<br>| &nbsp;&nbsp;&nbsp; 45817 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45817 |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; 70246 | &nbsp;&nbsp;&nbsp; (110131)<br>| &nbsp;&nbsp;&nbsp; (39885)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (39885)<br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 295757 | &nbsp;&nbsp;&nbsp; (303681)<br>| &nbsp;&nbsp;&nbsp; (7924)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7924)<br>|
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 1371830 | &nbsp;&nbsp;&nbsp; (55866)<br>| &nbsp;&nbsp;&nbsp; 1315964 | &nbsp;&nbsp;&nbsp; (1315964)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp;&nbsp; 448314 | &nbsp;&nbsp;&nbsp; (140)<br>| &nbsp;&nbsp;&nbsp; 448174 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; 148174 |
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; 226378 | &nbsp;&nbsp;&nbsp; (24074)<br>| &nbsp;&nbsp;&nbsp; 202304 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 202304 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 413746 | &nbsp;&nbsp;&nbsp; (816)<br>| &nbsp;&nbsp;&nbsp; 412930 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (280000)<br>| &nbsp;&nbsp;&nbsp; 132930 |
| Subtotal - Subsidiary | &nbsp;&nbsp;&nbsp; 4984734 | &nbsp;&nbsp;&nbsp; (2167966)<br>| &nbsp;&nbsp;&nbsp; 2816768 | &nbsp;&nbsp;&nbsp; (1315964)<br>| &nbsp;&nbsp;&nbsp; (890000)<br>| &nbsp;&nbsp;&nbsp; 610804 |
| Total | &nbsp;&nbsp;&nbsp; $10567174 | &nbsp;&nbsp;&nbsp; $(3004262)<br>| &nbsp;&nbsp;&nbsp; $7562912 | &nbsp;&nbsp;&nbsp; $(1315964)<br>| &nbsp;&nbsp;&nbsp; $(5055644)<br>| &nbsp;&nbsp;&nbsp; $1191304 |

---

<sup>(a)</sup>

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

**Effect of Derivative Investments for the year ended October 31, 2025**

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** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Commodity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(3245460)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12319327 | &nbsp;&nbsp;&nbsp;&nbsp; $(55863051)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(46789184)<br>|
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (14648120)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (14648120)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (1241937)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16376933 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 15134996 |
| Change in Net Unrealized Appreciation: |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2390643 | &nbsp;&nbsp;&nbsp;&nbsp; 1055087 | &nbsp;&nbsp;&nbsp;&nbsp; 39848106 | &nbsp;&nbsp;&nbsp;&nbsp; 43293836 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 379781 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 379781 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 4220560 | &nbsp;&nbsp;&nbsp;&nbsp; 11368368 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 15588928 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $2123806 | &nbsp;&nbsp;&nbsp;&nbsp; $26851376 | &nbsp;&nbsp;&nbsp;&nbsp; $(16014945)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12960237 |

---

<sup>(a)</sup> 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.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $1070145390 | &nbsp;&nbsp;&nbsp;&nbsp; $209140829 | &nbsp;&nbsp;&nbsp;&nbsp; $572182918 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1822 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**21**

**Invesco Balanced-Risk Allocation Fund**

------

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $22,569.

**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—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $128299618 | &nbsp;&nbsp;&nbsp;&nbsp; $30659324 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $28565080 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 12967251 |
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (283211)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (332705)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (196164169)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1059426918 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $904179164 |

---

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

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

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

The Fund has a capital loss carryforward as of October 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $86783199 | &nbsp;&nbsp;&nbsp;&nbsp; $109380970 | &nbsp;&nbsp;&nbsp;&nbsp; $196164169 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $49,841,649 and $85,930,134, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $22641852 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (9674601)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $12967251 |

---

Cost of investments for tax purposes is $846,785,328.

**22**

**Invesco Balanced-Risk Allocation Fund**

------

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions, income from the Subsidiary and derivative instruments, on October 31, 2025, undistributed net investment income was decreased by $11,672,810 and undistributed net realized gain (loss) was increased by $11,672,810. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2914652 | &nbsp;&nbsp;&nbsp; $23531409 | &nbsp;&nbsp;&nbsp; 3205051 | &nbsp;&nbsp;&nbsp; $28343494 |
| Class C | &nbsp;&nbsp;&nbsp; 536318 | &nbsp;&nbsp;&nbsp; 4019108 | &nbsp;&nbsp;&nbsp; 656548 | &nbsp;&nbsp;&nbsp; 5343605 |
| Class R | &nbsp;&nbsp;&nbsp; 308826 | &nbsp;&nbsp;&nbsp; 2427825 | &nbsp;&nbsp;&nbsp; 359978 | &nbsp;&nbsp;&nbsp; 3094902 |
| Class Y | &nbsp;&nbsp;&nbsp; 5075633 | &nbsp;&nbsp;&nbsp; 42357654 | &nbsp;&nbsp;&nbsp; 7640795 | &nbsp;&nbsp;&nbsp; 68574454 |
| Class R5 | &nbsp;&nbsp;&nbsp; 40623 | &nbsp;&nbsp;&nbsp; 327079 | &nbsp;&nbsp;&nbsp; 141418 | &nbsp;&nbsp;&nbsp; 1272031 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1655738 | &nbsp;&nbsp;&nbsp; 13682704 | &nbsp;&nbsp;&nbsp; 4838973 | &nbsp;&nbsp;&nbsp; 44319517 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 8332581 | &nbsp;&nbsp;&nbsp; 66493997 | &nbsp;&nbsp;&nbsp; 1722898 | &nbsp;&nbsp;&nbsp; 14524010 |
| Class C | &nbsp;&nbsp;&nbsp; 691369 | &nbsp;&nbsp;&nbsp; 5081559 | &nbsp;&nbsp;&nbsp; 108379 | &nbsp;&nbsp;&nbsp; 848611 |
| Class R | &nbsp;&nbsp;&nbsp; 239789 | &nbsp;&nbsp;&nbsp; 1855970 | &nbsp;&nbsp;&nbsp; 41151 | &nbsp;&nbsp;&nbsp; 337442 |
| Class Y | &nbsp;&nbsp;&nbsp; 4235008 | &nbsp;&nbsp;&nbsp; 34811764 | &nbsp;&nbsp;&nbsp; 1154088 | &nbsp;&nbsp;&nbsp; 9982861 |
| Class R5 | &nbsp;&nbsp;&nbsp; 113348 | &nbsp;&nbsp;&nbsp; 931718 | &nbsp;&nbsp;&nbsp; 24698 | &nbsp;&nbsp;&nbsp; 213888 |
| Class R6 | &nbsp;&nbsp;&nbsp; 285976 | &nbsp;&nbsp;&nbsp; 2359306 | &nbsp;&nbsp;&nbsp; 64073 | &nbsp;&nbsp;&nbsp; 556157 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1084251 | &nbsp;&nbsp;&nbsp; 8731003 | &nbsp;&nbsp;&nbsp; 1305271 | &nbsp;&nbsp;&nbsp; 11504490 |
| Class C | &nbsp;&nbsp;&nbsp; (1180404)<br>| &nbsp;&nbsp;&nbsp; (8731003)<br>| &nbsp;&nbsp;&nbsp; (1410674)<br>| &nbsp;&nbsp;&nbsp; (11504490)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (17850404)<br>| &nbsp;&nbsp;&nbsp; (144974108)<br>| &nbsp;&nbsp;&nbsp; (21297656)<br>| &nbsp;&nbsp;&nbsp; (186760478)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1736264)<br>| &nbsp;&nbsp;&nbsp; (12882638)<br>| &nbsp;&nbsp;&nbsp; (1952037)<br>| &nbsp;&nbsp;&nbsp; (15862387)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (666608)<br>| &nbsp;&nbsp;&nbsp; (5216337)<br>| &nbsp;&nbsp;&nbsp; (631093)<br>| &nbsp;&nbsp;&nbsp; (5418450)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (22385589)<br>| &nbsp;&nbsp;&nbsp; (185968176)<br>| &nbsp;&nbsp;&nbsp; (29539418)<br>| &nbsp;&nbsp;&nbsp; (265576556)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (802817)<br>| &nbsp;&nbsp;&nbsp; (6688951)<br>| &nbsp;&nbsp;&nbsp; (429223)<br>| &nbsp;&nbsp;&nbsp; (3865076)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1866341)<br>| &nbsp;&nbsp;&nbsp; (15501259)<br>| &nbsp;&nbsp;&nbsp; (5576981)<br>| &nbsp;&nbsp;&nbsp; (50403261)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (20974315)<br>| &nbsp;&nbsp;&nbsp; $(173351376)<br>| &nbsp;&nbsp;&nbsp; (39573761)<br>| &nbsp;&nbsp;&nbsp; $(350475236)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 50% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**23**

**Invesco Balanced-Risk Allocation Fund**

------

**Report of Independent Registered Public Accounting Firm** 

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

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Balanced-Risk Allocation Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related consolidated statement of operations for the year ended October 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

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

**24**

**Invesco Balanced-Risk Allocation Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Balanced-Risk Allocation Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Balanced-Risk Allocation Style Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between the Fund's investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe, and specifically that the Fund's risk parity strategy

**25**

**Invesco Balanced-Risk Allocation Fund**

------

differentiates it from peers. The Board considered that the Fund's performance has been adversely impacted by its risk parity-oriented approach, which has resulted in an underweight to outperforming U.S. equity names, and also noted that the Fund's tactical overlay was challenged due to market whipsaws which impacted the Fund's three and five year performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly

managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

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

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

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for

**26**

**Invesco Balanced-Risk Allocation Fund**

------

those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**27**

**Invesco Balanced-Risk Allocation Fund**

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 14.46% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 30.33% |

---

\*

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

**28**

**Invesco Balanced-Risk Allocation Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**29**

**Invesco Balanced-Risk Allocation Fund**

------

![](img3d7bfac41.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

IBRA-NCSR

------

![](imgc62dc6f11.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Balanced-Risk Commodity Strategy Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_02eb1f3b-94f6-4388-a902-ff32860e95f7_SOI-Continued-19_1) | Consolidated Schedule of Investments |
| [7](#xx_02eb1f3b-94f6-4388-a902-ff32860e95f7_FS-Continued-19_1) | Consolidated Financial Statements |
| [10](#xx_02eb1f3b-94f6-4388-a902-ff32860e95f7_FS-Continued-19_4) | Consolidated Financial Highlights |
| [11](#xx_02eb1f3b-94f6-4388-a902-ff32860e95f7_NTF-Continued-19_1) | Notes to Consolidated Financial Statements |
| [19](#xx_02eb1f3b-94f6-4388-a902-ff32860e95f7_ARS-Continued-19_1) | Report of Independent Registered Public Accounting Firm |
| [20](#xx_02eb1f3b-94f6-4388-a902-ff32860e95f7_AOC-Continued-19_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [23](#xx_02eb1f3b-94f6-4388-a902-ff32860e95f7_TI-Continued-19_1) | Tax Information |
| [24](#xx_02eb1f3b-94f6-4388-a902-ff32860e95f7_OIRSR-Continued-19_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments** 

*October 31, 2025* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **U.S. Treasury Securities–19.71%** | **U.S. Treasury Securities–19.71%** | **U.S. Treasury Securities–19.71%** | **U.S. Treasury Securities–19.71%** |  |  |
| **U.S. Treasury Floating Rate Notes–19.71%** | **U.S. Treasury Floating Rate Notes–19.71%** | **U.S. Treasury Floating Rate Notes–19.71%** | **U.S. Treasury Floating Rate Notes–19.71%** | **U.S. Treasury Floating Rate Notes–19.71%** | **U.S. Treasury Floating Rate Notes–19.71%** |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + <br> 0.25%)<sup>(a)</sup> <br>| 4.10% | 01/31/2026 |  | $66500 | &nbsp;&nbsp; $66510320 |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + <br> 0.15%)<sup>(a)</sup> <br>| 4.00% | 04/30/2026 |  | 68400 | &nbsp;&nbsp; 68388371 |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + <br> 0.18%)<sup>(a)</sup> <br>| 4.08% | 07/31/2026 |  | 65900 | &nbsp;&nbsp; 65902536 |
| Total U.S. Treasury Securities (Cost $200,828,644) | Total U.S. Treasury Securities (Cost $200,828,644) | Total U.S. Treasury Securities (Cost $200,828,644) | Total U.S. Treasury Securities (Cost $200,828,644) |  | &nbsp;&nbsp; 200801227 |
|  |  | **Expiration**<br> **Date**<br>|  |  |  |
| **Commodity-Linked Securities–8.68%** | **Commodity-Linked Securities–8.68%** | **Commodity-Linked Securities–8.68%** | **Commodity-Linked Securities–8.68%** | **Commodity-Linked Securities–8.68%** | **Commodity-Linked Securities–8.68%** |
| Bank of Montreal, 1 mo. SOFR (linked to the Bloomberg Gold Subindex, multiplied by 2) <br> (Canada)<sup>(b)(c)</sup> <br>|  | 07/06/2026 |  | 22700 | &nbsp;&nbsp; 31322622 |
| Canadian Imperial Bank of Commerce, 1 mo. SOFR (linked to the CIBC Dynamic Roll LME Copper <br> Index 2) (Canada)<sup>(b)</sup> <br>|  | 10/30/2026 |  | 17100 | &nbsp;&nbsp; 19825118 |
| Royal Bank of Canada (linked to RBC Enhanced Copper 2x Index, multiplied by 2) (Canada)<sup>(b)</sup> <br>|  | 10/30/2026 |  | 17100 | &nbsp;&nbsp; 19427726 |
| Societe Generale, U.S. Federal Funds Effective Rate minus 0.02% (linked to the Societe <br> Generale Soybean Meal Index, multiplied by 2) (France)<br>|  | 03/30/2026 |  | 18000 | &nbsp;&nbsp; 17832446 |
| Total Commodity-Linked Securities (Cost $74,900,000) | Total Commodity-Linked Securities (Cost $74,900,000) | Total Commodity-Linked Securities (Cost $74,900,000) | Total Commodity-Linked Securities (Cost $74,900,000) |  | &nbsp;&nbsp; 88407912 |
|  |  |  | **Shares** | **Shares** |  |
| **Money Market Funds–67.81%** | **Money Market Funds–67.81%** | **Money Market Funds–67.81%** | **Money Market Funds–67.81%** | **Money Market Funds–67.81%** | **Money Market Funds–67.81%** |
| Invesco Government & Agency Portfolio, Institutional Class, 4.06%<sup>(d)(e)</sup> <br>|  |  |  | 170576000 | &nbsp;&nbsp; 170576000 |
| Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Agency Class, <br> 4.29%<sup>(d)(e)</sup> <br>|  |  |  | 204277411 | &nbsp;&nbsp; 204277411 |
| Invesco Treasury Portfolio, Institutional Class, 3.96%<sup>(d)(e)</sup> <br>|  |  |  | 315820963 | &nbsp;&nbsp; 315820963 |
| Total Money Market Funds (Cost $690,674,374) | Total Money Market Funds (Cost $690,674,374) | Total Money Market Funds (Cost $690,674,374) | Total Money Market Funds (Cost $690,674,374) |  | &nbsp;&nbsp; 690674374 |
| TOTAL INVESTMENTS IN SECURITIES–96.20% (Cost $966,403,018) | TOTAL INVESTMENTS IN SECURITIES–96.20% (Cost $966,403,018) | TOTAL INVESTMENTS IN SECURITIES–96.20% (Cost $966,403,018) | TOTAL INVESTMENTS IN SECURITIES–96.20% (Cost $966,403,018) |  | &nbsp;&nbsp; 979883513 |
| OTHER ASSETS LESS LIABILITIES–3.80% | OTHER ASSETS LESS LIABILITIES–3.80% | OTHER ASSETS LESS LIABILITIES–3.80% | OTHER ASSETS LESS LIABILITIES–3.80% |  | &nbsp;&nbsp; 38733821 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $1018617334 |

---

Investment Abbreviations:

SOFR – Secured Overnight Financing Rate

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2025.

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $70,575,466, which represented 6.93% of the Fund's Net Assets. 

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

<sup>(d)</sup> 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 fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $110229844 | &nbsp;&nbsp; $143706001 | &nbsp;&nbsp; $(83359845) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $170576000 | &nbsp;&nbsp; $6288273 |
| Invesco Liquidity Funds PLC, Invesco US Dollar <br> Liquidity Portfolio, Agency Class<br>| 153034155 | &nbsp;&nbsp; 419860722 | &nbsp;&nbsp; (368617466) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 204277411 | &nbsp;&nbsp; 8385894 |
| Invesco Treasury Portfolio, Institutional Class | 203749531 | &nbsp;&nbsp; 266882573 | &nbsp;&nbsp; (154811141) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 315820963 | &nbsp;&nbsp; 11532295 |
| Total | $467013530 | &nbsp;&nbsp; $830449296 | &nbsp;&nbsp; $(606788452) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $690674374 | &nbsp;&nbsp; $26206462 |

---

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

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

**2**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Commodity Risk** | **Commodity Risk** | **Commodity Risk** | **Commodity Risk** | **Commodity Risk** | **Commodity Risk** |
| Coffee 'C' | &nbsp;&nbsp;&nbsp; 335 | December-2025 | &nbsp;&nbsp;&nbsp; $49251281 | &nbsp;&nbsp;&nbsp; $10618872 | &nbsp;&nbsp;&nbsp; $10618872 |
| Corn | &nbsp;&nbsp;&nbsp; 1085 | December-2025 | &nbsp;&nbsp;&nbsp; 23408875 | &nbsp;&nbsp;&nbsp; (234537)<br>| &nbsp;&nbsp;&nbsp; (234537)<br>|
| Cotton No. 2 | &nbsp;&nbsp;&nbsp; 604 | December-2025 | &nbsp;&nbsp;&nbsp; 19793080 | &nbsp;&nbsp;&nbsp; (964703)<br>| &nbsp;&nbsp;&nbsp; (964703)<br>|
| Gold 100 Oz. | &nbsp;&nbsp;&nbsp; 18 | December-2025 | &nbsp;&nbsp;&nbsp; 7193700 | &nbsp;&nbsp;&nbsp; 446790 | &nbsp;&nbsp;&nbsp; 446790 |
| Lean Hogs | &nbsp;&nbsp;&nbsp; 503 | December-2025 | &nbsp;&nbsp;&nbsp; 16352530 | &nbsp;&nbsp;&nbsp; 287101 | &nbsp;&nbsp;&nbsp; 287101 |
| Soybean | &nbsp;&nbsp;&nbsp; 714 | July-2026 | &nbsp;&nbsp;&nbsp; 40760475 | &nbsp;&nbsp;&nbsp; 2519454 | &nbsp;&nbsp;&nbsp; 2519454 |
| Wheat | &nbsp;&nbsp;&nbsp; 500 | December-2025 | &nbsp;&nbsp;&nbsp; 13350000 | &nbsp;&nbsp;&nbsp; 53536 | &nbsp;&nbsp;&nbsp; 53536 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $12726513 | &nbsp;&nbsp;&nbsp; $12726513 |

---

<sup>(a)</sup> Futures contracts collateralized by $15,235,872 cash held with Goldman Sachs International, the futures commission merchant.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  |
| **Counterparty** | **Pay/** <br>**Receive**<br>| **Reference Entity**<sup>(c)</sup> <br>| **Fixed** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Number of** <br>**Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Commodity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Citibank, N.A. | Receive | Citi Commodities <br> Curve Beta <br> Enhanced <br> Distributed Mono <br> Index - WTI Crude Oil <br> (Excess Return)<br>| 0.14% | Monthly | 36170 | October—2026 | USD | 30192727 | $— | $397002 | $397002 |
| Citibank, N.A. | Receive | Citi Commodities <br> Curve Beta <br> Enhanced Extended <br> Cotton (Daily <br> Rebalancing) Excess <br> Return Index<br>| 0.20 | Monthly | 175500 | April—2026 | USD | 16062988 |  | 232889 | 232889 |
| Goldman Sachs <br> International<br>| Receive | Goldman Sachs <br> Heating Oil F0 <br> Standard Roll Excess <br> Return Index<br>| 0.14 | Monthly | 46840 | October—2026 | USD | 9906262 |  | 32596 | 32596 |
| Goldman Sachs <br> International<br>| Receive | S&P GSCI Soybean <br> Meal Excess Return <br> Index<br>| 0.32 | Monthly | 15500 | May—2026 | USD | 13918465 |  | 2246872 | 2246872 |
| J.P. Morgan Chase <br> Bank, N.A.<br>| Receive | J.P. Morgan Contag <br> Beta Gas Oil Excess <br> Return Index<br>| 0.25 | Monthly | 188000 | January—2026 | USD | 67305166 |  | 5373003 | 5373003 |
| J.P. Morgan Chase <br> Bank, N.A.<br>| Receive | J.P. Morgan Front <br> Month Heating Oil <br> Excess Return Index<br>| 0.11 | Monthly | 192200 | October—2026 | USD | 60965033 |  | 186107 | 186107 |
| Macquarie Bank Ltd. | Receive | Macquarie <br> Aluminum Dynamic <br> Selection Index<br>| 0.30 | Monthly | 1473000 | October—2026 | USD | 84353849 |  | 3232057 | 3232057 |
| Macquarie Bank Ltd. | Receive | Macquarie Single <br> Commodity Nickel <br> type A Excess Return <br> Index<br>| 0.00 | Monthly | 44500 | June—2026 | USD | 3687942 |  | 14053 | 14053 |
| Macquarie Bank Ltd. | Receive | Macquarie Single <br> Commodity Silver <br> type A Excess Return <br> Index<br>| 0.16 | Monthly | 187100 | February—2026 | USD | 75965294 |  | 2250981 | 2250981 |
| Merrill Lynch <br> International<br>| Receive | MLCX Dynamic <br> Enhanced Copper <br> Excess Return Index<br>| 0.25 | Monthly | 37850 | January—2026 | USD | 36274093 |  | 0 | 0 |
| Merrill Lynch <br> International<br>| Receive | MLCX Dynamic <br> Enhanced Copper <br> Excess Return Index<br>| 0.25 | Monthly | 44000 | October—2026 | USD | 14006406 |  | 0 | 0 |

---

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

**3**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** |
| **Counterparty** | **Pay/**<br> **Receive**<br>| **Reference Entity**<sup>(c)</sup> | **Fixed**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Number of**<br> **Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Merrill Lynch <br> International<br>| Receive | MLCX Natural Gas <br> Annual Excess <br> Return Index<br>| 0.25% | Monthly | 416000 | October—2026 | USD | 24894771 | $— | $299270 | $299270 |
| Merrill Lynch <br> International<br>| Receive | MLCX1XBE Excess <br> Return Index<br>| 0.10 | Monthly | 110800 | August—2026 | USD | 46744559 |  | 0 | 0 |
| Morgan Stanley and Co. <br> International PLC<br>| Receive | Morgan Stanley <br> MSCY2XBD0 Index<br>| 0.15 | Monthly | 33300 | July—2026 | USD | 25678103 |  | 1823385 | 1823385 |
| Royal Bank of Canada | Receive | RBC Gold E0 Excess <br> Return Index<br>| 0.06 | Monthly | 121200 | February—2026 | USD | 96026312 |  | 0 | 0 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  |  |  | 16088215 | 16088215 |
| **Commodity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Barclays Bank PLC | Receive | Barclays Brent <br> Crude Roll Yield <br> Index<br>| 0.17 | Monthly | 114450 | October—2026 | USD | 56657488 |  | (113489)<br>| (113489)<br>|
| Barclays Bank PLC | Receive | Barclays Live Cattle <br> Roll Yield Excess <br> Return Index<br>| 0.47 | Monthly | 100500 | July—2026 | USD | 17947189 |  | (1749675)<br>| (1749675)<br>|
| BNP Paribas S.A. | Receive | BNP Paribas Rolling <br> Futures IY SB Index<br>| 0.15 | Monthly | 133700 | December—2025 | USD | 32540347 |  | (3662297)<br>| (3662297)<br>|
| Merrill Lynch <br> International<br>| Receive | MLCX Aluminum <br> Annual Excess <br> Return Index<br>| 0.28 | Monthly | 265500 | October—2026 | USD | 34617589 |  | (106)<br>| (106)<br>|
| Morgan Stanley and Co. <br> International PLC<br>| Pay | Morgan Stanley <br> MSCY2KW0 Index<br>| 0.00 | Monthly | 122800 | February—2026 | USD | 15927799 |  | (1165053)<br>| (1165053)<br>|
| Morgan Stanley and Co. <br> International PLC<br>| Receive | Morgan Stanley <br> Soybean Oil Dynamic <br> Roll Index<br>| 0.30 | Monthly | 214800 | April—2026 | USD | 50719091 |  | (1615231)<br>| (1615231)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  |  |  | (8305851)<br>| (8305851)<br>|
| Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements |  |  |  |  | $— | $7782364 | $7782364 |

---

---

| |
|:---|
| <sup>(a)</sup> Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $6,911,000. |
| <sup>(b)</sup> The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively. |
| <sup>(c)</sup> The Reference Entity Components table below includes additional information regarding the underlying components of certain reference entities that are not <br>publicly available. |

---

---

| | | |
|:---|:---|:---|
| **Reference Entity Components** | **Reference Entity Components** | **Reference Entity Components** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **RBC Enhanced Brent Crude Oil 01 Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Brent Crude | &nbsp;&nbsp; 100.00% |
| **Citi Commodities Curve Beta Enhanced Distributed Mono Index - WTI** <br> **Crude Oil (Excess Return)**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Crude Oil | &nbsp;&nbsp; 100.00% |
| **Citi Commodities Curve Beta Enhanced Extended Cotton (Daily** <br> **Rebalancing) Excess Return Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Cotton | &nbsp;&nbsp; 100.00% |
| **Goldman Sachs Heating Oil F0 Standard Roll Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Heating Oil | &nbsp;&nbsp; 100.00% |

---

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

**4**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

---

| | | |
|:---|:---|:---|
| **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **S&P GSCI Soybean Meal Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Meal | &nbsp;&nbsp; 100.00% |
| **J.P. Morgan Contag Beta Gas Oil Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Gas Oil | &nbsp;&nbsp; 100.00% |
| **Macquarie Aluminum Dynamic Selection Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Aluminum | &nbsp;&nbsp; 100.00% |
| **Macquarie Single Commodity Nickel type A Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Nickel | &nbsp;&nbsp; 100.00% |
| **Macquarie Single Commodity Silver type A Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Silver | &nbsp;&nbsp; 100.00% |
| **MLCX Natural Gas Annual Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Natural Gas | &nbsp;&nbsp; 100.00% |
| **MLCX1XBE Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Gasoline Unleaded | &nbsp;&nbsp; 100.00% |
| **Morgan Stanley MSCY2XBD0 Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Meal | &nbsp;&nbsp; 100.00% |
| **RBC Gold E0 Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Gold | &nbsp;&nbsp; 100.00% |
| **Barclays Brent Crude Roll Yield Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Brent Crude | &nbsp;&nbsp; 100.00% |
| **Barclays Live Cattle Roll Yield Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Live Cattle | &nbsp;&nbsp; 100.00% |
| **BNP Paribas Rolling Futures IY SB Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Sugar | &nbsp;&nbsp; 100.00% |
| **Morgan Stanley MSCY2KW0 Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | wheat | &nbsp;&nbsp; 100.00% |

---

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

**5**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

---

| | | |
|:---|:---|:---|
| **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **Morgan Stanley Soybean Oil Dynamic Roll Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Oil | &nbsp;&nbsp; 100.00% |

---

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

**6**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

**Consolidated Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $275,728,644)<br>| &nbsp;&nbsp; $289209139 |
| Investments in affiliated money market funds, at value <br> (Cost $690,674,374)<br>| &nbsp;&nbsp; 690674374 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 821645 |
| Swaps receivable — OTC | &nbsp;&nbsp; 6548135 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 16088215 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 15235872 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 6911000 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 776691 |
| Dividends | &nbsp;&nbsp; 2376454 |
| Interest | &nbsp;&nbsp; 22074 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 80276 |
| Other assets | &nbsp;&nbsp; 36779 |
| Total assets | &nbsp;&nbsp; 1028780654 |
| **Liabilities:** |  |
| Other investments: |  |
| Swaps payable — OTC | &nbsp;&nbsp; 66875 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 8305851 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 904094 |
| Accrued fees to affiliates | &nbsp;&nbsp; 627578 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1559 |
| Accrued other operating expenses | &nbsp;&nbsp; 137184 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 120179 |
| Total liabilities | &nbsp;&nbsp; 10163320 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1018617334 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $882163524 |
| Distributable earnings | &nbsp;&nbsp; 136453810 |
|  | &nbsp;&nbsp; $1018617334 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $52764150 |
| Class C | &nbsp;&nbsp; $14729770 |
| Class R | &nbsp;&nbsp; $10019949 |
| Class Y | &nbsp;&nbsp; $629454652 |
| Class R5 | &nbsp;&nbsp; $148484499 |
| Class R6 | &nbsp;&nbsp; $163164314 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 7293726 |
| Class C | &nbsp;&nbsp; 2278193 |
| Class R | &nbsp;&nbsp; 1430494 |
| Class Y | &nbsp;&nbsp; 83717213 |
| Class R5 | &nbsp;&nbsp; 19629536 |
| Class R6 | &nbsp;&nbsp; 21513575 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $7.23 |
| Maximum offering price per share <br>(Net asset value of $7.23 ÷ 94.50%)<br>| &nbsp;&nbsp; $7.65 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.47 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.00 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.52 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.56 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.58 |

---

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

**7**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

**Consolidated Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $8484433 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 26206462 |
| Total investment income | &nbsp;&nbsp; 34690895 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 9082713 |
| Administrative services fees | &nbsp;&nbsp; 123988 |
| Custodian fees | &nbsp;&nbsp; 66448 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 140605 |
| Class C | &nbsp;&nbsp; 150109 |
| Class R | &nbsp;&nbsp; 46633 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1696625 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 144738 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 48195 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 29830 |
| Registration and filing fees | &nbsp;&nbsp; 101564 |
| Reports to shareholders | &nbsp;&nbsp; 192374 |
| Professional services fees | &nbsp;&nbsp; 92045 |
| Other | &nbsp;&nbsp; 23424 |
| Total expenses | &nbsp;&nbsp; 11939291 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (2187650)<br>|
| Net expenses | &nbsp;&nbsp; 9751641 |
| Net investment income | &nbsp;&nbsp; 24939254 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 39952305 |
| Futures contracts | &nbsp;&nbsp; 1816560 |
| Swap agreements | &nbsp;&nbsp; 40428569 |
|  | &nbsp;&nbsp; 82197434 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (13317134)<br>|
| Futures contracts | &nbsp;&nbsp; 13801928 |
| Swap agreements | &nbsp;&nbsp; 8524012 |
|  | &nbsp;&nbsp; 9008806 |
| Net realized and unrealized gain | &nbsp;&nbsp; 91206240 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $116145494 |

---

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

**8**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

**Consolidated Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $24939254 | &nbsp;&nbsp; $26438110 |
| Net realized gain (loss) | &nbsp;&nbsp; 82197434 | &nbsp;&nbsp; (14966046)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 9008806 | &nbsp;&nbsp; 14920761 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 116145494 | &nbsp;&nbsp; 26392825 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (2866693)<br>| &nbsp;&nbsp; (2541305)<br>|
| Class C | &nbsp;&nbsp; (660502)<br>| &nbsp;&nbsp; (768253)<br>|
| Class R | &nbsp;&nbsp; (402391)<br>| &nbsp;&nbsp; (280924)<br>|
| Class Y | &nbsp;&nbsp; (14935551)<br>| &nbsp;&nbsp; (11636025)<br>|
| Class R5 | &nbsp;&nbsp; (6682162)<br>| &nbsp;&nbsp; (4841656)<br>|
| Class R6 | &nbsp;&nbsp; (8130566)<br>| &nbsp;&nbsp; (6956748)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (33677865)<br>| &nbsp;&nbsp; (27024911)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (14624134)<br>| &nbsp;&nbsp; (10846200)<br>|
| Class C | &nbsp;&nbsp; (2759150)<br>| &nbsp;&nbsp; (4803303)<br>|
| Class R | &nbsp;&nbsp; 354005 | &nbsp;&nbsp; 55331 |
| Class Y | &nbsp;&nbsp; 249973767 | &nbsp;&nbsp; (28442926)<br>|
| Class R5 | &nbsp;&nbsp; (7339840)<br>| &nbsp;&nbsp; 1735796 |
| Class R6 | &nbsp;&nbsp; (28831258)<br>| &nbsp;&nbsp; (25735434)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 196773390 | &nbsp;&nbsp; (68036736)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 279241019 | &nbsp;&nbsp; (68668822)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 739376315 | &nbsp;&nbsp; 808045137 |
| End of year | &nbsp;&nbsp; $1018617334 | &nbsp;&nbsp; $739376315 |

---

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

**9**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

**Consolidated Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $6.72 | $0.17 | $0.65 | $0.82 | $(0.16)<br>| $(0.15)<br>| $(0.31)<br>| $7.23 | 12.77<br> %<br>| &nbsp;&nbsp; $52764 | 1.31<br> %<br>| 1.63<br> %<br>| 2.59<br> %<br>| 44<br> %<br>|
| Year ended 10/31/24 | 6.73 | 0.22 | 0.01 | 0.23 | (0.21)<br>| (0.03)<br>| (0.24)<br>| 6.72 | 3.63 | &nbsp;&nbsp; 63880 | 1.34 | 1.63 | 3.35 | 87 |
| Year ended 10/31/23 | 7.28 | 0.21 | (0.09)<br>| 0.12 | (0.67)<br>|  | (0.67)<br>| 6.73 | 1.91 | &nbsp;&nbsp; 75011 | 1.32 | 1.57 | 3.10 | 17 |
| Year ended 10/31/22 | 8.01 | (0.03)<br>| 0.47 | 0.44 | (1.17)<br>|  | (1.17)<br>| 7.28 | 6.63 | &nbsp;&nbsp; 86968 | 1.31 | 1.56 | (0.41)<br>| 106 |
| Year ended 10/31/21 | 5.81 | (0.10)<br>| 2.30 | 2.20 |  |  |  | 8.01 | 37.87 | &nbsp;&nbsp; 45976 | 1.33 | 1.67 | (1.29)<br>| 14 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 6.03 | 0.11 | 0.59 | 0.70 | (0.11)<br>| (0.15)<br>| (0.26)<br>| 6.47 | 12.08 | &nbsp;&nbsp; 14730 | 2.06 | 2.38 | 1.84 | 44 |
| Year ended 10/31/24 | 6.10 | 0.15 | 0.01 | 0.16 | (0.20)<br>| (0.03)<br>| (0.23)<br>| 6.03 | 2.86 | &nbsp;&nbsp; 16491 | 2.09 | 2.38 | 2.60 | 87 |
| Year ended 10/31/23 | 6.65 | 0.14 | (0.07)<br>| 0.07 | (0.62)<br>|  | (0.62)<br>| 6.10 | 1.22 | &nbsp;&nbsp; 21628 | 2.07 | 2.32 | 2.35 | 17 |
| Year ended 10/31/22 | 7.44 | (0.08)<br>| 0.42 | 0.34 | (1.13)<br>|  | (1.13)<br>| 6.65 | 5.69 | &nbsp;&nbsp; 26355 | 2.06 | 2.31 | (1.16)<br>| 106 |
| Year ended 10/31/21 | 5.43 | (0.14)<br>| 2.15 | 2.01 |  |  |  | 7.44 | 37.02 | &nbsp;&nbsp; 17125 | 2.08 | 2.42 | (2.04)<br>| 14 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 6.52 | 0.15 | 0.62 | 0.77 | (0.14)<br>| (0.15)<br>| (0.29)<br>| 7.00 | 12.40 | &nbsp;&nbsp; 10020 | 1.56 | 1.88 | 2.34 | 44 |
| Year ended 10/31/24 | 6.55 | 0.20 | 0.01 | 0.21 | (0.21)<br>| (0.03)<br>| (0.24)<br>| 6.52 | 3.38 | &nbsp;&nbsp; 8946 | 1.59 | 1.88 | 3.10 | 87 |
| Year ended 10/31/23 | 7.09 | 0.19 | (0.07)<br>| 0.12 | (0.66)<br>|  | (0.66)<br>| 6.55 | 1.85 | &nbsp;&nbsp; 8830 | 1.57 | 1.82 | 2.85 | 17 |
| Year ended 10/31/22 | 7.85 | (0.05)<br>| 0.45 | 0.40 | (1.16)<br>|  | (1.16)<br>| 7.09 | 6.17 | &nbsp;&nbsp; 11779 | 1.56 | 1.81 | (0.66)<br>| 106 |
| Year ended 10/31/21 | 5.70 | (0.11)<br>| 2.26 | 2.15 |  |  |  | 7.85 | 37.72 | &nbsp;&nbsp; 2932 | 1.58 | 1.92 | (1.54)<br>| 14 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 6.98 | 0.20 | 0.67 | 0.87 | (0.18)<br>| (0.15)<br>| (0.33)<br>| 7.52 | 13.03 | &nbsp;&nbsp; 629455 | 1.06 | 1.38 | 2.84 | 44 |
| Year ended 10/31/24 | 6.96 | 0.25 | 0.01 | 0.26 | (0.21)<br>| (0.03)<br>| (0.24)<br>| 6.98 | 4.00 | &nbsp;&nbsp; 324117 | 1.09 | 1.38 | 3.60 | 87 |
| Year ended 10/31/23 | 7.50 | 0.23 | (0.08)<br>| 0.15 | (0.69)<br>|  | (0.69)<br>| 6.96 | 2.25 | &nbsp;&nbsp; 352801 | 1.07 | 1.32 | 3.35 | 17 |
| Year ended 10/31/22 | 8.22 | (0.01)<br>| 0.47 | 0.46 | (1.18)<br>|  | (1.18)<br>| 7.50 | 6.80 | &nbsp;&nbsp; 515659 | 1.06 | 1.31 | (0.16)<br>| 106 |
| Year ended 10/31/21 | 5.94 | (0.08)<br>| 2.36 | 2.28 |  |  |  | 8.22 | 38.38 | &nbsp;&nbsp; 896762 | 1.08 | 1.42 | (1.04)<br>| 14 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 7.02 | 0.20 | 0.67 | 0.87 | (0.18)<br>| (0.15)<br>| (0.33)<br>| 7.56 | 12.95 | &nbsp;&nbsp; 148484 | 1.05 | 1.19 | 2.85 | 44 |
| Year ended 10/31/24 | 7.00 | 0.25 | 0.01 | 0.26 | (0.21)<br>| (0.03)<br>| (0.24)<br>| 7.02 | 3.97 | &nbsp;&nbsp; 144734 | 1.09 | 1.22 | 3.60 | 87 |
| Year ended 10/31/23 | 7.54 | 0.23 | (0.08)<br>| 0.15 | (0.69)<br>|  | (0.69)<br>| 7.00 | 2.23 | &nbsp;&nbsp; 142191 | 1.07 | 1.20 | 3.35 | 17 |
| Year ended 10/31/22 | 8.26 | (0.01)<br>| 0.47 | 0.46 | (1.18)<br>|  | (1.18)<br>| 7.54 | 6.76 | &nbsp;&nbsp; 154845 | 1.06 | 1.17 | (0.16)<br>| 106 |
| Year ended 10/31/21 | 5.97 | (0.08)<br>| 2.37 | 2.29 |  |  |  | 8.26 | 38.36 | &nbsp;&nbsp; 156985 | 1.08 | 1.17 | (1.04)<br>| 14 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 7.03 | 0.20 | 0.68 | 0.88 | (0.18)<br>| (0.15)<br>| (0.33)<br>| 7.58 | 13.08 | &nbsp;&nbsp; 163164 | 1.05 | 1.12 | 2.85 | 44 |
| Year ended 10/31/24 | 7.02 | 0.25 | 0.00 | 0.25 | (0.21)<br>| (0.03)<br>| (0.24)<br>| 7.03 | 3.82 | &nbsp;&nbsp; 181209 | 1.09 | 1.15 | 3.60 | 87 |
| Year ended 10/31/23 | 7.56 | 0.24 | (0.09)<br>| 0.15 | (0.69)<br>|  | (0.69)<br>| 7.02 | 2.27 | &nbsp;&nbsp; 207584 | 1.07 | 1.12 | 3.35 | 17 |
| Year ended 10/31/22 | 8.28 | (0.01)<br>| 0.47 | 0.46 | (1.18)<br>|  | (1.18)<br>| 7.56 | 6.77 | &nbsp;&nbsp; 383476 | 1.04 | 1.10 | (0.14)<br>| 106 |
| Year ended 10/31/21 | 5.98 | (0.08)<br>| 2.38 | 2.30 |  |  |  | 8.28 | 38.46 | &nbsp;&nbsp; 472776 | 1.04 | 1.08 | (1.00)<br>| 14 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

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

**10**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

**Notes to Consolidated Financial Statements**

*October 31, 2025*

**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.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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.

**11**

**Invesco Balanced-Risk Commodity Strategy Fund**

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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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

**12**

**Invesco Balanced-Risk Commodity Strategy Fund**

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overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's consolidated financial statements. Adoption of the new standard impacted the Fund's consolidated financial statement notes disclosures only and did not affect the Fund's financial position or the results of its 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 Statement 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 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.

Fluctuations 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, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. 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 and other governmental actions and political events within the U.S. and abroad may also, among other

**13**

**Invesco Balanced-Risk Commodity Strategy Fund**

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things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

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

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

By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary's investments. The Subsidiary is not registered under the 1940 Act, and, except as otherwise noted in the Fund's prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended, and could negatively affect the Fund and its shareholders.

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 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 1.050% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 1.025% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.975% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.950% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.925% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.900% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.875% |

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For the year ended October 31, 2025, 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. To the extent the Fund invests in the Subsidiary, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from the Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from the Subsidiary.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 February 28, 2026, 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 (including fiscal year-end Acquired Fund Fees and Expenses of 0.08% and 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"). Effective March 1, 2026, the Adviser has contractually agreed, through at least February 28, 2027, 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 (including fiscal year-end Acquired Fund Fees and Expenses of 0.08% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.53%, 2.28%, 1.78%, 1.28%, 1.12% and 1.05%, respectively of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended October 31, 2025, the Adviser waived advisory fees of $507,592 and reimbursed class level expenses of $148,488, $39,680, $24,694, $1,342,218, $108,777 and $11,735 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, 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

**14**

**Invesco Balanced-Risk Commodity Strategy Fund**

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intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, 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 year ended October 31, 2025, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $18,602 in front-end sales commissions from the sale of Class A shares and $16 and $583 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $200801227 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $200801227 |
| Commodity-Linked Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88407912 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88407912 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 690674374 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 690674374 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 690674374 | &nbsp;&nbsp;&nbsp;&nbsp; 289209139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 979883513 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 13925753 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13925753 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16088215 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16088215 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 13925753 | &nbsp;&nbsp;&nbsp;&nbsp; 16088215 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30013968 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1199240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1199240)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8305851)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8305851)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1199240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8305851)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9505091)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 12726513 | &nbsp;&nbsp;&nbsp;&nbsp; 7782364 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20508877 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $703400887 | &nbsp;&nbsp;&nbsp;&nbsp; $296991503 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1000392390 |

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\* 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.

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**Invesco Balanced-Risk Commodity Strategy Fund**

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**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2025:

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| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Commodity** <br>**Risk**<br>|
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $13925753 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; 16088215 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 30013968 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (13925753)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $16088215 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Commodity** <br>**Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1199240)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (8305851)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (9505091)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 1199240 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(8305851)<br>|

---

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

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Swap** <br>**Agreements**<br>| &nbsp;&nbsp; **Swap** <br>**Agreements**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1868411)<br>| &nbsp;&nbsp;&nbsp; $(1868411)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1868411 | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3665374)<br>| &nbsp;&nbsp;&nbsp; (3665374)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3665374 | &nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; 629891 | &nbsp;&nbsp;&nbsp; (1783)<br>| &nbsp;&nbsp;&nbsp; 628108 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (610000)<br>| &nbsp;&nbsp;&nbsp; 18108 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 2279468 | &nbsp;&nbsp;&nbsp; (3165)<br>| &nbsp;&nbsp;&nbsp; 2276303 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2020000)<br>| &nbsp;&nbsp;&nbsp; 256303 |
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 5559110 | &nbsp;&nbsp;&nbsp; (5161)<br>| &nbsp;&nbsp;&nbsp; 5553949 | &nbsp;&nbsp;&nbsp; (5553949)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp;&nbsp; 5497091 | &nbsp;&nbsp;&nbsp; (9373)<br>| &nbsp;&nbsp;&nbsp; 5487718 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5487718)<br>| &nbsp;&nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; 3884804 | &nbsp;&nbsp;&nbsp; (25578)<br>| &nbsp;&nbsp;&nbsp; 3859226 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3110000)<br>| &nbsp;&nbsp;&nbsp; 749226 |
| Morgan Stanley and Co. International PLC | &nbsp;&nbsp;&nbsp; 1823385 | &nbsp;&nbsp;&nbsp; (2788986)<br>| &nbsp;&nbsp;&nbsp; (965601)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (965601)<br>|
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 2962601 | &nbsp;&nbsp;&nbsp; (4895)<br>| &nbsp;&nbsp;&nbsp; 2957706 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2957706)<br>| &nbsp;&nbsp;&nbsp; — |
| Total | &nbsp;&nbsp;&nbsp; $22636350 | &nbsp;&nbsp;&nbsp; $(8372726)<br>| &nbsp;&nbsp;&nbsp; $14263624 | &nbsp;&nbsp;&nbsp; $(5553949)<br>| &nbsp;&nbsp;&nbsp; $(8651639)<br>| &nbsp;&nbsp;&nbsp; $58036 |

---

**Effect of Derivative Investments for the year ended October 31, 2025**

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** <br>**Consolidated Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Commodity** <br>**Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1816560 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 40428569 |
| Change in Net Unrealized Appreciation: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 13801928 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 8524012 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $64571069 |

---

**16**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $124095098 | &nbsp;&nbsp;&nbsp;&nbsp; $660521405 |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $4,466.

**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—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $18215482 | &nbsp;&nbsp;&nbsp;&nbsp; $24015348 |
| Long-term capital gain | &nbsp;&nbsp; 15462383 | &nbsp;&nbsp;&nbsp;&nbsp; 3009563 |
| Total distributions | &nbsp;&nbsp; $33677865 | &nbsp;&nbsp;&nbsp;&nbsp; $27024911 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $87102096 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 35958317 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 13480495 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (87098)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 882163524 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1018617334 |

---

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

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

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

The Fund does not have a capital loss carryforward as of October 31, 2025.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $74,900,000 and $123,951,518, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $23182413 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (9701918)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $13480495 |

---

**17**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

Cost of investments for tax purposes is $986,911,895.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of income from the Subsidiary, on October 31, 2025, undistributed net investment income was increased by $56,045,863, undistributed net realized gain was decreased by $59,957,863 and shares of beneficial interest was increased by $3,912,000. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1380707 | &nbsp;&nbsp;&nbsp; $9134964 | &nbsp;&nbsp;&nbsp; 1532238 | &nbsp;&nbsp;&nbsp; $10067693 |
| Class C | &nbsp;&nbsp;&nbsp; 205904 | &nbsp;&nbsp;&nbsp; 1237196 | &nbsp;&nbsp;&nbsp; 167399 | &nbsp;&nbsp;&nbsp; 999913 |
| Class R | &nbsp;&nbsp;&nbsp; 357453 | &nbsp;&nbsp;&nbsp; 2287920 | &nbsp;&nbsp;&nbsp; 714873 | &nbsp;&nbsp;&nbsp; 4497723 |
| Class Y | &nbsp;&nbsp;&nbsp; 53650696 | &nbsp;&nbsp;&nbsp; 363943966 | &nbsp;&nbsp;&nbsp; 17397207 | &nbsp;&nbsp;&nbsp; 117917731 |
| Class R5 | &nbsp;&nbsp;&nbsp; 745743 | &nbsp;&nbsp;&nbsp; 5136895 | &nbsp;&nbsp;&nbsp; 1428861 | &nbsp;&nbsp;&nbsp; 9669187 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2396389 | &nbsp;&nbsp;&nbsp; 16594673 | &nbsp;&nbsp;&nbsp; 5833451 | &nbsp;&nbsp;&nbsp; 39958107 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 405513 | &nbsp;&nbsp;&nbsp; 2579060 | &nbsp;&nbsp;&nbsp; 354221 | &nbsp;&nbsp;&nbsp; 2231595 |
| Class C | &nbsp;&nbsp;&nbsp; 105023 | &nbsp;&nbsp;&nbsp; 600732 | &nbsp;&nbsp;&nbsp; 123719 | &nbsp;&nbsp;&nbsp; 703959 |
| Class R | &nbsp;&nbsp;&nbsp; 65217 | &nbsp;&nbsp;&nbsp; 402391 | &nbsp;&nbsp;&nbsp; 45903 | &nbsp;&nbsp;&nbsp; 280924 |
| Class Y | &nbsp;&nbsp;&nbsp; 1709869 | &nbsp;&nbsp;&nbsp; 11268039 | &nbsp;&nbsp;&nbsp; 1290972 | &nbsp;&nbsp;&nbsp; 8417140 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1007779 | &nbsp;&nbsp;&nbsp; 6681573 | &nbsp;&nbsp;&nbsp; 737991 | &nbsp;&nbsp;&nbsp; 4841217 |
| Class R6 | &nbsp;&nbsp;&nbsp; 221857 | &nbsp;&nbsp;&nbsp; 1475346 | &nbsp;&nbsp;&nbsp; 181678 | &nbsp;&nbsp;&nbsp; 1193622 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 75358 | &nbsp;&nbsp;&nbsp; 501677 | &nbsp;&nbsp;&nbsp; 102659 | &nbsp;&nbsp;&nbsp; 678929 |
| Class C | &nbsp;&nbsp;&nbsp; (83985)<br>| &nbsp;&nbsp;&nbsp; (501677)<br>| &nbsp;&nbsp;&nbsp; (114051)<br>| &nbsp;&nbsp;&nbsp; (678929)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4068810)<br>| &nbsp;&nbsp;&nbsp; (26839835)<br>| &nbsp;&nbsp;&nbsp; (3632093)<br>| &nbsp;&nbsp;&nbsp; (23824417)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (681919)<br>| &nbsp;&nbsp;&nbsp; (4095401)<br>| &nbsp;&nbsp;&nbsp; (988762)<br>| &nbsp;&nbsp;&nbsp; (5828246)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (364572)<br>| &nbsp;&nbsp;&nbsp; (2336306)<br>| &nbsp;&nbsp;&nbsp; (737312)<br>| &nbsp;&nbsp;&nbsp; (4723316)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (18101541)<br>| &nbsp;&nbsp;&nbsp; (125238238)<br>| &nbsp;&nbsp;&nbsp; (22911012)<br>| &nbsp;&nbsp;&nbsp; (154777797)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (2748589)<br>| &nbsp;&nbsp;&nbsp; (19158308)<br>| &nbsp;&nbsp;&nbsp; (1853362)<br>| &nbsp;&nbsp;&nbsp; (12774608)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (6864516)<br>| &nbsp;&nbsp;&nbsp; (46901277)<br>| &nbsp;&nbsp;&nbsp; (9837475)<br>| &nbsp;&nbsp;&nbsp; (66887163)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 29413576 | &nbsp;&nbsp;&nbsp; $196773390 | &nbsp;&nbsp;&nbsp; (10162895)<br>| &nbsp;&nbsp;&nbsp; $(68036736)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 84% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**18**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

**Report of Independent Registered Public Accounting Firm** 

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

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Balanced-Risk Commodity Strategy Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related consolidated statement of operations for the year ended October 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

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

**19**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Balanced-Risk Commodity Strategy Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Bloomberg Commodity Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the fourth quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and five year periods and below the performance of the Index for the three year period. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between the Fund's investment objective, principal investment

**20**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

strategies and/or investment restrictions and those of the funds in its performance universe, including that certain funds in the peer group may have sleeves that are more passively managed. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each above the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's contractual management fees and total expense ratio were in the fifth quintile of its expense group and that the Fund's actual management fees were in the fourth quintile of its expense group, and discussed with management reasons for such relative contractual and actual management fees and total expenses. The independent Trustees reviewed and considered additional information provided by management, including with respect to the components of the Fund's total expenses driving total expenses relative to peers. The independent Trustee also considered differences between the Fund's investment strategy and that of its peers, including that the Fund pursues a dedicated commodity strategy involving higher levels of active management across commodity sub-sectors, whereas certain peers allocate a significant portion of their assets to less complex commodity sub-sectors.

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

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows

as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound

and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

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

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

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its

**21**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**22**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $19374383 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 42.02% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 87.07% |

---

\*

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

**23**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**24**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

![](imgc62dc6f11.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

BRCS-NCSR

------

![](imgcb19886b1.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Core Bond Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_e9b060f3-0024-473b-bbbc-52eaab661dd6_SOI-Continued-767_1) | Schedule of Investments |
| [30](#xx_e9b060f3-0024-473b-bbbc-52eaab661dd6_FS-Continued-767_1) | Financial Statements |
| [33](#xx_e9b060f3-0024-473b-bbbc-52eaab661dd6_FS-Continued-767_4) | Financial Highlights |
| [34](#xx_e9b060f3-0024-473b-bbbc-52eaab661dd6_NTF-Continued-767_1) | Notes to Financial Statements |
| [41](#xx_e9b060f3-0024-473b-bbbc-52eaab661dd6_ARS-Continued-767_1) | Report of Independent Registered Public Accounting Firm |
| [42](#xx_e9b060f3-0024-473b-bbbc-52eaab661dd6_AOC-Continued-767_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [45](#xx_e9b060f3-0024-473b-bbbc-52eaab661dd6_TI-Continued-767_1) | Tax Information |
| [46](#xx_e9b060f3-0024-473b-bbbc-52eaab661dd6_OIRSR-Continued-767_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*October 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–34.31%** | **U.S. Dollar Denominated Bonds & Notes–34.31%** | **U.S. Dollar Denominated Bonds & Notes–34.31%** | **U.S. Dollar Denominated Bonds & Notes–34.31%** |
| **Advertising–0.03%** | **Advertising–0.03%** | **Advertising–0.03%** | **Advertising–0.03%** |
| Omnicom Group, Inc., | Omnicom Group, Inc., |  |  |
| 2.45%, 04/30/2030 |  | $100000 | &nbsp;&nbsp; $92179 |
| 2.60%, 08/01/2031 |  | 850000 | &nbsp;&nbsp; 769853 |
|  |  |  | &nbsp;&nbsp; 862032 |
| **Aerospace & Defense–0.41%** | **Aerospace & Defense–0.41%** | **Aerospace & Defense–0.41%** | **Aerospace & Defense–0.41%** |
| BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), |  |  |
| 5.00%, 03/26/2027<sup>(b)</sup> <br>|  | 768000 | &nbsp;&nbsp; 776609 |
| 5.13%, 03/26/2029<sup>(b)</sup> <br>|  | 795000 | &nbsp;&nbsp; 819442 |
| 5.50%, 03/26/2054<sup>(b)</sup> <br>|  | 682000 | &nbsp;&nbsp; 693843 |
| Boeing Co. (The), | Boeing Co. (The), |  |  |
| 6.26%, 05/01/2027 |  | 141000 | &nbsp;&nbsp; 144933 |
| 6.30%, 05/01/2029 |  | 102000 | &nbsp;&nbsp; 108239 |
| 6.39%, 05/01/2031 |  | 20000 | &nbsp;&nbsp; 21764 |
| 6.53%, 05/01/2034 |  | 258000 | &nbsp;&nbsp; 285604 |
| 5.81%, 05/01/2050 |  | 108000 | &nbsp;&nbsp; 107366 |
| General Dynamics Corp., 4.95%, <br> 08/15/2035<br>|  | 365000 | &nbsp;&nbsp; 372901 |
| Hexcel Corp., 5.88%, <br> 02/26/2035<br>|  | 303000 | &nbsp;&nbsp; 317737 |
| Howmet Aerospace, Inc., 4.85%, <br> 10/15/2031<br>|  | 65000 | &nbsp;&nbsp; 66772 |
| Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., |  |  |
| 5.35%, 01/15/2030 |  | 136000 | &nbsp;&nbsp; 140450 |
| 5.75%, 01/15/2035 |  | 371000 | &nbsp;&nbsp; 391466 |
| L3Harris Technologies, Inc., <br> 5.40%, 07/31/2033<br>|  | 11000 | &nbsp;&nbsp; 11477 |
| Lockheed Martin Corp., | Lockheed Martin Corp., |  |  |
| 4.15%, 08/15/2028 |  | 1690000 | &nbsp;&nbsp; 1699184 |
| 4.50%, 02/15/2029 |  | 129000 | &nbsp;&nbsp; 131086 |
| 4.40%, 08/15/2030 |  | 1115000 | &nbsp;&nbsp; 1126379 |
| 4.75%, 02/15/2034 |  | 30000 | &nbsp;&nbsp; 30443 |
| 4.80%, 08/15/2034 |  | 132000 | &nbsp;&nbsp; 133877 |
| 5.00%, 08/15/2035 |  | 2423000 | &nbsp;&nbsp; 2475193 |
| 5.90%, 11/15/2063 |  | 6000 | &nbsp;&nbsp; 6399 |
| 5.20%, 02/15/2064 |  | 100000 | &nbsp;&nbsp; 94979 |
| Northrop Grumman Corp., 4.95%, <br> 03/15/2053<br>|  | 6000 | &nbsp;&nbsp; 5537 |
| RTX Corp., | RTX Corp., |  |  |
| 5.75%, 01/15/2029 |  | 63000 | &nbsp;&nbsp; 66132 |
| 6.00%, 03/15/2031 |  | 38000 | &nbsp;&nbsp; 41030 |
| 5.15%, 02/27/2033 |  | 37000 | &nbsp;&nbsp; 38388 |
| 6.40%, 03/15/2054 |  | 30000 | &nbsp;&nbsp; 33743 |
| Textron, Inc., 4.95%, <br> 03/15/2036<br>|  | 2836000 | &nbsp;&nbsp; 2808786 |
|  |  |  | &nbsp;&nbsp; 12949759 |
| **Agricultural & Farm Machinery–0.38%** | **Agricultural & Farm Machinery–0.38%** | **Agricultural & Farm Machinery–0.38%** | **Agricultural & Farm Machinery–0.38%** |
| AGCO Corp., | AGCO Corp., |  |  |
| 5.45%, 03/21/2027 |  | 95000 | &nbsp;&nbsp; 96347 |
| 5.80%, 03/21/2034 |  | 92000 | &nbsp;&nbsp; 95886 |
| CNH Industrial Capital LLC, 4.75%, <br> 03/21/2028<br>|  | 281000 | &nbsp;&nbsp; 284614 |
| Deere Funding Canada Corp., <br> 4.15%, 10/09/2030<br>|  | 5912000 | &nbsp;&nbsp; 5900517 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Agricultural & Farm Machinery–(continued)** | **Agricultural & Farm Machinery–(continued)** | **Agricultural & Farm Machinery–(continued)** | **Agricultural & Farm Machinery–(continued)** |
| Imperial Brands Finance PLC (United <br> Kingdom), | Imperial Brands Finance PLC (United <br> Kingdom), |  |  |
| 4.50%, 06/30/2028<sup>(b)</sup> <br>|  | $1614000 | &nbsp;&nbsp; $1625241 |
| 6.38%, 07/01/2055<sup>(b)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1560023 |
| John Deere Capital Corp., | John Deere Capital Corp., |  |  |
| 4.70%, 06/10/2030 |  | 84000 | &nbsp;&nbsp; 86107 |
| 4.38%, 10/15/2030 |  | 2248000 | &nbsp;&nbsp; 2268574 |
| 5.10%, 04/11/2034 |  | 154000 | &nbsp;&nbsp; 159587 |
|  |  |  | &nbsp;&nbsp; 12076896 |
| **Agricultural Products & Services–0.20%** | **Agricultural Products & Services–0.20%** | **Agricultural Products & Services–0.20%** | **Agricultural Products & Services–0.20%** |
| Archer-Daniels-Midland Co., <br> 3.25%, 03/27/2030<br>|  | 110000 | &nbsp;&nbsp; 105892 |
| Cargill, Inc., | Cargill, Inc., |  |  |
| 4.13%, 10/23/2030<sup>(b)</sup> <br>|  | 2324000 | &nbsp;&nbsp; 2312556 |
| 5.38%, 10/23/2055<sup>(b)</sup> <br>|  | 4177346 | &nbsp;&nbsp; 4076701 |
|  |  |  | &nbsp;&nbsp; 6495149 |
| **Air Freight & Logistics–0.07%** | **Air Freight & Logistics–0.07%** | **Air Freight & Logistics–0.07%** | **Air Freight & Logistics–0.07%** |
| GXO Logistics, Inc., | GXO Logistics, Inc., |  |  |
| 6.25%, 05/06/2029 |  | 213000 | &nbsp;&nbsp; 223957 |
| 6.50%, 05/06/2034 |  | 264000 | &nbsp;&nbsp; 283496 |
| United Parcel Service, Inc., | United Parcel Service, Inc., |  |  |
| 4.65%, 10/15/2030 |  | 819000 | &nbsp;&nbsp; 839246 |
| 5.15%, 05/22/2034 |  | 121000 | &nbsp;&nbsp; 125854 |
| 5.25%, 05/14/2035<sup>(c)</sup> <br>|  | 503000 | &nbsp;&nbsp; 521849 |
| 5.50%, 05/22/2054 |  | 247000 | &nbsp;&nbsp; 245342 |
| 5.95%, 05/14/2055 |  | 100000 | &nbsp;&nbsp; 104882 |
|  |  |  | &nbsp;&nbsp; 2344626 |
| **Apparel, Accessories & Luxury Goods–0.10%** | **Apparel, Accessories & Luxury Goods–0.10%** | **Apparel, Accessories & Luxury Goods–0.10%** | **Apparel, Accessories & Luxury Goods–0.10%** |
| Gildan Activewear, Inc. (Canada), | Gildan Activewear, Inc. (Canada), |  |  |
| 4.70%, 10/07/2030<sup>(b)</sup> <br>|  | 1973000 | &nbsp;&nbsp; 1964947 |
| 5.40%, 10/07/2035<sup>(b)</sup> <br>|  | 1139000 | &nbsp;&nbsp; 1134988 |
|  |  |  | &nbsp;&nbsp; 3099935 |
| **Application Software–0.15%** | **Application Software–0.15%** | **Application Software–0.15%** | **Application Software–0.15%** |
| Autodesk, Inc., 5.30%, <br> 06/15/2035<br>|  | 402000 | &nbsp;&nbsp; 412671 |
| Cadence Design Systems, Inc., <br> 4.70%, 09/10/2034<br>|  | 85000 | &nbsp;&nbsp; 85258 |
| Intuit, Inc., 5.20%, 09/15/2033 |  | 62000 | &nbsp;&nbsp; 64849 |
| Roper Technologies, Inc., | Roper Technologies, Inc., |  |  |
| 4.25%, 09/15/2028 |  | 758000 | &nbsp;&nbsp; 760393 |
| 4.50%, 10/15/2029 |  | 133000 | &nbsp;&nbsp; 134202 |
| 4.45%, 09/15/2030 |  | 863000 | &nbsp;&nbsp; 866308 |
| 4.75%, 02/15/2032 |  | 84000 | &nbsp;&nbsp; 84739 |
| 4.90%, 10/15/2034 |  | 168000 | &nbsp;&nbsp; 167739 |
| 5.10%, 09/15/2035 |  | 1592000 | &nbsp;&nbsp; 1603043 |
| Salesforce, Inc., 1.50%, <br> 07/15/2028<br>|  | 440000 | &nbsp;&nbsp; 414128 |
| Synopsys, Inc., 5.70%, <br> 04/01/2055<br>|  | 154000 | &nbsp;&nbsp; 155700 |
|  |  |  | &nbsp;&nbsp; 4749030 |
| **Asset Management & Custody Banks–0.46%** | **Asset Management & Custody Banks–0.46%** | **Asset Management & Custody Banks–0.46%** | **Asset Management & Custody Banks–0.46%** |
| Affiliated Managers Group, Inc., <br> 5.50%, 08/20/2034<br>|  | 392000 | &nbsp;&nbsp; 403043 |

---

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

**2**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** |
| Ameriprise Financial, Inc., | Ameriprise Financial, Inc., |  |  |
| 5.70%, 12/15/2028 |  | $104000 | &nbsp;&nbsp; $108794 |
| 5.15%, 05/15/2033 |  | 42000 | &nbsp;&nbsp; 43627 |
| 5.20%, 04/15/2035 |  | 581000 | &nbsp;&nbsp; 594298 |
| Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |  |  |
| 4.44%, 06/09/2028<sup>(d)</sup> <br>|  | 1078000 | &nbsp;&nbsp; 1085118 |
| 4.86% (SOFR + 0.68%), <br> 06/09/2028<sup>(e)</sup> <br>|  | 1873000 | &nbsp;&nbsp; 1874159 |
| 4.89%, 07/21/2028<sup>(d)</sup> <br>|  | 478000 | &nbsp;&nbsp; 485190 |
| 4.98%, 03/14/2030<sup>(d)</sup> <br>|  | 36000 | &nbsp;&nbsp; 36992 |
| 5.06%, 07/22/2032<sup>(d)</sup> <br>|  | 189000 | &nbsp;&nbsp; 195341 |
| BlackRock, Inc., 4.75%, <br> 05/25/2033<br>|  | 44000 | &nbsp;&nbsp; 44954 |
| Blackstone Secured Lending Fund, <br> 2.13%, 02/15/2027<br>|  | 1636000 | &nbsp;&nbsp; 1582458 |
| Blue Owl Credit Income Corp., | Blue Owl Credit Income Corp., |  |  |
| 3.13%, 09/23/2026 |  | 200000 | &nbsp;&nbsp; 197318 |
| 7.75%, 09/16/2027 |  | 100000 | &nbsp;&nbsp; 104592 |
| Brookfield Asset Management Ltd. <br> (Canada), | Brookfield Asset Management Ltd. <br> (Canada), |  |  |
| 5.80%, 04/24/2035 |  | 688000 | &nbsp;&nbsp; 720119 |
| 6.08%, 09/15/2055 |  | 1299000 | &nbsp;&nbsp; 1346417 |
| Carlyle Group, Inc. (The), 5.05%, <br> 09/19/2035<br>|  | 2363000 | &nbsp;&nbsp; 2343373 |
| Citadel L.P., | Citadel L.P., |  |  |
| 6.00%, 01/23/2030<sup>(b)</sup> <br>|  | 77000 | &nbsp;&nbsp; 79955 |
| 6.38%, 01/23/2032<sup>(b)</sup> <br>|  | 140000 | &nbsp;&nbsp; 147582 |
| Golub Capital Private Credit Fund, | Golub Capital Private Credit Fund, |  |  |
| 5.45%, 08/15/2028<sup>(b)</sup> <br>|  | 714000 | &nbsp;&nbsp; 718536 |
| 5.80%, 09/12/2029 |  | 200000 | &nbsp;&nbsp; 203133 |
| Northern Trust Corp., | Northern Trust Corp., |  |  |
| 4.00%, 05/10/2027 |  | 200000 | &nbsp;&nbsp; 200289 |
| 3.65%, 08/03/2028 |  | 220000 | &nbsp;&nbsp; 218688 |
| 6.13%, 11/02/2032 |  | 6000 | &nbsp;&nbsp; 6564 |
| State Street Corp., | State Street Corp., |  |  |
| 4.99%, 03/18/2027 |  | 100000 | &nbsp;&nbsp; 101433 |
| 4.78%, 10/23/2036<sup>(d)</sup> <br>|  | 1781000 | &nbsp;&nbsp; 1774468 |
|  |  |  | &nbsp;&nbsp; 14616441 |
| **Automobile Manufacturers–1.29%** | **Automobile Manufacturers–1.29%** | **Automobile Manufacturers–1.29%** | **Automobile Manufacturers–1.29%** |
| American Honda Finance Corp., | American Honda Finance Corp., |  |  |
| 4.90%, 03/12/2027 |  | 110000 | &nbsp;&nbsp; 111238 |
| 4.70%, 01/12/2028 |  | 40000 | &nbsp;&nbsp; 40531 |
| 2.25%, 01/12/2029 |  | 440000 | &nbsp;&nbsp; 414909 |
| 4.60%, 04/17/2030 |  | 20000 | &nbsp;&nbsp; 20217 |
| 5.05%, 07/10/2031 |  | 110000 | &nbsp;&nbsp; 113110 |
| 4.90%, 01/10/2034 |  | 87000 | &nbsp;&nbsp; 87996 |
| Daimler Truck Finance North <br> America LLC (Germany), | Daimler Truck Finance North <br> America LLC (Germany), |  |  |
| 5.15%, 01/16/2026<sup>(b)</sup> <br>|  | 583000 | &nbsp;&nbsp; 584159 |
| 5.00%, 01/15/2027<sup>(b)</sup> <br>|  | 616000 | &nbsp;&nbsp; 621868 |
| 4.30%, 08/12/2027<sup>(b)</sup> <br>|  | 2576000 | &nbsp;&nbsp; 2583021 |
| 4.65%, 10/12/2030<sup>(b)</sup> <br>|  | 532000 | &nbsp;&nbsp; 533870 |
| 5.00%, 10/12/2032<sup>(b)</sup> <br>|  | 4800000 | &nbsp;&nbsp; 4823812 |
| 5.38%, 01/18/2034<sup>(b)</sup> <br>|  | 525000 | &nbsp;&nbsp; 537527 |
| 5.63%, 01/13/2035<sup>(b)</sup> <br>|  | 362000 | &nbsp;&nbsp; 375119 |
| Daimler Trucks Finance North <br> America LLC (Germany), 5.13%, <br> 01/19/2028<sup>(b)</sup> <br>|  | 487000 | &nbsp;&nbsp; 496120 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** |
| Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |  |  |
| 5.92%, 03/20/2028 |  | $875000 | &nbsp;&nbsp; $894143 |
| 6.80%, 11/07/2028 |  | 735000 | &nbsp;&nbsp; 768169 |
| Honda Motor Co. Ltd. (Japan), | Honda Motor Co. Ltd. (Japan), |  |  |
| 4.44%, 07/08/2028 |  | 5254000 | &nbsp;&nbsp; 5290467 |
| 4.69%, 07/08/2030 |  | 2938000 | &nbsp;&nbsp; 2968100 |
| 5.34%, 07/08/2035 |  | 2098000 | &nbsp;&nbsp; 2151480 |
| Hyundai Capital America, | Hyundai Capital America, |  |  |
| 5.50%, 03/30/2026<sup>(b)</sup> <br>|  | 40000 | &nbsp;&nbsp; 40173 |
| 5.65%, 06/26/2026<sup>(b)</sup> <br>|  | 93000 | &nbsp;&nbsp; 93799 |
| 5.25%, 01/08/2027<sup>(b)</sup> <br>|  | 234000 | &nbsp;&nbsp; 236490 |
| 4.88%, 06/23/2027<sup>(b)</sup> <br>|  | 2283000 | &nbsp;&nbsp; 2304341 |
| 5.00%, 01/07/2028<sup>(b)</sup> <br>|  | 1078000 | &nbsp;&nbsp; 1093390 |
| 5.60%, 03/30/2028<sup>(b)</sup> <br>|  | 47000 | &nbsp;&nbsp; 48315 |
| 5.35%, 03/19/2029<sup>(b)</sup> <br>|  | 44000 | &nbsp;&nbsp; 45219 |
| 5.30%, 01/08/2030<sup>(b)</sup> <br>|  | 454000 | &nbsp;&nbsp; 467952 |
| 5.80%, 04/01/2030<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6287 |
| Hyundai Capital Services, Inc. <br> (South Korea), 5.25%, <br> 01/22/2028<sup>(b)</sup> <br>|  | 2323000 | &nbsp;&nbsp; 2371413 |
| Mercedes-Benz Finance North <br> America LLC (Germany), | Mercedes-Benz Finance North <br> America LLC (Germany), |  |  |
| 4.80%, 01/11/2027<sup>(b)(c)</sup> <br>|  | 609000 | &nbsp;&nbsp; 614459 |
| 5.10%, 08/03/2028<sup>(b)</sup> <br>|  | 619000 | &nbsp;&nbsp; 634948 |
| 4.85%, 01/11/2029<sup>(b)</sup> <br>|  | 537000 | &nbsp;&nbsp; 547802 |
| 5.13%, 08/01/2034<sup>(b)</sup> <br>|  | 525000 | &nbsp;&nbsp; 535996 |
| PACCAR Financial Corp., | PACCAR Financial Corp., |  |  |
| 4.25%, 06/23/2027 |  | 2932000 | &nbsp;&nbsp; 2952810 |
| 4.60%, 01/10/2028 |  | 31000 | &nbsp;&nbsp; 31498 |
| 4.00%, 09/26/2029 |  | 426000 | &nbsp;&nbsp; 426646 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| 5.40%, 11/20/2026 |  | 440000 | &nbsp;&nbsp; 446559 |
| 4.63%, 01/12/2028 |  | 20000 | &nbsp;&nbsp; 20293 |
| 4.55%, 08/09/2029 |  | 172000 | &nbsp;&nbsp; 174826 |
| 5.55%, 11/20/2030 |  | 110000 | &nbsp;&nbsp; 116794 |
| Volkswagen Group of America <br> Finance LLC (Germany), | Volkswagen Group of America <br> Finance LLC (Germany), |  |  |
| 5.40%, 03/20/2026<sup>(b)</sup> <br>|  | 699000 | &nbsp;&nbsp; 701562 |
| 4.90%, 08/14/2026<sup>(b)</sup> <br>|  | 644000 | &nbsp;&nbsp; 646069 |
| 5.30%, 03/22/2027<sup>(b)</sup> <br>|  | 724000 | &nbsp;&nbsp; 733081 |
| 5.25%, 03/22/2029<sup>(b)</sup> <br>|  | 697000 | &nbsp;&nbsp; 711363 |
| 4.95%, 08/15/2029<sup>(b)</sup> <br>|  | 724000 | &nbsp;&nbsp; 733073 |
| 5.60%, 03/22/2034<sup>(b)</sup> <br>|  | 730000 | &nbsp;&nbsp; 749786 |
|  |  |  | &nbsp;&nbsp; 40900800 |
| **Automotive Parts & Equipment–0.18%** | **Automotive Parts & Equipment–0.18%** | **Automotive Parts & Equipment–0.18%** | **Automotive Parts & Equipment–0.18%** |
| BMW US Capital LLC (Germany), | BMW US Capital LLC (Germany), |  |  |
| 4.15%, 08/11/2027<sup>(b)</sup> <br>|  | 3280000 | &nbsp;&nbsp; 3287980 |
| 4.50%, 08/11/2030<sup>(b)</sup> <br>|  | 580000 | &nbsp;&nbsp; 582492 |
| 5.20%, 08/11/2035<sup>(b)</sup> <br>|  | 1556000 | &nbsp;&nbsp; 1572203 |
| ERAC USA Finance LLC, | ERAC USA Finance LLC, |  |  |
| 4.60%, 05/01/2028<sup>(b)</sup> <br>|  | 47000 | &nbsp;&nbsp; 47622 |
| 5.00%, 02/15/2029<sup>(b)</sup> <br>|  | 92000 | &nbsp;&nbsp; 94303 |
| 4.90%, 05/01/2033<sup>(b)</sup> <br>|  | 44000 | &nbsp;&nbsp; 44677 |
| Magna International, Inc. (Canada), <br> 5.88%, 06/01/2035<br>|  | 199000 | &nbsp;&nbsp; 210069 |
|  |  |  | &nbsp;&nbsp; 5839346 |

---

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

**3**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automotive Retail–0.01%** | **Automotive Retail–0.01%** | **Automotive Retail–0.01%** | **Automotive Retail–0.01%** |
| AutoZone, Inc., | AutoZone, Inc., |  |  |
| 5.05%, 07/15/2026 |  | $41000 | &nbsp;&nbsp; $41267 |
| 5.20%, 08/01/2033 |  | 40000 | &nbsp;&nbsp; 41205 |
| O'Reilly Automotive, Inc., 5.00%, <br> 08/19/2034<br>|  | 237000 | &nbsp;&nbsp; 238807 |
|  |  |  | &nbsp;&nbsp; 321279 |
| **Biotechnology–0.06%** | **Biotechnology–0.06%** | **Biotechnology–0.06%** | **Biotechnology–0.06%** |
| AbbVie, Inc., | AbbVie, Inc., |  |  |
| 4.80%, 03/15/2027 |  | 508000 | &nbsp;&nbsp; 513311 |
| 4.65%, 03/15/2028 |  | 100000 | &nbsp;&nbsp; 101519 |
| 4.80%, 03/15/2029 |  | 301000 | &nbsp;&nbsp; 308048 |
| 4.95%, 03/15/2031 |  | 300000 | &nbsp;&nbsp; 310319 |
| 5.05%, 03/15/2034 |  | 157000 | &nbsp;&nbsp; 161569 |
| 5.40%, 03/15/2054 |  | 125000 | &nbsp;&nbsp; 124433 |
| 5.50%, 03/15/2064 |  | 140000 | &nbsp;&nbsp; 140321 |
| Amgen, Inc., | Amgen, Inc., |  |  |
| 5.15%, 03/02/2028 |  | 44000 | &nbsp;&nbsp; 44990 |
| 5.25%, 03/02/2030 |  | 14000 | &nbsp;&nbsp; 14534 |
| Gilead Sciences, Inc., | Gilead Sciences, Inc., |  |  |
| 5.25%, 10/15/2033 |  | 28000 | &nbsp;&nbsp; 29433 |
| 5.55%, 10/15/2053 |  | 27000 | &nbsp;&nbsp; 27369 |
|  |  |  | &nbsp;&nbsp; 1775846 |
| **Brewers–0.00%** | **Brewers–0.00%** | **Brewers–0.00%** | **Brewers–0.00%** |
| Anheuser-Busch InBev Worldwide, <br> Inc. (Belgium), 5.00%, <br> 06/15/2034<br>|  | 110000 | &nbsp;&nbsp; 113758 |
| **Broadcasting–0.01%** | **Broadcasting–0.01%** | **Broadcasting–0.01%** | **Broadcasting–0.01%** |
| Paramount Global, | Paramount Global, |  |  |
| 5.85%, 09/01/2043 |  | 170000 | &nbsp;&nbsp; 153000 |
| 4.95%, 05/19/2050 |  | 170000 | &nbsp;&nbsp; 132921 |
|  |  |  | &nbsp;&nbsp; 285921 |
| **Broadline Retail–0.07%** | **Broadline Retail–0.07%** | **Broadline Retail–0.07%** | **Broadline Retail–0.07%** |
| Alibaba Group Holding Ltd. (China), <br> 4.20%, 12/06/2047<br>|  | 400000 | &nbsp;&nbsp; 348826 |
| Macy's Retail Holdings LLC, 7.38%, <br> 08/01/2033<sup>(b)</sup> <br>|  | 1825000 | &nbsp;&nbsp; 1925397 |
|  |  |  | &nbsp;&nbsp; 2274223 |
| **Building Products–0.33%** | **Building Products–0.33%** | **Building Products–0.33%** | **Building Products–0.33%** |
| Amrize Finance US LLC, | Amrize Finance US LLC, |  |  |
| 4.60%, 04/07/2027<sup>(b)</sup> <br>|  | 445000 | &nbsp;&nbsp; 447898 |
| 4.70%, 04/07/2028<sup>(b)</sup> <br>|  | 630000 | &nbsp;&nbsp; 637168 |
| 4.95%, 04/07/2030<sup>(b)</sup> <br>|  | 306000 | &nbsp;&nbsp; 313358 |
| Carrier Global Corp., 5.90%, <br> 03/15/2034<br>|  | 21000 | &nbsp;&nbsp; 22614 |
| CRH America Finance, Inc., | CRH America Finance, Inc., |  |  |
| 4.40%, 02/09/2031 |  | 2964000 | &nbsp;&nbsp; 2961658 |
| 5.00%, 02/09/2036 |  | 4161000 | &nbsp;&nbsp; 4171119 |
| 5.60%, 02/09/2056 |  | 1282000 | &nbsp;&nbsp; 1281858 |
| Owens Corning, 5.95%, <br> 06/15/2054<br>|  | 700000 | &nbsp;&nbsp; 719010 |
|  |  |  | &nbsp;&nbsp; 10554683 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Cable & Satellite–0.18%** | **Cable & Satellite–0.18%** | **Cable & Satellite–0.18%** | **Cable & Satellite–0.18%** |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital <br> Corp., | Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital <br> Corp., |  |  |
| 3.75%, 02/15/2028 |  | $440000 | &nbsp;&nbsp; $433486 |
| 2.30%, 02/01/2032 |  | 200000 | &nbsp;&nbsp; 170739 |
| 6.65%, 02/01/2034 |  | 79000 | &nbsp;&nbsp; 83538 |
| 5.85%, 12/01/2035 |  | 1561000 | &nbsp;&nbsp; 1557368 |
| 6.70%, 12/01/2055 |  | 1484000 | &nbsp;&nbsp; 1464450 |
| Comcast Corp., | Comcast Corp., |  |  |
| 5.50%, 11/15/2032 |  | 20000 | &nbsp;&nbsp; 21074 |
| 4.80%, 05/15/2033 |  | 300000 | &nbsp;&nbsp; 301452 |
| 6.05%, 05/15/2055 |  | 1600000 | &nbsp;&nbsp; 1617589 |
| Cox Communications, Inc., 5.70%, <br> 06/15/2033<sup>(b)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12229 |
|  |  |  | &nbsp;&nbsp; 5661925 |
| **Cargo Ground Transportation–0.04%** | **Cargo Ground Transportation–0.04%** | **Cargo Ground Transportation–0.04%** | **Cargo Ground Transportation–0.04%** |
| Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., | Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., |  |  |
| 5.75%, 05/24/2026<sup>(b)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19129 |
| 5.35%, 01/12/2027<sup>(b)</sup> <br>|  | 22000 | &nbsp;&nbsp; 22250 |
| 5.70%, 02/01/2028<sup>(b)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25710 |
| 5.55%, 05/01/2028<sup>(b)</sup> <br>|  | 40000 | &nbsp;&nbsp; 41183 |
| 6.05%, 08/01/2028<sup>(b)</sup> <br>|  | 41000 | &nbsp;&nbsp; 42790 |
| 5.25%, 02/01/2030<sup>(b)</sup> <br>|  | 832000 | &nbsp;&nbsp; 858765 |
| Ryder System, Inc., 4.90%, <br> 12/01/2029<br>|  | 274000 | &nbsp;&nbsp; 280721 |
|  |  |  | &nbsp;&nbsp; 1290548 |
| **Casinos & Gaming–0.01%** | **Casinos & Gaming–0.01%** | **Casinos & Gaming–0.01%** | **Casinos & Gaming–0.01%** |
| Las Vegas Sands Corp., 5.63%, <br> 06/15/2028<br>|  | 200000 | &nbsp;&nbsp; 204548 |
| **Commercial & Residential Mortgage Finance–0.11%** | **Commercial & Residential Mortgage Finance–0.11%** | **Commercial & Residential Mortgage Finance–0.11%** | **Commercial & Residential Mortgage Finance–0.11%** |
| Aviation Capital Group LLC, | Aviation Capital Group LLC, |  |  |
| 6.75%, 10/25/2028<sup>(b)</sup> <br>|  | 96000 | &nbsp;&nbsp; 101968 |
| 4.80%, 10/24/2030<sup>(b)</sup> <br>|  | 2482000 | &nbsp;&nbsp; 2482188 |
| Nationwide Building Society (United <br> Kingdom), 6.56%, <br> 10/18/2027<sup>(b)(d)</sup> <br>|  | 631000 | &nbsp;&nbsp; 643934 |
| Radian Group, Inc., 6.20%, <br> 05/15/2029<br>|  | 127000 | &nbsp;&nbsp; 132797 |
|  |  |  | &nbsp;&nbsp; 3360887 |
| **Computer & Electronics Retail–0.05%** | **Computer & Electronics Retail–0.05%** | **Computer & Electronics Retail–0.05%** | **Computer & Electronics Retail–0.05%** |
| Dell International LLC/EMC Corp., <br> 5.50%, 04/01/2035<br>|  | 1154000 | &nbsp;&nbsp; 1179480 |
| IBM International Capital Pte. Ltd., <br> 4.90%, 02/05/2034<br>|  | 310000 | &nbsp;&nbsp; 312918 |
| Leidos, Inc., 5.75%, 03/15/2033 |  | 23000 | &nbsp;&nbsp; 24311 |
|  |  |  | &nbsp;&nbsp; 1516709 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.32%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.32%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.32%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.32%** |
| Caterpillar, Inc., | Caterpillar, Inc., |  |  |
| 2.60%, 09/19/2029 |  | 500000 | &nbsp;&nbsp; 476383 |
| 5.20%, 05/15/2035<sup>(c)</sup> <br>|  | 726000 | &nbsp;&nbsp; 754486 |
| 5.50%, 05/15/2055 |  | 170000 | &nbsp;&nbsp; 174985 |
| Cummins, Inc., | Cummins, Inc., |  |  |
| 4.70%, 02/15/2031 |  | 1857000 | &nbsp;&nbsp; 1892759 |
| 5.30%, 05/09/2035 |  | 607000 | &nbsp;&nbsp; 628991 |

---

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

**4**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **(continued)** | **Construction Machinery & Heavy Transportation Equipment–**<br> **(continued)** | **Construction Machinery & Heavy Transportation Equipment–**<br> **(continued)** | **Construction Machinery & Heavy Transportation Equipment–**<br> **(continued)** |
| Komatsu Finance America, Inc., | Komatsu Finance America, Inc., |  |  |
| 5.50%, 10/06/2027<sup>(b)</sup> <br>|  | $637000 | &nbsp;&nbsp; $652902 |
| 4.20%, 09/18/2030<sup>(b)</sup> <br>|  | 2560000 | &nbsp;&nbsp; 2553361 |
| Westinghouse Air Brake Technologies <br> Corp., | Westinghouse Air Brake Technologies <br> Corp., |  |  |
| 4.90%, 05/29/2030 |  | 937000 | &nbsp;&nbsp; 958692 |
| 5.50%, 05/29/2035 |  | 1988000 | &nbsp;&nbsp; 2065091 |
|  |  |  | &nbsp;&nbsp; 10157650 |
| **Consumer Finance–0.93%** | **Consumer Finance–0.93%** | **Consumer Finance–0.93%** | **Consumer Finance–0.93%** |
| American Express Co., | American Express Co., |  |  |
| 5.65%, 04/23/2027<sup>(d)</sup> <br>|  | 285000 | &nbsp;&nbsp; 286922 |
| 4.73%, 04/25/2029<sup>(d)</sup> <br>|  | 618000 | &nbsp;&nbsp; 627479 |
| 5.31% (SOFR + 1.26%), <br> 04/25/2029<sup>(e)</sup> <br>|  | 1905000 | &nbsp;&nbsp; 1929165 |
| 4.35%, 07/20/2029<sup>(d)</sup> <br>|  | 3178000 | &nbsp;&nbsp; 3197842 |
| 4.88% (SOFR + 0.81%), <br> 07/20/2029<sup>(e)</sup> <br>|  | 4736000 | &nbsp;&nbsp; 4743641 |
| 5.53%, 04/25/2030<sup>(d)</sup> <br>|  | 257000 | &nbsp;&nbsp; 268273 |
| 5.02%, 04/25/2031<sup>(d)</sup> <br>|  | 1365000 | &nbsp;&nbsp; 1404122 |
| 4.99%, 05/26/2033<sup>(d)</sup> <br>|  | 220000 | &nbsp;&nbsp; 224973 |
| 4.92%, 07/20/2033<sup>(d)</sup> <br>|  | 2163000 | &nbsp;&nbsp; 2204369 |
| 4.80%, 10/24/2036<sup>(d)</sup> <br>|  | 10163000 | &nbsp;&nbsp; 10050500 |
| Capital One Financial Corp., | Capital One Financial Corp., |  |  |
| 4.49%, 09/11/2031<sup>(d)</sup> <br>|  | 2307000 | &nbsp;&nbsp; 2290703 |
| 5.20%, 09/11/2036<sup>(d)</sup> <br>|  | 1929000 | &nbsp;&nbsp; 1917039 |
| General Motors Financial Co., Inc., <br> 5.40%, 04/06/2026<br>|  | 10000 | &nbsp;&nbsp; 10045 |
| Synchrony Financial, 5.02%, <br> 07/29/2029<sup>(d)</sup> <br>|  | 346000 | &nbsp;&nbsp; 348712 |
|  |  |  | &nbsp;&nbsp; 29503785 |
| **Consumer Staples Merchandise Retail–0.03%** | **Consumer Staples Merchandise Retail–0.03%** | **Consumer Staples Merchandise Retail–0.03%** | **Consumer Staples Merchandise Retail–0.03%** |
| Dollar General Corp., 5.50%, <br> 11/01/2052<br>|  | 13000 | &nbsp;&nbsp; 12579 |
| Target Corp., 4.50%, <br> 09/15/2032<br>|  | 18000 | &nbsp;&nbsp; 18124 |
| Walmart, Inc., | Walmart, Inc., |  |  |
| 3.25%, 07/08/2029 |  | 880000 | &nbsp;&nbsp; 862836 |
| 4.50%, 04/15/2053 |  | 60000 | &nbsp;&nbsp; 53801 |
|  |  |  | &nbsp;&nbsp; 947340 |
| **Data Center REITs–0.01%** | **Data Center REITs–0.01%** | **Data Center REITs–0.01%** | **Data Center REITs–0.01%** |
| Equinix, Inc., 3.20%, <br> 11/18/2029<br>|  | 200000 | &nbsp;&nbsp; 191963 |
| **Distillers & Vintners–0.04%** | **Distillers & Vintners–0.04%** | **Distillers & Vintners–0.04%** | **Distillers & Vintners–0.04%** |
| Brown-Forman Corp., 4.75%, <br> 04/15/2033<br>|  | 7000 | &nbsp;&nbsp; 7107 |
| Constellation Brands, Inc., | Constellation Brands, Inc., |  |  |
| 4.80%, 05/01/2030 |  | 204000 | &nbsp;&nbsp; 207062 |
| 4.90%, 05/01/2033 |  | 6000 | &nbsp;&nbsp; 6041 |
| 4.95%, 11/01/2035 |  | 933000 | &nbsp;&nbsp; 918908 |
| Diageo Capital PLC (United <br> Kingdom), 5.50%, <br> 01/24/2033<br>|  | 200000 | &nbsp;&nbsp; 211337 |
|  |  |  | &nbsp;&nbsp; 1350455 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Distributors–0.02%** | **Distributors–0.02%** | **Distributors–0.02%** | **Distributors–0.02%** |
| Genuine Parts Co., | Genuine Parts Co., |  |  |
| 6.50%, 11/01/2028 |  | $47000 | &nbsp;&nbsp; $49534 |
| 4.95%, 08/15/2029 |  | 510000 | &nbsp;&nbsp; 515938 |
| 6.88%, 11/01/2033 |  | 77000 | &nbsp;&nbsp; 85487 |
|  |  |  | &nbsp;&nbsp; 650959 |
| **Diversified Banks–6.61%** | **Diversified Banks–6.61%** | **Diversified Banks–6.61%** | **Diversified Banks–6.61%** |
| Banco Santander S.A. (Spain), | Banco Santander S.A. (Spain), |  |  |
| 3.80%, 02/23/2028 |  | 200000 | &nbsp;&nbsp; 198040 |
| 5.55%, 03/14/2028<sup>(d)</sup> <br>|  | 800000 | &nbsp;&nbsp; 812960 |
| 4.18%, 03/24/2028<sup>(d)</sup> <br>|  | 400000 | &nbsp;&nbsp; 399502 |
| 5.15% (SOFR + 1.12%), <br> 11/06/2030<sup>(e)</sup> <br>|  | 4400000 | &nbsp;&nbsp; 4404847 |
| 5.13%, 11/06/2035 |  | 5000000 | &nbsp;&nbsp; 5007548 |
| Bank of America Corp., | Bank of America Corp., |  |  |
| 3.82%, 01/20/2028<sup>(d)</sup> <br>|  | 400000 | &nbsp;&nbsp; 398505 |
| 4.95%, 07/22/2028<sup>(d)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6082 |
| 4.88% (SOFR + 0.83%), <br> 01/24/2029<sup>(e)</sup> <br>|  | 444000 | &nbsp;&nbsp; 445039 |
| 5.20%, 04/25/2029<sup>(d)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53263 |
| 4.62%, 05/09/2029<sup>(d)</sup> <br>|  | 783000 | &nbsp;&nbsp; 792640 |
| 5.82%, 09/15/2029<sup>(d)</sup> <br>|  | 79000 | &nbsp;&nbsp; 82464 |
| 5.06% (SOFR + 1.01%), <br> 01/24/2031<sup>(e)</sup> <br>|  | 394000 | &nbsp;&nbsp; 394521 |
| 5.16%, 01/24/2031<sup>(d)</sup> <br>|  | 213000 | &nbsp;&nbsp; 219978 |
| 5.52%, 10/25/2035<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205116 |
| 2.48%, 09/21/2036<sup>(d)</sup> <br>|  | 220000 | &nbsp;&nbsp; 191771 |
| 3.85%, 03/08/2037<sup>(d)</sup> <br>|  | 220000 | &nbsp;&nbsp; 206496 |
| Series RR, 4.38%<sup>(d)(f)</sup> <br>|  | 2564000 | &nbsp;&nbsp; 2525551 |
| Bank of Montreal (Canada), <br> 5.30%, 06/05/2026<br>|  | 26000 | &nbsp;&nbsp; 26182 |
| Bank of New York Mellon (The), | Bank of New York Mellon (The), |  |  |
| 4.59%, 04/20/2027<sup>(d)</sup> <br>|  | 947000 | &nbsp;&nbsp; 948997 |
| 4.78% (SOFR + 0.71%), <br> 04/20/2027<sup>(e)</sup> <br>|  | 963000 | &nbsp;&nbsp; 964523 |
| 4.73%, 04/20/2029<sup>(d)</sup> <br>|  | 804000 | &nbsp;&nbsp; 817175 |
| Bank of New Zealand (New <br> Zealand), 5.70%, <br> 01/28/2035<sup>(b)(d)</sup> <br>|  | 809000 | &nbsp;&nbsp; 834839 |
| Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |  |  |
| 8.63%, 10/27/2082<sup>(d)</sup> <br>|  | 708000 | &nbsp;&nbsp; 750916 |
| 8.00%, 01/27/2084<sup>(d)</sup> <br>|  | 649000 | &nbsp;&nbsp; 693144 |
| 6.88%, 10/27/2085<sup>(d)</sup> <br>|  | 5555000 | &nbsp;&nbsp; 5609687 |
| Banque Federative du Credit Mutuel <br> (France), 4.59%, <br> 10/16/2028<sup>(b)</sup> <br>|  | 3493000 | &nbsp;&nbsp; 3530746 |
| Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |  |  |
| 5.83%, 05/09/2027<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201586 |
| 6.50%, 09/13/2027<sup>(d)</sup> <br>|  | 400000 | &nbsp;&nbsp; 407401 |
| 4.48%, 11/11/2029<sup>(d)</sup> <br>|  | 3151000 | &nbsp;&nbsp; 3156844 |
| 5.37%, 02/25/2031<sup>(d)</sup> <br>|  | 666000 | &nbsp;&nbsp; 687101 |
| 7.44%, 11/02/2033<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 229590 |
| 5.86%, 08/11/2046<sup>(d)</sup> <br>|  | 1685000 | &nbsp;&nbsp; 1746523 |
| BNP Paribas S.A. (France), | BNP Paribas S.A. (France), |  |  |
| 4.79%, 05/09/2029<sup>(b)(d)</sup> <br>|  | 798000 | &nbsp;&nbsp; 805208 |
| 5.72% (SOFR + 1.43%), <br> 05/09/2029<sup>(b)(e)</sup> <br>|  | 1620000 | &nbsp;&nbsp; 1634267 |
| 5.09%, 05/09/2031<sup>(b)(d)</sup> <br>|  | 1610000 | &nbsp;&nbsp; 1637835 |
| BPCE S.A. (France), 6.92%, <br> 01/14/2046<sup>(b)(d)</sup> <br>|  | 757000 | &nbsp;&nbsp; 814186 |
| CaixaBank S.A. (Spain), 4.89%, <br> 07/03/2031<sup>(b)(d)</sup> <br>|  | 1032000 | &nbsp;&nbsp; 1045443 |

---

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

**5**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Citibank N.A., 4.93%, <br> 08/06/2026<br>|  | $950000 | &nbsp;&nbsp; $955838 |
| Citigroup, Inc., | Citigroup, Inc., |  |  |
| 5.43% (SOFR + 1.14%), <br> 05/07/2028<sup>(e)</sup> <br>|  | 1702000 | &nbsp;&nbsp; 1713432 |
| 5.17%, 02/13/2030<sup>(d)</sup> <br>|  | 80000 | &nbsp;&nbsp; 82123 |
| 4.54%, 09/19/2030<sup>(d)</sup> <br>|  | 542000 | &nbsp;&nbsp; 545657 |
| 4.41%, 03/31/2031<sup>(d)</sup> <br>|  | 300000 | &nbsp;&nbsp; 299659 |
| 5.75% (SOFR + 1.46%), <br> 05/07/2031<sup>(e)</sup> <br>|  | 1990000 | &nbsp;&nbsp; 2022856 |
| 4.50%, 09/11/2031<sup>(d)</sup> <br>|  | 3286000 | &nbsp;&nbsp; 3290702 |
| 6.17%, 05/25/2034<sup>(d)</sup> <br>|  | 72000 | &nbsp;&nbsp; 76487 |
| 5.17%, 09/11/2036<sup>(d)</sup> <br>|  | 5323000 | &nbsp;&nbsp; 5391308 |
| 5.41%, 09/19/2039<sup>(d)</sup> <br>|  | 396000 | &nbsp;&nbsp; 398381 |
| 5.61%, 03/04/2056<sup>(d)</sup> <br>|  | 1071000 | &nbsp;&nbsp; 1087802 |
| Series W, 4.00%<sup>(d)(f)</sup> <br>|  | 1817000 | &nbsp;&nbsp; 1815902 |
| Comerica, Inc., 5.98%, <br> 01/30/2030<sup>(d)</sup> <br>|  | 34000 | &nbsp;&nbsp; 35379 |
| Cooperatieve Rabobank U.A. <br> (Netherlands), | Cooperatieve Rabobank U.A. <br> (Netherlands), |  |  |
| 4.33%, 08/28/2026 |  | 1473000 | &nbsp;&nbsp; 1477171 |
| 3.96%, 10/17/2028 |  | 2603000 | &nbsp;&nbsp; 2604240 |
| 5.25%, 05/24/2041 |  | 400000 | &nbsp;&nbsp; 404357 |
| Credit Agricole S.A. (France), | Credit Agricole S.A. (France), |  |  |
| 5.22%, 05/27/2031<sup>(b)(d)</sup> <br>|  | 1041000 | &nbsp;&nbsp; 1067761 |
| 4.82%, 09/25/2033<sup>(b)(d)</sup> <br>|  | 4711000 | &nbsp;&nbsp; 4685181 |
| Fifth Third Bancorp, | Fifth Third Bancorp, |  |  |
| 1.71%, 11/01/2027<sup>(d)</sup> <br>|  | 12000 | &nbsp;&nbsp; 11693 |
| 6.34%, 07/27/2029<sup>(d)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5258 |
| 4.77%, 07/28/2030<sup>(d)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25271 |
| 4.90%, 09/06/2030<sup>(d)</sup> <br>|  | 300000 | &nbsp;&nbsp; 304297 |
| 5.63%, 01/29/2032<sup>(d)</sup> <br>|  | 25000 | &nbsp;&nbsp; 26176 |
| Goldman Sachs Bank USA, 5.28%, <br> 03/18/2027<sup>(d)</sup> <br>|  | 686000 | &nbsp;&nbsp; 688594 |
| HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |  |
| 5.89%, 08/14/2027<sup>(d)</sup> <br>|  | 972000 | &nbsp;&nbsp; 984288 |
| 5.60%, 05/17/2028<sup>(d)</sup> <br>|  | 751000 | &nbsp;&nbsp; 765609 |
| 5.21%, 08/11/2028<sup>(d)</sup> <br>|  | 630000 | &nbsp;&nbsp; 640163 |
| 5.30% (SOFR + 1.04%), <br> 11/19/2028<sup>(e)</sup> <br>|  | 1172000 | &nbsp;&nbsp; 1178003 |
| 5.55%, 03/04/2030<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207274 |
| 5.29%, 11/19/2030<sup>(d)</sup> <br>|  | 848000 | &nbsp;&nbsp; 874818 |
| 5.56% (SOFR + 1.29%), <br> 11/19/2030<sup>(e)</sup> <br>|  | 1135000 | &nbsp;&nbsp; 1144790 |
| 5.13%, 03/03/2031<sup>(d)</sup> <br>|  | 788000 | &nbsp;&nbsp; 806520 |
| 5.24%, 05/13/2031<sup>(d)</sup> <br>|  | 1359000 | &nbsp;&nbsp; 1398672 |
| 5.86% (SOFR + 1.57%), <br> 05/13/2031<sup>(c)(e)</sup> <br>|  | 1908000 | &nbsp;&nbsp; 1944416 |
| 2.36%, 08/18/2031<sup>(d)</sup> <br>|  | 300000 | &nbsp;&nbsp; 272207 |
| 4.62%, 11/06/2031<sup>(d)</sup> <br>|  | 1353000 | &nbsp;&nbsp; 1355396 |
| 7.40%, 11/13/2034<sup>(d)</sup> <br>|  | 625000 | &nbsp;&nbsp; 713084 |
| 5.72%, 03/04/2035<sup>(d)</sup> <br>|  | 220000 | &nbsp;&nbsp; 232074 |
| 5.79%, 05/13/2036<sup>(d)</sup> <br>|  | 220000 | &nbsp;&nbsp; 232262 |
| 5.74%, 09/10/2036<sup>(d)</sup> <br>|  | 1618000 | &nbsp;&nbsp; 1654141 |
| 5.13%, 11/06/2036<sup>(d)</sup> <br>|  | 2616000 | &nbsp;&nbsp; 2617327 |
| 6.33%, 03/09/2044<sup>(d)</sup> <br>|  | 1041000 | &nbsp;&nbsp; 1150011 |
| 6.88%<sup>(d)(f)</sup> <br>|  | 720000 | &nbsp;&nbsp; 745566 |
| HSBC USA, Inc., 4.65%, <br> 06/03/2028<br>|  | 1388000 | &nbsp;&nbsp; 1406619 |
| ING Groep N.V. (Netherlands), <br> 5.34%, 03/19/2030<sup>(d)</sup> <br>|  | 790000 | &nbsp;&nbsp; 815127 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| 4.25%, 10/01/2027 |  | $110000 | &nbsp;&nbsp; $110637 |
| 3.63%, 12/01/2027 |  | 110000 | &nbsp;&nbsp; 109121 |
| 5.57%, 04/22/2028<sup>(d)</sup> <br>|  | 204000 | &nbsp;&nbsp; 208183 |
| 4.85%, 07/25/2028<sup>(d)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7090 |
| 4.85% (SOFR + 0.80%), <br> 01/24/2029<sup>(e)</sup> <br>|  | 697000 | &nbsp;&nbsp; 698384 |
| 4.92%, 01/24/2029<sup>(d)</sup> <br>|  | 189000 | &nbsp;&nbsp; 192383 |
| 5.30%, 07/24/2029<sup>(d)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53545 |
| 6.09%, 10/23/2029<sup>(d)</sup> <br>|  | 73000 | &nbsp;&nbsp; 76947 |
| 5.01%, 01/23/2030<sup>(d)</sup> <br>|  | 44000 | &nbsp;&nbsp; 45077 |
| 5.58%, 04/22/2030<sup>(d)</sup> <br>|  | 162000 | &nbsp;&nbsp; 169086 |
| 5.00%, 07/22/2030<sup>(d)</sup> <br>|  | 318000 | &nbsp;&nbsp; 326316 |
| 4.60%, 10/22/2030<sup>(d)</sup> <br>|  | 538000 | &nbsp;&nbsp; 545298 |
| 5.14%, 01/24/2031<sup>(d)</sup> <br>|  | 437000 | &nbsp;&nbsp; 451625 |
| 5.10%, 04/22/2031<sup>(c)(d)</sup> <br>|  | 736000 | &nbsp;&nbsp; 760350 |
| 4.26%, 10/22/2031<sup>(d)</sup> <br>|  | 3907000 | &nbsp;&nbsp; 3894230 |
| 2.55%, 11/08/2032<sup>(d)</sup> <br>|  | 220000 | &nbsp;&nbsp; 197821 |
| 4.59%, 04/26/2033<sup>(d)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5021 |
| 5.72%, 09/14/2033<sup>(d)</sup> <br>|  | 21000 | &nbsp;&nbsp; 22311 |
| 4.81%, 10/22/2036<sup>(d)</sup> <br>|  | 5389000 | &nbsp;&nbsp; 5373911 |
| 5.53%, 11/29/2045<sup>(d)</sup> <br>|  | 670000 | &nbsp;&nbsp; 690679 |
| Series NN, 6.88%<sup>(d)(f)</sup> <br>|  | 156000 | &nbsp;&nbsp; 164578 |
| KeyBank N.A., 5.85%, <br> 11/15/2027<br>|  | 936000 | &nbsp;&nbsp; 963584 |
| Lloyds Banking Group PLC (United <br> Kingdom), | Lloyds Banking Group PLC (United <br> Kingdom), |  |  |
| 4.43%, 11/04/2031 |  | 1631000 | &nbsp;&nbsp; 1628628 |
| 4.98%, 08/11/2033<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203121 |
| 4.94%, 11/04/2036 |  | 5298000 | &nbsp;&nbsp; 5243405 |
| 6.63%<sup>(d)(f)</sup> <br>|  | 2398000 | &nbsp;&nbsp; 2385544 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan), | Mitsubishi UFJ Financial Group, Inc. <br> (Japan), |  |  |
| 5.02%, 07/20/2028<sup>(d)</sup> <br>|  | 699000 | &nbsp;&nbsp; 709363 |
| 5.26%, 04/17/2030<sup>(d)</sup> <br>|  | 640000 | &nbsp;&nbsp; 661519 |
| 5.16%, 04/24/2031<sup>(d)</sup> <br>|  | 805000 | &nbsp;&nbsp; 830763 |
| 5.54% (SOFR + 1.48%), <br> 04/24/2031<sup>(e)</sup> <br>|  | 779000 | &nbsp;&nbsp; 793084 |
| 4.53%, 09/12/2031<sup>(d)</sup> <br>|  | 1576000 | &nbsp;&nbsp; 1583134 |
| 5.19%, 09/12/2036<sup>(d)</sup> <br>|  | 3325000 | &nbsp;&nbsp; 3396095 |
| 6.35%<sup>(d)(f)</sup> <br>|  | 5481000 | &nbsp;&nbsp; 5624882 |
| 8.20%<sup>(d)(f)</sup> <br>|  | 4274000 | &nbsp;&nbsp; 4725125 |
| Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |  |  |
| 4.02%, 03/05/2028 |  | 400000 | &nbsp;&nbsp; 400369 |
| 5.78%, 07/06/2029<sup>(d)</sup> <br>|  | 781000 | &nbsp;&nbsp; 812608 |
| 5.38%, 05/26/2030<sup>(d)</sup> <br>|  | 400000 | &nbsp;&nbsp; 414295 |
| 5.38%, 07/10/2030<sup>(d)</sup> <br>|  | 599000 | &nbsp;&nbsp; 621090 |
| 4.71%, 07/08/2031<sup>(d)</sup> <br>|  | 1597000 | &nbsp;&nbsp; 1616585 |
| 5.34% (SOFR + 1.25%), <br> 07/08/2031<sup>(e)</sup> <br>|  | 1630000 | &nbsp;&nbsp; 1643825 |
| 5.32%, 07/08/2036<sup>(d)</sup> <br>|  | 2426000 | &nbsp;&nbsp; 2502755 |
| Morgan Stanley Bank N.A., | Morgan Stanley Bank N.A., |  |  |
| 4.75%, 04/21/2026 |  | 840000 | &nbsp;&nbsp; 842108 |
| 4.45%, 10/15/2027<sup>(d)</sup> <br>|  | 1202000 | &nbsp;&nbsp; 1205063 |
| 4.95%, 01/14/2028<sup>(d)</sup> <br>|  | 850000 | &nbsp;&nbsp; 857619 |
| 4.98% (SOFR + 0.90%), <br> 01/12/2029<sup>(e)</sup> <br>|  | 868000 | &nbsp;&nbsp; 870557 |
| 5.02%, 01/12/2029<sup>(d)</sup> <br>|  | 850000 | &nbsp;&nbsp; 864716 |

---

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

**6**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Morgan Stanley Private Bank N.A., | Morgan Stanley Private Bank N.A., |  |  |
| 4.47%, 07/06/2028<sup>(d)</sup> <br>|  | $1810000 | &nbsp;&nbsp; $1819403 |
| 4.85% (SOFR + 0.77%), <br> 07/06/2028<sup>(e)</sup> <br>|  | 4399000 | &nbsp;&nbsp; 4410214 |
| 4.73%, 07/18/2031<sup>(d)</sup> <br>|  | 1737000 | &nbsp;&nbsp; 1764640 |
| National Securities Clearing Corp., | National Securities Clearing Corp., |  |  |
| 5.10%, 11/21/2027<sup>(b)</sup> <br>|  | 837000 | &nbsp;&nbsp; 856131 |
| 5.00%, 05/30/2028<sup>(b)</sup> <br>|  | 928000 | &nbsp;&nbsp; 951193 |
| Nordea Bank Abp (Finland), | Nordea Bank Abp (Finland), |  |  |
| 4.25%, 08/28/2030<sup>(b)</sup> <br>|  | 4783000 | &nbsp;&nbsp; 4785846 |
| 6.75%<sup>(b)(d)(f)</sup> <br>|  | 1475000 | &nbsp;&nbsp; 1524079 |
| Norinchukin Bank (The) (Japan), <br> 5.09%, 10/16/2029<sup>(b)</sup> <br>|  | 763000 | &nbsp;&nbsp; 779577 |
| PNC Bank N.A., 4.78%, <br> 01/15/2027<sup>(d)</sup> <br>|  | 1064000 | &nbsp;&nbsp; 1064998 |
| PNC Financial Services Group, Inc. <br> (The), | PNC Financial Services Group, Inc. <br> (The), |  |  |
| 6.62%, 10/20/2027<sup>(d)</sup> <br>|  | 99000 | &nbsp;&nbsp; 101241 |
| 5.58%, 06/12/2029<sup>(d)</sup> <br>|  | 56000 | &nbsp;&nbsp; 57958 |
| 4.90%, 05/13/2031<sup>(d)</sup> <br>|  | 1501000 | &nbsp;&nbsp; 1531835 |
| 5.07%, 01/24/2034<sup>(d)</sup> <br>|  | 110000 | &nbsp;&nbsp; 112274 |
| 5.37%, 07/21/2036<sup>(d)</sup> <br>|  | 1304000 | &nbsp;&nbsp; 1340046 |
| Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), |  |  |
| 4.95%, 02/01/2029 |  | 34000 | &nbsp;&nbsp; 34938 |
| 7.50%, 05/02/2084<sup>(d)</sup> <br>|  | 793000 | &nbsp;&nbsp; 843508 |
| 6.50%, 11/24/2085<sup>(d)</sup> <br>|  | 1994000 | &nbsp;&nbsp; 1991833 |
| Santander UK Group Holdings PLC <br> (United Kingdom), 5.14%, <br> 09/22/2036<sup>(d)</sup> <br>|  | 1632000 | &nbsp;&nbsp; 1618056 |
| Standard Chartered PLC (United <br> Kingdom), | Standard Chartered PLC (United <br> Kingdom), |  |  |
| 6.19%, 07/06/2027<sup>(b)(d)</sup> <br>|  | 788000 | &nbsp;&nbsp; 797651 |
| 6.75%, 02/08/2028<sup>(b)(d)</sup> <br>|  | 783000 | &nbsp;&nbsp; 805675 |
| 7.02%, 02/08/2030<sup>(b)(d)</sup> <br>|  | 785000 | &nbsp;&nbsp; 846524 |
| 5.01%, 10/15/2030<sup>(b)(d)</sup> <br>|  | 756000 | &nbsp;&nbsp; 770271 |
| 5.24%, 05/13/2031<sup>(b)(d)</sup> <br>|  | 895000 | &nbsp;&nbsp; 921151 |
| 5.95% (SOFR + 1.68%), <br> 05/13/2031<sup>(b)(e)</sup> <br>|  | 909000 | &nbsp;&nbsp; 929668 |
| 2.68%, 06/29/2032<sup>(b)(d)</sup> <br>|  | 1468000 | &nbsp;&nbsp; 1319241 |
| 5.40%, 08/12/2036<sup>(b)(d)</sup> <br>|  | 4356000 | &nbsp;&nbsp; 4430773 |
| Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), | Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), |  |  |
| 5.65%, 03/09/2026<sup>(b)</sup> <br>|  | 757000 | &nbsp;&nbsp; 760972 |
| 5.65%, 09/14/2026<sup>(b)</sup> <br>|  | 650000 | &nbsp;&nbsp; 658772 |
| 5.20%, 03/07/2027<sup>(b)</sup> <br>|  | 734000 | &nbsp;&nbsp; 745519 |
| 5.55%, 09/14/2028<sup>(b)</sup> <br>|  | 637000 | &nbsp;&nbsp; 663053 |
| 5.20%, 03/07/2029<sup>(b)</sup> <br>|  | 684000 | &nbsp;&nbsp; 705747 |
| 4.35%, 09/11/2030<sup>(b)</sup> <br>|  | 1627000 | &nbsp;&nbsp; 1634845 |
| Sumitomo Mitsui Trust Group, Inc. <br> (Japan), 5.42%, <br> 09/11/2036<sup>(b)(d)</sup> <br>|  | 1088000 | &nbsp;&nbsp; 1106368 |
| Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |  |  |
| 4.78%, 12/17/2029 |  | 500000 | &nbsp;&nbsp; 511139 |
| 2.45%, 01/12/2032 |  | 200000 | &nbsp;&nbsp; 179120 |
| 4.93%, 10/15/2035 |  | 2379000 | &nbsp;&nbsp; 2385040 |
| 8.13%, 10/31/2082<sup>(d)</sup> <br>|  | 701000 | &nbsp;&nbsp; 741296 |
| Truist Bank, | Truist Bank, |  |  |
| 4.42%, 07/24/2028<sup>(d)</sup> <br>|  | 3275000 | &nbsp;&nbsp; 3288287 |
| 4.82% (SOFR + 0.77%), <br> 07/24/2028<sup>(e)</sup> <br>|  | 4336000 | &nbsp;&nbsp; 4341920 |
| 2.25%, 03/11/2030 |  | 250000 | &nbsp;&nbsp; 228559 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| U.S. Bancorp, | U.S. Bancorp, |  |  |
| 5.78%, 06/12/2029<sup>(d)</sup> <br>|  | $110000 | &nbsp;&nbsp; $114264 |
| 4.97%, 07/22/2033<sup>(d)</sup> <br>|  | 110000 | &nbsp;&nbsp; 110334 |
| UBS AG (Switzerland), 5.65%, <br> 09/11/2028<br>|  | 751000 | &nbsp;&nbsp; 784751 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| 4.83% (SOFR + 0.78%), <br> 01/24/2028<sup>(e)</sup> <br>|  | 780000 | &nbsp;&nbsp; 782199 |
| 5.71%, 04/22/2028<sup>(d)</sup> <br>|  | 133000 | &nbsp;&nbsp; 135932 |
| 4.15%, 01/24/2029 |  | 330000 | &nbsp;&nbsp; 330233 |
| 5.42% (SOFR + 1.37%), <br> 04/23/2029<sup>(e)</sup> <br>|  | 923000 | &nbsp;&nbsp; 936028 |
| 5.57%, 07/25/2029<sup>(d)</sup> <br>|  | 37000 | &nbsp;&nbsp; 38301 |
| 6.30%, 10/23/2029<sup>(d)</sup> <br>|  | 50000 | &nbsp;&nbsp; 52900 |
| 5.20%, 01/23/2030<sup>(d)</sup> <br>|  | 57000 | &nbsp;&nbsp; 58661 |
| 5.15%, 04/23/2031<sup>(d)</sup> <br>|  | 1318000 | &nbsp;&nbsp; 1359528 |
| 4.61%, 04/25/2053<sup>(d)</sup> <br>|  | 12000 | &nbsp;&nbsp; 10539 |
| 7.63%<sup>(d)(f)</sup> <br>|  | 42000 | &nbsp;&nbsp; 44891 |
| Series W, 4.90%, <br> 01/24/2028<sup>(d)</sup> <br>|  | 301000 | &nbsp;&nbsp; 303562 |
| Series BB, 3.90%<sup>(d)(f)</sup> <br>|  | 764000 | &nbsp;&nbsp; 759450 |
| Westpac Banking Corp. (Australia), | Westpac Banking Corp. (Australia), |  |  |
| 4.92% (SOFR + 0.82%), <br> 07/01/2030<sup>(e)</sup> <br>|  | 1170000 | &nbsp;&nbsp; 1181762 |
| 6.82%, 11/17/2033 |  | 142000 | &nbsp;&nbsp; 159584 |
|  |  |  | &nbsp;&nbsp; 210065118 |
| **Diversified Capital Markets–0.42%** | **Diversified Capital Markets–0.42%** | **Diversified Capital Markets–0.42%** | **Diversified Capital Markets–0.42%** |
| Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |  |  |
| 5.37%, 01/10/2029<sup>(d)</sup> <br>|  | 688000 | &nbsp;&nbsp; 702259 |
| 6.82%, 11/20/2029<sup>(d)</sup> <br>|  | 150000 | &nbsp;&nbsp; 160199 |
| UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |  |  |
| 5.71%, 01/12/2027<sup>(b)(d)</sup> <br>|  | 626000 | &nbsp;&nbsp; 627484 |
| 4.75%, 05/12/2028<sup>(b)(d)</sup> <br>|  | 756000 | &nbsp;&nbsp; 762090 |
| 5.43%, 02/08/2030<sup>(b)(d)</sup> <br>|  | 749000 | &nbsp;&nbsp; 775177 |
| 4.40%, 09/23/2031<sup>(b)(d)</sup> <br>|  | 1947000 | &nbsp;&nbsp; 1940379 |
| 5.01%, 03/23/2037<sup>(b)(d)</sup> <br>|  | 1947000 | &nbsp;&nbsp; 1938871 |
| 6.60%<sup>(b)(d)(f)</sup> <br>|  | 2128000 | &nbsp;&nbsp; 2131137 |
| 7.00%<sup>(b)(d)(f)</sup> <br>|  | 1635000 | &nbsp;&nbsp; 1652892 |
| 7.13%<sup>(b)(d)(f)</sup> <br>|  | 770000 | &nbsp;&nbsp; 784180 |
| Series 28, 9.25%<sup>(b)(d)(f)</sup> <br>|  | 797000 | &nbsp;&nbsp; 869627 |
| Series 33, 9.25%<sup>(b)(d)(f)</sup> <br>|  | 792000 | &nbsp;&nbsp; 928207 |
|  |  |  | &nbsp;&nbsp; 13272502 |
| **Diversified Financial Services–0.89%** | **Diversified Financial Services–0.89%** | **Diversified Financial Services–0.89%** | **Diversified Financial Services–0.89%** |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), |  |  |
| 5.10%, 01/19/2029 |  | 547000 | &nbsp;&nbsp; 559687 |
| 6.50%, 01/31/2056<sup>(d)</sup> <br>|  | 987000 | &nbsp;&nbsp; 1020585 |
| Aircastle Ltd./Aircastle Ireland <br> DAC, 5.00%, 09/15/2030<sup>(b)</sup> <br>|  | 1054000 | &nbsp;&nbsp; 1062385 |
| Apollo Global Management, Inc., | Apollo Global Management, Inc., |  |  |
| 6.38%, 11/15/2033 |  | 68000 | &nbsp;&nbsp; 74992 |
| 5.15%, 08/12/2035 |  | 1773000 | &nbsp;&nbsp; 1785891 |
| Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |  |  |
| 4.95%, 01/15/2028<sup>(b)</sup> <br>|  | 561000 | &nbsp;&nbsp; 566951 |
| 6.38%, 05/04/2028<sup>(b)</sup> <br>|  | 43000 | &nbsp;&nbsp; 44825 |
| 4.95%, 10/15/2032<sup>(b)</sup> <br>|  | 5606000 | &nbsp;&nbsp; 5535455 |

---

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

**7**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** |
| BlackRock Funding, Inc., | BlackRock Funding, Inc., |  |  |
| 4.70%, 03/14/2029 |  | $110000 | &nbsp;&nbsp; $112469 |
| 4.90%, 01/08/2035 |  | 86000 | &nbsp;&nbsp; 88322 |
| 5.35%, 01/08/2055 |  | 100000 | &nbsp;&nbsp; 99835 |
| Blackstone Reg Finance Co. L.L.C., | Blackstone Reg Finance Co. L.L.C., |  |  |
| 4.30%, 11/03/2030 |  | 1337000 | &nbsp;&nbsp; 1333019 |
| 4.95%, 02/15/2036 |  | 1410000 | &nbsp;&nbsp; 1400574 |
| Citadel Finance LLC, 5.90%, <br> 02/10/2030<sup>(b)</sup> <br>|  | 1746000 | &nbsp;&nbsp; 1764460 |
| Citadel Securities Global Holdings LLC, | Citadel Securities Global Holdings LLC, |  |  |
| 5.50%, 06/18/2030<sup>(b)</sup> <br>|  | 997000 | &nbsp;&nbsp; 1020718 |
| 6.20%, 06/18/2035<sup>(b)</sup> <br>|  | 871000 | &nbsp;&nbsp; 914225 |
| Corebridge Financial, Inc., | Corebridge Financial, Inc., |  |  |
| 3.90%, 04/05/2032 |  | 120000 | &nbsp;&nbsp; 114279 |
| 6.05%, 09/15/2033 |  | 54000 | &nbsp;&nbsp; 57672 |
| 5.75%, 01/15/2034 |  | 89000 | &nbsp;&nbsp; 93266 |
| LPL Holdings, Inc., | LPL Holdings, Inc., |  |  |
| 5.70%, 05/20/2027 |  | 211000 | &nbsp;&nbsp; 215054 |
| 5.20%, 03/15/2030 |  | 656000 | &nbsp;&nbsp; 670440 |
| 5.15%, 06/15/2030 |  | 513000 | &nbsp;&nbsp; 522558 |
| 5.65%, 03/15/2035 |  | 606000 | &nbsp;&nbsp; 618926 |
| 5.75%, 06/15/2035 |  | 335000 | &nbsp;&nbsp; 344553 |
| Pershing Square Holdings Ltd., <br> 5.50%, 10/28/2032<sup>(b)</sup> <br>|  | 4936000 | &nbsp;&nbsp; 4939373 |
| Wynnton Funding Trust II, 5.99%, <br> 08/15/2055<sup>(b)</sup> <br>|  | 3253000 | &nbsp;&nbsp; 3344517 |
|  |  |  | &nbsp;&nbsp; 28305031 |
| **Diversified Metals & Mining–0.21%** | **Diversified Metals & Mining–0.21%** | **Diversified Metals & Mining–0.21%** | **Diversified Metals & Mining–0.21%** |
| BHP Billiton Finance (USA) Ltd. <br> (Australia), | BHP Billiton Finance (USA) Ltd. <br> (Australia), |  |  |
| 5.10%, 09/08/2028 |  | 108000 | &nbsp;&nbsp; 111161 |
| 5.25%, 09/08/2030 |  | 71000 | &nbsp;&nbsp; 74026 |
| 5.25%, 09/08/2033 |  | 513000 | &nbsp;&nbsp; 534595 |
| 5.75%, 09/05/2055 |  | 1169000 | &nbsp;&nbsp; 1221490 |
| Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |  |  |
| 4.91%, 04/01/2028<sup>(b)</sup> <br>|  | 814000 | &nbsp;&nbsp; 827619 |
| 5.37%, 04/04/2029<sup>(b)</sup> <br>|  | 103000 | &nbsp;&nbsp; 106245 |
| 5.19%, 04/01/2030<sup>(b)</sup> <br>|  | 562000 | &nbsp;&nbsp; 578688 |
| 5.63%, 04/04/2034<sup>(b)</sup> <br>|  | 77000 | &nbsp;&nbsp; 80332 |
| 5.67%, 04/01/2035<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 522183 |
| 5.89%, 04/04/2054<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 76717 |
| 6.14%, 04/01/2055<sup>(b)</sup> <br>|  | 264000 | &nbsp;&nbsp; 277282 |
| Rio Tinto Alcan, Inc. (Canada), <br> 6.13%, 12/15/2033<br>|  | 400000 | &nbsp;&nbsp; 439719 |
| Rio Tinto Finance (USA) PLC (Australia), | Rio Tinto Finance (USA) PLC (Australia), |  |  |
| 4.38%, 03/12/2027 |  | 393000 | &nbsp;&nbsp; 395604 |
| 4.50%, 03/14/2028 |  | 97000 | &nbsp;&nbsp; 98125 |
| 4.88%, 03/14/2030 |  | 573000 | &nbsp;&nbsp; 588327 |
| 5.00%, 03/14/2032 |  | 338000 | &nbsp;&nbsp; 348668 |
| 5.25%, 03/14/2035 |  | 100000 | &nbsp;&nbsp; 103487 |
| 5.75%, 03/14/2055 |  | 151000 | &nbsp;&nbsp; 156307 |
| 5.88%, 03/14/2065 |  | 264000 | &nbsp;&nbsp; 276697 |
|  |  |  | &nbsp;&nbsp; 6817272 |
| **Diversified REITs–0.02%** | **Diversified REITs–0.02%** | **Diversified REITs–0.02%** | **Diversified REITs–0.02%** |
| ERP Operating L.P., 4.95%, <br> 06/15/2032<br>|  | 410000 | &nbsp;&nbsp; 420315 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified REITs–(continued)** | **Diversified REITs–(continued)** | **Diversified REITs–(continued)** | **Diversified REITs–(continued)** |
| VICI Properties L.P., | VICI Properties L.P., |  |  |
| 5.75%, 04/01/2034 |  | $37000 | &nbsp;&nbsp; $38280 |
| 6.13%, 04/01/2054 |  | 44000 | &nbsp;&nbsp; 44515 |
|  |  |  | &nbsp;&nbsp; 503110 |
| **Diversified Support Services–0.03%** | **Diversified Support Services–0.03%** | **Diversified Support Services–0.03%** | **Diversified Support Services–0.03%** |
| Element Fleet Management Corp. <br> (Canada), | Element Fleet Management Corp. <br> (Canada), |  |  |
| 6.32%, 12/04/2028<sup>(b)</sup> <br>|  | 60000 | &nbsp;&nbsp; 63481 |
| 5.04%, 03/25/2030<sup>(b)</sup> <br>|  | 749000 | &nbsp;&nbsp; 765341 |
|  |  |  | &nbsp;&nbsp; 828822 |
| **Electric Utilities–2.77%** | **Electric Utilities–2.77%** | **Electric Utilities–2.77%** | **Electric Utilities–2.77%** |
| AEP Texas, Inc., | AEP Texas, Inc., |  |  |
| 3.95%, 06/01/2028<sup>(b)</sup> <br>|  | 2489000 | &nbsp;&nbsp; 2478619 |
| 5.70%, 05/15/2034 |  | 503000 | &nbsp;&nbsp; 525304 |
| 5.85%, 10/15/2055 |  | 2151000 | &nbsp;&nbsp; 2152284 |
| AEP Transmission Co. LLC, 5.38%, <br> 06/15/2035<br>|  | 202000 | &nbsp;&nbsp; 209349 |
| Alabama Power Co., | Alabama Power Co., |  |  |
| Series C, 4.30%, 03/15/2031 |  | 1946000 | &nbsp;&nbsp; 1947928 |
| 5.85%, 11/15/2033 |  | 25000 | &nbsp;&nbsp; 26898 |
| 5.10%, 04/02/2035 |  | 142000 | &nbsp;&nbsp; 145261 |
| Alliant Energy Corp., 5.75%, <br> 04/01/2056<sup>(d)</sup> <br>|  | 943000 | &nbsp;&nbsp; 947074 |
| American Electric Power Co., Inc., | American Electric Power Co., Inc., |  |  |
| 5.75%, 11/01/2027 |  | 19000 | &nbsp;&nbsp; 19586 |
| 5.20%, 01/15/2029 |  | 76000 | &nbsp;&nbsp; 78459 |
| Series C, 5.80%, <br> 03/15/2056<sup>(d)</sup> <br>|  | 2975000 | &nbsp;&nbsp; 2983110 |
| Series D, 6.05%, <br> 03/15/2056<sup>(d)</sup> <br>|  | 1402000 | &nbsp;&nbsp; 1420962 |
| Arizona Public Service Co., 5.90%, <br> 08/15/2055<br>|  | 2110000 | &nbsp;&nbsp; 2177252 |
| Baltimore Gas and Electric Co., <br> 5.45%, 06/01/2035<br>|  | 423000 | &nbsp;&nbsp; 441258 |
| Capital Power (US Holdings), Inc. <br> (Canada), | Capital Power (US Holdings), Inc. <br> (Canada), |  |  |
| 5.26%, 06/01/2028<sup>(b)</sup> <br>|  | 611000 | &nbsp;&nbsp; 622840 |
| 6.19%, 06/01/2035<sup>(b)</sup> <br>|  | 806000 | &nbsp;&nbsp; 844335 |
| CenterPoint Energy Houston <br> Electric LLC, | CenterPoint Energy Houston <br> Electric LLC, |  |  |
| 4.80%, 03/15/2030 |  | 415000 | &nbsp;&nbsp; 424721 |
| 5.05%, 03/01/2035 |  | 125000 | &nbsp;&nbsp; 126601 |
| Commonwealth Edison Co., | Commonwealth Edison Co., |  |  |
| 3.70%, 08/15/2028 |  | 400000 | &nbsp;&nbsp; 398084 |
| 5.95%, 06/01/2055 |  | 477000 | &nbsp;&nbsp; 509692 |
| Connecticut Light and Power Co. <br> (The), 4.95%, 08/15/2034<br>|  | 49000 | &nbsp;&nbsp; 49756 |
| Consolidated Edison Co. of New York, <br> Inc., | Consolidated Edison Co. of New York, <br> Inc., |  |  |
| 5.50%, 03/15/2034 |  | 38000 | &nbsp;&nbsp; 40099 |
| 5.90%, 11/15/2053 |  | 55000 | &nbsp;&nbsp; 57887 |
| Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |  |  |
| 6.13%, 01/15/2034 |  | 25000 | &nbsp;&nbsp; 27214 |
| 6.50%, 10/01/2053 |  | 25000 | &nbsp;&nbsp; 27692 |
| 5.75%, 03/15/2054 |  | 100000 | &nbsp;&nbsp; 101578 |
| Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |  |  |
| 4.85%, 03/15/2030 |  | 320000 | &nbsp;&nbsp; 329071 |
| 5.25%, 03/15/2035 |  | 465000 | &nbsp;&nbsp; 482171 |
| 5.35%, 01/15/2053 |  | 29000 | &nbsp;&nbsp; 28618 |

---

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

**8**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Duke Energy Corp., | Duke Energy Corp., |  |  |
| 4.85%, 01/05/2029 |  | $77000 | &nbsp;&nbsp; $78477 |
| 4.95%, 09/15/2035 |  | 2101000 | &nbsp;&nbsp; 2090413 |
| 5.00%, 08/15/2052 |  | 10000 | &nbsp;&nbsp; 9044 |
| Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |  |  |
| 5.40%, 04/01/2053 |  | 29000 | &nbsp;&nbsp; 28451 |
| 5.90%, 05/15/2055 |  | 327000 | &nbsp;&nbsp; 344458 |
| Electricite de France S.A. (France), | Electricite de France S.A. (France), |  |  |
| 5.70%, 05/23/2028<sup>(b)</sup> <br>|  | 627000 | &nbsp;&nbsp; 647559 |
| 6.38%, 01/13/2055<sup>(b)</sup> <br>|  | 3666000 | &nbsp;&nbsp; 3846052 |
| Entergy Louisiana LLC, | Entergy Louisiana LLC, |  |  |
| 5.15%, 09/15/2034 |  | 126000 | &nbsp;&nbsp; 129532 |
| 5.80%, 03/15/2055 |  | 291000 | &nbsp;&nbsp; 300083 |
| Entergy Texas, Inc., 5.25%, <br> 04/15/2035<br>|  | 305000 | &nbsp;&nbsp; 314408 |
| Evergy Metro, Inc., | Evergy Metro, Inc., |  |  |
| 4.95%, 04/15/2033 |  | 29000 | &nbsp;&nbsp; 29644 |
| 5.13%, 08/15/2035 |  | 1707000 | &nbsp;&nbsp; 1732841 |
| Exelon Corp., | Exelon Corp., |  |  |
| 5.15%, 03/15/2029 |  | 86000 | &nbsp;&nbsp; 88479 |
| 5.13%, 03/15/2031 |  | 823000 | &nbsp;&nbsp; 851443 |
| 5.45%, 03/15/2034 |  | 64000 | &nbsp;&nbsp; 66674 |
| 5.60%, 03/15/2053 |  | 74000 | &nbsp;&nbsp; 72960 |
| 5.88%, 03/15/2055 |  | 607000 | &nbsp;&nbsp; 622226 |
| FirstEnergy Pennsylvania Electric <br> Co., 5.20%, 04/01/2028<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7159 |
| FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |  |  |
| 4.55%, 01/15/2030 |  | 258000 | &nbsp;&nbsp; 259781 |
| 5.00%, 01/15/2035 |  | 126000 | &nbsp;&nbsp; 126403 |
| Florida Power & Light Co., | Florida Power & Light Co., |  |  |
| 4.80%, 05/15/2033 |  | 20000 | &nbsp;&nbsp; 20447 |
| 5.80%, 03/15/2065 |  | 446000 | &nbsp;&nbsp; 470052 |
| Georgia Power Co., | Georgia Power Co., |  |  |
| 4.65%, 05/16/2028 |  | 20000 | &nbsp;&nbsp; 20306 |
| 4.00%, 10/01/2028 |  | 4141000 | &nbsp;&nbsp; 4138987 |
| 4.95%, 05/17/2033 |  | 23000 | &nbsp;&nbsp; 23492 |
| Louisville Gas and Electric Co., <br> 5.85%, 08/15/2055<br>|  | 591000 | &nbsp;&nbsp; 609387 |
| MidAmerican Energy Co., | MidAmerican Energy Co., |  |  |
| 5.35%, 01/15/2034 |  | 21000 | &nbsp;&nbsp; 21979 |
| 5.85%, 09/15/2054 |  | 36000 | &nbsp;&nbsp; 38013 |
| 5.30%, 02/01/2055 |  | 82000 | &nbsp;&nbsp; 79939 |
| National Rural Utilities Cooperative <br> Finance Corp., | National Rural Utilities Cooperative <br> Finance Corp., |  |  |
| 4.12%, 09/16/2027 |  | 775000 | &nbsp;&nbsp; 777745 |
| 4.85%, 02/07/2029 |  | 146000 | &nbsp;&nbsp; 149376 |
| 5.00%, 02/07/2031 |  | 139000 | &nbsp;&nbsp; 143447 |
| 5.80%, 01/15/2033 |  | 6000 | &nbsp;&nbsp; 6442 |
| 5.00%, 08/15/2034 |  | 421000 | &nbsp;&nbsp; 430041 |
| Series D, 4.15%, 08/25/2028 |  | 1536000 | &nbsp;&nbsp; 1539599 |
| New England Power Co., 5.85%, <br> 09/08/2055<sup>(b)</sup> <br>|  | 938000 | &nbsp;&nbsp; 957929 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |  |  |
| 4.63%, 07/15/2027 |  | 28000 | &nbsp;&nbsp; 28271 |
| 4.69%, 09/01/2027 |  | 3781000 | &nbsp;&nbsp; 3822862 |
| 4.85%, 02/04/2028 |  | 133000 | &nbsp;&nbsp; 135443 |
| 4.90%, 03/15/2029 |  | 225000 | &nbsp;&nbsp; 230506 |
| 6.70%, 09/01/2054<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208278 |
| Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., |  |  |
| 4.65%, 10/03/2030<sup>(b)</sup> <br>|  | 1600000 | &nbsp;&nbsp; 1613430 |
| 5.29%, 01/17/2034<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 56233 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Northern States Power Co., <br> 5.65%, 05/15/2055<br>|  | $686000 | &nbsp;&nbsp; $708288 |
| NRG Energy, Inc., | NRG Energy, Inc., |  |  |
| 4.73%, 10/15/2030<sup>(b)</sup> <br>|  | 3351000 | &nbsp;&nbsp; 3344539 |
| 5.41%, 10/15/2035<sup>(b)</sup> <br>|  | 2634000 | &nbsp;&nbsp; 2629969 |
| OGE Energy Corp., 5.45%, <br> 05/15/2029<br>|  | 800000 | &nbsp;&nbsp; 831322 |
| Oglethorpe Power Corp., 5.90%, <br> 02/01/2055<br>|  | 232000 | &nbsp;&nbsp; 234738 |
| Ohio Power Co., 5.65%, <br> 06/01/2034<br>|  | 108000 | &nbsp;&nbsp; 113039 |
| Oklahoma Gas and Electric Co., <br> 5.60%, 04/01/2053<br>|  | 421000 | &nbsp;&nbsp; 423600 |
| Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, |  |  |
| 4.50%, 03/20/2027<sup>(b)</sup> <br>|  | 819000 | &nbsp;&nbsp; 824991 |
| 4.65%, 11/01/2029 |  | 489000 | &nbsp;&nbsp; 497574 |
| 4.15%, 06/01/2032 |  | 110000 | &nbsp;&nbsp; 107929 |
| 4.55%, 09/15/2032 |  | 110000 | &nbsp;&nbsp; 110252 |
| 5.65%, 11/15/2033 |  | 53000 | &nbsp;&nbsp; 56460 |
| 5.80%, 04/01/2055<sup>(b)</sup> <br>|  | 780000 | &nbsp;&nbsp; 805642 |
| Pacific Gas and Electric Co., | Pacific Gas and Electric Co., |  |  |
| 6.10%, 01/15/2029 |  | 110000 | &nbsp;&nbsp; 114791 |
| 5.55%, 05/15/2029 |  | 110000 | &nbsp;&nbsp; 113291 |
| 3.25%, 06/01/2031 |  | 440000 | &nbsp;&nbsp; 406563 |
| 4.40%, 03/01/2032 |  | 220000 | &nbsp;&nbsp; 214084 |
| 6.70%, 04/01/2053 |  | 110000 | &nbsp;&nbsp; 118025 |
| PacifiCorp, | PacifiCorp, |  |  |
| 5.10%, 02/15/2029 |  | 106000 | &nbsp;&nbsp; 108858 |
| 5.30%, 02/15/2031 |  | 86000 | &nbsp;&nbsp; 89352 |
| 5.45%, 02/15/2034 |  | 87000 | &nbsp;&nbsp; 89493 |
| 5.80%, 01/15/2055 |  | 68000 | &nbsp;&nbsp; 66517 |
| Pinnacle West Capital Corp., | Pinnacle West Capital Corp., |  |  |
| 4.90%, 05/15/2028 |  | 156000 | &nbsp;&nbsp; 158428 |
| 5.15%, 05/15/2030 |  | 385000 | &nbsp;&nbsp; 396871 |
| PPL Capital Funding, Inc., 5.25%, <br> 09/01/2034<br>|  | 57000 | &nbsp;&nbsp; 58533 |
| PPL Electric Utilities Corp., 5.55%, <br> 08/15/2055<br>|  | 834000 | &nbsp;&nbsp; 847547 |
| PSEG Power LLC, 5.20%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 670000 | &nbsp;&nbsp; 687482 |
| Public Service Co. of Colorado, | Public Service Co. of Colorado, |  |  |
| 5.35%, 05/15/2034 |  | 200000 | &nbsp;&nbsp; 206736 |
| 5.25%, 04/01/2053 |  | 25000 | &nbsp;&nbsp; 23887 |
| RWE Finance US LLC (Germany), | RWE Finance US LLC (Germany), |  |  |
| 5.13%, 09/18/2035<sup>(b)</sup> <br>|  | 1716000 | &nbsp;&nbsp; 1693741 |
| 5.88%, 09/18/2055<sup>(b)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1774605 |
| San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |  |  |
| 5.35%, 04/01/2053 |  | 46000 | &nbsp;&nbsp; 44466 |
| 5.55%, 04/15/2054 |  | 165000 | &nbsp;&nbsp; 163953 |
| Sierra Pacific Power Co., | Sierra Pacific Power Co., |  |  |
| 5.90%, 03/15/2054 |  | 18000 | &nbsp;&nbsp; 18392 |
| 6.20%, 12/15/2055<sup>(d)</sup> <br>|  | 1073000 | &nbsp;&nbsp; 1072813 |
| Southern California Edison Co., | Southern California Edison Co., |  |  |
| 2.75%, 02/01/2032 |  | 110000 | &nbsp;&nbsp; 97331 |
| 3.65%, 02/01/2050 |  | 700000 | &nbsp;&nbsp; 494347 |
| 5.75%, 04/15/2054 |  | 110000 | &nbsp;&nbsp; 105354 |
| Southern Co. (The), | Southern Co. (The), |  |  |
| 5.70%, 10/15/2032 |  | 6000 | &nbsp;&nbsp; 6369 |
| 4.85%, 03/15/2035 |  | 165000 | &nbsp;&nbsp; 163480 |
| Southwestern Electric Power Co., <br> 5.30%, 04/01/2033<br>|  | 26000 | &nbsp;&nbsp; 26573 |

---

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

**9**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Southwestern Public Service Co., <br> 6.00%, 06/01/2054<br>|  | $200000 | &nbsp;&nbsp; $208687 |
| Trans-Allegheny Interstate Line <br> Co., 5.00%, 01/15/2031<sup>(b)</sup> <br>|  | 350000 | &nbsp;&nbsp; 359512 |
| Tucson Electric Power Co., 5.20%, <br> 09/15/2034<br>|  | 200000 | &nbsp;&nbsp; 204702 |
| Union Electric Co., | Union Electric Co., |  |  |
| 5.20%, 04/01/2034 |  | 182000 | &nbsp;&nbsp; 188270 |
| 5.25%, 04/15/2035 |  | 413000 | &nbsp;&nbsp; 427234 |
| 5.13%, 03/15/2055 |  | 185000 | &nbsp;&nbsp; 175465 |
| Virginia Electric and Power Co., | Virginia Electric and Power Co., |  |  |
| 5.00%, 04/01/2033 |  | 21000 | &nbsp;&nbsp; 21434 |
| Series C, 4.90%, 09/15/2035 |  | 2613000 | &nbsp;&nbsp; 2606531 |
| Series D, 5.60%, 09/15/2055 |  | 3663000 | &nbsp;&nbsp; 3671704 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.05%, 12/30/2026<sup>(b)</sup> <br>|  | 350000 | &nbsp;&nbsp; 352623 |
| 4.30%, 10/15/2028<sup>(b)</sup> <br>|  | 6522000 | &nbsp;&nbsp; 6501480 |
| 4.60%, 10/15/2030<sup>(b)</sup> <br>|  | 2086000 | &nbsp;&nbsp; 2073869 |
| 6.95%, 10/15/2033<sup>(b)</sup> <br>|  | 45000 | &nbsp;&nbsp; 50093 |
| 6.00%, 04/15/2034<sup>(b)</sup> <br>|  | 87000 | &nbsp;&nbsp; 91334 |
| 5.70%, 12/30/2034<sup>(b)</sup> <br>|  | 309000 | &nbsp;&nbsp; 317665 |
| 5.25%, 10/15/2035<sup>(b)</sup> <br>|  | 2411000 | &nbsp;&nbsp; 2396424 |
| Wisconsin Electric Power Co., <br> 4.15%, 10/15/2030<br>|  | 1439000 | &nbsp;&nbsp; 1434363 |
| Xcel Energy, Inc., | Xcel Energy, Inc., |  |  |
| 4.75%, 03/21/2028 |  | 164000 | &nbsp;&nbsp; 166184 |
| 3.40%, 06/01/2030 |  | 110000 | &nbsp;&nbsp; 105664 |
|  |  |  | &nbsp;&nbsp; 88195457 |
| **Electrical Components & Equipment–0.04%** | **Electrical Components & Equipment–0.04%** | **Electrical Components & Equipment–0.04%** | **Electrical Components & Equipment–0.04%** |
| Molex Electronic Technologies LLC, | Molex Electronic Technologies LLC, |  |  |
| 4.75%, 04/30/2028<sup>(b)</sup> <br>|  | 630000 | &nbsp;&nbsp; 636147 |
| 5.25%, 04/30/2032<sup>(b)</sup> <br>|  | 598000 | &nbsp;&nbsp; 611259 |
|  |  |  | &nbsp;&nbsp; 1247406 |
| **Electronic Components–0.65%** | **Electronic Components–0.65%** | **Electronic Components–0.65%** | **Electronic Components–0.65%** |
| Amphenol Corp., | Amphenol Corp., |  |  |
| 3.80%, 11/15/2027 |  | 6901000 | &nbsp;&nbsp; 6881476 |
| 4.38%, 06/12/2028 |  | 2642000 | &nbsp;&nbsp; 2664546 |
| 4.13%, 11/15/2030 |  | 3579000 | &nbsp;&nbsp; 3551439 |
| 4.40%, 02/15/2033 |  | 3769000 | &nbsp;&nbsp; 3728112 |
| 5.00%, 01/15/2035 |  | 205000 | &nbsp;&nbsp; 209231 |
| 5.38%, 11/15/2054 |  | 137000 | &nbsp;&nbsp; 135969 |
| 5.30%, 11/15/2055 |  | 3508000 | &nbsp;&nbsp; 3416309 |
|  |  |  | &nbsp;&nbsp; 20587082 |
| **Electronic Equipment & Instruments–0.02%** | **Electronic Equipment & Instruments–0.02%** | **Electronic Equipment & Instruments–0.02%** | **Electronic Equipment & Instruments–0.02%** |
| Keysight Technologies, Inc., <br> 5.35%, 07/30/2030<br>|  | 619000 | &nbsp;&nbsp; 643467 |
| **Electronic Manufacturing Services–0.00%** | **Electronic Manufacturing Services–0.00%** | **Electronic Manufacturing Services–0.00%** | **Electronic Manufacturing Services–0.00%** |
| Jabil, Inc., 3.00%, 01/15/2031 |  | 100000 | &nbsp;&nbsp; 92435 |
| **Environmental & Facilities Services–0.04%** | **Environmental & Facilities Services–0.04%** | **Environmental & Facilities Services–0.04%** | **Environmental & Facilities Services–0.04%** |
| Republic Services, Inc., | Republic Services, Inc., |  |  |
| 4.88%, 04/01/2029 |  | 103000 | &nbsp;&nbsp; 105574 |
| 5.00%, 12/15/2033 |  | 59000 | &nbsp;&nbsp; 60981 |
| 5.00%, 04/01/2034 |  | 6000 | &nbsp;&nbsp; 6169 |
| Rollins, Inc., 5.25%, 02/24/2035 |  | 207000 | &nbsp;&nbsp; 210657 |
| Veralto Corp., | Veralto Corp., |  |  |
| 5.50%, 09/18/2026 |  | 207000 | &nbsp;&nbsp; 209295 |
| 5.35%, 09/18/2028 |  | 65000 | &nbsp;&nbsp; 67192 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Environmental & Facilities Services–(continued)** | **Environmental & Facilities Services–(continued)** | **Environmental & Facilities Services–(continued)** | **Environmental & Facilities Services–(continued)** |
| Waste Connections, Inc., 4.20%, <br> 01/15/2033<br>|  | $120000 | &nbsp;&nbsp; $117793 |
| Waste Management, Inc., 5.35%, <br> 10/15/2054<br>|  | 511000 | &nbsp;&nbsp; 504305 |
|  |  |  | &nbsp;&nbsp; 1281966 |
| **Financial Exchanges & Data–0.06%** | **Financial Exchanges & Data–0.06%** | **Financial Exchanges & Data–0.06%** | **Financial Exchanges & Data–0.06%** |
| Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., |  |  |
| 3.63%, 09/01/2028 |  | 110000 | &nbsp;&nbsp; 108807 |
| 5.25%, 06/15/2031 |  | 110000 | &nbsp;&nbsp; 114956 |
| 4.60%, 03/15/2033 |  | 4000 | &nbsp;&nbsp; 4035 |
| 4.95%, 06/15/2052 |  | 6000 | &nbsp;&nbsp; 5638 |
| 5.20%, 06/15/2062 |  | 25000 | &nbsp;&nbsp; 23706 |
| MSCI, Inc., 5.25%, 09/01/2035 |  | 1571000 | &nbsp;&nbsp; 1577453 |
| Nasdaq, Inc., | Nasdaq, Inc., |  |  |
| 5.35%, 06/28/2028 |  | 17000 | &nbsp;&nbsp; 17544 |
| 5.55%, 02/15/2034 |  | 16000 | &nbsp;&nbsp; 16799 |
| 5.95%, 08/15/2053 |  | 7000 | &nbsp;&nbsp; 7365 |
| 6.10%, 06/28/2063 |  | 22000 | &nbsp;&nbsp; 23336 |
|  |  |  | &nbsp;&nbsp; 1899639 |
| **Food Distributors–0.24%** | **Food Distributors–0.24%** | **Food Distributors–0.24%** | **Food Distributors–0.24%** |
| Bunge Ltd. Finance Corp., | Bunge Ltd. Finance Corp., |  |  |
| 4.55%, 08/04/2030 |  | 5483000 | &nbsp;&nbsp; 5528506 |
| 5.15%, 08/04/2035 |  | 1696000 | &nbsp;&nbsp; 1719381 |
| Sysco Corp., 5.10%, 09/23/2030 |  | 269000 | &nbsp;&nbsp; 277425 |
|  |  |  | &nbsp;&nbsp; 7525312 |
| **Food Retail–0.29%** | **Food Retail–0.29%** | **Food Retail–0.29%** | **Food Retail–0.29%** |
| Alimentation Couche-Tard, Inc. <br> (Canada), | Alimentation Couche-Tard, Inc. <br> (Canada), |  |  |
| 4.15%, 09/29/2028<sup>(b)</sup> <br>|  | 5141000 | &nbsp;&nbsp; 5143597 |
| 5.08%, 09/29/2035<sup>(b)</sup> <br>|  | 3229000 | &nbsp;&nbsp; 3240827 |
| Kroger Co. (The), | Kroger Co. (The), |  |  |
| 5.00%, 09/15/2034 |  | 306000 | &nbsp;&nbsp; 308668 |
| 5.65%, 09/15/2064 |  | 477000 | &nbsp;&nbsp; 465303 |
|  |  |  | &nbsp;&nbsp; 9158395 |
| **Forest Products–0.04%** | **Forest Products–0.04%** | **Forest Products–0.04%** | **Forest Products–0.04%** |
| Georgia-Pacific LLC, | Georgia-Pacific LLC, |  |  |
| 4.40%, 06/30/2028<sup>(b)</sup> <br>|  | 740000 | &nbsp;&nbsp; 745519 |
| 4.95%, 06/30/2032<sup>(b)</sup> <br>|  | 572000 | &nbsp;&nbsp; 586704 |
|  |  |  | &nbsp;&nbsp; 1332223 |
| **Gas Utilities–0.26%** | **Gas Utilities–0.26%** | **Gas Utilities–0.26%** | **Gas Utilities–0.26%** |
| Atmos Energy Corp., | Atmos Energy Corp., |  |  |
| 5.90%, 11/15/2033 |  | 31000 | &nbsp;&nbsp; 33583 |
| 5.20%, 08/15/2035 |  | 1413000 | &nbsp;&nbsp; 1454963 |
| 6.20%, 11/15/2053 |  | 28000 | &nbsp;&nbsp; 30906 |
| 5.45%, 01/15/2056 |  | 2083000 | &nbsp;&nbsp; 2066493 |
| CenterPoint Energy Resources <br> Corp., 1.75%, 10/01/2030<br>|  | 440000 | &nbsp;&nbsp; 390758 |
| Piedmont Natural Gas Co., Inc., <br> 5.40%, 06/15/2033<br>|  | 26000 | &nbsp;&nbsp; 27085 |
| Snam S.p.A. (Italy), | Snam S.p.A. (Italy), |  |  |
| 5.00%, 05/28/2030<sup>(b)</sup> <br>|  | 975000 | &nbsp;&nbsp; 993805 |
| 5.75%, 05/28/2035<sup>(b)</sup> <br>|  | 878000 | &nbsp;&nbsp; 915590 |
| 6.50%, 05/28/2055<sup>(b)</sup> <br>|  | 1146000 | &nbsp;&nbsp; 1235451 |
| Southern California Gas Co., | Southern California Gas Co., |  |  |
| 2.95%, 04/15/2027 |  | 110000 | &nbsp;&nbsp; 108273 |
| 5.20%, 06/01/2033 |  | 110000 | &nbsp;&nbsp; 113808 |
| 5.75%, 06/01/2053 |  | 200000 | &nbsp;&nbsp; 202856 |

---

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

**10**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Gas Utilities–(continued)** | **Gas Utilities–(continued)** | **Gas Utilities–(continued)** | **Gas Utilities–(continued)** |
| Southern Natural Gas Co. L.L.C., <br> 5.45%, 08/01/2035<sup>(b)</sup> <br>|  | $559000 | &nbsp;&nbsp; $570007 |
| Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 20000 | &nbsp;&nbsp; 20553 |
|  |  |  | &nbsp;&nbsp; 8164131 |
| **Gold–0.11%** | **Gold–0.11%** | **Gold–0.11%** | **Gold–0.11%** |
| Fortitude Global Funding, 4.63%, <br> 10/06/2028<sup>(b)</sup> <br>|  | 3428000 | &nbsp;&nbsp; 3433576 |
| **Health Care Distributors–0.21%** | **Health Care Distributors–0.21%** | **Health Care Distributors–0.21%** | **Health Care Distributors–0.21%** |
| Cardinal Health, Inc., | Cardinal Health, Inc., |  |  |
| 4.50%, 09/15/2030 |  | 760000 | &nbsp;&nbsp; 764275 |
| 5.45%, 02/15/2034 |  | 44000 | &nbsp;&nbsp; 45796 |
| 5.15%, 09/15/2035 |  | 622000 | &nbsp;&nbsp; 628363 |
| Cencora, Inc., 5.13%, <br> 02/15/2034<br>|  | 44000 | &nbsp;&nbsp; 45223 |
| McKesson Corp., | McKesson Corp., |  |  |
| 4.25%, 09/15/2029 |  | 169000 | &nbsp;&nbsp; 169604 |
| 4.65%, 05/30/2030 |  | 1882000 | &nbsp;&nbsp; 1912850 |
| 4.95%, 05/30/2032 |  | 1132000 | &nbsp;&nbsp; 1161669 |
| 5.10%, 07/15/2033 |  | 16000 | &nbsp;&nbsp; 16536 |
| 5.25%, 05/30/2035 |  | 1923000 | &nbsp;&nbsp; 1986434 |
|  |  |  | &nbsp;&nbsp; 6730750 |
| **Health Care Equipment–0.12%** | **Health Care Equipment–0.12%** | **Health Care Equipment–0.12%** | **Health Care Equipment–0.12%** |
| Becton, Dickinson and Co., 4.69%, <br> 02/13/2028<br>|  | 19000 | &nbsp;&nbsp; 19206 |
| GE HealthCare Technologies, Inc., <br> 4.80%, 01/15/2031<br>|  | 1344000 | &nbsp;&nbsp; 1369899 |
| Smith & Nephew PLC (United Kingdom), | Smith & Nephew PLC (United Kingdom), |  |  |
| 5.15%, 03/20/2027 |  | 307000 | &nbsp;&nbsp; 310767 |
| 5.40%, 03/20/2034 |  | 153000 | &nbsp;&nbsp; 158327 |
| Stryker Corp., | Stryker Corp., |  |  |
| 4.55%, 02/10/2027 |  | 432000 | &nbsp;&nbsp; 434839 |
| 4.70%, 02/10/2028 |  | 168000 | &nbsp;&nbsp; 170354 |
| 3.65%, 03/07/2028 |  | 200000 | &nbsp;&nbsp; 198807 |
| 4.25%, 09/11/2029 |  | 518000 | &nbsp;&nbsp; 520337 |
| 4.85%, 02/10/2030 |  | 569000 | &nbsp;&nbsp; 583740 |
|  |  |  | &nbsp;&nbsp; 3766276 |
| **Health Care Facilities–0.04%** | **Health Care Facilities–0.04%** | **Health Care Facilities–0.04%** | **Health Care Facilities–0.04%** |
| Adventist Health System, 5.76%, <br> 12/01/2034<br>|  | 71000 | &nbsp;&nbsp; 73523 |
| Universal Health Services, Inc., | Universal Health Services, Inc., |  |  |
| 4.63%, 10/15/2029 |  | 538000 | &nbsp;&nbsp; 539732 |
| 5.05%, 10/15/2034 |  | 601000 | &nbsp;&nbsp; 589066 |
| UPMC, | UPMC, |  |  |
| 5.04%, 05/15/2033 |  | 91000 | &nbsp;&nbsp; 93017 |
| 5.38%, 05/15/2043 |  | 74000 | &nbsp;&nbsp; 73365 |
|  |  |  | &nbsp;&nbsp; 1368703 |
| **Health Care REITs–0.06%** | **Health Care REITs–0.06%** | **Health Care REITs–0.06%** | **Health Care REITs–0.06%** |
| Healthpeak OP LLC, 5.38%, <br> 02/15/2035<br>|  | 147000 | &nbsp;&nbsp; 150507 |
| National Health Investors, Inc., <br> 5.35%, 02/01/2033<sup>(c)</sup> <br>|  | 633000 | &nbsp;&nbsp; 626223 |
| Omega Healthcare Investors, Inc., <br> 5.20%, 07/01/2030<br>|  | 1007000 | &nbsp;&nbsp; 1022134 |
|  |  |  | &nbsp;&nbsp; 1798864 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Services–0.77%** | **Health Care Services–0.77%** | **Health Care Services–0.77%** | **Health Care Services–0.77%** |
| Cigna Group (The), 4.50%, <br> 09/15/2030<br>|  | $1375000 | &nbsp;&nbsp; $1380659 |
| CommonSpirit Health, | CommonSpirit Health, |  |  |
| 4.35%, 09/01/2030 |  | 1303000 | &nbsp;&nbsp; 1300330 |
| 2.78%, 10/01/2030 |  | 200000 | &nbsp;&nbsp; 185891 |
| 5.21%, 12/01/2031 |  | 2008000 | &nbsp;&nbsp; 2074130 |
| 5.32%, 12/01/2034 |  | 291000 | &nbsp;&nbsp; 297447 |
| 4.83%, 09/01/2035 |  | 3267000 | &nbsp;&nbsp; 3257584 |
| 4.98%, 09/01/2035 |  | 1960000 | &nbsp;&nbsp; 1951863 |
| 5.58%, 09/01/2045 |  | 1049000 | &nbsp;&nbsp; 1043717 |
| 5.55%, 12/01/2054 |  | 118000 | &nbsp;&nbsp; 115976 |
| 5.66%, 09/01/2055 |  | 918000 | &nbsp;&nbsp; 915909 |
| CVS Health Corp., | CVS Health Corp., |  |  |
| 6.25%, 06/01/2027 |  | 110000 | &nbsp;&nbsp; 113406 |
| 4.30%, 03/25/2028 |  | 110000 | &nbsp;&nbsp; 110160 |
| 5.00%, 01/30/2029 |  | 37000 | &nbsp;&nbsp; 37777 |
| 5.13%, 02/21/2030 |  | 100000 | &nbsp;&nbsp; 102715 |
| 3.75%, 04/01/2030 |  | 110000 | &nbsp;&nbsp; 107057 |
| 5.25%, 01/30/2031 |  | 6000 | &nbsp;&nbsp; 6190 |
| 2.13%, 09/15/2031 |  | 440000 | &nbsp;&nbsp; 383630 |
| 5.00%, 09/15/2032 |  | 365000 | &nbsp;&nbsp; 370896 |
| 5.45%, 09/15/2035 |  | 1877000 | &nbsp;&nbsp; 1917446 |
| 5.88%, 06/01/2053 |  | 100000 | &nbsp;&nbsp; 98304 |
| 6.20%, 09/15/2055 |  | 2483000 | &nbsp;&nbsp; 2552141 |
| 6.00%, 06/01/2063 |  | 14000 | &nbsp;&nbsp; 13849 |
| 6.25%, 09/15/2065 |  | 1343000 | &nbsp;&nbsp; 1369186 |
| HCA, Inc., | HCA, Inc., |  |  |
| 3.13%, 03/15/2027 |  | 110000 | &nbsp;&nbsp; 108614 |
| 5.00%, 03/01/2028 |  | 229000 | &nbsp;&nbsp; 233289 |
| 4.30%, 11/15/2030 |  | 658000 | &nbsp;&nbsp; 654944 |
| 5.45%, 04/01/2031 |  | 110000 | &nbsp;&nbsp; 114519 |
| 5.45%, 09/15/2034 |  | 99000 | &nbsp;&nbsp; 101911 |
| 5.75%, 03/01/2035 |  | 402000 | &nbsp;&nbsp; 421960 |
| 5.90%, 06/01/2053 |  | 40000 | &nbsp;&nbsp; 39859 |
| 6.20%, 03/01/2055 |  | 200000 | &nbsp;&nbsp; 207886 |
| Icon Investments Six DAC, | Icon Investments Six DAC, |  |  |
| 5.81%, 05/08/2027 |  | 729000 | &nbsp;&nbsp; 744441 |
| 5.85%, 05/08/2029 |  | 628000 | &nbsp;&nbsp; 656292 |
| 6.00%, 05/08/2034 |  | 748000 | &nbsp;&nbsp; 785113 |
| Laboratory Corp. of America <br> Holdings, 4.35%, 04/01/2030<br>|  | 469000 | &nbsp;&nbsp; 469876 |
| Piedmont Healthcare, Inc., 2.86%, <br> 01/01/2052<br>|  | 57000 | &nbsp;&nbsp; 36761 |
| Providence St. Joseph Health <br> Obligated Group, Series 21-A, <br> 2.70%, 10/01/2051<br>|  | 89000 | &nbsp;&nbsp; 54046 |
| Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<br>|  | 36000 | &nbsp;&nbsp; 40025 |
| Sutter Health, Series 2025, <br> 5.54%, 08/15/2035<br>|  | 100000 | &nbsp;&nbsp; 105447 |
|  |  |  | &nbsp;&nbsp; 24481246 |
| **Health Care Supplies–0.08%** | **Health Care Supplies–0.08%** | **Health Care Supplies–0.08%** | **Health Care Supplies–0.08%** |
| 180 Medical, Inc. (United <br> Kingdom), 5.30%, <br> 10/08/2035<sup>(b)</sup> <br>|  | 1087000 | &nbsp;&nbsp; 1077830 |
| Solventum Corp., | Solventum Corp., |  |  |
| 5.45%, 02/25/2027 |  | 1303000 | &nbsp;&nbsp; 1322796 |
| 5.40%, 03/01/2029 |  | 93000 | &nbsp;&nbsp; 96209 |
| 5.60%, 03/23/2034 |  | 121000 | &nbsp;&nbsp; 125902 |
|  |  |  | &nbsp;&nbsp; 2622737 |

---

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

**11**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Highways & Railtracks–0.07%** | **Highways & Railtracks–0.07%** | **Highways & Railtracks–0.07%** | **Highways & Railtracks–0.07%** |
| Burlington Northern Santa Fe LLC, <br> 5.80%, 03/15/2056<br>|  | $2104000 | &nbsp;&nbsp; $2190236 |
| **Home Improvement Retail–0.17%** | **Home Improvement Retail–0.17%** | **Home Improvement Retail–0.17%** | **Home Improvement Retail–0.17%** |
| Home Depot, Inc. (The), | Home Depot, Inc. (The), |  |  |
| 3.75%, 09/15/2028 |  | 2798000 | &nbsp;&nbsp; 2791301 |
| 4.90%, 04/15/2029 |  | 103000 | &nbsp;&nbsp; 106048 |
| 3.95%, 09/15/2030<sup>(c)</sup> <br>|  | 1354000 | &nbsp;&nbsp; 1347459 |
| 4.65%, 09/15/2035 |  | 1102000 | &nbsp;&nbsp; 1091566 |
| Lowe's Cos., Inc., | Lowe's Cos., Inc., |  |  |
| 5.80%, 09/15/2062 |  | 4000 | &nbsp;&nbsp; 4004 |
| 5.85%, 04/01/2063 |  | 67000 | &nbsp;&nbsp; 67825 |
|  |  |  | &nbsp;&nbsp; 5408203 |
| **Homebuilding–0.04%** | **Homebuilding–0.04%** | **Homebuilding–0.04%** | **Homebuilding–0.04%** |
| Toll Brothers Finance Corp., <br> 5.60%, 06/15/2035<sup>(c)</sup> <br>|  | 1137000 | &nbsp;&nbsp; 1166637 |
| **Hotel & Resort REITs–0.04%** | **Hotel & Resort REITs–0.04%** | **Hotel & Resort REITs–0.04%** | **Hotel & Resort REITs–0.04%** |
| Phillips Edison Grocery Center <br> Operating Partnership I L.P., | Phillips Edison Grocery Center <br> Operating Partnership I L.P., |  |  |
| 5.25%, 08/15/2032 |  | 985000 | &nbsp;&nbsp; 1008990 |
| 5.75%, 07/15/2034 |  | 52000 | &nbsp;&nbsp; 54349 |
| 4.95%, 01/15/2035 |  | 143000 | &nbsp;&nbsp; 141474 |
|  |  |  | &nbsp;&nbsp; 1204813 |
| **Hotels, Resorts & Cruise Lines–0.06%** | **Hotels, Resorts & Cruise Lines–0.06%** | **Hotels, Resorts & Cruise Lines–0.06%** | **Hotels, Resorts & Cruise Lines–0.06%** |
| Expedia Group, Inc., 5.40%, <br> 02/15/2035<br>|  | 391000 | &nbsp;&nbsp; 401094 |
| Marriott International, Inc., | Marriott International, Inc., |  |  |
| 4.20%, 07/15/2027 |  | 1025000 | &nbsp;&nbsp; 1028422 |
| 4.88%, 05/15/2029 |  | 44000 | &nbsp;&nbsp; 44912 |
| 4.80%, 03/15/2030 |  | 247000 | &nbsp;&nbsp; 251992 |
| 5.30%, 05/15/2034 |  | 44000 | &nbsp;&nbsp; 45186 |
| 5.35%, 03/15/2035 |  | 133000 | &nbsp;&nbsp; 136562 |
|  |  |  | &nbsp;&nbsp; 1908168 |
| **Independent Power Producers & Energy Traders–0.06%** | **Independent Power Producers & Energy Traders–0.06%** | **Independent Power Producers & Energy Traders–0.06%** | **Independent Power Producers & Energy Traders–0.06%** |
| AES Corp. (The), 5.80%, <br> 03/15/2032<br>|  | 1359000 | &nbsp;&nbsp; 1390444 |
| NSTAR Electric Co., 3.20%, <br> 05/15/2027<br>|  | 400000 | &nbsp;&nbsp; 395428 |
|  |  |  | &nbsp;&nbsp; 1785872 |
| **Industrial Conglomerates–0.19%** | **Industrial Conglomerates–0.19%** | **Industrial Conglomerates–0.19%** | **Industrial Conglomerates–0.19%** |
| 3M Co., | 3M Co., |  |  |
| 2.25%, 09/19/2026 |  | 500000 | &nbsp;&nbsp; 492577 |
| 5.15%, 03/15/2035 |  | 300000 | &nbsp;&nbsp; 308586 |
| Honeywell International, Inc., | Honeywell International, Inc., |  |  |
| 4.88%, 09/01/2029 |  | 183000 | &nbsp;&nbsp; 188465 |
| 4.95%, 09/01/2031 |  | 229000 | &nbsp;&nbsp; 236840 |
| 5.00%, 02/15/2033 |  | 3000 | &nbsp;&nbsp; 3091 |
| 5.00%, 03/01/2035 |  | 106000 | &nbsp;&nbsp; 108072 |
| 5.35%, 03/01/2064 |  | 232000 | &nbsp;&nbsp; 225581 |
| Siemens Funding B.V. (Germany), | Siemens Funding B.V. (Germany), |  |  |
| 4.35%, 05/26/2028<sup>(b)</sup> <br>|  | 1645000 | &nbsp;&nbsp; 1662348 |
| 4.60%, 05/28/2030<sup>(b)</sup> <br>|  | 763000 | &nbsp;&nbsp; 777232 |
| 4.90%, 05/28/2032<sup>(b)</sup> <br>|  | 601000 | &nbsp;&nbsp; 618793 |
| 5.20%, 05/28/2035<sup>(b)</sup> <br>|  | 654000 | &nbsp;&nbsp; 678223 |
| 5.90%, 05/28/2065<sup>(b)</sup> <br>|  | 680000 | &nbsp;&nbsp; 734372 |
|  |  |  | &nbsp;&nbsp; 6034180 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Industrial Gases–0.08%** | **Industrial Gases–0.08%** | **Industrial Gases–0.08%** | **Industrial Gases–0.08%** |
| Air Products and Chemicals, Inc., | Air Products and Chemicals, Inc., |  |  |
| 4.30%, 06/11/2028 |  | $2495000 | &nbsp;&nbsp; $2516535 |
| 2.05%, 05/15/2030 |  | 200000 | &nbsp;&nbsp; 183184 |
|  |  |  | &nbsp;&nbsp; 2699719 |
| **Industrial Machinery & Supplies & Components–0.04%** | **Industrial Machinery & Supplies & Components–0.04%** | **Industrial Machinery & Supplies & Components–0.04%** | **Industrial Machinery & Supplies & Components–0.04%** |
| Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |  |  |
| 5.20%, 06/15/2027 |  | 168000 | &nbsp;&nbsp; 170558 |
| 5.40%, 08/14/2028 |  | 6000 | &nbsp;&nbsp; 6199 |
| Nordson Corp., | Nordson Corp., |  |  |
| 5.60%, 09/15/2028 |  | 28000 | &nbsp;&nbsp; 29033 |
| 5.80%, 09/15/2033 |  | 35000 | &nbsp;&nbsp; 37477 |
| nVent Finance S.a.r.l. (United <br> Kingdom), 5.65%, <br> 05/15/2033<br>|  | 31000 | &nbsp;&nbsp; 32505 |
| Weir Group, Inc. (United Kingdom), <br> 5.35%, 05/06/2030<sup>(b)</sup> <br>|  | 943000 | &nbsp;&nbsp; 967735 |
|  |  |  | &nbsp;&nbsp; 1243507 |
| **Industrial REITs–0.00%** | **Industrial REITs–0.00%** | **Industrial REITs–0.00%** | **Industrial REITs–0.00%** |
| LXP Industrial Trust, 6.75%, <br> 11/15/2028<br>|  | 12000 | &nbsp;&nbsp; 12761 |
| **Insurance Brokers–0.02%** | **Insurance Brokers–0.02%** | **Insurance Brokers–0.02%** | **Insurance Brokers–0.02%** |
| Arthur J. Gallagher & Co., | Arthur J. Gallagher & Co., |  |  |
| 4.85%, 12/15/2029 |  | 92000 | &nbsp;&nbsp; 93968 |
| 5.00%, 02/15/2032 |  | 109000 | &nbsp;&nbsp; 111274 |
| 5.15%, 02/15/2035 |  | 124000 | &nbsp;&nbsp; 125274 |
| 6.75%, 02/15/2054 |  | 41000 | &nbsp;&nbsp; 46240 |
| Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |  |  |
| 5.40%, 09/15/2033 |  | 44000 | &nbsp;&nbsp; 46347 |
| 5.45%, 03/15/2053 |  | 16000 | &nbsp;&nbsp; 15927 |
| 5.70%, 09/15/2053 |  | 42000 | &nbsp;&nbsp; 43291 |
|  |  |  | &nbsp;&nbsp; 482321 |
| **Integrated Oil & Gas–0.06%** | **Integrated Oil & Gas–0.06%** | **Integrated Oil & Gas–0.06%** | **Integrated Oil & Gas–0.06%** |
| Eni S.p.A. (Italy), 5.50%, <br> 05/15/2034<sup>(b)</sup> <br>|  | 602000 | &nbsp;&nbsp; 620800 |
| Occidental Petroleum Corp., | Occidental Petroleum Corp., |  |  |
| 5.00%, 08/01/2027 |  | 68000 | &nbsp;&nbsp; 69018 |
| 5.20%, 08/01/2029 |  | 76000 | &nbsp;&nbsp; 77654 |
| 6.45%, 09/15/2036 |  | 71000 | &nbsp;&nbsp; 75434 |
| 6.20%, 03/15/2040 |  | 240000 | &nbsp;&nbsp; 246020 |
| 4.63%, 06/15/2045 |  | 41000 | &nbsp;&nbsp; 33104 |
| 4.40%, 04/15/2046 |  | 796000 | &nbsp;&nbsp; 631540 |
|  |  |  | &nbsp;&nbsp; 1753570 |
| **Integrated Telecommunication Services–0.36%** | **Integrated Telecommunication Services–0.36%** | **Integrated Telecommunication Services–0.36%** | **Integrated Telecommunication Services–0.36%** |
| AT&T, Inc., | AT&T, Inc., |  |  |
| 5.40%, 02/15/2034 |  | 28000 | &nbsp;&nbsp; 28971 |
| 6.05%, 08/15/2056 |  | 1706000 | &nbsp;&nbsp; 1754920 |
| British Telecommunications PLC <br> (United Kingdom), 9.63%, <br> 12/15/2030<br>|  | 200000 | &nbsp;&nbsp; 244737 |
| Deutsche Telekom International <br> Finance B.V. (Germany), 9.25%, <br> 06/01/2032<br>|  | 100000 | &nbsp;&nbsp; 125433 |
| NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), |  |  |
| 4.88%, 07/16/2030<sup>(b)</sup> <br>|  | 794000 | &nbsp;&nbsp; 809224 |
| 5.39% (SOFR + 1.31%), <br> 07/16/2030<sup>(b)(e)</sup> <br>|  | 1367000 | &nbsp;&nbsp; 1392616 |
| 5.50%, 07/16/2035<sup>(b)</sup> <br>|  | 903000 | &nbsp;&nbsp; 941633 |

---

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

**12**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** |
| TELUS Corp. (Canada), | TELUS Corp. (Canada), |  |  |
| 6.63%, 10/15/2055<sup>(d)</sup> <br>|  | $2572000 | &nbsp;&nbsp; $2654241 |
| 7.00%, 10/15/2055<sup>(c)(d)</sup> <br>|  | 2537000 | &nbsp;&nbsp; 2708197 |
| Verizon Communications, Inc., | Verizon Communications, Inc., |  |  |
| 2.36%, 03/15/2032 |  | 37000 | &nbsp;&nbsp; 32365 |
| 5.25%, 04/02/2035<sup>(c)</sup> <br>|  | 843000 | &nbsp;&nbsp; 853038 |
|  |  |  | &nbsp;&nbsp; 11545375 |
| **Interactive Media & Services–0.90%** | **Interactive Media & Services–0.90%** | **Interactive Media & Services–0.90%** | **Interactive Media & Services–0.90%** |
| Alphabet, Inc., 5.30%, <br> 05/15/2065<br>|  | 517000 | &nbsp;&nbsp; 508441 |
| Meta Platforms, Inc., | Meta Platforms, Inc., |  |  |
| 4.55%, 08/15/2031 |  | 134000 | &nbsp;&nbsp; 136046 |
| 4.75%, 08/15/2034<sup>(c)</sup> <br>|  | 335000 | &nbsp;&nbsp; 336697 |
| 4.88%, 11/15/2035 |  | 9038000 | &nbsp;&nbsp; 9081463 |
| 5.40%, 08/15/2054 |  | 197000 | &nbsp;&nbsp; 189836 |
| 5.63%, 11/15/2055 |  | 6766000 | &nbsp;&nbsp; 6720750 |
| 5.75%, 05/15/2063 |  | 45000 | &nbsp;&nbsp; 44899 |
| 5.55%, 08/15/2064 |  | 698000 | &nbsp;&nbsp; 676445 |
| 5.75%, 11/15/2065 |  | 10947000 | &nbsp;&nbsp; 10865361 |
|  |  |  | &nbsp;&nbsp; 28559938 |
| **Internet Services & Infrastructure–0.67%** | **Internet Services & Infrastructure–0.67%** | **Internet Services & Infrastructure–0.67%** | **Internet Services & Infrastructure–0.67%** |
| Beignet Investor LLC, 6.58%, <br> 05/30/2049<sup>(b)</sup> <br>|  | 20075000 | &nbsp;&nbsp; 21430352 |
| **Investment Banking & Brokerage–1.58%** | **Investment Banking & Brokerage–1.58%** | **Investment Banking & Brokerage–1.58%** | **Investment Banking & Brokerage–1.58%** |
| Blue Owl Technology Finance Corp., <br> 2.50%, 01/15/2027<br>|  | 300000 | &nbsp;&nbsp; 290609 |
| Brookfield Finance, Inc. (Canada), | Brookfield Finance, Inc. (Canada), |  |  |
| 5.68%, 01/15/2035 |  | 110000 | &nbsp;&nbsp; 114282 |
| 5.33%, 01/15/2036 |  | 5802000 | &nbsp;&nbsp; 5847471 |
| Charles Schwab Corp. (The), <br> Series K, 5.00%<sup>(d)(f)</sup> <br>|  | 28000 | &nbsp;&nbsp; 28093 |
| Credit Suisse (USA) LLC <br> (Switzerland), 7.13%, <br> 07/15/2032<br>|  | 200000 | &nbsp;&nbsp; 229139 |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| 5.34% (SOFR + 1.29%), <br> 04/23/2028<sup>(e)</sup> <br>|  | 742000 | &nbsp;&nbsp; 748308 |
| 5.73%, 04/25/2030<sup>(d)</sup> <br>|  | 152000 | &nbsp;&nbsp; 158868 |
| 5.05%, 07/23/2030<sup>(d)</sup> <br>|  | 267000 | &nbsp;&nbsp; 273262 |
| 4.69%, 10/23/2030<sup>(d)</sup> <br>|  | 317000 | &nbsp;&nbsp; 321073 |
| 5.21%, 01/28/2031<sup>(d)</sup> <br>|  | 427000 | &nbsp;&nbsp; 440736 |
| 5.22%, 04/23/2031<sup>(d)</sup> <br>|  | 1324000 | &nbsp;&nbsp; 1366634 |
| 4.37%, 10/21/2031<sup>(d)</sup> <br>|  | 5759000 | &nbsp;&nbsp; 5735454 |
| 3.10%, 02/24/2033<sup>(d)</sup> <br>|  | 440000 | &nbsp;&nbsp; 403825 |
| 4.94%, 10/21/2036<sup>(d)</sup> <br>|  | 4195000 | &nbsp;&nbsp; 4176139 |
| 6.25%, 02/01/2041 |  | 200000 | &nbsp;&nbsp; 220573 |
| 2.91%, 07/21/2042<sup>(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 185890 |
| 5.73%, 01/28/2056<sup>(d)</sup> <br>|  | 749000 | &nbsp;&nbsp; 775970 |
| Series W, 7.50%<sup>(d)(f)</sup> <br>|  | 6872000 | &nbsp;&nbsp; 7308290 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** |
| Morgan Stanley, | Morgan Stanley, |  |  |
| 3.95%, 04/23/2027 |  | $100000 | &nbsp;&nbsp; $99800 |
| 5.12%, 02/01/2029<sup>(d)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12250 |
| 4.99%, 04/12/2029<sup>(d)</sup> <br>|  | 328000 | &nbsp;&nbsp; 334152 |
| 5.16%, 04/20/2029<sup>(d)</sup> <br>|  | 60000 | &nbsp;&nbsp; 61351 |
| 5.45%, 07/20/2029<sup>(d)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25801 |
| 6.41%, 11/01/2029<sup>(d)</sup> <br>|  | 60000 | &nbsp;&nbsp; 63620 |
| 5.17%, 01/16/2030<sup>(d)</sup> <br>|  | 56000 | &nbsp;&nbsp; 57519 |
| 4.43%, 01/23/2030<sup>(d)</sup> <br>|  | 400000 | &nbsp;&nbsp; 402437 |
| 5.04%, 07/19/2030<sup>(d)</sup> <br>|  | 189000 | &nbsp;&nbsp; 193963 |
| 4.65%, 10/18/2030<sup>(d)</sup> <br>|  | 467000 | &nbsp;&nbsp; 472677 |
| 5.19%, 04/17/2031<sup>(d)</sup> <br>|  | 969000 | &nbsp;&nbsp; 999123 |
| 5.95%, 01/19/2038<sup>(d)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12591 |
| Series I, <br>4.36%, 10/22/2031<sup>(d)</sup> <br>|  | 5980000 | &nbsp;&nbsp; 5961070 |
| 4.89%, 10/22/2036<sup>(d)</sup> <br>|  | 6441000 | &nbsp;&nbsp; 6408079 |
| Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |  |  |
| 4.90%, 07/01/2030 |  | 1429000 | &nbsp;&nbsp; 1449215 |
| 5.49%, 06/29/2035 |  | 974000 | &nbsp;&nbsp; 1007223 |
| Raymond James Financial, Inc., | Raymond James Financial, Inc., |  |  |
| 4.90%, 09/11/2035 |  | 2386000 | &nbsp;&nbsp; 2361498 |
| 5.65%, 09/11/2055 |  | 1754000 | &nbsp;&nbsp; 1730989 |
|  |  |  | &nbsp;&nbsp; 50277974 |
| **IT Consulting & Other Services–0.12%** | **IT Consulting & Other Services–0.12%** | **IT Consulting & Other Services–0.12%** | **IT Consulting & Other Services–0.12%** |
| Dell, Inc., 6.50%, 04/15/2038 |  | 200000 | &nbsp;&nbsp; 218478 |
| International Business Machines Corp., | International Business Machines Corp., |  |  |
| 4.65%, 02/10/2028 |  | 831000 | &nbsp;&nbsp; 843119 |
| 3.50%, 05/15/2029 |  | 220000 | &nbsp;&nbsp; 215642 |
| 4.80%, 02/10/2030 |  | 1031000 | &nbsp;&nbsp; 1055680 |
| 5.20%, 02/10/2035 |  | 494000 | &nbsp;&nbsp; 506098 |
| 5.70%, 02/10/2055 |  | 1036000 | &nbsp;&nbsp; 1037077 |
|  |  |  | &nbsp;&nbsp; 3876094 |
| **Leisure Products–0.02%** | **Leisure Products–0.02%** | **Leisure Products–0.02%** | **Leisure Products–0.02%** |
| Brunswick Corp., 5.85%, <br> 03/18/2029<br>|  | 70000 | &nbsp;&nbsp; 72342 |
| Mattel, Inc., 5.45%, 11/01/2041 |  | 500000 | &nbsp;&nbsp; 467127 |
|  |  |  | &nbsp;&nbsp; 539469 |
| **Life & Health Insurance–2.08%** | **Life & Health Insurance–2.08%** | **Life & Health Insurance–2.08%** | **Life & Health Insurance–2.08%** |
| 200 Park Funding Trust, 5.74%, <br> 02/15/2055<sup>(b)</sup> <br>|  | 561000 | &nbsp;&nbsp; 568808 |
| AIA Group Ltd. (Hong Kong), | AIA Group Ltd. (Hong Kong), |  |  |
| 4.95%, 03/30/2035<sup>(b)</sup> <br>|  | 3641000 | &nbsp;&nbsp; 3690727 |
| 5.40%, 09/30/2054<sup>(b)</sup> <br>|  | 2105000 | &nbsp;&nbsp; 2081289 |
| American National Global Funding, <br> 5.55%, 01/28/2030<sup>(b)</sup> <br>|  | 222000 | &nbsp;&nbsp; 229154 |
| American National Group, Inc., | American National Group, Inc., |  |  |
| 5.75%, 10/01/2029 |  | 110000 | &nbsp;&nbsp; 113590 |
| 6.00%, 07/15/2035 |  | 1637000 | &nbsp;&nbsp; 1664261 |
| Athene Global Funding, | Athene Global Funding, |  |  |
| 5.62%, 05/08/2026<sup>(b)</sup> <br>|  | 654000 | &nbsp;&nbsp; 658652 |
| 4.86%, 08/27/2026<sup>(b)</sup> <br>|  | 1048000 | &nbsp;&nbsp; 1053228 |
| 5.52%, 03/25/2027<sup>(b)</sup> <br>|  | 197000 | &nbsp;&nbsp; 200350 |
| 5.58%, 01/09/2029<sup>(b)</sup> <br>|  | 228000 | &nbsp;&nbsp; 234739 |
| Athene Holding Ltd., | Athene Holding Ltd., |  |  |
| 6.25%, 04/01/2054 |  | 96000 | &nbsp;&nbsp; 95716 |
| 6.63%, 10/15/2054<sup>(d)</sup> <br>|  | 150000 | &nbsp;&nbsp; 149520 |
| 6.63%, 05/19/2055 |  | 1009000 | &nbsp;&nbsp; 1057679 |

---

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

**13**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** |
| Belrose Funding Trust II, 6.79%, <br> 05/15/2055<sup>(b)</sup> <br>|  | $1615000 | &nbsp;&nbsp; $1722609 |
| Brighthouse Financial, Inc., | Brighthouse Financial, Inc., |  |  |
| 3.70%, 06/22/2027 |  | 100000 | &nbsp;&nbsp; 98472 |
| 3.85%, 12/22/2051 |  | 300000 | &nbsp;&nbsp; 196056 |
| Constellation Global Funding, <br> 4.85%, 10/22/2030<sup>(b)</sup> <br>|  | 3418000 | &nbsp;&nbsp; 3397639 |
| Corebridge Global Funding, | Corebridge Global Funding, |  |  |
| 5.41% (SOFR + 1.30%), <br> 09/25/2026<sup>(b)(e)</sup> <br>|  | 1236000 | &nbsp;&nbsp; 1244920 |
| 4.65%, 08/20/2027<sup>(b)</sup> <br>|  | 471000 | &nbsp;&nbsp; 475741 |
| 5.90%, 09/19/2028<sup>(b)</sup> <br>|  | 56000 | &nbsp;&nbsp; 58608 |
| 5.20%, 01/12/2029<sup>(b)</sup> <br>|  | 119000 | &nbsp;&nbsp; 122241 |
| 5.20%, 06/24/2029<sup>(b)</sup> <br>|  | 214000 | &nbsp;&nbsp; 219877 |
| Delaware Life Global Funding, <br> Series 21-1, 2.66%, <br> 06/29/2026<sup>(b)</sup> <br>|  | 9383000 | &nbsp;&nbsp; 9260311 |
| Equitable America Global Funding, | Equitable America Global Funding, |  |  |
| 4.65%, 06/09/2028<sup>(b)</sup> <br>|  | 1764000 | &nbsp;&nbsp; 1783319 |
| 4.95%, 06/09/2030<sup>(b)</sup> <br>|  | 3680000 | &nbsp;&nbsp; 3751906 |
| FWD Group Holdings Ltd. (Hong Kong), | FWD Group Holdings Ltd. (Hong Kong), |  |  |
| 5.25%, 09/22/2030<sup>(b)</sup> <br>|  | 903000 | &nbsp;&nbsp; 913025 |
| 5.84%, 09/22/2035<sup>(b)</sup> <br>|  | 980000 | &nbsp;&nbsp; 1001521 |
| GA Global Funding Trust, | GA Global Funding Trust, |  |  |
| 4.40%, 09/23/2027<sup>(b)</sup> <br>|  | 852000 | &nbsp;&nbsp; 853081 |
| 5.50%, 01/08/2029<sup>(b)</sup> <br>|  | 554000 | &nbsp;&nbsp; 571955 |
| 4.50%, 09/18/2030<sup>(b)</sup> <br>|  | 5827000 | &nbsp;&nbsp; 5751010 |
| High Street Funding Trust III, <br> 5.81%, 02/15/2055<sup>(b)</sup> <br>|  | 408000 | &nbsp;&nbsp; 409789 |
| Jackson National Life Global <br> Funding, 4.70%, <br> 06/05/2028<sup>(b)</sup> <br>|  | 2684000 | &nbsp;&nbsp; 2710532 |
| Lincoln Financial Global Funding, | Lincoln Financial Global Funding, |  |  |
| 4.63%, 05/28/2028<sup>(b)</sup> <br>|  | 859000 | &nbsp;&nbsp; 867042 |
| 4.63%, 08/18/2030<sup>(b)</sup> <br>|  | 835000 | &nbsp;&nbsp; 838131 |
| MAG Mutual Holding Co., 4.75%, <br> 04/30/2041<sup>(b)(g)</sup> <br>|  | 9203000 | &nbsp;&nbsp; 8540384 |
| MassMutual Global Funding II, <br> 4.55%, 05/07/2030<sup>(b)</sup> <br>|  | 1366000 | &nbsp;&nbsp; 1379669 |
| MetLife, Inc., 5.25%, <br> 01/15/2054<br>|  | 39000 | &nbsp;&nbsp; 37838 |
| New York Life Global Funding, <br> 4.55%, 01/28/2033<sup>(b)</sup> <br>|  | 32000 | &nbsp;&nbsp; 31997 |
| Northwestern Mutual Global Funding, | Northwestern Mutual Global Funding, |  |  |
| 5.07%, 03/25/2027<sup>(b)</sup> <br>|  | 238000 | &nbsp;&nbsp; 241835 |
| 4.35%, 09/15/2027<sup>(b)</sup> <br>|  | 35000 | &nbsp;&nbsp; 35278 |
| 4.71%, 01/10/2029<sup>(b)</sup> <br>|  | 457000 | &nbsp;&nbsp; 465541 |
| Pacific Life Global Funding II, | Pacific Life Global Funding II, |  |  |
| 4.90%, 01/11/2029<sup>(b)</sup> <br>|  | 654000 | &nbsp;&nbsp; 668941 |
| 4.50%, 08/28/2029<sup>(b)</sup> <br>|  | 915000 | &nbsp;&nbsp; 924410 |
| Pricoa Global Funding I, | Pricoa Global Funding I, |  |  |
| 4.40%, 08/27/2027<sup>(b)</sup> <br>|  | 636000 | &nbsp;&nbsp; 640492 |
| 4.65%, 08/27/2031<sup>(b)</sup> <br>|  | 506000 | &nbsp;&nbsp; 512165 |
| Prudential Financial, Inc., | Prudential Financial, Inc., |  |  |
| 5.20%, 03/14/2035 |  | 796000 | &nbsp;&nbsp; 817988 |
| 6.00%, 09/01/2052<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208687 |
| Wynnton Funding Trust, 5.25%, <br> 08/15/2035<sup>(b)</sup> <br>|  | 3574000 | &nbsp;&nbsp; 3606384 |
|  |  |  | &nbsp;&nbsp; 66157107 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Life Sciences Tools & Services–0.01%** | **Life Sciences Tools & Services–0.01%** | **Life Sciences Tools & Services–0.01%** | **Life Sciences Tools & Services–0.01%** |
| Thermo Fisher Scientific, Inc., <br> 5.09%, 08/10/2033<br>|  | $220000 | &nbsp;&nbsp; $228097 |
| **Managed Health Care–0.04%** | **Managed Health Care–0.04%** | **Managed Health Care–0.04%** | **Managed Health Care–0.04%** |
| UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |  |  |
| 5.25%, 02/15/2028 |  | 20000 | &nbsp;&nbsp; 20538 |
| 5.30%, 02/15/2030 |  | 27000 | &nbsp;&nbsp; 28132 |
| 5.35%, 02/15/2033 |  | 25000 | &nbsp;&nbsp; 26113 |
| 4.50%, 04/15/2033 |  | 4000 | &nbsp;&nbsp; 3968 |
| 5.05%, 04/15/2053 |  | 17000 | &nbsp;&nbsp; 15617 |
| 5.63%, 07/15/2054 |  | 87000 | &nbsp;&nbsp; 86611 |
| 6.05%, 02/15/2063 |  | 700000 | &nbsp;&nbsp; 734101 |
| 5.50%, 04/15/2064 |  | 440000 | &nbsp;&nbsp; 423946 |
|  |  |  | &nbsp;&nbsp; 1339026 |
| **Marine Transportation–0.00%** | **Marine Transportation–0.00%** | **Marine Transportation–0.00%** | **Marine Transportation–0.00%** |
| A.P. Moller - Maersk A/S, 5.88%, <br> 09/14/2033<sup>(b)</sup> <br>|  | 33000 | &nbsp;&nbsp; 35279 |
| **Metal, Glass & Plastic Containers–0.06%** | **Metal, Glass & Plastic Containers–0.06%** | **Metal, Glass & Plastic Containers–0.06%** | **Metal, Glass & Plastic Containers–0.06%** |
| Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), | Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), |  |  |
| 5.20%, 01/15/2030 |  | 1116000 | &nbsp;&nbsp; 1151672 |
| 5.44%, 04/03/2034 |  | 655000 | &nbsp;&nbsp; 678524 |
|  |  |  | &nbsp;&nbsp; 1830196 |
| **Movies & Entertainment–0.00%** | **Movies & Entertainment–0.00%** | **Movies & Entertainment–0.00%** | **Movies & Entertainment–0.00%** |
| Netflix, Inc., 5.40%, 08/15/2054 |  | 41000 | &nbsp;&nbsp; 40691 |
| **Multi-Family Residential REITs–0.03%** | **Multi-Family Residential REITs–0.03%** | **Multi-Family Residential REITs–0.03%** | **Multi-Family Residential REITs–0.03%** |
| AvalonBay Communities, Inc., <br> 5.30%, 12/07/2033<br>|  | 69000 | &nbsp;&nbsp; 71958 |
| Essex Portfolio L.P., 5.50%, <br> 04/01/2034<br>|  | 53000 | &nbsp;&nbsp; 55158 |
| Invitation Homes Operating <br> Partnership L.P., 4.88%, <br> 02/01/2035<br>|  | 234000 | &nbsp;&nbsp; 231889 |
| Mid-America Apartments L.P., | Mid-America Apartments L.P., |  |  |
| 5.30%, 02/15/2032 |  | 307000 | &nbsp;&nbsp; 319469 |
| 4.95%, 03/01/2035 |  | 200000 | &nbsp;&nbsp; 202128 |
| UDR, Inc., | UDR, Inc., |  |  |
| 3.00%, 08/15/2031 |  | 110000 | &nbsp;&nbsp; 101852 |
| 5.13%, 09/01/2034 |  | 64000 | &nbsp;&nbsp; 65118 |
|  |  |  | &nbsp;&nbsp; 1047572 |
| **Multi-line Insurance–0.07%** | **Multi-line Insurance–0.07%** | **Multi-line Insurance–0.07%** | **Multi-line Insurance–0.07%** |
| Metropolitan Life Global Funding I, <br> 5.15%, 03/28/2033<sup>(b)</sup> <br>|  | 579000 | &nbsp;&nbsp; 600825 |
| USAA Capital Corp., 4.38%, <br> 06/01/2028<sup>(b)</sup> <br>|  | 1480000 | &nbsp;&nbsp; 1495237 |
|  |  |  | &nbsp;&nbsp; 2096062 |
| **Multi-Utilities–0.38%** | **Multi-Utilities–0.38%** | **Multi-Utilities–0.38%** | **Multi-Utilities–0.38%** |
| Algonquin Power & Utilities Corp. <br> (Canada), 5.37%, 06/15/2026<br>|  | 120000 | &nbsp;&nbsp; 120590 |
| Ameren Illinois Co., 4.95%, <br> 06/01/2033<br>|  | 33000 | &nbsp;&nbsp; 33871 |
| Black Hills Corp., 6.15%, <br> 05/15/2034<br>|  | 63000 | &nbsp;&nbsp; 67565 |
| CenterPoint Energy, Inc., 5.95%, <br> 04/01/2056<sup>(d)</sup> <br>|  | 3150000 | &nbsp;&nbsp; 3172834 |
| CMS Energy Corp., 4.75%, <br> 06/01/2050<sup>(d)</sup> <br>|  | 110000 | &nbsp;&nbsp; 108389 |

---

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

**14**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** |
| Dominion Energy, Inc., | Dominion Energy, Inc., |  |  |
| 5.38%, 11/15/2032 |  | $39000 | &nbsp;&nbsp; $40596 |
| 6.00%, 02/15/2056<sup>(d)</sup> <br>|  | 1841000 | &nbsp;&nbsp; 1865871 |
| 6.20%, 02/15/2056<sup>(d)</sup> <br>|  | 2073000 | &nbsp;&nbsp; 2097529 |
| Series B, 7.00%, <br> 06/01/2054<sup>(d)</sup> <br>|  | 150000 | &nbsp;&nbsp; 163975 |
| DTE Electric Co., | DTE Electric Co., |  |  |
| 5.20%, 03/01/2034 |  | 65000 | &nbsp;&nbsp; 67354 |
| 5.85%, 05/15/2055 |  | 282000 | &nbsp;&nbsp; 297474 |
| DTE Energy Co., | DTE Energy Co., |  |  |
| 4.95%, 07/01/2027 |  | 116000 | &nbsp;&nbsp; 117436 |
| 5.85%, 06/01/2034 |  | 45000 | &nbsp;&nbsp; 47863 |
| ENGIE S.A. (France), | ENGIE S.A. (France), |  |  |
| 5.25%, 04/10/2029<sup>(b)</sup> <br>|  | 785000 | &nbsp;&nbsp; 810646 |
| 5.63%, 04/10/2034<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 734392 |
| 5.88%, 04/10/2054<sup>(b)</sup> <br>|  | 690000 | &nbsp;&nbsp; 718969 |
| NiSource, Inc., | NiSource, Inc., |  |  |
| 5.25%, 03/30/2028 |  | 7000 | &nbsp;&nbsp; 7178 |
| 5.40%, 06/30/2033 |  | 3000 | &nbsp;&nbsp; 3117 |
| 5.35%, 04/01/2034 |  | 230000 | &nbsp;&nbsp; 236699 |
| 5.85%, 04/01/2055 |  | 393000 | &nbsp;&nbsp; 401492 |
| Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., |  |  |
| 5.88%, 10/15/2028 |  | 126000 | &nbsp;&nbsp; 131954 |
| 6.13%, 10/15/2033 |  | 50000 | &nbsp;&nbsp; 54006 |
| Sempra, | Sempra, |  |  |
| 6.88%, 10/01/2054<sup>(d)</sup> <br>|  | 347000 | &nbsp;&nbsp; 359553 |
| 6.63%, 04/01/2055<sup>(d)</sup> <br>|  | 498000 | &nbsp;&nbsp; 508667 |
| WEC Energy Group, Inc., | WEC Energy Group, Inc., |  |  |
| 5.15%, 10/01/2027 |  | 28000 | &nbsp;&nbsp; 28543 |
| 4.75%, 01/15/2028 |  | 23000 | &nbsp;&nbsp; 23289 |
|  |  |  | &nbsp;&nbsp; 12219852 |
| **Office REITs–0.05%** | **Office REITs–0.05%** | **Office REITs–0.05%** | **Office REITs–0.05%** |
| Boston Properties L.P., | Boston Properties L.P., |  |  |
| 3.25%, 01/30/2031 |  | 150000 | &nbsp;&nbsp; 139708 |
| 6.50%, 01/15/2034 |  | 200000 | &nbsp;&nbsp; 215636 |
| COPT Defense Properties L.P., <br> 4.50%, 10/15/2030<br>|  | 594000 | &nbsp;&nbsp; 590775 |
| Cousins Properties L.P., | Cousins Properties L.P., |  |  |
| 5.38%, 02/15/2032 |  | 164000 | &nbsp;&nbsp; 167698 |
| 5.88%, 10/01/2034 |  | 139000 | &nbsp;&nbsp; 145293 |
| Piedmont Operating Partnership <br> L.P., 6.88%, 07/15/2029<br>|  | 257000 | &nbsp;&nbsp; 272335 |
|  |  |  | &nbsp;&nbsp; 1531445 |
| **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** |
| Patterson-UTI Energy, Inc., 3.95%, <br> 02/01/2028<br>|  | 100000 | &nbsp;&nbsp; 98210 |
| **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** |
| Northern Natural Gas Co., 5.63%, <br> 02/01/2054<sup>(b)</sup> <br>|  | 44000 | &nbsp;&nbsp; 43657 |
| **Oil & Gas Exploration & Production–0.14%** | **Oil & Gas Exploration & Production–0.14%** | **Oil & Gas Exploration & Production–0.14%** | **Oil & Gas Exploration & Production–0.14%** |
| ConocoPhillips Co., 5.70%, <br> 09/15/2063<br>|  | 434000 | &nbsp;&nbsp; 429678 |
| Continental Resources, Inc., <br> 4.90%, 06/01/2044<br>|  | 100000 | &nbsp;&nbsp; 80899 |
| Diamondback Energy, Inc., | Diamondback Energy, Inc., |  |  |
| 5.20%, 04/18/2027 |  | 152000 | &nbsp;&nbsp; 154123 |
| 5.15%, 01/30/2030 |  | 144000 | &nbsp;&nbsp; 147826 |
| 5.90%, 04/18/2064 |  | 76000 | &nbsp;&nbsp; 72903 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** |
| EOG Resources, Inc., | EOG Resources, Inc., |  |  |
| 4.40%, 07/15/2028 |  | $677000 | &nbsp;&nbsp; $683985 |
| 5.35%, 01/15/2036 |  | 748000 | &nbsp;&nbsp; 770361 |
| 5.95%, 07/15/2055 |  | 575000 | &nbsp;&nbsp; 600539 |
| EQT Corp., 6.50%, 07/01/2027 |  | 100000 | &nbsp;&nbsp; 102381 |
| Ovintiv, Inc., 7.10%, 07/15/2053 |  | 500000 | &nbsp;&nbsp; 535031 |
| Var Energi ASA (Norway), 5.88%, <br> 05/22/2030<sup>(b)</sup> <br>|  | 786000 | &nbsp;&nbsp; 818681 |
|  |  |  | &nbsp;&nbsp; 4396407 |
| **Oil & Gas Refining & Marketing–0.01%** | **Oil & Gas Refining & Marketing–0.01%** | **Oil & Gas Refining & Marketing–0.01%** | **Oil & Gas Refining & Marketing–0.01%** |
| Phillips 66 Co., 5.30%, <br> 06/30/2033<br>|  | 200000 | &nbsp;&nbsp; 206017 |
| **Oil & Gas Storage & Transportation–0.68%** | **Oil & Gas Storage & Transportation–0.68%** | **Oil & Gas Storage & Transportation–0.68%** | **Oil & Gas Storage & Transportation–0.68%** |
| Cheniere Energy Partners L.P., <br> 5.95%, 06/30/2033<br>|  | 35000 | &nbsp;&nbsp; 36958 |
| Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, |  |  |
| 6.06%, 08/15/2026<sup>(b)</sup> <br>|  | 39000 | &nbsp;&nbsp; 39449 |
| 5.10%, 10/01/2031<sup>(b)</sup> <br>|  | 185000 | &nbsp;&nbsp; 188465 |
| Columbia Pipelines Operating Co. <br> LLC, 5.70%, 10/01/2054<sup>(b)</sup> <br>|  | 352000 | &nbsp;&nbsp; 338451 |
| Eastern Energy Gas Holdings LLC, <br> 5.65%, 10/15/2054<br>|  | 204000 | &nbsp;&nbsp; 200921 |
| Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |  |  |
| 5.70%, 03/08/2033 |  | 26000 | &nbsp;&nbsp; 27397 |
| 7.38%, 03/15/2055<sup>(d)</sup> <br>|  | 100000 | &nbsp;&nbsp; 106403 |
| Series NC5, 8.25%, <br> 01/15/2084<sup>(d)</sup> <br>|  | 16000 | &nbsp;&nbsp; 17193 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 6.05%, 12/01/2026 |  | 200000 | &nbsp;&nbsp; 203456 |
| 6.40%, 12/01/2030 |  | 21000 | &nbsp;&nbsp; 22737 |
| 5.55%, 05/15/2034 |  | 55000 | &nbsp;&nbsp; 56499 |
| 5.95%, 05/15/2054 |  | 60000 | &nbsp;&nbsp; 57965 |
| 6.05%, 09/01/2054 |  | 214000 | &nbsp;&nbsp; 208968 |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |  |
| 4.30%, 06/20/2028 |  | 899000 | &nbsp;&nbsp; 905673 |
| 5.20%, 01/15/2036 |  | 887000 | &nbsp;&nbsp; 903701 |
| Florida Gas Transmission Co. LLC, <br> 5.75%, 07/15/2035<sup>(b)</sup> <br>|  | 1018000 | &nbsp;&nbsp; 1059746 |
| Gulfstream Natural Gas System <br> L.L.C., 5.60%, 07/23/2035<sup>(b)</sup> <br>|  | 1953000 | &nbsp;&nbsp; 2003286 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., |  |  |
| 5.15%, 06/01/2030 |  | 562000 | &nbsp;&nbsp; 579678 |
| 4.80%, 02/01/2033 |  | 8000 | &nbsp;&nbsp; 8020 |
| 5.20%, 06/01/2033 |  | 28000 | &nbsp;&nbsp; 28693 |
| 5.85%, 06/01/2035 |  | 273000 | &nbsp;&nbsp; 287974 |
| MPLX L.P., | MPLX L.P., |  |  |
| 4.80%, 02/15/2031 |  | 2531000 | &nbsp;&nbsp; 2553122 |
| 5.00%, 01/15/2033 |  | 1302000 | &nbsp;&nbsp; 1302688 |
| 5.40%, 09/15/2035 |  | 4939000 | &nbsp;&nbsp; 4962153 |
| 5.20%, 03/01/2047 |  | 400000 | &nbsp;&nbsp; 359931 |
| 4.95%, 03/14/2052 |  | 12000 | &nbsp;&nbsp; 10246 |
| Northwest Pipeline LLC, 4.00%, <br> 04/01/2027<br>|  | 200000 | &nbsp;&nbsp; 199510 |
| ONEOK, Inc., | ONEOK, Inc., |  |  |
| 5.70%, 11/01/2054 |  | 300000 | &nbsp;&nbsp; 281011 |
| 5.85%, 11/01/2064 |  | 700000 | &nbsp;&nbsp; 661102 |

---

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

**15**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| South Bow USA Infrastructure <br> Holdings LLC (Canada), | South Bow USA Infrastructure <br> Holdings LLC (Canada), |  |  |
| 4.91%, 09/01/2027 |  | $306000 | &nbsp;&nbsp; $308343 |
| 5.03%, 10/01/2029 |  | 480000 | &nbsp;&nbsp; 485146 |
| 5.58%, 10/01/2034 |  | 294000 | &nbsp;&nbsp; 295234 |
| 6.18%, 10/01/2054 |  | 101000 | &nbsp;&nbsp; 97972 |
| Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |  |  |
| Series A, 4.05%, 09/15/2028 |  | 1115000 | &nbsp;&nbsp; 1113398 |
| 5.75%, 09/15/2033 |  | 22000 | &nbsp;&nbsp; 23301 |
| Series B, 5.10%, 09/15/2035 |  | 654000 | &nbsp;&nbsp; 658175 |
| Western Midstream Operating L.P., | Western Midstream Operating L.P., |  |  |
| 6.15%, 04/01/2033 |  | 26000 | &nbsp;&nbsp; 27408 |
| 5.45%, 11/15/2034 |  | 131000 | &nbsp;&nbsp; 130866 |
| Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |  |  |
| 5.30%, 08/15/2028 |  | 105000 | &nbsp;&nbsp; 108192 |
| 4.80%, 11/15/2029 |  | 256000 | &nbsp;&nbsp; 260791 |
| 5.65%, 03/15/2033 |  | 35000 | &nbsp;&nbsp; 36826 |
| 5.15%, 03/15/2034 |  | 54000 | &nbsp;&nbsp; 54880 |
| 5.80%, 11/15/2054 |  | 132000 | &nbsp;&nbsp; 132574 |
| 6.00%, 03/15/2055 |  | 164000 | &nbsp;&nbsp; 169302 |
|  |  |  | &nbsp;&nbsp; 21513804 |
| **Other Specialized REITs–0.01%** | **Other Specialized REITs–0.01%** | **Other Specialized REITs–0.01%** | **Other Specialized REITs–0.01%** |
| Simon Property Group L.P., <br> 4.75%, 09/26/2034<br>|  | 455000 | &nbsp;&nbsp; 452375 |
| **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** |
| Tractor Supply Co., 5.25%, <br> 05/15/2033<br>|  | 11000 | &nbsp;&nbsp; 11390 |
| **Packaged Foods & Meats–0.18%** | **Packaged Foods & Meats–0.18%** | **Packaged Foods & Meats–0.18%** | **Packaged Foods & Meats–0.18%** |
| Campbell's Co. (The), | Campbell's Co. (The), |  |  |
| 5.30%, 03/20/2026 |  | 63000 | &nbsp;&nbsp; 63237 |
| 5.20%, 03/21/2029 |  | 79000 | &nbsp;&nbsp; 81192 |
| 5.40%, 03/21/2034 |  | 79000 | &nbsp;&nbsp; 81191 |
| 5.25%, 10/13/2054 |  | 155000 | &nbsp;&nbsp; 145738 |
| Hershey Co. (The), 4.25%, <br> 05/04/2028<br>|  | 440000 | &nbsp;&nbsp; 444598 |
| J.M. Smucker Co. (The), 6.20%, <br> 11/15/2033<br>|  | 31000 | &nbsp;&nbsp; 33634 |
| Mars, Inc., | Mars, Inc., |  |  |
| 4.45%, 03/01/2027<sup>(b)</sup> <br>|  | 1153000 | &nbsp;&nbsp; 1160720 |
| 4.55%, 04/20/2028<sup>(b)</sup> <br>|  | 58000 | &nbsp;&nbsp; 58705 |
| 4.80%, 03/01/2030<sup>(b)</sup> <br>|  | 377000 | &nbsp;&nbsp; 385202 |
| 5.00%, 03/01/2032<sup>(b)</sup> <br>|  | 378000 | &nbsp;&nbsp; 388573 |
| 5.20%, 03/01/2035<sup>(b)</sup> <br>|  | 667000 | &nbsp;&nbsp; 684850 |
| 5.65%, 05/01/2045<sup>(b)</sup> <br>|  | 705000 | &nbsp;&nbsp; 719005 |
| 5.70%, 05/01/2055<sup>(b)</sup> <br>|  | 663000 | &nbsp;&nbsp; 675082 |
| 5.80%, 05/01/2065<sup>(b)</sup> <br>|  | 449000 | &nbsp;&nbsp; 462256 |
| McCormick & Co., Inc., 4.70%, <br> 10/15/2034<br>|  | 327000 | &nbsp;&nbsp; 321980 |
|  |  |  | &nbsp;&nbsp; 5705963 |
| **Paper & Plastic Packaging Products & Materials–0.00%** | **Paper & Plastic Packaging Products & Materials–0.00%** | **Paper & Plastic Packaging Products & Materials–0.00%** | **Paper & Plastic Packaging Products & Materials–0.00%** |
| Berry Global, Inc., 5.65%, <br> 01/15/2034<br>|  | 100000 | &nbsp;&nbsp; 104565 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Passenger Airlines–0.28%** | **Passenger Airlines–0.28%** | **Passenger Airlines–0.28%** | **Passenger Airlines–0.28%** |
| American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |  |  |
| Series 2021-1, Class B, 3.95%, <br> 07/11/2030<br>|  | $157680 | &nbsp;&nbsp; $150704 |
| Series 2021-1, Class A, 2.88%, <br> 07/11/2034<br>|  | 31048 | &nbsp;&nbsp; 28307 |
| 4.90%, 05/11/2038 |  | 3550000 | &nbsp;&nbsp; 3560260 |
| AS Mileage Plan IP Ltd., | AS Mileage Plan IP Ltd., |  |  |
| 5.02%, 10/20/2029<sup>(b)</sup> <br>|  | 232000 | &nbsp;&nbsp; 231436 |
| 5.31%, 10/20/2031<sup>(b)</sup> <br>|  | 230000 | &nbsp;&nbsp; 229037 |
| Delta Air Lines, Inc., | Delta Air Lines, Inc., |  |  |
| 4.95%, 07/10/2028 |  | 3032000 | &nbsp;&nbsp; 3074304 |
| 5.25%, 07/10/2030 |  | 1047000 | &nbsp;&nbsp; 1070501 |
| Delta Air Lines, Inc./SkyMiles IP <br> Ltd., 4.75%, 10/20/2028<sup>(b)</sup> <br>|  | 73894 | &nbsp;&nbsp; 74420 |
| United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |  |
| Series 2020-1, Class A, 5.88%, <br> 10/15/2027<br>|  | 49648 | &nbsp;&nbsp; 50834 |
| Series 2019-2, Class AA, <br> 2.70%, 05/01/2032<br>|  | 3028 | &nbsp;&nbsp; 2791 |
| Series AA, 5.45%, <br> 02/15/2037<br>|  | 526209 | &nbsp;&nbsp; 544892 |
|  |  |  | &nbsp;&nbsp; 9017486 |
| **Passenger Ground Transportation–0.11%** | **Passenger Ground Transportation–0.11%** | **Passenger Ground Transportation–0.11%** | **Passenger Ground Transportation–0.11%** |
| Uber Technologies, Inc., | Uber Technologies, Inc., |  |  |
| 4.30%, 01/15/2030 |  | 593000 | &nbsp;&nbsp; 595122 |
| 4.15%, 01/15/2031 |  | 1830000 | &nbsp;&nbsp; 1813498 |
| 4.80%, 09/15/2035 |  | 813000 | &nbsp;&nbsp; 807358 |
| 5.35%, 09/15/2054 |  | 341000 | &nbsp;&nbsp; 330145 |
|  |  |  | &nbsp;&nbsp; 3546123 |
| **Personal Care Products–0.00%** | **Personal Care Products–0.00%** | **Personal Care Products–0.00%** | **Personal Care Products–0.00%** |
| Estee Lauder Cos., Inc. (The), <br> 4.65%, 05/15/2033<br>|  | 120000 | &nbsp;&nbsp; 120521 |
| **Pharmaceuticals–0.83%** | **Pharmaceuticals–0.83%** | **Pharmaceuticals–0.83%** | **Pharmaceuticals–0.83%** |
| AstraZeneca Finance LLC (United <br> Kingdom), | AstraZeneca Finance LLC (United <br> Kingdom), |  |  |
| 4.80%, 02/26/2027 |  | 173000 | &nbsp;&nbsp; 175071 |
| 4.85%, 02/26/2029 |  | 95000 | &nbsp;&nbsp; 97516 |
| 4.90%, 02/26/2031 |  | 127000 | &nbsp;&nbsp; 131486 |
| Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |  |  |
| 4.90%, 02/22/2027 |  | 44000 | &nbsp;&nbsp; 44567 |
| 4.90%, 02/22/2029 |  | 44000 | &nbsp;&nbsp; 45163 |
| 5.75%, 02/01/2031 |  | 102000 | &nbsp;&nbsp; 109211 |
| 5.90%, 11/15/2033 |  | 42000 | &nbsp;&nbsp; 45711 |
| 6.25%, 11/15/2053 |  | 34000 | &nbsp;&nbsp; 37243 |
| 6.40%, 11/15/2063 |  | 41000 | &nbsp;&nbsp; 45369 |
| Eli Lilly and Co., | Eli Lilly and Co., |  |  |
| 4.50%, 02/09/2027 |  | 285000 | &nbsp;&nbsp; 287339 |
| 3.38%, 03/15/2029 |  | 200000 | &nbsp;&nbsp; 196471 |
| 4.20%, 08/14/2029 |  | 220000 | &nbsp;&nbsp; 221772 |
| 4.70%, 02/09/2034 |  | 99000 | &nbsp;&nbsp; 100195 |
| 4.88%, 02/27/2053 |  | 28000 | &nbsp;&nbsp; 26191 |
| 5.00%, 02/09/2054 |  | 76000 | &nbsp;&nbsp; 72190 |
| 5.55%, 10/15/2055 |  | 1127000 | &nbsp;&nbsp; 1155250 |
| 5.10%, 02/09/2064 |  | 102000 | &nbsp;&nbsp; 96516 |
| 5.20%, 08/14/2064 |  | 89000 | &nbsp;&nbsp; 85217 |
| 5.65%, 10/15/2065 |  | 904000 | &nbsp;&nbsp; 931893 |

---

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

**16**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** |
| EMD Finance LLC (Germany), | EMD Finance LLC (Germany), |  |  |
| 4.13%, 08/15/2028<sup>(b)</sup> <br>|  | $1987000 | &nbsp;&nbsp; $1987632 |
| 4.38%, 10/15/2030<sup>(b)</sup> <br>|  | 8625000 | &nbsp;&nbsp; 8637459 |
| 4.63%, 10/15/2032<sup>(b)</sup> <br>|  | 1104000 | &nbsp;&nbsp; 1104399 |
| 5.00%, 10/15/2035<sup>(b)</sup> <br>|  | 1779000 | &nbsp;&nbsp; 1785040 |
| Johnson & Johnson, | Johnson & Johnson, |  |  |
| 4.50%, 03/01/2027 |  | 859000 | &nbsp;&nbsp; 867855 |
| 4.38%, 12/05/2033 |  | 100000 | &nbsp;&nbsp; 101513 |
| 2.10%, 09/01/2040 |  | 240000 | &nbsp;&nbsp; 170280 |
| Merck & Co., Inc., | Merck & Co., Inc., |  |  |
| 4.90%, 05/17/2044 |  | 84000 | &nbsp;&nbsp; 80064 |
| 5.15%, 05/17/2063 |  | 34000 | &nbsp;&nbsp; 32223 |
| Novartis Capital Corp., | Novartis Capital Corp., |  |  |
| 3.80%, 09/18/2029 |  | 406000 | &nbsp;&nbsp; 403704 |
| 4.20%, 09/18/2034 |  | 402000 | &nbsp;&nbsp; 393901 |
| 4.70%, 09/18/2054 |  | 336000 | &nbsp;&nbsp; 306670 |
| Pfizer Investment Enterprises Pte. <br> Ltd., 4.75%, 05/19/2033<br>|  | 44000 | &nbsp;&nbsp; 44546 |
| Takeda U.S. Financing, Inc., | Takeda U.S. Financing, Inc., |  |  |
| 5.20%, 07/07/2035 |  | 1581000 | &nbsp;&nbsp; 1609234 |
| 5.90%, 07/07/2055 |  | 2022000 | &nbsp;&nbsp; 2094042 |
| Zoetis, Inc., 4.15%, 08/17/2028 |  | 2983000 | &nbsp;&nbsp; 2992460 |
|  |  |  | &nbsp;&nbsp; 26515393 |
| **Property & Casualty Insurance–0.21%** | **Property & Casualty Insurance–0.21%** | **Property & Casualty Insurance–0.21%** | **Property & Casualty Insurance–0.21%** |
| American International Group, Inc., <br> 4.85%, 05/07/2030<br>|  | 286000 | &nbsp;&nbsp; 292701 |
| CNA Financial Corp., 5.20%, <br> 08/15/2035<br>|  | 3486000 | &nbsp;&nbsp; 3495285 |
| Fairfax Financial Holdings Ltd. <br> (Canada), | Fairfax Financial Holdings Ltd. <br> (Canada), |  |  |
| 6.35%, 03/22/2054 |  | 220000 | &nbsp;&nbsp; 233081 |
| 6.10%, 03/15/2055 |  | 327000 | &nbsp;&nbsp; 337915 |
| Hanover Insurance Group, Inc. <br> (The), 5.50%, 09/01/2035<br>|  | 966000 | &nbsp;&nbsp; 981978 |
| Travelers Cos., Inc. (The), | Travelers Cos., Inc. (The), |  |  |
| 5.05%, 07/24/2035 |  | 394000 | &nbsp;&nbsp; 401910 |
| 5.45%, 05/25/2053 |  | 18000 | &nbsp;&nbsp; 18169 |
| 5.70%, 07/24/2055 |  | 864000 | &nbsp;&nbsp; 896862 |
|  |  |  | &nbsp;&nbsp; 6657901 |
| **Rail Transportation–0.05%** | **Rail Transportation–0.05%** | **Rail Transportation–0.05%** | **Rail Transportation–0.05%** |
| Canadian Pacific Railway Co. <br> (Canada), 5.20%, 03/30/2035<br>|  | 306000 | &nbsp;&nbsp; 315973 |
| CSX Corp., 5.20%, 11/15/2033 |  | 400000 | &nbsp;&nbsp; 417174 |
| TTX Co., 5.05%, 11/15/2034<sup>(b)</sup> <br>|  | 895000 | &nbsp;&nbsp; 923232 |
|  |  |  | &nbsp;&nbsp; 1656379 |
| **Real Estate Development–0.15%** | **Real Estate Development–0.15%** | **Real Estate Development–0.15%** | **Real Estate Development–0.15%** |
| Essential Properties L.P., 5.40%, <br> 12/01/2035<br>|  | 525000 | &nbsp;&nbsp; 526682 |
| Prologis Targeted U.S. Logistics Fund <br> L.P., | Prologis Targeted U.S. Logistics Fund <br> L.P., |  |  |
| 4.25%, 01/15/2031<sup>(b)</sup> <br>|  | 1553000 | &nbsp;&nbsp; 1542357 |
| 4.75%, 01/15/2036<sup>(b)</sup> <br>|  | 2672000 | &nbsp;&nbsp; 2617850 |
|  |  |  | &nbsp;&nbsp; 4686889 |
| **Regional Banks–0.44%** | **Regional Banks–0.44%** | **Regional Banks–0.44%** | **Regional Banks–0.44%** |
| M&T Bank Corp., | M&T Bank Corp., |  |  |
| 6.08%, 03/13/2032<sup>(d)</sup> <br>|  | 400000 | &nbsp;&nbsp; 423243 |
| 5.05%, 01/27/2034<sup>(d)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100300 |
| 5.39%, 01/16/2036<sup>(d)</sup> <br>|  | 220000 | &nbsp;&nbsp; 222927 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Regional Banks–(continued)** | **Regional Banks–(continued)** | **Regional Banks–(continued)** | **Regional Banks–(continued)** |
| Santander Holdings USA, Inc., <br> 6.12%, 05/31/2027<sup>(d)</sup> <br>|  | $110000 | &nbsp;&nbsp; $110952 |
| Truist Financial Corp., | Truist Financial Corp., |  |  |
| 4.96%, 10/23/2036<sup>(d)</sup> <br>|  | 11004000 | &nbsp;&nbsp; 10840871 |
| Series P, 4.95%<sup>(d)(f)</sup> <br>|  | 139000 | &nbsp;&nbsp; 139083 |
| Zions Bancorp. N.A., 4.70%, <br> 08/18/2028<sup>(d)</sup> <br>|  | 1930000 | &nbsp;&nbsp; 1929577 |
| Zions Bancorporation N.A., <br> 6.82%, 11/19/2035<sup>(d)</sup> <br>|  | 300000 | &nbsp;&nbsp; 318604 |
|  |  |  | &nbsp;&nbsp; 14085557 |
| **Reinsurance–0.28%** | **Reinsurance–0.28%** | **Reinsurance–0.28%** | **Reinsurance–0.28%** |
| Berkshire Hathaway Finance Corp., <br> 1.85%, 03/12/2030<br>|  | 300000 | &nbsp;&nbsp; 274779 |
| Fortitude Group Holdings LLC, <br> 6.25%, 04/01/2030<sup>(b)</sup> <br>|  | 224000 | &nbsp;&nbsp; 232860 |
| Global Atlantic (Fin) Co., 6.75%, <br> 03/15/2054<sup>(b)</sup> <br>|  | 234000 | &nbsp;&nbsp; 244627 |
| Reinsurance Group of America, <br> Inc., 5.75%, 09/15/2034<br>|  | 100000 | &nbsp;&nbsp; 104521 |
| RGA Global Funding, | RGA Global Funding, |  |  |
| 4.35%, 08/25/2028<sup>(b)</sup> <br>|  | 3765000 | &nbsp;&nbsp; 3774370 |
| 5.00%, 08/25/2032<sup>(b)</sup> <br>|  | 4205000 | &nbsp;&nbsp; 4235429 |
|  |  |  | &nbsp;&nbsp; 8866586 |
| **Renewable Electricity–0.11%** | **Renewable Electricity–0.11%** | **Renewable Electricity–0.11%** | **Renewable Electricity–0.11%** |
| Idaho Power Co., 5.20%, <br> 08/15/2034<br>|  | 68000 | &nbsp;&nbsp; 70384 |
| Southern Power Co., | Southern Power Co., |  |  |
| Series A, 4.25%, 10/01/2030 |  | 1633000 | &nbsp;&nbsp; 1624267 |
| Series B, 4.90%, 10/01/2035 |  | 1974000 | &nbsp;&nbsp; 1954387 |
|  |  |  | &nbsp;&nbsp; 3649038 |
| **Research & Consulting Services–0.10%** | **Research & Consulting Services–0.10%** | **Research & Consulting Services–0.10%** | **Research & Consulting Services–0.10%** |
| Verisk Analytics, Inc., | Verisk Analytics, Inc., |  |  |
| 4.50%, 08/15/2030 |  | 630000 | &nbsp;&nbsp; 633060 |
| 5.13%, 02/15/2036 |  | 2418000 | &nbsp;&nbsp; 2433843 |
|  |  |  | &nbsp;&nbsp; 3066903 |
| **Restaurants–0.24%** | **Restaurants–0.24%** | **Restaurants–0.24%** | **Restaurants–0.24%** |
| McDonald's Corp., | McDonald's Corp., |  |  |
| 4.80%, 08/14/2028 |  | 145000 | &nbsp;&nbsp; 147848 |
| 4.60%, 05/15/2030 |  | 528000 | &nbsp;&nbsp; 536678 |
| 4.40%, 02/12/2031 |  | 2906000 | &nbsp;&nbsp; 2918204 |
| 4.95%, 08/14/2033 |  | 78000 | &nbsp;&nbsp; 80409 |
| 4.95%, 03/03/2035 |  | 329000 | &nbsp;&nbsp; 333419 |
| 5.00%, 02/13/2036 |  | 3532000 | &nbsp;&nbsp; 3559506 |
|  |  |  | &nbsp;&nbsp; 7576064 |
| **Retail REITs–0.24%** | **Retail REITs–0.24%** | **Retail REITs–0.24%** | **Retail REITs–0.24%** |
| Agree L.P., 5.63%, 06/15/2034 |  | 69000 | &nbsp;&nbsp; 72168 |
| Brixmor Operating Partnership L.P., | Brixmor Operating Partnership L.P., |  |  |
| 4.85%, 02/15/2033 |  | 827000 | &nbsp;&nbsp; 825086 |
| 5.75%, 02/15/2035 |  | 49000 | &nbsp;&nbsp; 51409 |
| Federal Realty OP L.P., 3.25%, <br> 07/15/2027<br>|  | 500000 | &nbsp;&nbsp; 492304 |
| Kimco Realty OP LLC, | Kimco Realty OP LLC, |  |  |
| 4.85%, 03/01/2035 |  | 145000 | &nbsp;&nbsp; 144404 |
| 5.30%, 02/01/2036 |  | 1661000 | &nbsp;&nbsp; 1702430 |
| Kite Realty Group L.P., | Kite Realty Group L.P., |  |  |
| 4.95%, 12/15/2031 |  | 157000 | &nbsp;&nbsp; 158721 |
| 5.50%, 03/01/2034 |  | 21000 | &nbsp;&nbsp; 21700 |

---

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

**17**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Retail REITs–(continued)** | **Retail REITs–(continued)** | **Retail REITs–(continued)** | **Retail REITs–(continued)** |
| NNN REIT, Inc., | NNN REIT, Inc., |  |  |
| 5.60%, 10/15/2033 |  | $20000 | &nbsp;&nbsp; $20962 |
| 5.50%, 06/15/2034 |  | 64000 | &nbsp;&nbsp; 66394 |
| Realty Income Corp., | Realty Income Corp., |  |  |
| 3.65%, 01/15/2028 |  | 110000 | &nbsp;&nbsp; 109104 |
| 5.63%, 10/13/2032 |  | 6000 | &nbsp;&nbsp; 6374 |
| 4.50%, 02/01/2033 |  | 2994000 | &nbsp;&nbsp; 2957775 |
| 5.13%, 04/15/2035 |  | 136000 | &nbsp;&nbsp; 138319 |
| 5.38%, 09/01/2054 |  | 321000 | &nbsp;&nbsp; 316088 |
| Regency Centers L.P., | Regency Centers L.P., |  |  |
| 5.00%, 07/15/2032 |  | 400000 | &nbsp;&nbsp; 410382 |
| 5.25%, 01/15/2034 |  | 157000 | &nbsp;&nbsp; 161783 |
| 5.10%, 01/15/2035 |  | 66000 | &nbsp;&nbsp; 66883 |
|  |  |  | &nbsp;&nbsp; 7722286 |
| **Self-Storage REITs–0.18%** | **Self-Storage REITs–0.18%** | **Self-Storage REITs–0.18%** | **Self-Storage REITs–0.18%** |
| Americold Realty Operating <br> Partnership L.P., | Americold Realty Operating <br> Partnership L.P., |  |  |
| 5.60%, 05/15/2032 |  | 608000 | &nbsp;&nbsp; 615280 |
| 5.41%, 09/12/2034<sup>(c)</sup> <br>|  | 205000 | &nbsp;&nbsp; 201742 |
| Extra Space Storage L.P., | Extra Space Storage L.P., |  |  |
| 5.70%, 04/01/2028 |  | 7000 | &nbsp;&nbsp; 7230 |
| 4.95%, 01/15/2033 |  | 1079000 | &nbsp;&nbsp; 1085275 |
| 5.40%, 02/01/2034 |  | 81000 | &nbsp;&nbsp; 83427 |
| Goodman US Finance Six LLC <br> (Australia), 5.13%, <br> 10/07/2034<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 52947 |
| Prologis L.P., | Prologis L.P., |  |  |
| 4.88%, 06/15/2028 |  | 41000 | &nbsp;&nbsp; 41903 |
| 4.75%, 01/15/2031 |  | 1094000 | &nbsp;&nbsp; 1117140 |
| 4.63%, 01/15/2033 |  | 19000 | &nbsp;&nbsp; 19162 |
| 4.75%, 06/15/2033 |  | 42000 | &nbsp;&nbsp; 42463 |
| 5.13%, 01/15/2034 |  | 24000 | &nbsp;&nbsp; 24704 |
| 5.00%, 03/15/2034 |  | 364000 | &nbsp;&nbsp; 371080 |
| 5.00%, 01/31/2035 |  | 202000 | &nbsp;&nbsp; 204639 |
| 5.25%, 05/15/2035 |  | 566000 | &nbsp;&nbsp; 583246 |
| 5.25%, 03/15/2054 |  | 303000 | &nbsp;&nbsp; 294713 |
| Public Storage Operating Co., | Public Storage Operating Co., |  |  |
| 4.77% (SOFR + 0.70%), <br> 04/16/2027<sup>(e)</sup> <br>|  | 901000 | &nbsp;&nbsp; 903989 |
| 5.35%, 08/01/2053 |  | 89000 | &nbsp;&nbsp; 88102 |
|  |  |  | &nbsp;&nbsp; 5737042 |
| **Semiconductors–1.52%** | **Semiconductors–1.52%** | **Semiconductors–1.52%** | **Semiconductors–1.52%** |
| Broadcom, Inc., | Broadcom, Inc., |  |  |
| 4.15%, 02/15/2028 |  | 795000 | &nbsp;&nbsp; 797429 |
| 5.05%, 07/12/2029 |  | 245000 | &nbsp;&nbsp; 252355 |
| 5.15%, 11/15/2031 |  | 214000 | &nbsp;&nbsp; 222573 |
| 5.20%, 07/15/2035 |  | 1386000 | &nbsp;&nbsp; 1428230 |
| 4.80%, 02/15/2036 |  | 3645000 | &nbsp;&nbsp; 3619423 |
| 4.90%, 02/15/2038 |  | 2884000 | &nbsp;&nbsp; 2850641 |
| Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |  |  |
| 5.90%, 01/25/2030<sup>(b)</sup> <br>|  | 2804000 | &nbsp;&nbsp; 2948544 |
| 5.50%, 01/25/2031<sup>(b)</sup> <br>|  | 2201000 | &nbsp;&nbsp; 2284226 |
| 6.15%, 01/25/2032<sup>(b)</sup> <br>|  | 3179000 | &nbsp;&nbsp; 3391830 |
| 5.90%, 01/25/2033<sup>(b)</sup> <br>|  | 2084000 | &nbsp;&nbsp; 2195530 |
| 5.88%, 01/25/2034<sup>(b)</sup> <br>|  | 3031000 | &nbsp;&nbsp; 3132458 |
| 6.25%, 01/25/2035<sup>(b)</sup> <br>|  | 1866000 | &nbsp;&nbsp; 1987829 |
| 6.10%, 01/25/2036<sup>(b)</sup> <br>|  | 1908000 | &nbsp;&nbsp; 2017802 |
| 6.20%, 01/25/2037<sup>(b)</sup> <br>|  | 1922000 | &nbsp;&nbsp; 2046388 |
| 6.40%, 01/25/2038<sup>(b)</sup> <br>|  | 2192000 | &nbsp;&nbsp; 2368484 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** |
| 6.30%, 01/25/2039<sup>(b)</sup> <br>|  | $745000 | &nbsp;&nbsp; $793447 |
| Intel Corp., | Intel Corp., |  |  |
| 3.15%, 05/11/2027 |  | 250000 | &nbsp;&nbsp; 246286 |
| 3.90%, 03/25/2030 |  | 200000 | &nbsp;&nbsp; 196025 |
| 4.15%, 08/05/2032 |  | 350000 | &nbsp;&nbsp; 338221 |
| 5.05%, 08/05/2062 |  | 110000 | &nbsp;&nbsp; 93153 |
| Micron Technology, Inc., | Micron Technology, Inc., |  |  |
| 5.30%, 01/15/2031 |  | 75000 | &nbsp;&nbsp; 77551 |
| 5.65%, 11/01/2032 |  | 413000 | &nbsp;&nbsp; 433656 |
| 6.05%, 11/01/2035 |  | 918000 | &nbsp;&nbsp; 983964 |
| NXP BV/NXP Funding LLC/NXP USA, <br> Inc. (Netherlands), 2.65%, <br> 02/15/2032<br>|  | 220000 | &nbsp;&nbsp; 195584 |
| SK hynix, Inc. (South Korea), | SK hynix, Inc. (South Korea), |  |  |
| 4.25%, 09/11/2028<sup>(b)</sup> <br>|  | 6249000 | &nbsp;&nbsp; 6257015 |
| 4.38%, 09/11/2030<sup>(b)</sup> <br>|  | 7138000 | &nbsp;&nbsp; 7138586 |
|  |  |  | &nbsp;&nbsp; 48297230 |
| **Single-Family Residential REITs–0.01%** | **Single-Family Residential REITs–0.01%** | **Single-Family Residential REITs–0.01%** | **Single-Family Residential REITs–0.01%** |
| American Homes 4 Rent L.P., | American Homes 4 Rent L.P., |  |  |
| 5.50%, 07/15/2034 |  | 163000 | &nbsp;&nbsp; 168527 |
| 5.25%, 03/15/2035 |  | 132000 | &nbsp;&nbsp; 134164 |
|  |  |  | &nbsp;&nbsp; 302691 |
| **Soft Drinks & Non-alcoholic Beverages–0.21%** | **Soft Drinks & Non-alcoholic Beverages–0.21%** | **Soft Drinks & Non-alcoholic Beverages–0.21%** | **Soft Drinks & Non-alcoholic Beverages–0.21%** |
| Coca-Cola Co. (The), | Coca-Cola Co. (The), |  |  |
| 5.30%, 05/13/2054 |  | 202000 | &nbsp;&nbsp; 201228 |
| 5.40%, 05/13/2064 |  | 303000 | &nbsp;&nbsp; 301661 |
| Keurig Dr Pepper, Inc., 4.35%, <br> 05/15/2028<br>|  | 482000 | &nbsp;&nbsp; 482157 |
| PepsiCo, Inc., | PepsiCo, Inc., |  |  |
| 4.10%, 01/15/2029 |  | 2654000 | &nbsp;&nbsp; 2668375 |
| 4.60%, 02/07/2030 |  | 368000 | &nbsp;&nbsp; 376344 |
| 4.30%, 07/23/2030<sup>(c)</sup> <br>|  | 1243000 | &nbsp;&nbsp; 1253856 |
| 5.00%, 02/07/2035 |  | 341000 | &nbsp;&nbsp; 350318 |
| 5.00%, 07/23/2035 |  | 1111000 | &nbsp;&nbsp; 1137524 |
|  |  |  | &nbsp;&nbsp; 6771463 |
| **Specialized Consumer Services–0.08%** | **Specialized Consumer Services–0.08%** | **Specialized Consumer Services–0.08%** | **Specialized Consumer Services–0.08%** |
| Rentokil Terminix Funding LLC, | Rentokil Terminix Funding LLC, |  |  |
| 5.00%, 04/28/2030<sup>(b)</sup> <br>|  | 1648000 | &nbsp;&nbsp; 1678924 |
| 5.63%, 04/28/2035<sup>(b)</sup> <br>|  | 927000 | &nbsp;&nbsp; 955525 |
|  |  |  | &nbsp;&nbsp; 2634449 |
| **Specialized Finance–0.00%** | **Specialized Finance–0.00%** | **Specialized Finance–0.00%** | **Specialized Finance–0.00%** |
| Blackstone Private Credit Fund, <br> 6.00%, 11/22/2034<br>|  | 100000 | &nbsp;&nbsp; 101464 |
| **Specialty Chemicals–0.22%** | **Specialty Chemicals–0.22%** | **Specialty Chemicals–0.22%** | **Specialty Chemicals–0.22%** |
| Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), |  |  |
| 4.30%, 08/15/2028 |  | 4569000 | &nbsp;&nbsp; 4592665 |
| 4.50%, 08/15/2030 |  | 1882000 | &nbsp;&nbsp; 1895058 |
| 5.15%, 08/15/2035 |  | 614000 | &nbsp;&nbsp; 626858 |
|  |  |  | &nbsp;&nbsp; 7114581 |
| **Systems Software–0.35%** | **Systems Software–0.35%** | **Systems Software–0.35%** | **Systems Software–0.35%** |
| Accenture Capital, Inc., | Accenture Capital, Inc., |  |  |
| 4.25%, 10/04/2031 |  | 100000 | &nbsp;&nbsp; 99863 |
| 4.50%, 10/04/2034 |  | 100000 | &nbsp;&nbsp; 98661 |

---

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

**18**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** |
| Oracle Corp., | Oracle Corp., |  |  |
| 4.45%, 09/26/2030 |  | $2483000 | &nbsp;&nbsp; $2463071 |
| 6.25%, 11/09/2032 |  | 19000 | &nbsp;&nbsp; 20363 |
| 4.90%, 02/06/2033 |  | 28000 | &nbsp;&nbsp; 27823 |
| 4.70%, 09/27/2034 |  | 362000 | &nbsp;&nbsp; 347803 |
| 5.20%, 09/26/2035 |  | 1806000 | &nbsp;&nbsp; 1779358 |
| 5.88%, 09/26/2045 |  | 2822000 | &nbsp;&nbsp; 2719474 |
| 6.90%, 11/09/2052 |  | 20000 | &nbsp;&nbsp; 21341 |
| 5.38%, 09/27/2054 |  | 498000 | &nbsp;&nbsp; 438232 |
| 6.00%, 08/03/2055 |  | 348000 | &nbsp;&nbsp; 333184 |
| 5.95%, 09/26/2055 |  | 1930000 | &nbsp;&nbsp; 1831169 |
| 5.50%, 09/27/2064 |  | 381000 | &nbsp;&nbsp; 332607 |
| 6.13%, 08/03/2065 |  | 574000 | &nbsp;&nbsp; 549075 |
|  |  |  | &nbsp;&nbsp; 11062024 |
| **Technology Distributors–0.01%** | **Technology Distributors–0.01%** | **Technology Distributors–0.01%** | **Technology Distributors–0.01%** |
| Arrow Electronics, Inc., 5.88%, <br> 04/10/2034<br>|  | 150000 | &nbsp;&nbsp; 157178 |
| **Technology Hardware, Storage & Peripherals–0.02%** | **Technology Hardware, Storage & Peripherals–0.02%** | **Technology Hardware, Storage & Peripherals–0.02%** | **Technology Hardware, Storage & Peripherals–0.02%** |
| Hewlett Packard Enterprise Co., <br> 5.00%, 10/15/2034<br>|  | 274000 | &nbsp;&nbsp; 271215 |
| NetApp, Inc., 5.50%, <br> 03/17/2032<br>|  | 200000 | &nbsp;&nbsp; 208485 |
|  |  |  | &nbsp;&nbsp; 479700 |
| **Telecom Tower REITs–0.00%** | **Telecom Tower REITs–0.00%** | **Telecom Tower REITs–0.00%** | **Telecom Tower REITs–0.00%** |
| Crown Castle, Inc., 5.00%, <br> 01/11/2028<br>|  | 150000 | &nbsp;&nbsp; 152077 |
| **Tobacco–0.57%** | **Tobacco–0.57%** | **Tobacco–0.57%** | **Tobacco–0.57%** |
| Altria Group, Inc., 4.88%, <br> 02/04/2028<br>|  | 114000 | &nbsp;&nbsp; 115872 |
| B.A.T. Capital Corp. (United Kingdom), | B.A.T. Capital Corp. (United Kingdom), |  |  |
| 3.56%, 08/15/2027 |  | 110000 | &nbsp;&nbsp; 108955 |
| 5.83%, 02/20/2031 |  | 56000 | &nbsp;&nbsp; 59332 |
| 4.74%, 03/16/2032 |  | 100000 | &nbsp;&nbsp; 100836 |
| 4.63%, 03/22/2033 |  | 1672000 | &nbsp;&nbsp; 1652331 |
| 6.00%, 02/20/2034 |  | 24000 | &nbsp;&nbsp; 25639 |
| 7.08%, 08/02/2043 |  | 229000 | &nbsp;&nbsp; 258521 |
| 7.08%, 08/02/2053 |  | 18000 | &nbsp;&nbsp; 20593 |
| Philip Morris International, Inc., | Philip Morris International, Inc., |  |  |
| 4.75%, 02/12/2027 |  | 310000 | &nbsp;&nbsp; 312946 |
| 4.38%, 11/01/2027 |  | 382000 | &nbsp;&nbsp; 384706 |
| 5.13%, 11/17/2027 |  | 27000 | &nbsp;&nbsp; 27553 |
| 4.88%, 02/15/2028 |  | 93000 | &nbsp;&nbsp; 94640 |
| 4.13%, 04/28/2028 |  | 339000 | &nbsp;&nbsp; 339696 |
| 5.25%, 09/07/2028 |  | 86000 | &nbsp;&nbsp; 88549 |
| 3.88%, 10/27/2028 |  | 2364000 | &nbsp;&nbsp; 2351758 |
| 4.70% (SOFR + 0.66%), <br> 10/27/2028<sup>(e)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 4005177 |
| 4.88%, 02/13/2029 |  | 234000 | &nbsp;&nbsp; 238975 |
| 4.63%, 11/01/2029 |  | 452000 | &nbsp;&nbsp; 458923 |
| 4.38%, 04/30/2030 |  | 521000 | &nbsp;&nbsp; 523102 |
| 2.10%, 05/01/2030 |  | 200000 | &nbsp;&nbsp; 182615 |
| 4.00%, 10/29/2030 |  | 1890000 | &nbsp;&nbsp; 1862577 |
| 5.13%, 02/13/2031 |  | 56000 | &nbsp;&nbsp; 57904 |
| 4.75%, 11/01/2031 |  | 355000 | &nbsp;&nbsp; 361334 |
| 5.38%, 02/15/2033 |  | 99000 | &nbsp;&nbsp; 103142 |
| 5.63%, 09/07/2033 |  | 259000 | &nbsp;&nbsp; 274103 |
| 5.25%, 02/13/2034 |  | 550000 | &nbsp;&nbsp; 567115 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Tobacco–(continued)** | **Tobacco–(continued)** | **Tobacco–(continued)** | **Tobacco–(continued)** |
| 4.90%, 11/01/2034 |  | $510000 | &nbsp;&nbsp; $513352 |
| 4.88%, 04/30/2035 |  | 435000 | &nbsp;&nbsp; 435388 |
| 4.63%, 10/29/2035 |  | 2631000 | &nbsp;&nbsp; 2566844 |
| 4.38%, 11/15/2041 |  | 100000 | &nbsp;&nbsp; 89379 |
| 4.50%, 03/20/2042 |  | 100000 | &nbsp;&nbsp; 89871 |
|  |  |  | &nbsp;&nbsp; 18271728 |
| **Trading Companies & Distributors–0.12%** | **Trading Companies & Distributors–0.12%** | **Trading Companies & Distributors–0.12%** | **Trading Companies & Distributors–0.12%** |
| Ferguson Enterprises, Inc., | Ferguson Enterprises, Inc., |  |  |
| 4.35%, 03/15/2031 |  | 2203000 | &nbsp;&nbsp; 2191470 |
| 5.00%, 10/03/2034 |  | 163000 | &nbsp;&nbsp; 164355 |
| Mitsubishi Corp. (Japan), | Mitsubishi Corp. (Japan), |  |  |
| 5.00%, 07/02/2029<sup>(b)</sup> <br>|  | 809000 | &nbsp;&nbsp; 832093 |
| 5.13%, 07/17/2034<sup>(b)</sup> <br>|  | 739000 | &nbsp;&nbsp; 765518 |
|  |  |  | &nbsp;&nbsp; 3953436 |
| **Transaction & Payment Processing Services–0.01%** | **Transaction & Payment Processing Services–0.01%** | **Transaction & Payment Processing Services–0.01%** | **Transaction & Payment Processing Services–0.01%** |
| Global Payments, Inc., 2.90%, <br> 11/15/2031<br>|  | 100000 | &nbsp;&nbsp; 88977 |
| Mastercard, Inc., 4.85%, <br> 03/09/2033<br>|  | 44000 | &nbsp;&nbsp; 45228 |
| PayPal Holdings, Inc., 4.40%, <br> 06/01/2032<br>|  | 200000 | &nbsp;&nbsp; 199656 |
| Visa, Inc., 2.05%, 04/15/2030 |  | 100000 | &nbsp;&nbsp; 92228 |
|  |  |  | &nbsp;&nbsp; 426089 |
| **Water Utilities–0.04%** | **Water Utilities–0.04%** | **Water Utilities–0.04%** | **Water Utilities–0.04%** |
| American Water Capital Corp., <br> 5.70%, 09/01/2055<br>|  | 1142000 | &nbsp;&nbsp; 1161879 |
| United Utilities PLC (United <br> Kingdom), 6.88%, <br> 08/15/2028<br>|  | 110000 | &nbsp;&nbsp; 117604 |
|  |  |  | &nbsp;&nbsp; 1279483 |
| **Wireless Telecommunication Services–0.24%** | **Wireless Telecommunication Services–0.24%** | **Wireless Telecommunication Services–0.24%** | **Wireless Telecommunication Services–0.24%** |
| America Movil S.A.B. de C.V. <br> (Mexico), 6.13%, 03/30/2040<br>|  | 220000 | &nbsp;&nbsp; 237007 |
| T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |  |
| 4.95%, 11/15/2035 |  | 3146000 | &nbsp;&nbsp; 3125443 |
| 5.65%, 01/15/2053 |  | 33000 | &nbsp;&nbsp; 32481 |
| 6.00%, 06/15/2054 |  | 4000 | &nbsp;&nbsp; 4125 |
| 5.88%, 11/15/2055 |  | 438000 | &nbsp;&nbsp; 444599 |
| 5.70%, 01/15/2056 |  | 3750000 | &nbsp;&nbsp; 3709346 |
|  |  |  | &nbsp;&nbsp; 7553001 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $1,079,887,275) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $1,079,887,275) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $1,079,887,275) | &nbsp;&nbsp; 1090855679 |
| **Asset-Backed Securities–26.69%** | **Asset-Backed Securities–26.69%** | **Asset-Backed Securities–26.69%** | **Asset-Backed Securities–26.69%** |
| AGL CLO 17 Ltd., Series 2022-<br> 17A, Class AR, 4.82% (3 mo. <br> Term SOFR + 0.95%), <br> 01/21/2035<sup>(b)(e)</sup> <br>|  | 6576000 | &nbsp;&nbsp; 6566162 |
| AGL CLO 29 Ltd., Series 2024-<br> 29A, Class A1, 5.44% (3 mo. <br> Term SOFR + 1.57%), <br> 04/21/2037<sup>(b)(e)</sup> <br>|  | 9655000 | &nbsp;&nbsp; 9688638 |
| ALA Trust, | ALA Trust, |  |  |
| Series 2025-OANA, Class A, <br> 5.78% (1 mo. Term SOFR + <br> 1.74%), 06/15/2040<sup>(b)(e)</sup> <br>|  | 4950000 | &nbsp;&nbsp; 4976806 |
| Series 2025-OANA, Class B, <br> 5.88% (1 mo. Term SOFR + <br> 1.84%), 06/15/2040<sup>(b)(e)</sup> <br>|  | 6045000 | &nbsp;&nbsp; 6095552 |

---

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

**19**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Alternative Loan Trust, | Alternative Loan Trust, |  |  |
| Series 2005-21CB, Class A7, <br> 5.50%, 06/25/2035<br>|  | $411897 | &nbsp;&nbsp; $315846 |
| Series 2005-29CB, Class A4, <br> 5.00%, 07/25/2035<br>|  | 201536 | &nbsp;&nbsp; 108173 |
| AMSR Trust, Series 2021-SFR3, <br> Class B, 1.73%, 10/17/2038<sup>(b)</sup> <br>|  | 4415000 | &nbsp;&nbsp; 4282508 |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| Series 2020-1, Class A1, <br> 2.16%, 12/25/2059<sup>(b)(h)</sup> <br>|  | 215413 | &nbsp;&nbsp; 210473 |
| Series 2020-3, Class A1, <br> 1.69%, 04/25/2065<sup>(b)(h)</sup> <br>|  | 880636 | &nbsp;&nbsp; 841269 |
| Series 2021-3, Class A1, <br> 1.07%, 05/25/2066<sup>(b)(h)</sup> <br>|  | 702394 | &nbsp;&nbsp; 614099 |
| Series 2021-7, Class A1, <br> 1.98%, 10/25/2066<sup>(b)(h)</sup> <br>|  | 1907478 | &nbsp;&nbsp; 1674561 |
| Series 2022-1, Class A1, <br> 2.88%, 12/25/2066<sup>(b)(h)</sup> <br>|  | 3462847 | &nbsp;&nbsp; 3266126 |
| Series 2023-6, Class A1, <br> 6.50%, 12/25/2067<sup>(b)(h)</sup> <br>|  | 1148739 | &nbsp;&nbsp; 1160392 |
| Series 2024-10, Class A1, <br> 5.35%, 10/25/2069<sup>(b)(h)</sup> <br>|  | 4513714 | &nbsp;&nbsp; 4536636 |
| Series 2024-2, Class A1, <br> 5.99%, 01/25/2069<sup>(b)(h)</sup> <br>|  | 4192984 | &nbsp;&nbsp; 4231166 |
| Series 2025-HB1, Class A1, <br> 5.98% (30 Day Average SOFR + <br> 1.80%), 02/25/2055<sup>(b)(e)</sup> <br>|  | 1223004 | &nbsp;&nbsp; 1231935 |
| Apidos CLO XII, Series 2013-12A, <br> Class ARR, 4.98% (3 mo. Term <br> SOFR + 1.08%), <br> 04/15/2031<sup>(b)(e)</sup> <br>|  | 938926 | &nbsp;&nbsp; 939434 |
| Apidos CLO XXV, Series 2016-25A, <br> Class A1R3, 5.02% (3 mo. <br> Term SOFR + 1.14%), <br> 01/20/2037<sup>(b)(e)</sup> <br>|  | 6073000 | &nbsp;&nbsp; 6070874 |
| Avis Budget Rental Car Funding <br> (AESOP) LLC, | Avis Budget Rental Car Funding <br> (AESOP) LLC, |  |  |
| Series 2022-1A, Class A, <br> 3.83%, 08/21/2028<sup>(b)</sup> <br>|  | 6614000 | &nbsp;&nbsp; 6579251 |
| Series 2023-1A, Class A, <br> 5.25%, 04/20/2029<sup>(b)</sup> <br>|  | 1463000 | &nbsp;&nbsp; 1493948 |
| Series 2023-4A, Class A, <br> 5.49%, 06/20/2029<sup>(b)</sup> <br>|  | 5238000 | &nbsp;&nbsp; 5385837 |
| Series 2025-3A, Class A, <br> 4.17%, 02/20/2030<sup>(b)</sup> <br>|  | 3177000 | &nbsp;&nbsp; 3173071 |
| Series 2025-4A, Class A, <br> 4.40%, 02/20/2032<sup>(b)</sup> <br>|  | 7105000 | &nbsp;&nbsp; 7095182 |
| Bain Capital Credit CLO Ltd. (Cayman <br> Islands), | Bain Capital Credit CLO Ltd. (Cayman <br> Islands), |  |  |
| Series 2019-3A, Class ARR, <br> 4.90% (3 mo. Term SOFR + <br> 1.03%), 10/21/2034<sup>(b)(e)</sup> <br>|  | 1805000 | &nbsp;&nbsp; 1806018 |
| Series 2021-1A, Class AR, <br> 4.82% (3 mo. Term SOFR + <br> 0.94%), 04/18/2034<sup>(b)(e)</sup> <br>|  | 3604000 | &nbsp;&nbsp; 3600050 |
| Series 2021-6A, Class A1R, <br> 4.96% (3 mo. Term SOFR + <br> 1.09%), 10/21/2034<sup>(b)(e)</sup> <br>|  | 2180000 | &nbsp;&nbsp; 2182459 |
| Banc of America Funding Trust, | Banc of America Funding Trust, |  |  |
| Series 2007-1, Class 1A3, <br> 6.00%, 01/25/2037<br>|  | 145916 | &nbsp;&nbsp; 128025 |
| Series 2007-C, Class 1A4, <br> 4.38%, 05/20/2036<sup>(h)</sup> <br>|  | 42128 | &nbsp;&nbsp; 36825 |
| Banc of America Mortgage Trust, <br> Series 2007-1, Class 1A24, <br> 6.00%, 03/25/2037<br>|  | 173391 | &nbsp;&nbsp; 150957 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Bank, Series 2019-BNK16, <br> Class XA, IO, 0.93%, <br> 02/15/2052<sup>(i)</sup> <br>|  | $22092326 | &nbsp;&nbsp; $520542 |
| Bank5, Series 2024-5YR10, <br> Class A, 5.64%, 10/15/2057<br>|  | 1705000 | &nbsp;&nbsp; 1748127 |
| Barings CLO Ltd., Series 2021-2A, <br> Class A1R, 4.97% (3 mo. Term <br> SOFR + 1.07%), <br> 07/15/2034<sup>(b)(e)</sup> <br>|  | 6240000 | &nbsp;&nbsp; 6247301 |
| Barings Equipment Finance LLC, <br> Series 2025-B, Class A3, <br> 4.13%, 10/13/2032<sup>(b)</sup> <br>|  | 2970000 | &nbsp;&nbsp; 2975223 |
| Bayview MSR Opportunity Master Fund <br> Trust, | Bayview MSR Opportunity Master Fund <br> Trust, |  |  |
| Series 2021-4, Class A3, <br> 3.00%, 10/25/2051<sup>(b)(h)</sup> <br>|  | 3098577 | &nbsp;&nbsp; 2709331 |
| Series 2021-4, Class A4, <br> 2.50%, 10/25/2051<sup>(b)(h)</sup> <br>|  | 3099298 | &nbsp;&nbsp; 2599371 |
| Series 2021-4, Class A8, <br> 2.50%, 10/25/2051<sup>(b)(h)</sup> <br>|  | 2698731 | &nbsp;&nbsp; 2430093 |
| Series 2021-5, Class A1, <br> 3.00%, 11/25/2051<sup>(b)(h)</sup> <br>|  | 3200741 | &nbsp;&nbsp; 2800658 |
| Series 2021-5, Class A2, <br> 2.50%, 11/25/2051<sup>(b)(h)</sup> <br>|  | 3905043 | &nbsp;&nbsp; 3280020 |
| Bear Stearns Adjustable Rate Mortgage <br> Trust, | Bear Stearns Adjustable Rate Mortgage <br> Trust, |  |  |
| Series 2005-9, Class A1, <br> 0.76% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.30%), <br> 10/25/2035<sup>(e)</sup> <br>|  | 99572 | &nbsp;&nbsp; 96145 |
| Series 2006-1, Class A1, <br> 0.65% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.25%), <br> 02/25/2036<sup>(e)</sup> <br>|  | 264917 | &nbsp;&nbsp; 257284 |
| Beechwood Park CLO Ltd., <br> Series 2019-1A, Class A1RR, <br> 0.00% (3 mo. Term SOFR + <br> 1.07%), 01/17/2035<sup>(b)(j)</sup> <br>|  | 2115000 | &nbsp;&nbsp; 2115582 |
| Benchmark Mortgage Trust, <br> Series 2018-B1, Class XA, IO, <br> 0.53%, 01/15/2051<sup>(i)</sup> <br>|  | 22183177 | &nbsp;&nbsp; 198216 |
| Benefit Street Partners CLO XXIII <br> Ltd., Series 2021-23A, <br> Class A1R, 4.96% (3 mo. Term <br> SOFR + 1.10%), <br> 04/25/2034<sup>(b)(e)</sup> <br>|  | 8600000 | &nbsp;&nbsp; 8613356 |
| Benefit Street Partners CLO XXV <br> Ltd., Series 2021-25A, <br> Class A1R, 4.90% (3 mo. Term <br> SOFR + 1.00%), <br> 01/15/2035<sup>(b)(e)</sup> <br>|  | 5519000 | &nbsp;&nbsp; 5519519 |
| BMO Mortgage Trust, <br> Series 2024-5C5, Class AS, <br> 6.36%, 02/15/2057<sup>(h)</sup> <br>|  | 1400000 | &nbsp;&nbsp; 1471963 |
| BRAVO Residential Funding Trust, <br> Series 2021-NQM2, Class A1, <br> 0.97%, 03/25/2060<sup>(b)(h)</sup> <br>|  | 250014 | &nbsp;&nbsp; 243997 |
| BSTN Commercial Mortgage Trust, <br> Series 2025-1C, Class A, <br> 5.37%, 06/15/2044<sup>(b)(h)</sup> <br>|  | 7127000 | &nbsp;&nbsp; 7359339 |
| Buckhorn Park CLO Ltd., <br> Series 2019-1A, Class ARR, <br> 4.95% (3 mo. Term SOFR + <br> 1.07%), 07/18/2034<sup>(b)(e)</sup> <br>|  | 2250000 | &nbsp;&nbsp; 2249993 |

---

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

**20**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| Series 2021-ACNT, Class A, <br> 5.00% (1 mo. Term SOFR + <br> 0.96%), 11/15/2038<sup>(b)(e)</sup> <br>|  | $1731960 | &nbsp;&nbsp; $1730269 |
| Series 2021-VOLT, Class A, <br> 4.85% (1 mo. Term SOFR + <br> 0.81%), 09/15/2036<sup>(b)(e)</sup> <br>|  | 3952819 | &nbsp;&nbsp; 3951142 |
| Series 2021-VOLT, Class B, <br> 5.10% (1 mo. Term SOFR + <br> 1.06%), 09/15/2036<sup>(b)(e)</sup> <br>|  | 3482937 | &nbsp;&nbsp; 3481626 |
| Series 2024-VLT5, Class A, <br> 5.41%, 11/13/2046<sup>(b)(h)</sup> <br>|  | 3530000 | &nbsp;&nbsp; 3611244 |
| Series 2024-VLT5, Class B, <br> 5.80%, 11/13/2046<sup>(b)(h)</sup> <br>|  | 2495000 | &nbsp;&nbsp; 2565810 |
| BX Trust, | BX Trust, |  |  |
| Series 2022-LBA6, Class A, <br> 5.03% (1 mo. Term SOFR + <br> 1.00%), 01/15/2039<sup>(b)(e)</sup> <br>|  | 3670000 | &nbsp;&nbsp; 3667468 |
| Series 2022-LBA6, Class B, <br> 5.33% (1 mo. Term SOFR + <br> 1.30%), 01/15/2039<sup>(b)(e)</sup> <br>|  | 2265000 | &nbsp;&nbsp; 2263785 |
| Series 2022-LBA6, Class C, <br> 5.63% (1 mo. Term SOFR + <br> 1.60%), 01/15/2039<sup>(b)(e)</sup> <br>|  | 1215000 | &nbsp;&nbsp; 1213412 |
| Series 2025-VLT6, Class A, <br> 5.48% (1 mo. Term SOFR + <br> 1.44%), 03/15/2042<sup>(b)(e)</sup> <br>|  | 3865000 | &nbsp;&nbsp; 3869281 |
| Series 2025-VLT7, Class A, <br> 5.73% (1 mo. Term SOFR + <br> 1.70%), 07/15/2044<sup>(b)(e)</sup> <br>|  | 3108000 | &nbsp;&nbsp; 3124735 |
| Carlyle Global Market Strategies CLO <br> Ltd. (Cayman Islands), | Carlyle Global Market Strategies CLO <br> Ltd. (Cayman Islands), |  |  |
| Series 2015-4A, Class A1R3, <br> 4.80% (3 mo. Term SOFR + <br> 0.92%), 07/20/2032<sup>(b)(e)</sup> <br>|  | 5016116 | &nbsp;&nbsp; 5020169 |
| Series 2015-5A, Class A1R3, <br> 4.98% (3 mo. Term SOFR + <br> 1.10%), 01/20/2032<sup>(b)(e)</sup> <br>|  | 1337123 | &nbsp;&nbsp; 1337189 |
| Series 2015-5A, Class A1R4, <br> 0.00% (3 mo. Term SOFR + <br> 0.88%), 01/20/2032<sup>(b)(e)(j)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1800943 |
| Carlyle US CLO Ltd., <br> Series 2020-2A, Class A1R2, <br> 4.94% (3 mo. Term SOFR + <br> 1.08%), 01/25/2035<sup>(b)(e)</sup> <br>|  | 8315000 | &nbsp;&nbsp; 8306560 |
| CarMax Auto Owner Trust, | CarMax Auto Owner Trust, |  |  |
| Series 2022-4, Class A4, <br> 5.70%, 07/17/2028<br>|  | 7031000 | &nbsp;&nbsp; 7118544 |
| Series 2024-1, Class A3, <br> 4.92%, 10/16/2028<br>|  | 5840000 | &nbsp;&nbsp; 5877335 |
| CD Mortgage Trust, Series 2017-<br> CD6, Class XA, IO, 0.89%, <br> 11/13/2050<sup>(i)</sup> <br>|  | 8694341 | &nbsp;&nbsp; 104823 |
| Cedar Funding XI CLO Ltd., <br> Series 2019-11A, Class A1R2, <br> 5.26% (3 mo. Term SOFR + <br> 1.06%), 05/29/2032<sup>(b)(e)</sup> <br>|  | 3741725 | &nbsp;&nbsp; 3746402 |
| Centersquare Issuer LLC, <br> Series 2025-3A, Class A2, <br> 5.00%, 08/25/2055<sup>(b)</sup> <br>|  | 4880000 | &nbsp;&nbsp; 4782722 |
| Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |  |  |
| Series 2019-ATR1, Class A15, <br> 4.00%, 04/25/2049<sup>(b)(h)</sup> <br>|  | 51810 | &nbsp;&nbsp; 49544 |
| Series 2024-9, Class A4, <br> 5.50%, 09/25/2055<sup>(b)(h)</sup> <br>|  | 3259722 | &nbsp;&nbsp; 3268793 |
| Series 2024-9, Class A6, <br> 5.50%, 09/25/2055<sup>(b)(h)</sup> <br>|  | 479177 | &nbsp;&nbsp; 479155 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Chase Mortgage Finance Trust, <br> Series 2005-A2, Class 1A3, <br> 4.84%, 01/25/2036<sup>(h)</sup> <br>|  | $271103 | &nbsp;&nbsp; $251692 |
| CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), |  |  |
| Series 2016-1A, Class AR3, <br> 4.87% (3 mo. Term SOFR + <br> 1.00%), 10/21/2031<sup>(b)(e)</sup> <br>|  | 2364335 | &nbsp;&nbsp; 2359900 |
| Series 2021-7A, Class AR, <br> 4.95% (3 mo. Term SOFR + <br> 1.09%), 01/23/2035<sup>(b)(e)</sup> <br>|  | 9950000 | &nbsp;&nbsp; 9949781 |
| Citigroup Commercial Mortgage <br> Trust, Series 2017-C4, <br> Class XA, IO, 0.98%, <br> 10/12/2050<sup>(i)</sup> <br>|  | 23108661 | &nbsp;&nbsp; 352624 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |  |  |
| Series 2006-AR1, Class 1A1, <br> 6.56% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.40%), <br> 10/25/2035<sup>(e)</sup> <br>|  | 428533 | &nbsp;&nbsp; 416193 |
| Series 2021-INV3, Class A3, <br> 2.50%, 05/25/2051<sup>(b)(h)</sup> <br>|  | 3089463 | &nbsp;&nbsp; 2594978 |
| Series 2024-1, Class A3A, <br> 6.00%, 07/25/2054<sup>(b)(h)</sup> <br>|  | 4151190 | &nbsp;&nbsp; 4214265 |
| CLI Funding IX LLC, Series 2025-<br> 1A, Class A, 5.35%, <br> 06/20/2050<sup>(b)</sup> <br>|  | 1934433 | &nbsp;&nbsp; 1961136 |
| Clover CLO LLC, Series 2021-3A, <br> Class AR, 4.93% (3 mo. Term <br> SOFR + 1.07%), <br> 01/25/2035<sup>(b)(e)</sup> <br>|  | 5674000 | &nbsp;&nbsp; 5678125 |
| COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |  |  |
| Series 2021-5, Class A1, <br> 1.73%, 11/26/2066<sup>(b)(h)</sup> <br>|  | 927729 | &nbsp;&nbsp; 844109 |
| Series 2022-1, Class A1, <br> 2.28%, 12/27/2066<sup>(b)(h)</sup> <br>|  | 1991782 | &nbsp;&nbsp; 1806352 |
| Series 2022-2, Class A1, <br> 2.99%, 02/25/2067<sup>(b)(h)</sup> <br>|  | 2019224 | &nbsp;&nbsp; 1940441 |
| Series 2022-3, Class A1, <br> 3.90%, 02/25/2067<sup>(b)(h)</sup> <br>|  | 2740659 | &nbsp;&nbsp; 2703477 |
| Series 2025-8, Class A1, <br> 5.48%, 08/25/2070<sup>(b)(h)</sup> <br>|  | 3721750 | &nbsp;&nbsp; 3757823 |
| Compass Datacenters Issuer II LLC, <br> Series 2025-2A, Class A1, <br> 4.93%, 11/25/2050<sup>(b)</sup> <br>|  | 2640000 | &nbsp;&nbsp; 2644125 |
| Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |  |
| Series 2021-NQM1, Class A1, <br> 0.81%, 05/25/2065<sup>(b)(h)</sup> <br>|  | 376569 | &nbsp;&nbsp; 343351 |
| Series 2021-NQM2, Class A1, <br> 1.18%, 02/25/2066<sup>(b)(h)</sup> <br>|  | 621349 | &nbsp;&nbsp; 559144 |
| Series 2022-ATH1, Class A1A, <br> 2.87%, 01/25/2067<sup>(b)(h)</sup> <br>|  | 2296902 | &nbsp;&nbsp; 2239372 |
| Series 2022-ATH1, Class A1B, <br> 3.35%, 01/25/2067<sup>(b)(h)</sup> <br>|  | 1890000 | &nbsp;&nbsp; 1766088 |
| Series 2022-ATH2, Class A1, <br> 4.55%, 05/25/2067<sup>(b)(h)</sup> <br>|  | 2709947 | &nbsp;&nbsp; 2702331 |
| Cross Mortgage Trust, | Cross Mortgage Trust, |  |  |
| Series 2024-H2, Class A1, <br> 6.09%, 04/25/2069<sup>(b)(h)</sup> <br>|  | 2684004 | &nbsp;&nbsp; 2710558 |
| Series 2024-H8, Class A1, <br> 5.55%, 12/25/2069<sup>(b)(h)</sup> <br>|  | 3528734 | &nbsp;&nbsp; 3551461 |
| CSAIL Commercial Mortgage Trust, <br> Series 2020-C19, Class A3, <br> 2.56%, 03/15/2053<br>|  | 10613000 | &nbsp;&nbsp; 9670108 |
| CSMC Mortgage-Backed Trust, <br> Series 2006-6, Class 1A4, <br> 6.00%, 07/25/2036<br>|  | 560654 | &nbsp;&nbsp; 251484 |

---

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

**21**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| DB Master Finance LLC, | DB Master Finance LLC, |  |  |
| Series 2025-1A, Class A2I, <br> 4.89%, 08/20/2055<sup>(b)</sup> <br>|  | $2330000 | &nbsp;&nbsp; $2341701 |
| Series 2025-1A, Class A2II, <br> 5.17%, 08/20/2055<sup>(b)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1817554 |
| DLLST LLC, Series 2024-1A, <br> Class A3, 5.05%, <br> 08/20/2027<sup>(b)</sup> <br>|  | 2800714 | &nbsp;&nbsp; 2812273 |
| Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, |  |  |
| Series 2025-1A, Class A2I, <br> 4.93%, 07/25/2055<sup>(b)</sup> <br>|  | 5170000 | &nbsp;&nbsp; 5222317 |
| Series 2025-1A, Class A2II, <br> 5.22%, 07/25/2055<sup>(b)</sup> <br>|  | 4400000 | &nbsp;&nbsp; 4464000 |
| EFMT, Series 2025-NQM2, <br> Class A1, 5.60%, <br> 06/25/2070<sup>(b)(h)</sup> <br>|  | 7336053 | &nbsp;&nbsp; 7397373 |
| Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |  |  |
| Series 2020-1, Class A1, <br> 2.01%, 05/25/2065<sup>(b)(h)</sup> <br>|  | 6160 | &nbsp;&nbsp; 6145 |
| Series 2021-1, Class A1, <br> 0.80%, 02/25/2066<sup>(b)(h)</sup> <br>|  | 218190 | &nbsp;&nbsp; 191672 |
| Series 2022-1, Class A1, <br> 2.21%, 01/25/2067<sup>(b)(h)</sup> <br>|  | 2031502 | &nbsp;&nbsp; 1803397 |
| Series 2022-3, Class A1, <br> 5.00%, 08/25/2067<sup>(b)(h)</sup> <br>|  | 2694770 | &nbsp;&nbsp; 2687431 |
| Series 2024-INV2, Class A1, <br> 5.04%, 10/25/2069<sup>(b)(h)</sup> <br>|  | 2654952 | &nbsp;&nbsp; 2647079 |
| Elmwood CLO 15 Ltd., <br> Series 2022-2A, Class A1R, <br> 5.01% (3 mo. Term SOFR + <br> 1.15%), 04/22/2035<sup>(b)(e)</sup> <br>|  | 6380000 | &nbsp;&nbsp; 6383292 |
| Empower CLO Ltd., Series 2024-<br> 1A, Class A1, 5.46% (3 mo. <br> Term SOFR + 1.60%), <br> 04/25/2037<sup>(b)(e)</sup> <br>|  | 3895000 | &nbsp;&nbsp; 3908403 |
| Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |  |  |
| Series 2024-2, Class A2, <br> 5.74%, 12/20/2026<sup>(b)</sup> <br>|  | 890187 | &nbsp;&nbsp; 894212 |
| Series 2024-2, Class A3, <br> 5.61%, 04/20/2028<sup>(b)</sup> <br>|  | 970000 | &nbsp;&nbsp; 986799 |
| Series 2024-2, Class A4, <br> 5.69%, 12/20/2030<sup>(b)</sup> <br>|  | 1133000 | &nbsp;&nbsp; 1169795 |
| Series 2024-4, Class A3, <br> 4.56%, 11/20/2028<sup>(b)</sup> <br>|  | 2160000 | &nbsp;&nbsp; 2182202 |
| Series 2025-4, Class A3, <br> 4.11%, 12/20/2029<sup>(b)</sup> <br>|  | 3290000 | &nbsp;&nbsp; 3293495 |
| First Horizon Alternative Mortgage <br> Securities Trust, Series 2005-<br> FA8, Class 1A6, 4.76% (1 mo. <br> Term SOFR + 0.76%), <br> 11/25/2035<sup>(e)</sup> <br>|  | 328919 | &nbsp;&nbsp; 127634 |
| Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |  |  |
| Series 2021-11IN, Class A6, <br> 3.70%, 11/25/2051<sup>(b)(h)</sup> <br>|  | 4495892 | &nbsp;&nbsp; 4039662 |
| Series 2021-8INV, Class A6, <br> 2.50%, 09/25/2051<sup>(b)(h)</sup> <br>|  | 951182 | &nbsp;&nbsp; 858608 |
| Ford Credit Auto Owner Trust, <br> Series 2024-A, Class A3, <br> 5.09%, 12/15/2028<br>|  | 9250000 | &nbsp;&nbsp; 9329723 |
| Fort Greene Park CLO LLC, <br> Series 2025-2A, Class AR, <br> 4.81% (3 mo. Term SOFR + <br> 0.95%), 04/22/2034<sup>(b)(e)</sup> <br>|  | 3920000 | &nbsp;&nbsp; 3912066 |
| FREMF Mortgage Trust, <br> Series 2017-K62, Class B, <br> 3.88%, 01/25/2050<sup>(b)(h)</sup> <br>|  | 1040000 | &nbsp;&nbsp; 1030178 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Frontier Issuer LLC, <br> Series 2023-1, Class A2, <br> 6.60%, 08/20/2053<sup>(b)</sup> <br>|  | $4952710 | &nbsp;&nbsp; $5016306 |
| GCAT Trust, | GCAT Trust, |  |  |
| Series 2025-NQM2, Class A1, <br> 5.60%, 04/25/2070<sup>(b)(h)</sup> <br>|  | 4199734 | &nbsp;&nbsp; 4237053 |
| Series 2025-NQM4, Class A1A, <br> 5.53%, 06/25/2070<sup>(b)(h)</sup> <br>|  | 5785905 | &nbsp;&nbsp; 5840514 |
| Goldentree Loan Management US <br> CLO 1 Ltd., Series 2017-1A, <br> Class A1R3, 4.85% (3 mo. <br> Term SOFR + 0.97%), <br> 04/20/2034<sup>(b)(e)</sup> <br>|  | 2434000 | &nbsp;&nbsp; 2430741 |
| Goldentree Loan Management US <br> CLO 8 Ltd., Series 2020-8A, <br> Class ARR, 5.03% (3 mo. Term <br> SOFR + 1.15%), <br> 10/20/2034<sup>(b)(e)</sup> <br>|  | 3323000 | &nbsp;&nbsp; 3328124 |
| Golub Capital Partners CLO 53(B) <br> Ltd., Series 2021-53A, <br> Class AR, 4.86% (3 mo. Term <br> SOFR + 0.98%), <br> 07/20/2034<sup>(b)(e)</sup> <br>|  | 9311000 | &nbsp;&nbsp; 9306354 |
| GS Mortgage Securities Trust, <br> Series 2020-GC47, Class A5, <br> 2.38%, 05/12/2053<br>|  | 3780000 | &nbsp;&nbsp; 3474021 |
| GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |  |  |
| Series 2021-INV1, Class A6, <br> 2.50%, 12/25/2051<sup>(b)(h)</sup> <br>|  | 2465781 | &nbsp;&nbsp; 2211568 |
| Series 2025-HE1, Class A1, <br> 5.73% (30 Day Average SOFR + <br> 1.55%), 10/25/2055<sup>(b)(e)</sup> <br>|  | 3650850 | &nbsp;&nbsp; 3663681 |
| Series 2025-NQM4, Class A1, <br> 5.01%, 10/25/2065<sup>(b)(h)</sup> <br>|  | 4592289 | &nbsp;&nbsp; 4589889 |
| Series 2025-NQM5, Class A1, <br> 5.01%, 07/25/2065<sup>(b)</sup> <br>|  | 5772000 | &nbsp;&nbsp; 5767786 |
| Series 2025-PJ4, Class A4, <br> 6.00%, 09/25/2055<sup>(b)(h)</sup> <br>|  | 397324 | &nbsp;&nbsp; 402747 |
| GSR Mortgage Loan Trust, <br> Series 2005-AR4, Class 6A1, <br> 5.01%, 07/25/2035<sup>(h)</sup> <br>|  | 23415 | &nbsp;&nbsp; 22531 |
| Hertz Vehicle Financing III L.P., | Hertz Vehicle Financing III L.P., |  |  |
| Series 2021-2A, Class A, <br> 1.68%, 12/27/2027<sup>(b)</sup> <br>|  | 1322000 | &nbsp;&nbsp; 1289990 |
| Series 2021-2A, Class B, <br> 2.12%, 12/27/2027<sup>(b)</sup> <br>|  | 705000 | &nbsp;&nbsp; 687822 |
| Hilton Grand Vacations Trust, <br> Series 2025-1A, Class A, <br> 4.88%, 05/27/2042<sup>(b)</sup> <br>|  | 1953328 | &nbsp;&nbsp; 1981736 |
| Invitation Homes Trust, <br> Series 2024-SFR1, Class A, <br> 4.00%, 09/17/2041<sup>(b)</sup> <br>|  | 1876785 | &nbsp;&nbsp; 1848128 |
| IP Mortgage Trust, Series 2025-IP, <br> Class A, 5.25%, <br> 06/10/2042<sup>(b)(h)</sup> <br>|  | 11643000 | &nbsp;&nbsp; 11836509 |
| J.P. Morgan Mortgage Trust, | J.P. Morgan Mortgage Trust, |  |  |
| Series 2025-NQM3, Class A1, <br> 5.50%, 11/25/2065<sup>(b)(h)</sup> <br>|  | 13415040 | &nbsp;&nbsp; 13510358 |
| Series 2025-NQM4, Class A1, <br> 4.95%, 03/25/2066<sup>(b)(h)</sup> <br>|  | 1530000 | &nbsp;&nbsp; 1528332 |
| Jersey Mike's Funding, <br> Series 2025-1A, Class A2, <br> 5.61%, 08/16/2055<sup>(b)</sup> <br>|  | 6950000 | &nbsp;&nbsp; 7095114 |

---

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

**22**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |  |  |
| Series 2007-A1, Class 5A1, <br> 5.04%, 07/25/2035<sup>(h)</sup> <br>|  | $108063 | &nbsp;&nbsp; $107695 |
| Series 2021-LTV2, Class A1, <br> 2.52%, 05/25/2052<sup>(b)(h)</sup> <br>|  | 3507613 | &nbsp;&nbsp; 2980745 |
| Series 2024-8, Class A3, <br> 5.50%, 01/25/2055<sup>(b)(h)</sup> <br>|  | 937114 | &nbsp;&nbsp; 941614 |
| Series 2024-VIS1, Class A1, <br> 5.99%, 07/25/2064<sup>(b)(h)</sup> <br>|  | 4090033 | &nbsp;&nbsp; 4131798 |
| JPMBB Commercial Mortgage <br> Securities Trust, Series 2015-<br> C27, Class XA, IO, 0.71%, <br> 02/15/2048<sup>(i)</sup> <br>|  | 4246763 | &nbsp;&nbsp; 42 |
| Juniper Valley Park CLO Ltd., <br> Series 2023-1A, Class ARR, <br> 4.96% (3 mo. Term SOFR + <br> 1.08%), 07/20/2036<sup>(b)(e)</sup> <br>|  | 6455000 | &nbsp;&nbsp; 6451760 |
| KKR CLO 15 Ltd., Series 15, <br> Class A1R2, 4.98% (3 mo. <br> Term SOFR + 1.10%), <br> 01/18/2032<sup>(b)(e)</sup> <br>|  | 2641361 | &nbsp;&nbsp; 2641602 |
| Life Mortgage Trust, <br> Series 2021-BMR, Class C, <br> 5.25% (1 mo. Term SOFR + <br> 1.21%), 03/15/2038<sup>(b)(e)</sup> <br>|  | 167676 | &nbsp;&nbsp; 166875 |
| Madison Park Funding XLVIII Ltd., <br> Series 2021-48A, Class A, <br> 5.30% (3 mo. Term SOFR + <br> 1.41%), 04/19/2033<sup>(b)(e)</sup> <br>|  | 8439868 | &nbsp;&nbsp; 8461972 |
| Madison Park Funding XXXIII Ltd., <br> Series 2019-33A, Class AR, <br> 5.19% (3 mo. Term SOFR + <br> 1.29%), 10/15/2032<sup>(b)(e)</sup> <br>|  | 3652497 | &nbsp;&nbsp; 3657354 |
| Mello Mortgage Capital Acceptance <br> Trust, | Mello Mortgage Capital Acceptance <br> Trust, |  |  |
| Series 2021-INV2, Class A4, <br> 2.50%, 08/25/2051<sup>(b)(h)</sup> <br>|  | 1881205 | &nbsp;&nbsp; 1687131 |
| Series 2021-INV3, Class A4, <br> 2.50%, 10/25/2051<sup>(b)(h)</sup> <br>|  | 1874552 | &nbsp;&nbsp; 1684700 |
| Metronet Infrastructure Issuer LLC, <br> 6.01%, 07/20/2055<sup>(g)</sup> <br>|  | 3750000 | &nbsp;&nbsp; 3769105 |
| MFA Trust, Series 2021-INV2, <br> Class A1, 1.91%, <br> 11/25/2056<sup>(b)(h)</sup> <br>|  | 2189738 | &nbsp;&nbsp; 1984277 |
| MHP Commercial Mortgage Trust, | MHP Commercial Mortgage Trust, |  |  |
| Series 2021-STOR, Class A, <br> 4.85% (1 mo. Term SOFR + <br> 0.81%), 07/15/2038<sup>(b)(e)</sup> <br>|  | 1945000 | &nbsp;&nbsp; 1942100 |
| Series 2021-STOR, Class B, <br> 5.05% (1 mo. Term SOFR + <br> 1.01%), 07/15/2038<sup>(b)(e)</sup> <br>|  | 1460000 | &nbsp;&nbsp; 1457486 |
| MILE Trust, Series 2025-STNE, <br> Class A, 5.53% (1 mo. Term <br> SOFR + 1.50%), <br> 07/15/2042<sup>(b)(e)</sup> <br>|  | 8095000 | &nbsp;&nbsp; 8117515 |
| Morgan Stanley Bank of America <br> Merrill Lynch Trust, <br> Series 2025-5C2, Class B, <br> 5.69%, 11/15/2058<br>|  | 2617000 | &nbsp;&nbsp; 2688348 |
| Morgan Stanley Capital I Trust, <br> Series 2017-HR2, Class XA, IO, <br> 0.85%, 12/15/2050<sup>(i)</sup> <br>|  | 10365567 | &nbsp;&nbsp; 150526 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Morgan Stanley Residential Mortgage <br> Loan Trust, | Morgan Stanley Residential Mortgage <br> Loan Trust, |  |  |
| Series 2024-3, Class A1, <br> 6.00%, 07/25/2054<sup>(b)(h)</sup> <br>|  | $2939810 | &nbsp;&nbsp; $2982670 |
| Series 2024-NQM5, Class A1, <br> 5.65%, 10/25/2069<sup>(b)(h)</sup> <br>|  | 4325240 | &nbsp;&nbsp; 4350104 |
| Series 2025-NQM1, Class A1, <br> 5.74%, 11/25/2069<sup>(b)(h)</sup> <br>|  | 3883671 | &nbsp;&nbsp; 3919998 |
| Series 2025-NQM8, Class A1, <br> 4.96%, 09/25/2070<sup>(b)(h)</sup> <br>|  | 6160000 | &nbsp;&nbsp; 6146624 |
| Navient Refinance Loan Trust, <br> Series 2025-A, Class A, 5.15%, <br> 02/16/2055<sup>(b)</sup> <br>|  | 3438078 | &nbsp;&nbsp; 3484995 |
| Neuberger Berman Loan Advisers <br> CLO 38 Ltd., Series 2020-38A, <br> Class AR2, 4.84% (3 mo. Term <br> SOFR + 0.96%), <br> 10/20/2036<sup>(b)(e)</sup> <br>|  | 4815000 | &nbsp;&nbsp; 4816401 |
| Neuberger Berman Loan Advisers <br> CLO 47 Ltd., Series 2022-47A, <br> Class AR, 5.20% (3 mo. Term <br> SOFR + 1.09%), <br> 04/16/2035<sup>(b)(e)</sup> <br>|  | 5335000 | &nbsp;&nbsp; 5339535 |
| Neuberger Berman Loan Advisers <br> CLO 49 Ltd., Series 2022-49A, <br> Class AR, 5.01% (3 mo. Term <br> SOFR + 1.15%), <br> 07/25/2035<sup>(b)(e)</sup> <br>|  | 5352658 | &nbsp;&nbsp; 5356641 |
| New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |  |  |
| Series 2022-NQM2, Class A1, <br> 3.08%, 03/27/2062<sup>(b)(h)</sup> <br>|  | 1960298 | &nbsp;&nbsp; 1868370 |
| Series 2024-NQM3, Class A1, <br> 5.47%, 11/25/2064<sup>(b)(h)</sup> <br>|  | 1459411 | &nbsp;&nbsp; 1473957 |
| Series 2025-NQM2, Class A1, <br> 0.00%, 04/25/2065<sup>(b)(h)(j)</sup> <br>|  | 12786566 | &nbsp;&nbsp; 12912027 |
| NextGear Floorplan Master Owner <br> Trust, Series 2025-2A, <br> Class A2, 4.23%, <br> 10/15/2030<sup>(b)</sup> <br>|  | 1950000 | &nbsp;&nbsp; 1950844 |
| Oaktree CLO Ltd., Series 2021-2A, <br> Class AR, 4.87% (3 mo. Term <br> SOFR + 0.97%), <br> 01/15/2035<sup>(b)(e)</sup> <br>|  | 3920000 | &nbsp;&nbsp; 3912187 |
| OBX Trust, | OBX Trust, |  |  |
| Series 2021-NQM4, Class A1, <br> 1.96%, 10/25/2061<sup>(b)(h)</sup> <br>|  | 2947801 | &nbsp;&nbsp; 2552059 |
| Series 2022-NQM1, Class A1, <br> 2.31%, 11/25/2061<sup>(b)(h)</sup> <br>|  | 2470028 | &nbsp;&nbsp; 2241093 |
| Series 2022-NQM2, Class A1B, <br> 3.38%, 01/25/2062<sup>(b)(h)</sup> <br>|  | 2305000 | &nbsp;&nbsp; 2126822 |
| Series 2024-NQM14, Class A1, <br> 4.94%, 09/25/2064<sup>(b)(h)</sup> <br>|  | 2891861 | &nbsp;&nbsp; 2886578 |
| Series 2024-NQM18, Class A1, <br> 5.41%, 10/25/2064<sup>(b)(h)</sup> <br>|  | 1878559 | &nbsp;&nbsp; 1887195 |
| Series 2025-HE2, Class A1, <br> 5.63% (30 Day Average SOFR + <br> 1.45%), 08/25/2055<sup>(b)(e)</sup> <br>|  | 4968919 | &nbsp;&nbsp; 4991559 |
| Oceanview Mortgage Trust, <br> Series 2021-3, Class A5, <br> 2.50%, 07/25/2051<sup>(b)(h)</sup> <br>|  | 2183801 | &nbsp;&nbsp; 1970802 |
| One Bryant Park Trust, <br> Series 2019-OBP, Class A, <br> 2.52%, 09/15/2054<sup>(b)</sup> <br>|  | 3562000 | &nbsp;&nbsp; 3290041 |
| Palmer Square Loan Funding Ltd., <br> Series 2025-2A, Class A1, <br> 5.23% (3 mo. Term SOFR + <br> 0.94%), 07/15/2033<sup>(b)(e)</sup> <br>|  | 10655000 | &nbsp;&nbsp; 10655810 |

---

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

**23**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Pikes Peak CLO 6, Series 2020-6A, <br> Class ARR, 5.13% (3 mo. Term <br> SOFR + 0.94%), <br> 05/18/2034<sup>(b)(e)</sup> <br>|  | $5390000 | &nbsp;&nbsp; $5387046 |
| PMT Loan Trust, Series 2025-INV1, <br> Class A7, 6.00%, <br> 01/25/2060<sup>(b)(h)</sup> <br>|  | 2416226 | &nbsp;&nbsp; 2455331 |
| PRKCM Trust, Series 2023-AFC4, <br> Class A1, 7.23%, <br> 11/25/2058<sup>(b)(h)</sup> <br>|  | 3598220 | &nbsp;&nbsp; 3655455 |
| Progress Residential Trust, | Progress Residential Trust, |  |  |
| Series 2021-SFR10, Class A, <br> 2.39%, 12/17/2040<sup>(b)</sup> <br>|  | 2001353 | &nbsp;&nbsp; 1902029 |
| Series 2022-SFR5, Class A, <br> 4.45%, 06/17/2039<sup>(b)</sup> <br>|  | 3044082 | &nbsp;&nbsp; 3038982 |
| Provident Funding Mortgage Trust, <br> Series 2025-4, Class A1, <br> 6.00%, 09/25/2055<sup>(b)(h)</sup> <br>|  | 7242153 | &nbsp;&nbsp; 7352194 |
| Qdoba Funding LLC, <br> Series 2023-1A, Class A2, <br> 8.50%, 09/14/2053<sup>(b)</sup> <br>|  | 5742608 | &nbsp;&nbsp; 5983086 |
| Rate Mortgage Trust, | Rate Mortgage Trust, |  |  |
| Series 2024-J4, Class A1, <br> 6.00%, 12/25/2054<sup>(b)(h)</sup> <br>|  | 3521900 | &nbsp;&nbsp; 3584083 |
| Series 2025-J1, Class A4, <br> 6.00%, 03/25/2055<sup>(b)(h)</sup> <br>|  | 3080720 | &nbsp;&nbsp; 3129154 |
| Series 2025-J2, Class A5, <br> 5.50%, 07/25/2055<sup>(b)(h)</sup> <br>|  | 3776836 | &nbsp;&nbsp; 3790731 |
| RCKT Mortgage Trust, | RCKT Mortgage Trust, |  |  |
| Series 2025-CES6, Class A1A, <br> 5.47%, 06/25/2055<sup>(b)(h)</sup> <br>|  | 1988727 | &nbsp;&nbsp; 2007916 |
| Series 2025-CES7, Class A1A, <br> 5.38%, 07/25/2055<sup>(b)(h)</sup> <br>|  | 2226982 | &nbsp;&nbsp; 2245747 |
| Residential Accredit Loans, Inc. Trust, | Residential Accredit Loans, Inc. Trust, |  |  |
| Series 2006-QS13, Class 1A8, <br> 6.00%, 09/25/2036<br>|  | 36122 | &nbsp;&nbsp; 29201 |
| Series 2007-QS6, Class A28, <br> 5.75%, 04/25/2037<br>|  | 199944 | &nbsp;&nbsp; 166721 |
| Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, <br> 2.38%, 01/26/2060<sup>(b)(h)</sup> <br>|  | 49037 | &nbsp;&nbsp; 48749 |
| RR 17 Ltd., Series 2021-17A, <br> Class A1AR, 4.97% (3 mo. Term <br> SOFR + 1.07%), <br> 07/15/2034<sup>(b)(e)</sup> <br>|  | 12590000 | &nbsp;&nbsp; 12593928 |
| RUN Trust, Series 2022-NQM1, <br> Class A1, 4.00%, <br> 03/25/2067<sup>(b)</sup> <br>|  | 1680469 | &nbsp;&nbsp; 1668345 |
| Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |  |  |
| Series 2025-10, Class A1, <br> 5.50%, 11/25/2055<sup>(b)(h)</sup> <br>|  | 7375000 | &nbsp;&nbsp; 7405537 |
| Series 2025-8, Class A4, <br> 5.50%, 09/25/2055<sup>(b)(h)</sup> <br>|  | 2798963 | &nbsp;&nbsp; 2815661 |
| SG Residential Mortgage Trust, | SG Residential Mortgage Trust, |  |  |
| Series 2022-1, Class A1, <br> 3.17%, 03/27/2062<sup>(b)(h)</sup> <br>|  | 3556500 | &nbsp;&nbsp; 3357811 |
| Series 2022-1, Class A2, <br> 3.58%, 03/27/2062<sup>(b)(h)</sup> <br>|  | 1500415 | &nbsp;&nbsp; 1383342 |
| Shackleton CLO Ltd., <br> Series 2015-7RA, Class ARR, <br> 5.00% (3 mo. Term SOFR + <br> 1.10%), 07/15/2031<sup>(b)(e)</sup> <br>|  | 700253 | &nbsp;&nbsp; 699974 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| SHRN Trust, | SHRN Trust, |  |  |
| Series 2025-MF18, Class A, <br> 5.30% (1 mo. Term SOFR + <br> 1.20%), 10/15/2040<sup>(b)(e)</sup> <br>|  | $10255000 | &nbsp;&nbsp; $10268321 |
| Series 2025-MF18, Class B, <br> 5.55% (1 mo. Term SOFR + <br> 1.45%), 10/15/2040<sup>(b)(e)</sup> <br>|  | 2020000 | &nbsp;&nbsp; 2023148 |
| Series 2025-MF18, Class C, <br> 5.80% (1 mo. Term SOFR + <br> 1.70%), 10/15/2040<sup>(b)(e)</sup> <br>|  | 850000 | &nbsp;&nbsp; 851803 |
| Signal Peak CLO 1 Ltd., <br> Series 2014-1A, Class AR4, <br> 4.96% (3 mo. Term SOFR + <br> 1.08%), 04/17/2034<sup>(b)(e)</sup> <br>|  | 7532000 | &nbsp;&nbsp; 7537867 |
| Signal Peak CLO 4 Ltd., <br> Series 2017-4A, Class AR2, <br> 4.98% (3 mo. Term SOFR + <br> 1.12%), 10/26/2034<sup>(b)(e)</sup> <br>|  | 9790000 | &nbsp;&nbsp; 9794826 |
| Sonic Capital LLC, | Sonic Capital LLC, |  |  |
| Series 2020-1A, Class A2I, <br> 3.85%, 01/20/2050<sup>(b)</sup> <br>|  | 2987250 | &nbsp;&nbsp; 2945772 |
| Series 2021-1A, Class A2I, <br> 2.19%, 08/20/2051<sup>(b)</sup> <br>|  | 1784050 | &nbsp;&nbsp; 1655970 |
| Series 2021-1A, Class A2II, <br> 2.64%, 08/20/2051<sup>(b)</sup> <br>|  | 2656892 | &nbsp;&nbsp; 2309069 |
| STAR Trust, Series 2021-1, <br> Class A1, 1.22%, <br> 05/25/2065<sup>(b)(h)</sup> <br>|  | 964221 | &nbsp;&nbsp; 908420 |
| Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |  |  |
| Series 2020-1, Class A1, <br> 2.28%, 02/25/2050<sup>(b)(h)</sup> <br>|  | 86974 | &nbsp;&nbsp; 83750 |
| Series 2021-6, Class A1, <br> 1.92%, 11/25/2066<sup>(b)(h)</sup> <br>|  | 3439544 | &nbsp;&nbsp; 3047485 |
| Series 2022-1, Class A1, <br> 2.45%, 12/25/2066<sup>(b)(h)</sup> <br>|  | 2525261 | &nbsp;&nbsp; 2276903 |
| Subway Funding LLC, | Subway Funding LLC, |  |  |
| Series 2024-1A, Class A23, <br> 6.51%, 07/30/2054<sup>(b)</sup> <br>|  | 3885750 | &nbsp;&nbsp; 4027864 |
| Series 2024-1A, Class A2I, <br> 6.03%, 07/30/2054<sup>(b)</sup> <br>|  | 4264920 | &nbsp;&nbsp; 4320427 |
| Series 2024-1A, Class A2I, <br> 6.27%, 07/30/2054<sup>(b)</sup> <br>|  | 4229280 | &nbsp;&nbsp; 4329707 |
| Series 2024-3A, Class A23, <br> 5.91%, 07/30/2054<sup>(b)</sup> <br>|  | 4261950 | &nbsp;&nbsp; 4247025 |
| Series 2024-3A, Class A2I, <br> 5.25%, 07/30/2054<sup>(b)</sup> <br>|  | 3940200 | &nbsp;&nbsp; 3927475 |
| Series 2024-3A, Class A2I, <br> 5.57%, 07/30/2054<sup>(b)</sup> <br>|  | 4039200 | &nbsp;&nbsp; 4051199 |
| Switch ABS Issuer LLC, <br> Series 2025-2A, Class A21, <br> 5.12%, 10/25/2055<sup>(b)</sup> <br>|  | 2820000 | &nbsp;&nbsp; 2824078 |
| Symphony CLO XVI Ltd., <br> Series 2015-16A, Class ARR, <br> 5.10% (3 mo. Term SOFR + <br> 1.20%), 10/15/2031<sup>(b)(e)</sup> <br>|  | 1295758 | &nbsp;&nbsp; 1296901 |
| Symphony CLO XX Ltd., <br> Series 2018-20A, Class AR2, <br> 4.99% (3 mo. Term SOFR + <br> 1.10%), 01/16/2032<sup>(b)(e)</sup> <br>|  | 3243696 | &nbsp;&nbsp; 3244712 |
| Symphony CLO XXI Ltd., <br> Series 2019-21A, Class AR2, <br> 4.80% (3 mo. Term SOFR + <br> 0.90%), 07/15/2032<sup>(b)(e)</sup> <br>|  | 5138263 | &nbsp;&nbsp; 5140724 |
| Symphony CLO XXII Ltd., <br> Series 2020-22A, Class A1AR, <br> 5.06% (3 mo. Term SOFR + <br> 1.18%), 04/18/2033<sup>(b)(e)</sup> <br>|  | 2672611 | &nbsp;&nbsp; 2673129 |

---

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

**24**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Symphony CLO XXIII Ltd., <br> Series 2020-23A, Class AR2, <br> 4.80% (3 mo. Term SOFR + <br> 0.90%), 01/15/2034<sup>(b)(e)</sup> <br>|  | $1451070 | &nbsp;&nbsp; $1450359 |
| Symphony CLO XXIV, Ltd., <br> Series 2020-24A, Class A1R, <br> 5.26% (3 mo. Term SOFR + <br> 1.13%), 10/23/2035<sup>(b)(e)</sup> <br>|  | 9611000 | &nbsp;&nbsp; 9613720 |
| Synchrony Card Funding LLC, <br> Series 2024-A2, Class A, <br> 4.93%, 07/15/2030<br>|  | 3395000 | &nbsp;&nbsp; 3450302 |
| Taco Bell Funding LLC, | Taco Bell Funding LLC, |  |  |
| Series 2025-1A, Class A2I, <br> 4.82%, 08/25/2055<sup>(b)</sup> <br>|  | 3330000 | &nbsp;&nbsp; 3321433 |
| Series 2025-1A, Class A2II, <br> 5.05%, 08/25/2055<sup>(b)</sup> <br>|  | 1940000 | &nbsp;&nbsp; 1942012 |
| Textainer Marine Containers VII <br> Ltd., Series 2021-2A, Class A, <br> 2.23%, 04/20/2046<sup>(b)</sup> <br>|  | 2693760 | &nbsp;&nbsp; 2534019 |
| TierPoint Issuer LLC, | TierPoint Issuer LLC, |  |  |
| Series 2025-1A, Class A2, <br> 6.15%, 04/26/2055<sup>(b)</sup> <br>|  | 6566000 | &nbsp;&nbsp; 6673720 |
| Series 2025-2A, Class A2, <br> 6.40%, 04/26/2055<sup>(b)</sup> <br>|  | 5131000 | &nbsp;&nbsp; 5197996 |
| Tricon American Homes Trust, <br> Series 2020-SFR2, Class A, <br> 1.48%, 11/17/2039<sup>(b)</sup> <br>|  | 3627175 | &nbsp;&nbsp; 3438669 |
| Tricon Residential Trust, <br> Series 2025-SFR1, Class A, <br> 5.13% (1 mo. Term SOFR + <br> 1.10%), 03/17/2042<sup>(b)(e)</sup> <br>|  | 3989380 | &nbsp;&nbsp; 3994456 |
| UBS Commercial Mortgage Trust, <br> Series 2017-C5, Class XA, IO, <br> 1.09%, 11/15/2050<sup>(i)</sup> <br>|  | 11540868 | &nbsp;&nbsp; 175052 |
| VDCM Commercial Mortgage Trust, | VDCM Commercial Mortgage Trust, |  |  |
| Series 2025-AZ, Class A, <br> 5.06%, 07/13/2044<sup>(b)(h)</sup> <br>|  | 13130000 | &nbsp;&nbsp; 13291941 |
| Series 2025-AZ, Class B, <br> 5.30%, 07/13/2044<sup>(b)(h)</sup> <br>|  | 1435000 | &nbsp;&nbsp; 1454656 |
| Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| Series 2021-1, Class A1B, <br> 0.82%, 01/25/2066<sup>(b)(h)</sup> <br>|  | 506837 | &nbsp;&nbsp; 457388 |
| Series 2021-7, Class A1, <br> 1.83%, 10/25/2066<sup>(b)(h)</sup> <br>|  | 2787656 | &nbsp;&nbsp; 2558357 |
| Series 2021-R1, Class A1, <br> 0.82%, 10/25/2063<sup>(b)(h)</sup> <br>|  | 387774 | &nbsp;&nbsp; 374089 |
| Series 2022-1, Class A1, <br> 2.72%, 01/25/2067<sup>(b)(h)</sup> <br>|  | 1952055 | &nbsp;&nbsp; 1839876 |
| Series 2022-3, Class A1, <br> 4.13%, 02/25/2067<sup>(b)(h)</sup> <br>|  | 2308461 | &nbsp;&nbsp; 2231719 |
| Series 2024-7, Class A1, <br> 5.10%, 09/25/2069<sup>(b)(h)</sup> <br>|  | 2321732 | &nbsp;&nbsp; 2324092 |
| Visio Trust, Series 2020-1R, <br> Class A1, 1.31%, <br> 11/25/2055<sup>(b)</sup> <br>|  | 290563 | &nbsp;&nbsp; 281057 |
| WaMu Mortgage Pass-Through Ctfs. <br> Trust, | WaMu Mortgage Pass-Through Ctfs. <br> Trust, |  |  |
| Series 2003-AR10, Class A7, <br> 5.70%, 10/25/2033<sup>(h)</sup> <br>|  | 122603 | &nbsp;&nbsp; 118508 |
| Series 2005-AR14, Class 1A4, <br> 4.92%, 12/25/2035<sup>(h)</sup> <br>|  | 223071 | &nbsp;&nbsp; 211279 |
| Series 2005-AR16, Class 1A1, <br> 4.55%, 12/25/2035<sup>(h)</sup> <br>|  | 195300 | &nbsp;&nbsp; 179357 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, <br> Class XA, IO, 0.83%, <br> 12/15/2050<sup>(i)</sup> <br>|  | $15710108 | &nbsp;&nbsp; $236192 |
| WEST Trust, Series 2025-ROSE, <br> Class A, 5.28%, <br> 04/10/2035<sup>(b)(h)</sup> <br>|  | 14000000 | &nbsp;&nbsp; 14233468 |
| WF Card Issuance Trust, <br> Series 2024-A1, Class A, <br> 4.94%, 02/15/2029<br>|  | 7253000 | &nbsp;&nbsp; 7346800 |
| WFRBS Commercial Mortgage Trust, <br> Series 2013-C14, Class AS, <br> 3.49%, 06/15/2046<br>|  | 267696 | &nbsp;&nbsp; 263151 |
| Zaxby's Funding LLC, | Zaxby's Funding LLC, |  |  |
| Series 2021-1A, Class A2, <br> 3.24%, 07/30/2051<sup>(b)</sup> <br>|  | 5606163 | &nbsp;&nbsp; 5251512 |
| Series 2024-1A, Class A2I, <br> 6.59%, 04/30/2054<sup>(b)</sup> <br>|  | 2557625 | &nbsp;&nbsp; 2611220 |
| Zayo Issuer LLC, | Zayo Issuer LLC, |  |  |
| Series 2025-2A, Class A2, <br> 5.95%, 06/20/2055<sup>(b)</sup> <br>|  | 6672000 | &nbsp;&nbsp; 6857053 |
| Series 2025-3A, Class A2, <br> 5.57%, 10/20/2055<sup>(b)</sup> <br>|  | 3779000 | &nbsp;&nbsp; 3811416 |
| Total Asset-Backed Securities <br> (Cost $858,977,124) | Total Asset-Backed Securities <br> (Cost $858,977,124) | Total Asset-Backed Securities <br> (Cost $858,977,124) | &nbsp;&nbsp; 848445941 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.85%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.85%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.85%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.85%** |
| **Collateralized Mortgage Obligations–0.13%** | **Collateralized Mortgage Obligations–0.13%** | **Collateralized Mortgage Obligations–0.13%** | **Collateralized Mortgage Obligations–0.13%** |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| IO, <br>6.50%, 04/25/2029 to <br> 02/25/2033<sup>(i)(k)</sup> <br>|  | 623549 | &nbsp;&nbsp; 78053 |
| 7.50%, 11/25/2029<sup>(k)</sup> <br>|  | 3210 | &nbsp;&nbsp; 310 |
| 7.00%, 04/25/2032<sup>(k)</sup> <br>|  | 372036 | &nbsp;&nbsp; 50025 |
| 6.00%, 06/25/2033 to <br> 03/25/2036<sup>(i)(k)</sup> <br>|  | 442981 | &nbsp;&nbsp; 64897 |
| 5.50%, 09/25/2033 to <br> 06/25/2035<sup>(i)(k)</sup> <br>|  | 774900 | &nbsp;&nbsp; 101564 |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| 7.00%, 07/25/2026 |  | 5 | &nbsp;&nbsp; 5 |
| 6.50%, 10/25/2028 to <br> 11/25/2029<br>|  | 47816 | &nbsp;&nbsp; 48537 |
| 6.00%, 11/25/2028 |  | 23611 | &nbsp;&nbsp; 23991 |
| 7.50%, 12/25/2029 |  | 108767 | &nbsp;&nbsp; 110628 |
| 5.30% (30 Day Average SOFR + <br> 1.11%), 07/25/2032<sup>(e)</sup> <br>|  | 27616 | &nbsp;&nbsp; 27906 |
| 4.70% (30 Day Average SOFR + <br> 0.51%), 03/25/2033<sup>(e)</sup> <br>|  | 7738 | &nbsp;&nbsp; 7713 |
| 5.50%, 04/25/2035 |  | 514276 | &nbsp;&nbsp; 530821 |
| 4.55% (30 Day Average SOFR + <br> 0.36%), 08/25/2035<sup>(e)</sup> <br>|  | 18052 | &nbsp;&nbsp; 17902 |
| 8.44% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(e)</sup> <br>|  | 65459 | &nbsp;&nbsp; 77224 |
| 5.24% (30 Day Average SOFR + <br> 1.05%), 06/25/2037<sup>(e)</sup> <br>|  | 54071 | &nbsp;&nbsp; 54662 |
| 4.00%, 03/25/2041 |  | 38774 | &nbsp;&nbsp; 37267 |
| IO, <br>3.85% (8.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2027<sup>(e)(k)</sup> <br>|  | 8161 | &nbsp;&nbsp; 177 |
| 3.00%, 11/25/2027<sup>(k)</sup> <br>|  | 201479 | &nbsp;&nbsp; 3077 |

---

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

**25**

**Invesco Core Bond Fund**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 2.80% (7.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2030<sup>(e)(k)</sup> <br>| $5057 | &nbsp;&nbsp; $272 |
| 3.45% (7.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/25/2031 to <br> 02/25/2032<sup>(e)(k)</sup> <br>| 29244 | &nbsp;&nbsp; 2711 |
| 3.55% (7.85% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/18/2031<sup>(e)(k)</sup> <br>| 25208 | &nbsp;&nbsp; 2040 |
| 3.60% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2031<sup>(e)(k)</sup> <br>| 59449 | &nbsp;&nbsp; 5087 |
| 2.95% (7.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2032<sup>(e)(k)</sup> <br>| 42932 | &nbsp;&nbsp; 3225 |
| 3.65% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2032 to <br> 07/25/2032<sup>(e)(k)</sup> <br>| 54820 | &nbsp;&nbsp; 4081 |
| 3.80% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2032 to <br> 03/25/2032<sup>(e)(k)</sup> <br>| 4475 | &nbsp;&nbsp; 252 |
| 1.00% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(e)(k)</sup> <br>| 71267 | &nbsp;&nbsp; 1233 |
| 2.70% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032 to <br> 09/25/2032<sup>(e)(k)</sup> <br>| 202914 | &nbsp;&nbsp; 18135 |
| 3.70% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032 to <br> 12/25/2032<sup>(e)(k)</sup> <br>| 143946 | &nbsp;&nbsp; 15473 |
| 3.70% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/18/2032<sup>(e)(k)</sup> <br>| 87112 | &nbsp;&nbsp; 8080 |
| 3.80% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/18/2032<sup>(e)(k)</sup> <br>| 24068 | &nbsp;&nbsp; 2050 |
| 3.90% (8.20% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2033<sup>(e)(k)</sup> <br>| 145400 | &nbsp;&nbsp; 14234 |
| 3.95% (8.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2033 to <br> 05/25/2033<sup>(e)(k)</sup> <br>| 95039 | &nbsp;&nbsp; 14227 |
| 7.00%, 03/25/2033 to <br> 04/25/2033<sup>(k)</sup> <br>| 293451 | &nbsp;&nbsp; 39844 |
| 3.25% (7.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2033<sup>(e)(k)</sup> <br>| 109016 | &nbsp;&nbsp; 12512 |
| 2.40% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2035 to <br> 05/25/2035<sup>(e)(k)</sup> <br>| 224041 | &nbsp;&nbsp; 18735 |
| 2.45% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035<sup>(e)(k)</sup> <br>| 34871 | &nbsp;&nbsp; 1776 |
| 2.30% (6.60% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(e)(k)</sup> <br>| 134475 | &nbsp;&nbsp; 6426 |
| 3.50%, 08/25/2035<sup>(k)</sup> <br>| 2347863 | &nbsp;&nbsp; 236248 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 1.80% (6.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2035<sup>(e)(k)</sup> <br>|  | $129684 | &nbsp;&nbsp; $12908 |
| 2.28% (6.58% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/25/2036<sup>(e)(k)</sup> <br>|  | 7368 | &nbsp;&nbsp; 588 |
| 1.75% (6.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/25/2038<sup>(e)(k)</sup> <br>|  | 65859 | &nbsp;&nbsp; 3414 |
| 4.00%, 04/25/2041 to <br> 08/25/2047<sup>(k)</sup> <br>|  | 661501 | &nbsp;&nbsp; 96993 |
| 2.25% (6.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2041<sup>(e)(k)</sup> <br>|  | 202057 | &nbsp;&nbsp; 17535 |
| 1.85% (6.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/25/2042<sup>(e)(k)</sup> <br>|  | 635436 | &nbsp;&nbsp; 71243 |
| 5.50%, 07/25/2046<sup>(k)</sup> <br>|  | 660172 | &nbsp;&nbsp; 85648 |
| 1.60% (5.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 09/25/2047<sup>(e)(k)</sup> <br>|  | 4770876 | &nbsp;&nbsp; 495573 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series K734, Class X1, IO, <br>0.67%, 02/25/2026<sup>(i)</sup> <br>|  | 13828869 | &nbsp;&nbsp; 10818 |
| Series K735, Class X1, IO, <br>0.96%, 05/25/2026<sup>(i)</sup> <br>|  | 26105396 | &nbsp;&nbsp; 92377 |
| Series K093, Class X1, IO, <br>0.94%, 05/25/2029<sup>(i)</sup> <br>|  | 25432966 | &nbsp;&nbsp; 706599 |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| IO, <br>3.30% (7.65% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/15/2026 to <br> 03/15/2029<sup>(e)(k)</sup> <br>|  | 42529 | &nbsp;&nbsp; 2118 |
| 3.00%, 06/15/2027 to <br> 12/15/2027<sup>(k)</sup> <br>|  | 672476 | &nbsp;&nbsp; 10861 |
| 2.50%, 05/15/2028<sup>(k)</sup> <br>|  | 209345 | &nbsp;&nbsp; 4566 |
| 3.35% (7.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/15/2029<sup>(e)(k)</sup> <br>|  | 2040 | &nbsp;&nbsp; 50 |
| 3.75% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 09/15/2029<sup>(e)(k)</sup> <br>|  | 2810 | &nbsp;&nbsp; 166 |
| 3.40% (7.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2032<sup>(e)(k)</sup> <br>|  | 57990 | &nbsp;&nbsp; 5146 |
| 2.70% (7.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/15/2033<sup>(e)(k)</sup> <br>|  | 126626 | &nbsp;&nbsp; 8734 |
| 2.35% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2035<sup>(e)(k)</sup> <br>|  | 124935 | &nbsp;&nbsp; 8092 |
| 2.40% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/15/2035<sup>(e)(k)</sup> <br>|  | 87749 | &nbsp;&nbsp; 5481 |
| 2.37% (6.72% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2035<sup>(e)(k)</sup> <br>|  | 430620 | &nbsp;&nbsp; 32911 |
| 2.30% (6.65% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/15/2035<sup>(e)(k)</sup> <br>|  | 319537 | &nbsp;&nbsp; 29367 |
| 2.65% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2037<sup>(e)(k)</sup> <br>|  | 44908 | &nbsp;&nbsp; 4818 |

---

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

**26**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 1.65% (6.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2038<sup>(e)(k)</sup> <br>|  | $32203 | &nbsp;&nbsp; $2910 |
| 1.72% (6.07% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2038<sup>(e)(k)</sup> <br>|  | 648691 | &nbsp;&nbsp; 53736 |
| 1.90% (6.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2039<sup>(e)(k)</sup> <br>|  | 152837 | &nbsp;&nbsp; 14402 |
| 1.75% (6.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2044<sup>(e)(k)</sup> <br>|  | 681096 | &nbsp;&nbsp; 70579 |
| 6.50%, 02/15/2028 to <br> 06/15/2032<br>|  | 232043 | &nbsp;&nbsp; 238126 |
| 6.00%, 04/15/2029 |  | 13291 | &nbsp;&nbsp; 13493 |
| 5.25% (30 Day Average SOFR + <br> 1.01%), 07/15/2031<sup>(e)</sup> <br>|  | 21423 | &nbsp;&nbsp; 21584 |
| 7.00%, 03/15/2032 |  | 80973 | &nbsp;&nbsp; 84492 |
| 3.50%, 05/15/2032 |  | 66964 | &nbsp;&nbsp; 65886 |
| 5.35% (30 Day Average SOFR + <br> 1.11%), 06/15/2032<sup>(e)</sup> <br>|  | 98514 | &nbsp;&nbsp; 99552 |
| 8.81% (24.75% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 08/15/2035<sup>(e)</sup> <br>|  | 21027 | &nbsp;&nbsp; 24999 |
| 4.75% (30 Day Average SOFR + <br> 0.51%), 09/15/2035<sup>(e)</sup> <br>|  | 53532 | &nbsp;&nbsp; 53161 |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| IO, <br>7.00%, 04/01/2027<sup>(k)</sup> <br>|  | 11507 | &nbsp;&nbsp; 364 |
| 3.00%, 12/15/2027<sup>(k)</sup> <br>|  | 236462 | &nbsp;&nbsp; 4229 |
| 3.15%, 12/15/2027<sup>(i)</sup> <br>|  | 71199 | &nbsp;&nbsp; 1535 |
| 6.50%, 02/01/2028<sup>(k)</sup> <br>|  | 1938 | &nbsp;&nbsp; 95 |
| 7.50%, 12/15/2029<sup>(k)</sup> <br>|  | 9279 | &nbsp;&nbsp; 901 |
| 6.00%, 12/15/2032<sup>(k)</sup> <br>|  | 30859 | &nbsp;&nbsp; 3325 |
| PO, <br>0.00%, 06/01/2026<sup>(j)</sup> <br>|  | 377 | &nbsp;&nbsp; 374 |
|  |  |  | &nbsp;&nbsp; 4101149 |
| **Federal Home Loan Mortgage Corp. (FHLMC)–1.94%** | **Federal Home Loan Mortgage Corp. (FHLMC)–1.94%** | **Federal Home Loan Mortgage Corp. (FHLMC)–1.94%** | **Federal Home Loan Mortgage Corp. (FHLMC)–1.94%** |
| 6.50%, 07/01/2028 to <br> 04/01/2034<br>|  | 33393 | &nbsp;&nbsp; 34575 |
| 6.00%, 10/01/2029 to <br> 08/01/2053<br>|  | 22736089 | &nbsp;&nbsp; 23578027 |
| 7.00%, 10/01/2031 to <br> 10/01/2037<br>|  | 325461 | &nbsp;&nbsp; 340532 |
| 5.50%, 09/01/2039 to <br> 08/01/2053<br>|  | 31720176 | &nbsp;&nbsp; 32399059 |
| 2.00%, 05/01/2051 |  | 2371913 | &nbsp;&nbsp; 1939980 |
| 2.50%, 06/01/2052 |  | 2361248 | &nbsp;&nbsp; 2007126 |
| 3.00%, 08/01/2052 |  | 1661061 | &nbsp;&nbsp; 1473752 |
|  |  |  | &nbsp;&nbsp; 61773051 |
| **Federal National Mortgage Association (FNMA)–1.15%** | **Federal National Mortgage Association (FNMA)–1.15%** | **Federal National Mortgage Association (FNMA)–1.15%** | **Federal National Mortgage Association (FNMA)–1.15%** |
| 6.50%, 12/01/2029 to <br> 11/01/2031<br>|  | 162429 | &nbsp;&nbsp; 167997 |
| 7.50%, 01/01/2033 to <br> 08/01/2033<br>|  | 185795 | &nbsp;&nbsp; 190770 |
| 7.00%, 04/01/2033 to <br> 04/01/2034<br>|  | 119596 | &nbsp;&nbsp; 125002 |
| 5.50%, 02/01/2035 to <br> 09/01/2053<br>|  | 28437712 | &nbsp;&nbsp; 28995402 |
| 4.00%, 05/01/2052 |  | 7293454 | &nbsp;&nbsp; 6994837 |
|  |  |  | &nbsp;&nbsp; 36474008 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Government National Mortgage Association (GNMA)–2.52%** | **Government National Mortgage Association (GNMA)–2.52%** | **Government National Mortgage Association (GNMA)–2.52%** |
| ARM, <br>5.38% (1 yr. U.S. Treasury Yield <br> Curve Rate + 1.50%), <br> 07/20/2027<sup>(e)</sup> <br>| $60 | &nbsp;&nbsp; $60 |
| IO, <br>2.40% (6.55% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2037<sup>(e)(k)</sup> <br>| 315986 | &nbsp;&nbsp; 17456 |
| 2.50% (6.65% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2041<sup>(e)(k)</sup> <br>| 789378 | &nbsp;&nbsp; 53494 |
| 4.50%, 09/16/2047<sup>(k)</sup> <br>| 1865391 | &nbsp;&nbsp; 339216 |
| 2.05% (6.20% - (1 mo. Term <br> SOFR + 0.11%)), <br> 10/16/2047<sup>(e)(k)</sup> <br>| 1744229 | &nbsp;&nbsp; 224585 |
| TBA, <br>2.00%, 11/01/2055<sup>(l)</sup> <br>| 1000000 | &nbsp;&nbsp; 831997 |
| 2.50%, 11/01/2055<sup>(l)</sup> <br>| 51155000 | &nbsp;&nbsp; 44287004 |
| 3.00%, 11/01/2055<sup>(l)</sup> <br>| 900000 | &nbsp;&nbsp; 808875 |
| 3.50%, 11/01/2055<sup>(l)</sup> <br>| 300000 | &nbsp;&nbsp; 274660 |
| 4.00%, 11/01/2055<sup>(l)</sup> <br>| 350000 | &nbsp;&nbsp; 331081 |
| 4.50%, 11/01/2055<sup>(l)</sup> <br>| 28242000 | &nbsp;&nbsp; 27568252 |
| 5.00%, 11/01/2055<sup>(l)</sup> <br>| 900000 | &nbsp;&nbsp; 897370 |
| 5.50%, 11/01/2055<sup>(l)</sup> <br>| 3667000 | &nbsp;&nbsp; 3697814 |
| 6.00%, 11/01/2055<sup>(l)</sup> <br>| 500000 | &nbsp;&nbsp; 508929 |
| 6.50%, 11/01/2055<sup>(l)</sup> <br>| 150000 | &nbsp;&nbsp; 154671 |
|  |  | &nbsp;&nbsp; 79995464 |
| **Uniform Mortgage-Backed Securities–17.11%** | **Uniform Mortgage-Backed Securities–17.11%** | **Uniform Mortgage-Backed Securities–17.11%** |
| TBA, <br>1.50%, 11/01/2040<sup>(l)</sup> <br>| 200000 | &nbsp;&nbsp; 179231 |
| 2.00%, 11/01/2040 to <br> 11/01/2055<sup>(l)</sup> <br>| 127145762 | &nbsp;&nbsp; 103230280 |
| 2.50%, 11/01/2040 to <br> 11/01/2055<sup>(l)</sup> <br>| 97962026 | &nbsp;&nbsp; 83214836 |
| 3.00%, 11/01/2040 to <br> 11/01/2055<sup>(l)</sup> <br>| 97640238 | &nbsp;&nbsp; 86555290 |
| 4.50%, 11/01/2040 to <br> 11/01/2055<sup>(l)</sup> <br>| 36659427 | &nbsp;&nbsp; 36335613 |
| 5.00%, 11/01/2040 to <br> 11/01/2055<sup>(l)</sup> <br>| 75710205 | &nbsp;&nbsp; 75712639 |
| 3.50%, 11/01/2055<sup>(l)</sup> <br>| 59643544 | &nbsp;&nbsp; 54997043 |
| 4.00%, 11/01/2055<sup>(l)</sup> <br>| 38930270 | &nbsp;&nbsp; 36942562 |
| 5.50%, 11/01/2055<sup>(l)</sup> <br>| 4084009 | &nbsp;&nbsp; 4126699 |
| 6.00%, 11/01/2055<sup>(l)</sup> <br>| 36217535 | &nbsp;&nbsp; 37040152 |
| 6.50%, 11/01/2055<sup>(l)</sup> <br>| 24905000 | &nbsp;&nbsp; 25792639 |
|  |  | &nbsp;&nbsp; 544126984 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $726,850,857) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $726,850,857) | &nbsp;&nbsp; 726470656 |
| **U.S. Treasury Securities–17.39%** | **U.S. Treasury Securities–17.39%** | **U.S. Treasury Securities–17.39%** |
| **U.S. Treasury Bills–0.02%** | **U.S. Treasury Bills–0.02%** | **U.S. Treasury Bills–0.02%** |
| 3.58% - 4.12%, <br> 05/14/2026<sup>(m)(n)</sup> <br>| 501000 | &nbsp;&nbsp; 491349 |

---

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

**27**

**Invesco Core Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Bonds–4.64%** | **U.S. Treasury Bonds–4.64%** | **U.S. Treasury Bonds–4.64%** | **U.S. Treasury Bonds–4.64%** |
| 5.25%, 11/15/2028 |  | $7000000 | &nbsp;&nbsp; $7328398 |
| 5.25%, 02/15/2029 |  | 1000000 | &nbsp;&nbsp; 1052773 |
| 4.88%, 08/15/2045 |  | 37199700 | &nbsp;&nbsp; 38321504 |
| 2.88%, 11/15/2046 |  | 4000000 | &nbsp;&nbsp; 3029766 |
| 2.00%, 08/15/2051 |  | 1400000 | &nbsp;&nbsp; 830375 |
| 4.75%, 05/15/2055 |  | 95744900 | &nbsp;&nbsp; 97031472 |
|  |  |  | &nbsp;&nbsp; 147594288 |
| **U.S. Treasury Notes–12.73%** | **U.S. Treasury Notes–12.73%** | **U.S. Treasury Notes–12.73%** | **U.S. Treasury Notes–12.73%** |
| 4.63%, 11/15/2026 |  | 700000 | &nbsp;&nbsp; 706257 |
| 2.25%, 02/15/2027 |  | 15000000 | &nbsp;&nbsp; 14735742 |
| 4.38%, 07/15/2027 |  | 7500000 | &nbsp;&nbsp; 7592578 |
| 3.50%, 09/30/2027 |  | 194030200 | &nbsp;&nbsp; 193673972 |
| 3.88%, 10/15/2027 |  | 3000000 | &nbsp;&nbsp; 3015352 |
| 3.50%, 10/15/2028 |  | 51990700 | &nbsp;&nbsp; 51850569 |
| 4.13%, 10/31/2029 |  | 1500000 | &nbsp;&nbsp; 1525635 |
| 0.63%, 08/15/2030 |  | 5000000 | &nbsp;&nbsp; 4330469 |
| 3.63%, 09/30/2030 |  | 86898200 | &nbsp;&nbsp; 86585910 |
| 4.13%, 11/30/2031 |  | 1500000 | &nbsp;&nbsp; 1524873 |
| 4.00%, 04/30/2032 |  | 1800000 | &nbsp;&nbsp; 1815434 |
| 3.88%, 09/30/2032 |  | 5430600 | &nbsp;&nbsp; 5428054 |
| 3.88%, 08/15/2033 |  | 1500000 | &nbsp;&nbsp; 1493115 |
| 4.38%, 05/15/2034 |  | 1000000 | &nbsp;&nbsp; 1026582 |
| 4.25%, 08/15/2035 |  | 29041500 | &nbsp;&nbsp; 29406787 |
|  |  |  | &nbsp;&nbsp; 404711329 |
| Total U.S. Treasury Securities <br> (Cost $548,488,298) | Total U.S. Treasury Securities <br> (Cost $548,488,298) | Total U.S. Treasury Securities <br> (Cost $548,488,298) | &nbsp;&nbsp; 552796966 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–0.34%** | **Preferred Stocks–0.34%** | **Preferred Stocks–0.34%** | **Preferred Stocks–0.34%** |
| **Diversified Financial Services–0.18%** | **Diversified Financial Services–0.18%** | **Diversified Financial Services–0.18%** | **Diversified Financial Services–0.18%** |
| Apollo Global Management, Inc., <br> 7.63%, Pfd.<sup>(d)</sup>  | Apollo Global Management, Inc., <br> 7.63%, Pfd.<sup>(d)</sup>  | 215375 | &nbsp;&nbsp; 5642825 |
| **Regional Banks–0.16%** | **Regional Banks–0.16%** | **Regional Banks–0.16%** | **Regional Banks–0.16%** |
| M&T Bank Corp., 7.50%, Series J, Pfd. | M&T Bank Corp., 7.50%, Series J, Pfd. | 198205 | &nbsp;&nbsp; 5272253 |
| Total Preferred Stocks (Cost $10,339,500) | Total Preferred Stocks (Cost $10,339,500) | Total Preferred Stocks (Cost $10,339,500) | &nbsp;&nbsp; 10915078 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Agency Credit Risk Transfer Notes–0.10%** | **Agency Credit Risk Transfer Notes–0.10%** | **Agency Credit Risk Transfer Notes–0.10%** | **Agency Credit Risk Transfer Notes–0.10%** |
| Fannie Mae Connecticut Avenue <br> Securities, | Fannie Mae Connecticut Avenue <br> Securities, |  |  |
| Series 2023-R02, Class 1M1, <br> 6.48% (30 Day Average SOFR + <br> 2.30%), 01/25/2043<sup>(b)(e)</sup> <br>|  | $853896 | &nbsp;&nbsp; 871931 |
| Series 2025-R04, Class 1A1, <br> 5.18% (30 Day Average SOFR + <br> 1.00%), 05/25/2045<sup>(b)(e)</sup> <br>|  | 418167 | &nbsp;&nbsp; 419059 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Freddie Mac, | Freddie Mac, |  |  |
| Series 2022-DNA6, Class M1, <br> STACR<sup>®</sup>, 6.33% (30 Day <br> Average SOFR + 2.15%), <br> 09/25/2042<sup>(b)(e)</sup> <br>|  | $240378 | &nbsp;&nbsp; $241760 |
| Series 2023-DNA1, Class M1, <br> STACR<sup>®</sup>, 6.29% (30 Day <br> Average SOFR + 2.10%), <br> 03/25/2043<sup>(b)(e)</sup> <br>|  | 629656 | &nbsp;&nbsp; 639032 |
| Series 2025-DNA4, Class A1, <br> STACR<sup>®</sup>, 5.09% (30 Day <br> Average SOFR + 0.90%), <br> 10/25/2045<sup>(b)(e)</sup> <br>|  | 850000 | &nbsp;&nbsp; 852391 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $2,992,097) | Total Agency Credit Risk Transfer Notes <br> (Cost $2,992,097) | Total Agency Credit Risk Transfer Notes <br> (Cost $2,992,097) | &nbsp;&nbsp; 3024173 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Exchange-Traded Funds–0.01%** | **Exchange-Traded Funds–0.01%** | **Exchange-Traded Funds–0.01%** | **Exchange-Traded Funds–0.01%** |
| Invesco Core Fixed Income ETF <br>(Cost $352,563)<sup>(o)</sup>  | Invesco Core Fixed Income ETF <br>(Cost $352,563)<sup>(o)</sup>  | 14000 | &nbsp;&nbsp; 356748 |
| **Money Market Funds–16.80%** | **Money Market Funds–16.80%** | **Money Market Funds–16.80%** | **Money Market Funds–16.80%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.06%<sup>(o)(p)</sup>  | Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.06%<sup>(o)(p)</sup>  | 187680261 | &nbsp;&nbsp; 187680261 |
| Invesco Treasury Portfolio, <br> Institutional Class, 3.96%<sup>(o)(p)</sup>  | Invesco Treasury Portfolio, <br> Institutional Class, 3.96%<sup>(o)(p)</sup>  | 346458023 | &nbsp;&nbsp; 346458023 |
| Total Money Market Funds (Cost $534,138,284) | Total Money Market Funds (Cost $534,138,284) | Total Money Market Funds (Cost $534,138,284) | &nbsp;&nbsp; 534138284 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments <br> purchased with cash collateral <br> from securities on <br> loan)-118.49% <br> (Cost $3,762,025,998)<br>|  |  | &nbsp;&nbsp; 3767003525 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–0.39%** | **Money Market Funds–0.39%** | **Money Market Funds–0.39%** | **Money Market Funds–0.39%** |
| Invesco Private Government Fund, <br> 4.13% | Invesco Private Government Fund, <br> 4.13% | 3165562 | &nbsp;&nbsp; 3165562 |
| Invesco Private Prime Fund, <br> 4.30%<sup>(o)(p)(q)</sup>  | Invesco Private Prime Fund, <br> 4.30%<sup>(o)(p)(q)</sup>  | 9258841 | &nbsp;&nbsp; 9261619 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $12,427,185) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $12,427,185) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $12,427,185) | &nbsp;&nbsp; 12427181 |
| TOTAL INVESTMENTS IN SECURITIES–118.88% <br> (Cost $3,774,453,183) | TOTAL INVESTMENTS IN SECURITIES–118.88% <br> (Cost $3,774,453,183) | TOTAL INVESTMENTS IN SECURITIES–118.88% <br> (Cost $3,774,453,183) | &nbsp;&nbsp; 3779430706 |
| OTHER ASSETS LESS LIABILITIES—(18.88)% | OTHER ASSETS LESS LIABILITIES—(18.88)% | OTHER ASSETS LESS LIABILITIES—(18.88)% | &nbsp;&nbsp; (600147535)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $3179283171 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ARM | – Adjustable Rate Mortgage |
| Ctfs. | – Certificates |
| ETF | – Exchange-Traded Fund |
| IO | – Interest Only |
| Pfd. | – Preferred |
| PO | – Principal Only |
| REIT | – Real Estate Investment Trust |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| STACR<sup>®</sup> | – Structured Agency Credit Risk |
| STRIPS | – Separately Traded Registered Interest and Principal Security |
| TBA | – To Be Announced |

---

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

**28**

**Invesco Core Bond Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $1,152,097,162, which represented 36.24% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2025.

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

<sup>(e)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2025.

<sup>(f)</sup> Perpetual bond with no specified maturity date.

<sup>(g)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(h)</sup> Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2025. 

<sup>(i)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2025. 

<sup>(j)</sup> Zero coupon bond issued at a discount.

<sup>(k)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

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

<sup>(m)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1L.

<sup>(n)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(o)</sup> 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 fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Core Fixed Income ETF | $- | &nbsp;&nbsp; $352563 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4185 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $356748 | &nbsp;&nbsp; $3014 |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 202470270 | &nbsp;&nbsp; 485478439 | &nbsp;&nbsp; (500268448) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 187680261 | &nbsp;&nbsp; 9328061 |
| Invesco Treasury Portfolio, Institutional Class | 373925183 | &nbsp;&nbsp; 901602814 | &nbsp;&nbsp; (929069974) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 346458023 | &nbsp;&nbsp; 17082566 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 8333277 | &nbsp;&nbsp; (5167715) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3165562 | &nbsp;&nbsp; 22,032\* |
| Invesco Private Prime Fund | - | &nbsp;&nbsp; 18123335 | &nbsp;&nbsp; (8861767) | (4) | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 9261619 | &nbsp;&nbsp; 58,426\* |
| Total | $576395453 | &nbsp;&nbsp; $1413890428 | &nbsp;&nbsp; $(1443367904) | &nbsp;&nbsp; $4181 | &nbsp;&nbsp; $55 | &nbsp;&nbsp; $546922213 | &nbsp;&nbsp; $26494099 |

---

\* 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. 

<sup>(p)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(q)</sup> 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**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 1611 | December-2025 | &nbsp;&nbsp;&nbsp; $335478165 | &nbsp;&nbsp;&nbsp; $(843593)<br>| &nbsp;&nbsp;&nbsp; $(843593)<br>|
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 882 | December-2025 | &nbsp;&nbsp;&nbsp; 96324048 | &nbsp;&nbsp;&nbsp; (448565)<br>| &nbsp;&nbsp;&nbsp; (448565)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 1962 | December-2025 | &nbsp;&nbsp;&nbsp; 230167125 | &nbsp;&nbsp;&nbsp; 3588946 | &nbsp;&nbsp;&nbsp; 3588946 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 561 | December-2025 | &nbsp;&nbsp;&nbsp; 68038781 | &nbsp;&nbsp;&nbsp; (211725)<br>| &nbsp;&nbsp;&nbsp; (211725)<br>|
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 2085063 | &nbsp;&nbsp;&nbsp; 2085063 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 1448 | December-2025 | &nbsp;&nbsp;&nbsp; (163148875)<br>| &nbsp;&nbsp;&nbsp; 758233 | &nbsp;&nbsp;&nbsp; 758233 |
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 722 | December-2025 | &nbsp;&nbsp;&nbsp; (83379719)<br>| &nbsp;&nbsp;&nbsp; (691166)<br>| &nbsp;&nbsp;&nbsp; (691166)<br>|
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; 67067 | &nbsp;&nbsp;&nbsp; 67067 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $2152130 | &nbsp;&nbsp;&nbsp; $2152130 |

---

<sup>(a)</sup> Futures contracts collateralized by $11,203,702 cash held with Merrill Lynch International, the futures commission merchant.

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

**29**

**Invesco Core Bond Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $3,227,535,151)\*<br>| &nbsp;&nbsp; $3232508493 |
| Investments in affiliates, at value <br>(Cost $546,918,032)<br>| &nbsp;&nbsp; 546922213 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 11203702 |
| Cash | &nbsp;&nbsp; 8578575 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 196830736 |
| TBA sales commitment | &nbsp;&nbsp; 197333423 |
| Fund shares sold | &nbsp;&nbsp; 4221841 |
| Dividends | &nbsp;&nbsp; 1868679 |
| Interest | &nbsp;&nbsp; 17616028 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 132556 |
| Other assets | &nbsp;&nbsp; 71604 |
| Total assets | &nbsp;&nbsp; 4217287850 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 964148 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 199041154 |
| TBA purchased commitment | &nbsp;&nbsp; 820847817 |
| Dividends | &nbsp;&nbsp; 1466761 |
| Fund shares reacquired | &nbsp;&nbsp; 2138414 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 12427185 |
| Accrued fees to affiliates | &nbsp;&nbsp; 807924 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 2618 |
| Accrued other operating expenses | &nbsp;&nbsp; 176102 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 132556 |
| Total liabilities | &nbsp;&nbsp; 1038004679 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $3179283171 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $3455395854 |
| Distributable earnings (loss) | &nbsp;&nbsp; (276112683)<br>|
|  | &nbsp;&nbsp; $3179283171 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $663104344 |
| Class C | &nbsp;&nbsp; $38652900 |
| Class R | &nbsp;&nbsp; $91503012 |
| Class Y | &nbsp;&nbsp; $1199667352 |
| Class R5 | &nbsp;&nbsp; $8413 |
| Class R6 | &nbsp;&nbsp; $1186347150 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 115715179 |
| Class C | &nbsp;&nbsp; 6740066 |
| Class R | &nbsp;&nbsp; 15972629 |
| Class Y | &nbsp;&nbsp; 210502798 |
| Class R5 | &nbsp;&nbsp; 1468 |
| Class R6 | &nbsp;&nbsp; 207273147 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $5.73 |
| Maximum offering price per share <br>(Net asset value of $5.73 ÷ 95.75%)<br>| &nbsp;&nbsp; $5.98 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.73 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.73 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.70 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.73 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.72 |

---

\* At October 31, 2025, securities with an aggregate value of $12,096,378 were on loan to brokers. 

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

**30**

**Invesco Core Bond Fund**

------

**Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $119349777 |
| Dividends | &nbsp;&nbsp; 782194 |
| Dividends from affiliates (includes net securities lending income of $15,396) | &nbsp;&nbsp; 26429037 |
| Total investment income | &nbsp;&nbsp; 146561008 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 10042827 |
| Administrative services fees | &nbsp;&nbsp; 431049 |
| Custodian fees | &nbsp;&nbsp; 112123 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1587183 |
| Class C | &nbsp;&nbsp; 403458 |
| Class R | &nbsp;&nbsp; 435189 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 2802728 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 3 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 358897 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 43818 |
| Registration and filing fees | &nbsp;&nbsp; 127582 |
| Reports to shareholders | &nbsp;&nbsp; 125249 |
| Professional services fees | &nbsp;&nbsp; 123567 |
| Other | &nbsp;&nbsp; 42989 |
| Total expenses | &nbsp;&nbsp; 16636662 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (1917250)<br>|
| Net expenses | &nbsp;&nbsp; 14719412 |
| Net investment income | &nbsp;&nbsp; 131841596 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (7304408)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 55 |
| Futures contracts | &nbsp;&nbsp; (11459985)<br>|
|  | &nbsp;&nbsp; (18764338)<br>|
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 55203819 |
| Affiliated investment securities | &nbsp;&nbsp; 4181 |
| Futures contracts | &nbsp;&nbsp; 5605166 |
|  | &nbsp;&nbsp; 60813166 |
| Net realized and unrealized gain | &nbsp;&nbsp; 42048828 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $173890424 |

---

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

**31**

**Invesco Core Bond Fund**

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**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $131841596 | &nbsp;&nbsp; $114125007 |
| Net realized gain (loss) | &nbsp;&nbsp; (18764338)<br>| &nbsp;&nbsp; 71947724 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 60813166 | &nbsp;&nbsp; 64185042 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 173890424 | &nbsp;&nbsp; 250257773 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (27845664)<br>| &nbsp;&nbsp; (27980733)<br>|
| Class C | &nbsp;&nbsp; (1438808)<br>| &nbsp;&nbsp; (1534412)<br>|
| Class R | &nbsp;&nbsp; (3536271)<br>| &nbsp;&nbsp; (3109629)<br>|
| Class Y | &nbsp;&nbsp; (49569598)<br>| &nbsp;&nbsp; (40902740)<br>|
| Class R5 | &nbsp;&nbsp; (383)<br>| &nbsp;&nbsp; (576)<br>|
| Class R6 | &nbsp;&nbsp; (54623792)<br>| &nbsp;&nbsp; (41359598)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (137014516)<br>| &nbsp;&nbsp; (114887688)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 13402023 | &nbsp;&nbsp; 36524956 |
| Class C | &nbsp;&nbsp; (3055674)<br>| &nbsp;&nbsp; (915476)<br>|
| Class R | &nbsp;&nbsp; 16387231 | &nbsp;&nbsp; 4050992 |
| Class Y | &nbsp;&nbsp; 265507921 | &nbsp;&nbsp; (10886499)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5630)<br>|
| Class R6 | &nbsp;&nbsp; (26736115)<br>| &nbsp;&nbsp; 838109938 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 265505386 | &nbsp;&nbsp; 866878281 |
| Net increase in net assets | &nbsp;&nbsp; 302381294 | &nbsp;&nbsp; 1002248366 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 2876901877 | &nbsp;&nbsp; 1874653511 |
| End of year | &nbsp;&nbsp; $3179283171 | &nbsp;&nbsp; $2876901877 |

---

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

**32**

**Invesco Core Bond Fund**

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**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $5.66 | $0.23 | $0.08 | $0.31 | $(0.24)<br>| $— | $(0.24)<br>| $5.73 | 5.68<br> %<br>| &nbsp;&nbsp; $663104 | 0.68<br> %<br>| 0.76<br> %<br>| 4.14<br> %<br>| 627<br> %<br>|
| Year ended 10/31/24 | 5.30 | 0.25 | 0.36 | 0.61 | (0.25)<br>|  | (0.25)<br>| 5.66 | 11.71 | &nbsp;&nbsp; 641948 | 0.68 | 0.77 | 4.47 | 565 |
| Year ended 10/31/23 | 5.51 | 0.23 | (0.20)<br>| 0.03 | (0.24)<br>|  | (0.24)<br>| 5.30 | 0.40 | &nbsp;&nbsp; 567301 | 0.68 | 0.79 | 4.12 | 578 |
| Year ended 10/31/22 | 6.84 | 0.13 | (1.31)<br>| (1.18)<br>| (0.15)<br>|  | (0.15)<br>| 5.51 | (17.43)<br>| &nbsp;&nbsp; 566064 | 0.69 | 0.79 | 2.17 | 413 |
| Year ended 10/31/21 | 7.05 | 0.09 | (0.08)<br>| 0.01 | (0.10)<br>| (0.12)<br>| (0.22)<br>| 6.84 | 0.15 | &nbsp;&nbsp; 760690 | 0.72 | 0.79 | 1.23 | 526 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 5.67 | 0.19 | 0.07 | 0.26 | (0.20)<br>|  | (0.20)<br>| 5.73 | 4.71 | &nbsp;&nbsp; 38653 | 1.43 | 1.51 | 3.39 | 627 |
| Year ended 10/31/24 | 5.31 | 0.21 | 0.36 | 0.57 | (0.21)<br>|  | (0.21)<br>| 5.67 | 10.88 | &nbsp;&nbsp; 41245 | 1.43 | 1.52 | 3.72 | 565 |
| Year ended 10/31/23 | 5.51 | 0.19 | (0.19)<br>| 0.00 | (0.20)<br>|  | (0.20)<br>| 5.31 | (0.16)<br>| &nbsp;&nbsp; 39579 | 1.43 | 1.54 | 3.37 | 578 |
| Year ended 10/31/22 | 6.84 | 0.09 | (1.32)<br>| (1.23)<br>| (0.10)<br>|  | (0.10)<br>| 5.51 | (18.07)<br>| &nbsp;&nbsp; 41620 | 1.44 | 1.54 | 1.42 | 413 |
| Year ended 10/31/21 | 7.05 | 0.03 | (0.07)<br>| (0.04)<br>| (0.05)<br>| (0.12)<br>| (0.17)<br>| 6.84 | (0.64)<br>| &nbsp;&nbsp; 68167 | 1.48 | 1.54 | 0.47 | 526 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 5.66 | 0.22 | 0.08 | 0.30 | (0.23)<br>|  | (0.23)<br>| 5.73 | 5.42 | &nbsp;&nbsp; 91503 | 0.93 | 1.01 | 3.89 | 627 |
| Year ended 10/31/24 | 5.30 | 0.24 | 0.36 | 0.60 | (0.24)<br>|  | (0.24)<br>| 5.66 | 11.44 | &nbsp;&nbsp; 73928 | 0.93 | 1.02 | 4.22 | 565 |
| Year ended 10/31/23 | 5.50 | 0.22 | (0.19)<br>| 0.03 | (0.23)<br>|  | (0.23)<br>| 5.30 | 0.33 | &nbsp;&nbsp; 65342 | 0.93 | 1.04 | 3.87 | 578 |
| Year ended 10/31/22 | 6.83 | 0.12 | (1.31)<br>| (1.19)<br>| (0.14)<br>|  | (0.14)<br>| 5.50 | (17.68)<br>| &nbsp;&nbsp; 68228 | 0.94 | 1.04 | 1.92 | 413 |
| Year ended 10/31/21 | 7.04 | 0.07 | (0.08)<br>| (0.01)<br>| (0.08)<br>| (0.12)<br>| (0.20)<br>| 6.83 | (0.14)<br>| &nbsp;&nbsp; 84671 | 0.98 | 1.04 | 0.97 | 526 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 5.63 | 0.25 | 0.08 | 0.33 | (0.26)<br>|  | (0.26)<br>| 5.70 | 5.95 | &nbsp;&nbsp; 1199667 | 0.43 | 0.51 | 4.39 | 627 |
| Year ended 10/31/24 | 5.27 | 0.26 | 0.37 | 0.63 | (0.27)<br>|  | (0.27)<br>| 5.63 | 12.03 | &nbsp;&nbsp; 919799 | 0.43 | 0.52 | 4.72 | 565 |
| Year ended 10/31/23 | 5.47 | 0.24 | (0.19)<br>| 0.05 | (0.25)<br>|  | (0.25)<br>| 5.27 | 0.82 | &nbsp;&nbsp; 873415 | 0.43 | 0.54 | 4.37 | 578 |
| Year ended 10/31/22 | 6.79 | 0.15 | (1.30)<br>| (1.15)<br>| (0.17)<br>|  | (0.17)<br>| 5.47 | (17.21)<br>| &nbsp;&nbsp; 544605 | 0.44 | 0.54 | 2.42 | 413 |
| Year ended 10/31/21 | 7.00 | 0.10 | (0.07)<br>| 0.03 | (0.12)<br>| (0.12)<br>| (0.24)<br>| 6.79 | 0.43 | &nbsp;&nbsp; 721456 | 0.43 | 0.54 | 1.52 | 526 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 5.66 | 0.25 | 0.08 | 0.33 | (0.26)<br>|  | (0.26)<br>| 5.73 | 6.00 | &nbsp;&nbsp; 8 | 0.37 | 0.39 | 4.45 | 627 |
| Year ended 10/31/24 | 5.30 | 0.27 | 0.36 | 0.63 | (0.27)<br>|  | (0.27)<br>| 5.66 | 12.00 | &nbsp;&nbsp; 8 | 0.41 | 0.43 | 4.74 | 565 |
| Year ended 10/31/23 | 5.50 | 0.25 | (0.19)<br>| 0.06 | (0.26)<br>|  | (0.26)<br>| 5.30 | 0.84 | &nbsp;&nbsp; 13 | 0.43 | 0.45 | 4.37 | 578 |
| Year ended 10/31/22 | 6.84 | 0.15 | (1.32)<br>| (1.17)<br>| (0.17)<br>|  | (0.17)<br>| 5.50 | (17.36)<br>| &nbsp;&nbsp; 14 | 0.44 | 0.45 | 2.42 | 413 |
| Year ended 10/31/21 | 7.05 | 0.11 | (0.08)<br>| 0.03 | (0.12)<br>| (0.12)<br>| (0.24)<br>| 6.84 | 0.46 | &nbsp;&nbsp; 17 | 0.41 | 0.43 | 1.54 | 526 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 5.66 | 0.25 | 0.07 | 0.32 | (0.26)<br>|  | (0.26)<br>| 5.72 | 5.83 | &nbsp;&nbsp; 1186347 | 0.37 | 0.39 | 4.45 | 627 |
| Year ended 10/31/24 | 5.30 | 0.27 | 0.36 | 0.63 | (0.27)<br>|  | (0.27)<br>| 5.66 | 12.04 | &nbsp;&nbsp; 1199974 | 0.38 | 0.40 | 4.77 | 565 |
| Year ended 10/31/23 | 5.50 | 0.25 | (0.19)<br>| 0.06 | (0.26)<br>|  | (0.26)<br>| 5.30 | 0.87 | &nbsp;&nbsp; 329003 | 0.39 | 0.41 | 4.41 | 578 |
| Year ended 10/31/22 | 6.83 | 0.15 | (1.31)<br>| (1.16)<br>| (0.17)<br>|  | (0.17)<br>| 5.50 | (17.22)<br>| &nbsp;&nbsp; 284165 | 0.40 | 0.41 | 2.46 | 413 |
| Year ended 10/31/21 | 7.04 | 0.11 | (0.08)<br>| 0.03 | (0.12)<br>| (0.12)<br>| (0.24)<br>| 6.83 | 0.48 | &nbsp;&nbsp; 311703 | 0.38 | 0.40 | 1.57 | 526 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

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

**33**

**Invesco Core Bond Fund**

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**Notes to Financial Statements**

*October 31, 2025*

**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.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse

**34**

**Invesco Core Bond Fund**

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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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **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 Core Bond Fund**

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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.

**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 Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliates* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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 year ended October 31, 2025, 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 affiliates* on the Statement of Operations.

**L.** **Futures Contracts** — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying 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.

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

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

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.

**N.** **Collateral** —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

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

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

Fluctuations 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, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. 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 and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

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.

**36**

**Invesco Core Bond Fund**

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**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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.330% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.310% |

---

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

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.33%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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, 2026, 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"). Effective March 1, 2026, the Adviser has contractually agreed, through at least February 28, 2027, 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 0.72%, 1.47%, 0.97%, 0.47%, 0.38% and 0.35%, respectively of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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 year ended October 31, 2025, the Adviser waived advisory fees of $741,878 and reimbursed class level expenses of $372,603, $24,721, $54,144, $678,368, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, 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 year ended October 31, 2025, 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 year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $46,775 in front-end sales commissions from the sale of Class A shares and $3,315 and $4,607 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

**37**

**Invesco Core Bond Fund**

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rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1082315295 | &nbsp;&nbsp;&nbsp;&nbsp; $8540384 | &nbsp;&nbsp;&nbsp;&nbsp; $1090855679 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 844676836 | &nbsp;&nbsp;&nbsp;&nbsp; 3769105 | &nbsp;&nbsp;&nbsp;&nbsp; 848445941 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 726470656 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 726470656 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 552796966 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 552796966 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 10915078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10915078 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3024173 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3024173 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 356748 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 356748 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 534138284 | &nbsp;&nbsp;&nbsp;&nbsp; 12427181 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 546565465 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 545410110 | &nbsp;&nbsp;&nbsp;&nbsp; 3221711107 | &nbsp;&nbsp;&nbsp;&nbsp; 12309489 | &nbsp;&nbsp;&nbsp;&nbsp; 3779430706 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4347179 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4347179 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (2195049)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2195049)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 2152130 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2152130 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $547562240 | &nbsp;&nbsp;&nbsp;&nbsp; $3221711107 | &nbsp;&nbsp;&nbsp;&nbsp; $12309489 | &nbsp;&nbsp;&nbsp;&nbsp; $3781582836 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $4347179 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (4347179)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2195049)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 2195049 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**38**

**Invesco Core Bond Fund**

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**Effect of Derivative Investments for the year ended October 31, 2025**

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** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Realized Gain (Loss): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(11459985)<br>|
| Change in Net Unrealized Appreciation: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 5605166 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(5854819)<br>|

---

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $870544055 |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $45,536.

**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—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $137014516 | &nbsp;&nbsp;&nbsp;&nbsp; $114887688 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $1336681 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 3815218 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (117528)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (281147054)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 3455395854 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $3179283171 |

---

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

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

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

**39**

**Invesco Core Bond Fund**

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The Fund has a capital loss carryforward as of October 31, 2025, as follows:

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| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $167553639 | &nbsp;&nbsp;&nbsp;&nbsp; $113593415 | &nbsp;&nbsp;&nbsp;&nbsp; $281147054 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $3,051,778,265 and $2,892,104,444, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $29574495 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (25759277)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3815218 |

---

Cost of investments for tax purposes is $3,777,767,618.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of amortization and accretion on debt securities, dollar rolls and paydowns, on October 31, 2025, undistributed net investment income was increased by $3,442,033 and undistributed net realized gain (loss) was decreased by $3,442,033. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 24291941 | &nbsp;&nbsp;&nbsp; $137247276 | &nbsp;&nbsp;&nbsp; 24930232 | &nbsp;&nbsp;&nbsp; $141224419 |
| Class C | &nbsp;&nbsp;&nbsp; 2135239 | &nbsp;&nbsp;&nbsp; 12067925 | &nbsp;&nbsp;&nbsp; 2160605 | &nbsp;&nbsp;&nbsp; 12253209 |
| Class R | &nbsp;&nbsp;&nbsp; 6383600 | &nbsp;&nbsp;&nbsp; 35935159 | &nbsp;&nbsp;&nbsp; 3987237 | &nbsp;&nbsp;&nbsp; 22441345 |
| Class Y | &nbsp;&nbsp;&nbsp; 116884220 | &nbsp;&nbsp;&nbsp; 656531959 | &nbsp;&nbsp;&nbsp; 93528922 | &nbsp;&nbsp;&nbsp; 526025194 |
| Class R6 | &nbsp;&nbsp;&nbsp; 27831356 | &nbsp;&nbsp;&nbsp; 156865482 | &nbsp;&nbsp;&nbsp; 184394725 | &nbsp;&nbsp;&nbsp; 1031928286 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 4434668 | &nbsp;&nbsp;&nbsp; 25102351 | &nbsp;&nbsp;&nbsp; 4473984 | &nbsp;&nbsp;&nbsp; 25284329 |
| Class C | &nbsp;&nbsp;&nbsp; 230809 | &nbsp;&nbsp;&nbsp; 1307146 | &nbsp;&nbsp;&nbsp; 243790 | &nbsp;&nbsp;&nbsp; 1379060 |
| Class R | &nbsp;&nbsp;&nbsp; 618810 | &nbsp;&nbsp;&nbsp; 3501871 | &nbsp;&nbsp;&nbsp; 545821 | &nbsp;&nbsp;&nbsp; 3084225 |
| Class Y | &nbsp;&nbsp;&nbsp; 6254670 | &nbsp;&nbsp;&nbsp; 35210024 | &nbsp;&nbsp;&nbsp; 5063477 | &nbsp;&nbsp;&nbsp; 28462763 |
| Class R6 | &nbsp;&nbsp;&nbsp; 9467486 | &nbsp;&nbsp;&nbsp; 53527682 | &nbsp;&nbsp;&nbsp; 7029257 | &nbsp;&nbsp;&nbsp; 39701570 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 818499 | &nbsp;&nbsp;&nbsp; 4620602 | &nbsp;&nbsp;&nbsp; 949609 | &nbsp;&nbsp;&nbsp; 5348113 |
| Class C | &nbsp;&nbsp;&nbsp; (818030)<br>| &nbsp;&nbsp;&nbsp; (4620602)<br>| &nbsp;&nbsp;&nbsp; (948992)<br>| &nbsp;&nbsp;&nbsp; (5348113)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (27211891)<br>| &nbsp;&nbsp;&nbsp; (153568206)<br>| &nbsp;&nbsp;&nbsp; (23963676)<br>| &nbsp;&nbsp;&nbsp; (135331905)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (2087139)<br>| &nbsp;&nbsp;&nbsp; (11810143)<br>| &nbsp;&nbsp;&nbsp; (1634033)<br>| &nbsp;&nbsp;&nbsp; (9199632)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (4090523)<br>| &nbsp;&nbsp;&nbsp; (23049799)<br>| &nbsp;&nbsp;&nbsp; (3799507)<br>| &nbsp;&nbsp;&nbsp; (21474578)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (76017225)<br>| &nbsp;&nbsp;&nbsp; (426234062)<br>| &nbsp;&nbsp;&nbsp; (100918142)<br>| &nbsp;&nbsp;&nbsp; (565374456)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1004)<br>| &nbsp;&nbsp;&nbsp; (5630)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (42211340)<br>| &nbsp;&nbsp;&nbsp; (237129279)<br>| &nbsp;&nbsp;&nbsp; (41327092)<br>| &nbsp;&nbsp;&nbsp; (233519918)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 46915150 | &nbsp;&nbsp;&nbsp; $265505386 | &nbsp;&nbsp;&nbsp; 154715213 | &nbsp;&nbsp;&nbsp; $866878281 |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 29% of the outstanding shares of the <br> 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 <br> 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 <br> 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 <br> record by these entities are also owned beneficially.<br>|
|  | In addition, 21% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |

---

**40**

**Invesco Core Bond Fund**

------

**Report of Independent Registered Public Accounting Firm** 

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Core Bond Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

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

**41**

**Invesco Core Bond Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Core Bond Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Bloomberg U.S. Aggregate Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the fourth quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period, reasonably comparable to the performance of the Index for the three year period and above the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and

**42**

**Invesco Core Bond Fund**

------

that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

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

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

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund

level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

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

and in accordance with applicable regulatory guidance.

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

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

**43**

**Invesco Core Bond Fund**

------

federal securities laws and consistent with best execution obligations.

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**44**

**Invesco Core Bond Fund**

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 3.15% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 2.15% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 16.01% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 76.92% |

---

\*

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

**45**

**Invesco Core Bond Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**46**

**Invesco Core Bond Fund**

------

![](imgcb19886b1.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-TRB-NCSR

------

![](img005b05a41.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Developing Markets Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_a2971c93-96e5-4c6a-b41e-cbbd5f664183_SOI-Continued-679_1) | Consolidated Schedule of Investments |
| [4](#xx_a2971c93-96e5-4c6a-b41e-cbbd5f664183_FS-Continued-679_1) | Consolidated Financial Statements |
| [7](#xx_a2971c93-96e5-4c6a-b41e-cbbd5f664183_FS-Continued-679_4) | Consolidated Financial Highlights |
| [8](#xx_a2971c93-96e5-4c6a-b41e-cbbd5f664183_NTF-Continued-679_1) | Notes to Consolidated Financial Statements |
| [16](#xx_a2971c93-96e5-4c6a-b41e-cbbd5f664183_ARS-Continued-679_1) | Report of Independent Registered Public Accounting Firm |
| [17](#xx_a2971c93-96e5-4c6a-b41e-cbbd5f664183_AOC-Continued-679_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [20](#xx_a2971c93-96e5-4c6a-b41e-cbbd5f664183_TI-Continued-679_1) | Tax Information |
| [21](#xx_a2971c93-96e5-4c6a-b41e-cbbd5f664183_OIRSR-Continued-679_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments** 

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.67%** | **Common Stocks & Other Equity Interests–97.67%** | **Common Stocks & Other Equity Interests–97.67%** |
| **Brazil–9.27%** | **Brazil–9.27%** | **Brazil–9.27%** |
| Ambev S.A. | 70347455 | &nbsp;&nbsp; $166194138 |
| Banco do Brasil S.A. | 31644879 | &nbsp;&nbsp; 128815853 |
| Cyrela Brazil Realty S.A. <br> Empreendimentos e Participacoes | 9060744 | &nbsp;&nbsp; 51316624 |
| Lojas Renner S.A. | 29384641 | &nbsp;&nbsp; 81054298 |
| Petroleo Brasileiro S.A., ADR | 12501729 | &nbsp;&nbsp; 145520126 |
| Raia Drogasil S.A. | 13766336 | &nbsp;&nbsp; 51176446 |
| Telefonica Brasil S.A. | 7686307 | &nbsp;&nbsp; 45775384 |
| Vale S.A., ADR | 26137135 | &nbsp;&nbsp; 315997961 |
|  |  | &nbsp;&nbsp; 985850830 |
| **China–27.68%** | **China–27.68%** | **China–27.68%** |
| Alibaba Group Holding Ltd. | 13646302 | &nbsp;&nbsp; 290376061 |
| Anhui Conch Cement Co. Ltd., H Shares | 24385000 | &nbsp;&nbsp; 72702971 |
| China Resources Beer (Holdings) Co. <br> Ltd. | 36945363 | &nbsp;&nbsp; 126372654 |
| ENN Energy Holdings Ltd. | 7313589 | &nbsp;&nbsp; 63725269 |
| Full Truck Alliance Co. Ltd., ADR | 12377178 | &nbsp;&nbsp; 160903314 |
| Gree Electric Appliances, Inc. of Zhuhai | 11537952 | &nbsp;&nbsp; 64516504 |
| H World Group Ltd., ADR | 6570992 | &nbsp;&nbsp; 253640291 |
| Inner Mongolia Yili Industrial Group Co. <br> Ltd., A Shares | 50771408 | &nbsp;&nbsp; 195736582 |
| JD.com, Inc., A Shares | 17075499 | &nbsp;&nbsp; 281916074 |
| Jiangsu Hengrui Pharmaceuticals Co. <br> Ltd.<sup>(a)(b)</sup>  | 13195200 | &nbsp;&nbsp; 127884732 |
| NetEase, Inc. | 3586859 | &nbsp;&nbsp; 100649853 |
| NetEase, Inc., ADR | 1250866 | &nbsp;&nbsp; 175246327 |
| New Horizon Health Ltd.<sup>(b)(c)(d)</sup>  | 27463500 | &nbsp;&nbsp; 7068612 |
| New Oriental Education & Technology <br> Group, Inc., ADR<sup>(b)</sup>  | 1166389 | &nbsp;&nbsp; 69481793 |
| Tencent Holdings Ltd. | 9906731 | &nbsp;&nbsp; 804700953 |
| Tencent Music Entertainment Group, <br> ADR | 434264 | &nbsp;&nbsp; 9692773 |
| Tingyi Cayman Islands Holding Corp. | 27408523 | &nbsp;&nbsp; 37605278 |
| Vipshop Holdings Ltd., ADR | 5874362 | &nbsp;&nbsp; 102742591 |
|  |  | &nbsp;&nbsp; 2944962632 |
| **Hong Kong–2.94%** | **Hong Kong–2.94%** | **Hong Kong–2.94%** |
| AIA Group Ltd. | 30048965 | &nbsp;&nbsp; 292398357 |
| CK Asset Holdings Ltd. | 4009000 | &nbsp;&nbsp; 19833501 |
|  |  | &nbsp;&nbsp; 312231858 |
| **Hungary–0.30%** | **Hungary–0.30%** | **Hungary–0.30%** |
| Richter Gedeon Nyrt | 1035913 | &nbsp;&nbsp; 31910308 |
| **India–9.12%** | **India–9.12%** | **India–9.12%** |
| Delhivery Ltd.<sup>(b)</sup>  | 3182699 | &nbsp;&nbsp; 16695194 |
| HDFC Bank Ltd. | 37617437 | &nbsp;&nbsp; 418262307 |
| ICICI Bank Ltd. | 9175235 | &nbsp;&nbsp; 139028991 |
| Kotak Mahindra Bank Ltd. | 3210374 | &nbsp;&nbsp; 76049865 |
| Pine Labs Ltd. (Acquired <br> 09/09/2021; <br> Cost $49,999,780)<sup>(d)(e)</sup>  | 30177058 | &nbsp;&nbsp; 73257456 |
| Power Grid Corp. of India Ltd. | 17805941 | &nbsp;&nbsp; 57771085 |
| Shriram Finance Ltd. | 11546672 | &nbsp;&nbsp; 97373082 |
| Tata Consultancy Services Ltd. | 2668629 | &nbsp;&nbsp; 91845424 |
|  |  | &nbsp;&nbsp; 970283404 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Indonesia–4.36%** | **Indonesia–4.36%** | **Indonesia–4.36%** |
| Jardine Matheson Holdings Ltd. | 396306 | &nbsp;&nbsp; $23268938 |
| PT Astra International Tbk | 208259757 | &nbsp;&nbsp; 77006814 |
| PT Bank Central Asia Tbk | 284808726 | &nbsp;&nbsp; 145819678 |
| PT Bank Rakyat Indonesia (Persero) Tbk | 721389543 | &nbsp;&nbsp; 172570992 |
| PT Telkom Indonesia (Persero) Tbk | 235269774 | &nbsp;&nbsp; 45509324 |
|  |  | &nbsp;&nbsp; 464175746 |
| **Mexico–3.77%** | **Mexico–3.77%** | **Mexico–3.77%** |
| Arca Continental S.A.B. de C.V. | 2519944 | &nbsp;&nbsp; 24406638 |
| Fomento Economico Mexicano, S.A.B. <br> de C.V., Series CPO | 18597918 | &nbsp;&nbsp; 175443179 |
| Grupo Mexico S.A.B. de C.V., Class B | 23233314 | &nbsp;&nbsp; 200863089 |
|  |  | &nbsp;&nbsp; 400712906 |
| **Peru–1.59%** | **Peru–1.59%** | **Peru–1.59%** |
| Credicorp Ltd. | 648139 | &nbsp;&nbsp; 169164279 |
| **Philippines–0.91%** | **Philippines–0.91%** | **Philippines–0.91%** |
| SM Investments Corp. | 7788929 | &nbsp;&nbsp; 96382602 |
| **Portugal–0.80%** | **Portugal–0.80%** | **Portugal–0.80%** |
| Galp Energia SGPS S.A. | 4251660 | &nbsp;&nbsp; 85420398 |
| **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** |
| Sberbank of Russia PJSC<sup>(d)</sup>  | 4942538 | &nbsp;&nbsp; 5 |
| **Saudi Arabia–0.74%** | **Saudi Arabia–0.74%** | **Saudi Arabia–0.74%** |
| Saudi National Bank (The) | 7410007 | &nbsp;&nbsp; 78846606 |
| **Singapore–0.75%** | **Singapore–0.75%** | **Singapore–0.75%** |
| Grab Holdings Ltd., Class A<sup>(b)</sup>  | 13347736 | &nbsp;&nbsp; 80219893 |
| **South Africa–4.05%** | **South Africa–4.05%** | **South Africa–4.05%** |
| Anglo American PLC | 6223352 | &nbsp;&nbsp; 235445704 |
| Naspers Ltd. | 557894 | &nbsp;&nbsp; 39184249 |
| Valterra Platinum Ltd. | 2528549 | &nbsp;&nbsp; 156388746 |
|  |  | &nbsp;&nbsp; 431018699 |
| **South Korea–11.15%** | **South Korea–11.15%** | **South Korea–11.15%** |
| Hyundai Mobis Co. Ltd. | 424416 | &nbsp;&nbsp; 93854274 |
| Hyundai Motor Co. | 319586 | &nbsp;&nbsp; 64808631 |
| KB Financial Group, Inc. | 1261544 | &nbsp;&nbsp; 102984360 |
| LG Electronics, Inc. | 294125 | &nbsp;&nbsp; 18039633 |
| LG H&H Co. Ltd. | 32663 | &nbsp;&nbsp; 6512415 |
| NAVER Corp. | 140039 | &nbsp;&nbsp; 26245572 |
| Samsung E&A Co. Ltd. | 1016238 | &nbsp;&nbsp; 18475493 |
| Samsung Electronics Co. Ltd. | 10255827 | &nbsp;&nbsp; 772019497 |
| Samsung Fire & Marine Insurance Co. <br> Ltd. | 268066 | &nbsp;&nbsp; 82967575 |
|  |  | &nbsp;&nbsp; 1185907450 |
| **Taiwan–16.11%** | **Taiwan–16.11%** | **Taiwan–16.11%** |
| Hon Hai Precision Industry Co. Ltd. | 11890290 | &nbsp;&nbsp; 98896078 |
| Largan Precision Co. Ltd. | 1830000 | &nbsp;&nbsp; 131346759 |
| MediaTek, Inc. | 3016000 | &nbsp;&nbsp; 127906820 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. | 26242429 | &nbsp;&nbsp; 1269075109 |
| Uni-President Enterprises Corp. | 9372000 | &nbsp;&nbsp; 23944708 |

---

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

**2**

**Invesco Developing Markets Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Taiwan–(continued)** | **Taiwan–(continued)** | **Taiwan–(continued)** |
| Yageo Corp. | 7809000 | &nbsp;&nbsp; $62853560 |
|  |  | &nbsp;&nbsp; 1714023034 |
| **Thailand–3.23%** | **Thailand–3.23%** | **Thailand–3.23%** |
| Bangkok Bank PCL, Foreign Shares | 30176218 | &nbsp;&nbsp; 147871025 |
| Kasikornbank PCL, Foreign Shares | 33907627 | &nbsp;&nbsp; 195446713 |
|  |  | &nbsp;&nbsp; 343317738 |
| **United States–0.90%** | **United States–0.90%** | **United States–0.90%** |
| EPAM Systems, Inc.<sup>(b)</sup>  | 584472 | &nbsp;&nbsp; 95584551 |
| Total Common Stocks & Other Equity Interests <br> (Cost $6,587,519,351) | Total Common Stocks & Other Equity Interests <br> (Cost $6,587,519,351) | &nbsp;&nbsp; 10390012939 |
| **Preferred Stocks–0.53%** | **Preferred Stocks–0.53%** | **Preferred Stocks–0.53%** |
| **China–0.10%** | **China–0.10%** | **China–0.10%** |
| Abogen Therapeutics Ltd., Series C, <br> Pfd.<sup>(d)</sup>  | 1021895 | &nbsp;&nbsp; 11261283 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **South Korea–0.43%** | **South Korea–0.43%** | **South Korea–0.43%** |
| Samsung Electronics Co. Ltd., <br> Preference Shares | 770451 | &nbsp;&nbsp; $45468132 |
| Total Preferred Stocks (Cost $76,517,798) | Total Preferred Stocks (Cost $76,517,798) | &nbsp;&nbsp; 56729415 |
| **Money Market Funds–2.01%** | **Money Market Funds–2.01%** | **Money Market Funds–2.01%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.06%<sup>(a)(f)</sup>  | 74734517 | &nbsp;&nbsp; 74734517 |
| Invesco Treasury Portfolio, <br> Institutional Class, 3.96%<sup>(a)(f)</sup>  | 138792675 | &nbsp;&nbsp; 138792675 |
| Total Money Market Funds <br> (Cost $213,527,192) | Total Money Market Funds <br> (Cost $213,527,192) | &nbsp;&nbsp; 213527192 |
| TOTAL INVESTMENTS IN SECURITIES—100.21% <br> (Cost $6,877,564,341) | TOTAL INVESTMENTS IN SECURITIES—100.21% <br> (Cost $6,877,564,341) | &nbsp;&nbsp; 10660269546 |
| OTHER ASSETS LESS LIABILITIES–(0.21)% | OTHER ASSETS LESS LIABILITIES–(0.21)% | &nbsp;&nbsp; (22082494)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $10638187052 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> CPO – Certificates of Ordinary Participation <br> Pfd. – Preferred

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> 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 fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| $103111408 | &nbsp;&nbsp; $2113523769 | &nbsp;&nbsp; $(2141900660) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $74734517 | &nbsp;&nbsp; $2983162 |
| Invesco Treasury Portfolio, <br> Institutional Class<br>| 191550628 | &nbsp;&nbsp; 3925115572 | &nbsp;&nbsp; (3977873525) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 138792675 | &nbsp;&nbsp; 5495685 |
| **Investments in Other** <br> **Affiliates:**<br>|  |  |  |  |  |  |  |
| H World Group Ltd., ADR\* | 905244592 | &nbsp;&nbsp; - | &nbsp;&nbsp; (650983737) | &nbsp;&nbsp; (396278767) | &nbsp;&nbsp; 395658203 | &nbsp;&nbsp; 253640291 | &nbsp;&nbsp; 26856025 |
| Jiangsu Hengrui Pharmaceuticals <br> Co. Ltd.\*\*<br>| - | &nbsp;&nbsp; 142597696 | &nbsp;&nbsp; (96186616) | &nbsp;&nbsp; 52919788 | &nbsp;&nbsp; 28553864 | &nbsp;&nbsp; 127884732 | &nbsp;&nbsp; - |
| New Horizon Health Ltd. | 13130578 | &nbsp;&nbsp; - | &nbsp;&nbsp; (360716) | &nbsp;&nbsp; (47162) | &nbsp;&nbsp; (5654088) | &nbsp;&nbsp; 7068612 | &nbsp;&nbsp; - |
| Total | $1213037206 | &nbsp;&nbsp; $6181237037 | &nbsp;&nbsp; $(6867305254) | &nbsp;&nbsp; $(343406141) | &nbsp;&nbsp; $418557979 | &nbsp;&nbsp; $602120827 | &nbsp;&nbsp; $35334872 |

---

\* At October 31, 2025, this security was no longer an affiliate of the Fund. <br> \*\* As of October 31, 2024, this security was not considered as an affiliate of the Fund.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2025 represented less than 1% of the Fund's Net Assets. 

<sup>(d)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(e)</sup> Restricted security. The value of this security at October 31, 2025 represented less than 1% of the Fund's Net Assets.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

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

**3**

**Invesco Developing Markets Fund**

------

**Consolidated Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $6,497,339,504)<br>| &nbsp;&nbsp; $10311789010 |
| Investments in affiliates, at value <br>(Cost $380,224,837)<br>| &nbsp;&nbsp; 348480536 |
| Cash | &nbsp;&nbsp; 35842194 |
| Foreign currencies, at value (Cost $995,336) | &nbsp;&nbsp; 994561 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 9295117 |
| Fund shares sold | &nbsp;&nbsp; 4114971 |
| Dividends | &nbsp;&nbsp; 20784547 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 1267051 |
| Other assets | &nbsp;&nbsp; 75306 |
| Total assets | &nbsp;&nbsp; 10732643293 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 5809726 |
| Fund shares reacquired | &nbsp;&nbsp; 25278319 |
| Accrued foreign taxes | &nbsp;&nbsp; 54409008 |
| Accrued fees to affiliates | &nbsp;&nbsp; 5445418 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 165643 |
| Accrued other operating expenses | &nbsp;&nbsp; 2081076 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 1267051 |
| Total liabilities | &nbsp;&nbsp; 94456241 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $10638187052 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $4039989115 |
| Distributable earnings | &nbsp;&nbsp; 6598197937 |
|  | &nbsp;&nbsp; $10638187052 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1862587491 |
| Class C | &nbsp;&nbsp; $26517119 |
| Class R | &nbsp;&nbsp; $204979194 |
| Class Y | &nbsp;&nbsp; $4884619267 |
| Class R5 | &nbsp;&nbsp; $4924065 |
| Class R6 | &nbsp;&nbsp; $3654559916 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 38383198 |
| Class C | &nbsp;&nbsp; 615310 |
| Class R | &nbsp;&nbsp; 4447120 |
| Class Y | &nbsp;&nbsp; 102330486 |
| Class R5 | &nbsp;&nbsp; 101433 |
| Class R6 | &nbsp;&nbsp; 76561573 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $48.53 |
| Maximum offering price per share <br>(Net asset value of $48.53 ÷ 94.50%)<br>| &nbsp;&nbsp; $51.35 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $43.10 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $46.09 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $47.73 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $48.55 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $47.73 |

---

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

**4**

**Invesco Developing Markets Fund**

------

**Consolidated Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $71124 |
| Dividends (net of foreign withholding taxes of $36,302,826) | &nbsp;&nbsp; 256661230 |
| Dividends from affiliates | &nbsp;&nbsp; 35334872 |
| Total investment income | &nbsp;&nbsp; 292067226 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 114744365 |
| Administrative services fees | &nbsp;&nbsp; 2029150 |
| Custodian fees | &nbsp;&nbsp; 1912472 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 4396227 |
| Class C | &nbsp;&nbsp; 261791 |
| Class R | &nbsp;&nbsp; 965430 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 18289648 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 11390 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 1556870 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 64570 |
| Registration and filing fees | &nbsp;&nbsp; 203315 |
| Reports to shareholders | &nbsp;&nbsp; 1197970 |
| Professional services fees | &nbsp;&nbsp; 285499 |
| Other | &nbsp;&nbsp; 360717 |
| Total expenses | &nbsp;&nbsp; 146279414 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (306151)<br>|
| Net expenses | &nbsp;&nbsp; 145973263 |
| Net investment income | &nbsp;&nbsp; 146093963 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $119,852,017) | &nbsp;&nbsp; 4057150489 |
| Affiliated investment securities | &nbsp;&nbsp; 418557979 |
| Foreign currencies | &nbsp;&nbsp; (23862522)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (827235)<br>|
| Futures contracts | &nbsp;&nbsp; 1350639 |
|  | &nbsp;&nbsp; 4452369350 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $77,404,059) | &nbsp;&nbsp; (2182096192)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (343406141)<br>|
| Foreign currencies | &nbsp;&nbsp; 1385264 |
|  | &nbsp;&nbsp; (2524117069)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 1928252281 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $2074346244 |

---

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

**5**

**Invesco Developing Markets Fund**

------

**Consolidated Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $146093963 | &nbsp;&nbsp; $268204930 |
| Net realized gain | &nbsp;&nbsp; 4452369350 | &nbsp;&nbsp; 1723080962 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (2524117069)<br>| &nbsp;&nbsp; 803506696 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2074346244 | &nbsp;&nbsp; 2794792588 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (99867)<br>| &nbsp;&nbsp; (12443762)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (82552)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (673642)<br>|
| Class Y | &nbsp;&nbsp; (22561946)<br>| &nbsp;&nbsp; (92573787)<br>|
| Class R5 | &nbsp;&nbsp; (92238)<br>| &nbsp;&nbsp; (151648)<br>|
| Class R6 | &nbsp;&nbsp; (25052450)<br>| &nbsp;&nbsp; (87629049)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (47806501)<br>| &nbsp;&nbsp; (193554440)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (435478053)<br>| &nbsp;&nbsp; (554364376)<br>|
| Class C | &nbsp;&nbsp; (7782594)<br>| &nbsp;&nbsp; (10441621)<br>|
| Class R | &nbsp;&nbsp; (29824714)<br>| &nbsp;&nbsp; (41584488)<br>|
| Class Y | &nbsp;&nbsp; (5589671551)<br>| &nbsp;&nbsp; (2556147051)<br>|
| Class R5 | &nbsp;&nbsp; (23799623)<br>| &nbsp;&nbsp; 9748862 |
| Class R6 | &nbsp;&nbsp; (3930507193)<br>| &nbsp;&nbsp; (2662747530)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (10017063728)<br>| &nbsp;&nbsp; (5815536204)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (7990523985)<br>| &nbsp;&nbsp; (3214298056)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 18628711037 | &nbsp;&nbsp; 21843009093 |
| End of year | &nbsp;&nbsp; $10638187052 | &nbsp;&nbsp; $18628711037 |

---

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

**6**

**Invesco Developing Markets Fund**

------

**Consolidated Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $40.70 | $0.32 | $7.51 | $7.83 | $(0.00)<br>| $— | $(0.00)<br>| $48.53 | 19.24<br> %<br>| &nbsp;&nbsp; $1862587 | 1.29<br> %<br>| 1.29<br> %<br>| 0.75<br> %<br>| 79<br> %<br>|
| Year ended 10/31/24 | 36.25 | 0.39 | 4.27 | 4.66 | (0.21)<br>|  | (0.21)<br>| 40.70 | 12.89 | &nbsp;&nbsp; 1993336 | 1.28 | 1.28 | 0.96 | 43 |
| Year ended 10/31/23 | 31.45 | 0.28 | 4.72 | 5.00 | (0.20)<br>|  | (0.20)<br>| 36.25 | 15.91 | &nbsp;&nbsp; 2281614 | 1.25 | 1.25 | 0.73 | 25 |
| Year ended 10/31/22 | 53.50 | 0.08 | (19.74)<br>| (19.66)<br>| (0.04)<br>| (2.35)<br>| (2.39)<br>| 31.45 | (38.24)<br>| &nbsp;&nbsp; 2394926 | 1.24 | 1.24 | 0.23 | 27 |
| Year ended 10/31/21 | 45.84 | 0.11 | 7.55 | 7.66 |  |  |  | 53.50 | 16.71 | &nbsp;&nbsp; 4467836 | 1.20 | 1.20 | 0.20 | 38 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 36.41 | 0.00 | 6.69 | 6.69 |  |  |  | 43.10 | 18.37 | &nbsp;&nbsp; 26517 | 2.04 | 2.04 | 0.00 | 79 |
| Year ended 10/31/24 | 32.58 | 0.08 | 3.83 | 3.91 | (0.08)<br>|  | (0.08)<br>| 36.41 | 12.00 | &nbsp;&nbsp; 30132 | 2.03 | 2.03 | 0.21 | 43 |
| Year ended 10/31/23 | 28.36 | (0.01)<br>| 4.27 | 4.26 | (0.04)<br>|  | (0.04)<br>| 32.58 | 15.01 | &nbsp;&nbsp; 36504 | 2.00 | 2.00 | (0.02)<br>| 25 |
| Year ended 10/31/22 | 48.79 | (0.19)<br>| (17.89)<br>| (18.08)<br>|  | (2.35)<br>| (2.35)<br>| 28.36 | (38.70)<br>| &nbsp;&nbsp; 30355 | 1.99 | 1.99 | (0.52)<br>| 27 |
| Year ended 10/31/21 | 42.11 | (0.28)<br>| 6.96 | 6.68 |  |  |  | 48.79 | 15.86 | &nbsp;&nbsp; 71470 | 1.95 | 1.95 | (0.55)<br>| 38 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 38.75 | 0.20 | 7.14 | 7.34 |  |  |  | 46.09 | 18.94 | &nbsp;&nbsp; 204979 | 1.54 | 1.54 | 0.50 | 79 |
| Year ended 10/31/24 | 34.52 | 0.27 | 4.07 | 4.34 | (0.11)<br>|  | (0.11)<br>| 38.75 | 12.60 | &nbsp;&nbsp; 200998 | 1.53 | 1.53 | 0.71 | 43 |
| Year ended 10/31/23 | 29.94 | 0.18 | 4.48 | 4.66 | (0.08)<br>|  | (0.08)<br>| 34.52 | 15.58 | &nbsp;&nbsp; 216912 | 1.50 | 1.50 | 0.48 | 25 |
| Year ended 10/31/22 | 51.11 | (0.01)<br>| (18.81)<br>| (18.82)<br>|  | (2.35)<br>| (2.35)<br>| 29.94 | (38.38)<br>| &nbsp;&nbsp; 209736 | 1.49 | 1.49 | (0.02)<br>| 27 |
| Year ended 10/31/21 | 43.91 | (0.03)<br>| 7.23 | 7.20 |  |  |  | 51.11 | 16.40 | &nbsp;&nbsp; 379043 | 1.45 | 1.45 | (0.05)<br>| 38 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 40.03 | 0.41 | 7.39 | 7.80 | (0.10)<br>|  | (0.10)<br>| 47.73 | 19.54 | &nbsp;&nbsp; 4884619 | 1.04 | 1.04 | 1.00 | 79 |
| Year ended 10/31/24 | 35.67 | 0.48 | 4.19 | 4.67 | (0.31)<br>|  | (0.31)<br>| 40.03 | 13.17 | &nbsp;&nbsp; 9452791 | 1.03 | 1.03 | 1.21 | 43 |
| Year ended 10/31/23 | 30.99 | 0.37 | 4.64 | 5.01 | (0.33)<br>|  | (0.33)<br>| 35.67 | 16.15 | &nbsp;&nbsp; 10725130 | 1.00 | 1.00 | 0.98 | 25 |
| Year ended 10/31/22 | 52.78 | 0.19 | (19.44)<br>| (19.25)<br>| (0.19)<br>| (2.35)<br>| (2.54)<br>| 30.99 | (38.08)<br>| &nbsp;&nbsp; 10871573 | 0.99 | 0.99 | 0.48 | 27 |
| Year ended 10/31/21 | 45.21 | 0.24 | 7.45 | 7.69 | (0.12)<br>|  | (0.12)<br>| 52.78 | 17.01 | &nbsp;&nbsp; 23079615 | 0.95 | 0.95 | 0.45 | 38 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 40.70 | 0.45 | 7.53 | 7.98 | (0.13)<br>|  | (0.13)<br>| 48.55 | 19.68 | &nbsp;&nbsp; 4924 | 0.94 | 0.94 | 1.10 | 79 |
| Year ended 10/31/24 | 36.26 | 0.52 | 4.26 | 4.78 | (0.34)<br>|  | (0.34)<br>| 40.70 | 13.25 | &nbsp;&nbsp; 28230 | 0.95 | 0.95 | 1.29 | 43 |
| Year ended 10/31/23 | 31.51 | 0.39 | 4.75 | 5.14 | (0.39)<br>|  | (0.39)<br>| 36.26 | 16.30 | &nbsp;&nbsp; 16143 | 0.94 | 0.94 | 1.04 | 25 |
| Year ended 10/31/22 | 53.52 | 0.26 | (19.70)<br>| (19.44)<br>| (0.22)<br>| (2.35)<br>| (2.57)<br>| 31.51 | (37.93)<br>| &nbsp;&nbsp; 130 | 0.89 | 0.89 | 0.58 | 27 |
| Year ended 10/31/21 | 45.85 | 0.27 | 7.55 | 7.82 | (0.15)<br>|  | (0.15)<br>| 53.52 | 17.07 | &nbsp;&nbsp; 10527 | 0.90 | 0.90 | 0.50 | 38 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 40.03 | 0.47 | 7.39 | 7.86 | (0.16)<br>|  | (0.16)<br>| 47.73 | 19.72 | &nbsp;&nbsp; 3654560 | 0.87 | 0.87 | 1.17 | 79 |
| Year ended 10/31/24 | 35.67 | 0.53 | 4.20 | 4.73 | (0.37)<br>|  | (0.37)<br>| 40.03 | 13.33 | &nbsp;&nbsp; 6923223 | 0.88 | 0.88 | 1.36 | 43 |
| Year ended 10/31/23 | 31.02 | 0.42 | 4.64 | 5.06 | (0.41)<br>|  | (0.41)<br>| 35.67 | 16.31 | &nbsp;&nbsp; 8566706 | 0.87 | 0.87 | 1.11 | 25 |
| Year ended 10/31/22 | 52.83 | 0.25 | (19.44)<br>| (19.19)<br>| (0.27)<br>| (2.35)<br>| (2.62)<br>| 31.02 | (37.98)<br>| &nbsp;&nbsp; 9369739 | 0.84 | 0.84 | 0.63 | 27 |
| Year ended 10/31/21 | 45.25 | 0.32 | 7.45 | 7.77 | (0.19)<br>|  | (0.19)<br>| 52.83 | 17.17 | &nbsp;&nbsp; 21541460 | 0.81 | 0.81 | 0.59 | 38 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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. 

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

**7**

**Invesco Developing Markets Fund**

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**Notes to Consolidated Financial Statements**

*October 31, 2025*

**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 private fund organized under Delaware law that is a wholly-owned subsidiary of the Fund. 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.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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.

**8**

**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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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 year ended October 31, 2025, 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

**9**

**Invesco Developing Markets 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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's consolidated financial statements. Adoption of the new standard impacted the Fund's consolidated financial statement notes disclosures only and did not affect the Fund's financial position or the results of its 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.** **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. In addition, investments in the Subsidiary will be deemed illiquid and therefore subject the Fund to liquidity risk.

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.

**10**

**Invesco Developing Markets Fund**

------

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.

The Fund's investments in Class A Shares of Chinese companies involve certain risks discussed above that may be more pronounced for the China A Shares market than for Chinese securities markets generally because the A-share market is subject to greater government restrictions and control.

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 | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.950% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.900% |
| Next $6 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.850% |
| Next $3 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.800% |
| Next $20 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $15 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.740% |
| Over $45 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.730% |

---

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

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.80%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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. 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 August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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 year ended October 31, 2025, the Adviser waived advisory fees of $242,670.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, 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.

**11**

**Invesco Developing Markets Fund**

------

IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, 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 year ended October 31, 2025, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $44,526 in front-end sales commissions from the sale of Class A shares and $1,190 and $835 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2025, the Fund incurred $695 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; $985850830 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $985850830 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 771707089 | &nbsp;&nbsp;&nbsp;&nbsp; 2166186931 | &nbsp;&nbsp;&nbsp;&nbsp; 18329895 | &nbsp;&nbsp;&nbsp;&nbsp; 2956223915 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 312231858 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 312231858 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31910308 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31910308 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 897025948 | &nbsp;&nbsp;&nbsp;&nbsp; 73257456 | &nbsp;&nbsp;&nbsp;&nbsp; 970283404 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 464175746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 464175746 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 400712906 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 400712906 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 169164279 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169164279 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96382602 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96382602 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85420398 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85420398 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78846606 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78846606 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 80219893 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80219893 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 431018699 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 431018699 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1231375582 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1231375582 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1714023034 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1714023034 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 343317738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 343317738 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 95584551 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95584551 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 213527192 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 213527192 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $2716766740 | &nbsp;&nbsp;&nbsp;&nbsp; $7851915450 | &nbsp;&nbsp;&nbsp;&nbsp; $91587356 | &nbsp;&nbsp;&nbsp;&nbsp; $10660269546 |

---

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.

**12**

**Invesco Developing Markets Fund**

------

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended October 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**10/31/24**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Accrued** <br>**Discounts/** <br>**Premiums**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Value** <br>**10/31/25**<br>|
| Common Stocks & Other Equity Interests | $82309993 | $100000136 | $(50360497)<br>| $— | $(5654088)<br>| $(45969471)<br>| $— | $— | $80326073 |
| Preferred Stocks | 107560291 |  | (69042036)<br>|  | 169424 | (27426396)<br>|  |  | 11261283 |
| Total | $189870284 | $100000136 | $(119402533)<br>| $— | $(5484664)<br>| $(73395867)<br>| $— | $— | $91587356 |

---

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 <br>at 10/31/25<br>| Valuation <br>Technique<br>| Unobservable <br>Inputs<br>| Range of <br>Unobservable <br>Inputs<br>| Weighted Average of <br>Unobservable Inputs <br>Based on Fair Value<br>|
| Common Stocks & Other Equity Interests | $80326073 | Comparable Companies | Revenue Multiple | 12.50x | - |
| Preferred Stocks | 11261283 | Expected Recovery | Anticipated Proceeds | 11.02% of Par | - |
| Total | $91587356 |  |  |  |  |

---

**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 year ended October 31, 2025**

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** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(827235)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(827235)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1350639 | &nbsp;&nbsp;&nbsp;&nbsp; 1350639 |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $22555731 | &nbsp;&nbsp;&nbsp;&nbsp; $40987730 |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $63,481.

**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.

**13**

**Invesco Developing Markets Fund**

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**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $47806501 | &nbsp;&nbsp;&nbsp;&nbsp; $193554440 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $39502427 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 2971813432 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 3619382105 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 926415 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (1295813)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (32130629)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 4039989115 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $10638187052 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and passive foreign investment companies.

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

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

The Fund has a capital loss carryforward as of October 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $28325194 | &nbsp;&nbsp;&nbsp;&nbsp; $3805435 | &nbsp;&nbsp;&nbsp;&nbsp; $32130629 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $11,088,442,665 and $21,027,061,411, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3911064752 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (291682647)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3619382105 |

---

Cost of investments for tax purposes is $7,040,887,441.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign capital gains taxes and equalization, on October 31, 2025, undistributed net investment income was decreased by $135,897,984, undistributed net realized gain was decreased by $703,297,016 and shares of beneficial interest was increased by $839,195,000. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3135804 | &nbsp;&nbsp;&nbsp; $129729711 | &nbsp;&nbsp;&nbsp; 5328855 | &nbsp;&nbsp;&nbsp; $209984871 |
| Class C | &nbsp;&nbsp;&nbsp; 94725 | &nbsp;&nbsp;&nbsp; 3542426 | &nbsp;&nbsp;&nbsp; 122228 | &nbsp;&nbsp;&nbsp; 4346117 |
| Class R | &nbsp;&nbsp;&nbsp; 451013 | &nbsp;&nbsp;&nbsp; 17620877 | &nbsp;&nbsp;&nbsp; 570733 | &nbsp;&nbsp;&nbsp; 21498256 |
| Class Y | &nbsp;&nbsp;&nbsp; 20151379 | &nbsp;&nbsp;&nbsp; 804631512 | &nbsp;&nbsp;&nbsp; 48735422 | &nbsp;&nbsp;&nbsp; 1886738151 |
| Class R5 | &nbsp;&nbsp;&nbsp; 58852 | &nbsp;&nbsp;&nbsp; 2334277 | &nbsp;&nbsp;&nbsp; 334136 | &nbsp;&nbsp;&nbsp; 13173729 |
| Class R6 | &nbsp;&nbsp;&nbsp; 17672533 | &nbsp;&nbsp;&nbsp; 722885951 | &nbsp;&nbsp;&nbsp; 33683986 | &nbsp;&nbsp;&nbsp; 1304198481 |

---

**14**

**Invesco Developing Markets Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2001 | &nbsp;&nbsp;&nbsp; $80234 | &nbsp;&nbsp;&nbsp; 300051 | &nbsp;&nbsp;&nbsp; $11389931 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2363 | &nbsp;&nbsp;&nbsp; 80803 |
| Class R | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 18567 | &nbsp;&nbsp;&nbsp; 672685 |
| Class Y | &nbsp;&nbsp;&nbsp; 465816 | &nbsp;&nbsp;&nbsp; 18311245 | &nbsp;&nbsp;&nbsp; 2068190 | &nbsp;&nbsp;&nbsp; 77060768 |
| Class R5 | &nbsp;&nbsp;&nbsp; 2308 | &nbsp;&nbsp;&nbsp; 92195 | &nbsp;&nbsp;&nbsp; 4001 | &nbsp;&nbsp;&nbsp; 151495 |
| Class R6 | &nbsp;&nbsp;&nbsp; 457700 | &nbsp;&nbsp;&nbsp; 17969282 | &nbsp;&nbsp;&nbsp; 1783040 | &nbsp;&nbsp;&nbsp; 66346917 |
| **Automatic conversion of Class C shares to Class A** <br> **shares:**<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 101244 | &nbsp;&nbsp;&nbsp; 4232472 | &nbsp;&nbsp;&nbsp; 133270 | &nbsp;&nbsp;&nbsp; 5290203 |
| Class C | &nbsp;&nbsp;&nbsp; (113553)<br>| &nbsp;&nbsp;&nbsp; (4232472)<br>| &nbsp;&nbsp;&nbsp; (148359)<br>| &nbsp;&nbsp;&nbsp; (5290203)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (13838123)<br>| &nbsp;&nbsp;&nbsp; (569520470)<br>| &nbsp;&nbsp;&nbsp; (19718498)<br>| &nbsp;&nbsp;&nbsp; (781029381)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (193365)<br>| &nbsp;&nbsp;&nbsp; (7092548)<br>| &nbsp;&nbsp;&nbsp; (269297)<br>| &nbsp;&nbsp;&nbsp; (9578338)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1190847)<br>| &nbsp;&nbsp;&nbsp; (47445591)<br>| &nbsp;&nbsp;&nbsp; (1685433)<br>| &nbsp;&nbsp;&nbsp; (63755429)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (154436116)<br>| &nbsp;&nbsp;&nbsp; (6412614308)<br>| &nbsp;&nbsp;&nbsp; (115293702)<br>| &nbsp;&nbsp;&nbsp; (4519945970)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (653387)<br>| &nbsp;&nbsp;&nbsp; (26226095)<br>| &nbsp;&nbsp;&nbsp; (89650)<br>| &nbsp;&nbsp;&nbsp; (3576362)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (114535350)<br>| &nbsp;&nbsp;&nbsp; (4671362426)<br>| &nbsp;&nbsp;&nbsp; (102650102)<br>| &nbsp;&nbsp;&nbsp; (4033292928)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (242367366)<br>| &nbsp;&nbsp;&nbsp; $(10017063728)<br>| &nbsp;&nbsp;&nbsp; (146770199)<br>| &nbsp;&nbsp;&nbsp; $(5815536204)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**15**

**Invesco Developing Markets Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Developing Markets Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Developing Markets Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related consolidated statement of operations for the year ended October 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

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

**16**

**Invesco Developing Markets Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Developing Markets Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts. the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI Emerging Markets Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund's stock selection and overweight or underweight exposure to certain regions, negatively impacted performance, and that the Fund's long-term performance continued to be negatively impacted by Russian exposure. The Board noted information provided by management indicating that the portfolio

**17**

**Invesco Developing Markets Fund**

------

management team, in consultation with the investment risk team, continues to analyze certain portfolio characteristics to address areas of underperformance. The Board further noted Invesco's restructuring of its fundamental equity platform to create a unified global platform in an effort to drive improved Fund performance. The Board considered that as part of such restructuring, the Fund's portfolio management team would be changed and the Fund also would undergo enhancements to its investment process, including removal of its growth investing emphasis, effective June 23, 2025. The Board received and evaluated information from management regarding the estimated portfolio turnover and related transaction costs, as well as the estimated tax impact, associated with such enhancements. The Board considered information provided and discussed by management regarding the strength and track record of the new portfolio management team. The Board considered management's rationale for the changes, as well as management's views regarding how the changes could benefit Fund shareholders. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts,

including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits

realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any

**18**

**Invesco Developing Markets Fund**

------

securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**19**

**Invesco Developing Markets Fund**

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Federal and State Income Tax** |  |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $839195000 |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 100.00% |  |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |  |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |  |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |  |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |  |
| Foreign Taxes | &nbsp;&nbsp; $0.7166 | &nbsp;&nbsp; per share |
| Foreign Source Income | &nbsp;&nbsp; $1.4346 | &nbsp;&nbsp; per share |

---

\*

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

**20**

**Invesco Developing Markets Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**21**

**Invesco Developing Markets Fund**

------

![](img005b05a41.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-DVM-NCSR

------

![](img555bf9631.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Discovery Mid Cap Growth Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_44c38f3f-32ed-49e6-83ea-3ca8ffe2956c_SOI-Continued-686_1) | Schedule of Investments |
| [5](#xx_44c38f3f-32ed-49e6-83ea-3ca8ffe2956c_FS-Continued-686_1) | Financial Statements |
| [8](#xx_44c38f3f-32ed-49e6-83ea-3ca8ffe2956c_FS-Continued-686_4) | Financial Highlights |
| [9](#xx_44c38f3f-32ed-49e6-83ea-3ca8ffe2956c_NTF-Continued-686_1) | Notes to Financial Statements |
| [15](#xx_44c38f3f-32ed-49e6-83ea-3ca8ffe2956c_ARS-Continued-686_1) | Report of Independent Registered Public Accounting Firm |
| [16](#xx_44c38f3f-32ed-49e6-83ea-3ca8ffe2956c_AOC-Continued-686_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [19](#xx_44c38f3f-32ed-49e6-83ea-3ca8ffe2956c_TI-Continued-686_1) | Tax Information |
| [20](#xx_44c38f3f-32ed-49e6-83ea-3ca8ffe2956c_OIRSR-Continued-686_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.19%** | **Common Stocks & Other Equity Interests–97.19%** | **Common Stocks & Other Equity Interests–97.19%** |
| **Aerospace & Defense–12.16%** | **Aerospace & Defense–12.16%** | **Aerospace & Defense–12.16%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 180531 | &nbsp;&nbsp; $132190214 |
| BWX Technologies, Inc. | 343178 | &nbsp;&nbsp; 73306253 |
| Carpenter Technology Corp. | 260965 | &nbsp;&nbsp; 82438844 |
| Curtiss-Wright Corp. | 175060 | &nbsp;&nbsp; 104288494 |
| Embraer S.A., ADR (Brazil)<sup>(c)</sup>  | 836011 | &nbsp;&nbsp; 53905989 |
| HEICO Corp.<sup>(c)</sup>  | 276870 | &nbsp;&nbsp; 87980980 |
| Howmet Aerospace, Inc. | 937996 | &nbsp;&nbsp; 193180276 |
| Karman Holdings, Inc.<sup>(b)(c)</sup>  | 735251 | &nbsp;&nbsp; 61937544 |
|  |  | &nbsp;&nbsp; 789228594 |
| **Apparel, Accessories & Luxury Goods–0.97%** | **Apparel, Accessories & Luxury Goods–0.97%** | **Apparel, Accessories & Luxury Goods–0.97%** |
| Ralph Lauren Corp. | 196923 | &nbsp;&nbsp; 62948406 |
| **Application Software–1.98%** | **Application Software–1.98%** | **Application Software–1.98%** |
| Guidewire Software, Inc.<sup>(b)</sup>  | 394034 | &nbsp;&nbsp; 92062104 |
| ServiceTitan, Inc.<sup>(b)(c)</sup>  | 388253 | &nbsp;&nbsp; 36635553 |
|  |  | &nbsp;&nbsp; 128697657 |
| **Asset Management & Custody Banks–0.56%** | **Asset Management & Custody Banks–0.56%** | **Asset Management & Custody Banks–0.56%** |
| Ares Management Corp., Class A<sup>(c)</sup>  | 246143 | &nbsp;&nbsp; 36603926 |
| **Automotive Retail–2.46%** | **Automotive Retail–2.46%** | **Automotive Retail–2.46%** |
| AutoZone, Inc.<sup>(b)</sup>  | 24250 | &nbsp;&nbsp; 89104928 |
| Carvana Co.<sup>(b)</sup>  | 229213 | &nbsp;&nbsp; 70262953 |
|  |  | &nbsp;&nbsp; 159367881 |
| **Biotechnology–2.74%** | **Biotechnology–2.74%** | **Biotechnology–2.74%** |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup>  | 214145 | &nbsp;&nbsp; 97658686 |
| Natera, Inc.<sup>(b)</sup>  | 403624 | &nbsp;&nbsp; 80292922 |
|  |  | &nbsp;&nbsp; 177951608 |
| **Broadline Retail–1.85%** | **Broadline Retail–1.85%** | **Broadline Retail–1.85%** |
| Coupang, Inc. (South Korea)<sup>(b)</sup>  | 1407284 | &nbsp;&nbsp; 44990869 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)(c)</sup>  | 623475 | &nbsp;&nbsp; 75322015 |
|  |  | &nbsp;&nbsp; 120312884 |
| **Cargo Ground Transportation–0.77%** | **Cargo Ground Transportation–0.77%** | **Cargo Ground Transportation–0.77%** |
| XPO, Inc.<sup>(b)(c)</sup>  | 346344 | &nbsp;&nbsp; 49828511 |
| **Communications Equipment–1.20%** | **Communications Equipment–1.20%** | **Communications Equipment–1.20%** |
| Lumentum Holdings, Inc.<sup>(b)(c)</sup>  | 387005 | &nbsp;&nbsp; 78004728 |
| **Construction & Engineering–7.46%** | **Construction & Engineering–7.46%** | **Construction & Engineering–7.46%** |
| Comfort Systems USA, Inc. | 184114 | &nbsp;&nbsp; 177776796 |
| EMCOR Group, Inc. | 123978 | &nbsp;&nbsp; 83781853 |
| MasTec, Inc.<sup>(b)</sup>  | 360000 | &nbsp;&nbsp; 73497600 |
| Quanta Services, Inc. | 332665 | &nbsp;&nbsp; 149409831 |
|  |  | &nbsp;&nbsp; 484466080 |
| **Construction Materials–0.48%** | **Construction Materials–0.48%** | **Construction Materials–0.48%** |
| Martin Marietta Materials, Inc. | 50849 | &nbsp;&nbsp; 31175522 |
| **Consumer Finance–0.48%** | **Consumer Finance–0.48%** | **Consumer Finance–0.48%** |
| Synchrony Financial | 418898 | &nbsp;&nbsp; 31157633 |
| **Data Center REITs–0.19%** | **Data Center REITs–0.19%** | **Data Center REITs–0.19%** |
| Fermi LLC<sup>(b)(c)</sup>  | 478425 | &nbsp;&nbsp; 12539519 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Education Services–0.55%** | **Education Services–0.55%** | **Education Services–0.55%** |
| Duolingo, Inc.<sup>(b)(c)</sup>  | 132169 | &nbsp;&nbsp; $35770218 |
| **Electric Utilities–1.10%** | **Electric Utilities–1.10%** | **Electric Utilities–1.10%** |
| NRG Energy, Inc. | 413819 | &nbsp;&nbsp; 71118933 |
| **Electrical Components & Equipment–3.05%** | **Electrical Components & Equipment–3.05%** | **Electrical Components & Equipment–3.05%** |
| Rockwell Automation, Inc. | 88366 | &nbsp;&nbsp; 32550500 |
| Vertiv Holdings Co., Class A | 858835 | &nbsp;&nbsp; 165634918 |
|  |  | &nbsp;&nbsp; 198185418 |
| **Electronic Manufacturing Services–4.67%** | **Electronic Manufacturing Services–4.67%** | **Electronic Manufacturing Services–4.67%** |
| Celestica, Inc. (Canada)<sup>(b)</sup>  | 272041 | &nbsp;&nbsp; 93712684 |
| Flex Ltd.<sup>(b)</sup>  | 2022958 | &nbsp;&nbsp; 126475334 |
| TE Connectivity PLC (Switzerland) | 334754 | &nbsp;&nbsp; 82687585 |
|  |  | &nbsp;&nbsp; 302875603 |
| **Financial Exchanges & Data–1.90%** | **Financial Exchanges & Data–1.90%** | **Financial Exchanges & Data–1.90%** |
| Nasdaq, Inc. | 1072279 | &nbsp;&nbsp; 91669132 |
| Tradeweb Markets, Inc., Class A | 301751 | &nbsp;&nbsp; 31801538 |
|  |  | &nbsp;&nbsp; 123470670 |
| **Food Retail–1.03%** | **Food Retail–1.03%** | **Food Retail–1.03%** |
| Casey's General Stores, Inc. | 130096 | &nbsp;&nbsp; 66763966 |
| **Health Care Distributors–2.22%** | **Health Care Distributors–2.22%** | **Health Care Distributors–2.22%** |
| Cencora, Inc. | 426641 | &nbsp;&nbsp; 144123596 |
| **Health Care Equipment–2.59%** | **Health Care Equipment–2.59%** | **Health Care Equipment–2.59%** |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 100461 | &nbsp;&nbsp; 63241204 |
| Insulet Corp.<sup>(b)(c)</sup>  | 333869 | &nbsp;&nbsp; 104504336 |
|  |  | &nbsp;&nbsp; 167745540 |
| **Health Care Facilities–3.18%** | **Health Care Facilities–3.18%** | **Health Care Facilities–3.18%** |
| Encompass Health Corp. | 963439 | &nbsp;&nbsp; 109687530 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 468547 | &nbsp;&nbsp; 96750270 |
|  |  | &nbsp;&nbsp; 206437800 |
| **Health Care Services–0.75%** | **Health Care Services–0.75%** | **Health Care Services–0.75%** |
| Labcorp Holdings, Inc. | 190767 | &nbsp;&nbsp; 48447187 |
| **Homebuilding–0.65%** | **Homebuilding–0.65%** | **Homebuilding–0.65%** |
| D.R. Horton, Inc. | 281496 | &nbsp;&nbsp; 41965424 |
| **Hotels, Resorts & Cruise Lines–4.07%** | **Hotels, Resorts & Cruise Lines–4.07%** | **Hotels, Resorts & Cruise Lines–4.07%** |
| Hilton Worldwide Holdings, Inc. | 703007 | &nbsp;&nbsp; 180644679 |
| Viking Holdings Ltd.<sup>(b)(c)</sup>  | 1376810 | &nbsp;&nbsp; 83778888 |
|  |  | &nbsp;&nbsp; 264423567 |
| **Independent Power Producers & Energy Traders–1.42%** | **Independent Power Producers & Energy Traders–1.42%** | **Independent Power Producers & Energy Traders–1.42%** |
| Vistra Corp. | 489955 | &nbsp;&nbsp; 92258527 |
| **Industrial Machinery & Supplies & Components–2.35%** | **Industrial Machinery & Supplies & Components–2.35%** | **Industrial Machinery & Supplies & Components–2.35%** |
| ITT, Inc. | 519805 | &nbsp;&nbsp; 96200311 |
| SPX Technologies, Inc.<sup>(b)</sup>  | 252048 | &nbsp;&nbsp; 56431027 |
|  |  | &nbsp;&nbsp; 152631338 |
| **Interactive Home Entertainment–1.99%** | **Interactive Home Entertainment–1.99%** | **Interactive Home Entertainment–1.99%** |
| Roblox Corp., Class A<sup>(b)</sup>  | 754827 | &nbsp;&nbsp; 85838926 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 170083 | &nbsp;&nbsp; 43604179 |
|  |  | &nbsp;&nbsp; 129443105 |

---

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

**2**

**Invesco Discovery Mid Cap Growth Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Interactive Media & Services–0.50%** | **Interactive Media & Services–0.50%** | **Interactive Media & Services–0.50%** |
| Reddit, Inc., Class A<sup>(b)(c)</sup>  | 154711 | &nbsp;&nbsp; $32326864 |
| **Internet Services & Infrastructure–4.99%** | **Internet Services & Infrastructure–4.99%** | **Internet Services & Infrastructure–4.99%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 725000 | &nbsp;&nbsp; 183642500 |
| CoreWeave, Inc., Class A<sup>(b)(c)</sup>  | 386298 | &nbsp;&nbsp; 51651906 |
| MongoDB, Inc.<sup>(b)</sup>  | 245345 | &nbsp;&nbsp; 88280038 |
|  |  | &nbsp;&nbsp; 323574444 |
| **Investment Banking & Brokerage–4.54%** | **Investment Banking & Brokerage–4.54%** | **Investment Banking & Brokerage–4.54%** |
| Evercore, Inc., Class A | 317694 | &nbsp;&nbsp; 93579944 |
| LPL Financial Holdings, Inc. | 247144 | &nbsp;&nbsp; 93249903 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup>  | 733374 | &nbsp;&nbsp; 107644636 |
|  |  | &nbsp;&nbsp; 294474483 |
| **Life Sciences Tools & Services–0.74%** | **Life Sciences Tools & Services–0.74%** | **Life Sciences Tools & Services–0.74%** |
| Agilent Technologies, Inc. | 327481 | &nbsp;&nbsp; 47930119 |
| **Movies & Entertainment–0.84%** | **Movies & Entertainment–0.84%** | **Movies & Entertainment–0.84%** |
| TKO Group Holdings, Inc. | 289538 | &nbsp;&nbsp; 54548959 |
| **Oil & Gas Equipment & Services–0.98%** | **Oil & Gas Equipment & Services–0.98%** | **Oil & Gas Equipment & Services–0.98%** |
| TechnipFMC PLC (United Kingdom) | 1532863 | &nbsp;&nbsp; 63383885 |
| **Oil & Gas Storage & Transportation–0.78%** | **Oil & Gas Storage & Transportation–0.78%** | **Oil & Gas Storage & Transportation–0.78%** |
| Cheniere Energy, Inc. | 239842 | &nbsp;&nbsp; 50846504 |
| **Other Specialty Retail–1.43%** | **Other Specialty Retail–1.43%** | **Other Specialty Retail–1.43%** |
| Chewy, Inc., Class A<sup>(b)</sup>  | 469199 | &nbsp;&nbsp; 15821390 |
| Ulta Beauty, Inc.<sup>(b)</sup>  | 148106 | &nbsp;&nbsp; 76997348 |
|  |  | &nbsp;&nbsp; 92818738 |
| **Real Estate Services–1.69%** | **Real Estate Services–1.69%** | **Real Estate Services–1.69%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 720392 | &nbsp;&nbsp; 109809353 |
| **Restaurants–2.29%** | **Restaurants–2.29%** | **Restaurants–2.29%** |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 470490 | &nbsp;&nbsp; 119678541 |
| Dutch Bros, Inc., Class A<sup>(b)</sup>  | 520940 | &nbsp;&nbsp; 28933008 |
|  |  | &nbsp;&nbsp; 148611549 |
| **Semiconductor Materials & Equipment–0.89%** | **Semiconductor Materials & Equipment–0.89%** | **Semiconductor Materials & Equipment–0.89%** |
| Teradyne, Inc. | 316249 | &nbsp;&nbsp; 57481418 |
| **Semiconductors–6.87%** | **Semiconductors–6.87%** | **Semiconductors–6.87%** |
| Credo Technology Group Holding Ltd.<sup>(b)</sup>  | 504103 | &nbsp;&nbsp; 94579805 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup>  | 1394225 | &nbsp;&nbsp; 101722656 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 407240 | &nbsp;&nbsp; 60324461 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** |
| Monolithic Power Systems, Inc. | Monolithic Power Systems, Inc. | 188579 | &nbsp;&nbsp; $189521895 |
|  |  |  | &nbsp;&nbsp; 446148817 |
| **Systems Software–2.70%** | **Systems Software–2.70%** | **Systems Software–2.70%** | **Systems Software–2.70%** |
| CyberArk Software Ltd.<sup>(b)</sup>  | CyberArk Software Ltd.<sup>(b)</sup>  | 36920 | &nbsp;&nbsp; 19227197 |
| Rubrik, Inc., Class A<sup>(b)</sup>  | Rubrik, Inc., Class A<sup>(b)</sup>  | 548025 | &nbsp;&nbsp; 41249842 |
| Zscaler, Inc.<sup>(b)</sup>  | Zscaler, Inc.<sup>(b)</sup>  | 347434 | &nbsp;&nbsp; 115049295 |
|  |  |  | &nbsp;&nbsp; 175526334 |
| **Technology Hardware, Storage & Peripherals–1.09%** | **Technology Hardware, Storage & Peripherals–1.09%** | **Technology Hardware, Storage & Peripherals–1.09%** | **Technology Hardware, Storage & Peripherals–1.09%** |
| Pure Storage, Inc., Class A<sup>(b)</sup>  | Pure Storage, Inc., Class A<sup>(b)</sup>  | 718092 | &nbsp;&nbsp; 70875680 |
| **Trading Companies & Distributors–1.39%** | **Trading Companies & Distributors–1.39%** | **Trading Companies & Distributors–1.39%** | **Trading Companies & Distributors–1.39%** |
| Fastenal Co. | Fastenal Co. | 2187629 | &nbsp;&nbsp; 90020933 |
| **Transaction & Payment Processing Services–0.65%** | **Transaction & Payment Processing Services–0.65%** | **Transaction & Payment Processing Services–0.65%** | **Transaction & Payment Processing Services–0.65%** |
| Affirm Holdings, Inc.<sup>(b)</sup>  | Affirm Holdings, Inc.<sup>(b)</sup>  | 585248 | &nbsp;&nbsp; 42067626 |
| Total Common Stocks & Other Equity Interests <br> (Cost $4,421,747,845) | Total Common Stocks & Other Equity Interests <br> (Cost $4,421,747,845) | Total Common Stocks & Other Equity Interests <br> (Cost $4,421,747,845) | &nbsp;&nbsp; 6308389547 |
| **Money Market Funds–2.53%** | **Money Market Funds–2.53%** | **Money Market Funds–2.53%** | **Money Market Funds–2.53%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup>  | 57542570 | &nbsp;&nbsp; 57542570 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | 106865268 | &nbsp;&nbsp; 106865268 |
| Total Money Market Funds (Cost $164,407,838) | Total Money Market Funds (Cost $164,407,838) | Total Money Market Funds (Cost $164,407,838) | &nbsp;&nbsp; 164407838 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.72% <br> (Cost $4,586,155,683)<br>|  |  | &nbsp;&nbsp; 6472797385 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–6.20%** | **Money Market Funds–6.20%** | **Money Market Funds–6.20%** | **Money Market Funds–6.20%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | 120140031 | &nbsp;&nbsp; 120140031 |
| Invesco Private Prime Fund, <br> 4.30%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, <br> 4.30%<sup>(d)(e)(f)</sup>  | 282336225 | &nbsp;&nbsp; 282420926 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $402,561,412) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $402,561,412) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $402,561,412) | &nbsp;&nbsp; 402560957 |
| TOTAL INVESTMENTS IN SECURITIES–105.92% <br> (Cost $4,988,717,095) | TOTAL INVESTMENTS IN SECURITIES–105.92% <br> (Cost $4,988,717,095) | TOTAL INVESTMENTS IN SECURITIES–105.92% <br> (Cost $4,988,717,095) | &nbsp;&nbsp; 6875358342 |
| OTHER ASSETS LESS LIABILITIES—(5.92)% | OTHER ASSETS LESS LIABILITIES—(5.92)% | OTHER ASSETS LESS LIABILITIES—(5.92)% | &nbsp;&nbsp; (384267740)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $6491090602 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

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

**3**

**Invesco Discovery Mid Cap Growth Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2025.

<sup>(d)</sup> 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 fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $66573046 | &nbsp;&nbsp; $874724274 | &nbsp;&nbsp; $(883754750) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $57542570 | &nbsp;&nbsp; $2331380 |
| Invesco Liquid Assets Portfolio | - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5655 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 123636150 | &nbsp;&nbsp; 1624487939 | &nbsp;&nbsp; (1641258821) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 106865268 | &nbsp;&nbsp; 4288113 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 61523131 | &nbsp;&nbsp; 1064552499 | &nbsp;&nbsp; (1005935599) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 120140031 | &nbsp;&nbsp; 3,074,857\* |
| Invesco Private Prime Fund | 194247109 | &nbsp;&nbsp; 2191147972 | &nbsp;&nbsp; (2102993052) | (455) | &nbsp;&nbsp; 19352 | &nbsp;&nbsp; 282420926 | &nbsp;&nbsp; 8,305,539\* |
| Total | $445979436 | &nbsp;&nbsp; $5754912684 | &nbsp;&nbsp; $(5633942222) | &nbsp;&nbsp; $(455) | &nbsp;&nbsp; $19352 | &nbsp;&nbsp; $566968795 | &nbsp;&nbsp; $18005544 |

---

\* 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. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(f)</sup> 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. 

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

**4**

**Invesco Discovery Mid Cap Growth Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $4,421,747,845)\*<br>| &nbsp;&nbsp; $6308389547 |
| Investments in affiliated money market funds, at value <br> (Cost $566,969,250)<br>| &nbsp;&nbsp; 566968795 |
| Cash | &nbsp;&nbsp; 200000 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 39544009 |
| Fund shares sold | &nbsp;&nbsp; 1823797 |
| Dividends | &nbsp;&nbsp; 1041751 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 554741 |
| Other assets | &nbsp;&nbsp; 71066 |
| Total assets | &nbsp;&nbsp; 6918593706 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 17583286 |
| Dividends | &nbsp;&nbsp; 328 |
| Fund shares reacquired | &nbsp;&nbsp; 4101851 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 402561412 |
| Accrued fees to affiliates | &nbsp;&nbsp; 2459621 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 4847 |
| Accrued other operating expenses | &nbsp;&nbsp; 209718 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 582041 |
| Total liabilities | &nbsp;&nbsp; 427503104 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $6491090602 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $4147201329 |
| Distributable earnings | &nbsp;&nbsp; 2343889273 |
|  | &nbsp;&nbsp; $6491090602 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $3920236713 |
| Class C | &nbsp;&nbsp; $83437839 |
| Class R | &nbsp;&nbsp; $155029535 |
| Class Y | &nbsp;&nbsp; $709880398 |
| Class R5 | &nbsp;&nbsp; $108341632 |
| Class R6 | &nbsp;&nbsp; $1514164485 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 128118126 |
| Class C | &nbsp;&nbsp; 3965160 |
| Class R | &nbsp;&nbsp; 5733943 |
| Class Y | &nbsp;&nbsp; 19292429 |
| Class R5 | &nbsp;&nbsp; 3457729 |
| Class R6 | &nbsp;&nbsp; 39962525 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $30.60 |
| Maximum offering price per share <br>(Net asset value of $30.60 ÷ 94.50%)<br>| &nbsp;&nbsp; $32.38 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $21.04 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $27.04 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $36.80 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.33 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $37.89 |

---

\* At October 31, 2025, securities with an aggregate value of $397,764,297 were on loan to brokers. 

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

**5**

**Invesco Discovery Mid Cap Growth Fund**

------

**Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends | &nbsp;&nbsp; $26732624 |
| Dividends from affiliated money market funds (includes net securities lending income of $577,231) | &nbsp;&nbsp; 7202379 |
| Total investment income | &nbsp;&nbsp; 33935003 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 38146154 |
| Administrative services fees | &nbsp;&nbsp; 888729 |
| Custodian fees | &nbsp;&nbsp; 32890 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 9314690 |
| Class C | &nbsp;&nbsp; 847899 |
| Class R | &nbsp;&nbsp; 741811 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 7131628 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 112941 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 431528 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 66228 |
| Registration and filing fees | &nbsp;&nbsp; 154426 |
| Reports to shareholders | &nbsp;&nbsp; 362086 |
| Professional services fees | &nbsp;&nbsp; 109668 |
| Other | &nbsp;&nbsp; 81461 |
| Total expenses | &nbsp;&nbsp; 58422139 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (329622)<br>|
| Net expenses | &nbsp;&nbsp; 58092517 |
| Net investment income (loss) | &nbsp;&nbsp; (24157514)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 526472334 |
| Affiliated investment securities | &nbsp;&nbsp; 19352 |
|  | &nbsp;&nbsp; 526491686 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 307395452 |
| Affiliated investment securities | &nbsp;&nbsp; (455)<br>|
|  | &nbsp;&nbsp; 307394997 |
| Net realized and unrealized gain | &nbsp;&nbsp; 833886683 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $809729169 |

---

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

**6**

**Invesco Discovery Mid Cap Growth Fund**

------

**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(24157514)<br>| &nbsp;&nbsp; $(13748078)<br>|
| Net realized gain | &nbsp;&nbsp; 526491686 | &nbsp;&nbsp; 701602894 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 307394997 | &nbsp;&nbsp; 1198143003 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 809729169 | &nbsp;&nbsp; 1885997819 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (183172924)<br>| &nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp; (6383914)<br>| &nbsp;&nbsp; — |
| Class R | &nbsp;&nbsp; (7960773)<br>| &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; (26462759)<br>| &nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp; (5886635)<br>| &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; (56446518)<br>| &nbsp;&nbsp; — |
| Total distributions from distributable earnings | &nbsp;&nbsp; (286313523)<br>| &nbsp;&nbsp; — |
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (136742282)<br>| &nbsp;&nbsp; (307475727)<br>|
| Class C | &nbsp;&nbsp; (13267386)<br>| &nbsp;&nbsp; (22138664)<br>|
| Class R | &nbsp;&nbsp; (1268142)<br>| &nbsp;&nbsp; (11129996)<br>|
| Class Y | &nbsp;&nbsp; 1243127 | &nbsp;&nbsp; (70773996)<br>|
| Class R5 | &nbsp;&nbsp; (20795881)<br>| &nbsp;&nbsp; (11506134)<br>|
| Class R6 | &nbsp;&nbsp; (35253686)<br>| &nbsp;&nbsp; (66118304)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (206084250)<br>| &nbsp;&nbsp; (489142821)<br>|
| Net increase in net assets | &nbsp;&nbsp; 317331396 | &nbsp;&nbsp; 1396854998 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 6173759206 | &nbsp;&nbsp; 4776904208 |
| End of year | &nbsp;&nbsp; $6491090602 | &nbsp;&nbsp; $6173759206 |

---

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

**7**

**Invesco Discovery Mid Cap Growth Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $28.21 | $(0.14)<br>| $3.91 | $3.77 | $(1.38)<br>| $30.60 | 13.55<br> %<br>| $3920237 | 1.04<br> %<br>| 1.04<br> %<br>| (0.50)%<br>| 104<br> %<br>|
| Year ended 10/31/24 | 20.05 | (0.09)<br>| 8.25 | 8.16 |  | 28.21 | 40.70 | 3761749 | 1.06 | 1.06 | (0.35)<br>| 102 |
| Year ended 10/31/23 | 21.50 | (0.08)<br>| (1.37)<br>| (1.45)<br>|  | 20.05 | (6.74)<br>| 2918068 | 1.04 | 1.04 | (0.37)<br>| 124 |
| Year ended 10/31/22 | 37.13 | (0.11)<br>| (9.79)<br>| (9.90)<br>| (5.73)<br>| 21.50 | (30.69)<br>| 3398899 | 1.04 | 1.04 | (0.44)<br>| 94 |
| Year ended 10/31/21 | 26.65 | (0.25)<br>| 11.81 | 11.56 | (1.08)<br>| 37.13 | 44.48 | 5288400 | 1.03 | 1.03 | (0.76)<br>| 92 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 19.93 | (0.24)<br>| 2.73 | 2.49 | (1.38)<br>| 21.04 | 12.71 <br><sup>(d)</sup><br>| 83438 | 1.77 <br><sup>(d)</sup><br>| 1.77 <br><sup>(d)</sup><br>| (1.23 )<sup>(d)</sup><br>| 104 |
| Year ended 10/31/24 | 14.27 | (0.19)<br>| 5.85 | 5.66 |  | 19.93 | 39.66 <br><sup>(d)</sup><br>| 93255 | 1.78 <br><sup>(d)</sup><br>| 1.78 <br><sup>(d)</sup><br>| (1.07 )<sup>(d)</sup><br>| 102 |
| Year ended 10/31/23 | 15.41 | (0.17)<br>| (0.97)<br>| (1.14)<br>|  | 14.27 | (7.40 )<sup>(d)</sup><br>| 84404 | 1.77 <br><sup>(d)</sup><br>| 1.77 <br><sup>(d)</sup><br>| (1.10 )<sup>(d)</sup><br>| 124 |
| Year ended 10/31/22 | 28.52 | (0.21)<br>| (7.17)<br>| (7.38)<br>| (5.73)<br>| 15.41 | (31.22 )<sup>(d)</sup><br>| 115662 | 1.78 <br><sup>(d)</sup><br>| 1.78 <br><sup>(d)</sup><br>| (1.18 )<sup>(d)</sup><br>| 94 |
| Year ended 10/31/21 | 20.83 | (0.36)<br>| 9.13 | 8.77 | (1.08)<br>| 28.52 | 43.47 <br><sup>(d)</sup><br>| 206799 | 1.73 <br><sup>(d)</sup><br>| 1.73 <br><sup>(d)</sup><br>| (1.46 )<sup>(d)</sup><br>| 92 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 25.13 | (0.18)<br>| 3.47 | 3.29 | (1.38)<br>| 27.04 | 13.29 | 155030 | 1.29 | 1.29 | (0.75)<br>| 104 |
| Year ended 10/31/24 | 17.91 | (0.13)<br>| 7.35 | 7.22 |  | 25.13 | 40.31 | 145183 | 1.31 | 1.31 | (0.60)<br>| 102 |
| Year ended 10/31/23 | 19.25 | (0.12)<br>| (1.22)<br>| (1.34)<br>|  | 17.91 | (6.96)<br>| 112345 | 1.29 | 1.29 | (0.62)<br>| 124 |
| Year ended 10/31/22 | 33.95 | (0.15)<br>| (8.82)<br>| (8.97)<br>| (5.73)<br>| 19.25 | (30.85)<br>| 124370 | 1.29 | 1.29 | (0.69)<br>| 94 |
| Year ended 10/31/21 | 24.51 | (0.30)<br>| 10.82 | 10.52 | (1.08)<br>| 33.95 | 44.11 | 181872 | 1.28 | 1.28 | (1.01)<br>| 92 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 33.59 | (0.08)<br>| 4.67 | 4.59 | (1.38)<br>| 36.80 | 13.83 | 709880 | 0.79 | 0.79 | (0.25)<br>| 104 |
| Year ended 10/31/24 | 23.82 | (0.03)<br>| 9.80 | 9.77 |  | 33.59 | 41.02 | 648634 | 0.81 | 0.81 | (0.10)<br>| 102 |
| Year ended 10/31/23 | 25.48 | (0.03)<br>| (1.63)<br>| (1.66)<br>|  | 23.82 | (6.52)<br>| 518998 | 0.79 | 0.79 | (0.12)<br>| 124 |
| Year ended 10/31/22 | 42.77 | (0.05)<br>| (11.51)<br>| (11.56)<br>| (5.73)<br>| 25.48 | (30.50)<br>| 668812 | 0.79 | 0.79 | (0.19)<br>| 94 |
| Year ended 10/31/21 | 30.48 | (0.19)<br>| 13.56 | 13.37 | (1.08)<br>| 42.77 | 44.84 | 971407 | 0.78 | 0.78 | (0.51)<br>| 92 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 28.77 | (0.05)<br>| 3.99 | 3.94 | (1.38)<br>| 31.33 | 13.89 | 108342 | 0.74 | 0.74 | (0.20)<br>| 104 |
| Year ended 10/31/24 | 20.39 | (0.01)<br>| 8.39 | 8.38 |  | 28.77 | 41.10 | 122491 | 0.75 | 0.75 | (0.04)<br>| 102 |
| Year ended 10/31/23 | 21.80 | (0.01)<br>| (1.40)<br>| (1.41)<br>|  | 20.39 | (6.47)<br>| 95675 | 0.73 | 0.73 | (0.06)<br>| 124 |
| Year ended 10/31/22 | 37.45 | (0.03)<br>| (9.89)<br>| (9.92)<br>| (5.73)<br>| 21.80 | (30.45)<br>| 106860 | 0.73 | 0.73 | (0.13)<br>| 94 |
| Year ended 10/31/21 | 26.80 | (0.15)<br>| 11.88 | 11.73 | (1.08)<br>| 37.45 | 44.88 | 155263 | 0.72 | 0.72 | (0.45)<br>| 92 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 34.51 | (0.04)<br>| 4.80 | 4.76 | (1.38)<br>| 37.89 | 13.96 | 1514164 | 0.67 | 0.67 | (0.13)<br>| 104 |
| Year ended 10/31/24 | 24.44 | 0.01 | 10.06 | 10.07 |  | 34.51 | 41.20 | 1402448 | 0.68 | 0.68 | 0.03 | 102 |
| Year ended 10/31/23 | 26.10 | 0.00 | (1.66)<br>| (1.66)<br>|  | 24.44 | (6.36)<br>| 1047414 | 0.66 | 0.66 | 0.01 | 124 |
| Year ended 10/31/22 | 43.62 | (0.02)<br>| (11.77)<br>| (11.79)<br>| (5.73)<br>| 26.10 | (30.43)<br>| 1173789 | 0.67 | 0.67 | (0.07)<br>| 94 |
| Year ended 10/31/21 | 31.03 | (0.14)<br>| 13.81 | 13.67 | (1.08)<br>| 43.62 | 45.02 | 1559522 | 0.65 | 0.65 | (0.38)<br>| 92 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> The total return, ratios 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%, 0.97%, 0.98%, 0.99% and 0.95% for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

**8**

**Invesco Discovery Mid Cap Growth Fund**

------

**Notes to Financial Statements**

*October 31, 2025*

**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.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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.

**9**

**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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its 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 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

**10**

**Invesco Discovery Mid Cap Growth Fund**

------

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 year ended October 31, 2025, the Fund paid the Adviser $34,708 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.

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

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

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.

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

**M.** **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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.680% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.620% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |

---

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

For the year ended October 31, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to

**11**

**Invesco Discovery Mid Cap Growth Fund**

------

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 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 August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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 year ended October 31, 2025, the Adviser waived advisory fees of $184,403.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, 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 year ended October 31, 2025, 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 year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $428,832 in front-end sales commissions from the sale of Class A shares and $5,806 and $5,466 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2025, the Fund incurred $71,522 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $6308389547 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6308389547 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 164407838 | &nbsp;&nbsp;&nbsp;&nbsp; 402560957 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 566968795 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $6472797385 | &nbsp;&nbsp;&nbsp;&nbsp; $402560957 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6875358342 |

---

**12**

**Invesco Discovery Mid Cap Growth Fund**

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**NOTE 4—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended October 31, 2025, the Fund engaged in securities purchases of $37,775,743.

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $145,219.

**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—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Long-term capital gain | &nbsp;&nbsp; $286313523 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; $484170467 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 1884233572 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (332207)<br>|
| Late-Year ordinary loss deferral | &nbsp;&nbsp;&nbsp;&nbsp; (24182559)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 4147201329 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $6491090602 |

---

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

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

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

The Fund does not have a capital loss carryforward as of October 31, 2025.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $6,357,064,331 and $6,839,674,466, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1944341744 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (60108172)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1884233572 |

---

Cost of investments for tax purposes is $4,991,124,770.

**13**

**Invesco Discovery Mid Cap Growth Fund**

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**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of passive foreign investment companies,net operating losses and equalization, on October 31, 2025, undistributed net investment income (loss) was increased by $20,509,793, undistributed net realized gain was decreased by $34,523,201 and shares of beneficial interest was increased by $14,013,408. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 7581336 | &nbsp;&nbsp;&nbsp; $211626649 | &nbsp;&nbsp;&nbsp; 7757806 | &nbsp;&nbsp;&nbsp; $199195683 |
| Class C | &nbsp;&nbsp;&nbsp; 645573 | &nbsp;&nbsp;&nbsp; 12461898 | &nbsp;&nbsp;&nbsp; 686124 | &nbsp;&nbsp;&nbsp; 12482409 |
| Class R | &nbsp;&nbsp;&nbsp; 977570 | &nbsp;&nbsp;&nbsp; 23909089 | &nbsp;&nbsp;&nbsp; 1014616 | &nbsp;&nbsp;&nbsp; 23273300 |
| Class Y | &nbsp;&nbsp;&nbsp; 6653366 | &nbsp;&nbsp;&nbsp; 222027660 | &nbsp;&nbsp;&nbsp; 6538983 | &nbsp;&nbsp;&nbsp; 200346452 |
| Class R5 | &nbsp;&nbsp;&nbsp; 361241 | &nbsp;&nbsp;&nbsp; 10352542 | &nbsp;&nbsp;&nbsp; 542041 | &nbsp;&nbsp;&nbsp; 13901440 |
| Class R6 | &nbsp;&nbsp;&nbsp; 11117957 | &nbsp;&nbsp;&nbsp; 375285954 | &nbsp;&nbsp;&nbsp; 9586924 | &nbsp;&nbsp;&nbsp; 305426038 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5883630 | &nbsp;&nbsp;&nbsp; 173743590 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class C | &nbsp;&nbsp;&nbsp; 303434 | &nbsp;&nbsp;&nbsp; 6202192 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R | &nbsp;&nbsp;&nbsp; 303667 | &nbsp;&nbsp;&nbsp; 7940901 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 609329 | &nbsp;&nbsp;&nbsp; 21588533 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R5 | &nbsp;&nbsp;&nbsp; 195089 | &nbsp;&nbsp;&nbsp; 5883894 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; 1462950 | &nbsp;&nbsp;&nbsp; 53309902 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 457648 | &nbsp;&nbsp;&nbsp; 12741808 | &nbsp;&nbsp;&nbsp; 579842 | &nbsp;&nbsp;&nbsp; 14798430 |
| Class C | &nbsp;&nbsp;&nbsp; (662000)<br>| &nbsp;&nbsp;&nbsp; (12741808)<br>| &nbsp;&nbsp;&nbsp; (817385)<br>| &nbsp;&nbsp;&nbsp; (14798430)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (19158929)<br>| &nbsp;&nbsp;&nbsp; (534854329)<br>| &nbsp;&nbsp;&nbsp; (20500462)<br>| &nbsp;&nbsp;&nbsp; (521469840)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1000967)<br>| &nbsp;&nbsp;&nbsp; (19189668)<br>| &nbsp;&nbsp;&nbsp; (1104157)<br>| &nbsp;&nbsp;&nbsp; (19822643)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1324038)<br>| &nbsp;&nbsp;&nbsp; (33118132)<br>| &nbsp;&nbsp;&nbsp; (1510514)<br>| &nbsp;&nbsp;&nbsp; (34403296)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (7282548)<br>| &nbsp;&nbsp;&nbsp; (242373066)<br>| &nbsp;&nbsp;&nbsp; (9017849)<br>| &nbsp;&nbsp;&nbsp; (271120448)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (1355829)<br>| &nbsp;&nbsp;&nbsp; (37032317)<br>| &nbsp;&nbsp;&nbsp; (976551)<br>| &nbsp;&nbsp;&nbsp; (25407574)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (13261132)<br>| &nbsp;&nbsp;&nbsp; (463849542)<br>| &nbsp;&nbsp;&nbsp; (11802021)<br>| &nbsp;&nbsp;&nbsp; (371544342)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (7492653)<br>| &nbsp;&nbsp;&nbsp; $(206084250)<br>| &nbsp;&nbsp;&nbsp; (19022603)<br>| &nbsp;&nbsp;&nbsp; $(489142821)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 25% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**14**

**Invesco Discovery Mid Cap Growth Fund**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Discovery Mid Cap Growth Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Discovery Mid Cap Growth Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

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

**15**

**Invesco Discovery Mid Cap Growth Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Discovery Mid Cap Growth Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell Midcap® Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the fourth quintile for the three year period and the second quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could

**16**

**Invesco Discovery Mid Cap Growth Fund**

------

produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding

fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

**17**

**Invesco Discovery Mid Cap Growth Fund**

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The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**18**

**Invesco Discovery Mid Cap Growth Fund**

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**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $317521523 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**19**

**Invesco Discovery Mid Cap Growth Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**20**

**Invesco Discovery Mid Cap Growth Fund**

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![](img555bf9631.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-DMCG-NCSR

------

![](img182f20d71.jpg)

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**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Emerging Markets ex-China Fund**

Effective August 22, 2025, Invesco EQV Emerging Markets All Cap Fund was renamed Invesco Emerging Markets ex-China Fund.

Nasdaq:

A: GTDDX ■ C: GTDCX ■ Y: GTDYX ■ R5: GTDIX ■ R6: GTDFX

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| | |
|:---|:---|
| [2](#xx_96bdc3fc-a298-4f4d-97af-9e923e7950b5_SOI-Continued-11_1) | Schedule of Investments |
| [4](#xx_96bdc3fc-a298-4f4d-97af-9e923e7950b5_FS-Continued-11_1) | Financial Statements |
| [7](#xx_96bdc3fc-a298-4f4d-97af-9e923e7950b5_FS-Continued-11_4) | Financial Highlights |
| [8](#xx_96bdc3fc-a298-4f4d-97af-9e923e7950b5_NTF-Continued-11_1) | Notes to Financial Statements |
| [15](#xx_96bdc3fc-a298-4f4d-97af-9e923e7950b5_ARS-Continued-11_1) | Report of Independent Registered Public Accounting Firm |
| [16](#xx_96bdc3fc-a298-4f4d-97af-9e923e7950b5_AOC-Continued-11_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [19](#xx_96bdc3fc-a298-4f4d-97af-9e923e7950b5_TI-Continued-11_1) | Tax Information |
| [20](#xx_96bdc3fc-a298-4f4d-97af-9e923e7950b5_OIRSR-Continued-11_1) | Other Information Required in Form N-CSR (Items 8-11)  |

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------

**Schedule of Investments** 

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.73%** | **Common Stocks & Other Equity Interests–97.73%** | **Common Stocks & Other Equity Interests–97.73%** |
| **Brazil–10.82%** | **Brazil–10.82%** | **Brazil–10.82%** |
| Ambev S.A. | 8037345 | &nbsp;&nbsp; $18988030 |
| Banco do Brasil S.A. | 2991454 | &nbsp;&nbsp; 12177222 |
| Bradespar S.A., Preference Shares | 6820279 | &nbsp;&nbsp; 23503559 |
| ERO Copper Corp.<sup>(a)</sup>  | 454074 | &nbsp;&nbsp; 9696279 |
| Lojas Renner S.A. | 6445236 | &nbsp;&nbsp; 17778474 |
| Petroleo Brasileiro S.A., ADR<sup>(b)</sup>  | 1802084 | &nbsp;&nbsp; 19913028 |
| Telefonica Brasil S.A., ADR<sup>(b)</sup>  | 1687226 | &nbsp;&nbsp; 20128606 |
| Vale S.A. | 340400 | &nbsp;&nbsp; 4129128 |
|  |  | &nbsp;&nbsp; 126314326 |
| **Hungary–1.72%** | **Hungary–1.72%** | **Hungary–1.72%** |
| Richter Gedeon Nyrt | 651763 | &nbsp;&nbsp; 20076935 |
| **India–13.22%** | **India–13.22%** | **India–13.22%** |
| Delhivery Ltd.<sup>(a)</sup>  | 3689746 | &nbsp;&nbsp; 19354964 |
| Gujarat Pipavav Port Ltd. | 4913007 | &nbsp;&nbsp; 9205228 |
| HDFC Bank Ltd., ADR<sup>(b)</sup>  | 1446906 | &nbsp;&nbsp; 52406935 |
| ICICI Bank Ltd., ADR | 898470 | &nbsp;&nbsp; 27223641 |
| Infosys Ltd., ADR<sup>(b)</sup>  | 485241 | &nbsp;&nbsp; 8040444 |
| Power Grid Corp. of India Ltd. | 4825021 | &nbsp;&nbsp; 15654701 |
| Shriram Finance Ltd. | 2659046 | &nbsp;&nbsp; 22423734 |
|  |  | &nbsp;&nbsp; 154309647 |
| **Indonesia–2.84%** | **Indonesia–2.84%** | **Indonesia–2.84%** |
| PT Bank Negara Indonesia (Persero) <br> Tbk | 45884410 | &nbsp;&nbsp; 12059994 |
| PT Bank Rakyat Indonesia (Persero) Tbk | 55021200 | &nbsp;&nbsp; 13162185 |
| PT Semen Indonesia (Persero) Tbk | 47829700 | &nbsp;&nbsp; 7924012 |
|  |  | &nbsp;&nbsp; 33146191 |
| **Mexico–3.26%** | **Mexico–3.26%** | **Mexico–3.26%** |
| Fomento Economico Mexicano, S.A.B. <br> de C.V., ADR | 256374 | &nbsp;&nbsp; 24191451 |
| Genomma Lab Internacional S.A.B de <br> C.V., Class B | 14122062 | &nbsp;&nbsp; 13819150 |
|  |  | &nbsp;&nbsp; 38010601 |
| **Peru–1.69%** | **Peru–1.69%** | **Peru–1.69%** |
| Credicorp Ltd. | 75704 | &nbsp;&nbsp; 19758744 |
| **Poland–0.89%** | **Poland–0.89%** | **Poland–0.89%** |
| InPost S.A.<sup>(a)</sup>  | 826482 | &nbsp;&nbsp; 10410742 |
| **Portugal–1.11%** | **Portugal–1.11%** | **Portugal–1.11%** |
| Galp Energia SGPS S.A. | 643026 | &nbsp;&nbsp; 12919080 |
| **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** |
| Moscow Exchange MICEX-RTS PJSC<sup>(c)</sup>  | 11806000 | &nbsp;&nbsp; 12 |
| Sberbank of Russia PJSC<sup>(c)</sup>  | 11900044 | &nbsp;&nbsp; 12 |
| Sberbank of Russia PJSC, Preference <br> Shares<sup>(c)</sup>  | 15636015 | &nbsp;&nbsp; 15 |
|  |  | &nbsp;&nbsp; 39 |
| **Saudi Arabia–2.77%** | **Saudi Arabia–2.77%** | **Saudi Arabia–2.77%** |
| Saudi National Bank (The) | 3035107 | &nbsp;&nbsp; 32295231 |
| **Singapore–1.86%** | **Singapore–1.86%** | **Singapore–1.86%** |
| Grab Holdings Ltd., Class A<sup>(a)</sup>  | 3619266 | &nbsp;&nbsp; 21751789 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **South Africa–5.96%** | **South Africa–5.96%** | **South Africa–5.96%** |
| Anglo American PLC | 637769 | &nbsp;&nbsp; $24128471 |
| Naspers Ltd. | 535405 | &nbsp;&nbsp; 37604711 |
| Valterra Platinum Ltd. | 127064 | &nbsp;&nbsp; 7766923 |
|  |  | &nbsp;&nbsp; 69500105 |
| **South Korea–19.17%** | **South Korea–19.17%** | **South Korea–19.17%** |
| Hyundai Mobis Co. Ltd. | 95585 | &nbsp;&nbsp; 21137424 |
| KB Financial Group, Inc. | 279043 | &nbsp;&nbsp; 22779280 |
| LG Chem Ltd. | 61131 | &nbsp;&nbsp; 17003476 |
| LG Electronics, Inc. | 132386 | &nbsp;&nbsp; 8119659 |
| NAVER Corp. | 59795 | &nbsp;&nbsp; 11206549 |
| Samsung E&A Co. Ltd. | 740424 | &nbsp;&nbsp; 13461117 |
| Samsung Electro-Mechanics Co. Ltd. | 156025 | &nbsp;&nbsp; 26745892 |
| Samsung Electronics Co. Ltd. | 1101549 | &nbsp;&nbsp; 82920403 |
| Samsung Fire & Marine Insurance Co. Ltd. | 65472 | &nbsp;&nbsp; 20263864 |
|  |  | &nbsp;&nbsp; 223637664 |
| **Taiwan–24.82%** | **Taiwan–24.82%** | **Taiwan–24.82%** |
| Hon Hai Precision Industry Co. Ltd. | 2075000 | &nbsp;&nbsp; 17258567 |
| Largan Precision Co. Ltd. | 277000 | &nbsp;&nbsp; 19881449 |
| MediaTek, Inc. | 579000 | &nbsp;&nbsp; 24555056 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd. | 3568000 | &nbsp;&nbsp; 172547289 |
| Uni-President Enterprises Corp. | 6112000 | &nbsp;&nbsp; 15615670 |
| Yageo Corp. | 4941000 | &nbsp;&nbsp; 39769425 |
|  |  | &nbsp;&nbsp; 289627456 |
| **Thailand–3.25%** | **Thailand–3.25%** | **Thailand–3.25%** |
| Kasikornbank PCL, Foreign Shares | 6578709 | &nbsp;&nbsp; 37920290 |
| **United Arab Emirates–0.63%** | **United Arab Emirates–0.63%** | **United Arab Emirates–0.63%** |
| Americana Restaurants International PLC | 12467423 | &nbsp;&nbsp; 7380786 |
| **United Kingdom–0.18%** | **United Kingdom–0.18%** | **United Kingdom–0.18%** |
| Endava PLC, ADR<sup>(a)</sup>  | 221380 | &nbsp;&nbsp; 2052193 |
| **United States–2.91%** | **United States–2.91%** | **United States–2.91%** |
| EPAM Systems, Inc.<sup>(a)</sup>  | 98374 | &nbsp;&nbsp; 16088084 |
| Laureate Education, Inc., Class A<sup>(a)</sup>  | 613586 | &nbsp;&nbsp; 17812402 |
|  |  | &nbsp;&nbsp; 33900486 |
| **Vietnam–0.63%** | **Vietnam–0.63%** | **Vietnam–0.63%** |
| Vietnam Dairy Products JSC | 3356300 | &nbsp;&nbsp; 7347540 |
| Total Common Stocks & Other Equity Interests <br> (Cost $886,371,450) | Total Common Stocks & Other Equity Interests <br> (Cost $886,371,450) | &nbsp;&nbsp; 1140359845 |
| **Preferred Stocks–2.29%** | **Preferred Stocks–2.29%** | **Preferred Stocks–2.29%** |
| **South Korea–2.29%** | **South Korea–2.29%** | **South Korea–2.29%** |
| Samsung Electronics Co. Ltd., Preference <br> Shares <br>(Cost $17,175,347) | 453470 | &nbsp;&nbsp; 26761512 |
| **Money Market Funds–0.05%** | **Money Market Funds–0.05%** | **Money Market Funds–0.05%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup>  | 228254 | &nbsp;&nbsp; 228254 |

---

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

**2**

**Invesco Emerging Markets ex-China Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | 423898 | &nbsp;&nbsp; $423898 |
| Total Money Market Funds (Cost $652,152) | Total Money Market Funds (Cost $652,152) | Total Money Market Funds (Cost $652,152) | &nbsp;&nbsp; 652152 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-100.07% <br> (Cost $904,198,949)<br>|  |  | &nbsp;&nbsp; 1167773509 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–5.21%** | **Money Market Funds–5.21%** | **Money Market Funds–5.21%** | **Money Market Funds–5.21%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | 16797488 | &nbsp;&nbsp; 16797488 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup>  | 43939378 | &nbsp;&nbsp; $43952560 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $60,750,048) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $60,750,048) | &nbsp;&nbsp; 60750048 |
| TOTAL INVESTMENTS IN SECURITIES—105.28% <br> (Cost $964,948,997) | TOTAL INVESTMENTS IN SECURITIES—105.28% <br> (Cost $964,948,997) | &nbsp;&nbsp; 1228523557 |
| OTHER ASSETS LESS LIABILITIES–(5.28)% | OTHER ASSETS LESS LIABILITIES–(5.28)% | &nbsp;&nbsp; (61632766)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1166890791 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2025.

<sup>(c)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(d)</sup> 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 fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $9599069 | &nbsp;&nbsp; $204018907 | &nbsp;&nbsp; $(213389722) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $228254 | &nbsp;&nbsp; $385283 |
| Invesco Treasury Portfolio, Institutional Class | 17828826 | &nbsp;&nbsp; 378892255 | &nbsp;&nbsp; (396297183) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 423898 | &nbsp;&nbsp; 709446 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 4448559 | &nbsp;&nbsp; 239644086 | &nbsp;&nbsp; (227295157) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16797488 | &nbsp;&nbsp; 338,925\* |
| Invesco Private Prime Fund | 11604321 | &nbsp;&nbsp; 546484983 | &nbsp;&nbsp; (514150755) | &nbsp;&nbsp; 954 | &nbsp;&nbsp; 13057 | &nbsp;&nbsp; 43952560 | &nbsp;&nbsp; 944,044\* |
| Total | $43480775 | &nbsp;&nbsp; $1369040231 | &nbsp;&nbsp; $(1351132817) | &nbsp;&nbsp; $954 | &nbsp;&nbsp; $13057 | &nbsp;&nbsp; $61402200 | &nbsp;&nbsp; $2377698 |

---

\* 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. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

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

**3**

**Invesco Emerging Markets ex-China Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $903,546,797)\*<br>| &nbsp;&nbsp; $1167121357 |
| Investments in affiliated money market funds, at value <br> (Cost $61,402,200)<br>| &nbsp;&nbsp; 61402200 |
| Foreign currencies, at value (Cost $784,113) | &nbsp;&nbsp; 790474 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 235651 |
| Dividends | &nbsp;&nbsp; 1800258 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 314739 |
| Other assets | &nbsp;&nbsp; 58063 |
| Total assets | &nbsp;&nbsp; 1231722742 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 1372727 |
| Accrued foreign taxes | &nbsp;&nbsp; 1593477 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 60750048 |
| Accrued fees to affiliates | &nbsp;&nbsp; 516589 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1785 |
| Accrued other operating expenses | &nbsp;&nbsp; 268271 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 329054 |
| Total liabilities | &nbsp;&nbsp; 64831951 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1166890791 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $724620469 |
| Distributable earnings | &nbsp;&nbsp; 442270322 |
|  | &nbsp;&nbsp; $1166890791 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $429420199 |
| Class C | &nbsp;&nbsp; $4609744 |
| Class Y | &nbsp;&nbsp; $367280758 |
| Class R5 | &nbsp;&nbsp; $99657936 |
| Class R6 | &nbsp;&nbsp; $265922154 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 10379973 |
| Class C | &nbsp;&nbsp; 113962 |
| Class Y | &nbsp;&nbsp; 8873569 |
| Class R5 | &nbsp;&nbsp; 2415255 |
| Class R6 | &nbsp;&nbsp; 6448487 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $41.37 |
| Maximum offering price per share <br>(Net asset value of $41.37 ÷ 94.50%)<br>| &nbsp;&nbsp; $43.78 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $40.45 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $41.39 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $41.26 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $41.24 |

---

\* At October 31, 2025, securities with an aggregate value of $58,534,823 were on loan to brokers. 

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

**4**

**Invesco Emerging Markets ex-China Fund**

------

**Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $3,608,931) | &nbsp;&nbsp; $29698467 |
| Dividends from affiliated money market funds (includes net securities lending income of $192,313) | &nbsp;&nbsp; 1287042 |
| Foreign withholding tax claims | &nbsp;&nbsp; 66240 |
| Total investment income | &nbsp;&nbsp; 31051749 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 11775553 |
| Administrative services fees | &nbsp;&nbsp; 191385 |
| Custodian fees | &nbsp;&nbsp; 307322 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 958796 |
| Class C | &nbsp;&nbsp; 46354 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 1472751 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 144510 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 113237 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 31528 |
| Registration and filing fees | &nbsp;&nbsp; 84274 |
| Reports to shareholders | &nbsp;&nbsp; 182053 |
| Professional services fees | &nbsp;&nbsp; 98308 |
| Other | &nbsp;&nbsp; 32422 |
| Total expenses | &nbsp;&nbsp; 15438493 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (48558)<br>|
| Net expenses | &nbsp;&nbsp; 15389935 |
| Net investment income | &nbsp;&nbsp; 15661814 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $2,086,347) | &nbsp;&nbsp; 239665253 |
| Affiliated investment securities | &nbsp;&nbsp; 13057 |
| Foreign currencies | &nbsp;&nbsp; (2598927)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; 114205 |
|  | &nbsp;&nbsp; 237193588 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $255,337) | &nbsp;&nbsp; (5154798)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 954 |
| Foreign currencies | &nbsp;&nbsp; 2867820 |
|  | &nbsp;&nbsp; (2286024)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 234907564 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $250569378 |

---

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

**5**

**Invesco Emerging Markets ex-China Fund**

------

**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $15661814 | &nbsp;&nbsp; $18048852 |
| Net realized gain | &nbsp;&nbsp; 237193588 | &nbsp;&nbsp; 32441473 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (2286024)<br>| &nbsp;&nbsp; 129553568 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 250569378 | &nbsp;&nbsp; 180043893 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (4291057)<br>| &nbsp;&nbsp; (6398649)<br>|
| Class C | &nbsp;&nbsp; (9880)<br>| &nbsp;&nbsp; (53903)<br>|
| Class Y | &nbsp;&nbsp; (7123565)<br>| &nbsp;&nbsp; (10036966)<br>|
| Class R5 | &nbsp;&nbsp; (2361075)<br>| &nbsp;&nbsp; (2672144)<br>|
| Class R6 | &nbsp;&nbsp; (5816978)<br>| &nbsp;&nbsp; (9241518)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (19602555)<br>| &nbsp;&nbsp; (28403180)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (40078820)<br>| &nbsp;&nbsp; (44260953)<br>|
| Class C | &nbsp;&nbsp; (1511201)<br>| &nbsp;&nbsp; (2726488)<br>|
| Class Y | &nbsp;&nbsp; (220280713)<br>| &nbsp;&nbsp; (68412954)<br>|
| Class R5 | &nbsp;&nbsp; (84922065)<br>| &nbsp;&nbsp; 9322743 |
| Class R6 | &nbsp;&nbsp; (193381649)<br>| &nbsp;&nbsp; (103572829)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (540174448)<br>| &nbsp;&nbsp; (209650481)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (309207625)<br>| &nbsp;&nbsp; (58009768)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1476098416 | &nbsp;&nbsp; 1534108184 |
| End of year | &nbsp;&nbsp; $1166890791 | &nbsp;&nbsp; $1476098416 |

---

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

**6**

**Invesco Emerging Markets ex-China Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $34.17 | $0.34 | $7.24 | $7.58 | $(0.38)<br>| $— | $(0.38)<br>| $41.37 | 22.44<br> %<br>| &nbsp;&nbsp; $429420 | 1.39<br> %<br>| 1.39<br> %<br>| 0.97<br> %<br>| 96<br> %<br>|
| Year ended 10/31/24 | 31.00 | 0.31 | 3.36 | 3.67 | (0.50)<br>|  | (0.50)<br>| 34.17 | 11.95 | &nbsp;&nbsp; 393953 | 1.40 | 1.40 | 0.94 | 20 |
| Year ended 10/31/23 | 27.75 | 0.44 | 3.17 | 3.61 | (0.36)<br>|  | (0.36)<br>| 31.00 | 13.01 | &nbsp;&nbsp; 398691 | 1.33 | 1.34 | 1.36 | 11 |
| Year ended 10/31/22 | 41.94 | 0.36 | (12.84)<br>| (12.48)<br>| (0.21)<br>| (1.50)<br>| (1.71)<br>| 27.75 | (30.89)<br>| &nbsp;&nbsp; 388330 | 1.39 | 1.39 | 1.06 | 17 |
| Year ended 10/31/21 | 38.27 | 0.26 | 5.58 | 5.84 | (0.40)<br>| (1.77)<br>| (2.17)<br>| 41.94 | 15.22 | &nbsp;&nbsp; 591114 | 1.31 | 1.31 | 0.61 | 19 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 33.34 | 0.07 | 7.10 | 7.17 | (0.06)<br>|  | (0.06)<br>| 40.45 | 21.56 | &nbsp;&nbsp; 4610 | 2.14 | 2.14 | 0.22 | 96 |
| Year ended 10/31/24 | 30.23 | 0.06 | 3.28 | 3.34 | (0.23)<br>|  | (0.23)<br>| 33.34 | 11.08 | &nbsp;&nbsp; 5263 | 2.15 | 2.15 | 0.19 | 20 |
| Year ended 10/31/23 | 27.01 | 0.19 | 3.10 | 3.29 | (0.07)<br>|  | (0.07)<br>| 30.23 | 12.17 | &nbsp;&nbsp; 7317 | 2.08 | 2.09 | 0.61 | 11 |
| Year ended 10/31/22 | 40.94 | 0.11 | (12.54)<br>| (12.43)<br>|  | (1.50)<br>| (1.50)<br>| 27.01 | (31.40)<br>| &nbsp;&nbsp; 7696 | 2.14 | 2.14 | 0.31 | 17 |
| Year ended 10/31/21 | 37.38 | (0.06)<br>| 5.45 | 5.39 | (0.06)<br>| (1.77)<br>| (1.83)<br>| 40.94 | 14.35 | &nbsp;&nbsp; 15632 | 2.06 | 2.06 | (0.14)<br>| 19 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 34.19 | 0.42 | 7.25 | 7.67 | (0.47)<br>|  | (0.47)<br>| 41.39 | 22.76 | &nbsp;&nbsp; 367281 | 1.14 | 1.14 | 1.22 | 96 |
| Year ended 10/31/24 | 31.03 | 0.40 | 3.35 | 3.75 | (0.59)<br>|  | (0.59)<br>| 34.19 | 12.20 | &nbsp;&nbsp; 520980 | 1.15 | 1.15 | 1.19 | 20 |
| Year ended 10/31/23 | 27.78 | 0.52 | 3.18 | 3.70 | (0.45)<br>|  | (0.45)<br>| 31.03 | 13.30 | &nbsp;&nbsp; 537072 | 1.08 | 1.09 | 1.61 | 11 |
| Year ended 10/31/22 | 42.00 | 0.44 | (12.84)<br>| (12.40)<br>| (0.32)<br>| (1.50)<br>| (1.82)<br>| 27.78 | (30.71)<br>| &nbsp;&nbsp; 591206 | 1.14 | 1.14 | 1.31 | 17 |
| Year ended 10/31/21 | 38.32 | 0.37 | 5.58 | 5.95 | (0.50)<br>| (1.77)<br>| (2.27)<br>| 42.00 | 15.50 | &nbsp;&nbsp; 1062846 | 1.06 | 1.06 | 0.86 | 19 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 34.08 | 0.45 | 7.22 | 7.67 | (0.49)<br>|  | (0.49)<br>| 41.26 | 22.86 | &nbsp;&nbsp; 99658 | 1.06 | 1.06 | 1.30 | 96 |
| Year ended 10/31/24 | 30.93 | 0.42 | 3.34 | 3.76 | (0.61)<br>|  | (0.61)<br>| 34.08 | 12.28 | &nbsp;&nbsp; 161446 | 1.09 | 1.09 | 1.25 | 20 |
| Year ended 10/31/23 | 27.70 | 0.54 | 3.17 | 3.71 | (0.48)<br>|  | (0.48)<br>| 30.93 | 13.36 | &nbsp;&nbsp; 137177 | 1.03 | 1.04 | 1.66 | 11 |
| Year ended 10/31/22 | 41.88 | 0.46 | (12.80)<br>| (12.34)<br>| (0.34)<br>| (1.50)<br>| (1.84)<br>| 27.70 | (30.68)<br>| &nbsp;&nbsp; 135693 | 1.07 | 1.07 | 1.38 | 17 |
| Year ended 10/31/21 | 38.22 | 0.39 | 5.57 | 5.96 | (0.53)<br>| (1.77)<br>| (2.30)<br>| 41.88 | 15.56 | &nbsp;&nbsp; 215122 | 1.02 | 1.02 | 0.90 | 19 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 34.06 | 0.48 | 7.22 | 7.70 | (0.52)<br>|  | (0.52)<br>| 41.24 | 22.96 | &nbsp;&nbsp; 265922 | 0.99 | 0.99 | 1.37 | 96 |
| Year ended 10/31/24 | 30.92 | 0.44 | 3.34 | 3.78 | (0.64)<br>|  | (0.64)<br>| 34.06 | 12.34 | &nbsp;&nbsp; 394456 | 1.02 | 1.02 | 1.32 | 20 |
| Year ended 10/31/23 | 27.70 | 0.56 | 3.16 | 3.72 | (0.50)<br>|  | (0.50)<br>| 30.92 | 13.42 | &nbsp;&nbsp; 453850 | 0.96 | 0.97 | 1.73 | 11 |
| Year ended 10/31/22 | 41.89 | 0.48 | (12.79)<br>| (12.31)<br>| (0.38)<br>| (1.50)<br>| (1.88)<br>| 27.70 | (30.60)<br>| &nbsp;&nbsp; 447141 | 1.00 | 1.00 | 1.45 | 17 |
| Year ended 10/31/21 | 38.22 | 0.42 | 5.58 | 6.00 | (0.56)<br>| (1.77)<br>| (2.33)<br>| 41.89 | 15.67 | &nbsp;&nbsp; 741346 | 0.93 | 0.93 | 0.99 | 19 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

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

**7**

**Invesco Emerging Markets ex-China Fund**

------

**Notes to Financial Statements**

*October 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco Emerging Markets ex-China Fund, formerly 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.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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.

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**Invesco Emerging Markets ex-China Fund**

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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.** **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 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 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 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 year ended October 31, 2025, 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 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.

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

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

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overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its 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 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 year ended October 31, 2025, the Fund paid the Adviser $8,491 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.

**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 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.

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

**N.** **Other Risks** - 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,

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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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.935% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.910% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.885% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.860% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.835% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.810% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.785% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.760% |

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For the year ended October 31, 2025, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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 year ended October 31, 2025, the Adviser waived advisory fees of $29,776.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, 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 year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the 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 year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $17,697 in front-end sales commissions from the sale of Class A shares and $903 and $96 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2025, the Fund incurred $9,296 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

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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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; $126314326 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $126314326 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20076935 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20076935 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 87671020 | &nbsp;&nbsp;&nbsp;&nbsp; 66638627 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154309647 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33146191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33146191 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 38010601 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38010601 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 19758744 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19758744 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10410742 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10410742 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12919080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12919080 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 39 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32295231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32295231 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 21751789 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21751789 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69500105 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69500105 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 250399176 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 250399176 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 289627456 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 289627456 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37920290 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37920290 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7380786 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7380786 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 2052193 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2052193 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 33900486 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33900486 |
| Vietnam | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7347540 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7347540 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 652152 | &nbsp;&nbsp;&nbsp;&nbsp; 60750048 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61402200 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $330111311 | &nbsp;&nbsp;&nbsp;&nbsp; $898412207 | &nbsp;&nbsp;&nbsp;&nbsp; $39 | &nbsp;&nbsp;&nbsp;&nbsp; $1228523557 |

---

**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.

**Effect of Derivative Investments for the year ended October 31, 2025**

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** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain: |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $114205 |

---

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $6902104 |

---

**12**

**Invesco Emerging Markets ex-China Fund**

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**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $18,782.

**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—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $19602555 | &nbsp;&nbsp;&nbsp;&nbsp; $28403180 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $50357191 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 152999588 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 239047905 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 46863 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (181225)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 724620469 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1166890791 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and passive foreign investment companies.

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

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

The Fund does not have a capital loss carryforward as of October 31, 2025.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $1,232,913,052 and $1,753,699,133, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $333610653 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (94562748)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $239047905 |

---

Cost of investments for tax purposes is $989,475,652.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization and passive foreign investment companies, on October 31, 2025, undistributed net investment income was increased by $13,976,632, undistributed net realized gain was decreased by $56,824,631 and shares of beneficial interest was increased by $42,847,999. This reclassification had no effect on the net assets of the Fund.

**13**

**Invesco Emerging Markets ex-China Fund**

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**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 692239 | &nbsp;&nbsp;&nbsp; $24456326 | &nbsp;&nbsp;&nbsp; 869002 | &nbsp;&nbsp;&nbsp; $28631953 |
| Class C | &nbsp;&nbsp;&nbsp; 25629 | &nbsp;&nbsp;&nbsp; 868379 | &nbsp;&nbsp;&nbsp; 23914 | &nbsp;&nbsp;&nbsp; 771463 |
| Class Y | &nbsp;&nbsp;&nbsp; 1385665 | &nbsp;&nbsp;&nbsp; 46747748 | &nbsp;&nbsp;&nbsp; 3628693 | &nbsp;&nbsp;&nbsp; 120597653 |
| Class R5 | &nbsp;&nbsp;&nbsp; 883272 | &nbsp;&nbsp;&nbsp; 30157858 | &nbsp;&nbsp;&nbsp; 1140087 | &nbsp;&nbsp;&nbsp; 37301867 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1488032 | &nbsp;&nbsp;&nbsp; 50478744 | &nbsp;&nbsp;&nbsp; 1942602 | &nbsp;&nbsp;&nbsp; 63740201 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 106823 | &nbsp;&nbsp;&nbsp; 3571095 | &nbsp;&nbsp;&nbsp; 187373 | &nbsp;&nbsp;&nbsp; 6055889 |
| Class C | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; 8522 | &nbsp;&nbsp;&nbsp; 1601 | &nbsp;&nbsp;&nbsp; 50819 |
| Class Y | &nbsp;&nbsp;&nbsp; 93160 | &nbsp;&nbsp;&nbsp; 3108734 | &nbsp;&nbsp;&nbsp; 257136 | &nbsp;&nbsp;&nbsp; 8297773 |
| Class R5 | &nbsp;&nbsp;&nbsp; 68196 | &nbsp;&nbsp;&nbsp; 2266837 | &nbsp;&nbsp;&nbsp; 79094 | &nbsp;&nbsp;&nbsp; 2542876 |
| Class R6 | &nbsp;&nbsp;&nbsp; 152217 | &nbsp;&nbsp;&nbsp; 5053601 | &nbsp;&nbsp;&nbsp; 259099 | &nbsp;&nbsp;&nbsp; 8322270 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 22798 | &nbsp;&nbsp;&nbsp; 789343 | &nbsp;&nbsp;&nbsp; 34052 | &nbsp;&nbsp;&nbsp; 1123015 |
| Class C | &nbsp;&nbsp;&nbsp; (23234)<br>| &nbsp;&nbsp;&nbsp; (789343)<br>| &nbsp;&nbsp;&nbsp; (34783)<br>| &nbsp;&nbsp;&nbsp; (1123015)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1972636)<br>| &nbsp;&nbsp;&nbsp; (68895584)<br>| &nbsp;&nbsp;&nbsp; (2419614)<br>| &nbsp;&nbsp;&nbsp; (80071810)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (46532)<br>| &nbsp;&nbsp;&nbsp; (1598759)<br>| &nbsp;&nbsp;&nbsp; (74945)<br>| &nbsp;&nbsp;&nbsp; (2425755)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (7843566)<br>| &nbsp;&nbsp;&nbsp; (270137195)<br>| &nbsp;&nbsp;&nbsp; (5955908)<br>| &nbsp;&nbsp;&nbsp; (197308380)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (3273691)<br>| &nbsp;&nbsp;&nbsp; (117346760)<br>| &nbsp;&nbsp;&nbsp; (916736)<br>| &nbsp;&nbsp;&nbsp; (30522000)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (6772518)<br>| &nbsp;&nbsp;&nbsp; (248913994)<br>| &nbsp;&nbsp;&nbsp; (5299925)<br>| &nbsp;&nbsp;&nbsp; (175635300)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (15013887)<br>| &nbsp;&nbsp;&nbsp; $(540174448)<br>| &nbsp;&nbsp;&nbsp; (6279258)<br>| &nbsp;&nbsp;&nbsp; $(209650481)<br>|

---

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

**14**

**Invesco Emerging Markets ex-China Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Emerging Markets Ex-China Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Emerging Markets Ex-China Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

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

**15**

**Invesco Emerging Markets ex-China Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Emerging Markets ex-China Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI Emerging Markets Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and five year periods and the fourth quintile for the three year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund's stock selection in, and overweight or underweight exposures to, certain geographic regions and sectors detracted from Fund performance. The Board noted Invesco's restructuring of its fundamental equity platform to create a unified global platform in an effort to drive

**16**

**Invesco Emerging Markets ex-China Fund**

------

improved Fund performance. The Board considered that as part of such restructuring, the Fund's portfolio management team would be changed and the Fund also would undergo enhancements to its investment process, including removal of its "EQV" (earnings, quality and valuation) emphasis, effective June 23, 2025. The Board further considered that as part of the investment process changes, the Fund's investable universe would be adjusted to remove China and the Fund's 80% policy would be amended to reflect an emerging markets ex-China focus, each effective on or about August 22, 2025. The Board also considered that the Fund would be renamed "Invesco Emerging Markets ex-China Fund" in connection with the foregoing changes. The Board received and evaluated information from management regarding the estimated portfolio turnover and related transaction costs, as well as the estimated tax impact, associated with such changes. The Board considered information provided and discussed by management regarding the strength and track record of the new portfolio management team. The Board considered management's rationale for the changes, as well as management's views regarding how the changes could benefit Fund shareholders. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer

agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a

**17**

**Invesco Emerging Markets ex-China Fund**

------

direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**18**

**Invesco Emerging Markets ex-China Fund**

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Federal and State Income Tax** |  |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $42848000 |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 85.07% |  |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |  |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |  |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |  |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |  |
| Foreign Taxes | &nbsp;&nbsp; $0.1987 | &nbsp;&nbsp; per share |
| Foreign Source Income | &nbsp;&nbsp; $1.2181 | &nbsp;&nbsp; per share |

---

\*

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

**19**

**Invesco Emerging Markets ex-China Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**20**

**Invesco Emerging Markets ex-China Fund**

------

![](img182f20d71.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

DVM-NCSR

------

![](img2f43c2651.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Emerging Markets Local Debt Fund**

Nasdaq:

A: OEMAX ■ C: OEMCX ■ R: OEMNX ■ Y: OEMYX ■ R5: EMLDX ■ R6: OEMIX

------

---

| | |
|:---|:---|
| [2](#xx_f6b2251e-2e03-4c5d-8619-6fc1c40878ed_SOI-Continued-763_1) | Schedule of Investments |
| [12](#xx_f6b2251e-2e03-4c5d-8619-6fc1c40878ed_FS-Continued-763_1) | Financial Statements |
| [15](#xx_f6b2251e-2e03-4c5d-8619-6fc1c40878ed_FS-Continued-763_4) | Financial Highlights |
| [16](#xx_f6b2251e-2e03-4c5d-8619-6fc1c40878ed_NTF-Continued-763_1) | Notes to Financial Statements |
| [26](#xx_f6b2251e-2e03-4c5d-8619-6fc1c40878ed_ARS-Continued-763_1) | Report of Independent Registered Public Accounting Firm |
| [27](#xx_f6b2251e-2e03-4c5d-8619-6fc1c40878ed_AOC-Continued-763_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [30](#xx_f6b2251e-2e03-4c5d-8619-6fc1c40878ed_TI-Continued-763_1) | Tax Information |
| [31](#xx_f6b2251e-2e03-4c5d-8619-6fc1c40878ed_OIRSR-Continued-763_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*October 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Non-U.S. Dollar Denominated Bonds & Notes–86.42%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–86.42%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–86.42%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–86.42%**<sup>(a)</sup>  |
| **Argentina–0.38%** | **Argentina–0.38%** | **Argentina–0.38%** | **Argentina–0.38%** |
| Argentina Treasury Bond, <br> 29.50%, 04/27/2027<sup>(b)</sup> <br>| ARS | 480000000 | &nbsp;&nbsp; $341185 |
| **Brazil–2.59%** | **Brazil–2.59%** | **Brazil–2.59%** | **Brazil–2.59%** |
| Brazil Notas do Tesouro Nacional, | Brazil Notas do Tesouro Nacional, |  |  |
| 6.00%, 08/15/2032 | BRL | 2000000 | &nbsp;&nbsp; 1545649 |
| Series B, 6.00%, <br> 08/15/2050<br>| BRL | 1100000 | &nbsp;&nbsp; 804492 |
|  |  |  | &nbsp;&nbsp; 2350141 |
| **Chile–3.74%** | **Chile–3.74%** | **Chile–3.74%** | **Chile–3.74%** |
| Bonos de la Tesoreria de la Republica <br> en pesos, | Bonos de la Tesoreria de la Republica <br> en pesos, |  |  |
| 2.30%, 10/01/2028<sup>(c)</sup> <br>| CLP | 1500000000 | &nbsp;&nbsp; 1482086 |
| 5.00%, 10/01/2028<sup>(c)</sup> <br>| CLP | 650000000 | &nbsp;&nbsp; 691315 |
| 4.70%, 09/01/2030<sup>(c)</sup> <br>| CLP | 600000000 | &nbsp;&nbsp; 620809 |
| Bonos de la Tesoreria General <br> de la Republica de Chile, <br> 5.00%, 03/01/2035<br>| CLP | 580000000 | &nbsp;&nbsp; 599443 |
|  |  |  | &nbsp;&nbsp; 3393653 |
| **China–2.18%** | **China–2.18%** | **China–2.18%** | **China–2.18%** |
| China Development Bank, <br> Series 2315, 2.69%, <br> 09/11/2033<br>| CNY | 10000000 | &nbsp;&nbsp; 1488826 |
| China Government Bond, <br> 2.15%, 08/25/2055<br>| CNY | 3500000 | &nbsp;&nbsp; 492295 |
|  |  |  | &nbsp;&nbsp; 1981121 |
| **Colombia–10.24%** | **Colombia–10.24%** | **Colombia–10.24%** | **Colombia–10.24%** |
| Colombian TES, | Colombian TES, |  |  |
| Series B, 11.00%, <br> 08/22/2029<br>| COP | 16000000000 | &nbsp;&nbsp; 4149018 |
| Series B, 7.75%, <br> 09/18/2030<br>| COP | 3000000000 | &nbsp;&nbsp; 680726 |
| Series B, 7.00%, <br> 03/26/2031<br>| COP | 14000000000 | &nbsp;&nbsp; 3016254 |
| Series B, 13.25%, <br> 02/09/2033<br>| COP | 3300000000 | &nbsp;&nbsp; 919689 |
| PA Autopista Rio Magdalena, <br> 6.05%, 06/15/2036<sup>(c)</sup> <br>| COP | 2292888035 | &nbsp;&nbsp; 524941 |
|  |  |  | &nbsp;&nbsp; 9290628 |
| **Czech Republic–2.15%** | **Czech Republic–2.15%** | **Czech Republic–2.15%** | **Czech Republic–2.15%** |
| Czech Republic Government Bond, | Czech Republic Government Bond, |  |  |
| Series 125, 1.50%, <br> 04/24/2040<br>| CZK | 47000000 | &nbsp;&nbsp; 1478098 |
| Series 157, 3.60%, <br> 06/03/2036<br>| CZK | 11000000 | &nbsp;&nbsp; 478423 |
|  |  |  | &nbsp;&nbsp; 1956521 |
| **Egypt–0.83%** | **Egypt–0.83%** | **Egypt–0.83%** | **Egypt–0.83%** |
| Egypt Government Bond, | Egypt Government Bond, |  |  |
| 25.32%, 08/13/2027 | EGP | 28400000 | &nbsp;&nbsp; 615916 |
| 24.46%, 10/01/2027 | EGP | 6600000 | &nbsp;&nbsp; 142108 |
|  |  |  | &nbsp;&nbsp; 758024 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Hungary–3.23%** | **Hungary–3.23%** | **Hungary–3.23%** | **Hungary–3.23%** |
| Hungary Government Bond, | Hungary Government Bond, |  |  |
| Class B, 4.50%, <br> 03/23/2028<br>| HUF | 500000000 | &nbsp;&nbsp; $1426962 |
| Series 28-A, 6.75%, <br> 10/22/2028<br>| HUF | 500000000 | &nbsp;&nbsp; 1502479 |
|  |  |  | &nbsp;&nbsp; 2929441 |
| **India–4.20%** | **India–4.20%** | **India–4.20%** | **India–4.20%** |
| India Government Bond, | India Government Bond, |  |  |
| 7.36%, 09/12/2052 | INR | 100000000 | &nbsp;&nbsp; 1142266 |
| 7.30%, 06/19/2053 | INR | 235000000 | &nbsp;&nbsp; 2671325 |
|  |  |  | &nbsp;&nbsp; 3813591 |
| **Indonesia–10.86%** | **Indonesia–10.86%** | **Indonesia–10.86%** | **Indonesia–10.86%** |
| Indonesia Treasury Bond, | Indonesia Treasury Bond, |  |  |
| Series 104, 6.50%, <br> 07/15/2030<br>| IDR | 29400000000 | &nbsp;&nbsp; 1843546 |
| Series 108, 6.50%, <br> 04/15/2036<br>| IDR | 16000000000 | &nbsp;&nbsp; 997811 |
| Series FR82, 7.00%, <br> 09/15/2030<br>| IDR | 15000000000 | &nbsp;&nbsp; 959261 |
| Series FR87, 6.50%, <br> 02/15/2031<br>| IDR | 3800000000 | &nbsp;&nbsp; 237186 |
| Series FR91, 6.38%, <br> 04/15/2032<br>| IDR | 23000000000 | &nbsp;&nbsp; 1416927 |
| Series FR95, 6.38%, <br> 08/15/2028<br>| IDR | 30000000000 | &nbsp;&nbsp; 1863788 |
| Series FR96, 7.00%, <br> 02/15/2033<br>| IDR | 40000000000 | &nbsp;&nbsp; 2537102 |
|  |  |  | &nbsp;&nbsp; 9855621 |
| **Malaysia–8.64%** | **Malaysia–8.64%** | **Malaysia–8.64%** | **Malaysia–8.64%** |
| Malaysia Government Bond, | Malaysia Government Bond, |  |  |
| Series 122, 3.58%, <br> 07/15/2032<br>| MYR | 5000000 | &nbsp;&nbsp; 1203023 |
| Series 123, 4.46%, <br> 03/31/2053<br>| MYR | 3000000 | &nbsp;&nbsp; 767147 |
| Series 219, 3.89%, <br> 08/15/2029<br>| MYR | 12000000 | &nbsp;&nbsp; 2933130 |
| Series 310, 4.50%, <br> 04/15/2030<br>| MYR | 4000000 | &nbsp;&nbsp; 1004648 |
| Series 513, 3.73%, <br> 06/15/2028<br>| MYR | 6000000 | &nbsp;&nbsp; 1453617 |
| Series 519, 3.76%, <br> 05/22/2040<br>| MYR | 2000000 | &nbsp;&nbsp; 477808 |
|  |  |  | &nbsp;&nbsp; 7839373 |
| **Mexico–9.22%** | **Mexico–9.22%** | **Mexico–9.22%** | **Mexico–9.22%** |
| Mexican Bonos, | Mexican Bonos, |  |  |
| Series M, 8.50%, <br> 02/28/2030<br>| MXN | 75000000 | &nbsp;&nbsp; 4089852 |
| Series M, 7.75%, <br> 05/29/2031<br>| MXN | 30000000 | &nbsp;&nbsp; 1575811 |
| Series M, 8.00%, <br> 11/07/2047<br>| MXN | 5000000 | &nbsp;&nbsp; 234875 |
| Series M, 8.00%, <br> 07/31/2053<br>| MXN | 52000000 | &nbsp;&nbsp; 2422460 |

---

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

**2**

**Invesco Emerging Markets Local Debt Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Mexico–(continued)** | **Mexico–(continued)** | **Mexico–(continued)** | **Mexico–(continued)** |
| Red de Carreteras de Occidente <br> S.A.B. de C.V., 9.00%, <br> 06/10/2028<sup>(c)</sup> <br>| MXN | 874000 | &nbsp;&nbsp; $47538 |
|  |  |  | &nbsp;&nbsp; 8370536 |
| **Peru–0.71%** | **Peru–0.71%** | **Peru–0.71%** | **Peru–0.71%** |
| Peru Government Bond, 7.60%, <br> 08/12/2039<sup>(c)</sup> <br>| PEN | 2000000 | &nbsp;&nbsp; 647769 |
| **Philippines–1.73%** | **Philippines–1.73%** | **Philippines–1.73%** | **Philippines–1.73%** |
| Philippine Government Bond, | Philippine Government Bond, |  |  |
| Series 0770, 6.38%, <br> 07/27/2030<br>| PHP | 30000000 | &nbsp;&nbsp; 524671 |
| Series R518, 6.25%, <br> 02/28/2029<br>| PHP | 60000000 | &nbsp;&nbsp; 1042887 |
|  |  |  | &nbsp;&nbsp; 1567558 |
| **Poland–4.71%** | **Poland–4.71%** | **Poland–4.71%** | **Poland–4.71%** |
| Republic of Poland Government Bond, | Republic of Poland Government Bond, |  |  |
| Series 1030, 1.25%, <br> 10/25/2030<br>| PLN | 3000000 | &nbsp;&nbsp; 690013 |
| Series 432, 1.75%, <br> 04/25/2032<br>| PLN | 16000000 | &nbsp;&nbsp; 3583311 |
|  |  |  | &nbsp;&nbsp; 4273324 |
| **Romania–4.68%** | **Romania–4.68%** | **Romania–4.68%** | **Romania–4.68%** |
| Romania Government Bond, | Romania Government Bond, |  |  |
| 6.30%, 04/25/2029 | RON | 6200000 | &nbsp;&nbsp; 1378456 |
| 4.85%, 07/25/2029 | RON | 6000000 | &nbsp;&nbsp; 1269390 |
| 8.00%, 04/29/2030 | RON | 6000000 | &nbsp;&nbsp; 1413890 |
| 7.65%, 07/27/2031 | RON | 800000 | &nbsp;&nbsp; 187056 |
|  |  |  | &nbsp;&nbsp; 4248792 |
| **South Africa–8.43%** | **South Africa–8.43%** | **South Africa–8.43%** | **South Africa–8.43%** |
| Republic of South Africa Government <br> Bond, | Republic of South Africa Government <br> Bond, |  |  |
| Series 2040, 9.00%, <br> 01/31/2040<br>| ZAR | 44000000 | &nbsp;&nbsp; 2387483 |
| Series 2044, 8.75%, <br> 01/31/2044<br>| ZAR | 45000000 | &nbsp;&nbsp; 2325881 |
| Series 2048, 8.75%, <br> 02/28/2048<br>| ZAR | 31000000 | &nbsp;&nbsp; 1595917 |
| Series 2053, 11.63%, <br> 03/31/2053<br>| ZAR | 20000000 | &nbsp;&nbsp; 1343644 |
|  |  |  | &nbsp;&nbsp; 7652925 |
| **Supranational–1.58%** | **Supranational–1.58%** | **Supranational–1.58%** | **Supranational–1.58%** |
| Corporacion Andina de <br> Fomento, 37.00%, <br> 10/21/2027<sup>(c)</sup> <br>| TRY | 7000000 | &nbsp;&nbsp; 167052 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Supranational–(continued)** | **Supranational–(continued)** | **Supranational–(continued)** | **Supranational–(continued)** |
| European Bank for <br> Reconstruction & <br> Development, 0.00%, <br> 05/17/2034<sup>(d)</sup> <br>| TRY | 47000000 | &nbsp;&nbsp; $131721 |
| International Bank for Reconstruction & <br> Development, | International Bank for Reconstruction & <br> Development, |  |  |
| 6.85%, 04/24/2028 | INR | 45000000 | &nbsp;&nbsp; 511534 |
| 6.50%, 04/17/2030 | INR | 50000000 | &nbsp;&nbsp; 561026 |
| International Finance Corp., <br> 0.00%, 02/15/2029<sup>(c)(d)</sup> <br>| TRY | 7300000 | &nbsp;&nbsp; 67856 |
|  |  |  | &nbsp;&nbsp; 1439189 |
| **Thailand–2.19%** | **Thailand–2.19%** | **Thailand–2.19%** | **Thailand–2.19%** |
| Thailand Government Bond, | Thailand Government Bond, |  |  |
| 2.41%, 03/17/2035 | THB | 16300000 | &nbsp;&nbsp; 534557 |
| 3.45%, 06/17/2043 | THB | 40000000 | &nbsp;&nbsp; 1449931 |
|  |  |  | &nbsp;&nbsp; 1984488 |
| **Turkey–4.13%** | **Turkey–4.13%** | **Turkey–4.13%** | **Turkey–4.13%** |
| Turkiye Government Bond, | Turkiye Government Bond, |  |  |
| 37.84%, 07/14/2027 | TRY | 30000000 | &nbsp;&nbsp; 721908 |
| 31.08%, 11/08/2028 | TRY | 29500000 | &nbsp;&nbsp; 660834 |
| 30.00%, 09/12/2029 | TRY | 107800000 | &nbsp;&nbsp; 2361919 |
|  |  |  | &nbsp;&nbsp; 3744661 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $76,688,466) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $76,688,466) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $76,688,466) | &nbsp;&nbsp; 78438541 |
| **U.S. Dollar Denominated Bonds & Notes–0.13%** | **U.S. Dollar Denominated Bonds & Notes–0.13%** | **U.S. Dollar Denominated Bonds & Notes–0.13%** | **U.S. Dollar Denominated Bonds & Notes–0.13%** |
| **United States–0.13%** | **United States–0.13%** | **United States–0.13%** | **United States–0.13%** |
| U.S. International Development <br> Finance Corp., Series 4, <br> 3.13%, 04/15/2028 <br> (Cost $120,000)<br>|  | $120000 | &nbsp;&nbsp; 117844 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–11.40%** | **Money Market Funds–11.40%** | **Money Market Funds–11.40%** | **Money Market Funds–11.40%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup>  | 3622317 | &nbsp;&nbsp; 3622317 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(e)(f)</sup>  | 6727099 | &nbsp;&nbsp; 6727099 |
| Total Money Market Funds (Cost $10,349,416) | Total Money Market Funds (Cost $10,349,416) | Total Money Market Funds (Cost $10,349,416) | &nbsp;&nbsp; 10349416 |
| **Options Purchased–0.54%** | **Options Purchased–0.54%** | **Options Purchased–0.54%** | **Options Purchased–0.54%** |
| (Cost $724,516)<sup>(g)</sup>  | (Cost $724,516)<sup>(g)</sup>  | (Cost $724,516)<sup>(g)</sup>  | &nbsp;&nbsp; 490831 |
| TOTAL INVESTMENTS IN SECURITIES—98.49% <br> (Cost $87,882,398) | TOTAL INVESTMENTS IN SECURITIES—98.49% <br> (Cost $87,882,398) | TOTAL INVESTMENTS IN SECURITIES—98.49% <br> (Cost $87,882,398) | &nbsp;&nbsp; 89396632 |
| OTHER ASSETS LESS LIABILITIES–1.51% | OTHER ASSETS LESS LIABILITIES–1.51% | OTHER ASSETS LESS LIABILITIES–1.51% | &nbsp;&nbsp; 1368110 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $90764742 |

---

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

**3**

**Invesco Emerging Markets Local Debt Fund**

------

Investment Abbreviations:

---

| | |
|:---|:---|
| ARS | – Argentina Peso |
| BRL | – Brazilian Real |
| CLP | – Chile Peso |
| CNY | – Chinese Yuan Renminbi |
| COP | – Colombia Peso |
| CZK | – Czech Koruna |
| EGP | – Egypt Pound |
| HUF | – Hungarian Forint |
| IDR | – Indonesian Rupiah |
| INR | – Indian Rupee |
| MXN | – Mexican Peso |
| MYR | – Malaysian Ringgit |
| PEN | – Peruvian Sol |
| PHP | – Philippines Peso |
| PLN | – Polish Zloty |
| RON | – Romania New Leu |
| THB | – Thai Baht |
| TRY | – Turkish Lira |
| ZAR | – South African Rand |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

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

<sup>(c)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $4,249,366, which represented 4.68% of the Fund's Net Assets. 

<sup>(d)</sup> Zero coupon bond issued at a discount.

<sup>(e)</sup> 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 fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $3242562 | &nbsp;&nbsp; $24955315 | &nbsp;&nbsp; $(24575560) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3622317 | &nbsp;&nbsp; $92403 |
| Invesco Treasury Portfolio, Institutional Class | 6021841 | &nbsp;&nbsp; 46345586 | &nbsp;&nbsp; (45640328) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6727099 | &nbsp;&nbsp; 170036 |
| Total | $9264403 | &nbsp;&nbsp; $71300901 | &nbsp;&nbsp; $(70215888) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10349416 | &nbsp;&nbsp; $262439 |

---

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025. <br> <sup>(g)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Counterparty** | &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| EUR versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 03/30/2026 | HUF | 375.00 | EUR | 180000 | &nbsp;&nbsp;&nbsp; $20957 |
| EUR versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 04/02/2026 | HUF | 375.00 | EUR | 180000 | &nbsp;&nbsp;&nbsp; 21338 |
| EUR versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 04/30/2026 | HUF | 380.00 | EUR | 90000 | &nbsp;&nbsp;&nbsp; 21226 |
| EUR versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 04/30/2026 | HUF | 370.00 | EUR | 90000 | &nbsp;&nbsp;&nbsp; 8199 |
| EUR versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/07/2026 | HUF | 370.00 | EUR | 90000 | &nbsp;&nbsp;&nbsp; 8372 |
| EUR versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/07/2026 | HUF | 380.00 | EUR | 90000 | &nbsp;&nbsp;&nbsp; 21262 |
| EUR versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/14/2026 | HUF | 375.00 | EUR | 90000 | &nbsp;&nbsp;&nbsp; 13746 |
| EUR versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/14/2026 | HUF | 365.00 | EUR | 90000 | &nbsp;&nbsp;&nbsp; 5107 |
| EUR versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/21/2026 | HUF | 365.00 | EUR | 90000 | &nbsp;&nbsp;&nbsp; 5206 |
| EUR versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/21/2026 | HUF | 375.00 | EUR | 90000 | &nbsp;&nbsp;&nbsp; 13765 |
| USD versus BRL | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 01/15/2026 | BRL | 5.39 | USD | 3600000 | &nbsp;&nbsp;&nbsp; 45418 |
| USD versus CLP | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 01/15/2026 | CLP | 925.00 | USD | 3600000 | &nbsp;&nbsp;&nbsp; 59555 |
| USD versus CLP | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 02/12/2026 | CLP | 910.00 | USD | 1800000 | &nbsp;&nbsp;&nbsp; 25070 |
| USD versus CZK | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 12/17/2025 | CZK | 20.15 | USD | 3600000 | &nbsp;&nbsp;&nbsp; 1314 |
| USD versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 12/05/2025 | HUF | 328.00 | USD | 3700000 | &nbsp;&nbsp;&nbsp; 5972 |

---

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

**4**

**Invesco Emerging Markets Local Debt Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of**<br> **Contract**<br>| **Counterparty** | &nbsp;&nbsp; **Expiration**<br> **Date**<br>| &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value** | **Value** |
| USD versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 01/08/2026 | HUF | 318.00 | USD | 100000 | &nbsp;&nbsp;&nbsp; $4455 |
| USD versus HUF | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 11/14/2025 | HUF | 320.00 | USD | 185000 | &nbsp;&nbsp;&nbsp; 410 |
| USD versus ILS | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 02/10/2026 | ILS | 3.10 | USD | 475000 | &nbsp;&nbsp;&nbsp; 51240 |
| USD versus ILS | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 01/08/2026 | ILS | 3.15 | USD | 50000 | &nbsp;&nbsp;&nbsp; 7748 |
| USD versus INR | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 01/30/2026 | INR | 87.50 | USD | 3600000 | &nbsp;&nbsp;&nbsp; 6361 |
| USD versus INR | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/06/2026 | INR | 88.50 | USD | 3800000 | &nbsp;&nbsp;&nbsp; 20227 |
| USD versus INR | Put | Standard Chartered Bank PLC | &nbsp;&nbsp;&nbsp; 01/09/2026 | INR | 88.30 | USD | 3600000 | &nbsp;&nbsp;&nbsp; 11056 |
| USD versus JPY | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 07/01/2026 | JPY | 122.00 | USD | 370000 | &nbsp;&nbsp;&nbsp; 4050 |
| USD versus PLN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 01/07/2026 | PLN | 3.56 | USD | 3600000 | &nbsp;&nbsp;&nbsp; 7063 |
| USD versus PLN | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 12/02/2025 | PLN | 3.65 | USD | 3700000 | &nbsp;&nbsp;&nbsp; 12206 |
| USD versus ZAR | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 01/30/2026 | ZAR | 16.75 | USD | 3600000 | &nbsp;&nbsp;&nbsp; 14501 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 02/02/2026 | ZAR | 16.90 | USD | 3700000 | &nbsp;&nbsp;&nbsp; 22951 |
| USD versus ZAR | Put | Standard Chartered Bank PLC | &nbsp;&nbsp;&nbsp; 12/19/2025 | ZAR | 17.25 | USD | 6000000 | &nbsp;&nbsp;&nbsp; 52056 |
| Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp; $490831 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Merrill Lynch International in the amount of $100,000. 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Counterparty** | **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp; **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| EUR versus ZAR | Call | Standard Chartered Bank PLC | &nbsp;&nbsp; 12/19/2025 | ZAR | 21.40 | EUR | 1800000 | &nbsp;&nbsp; $(2892)<br>|
| USD versus BRL | Call | Merrill Lynch International | &nbsp;&nbsp; 12/09/2025 | BRL | 5.72 | USD | 3600000 | &nbsp;&nbsp; (10854)<br>|
| USD versus CLP | Call | Merrill Lynch International | &nbsp;&nbsp; 06/12/2026 | CLP | 1000.00 | USD | 900000 | &nbsp;&nbsp; (18436)<br>|
| USD versus PLN | Call | Deutsche Bank AG | &nbsp;&nbsp; 12/11/2025 | PLN | 3.95 | USD | 1900000 | &nbsp;&nbsp; (800)<br>|
| Subtotal — Foreign Currency Call Options Written | Subtotal — Foreign Currency Call Options Written | Subtotal — Foreign Currency Call Options Written | Subtotal — Foreign Currency Call Options Written |  |  |  |  | &nbsp;&nbsp; (32982)<br>|
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| EUR versus ZAR | Put | Standard Chartered Bank PLC | &nbsp;&nbsp; 12/19/2025 | ZAR | 20.05 | EUR | 1800000 | &nbsp;&nbsp; (21437)<br>|
| USD versus BRL | Put | Deutsche Bank AG | &nbsp;&nbsp; 01/15/2026 | BRL | 5.28 | USD | 5400000 | &nbsp;&nbsp; (29824)<br>|
| USD versus CLP | Put | Deutsche Bank AG | &nbsp;&nbsp; 01/15/2026 | CLP | 900.00 | USD | 5400000 | &nbsp;&nbsp; (43508)<br>|
| USD versus CZK | Put | &nbsp;&nbsp; Morgan Stanley and Co. International <br> PLC<br>| &nbsp;&nbsp; 12/17/2025 | CZK | 19.75 | USD | 4680000 | &nbsp;&nbsp; (421)<br>|
| USD versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp; 12/05/2025 | HUF | 320.00 | USD | 4810000 | &nbsp;&nbsp; (1419)<br>|
| USD versus INR | Put | Deutsche Bank AG | &nbsp;&nbsp; 05/06/2026 | INR | 85.50 | USD | 5700000 | &nbsp;&nbsp; (5603)<br>|
| USD versus INR | Put | Standard Chartered Bank PLC | &nbsp;&nbsp; 01/09/2026 | INR | 87.20 | USD | 3600000 | &nbsp;&nbsp; (3935)<br>|
| USD versus PLN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 01/07/2026 | PLN | 3.44 | USD | 5400000 | &nbsp;&nbsp; (1890)<br>|
| USD versus PLN | Put | &nbsp;&nbsp; Morgan Stanley and Co. International <br> PLC<br>| &nbsp;&nbsp; 12/02/2025 | PLN | 3.55 | USD | 4070000 | &nbsp;&nbsp; (1347)<br>|
| USD versus ZAR | Put | Deutsche Bank AG | &nbsp;&nbsp; 01/30/2026 | ZAR | 16.35 | USD | 5040000 | &nbsp;&nbsp; (6749)<br>|
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 02/02/2026 | ZAR | 16.60 | USD | 5550000 | &nbsp;&nbsp; (15951)<br>|
| USD versus ZAR | Put | Standard Chartered Bank PLC | &nbsp;&nbsp; 12/19/2025 | ZAR | 16.40 | USD | 9000000 | &nbsp;&nbsp; (3249)<br>|
| Subtotal — Foreign Currency Put Options Written | Subtotal — Foreign Currency Put Options Written | Subtotal — Foreign Currency Put Options Written | Subtotal — Foreign Currency Put Options Written |  |  |  |  | &nbsp;&nbsp; (135333)<br>|
| Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written |  |  |  |  | &nbsp;&nbsp; $(168315)<br>|

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Merrill Lynch International in the amount of $100,000. 

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

**5**

**Invesco Emerging Markets Local Debt Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  |
| **Description** | **Type of** <br>**Contract**<br>| **Counterparty** | **Exercise** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/** <br>**Receive** <br>**Exercise** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 5 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, N.A. | 3.12% | SOFR | Receive | Annually | 11/14/2025 | USD | 3600000 | $(299)<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 5 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, N.A. | 3.42 | SOFR | Pay | Annually | 11/14/2025 | USD | 3600000 | (7317)<br>|
| Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written |  |  |  |  |  | $(7616)<br>|

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Merrill Lynch International in the amount of $100,000. 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 12/15/2025 | Barclays Bank PLC | PLN | 161000 | USD | 44155 | &nbsp;&nbsp;&nbsp; $574 |
| 12/15/2025 | BNP Paribas S.A. | PLN | 274000 | USD | 75464 | &nbsp;&nbsp;&nbsp; 1296 |
| 12/15/2025 | Citibank, N.A. | USD | 98550 | PLN | 367000 | &nbsp;&nbsp;&nbsp; 791 |
| 12/17/2025 | Citibank, N.A. | USD | 33059 | COP | 130980000 | &nbsp;&nbsp;&nbsp; 721 |
| 11/04/2025 | Deutsche Bank AG | USD | 1063032 | BRL | 5842352 | &nbsp;&nbsp;&nbsp; 22917 |
| 12/11/2025 | Deutsche Bank AG | USD | 521566 | BRL | 2840000 | &nbsp;&nbsp;&nbsp; 1545 |
| 12/17/2025 | Deutsche Bank AG | HUF | 133470000 | USD | 397597 | &nbsp;&nbsp;&nbsp; 1972 |
| 12/17/2025 | Deutsche Bank AG | INR | 6230000 | USD | 70211 | &nbsp;&nbsp;&nbsp; 197 |
| 12/17/2025 | Deutsche Bank AG | PHP | 61074000 | USD | 1067056 | &nbsp;&nbsp;&nbsp; 27305 |
| 12/17/2025 | Deutsche Bank AG | PLN | 1936098 | USD | 533125 | &nbsp;&nbsp;&nbsp; 9065 |
| 12/17/2025 | Deutsche Bank AG | RON | 1080000 | USD | 249351 | &nbsp;&nbsp;&nbsp; 5075 |
| 12/17/2025 | Deutsche Bank AG | USD | 620162 | EGP | 31669000 | &nbsp;&nbsp;&nbsp; 39509 |
| 12/17/2025 | Deutsche Bank AG | USD | 1855000 | ILS | 6163794 | &nbsp;&nbsp;&nbsp; 36739 |
| 12/17/2025 | Deutsche Bank AG | USD | 85195 | PEN | 296000 | &nbsp;&nbsp;&nbsp; 2615 |
| 01/12/2026 | Deutsche Bank AG | HUF | 134980000 | USD | 400000 | &nbsp;&nbsp;&nbsp; 525 |
| 02/04/2026 | Deutsche Bank AG | ZAR | 4990838 | USD | 288000 | &nbsp;&nbsp;&nbsp; 1979 |
| 03/18/2026 | Deutsche Bank AG | USD | 43491 | EGP | 2255000 | &nbsp;&nbsp;&nbsp; 1867 |
| 04/01/2026 | Deutsche Bank AG | EUR | 589000 | USD | 693013 | &nbsp;&nbsp;&nbsp; 8776 |
| 04/01/2026 | Deutsche Bank AG | HUF | 237702500 | USD | 705670 | &nbsp;&nbsp;&nbsp; 6034 |
| 04/01/2026 | Deutsche Bank AG | USD | 691628 | HUF | 235178000 | &nbsp;&nbsp;&nbsp; 578 |
| 05/08/2026 | Deutsche Bank AG | INR | 79744500 | USD | 895000 | &nbsp;&nbsp;&nbsp; 6699 |
| 05/11/2026 | Deutsche Bank AG | USD | 37911 | HUF | 13031000 | &nbsp;&nbsp;&nbsp; 337 |
| 07/01/2026 | Deutsche Bank AG | JPY | 61591680 | USD | 444000 | &nbsp;&nbsp;&nbsp; 35664 |
| 12/10/2025 | Goldman Sachs International | USD | 135771 | ILS | 454000 | &nbsp;&nbsp;&nbsp; 3556 |
| 12/17/2025 | Goldman Sachs International | RON | 10228129 | USD | 2353025 | &nbsp;&nbsp;&nbsp; 39615 |
| 12/17/2025 | Goldman Sachs International | USD | 247805 | EGP | 12643000 | &nbsp;&nbsp;&nbsp; 15552 |
| 12/17/2025 | Goldman Sachs International | USD | 896392 | MXN | 16850022 | &nbsp;&nbsp;&nbsp; 6494 |
| 12/17/2025 | Goldman Sachs International | USD | 1186419 | TRY | 52852000 | &nbsp;&nbsp;&nbsp; 27036 |
| 12/17/2025 | Goldman Sachs International | USD | 1482641 | ZAR | 25793000 | &nbsp;&nbsp;&nbsp; 668 |
| 12/17/2025 | Goldman Sachs International | ZAR | 9876000 | USD | 569202 | &nbsp;&nbsp;&nbsp; 1251 |
| 12/17/2025 | HSBC Bank USA | USD | 568310 | TRY | 24802000 | &nbsp;&nbsp;&nbsp; 1132 |
| 11/04/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 1644000 | USD | 307577 | &nbsp;&nbsp;&nbsp; 1998 |
| 11/04/2025 | J.P. Morgan Chase Bank, N.A. | USD | 2312230 | BRL | 12449743 | &nbsp;&nbsp;&nbsp; 1870 |
| 12/02/2025 | J.P. Morgan Chase Bank, N.A. | USD | 1993900 | BRL | 10805743 | &nbsp;&nbsp;&nbsp; 186 |
| 12/10/2025 | J.P. Morgan Chase Bank, N.A. | USD | 228881 | ILS | 767140 | &nbsp;&nbsp;&nbsp; 6545 |
| 12/11/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 316000 | USD | 58309 | &nbsp;&nbsp;&nbsp; 104 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | COP | 571565400 | USD | 147444 | &nbsp;&nbsp;&nbsp; 38 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 456363 | USD | 537351 | &nbsp;&nbsp;&nbsp; 10040 |

---

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

**6**

**Invesco Emerging Markets Local Debt Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | MXN | 8792617 | USD | 474832 | &nbsp;&nbsp;&nbsp; $3691 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 169555 | EGP | 8159000 | &nbsp;&nbsp;&nbsp; 398 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 99953 | HUF | 33750000 | &nbsp;&nbsp;&nbsp; 87 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 102976 | IDR | 1714623000 | &nbsp;&nbsp;&nbsp; 48 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 554775 | MYR | 2333841 | &nbsp;&nbsp;&nbsp; 3109 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 219264 | TRY | 9749200 | &nbsp;&nbsp;&nbsp; 4573 |
| 01/09/2026 | J.P. Morgan Chase Bank, N.A. | PLN | 1581422 | USD | 432000 | &nbsp;&nbsp;&nbsp; 4057 |
| 02/04/2026 | J.P. Morgan Chase Bank, N.A. | USD | 110535 | ZAR | 1936000 | &nbsp;&nbsp;&nbsp; 416 |
| 02/12/2026 | J.P. Morgan Chase Bank, N.A. | USD | 84807 | ILS | 283000 | &nbsp;&nbsp;&nbsp; 2106 |
| 05/11/2026 | J.P. Morgan Chase Bank, N.A. | EUR | 365000 | USD | 428531 | &nbsp;&nbsp;&nbsp; 3686 |
| 12/02/2025 | Merrill Lynch International | USD | 1340451 | BRL | 7269000 | &nbsp;&nbsp;&nbsp; 966 |
| 12/15/2025 | Merrill Lynch International | PLN | 431000 | USD | 117214 | &nbsp;&nbsp;&nbsp; 549 |
| 12/17/2025 | Merrill Lynch International | CZK | 10348000 | USD | 503572 | &nbsp;&nbsp;&nbsp; 12895 |
| 12/17/2025 | Merrill Lynch International | EUR | 644000 | USD | 753016 | &nbsp;&nbsp;&nbsp; 8899 |
| 12/17/2025 | Merrill Lynch International | HUF | 89410000 | USD | 266879 | &nbsp;&nbsp;&nbsp; 1854 |
| 12/17/2025 | Merrill Lynch International | IDR | 27062685118 | USD | 1639521 | &nbsp;&nbsp;&nbsp; 13451 |
| 12/17/2025 | Merrill Lynch International | USD | 1866236 | CLP | 1780285000 | &nbsp;&nbsp;&nbsp; 22866 |
| 12/17/2025 | Merrill Lynch International | USD | 931187 | COP | 3679679000 | &nbsp;&nbsp;&nbsp; 17796 |
| 05/11/2026 | Merrill Lynch International | USD | 675297 | HUF | 232083100 | &nbsp;&nbsp;&nbsp; 5895 |
| 11/04/2025 | Morgan Stanley and Co. International PLC | USD | 462289 | BRL | 2489100 | &nbsp;&nbsp;&nbsp; 374 |
| 12/11/2025 | Morgan Stanley and Co. International PLC | USD | 235450 | BRL | 1280000 | &nbsp;&nbsp;&nbsp; 318 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | COP | 600000000 | USD | 154909 | &nbsp;&nbsp;&nbsp; 170 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | CZK | 3693060 | USD | 180000 | &nbsp;&nbsp;&nbsp; 4884 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | HUF | 546397137 | USD | 1624816 | &nbsp;&nbsp;&nbsp; 5213 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 63191 | CLP | 60093000 | &nbsp;&nbsp;&nbsp; 575 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 73762 | CNY | 523000 | &nbsp;&nbsp;&nbsp; 65 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 46043 | HUF | 15562000 | &nbsp;&nbsp;&nbsp; 85 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 288573 | PEN | 1006154 | &nbsp;&nbsp;&nbsp; 9906 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 920901 | TRY | 40750070 | &nbsp;&nbsp;&nbsp; 14700 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 2575939 | ZAR | 45081122 | &nbsp;&nbsp;&nbsp; 16595 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | ZAR | 18657000 | USD | 1086931 | &nbsp;&nbsp;&nbsp; 14001 |
| 02/04/2026 | Morgan Stanley and Co. International PLC | ZAR | 1455000 | USD | 83923 | &nbsp;&nbsp;&nbsp; 538 |
| 12/17/2025 | Standard Chartered Bank PLC | USD | 442074 | EGP | 22485000 | &nbsp;&nbsp;&nbsp; 26293 |
| 12/17/2025 | Standard Chartered Bank PLC | USD | 105879 | INR | 9437000 | &nbsp;&nbsp;&nbsp; 176 |
| 12/17/2025 | Standard Chartered Bank PLC | USD | 94501 | MYR | 397000 | &nbsp;&nbsp;&nbsp; 398 |
| 12/17/2025 | Standard Chartered Bank PLC | USD | 81195 | PEN | 274000 | &nbsp;&nbsp;&nbsp; 88 |
| 03/18/2026 | Standard Chartered Bank PLC | USD | 167107 | EGP | 8321916 | &nbsp;&nbsp;&nbsp; 282 |
| 12/17/2025 | UBS AG | MXN | 4525000 | USD | 244187 | &nbsp;&nbsp;&nbsp; 1721 |
| 12/17/2025 | UBS AG | USD | 58850 | TRY | 2590000 | &nbsp;&nbsp;&nbsp; 615 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 533204 |
| **Currency Risk** |  |  |  |  |  |  |
| 12/17/2025 | Barclays Bank PLC | USD | 72210 | THB | 2284000 | &nbsp;&nbsp;&nbsp; (1331)<br>|
| 11/04/2025 | Deutsche Bank AG | BRL | 5842352 | USD | 1082040 | &nbsp;&nbsp;&nbsp; (3910)<br>|
| 12/11/2025 | Deutsche Bank AG | USD | 341281 | BRL | 1847000 | &nbsp;&nbsp;&nbsp; (1075)<br>|
| 12/15/2025 | Deutsche Bank AG | PLN | 1270701 | USD | 342000 | &nbsp;&nbsp;&nbsp; (1960)<br>|
| 12/15/2025 | Deutsche Bank AG | USD | 525258 | PLN | 1930000 | &nbsp;&nbsp;&nbsp; (2835)<br>|
| 12/17/2025 | Deutsche Bank AG | EGP | 8662000 | USD | 178121 | &nbsp;&nbsp;&nbsp; (2311)<br>|
| 12/17/2025 | Deutsche Bank AG | ILS | 3798263 | USD | 1130082 | &nbsp;&nbsp;&nbsp; (35648)<br>|
| 12/17/2025 | Deutsche Bank AG | INR | 76927000 | USD | 862554 | &nbsp;&nbsp;&nbsp; (1968)<br>|
| 12/17/2025 | Deutsche Bank AG | MXN | 8044000 | USD | 429532 | &nbsp;&nbsp;&nbsp; (1495)<br>|

---

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

**7**

**Invesco Emerging Markets Local Debt Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 12/17/2025 | Deutsche Bank AG | TRY | 63460000 | USD | 1407283 | &nbsp;&nbsp;&nbsp; $(49728)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 3086310 | CZK | 64173650 | &nbsp;&nbsp;&nbsp; (43350)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 4062400 | INR | 359506250 | &nbsp;&nbsp;&nbsp; (22189)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 199291 | MXN | 3700000 | &nbsp;&nbsp;&nbsp; (1031)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 1196649 | PLN | 4345752 | &nbsp;&nbsp;&nbsp; (20347)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 5019028 | THB | 158265000 | &nbsp;&nbsp;&nbsp; (107613)<br>|
| 02/03/2026 | Deutsche Bank AG | INR | 38485000 | USD | 430000 | &nbsp;&nbsp;&nbsp; (1325)<br>|
| 04/01/2026 | Deutsche Bank AG | USD | 705670 | EUR | 595000 | &nbsp;&nbsp;&nbsp; (14463)<br>|
| 04/08/2026 | Deutsche Bank AG | HUF | 144118800 | USD | 422802 | &nbsp;&nbsp;&nbsp; (1180)<br>|
| 04/08/2026 | Deutsche Bank AG | USD | 422802 | EUR | 360000 | &nbsp;&nbsp;&nbsp; (4448)<br>|
| 05/11/2026 | Deutsche Bank AG | HUF | 245114100 | USD | 710270 | &nbsp;&nbsp;&nbsp; (9170)<br>|
| 05/11/2026 | Deutsche Bank AG | USD | 710270 | EUR | 594000 | &nbsp;&nbsp;&nbsp; (18877)<br>|
| 05/26/2026 | Deutsche Bank AG | HUF | 241995600 | USD | 703237 | &nbsp;&nbsp;&nbsp; (6294)<br>|
| 05/26/2026 | Deutsche Bank AG | USD | 703237 | EUR | 594000 | &nbsp;&nbsp;&nbsp; (11372)<br>|
| 12/11/2025 | Goldman Sachs International | BRL | 2757000 | USD | 506322 | &nbsp;&nbsp;&nbsp; (1500)<br>|
| 12/11/2025 | Goldman Sachs International | USD | 196687 | BRL | 1067000 | &nbsp;&nbsp;&nbsp; (152)<br>|
| 12/17/2025 | Goldman Sachs International | THB | 17419000 | USD | 532235 | &nbsp;&nbsp;&nbsp; (8326)<br>|
| 12/17/2025 | Goldman Sachs International | USD | 2377385 | CNY | 16819195 | &nbsp;&nbsp;&nbsp; (3176)<br>|
| 12/17/2025 | Goldman Sachs International | USD | 217919 | CZK | 4551000 | &nbsp;&nbsp;&nbsp; (2122)<br>|
| 12/17/2025 | Goldman Sachs International | USD | 677896 | MXN | 12567000 | &nbsp;&nbsp;&nbsp; (4509)<br>|
| 12/17/2025 | Goldman Sachs International | USD | 978652 | PLN | 3560500 | &nbsp;&nbsp;&nbsp; (14902)<br>|
| 12/17/2025 | Goldman Sachs International | USD | 1133650 | ZAR | 19613510 | &nbsp;&nbsp;&nbsp; (5713)<br>|
| 12/17/2025 | Goldman Sachs International | ZAR | 13983000 | USD | 803775 | &nbsp;&nbsp;&nbsp; (362)<br>|
| 02/04/2026 | Goldman Sachs International | ZAR | 6837000 | USD | 388871 | &nbsp;&nbsp;&nbsp; (2952)<br>|
| 12/17/2025 | HSBC Bank USA | USD | 646432 | RON | 2829000 | &nbsp;&nbsp;&nbsp; (6566)<br>|
| 01/09/2026 | HSBC Bank USA | USD | 83938 | PLN | 304000 | &nbsp;&nbsp;&nbsp; (1674)<br>|
| 11/04/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 10805743 | USD | 2007010 | &nbsp;&nbsp;&nbsp; (1511)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | CLP | 560582765 | USD | 591900 | &nbsp;&nbsp;&nbsp; (2946)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | COP | 3528180151 | USD | 901566 | &nbsp;&nbsp;&nbsp; (8348)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | ILS | 1327720 | USD | 395433 | &nbsp;&nbsp;&nbsp; (12059)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | TRY | 10233000 | USD | 230440 | &nbsp;&nbsp;&nbsp; (4504)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 1684589 | HUF | 559300400 | &nbsp;&nbsp;&nbsp; (26739)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 97362 | MXN | 1800000 | &nbsp;&nbsp;&nbsp; (911)<br>|
| 02/04/2026 | J.P. Morgan Chase Bank, N.A. | USD | 1077183 | ZAR | 18648330 | &nbsp;&nbsp;&nbsp; (8462)<br>|
| 02/04/2026 | J.P. Morgan Chase Bank, N.A. | ZAR | 10513976 | USD | 573500 | &nbsp;&nbsp;&nbsp; (29048)<br>|
| 02/12/2026 | J.P. Morgan Chase Bank, N.A. | ILS | 2606040 | USD | 760000 | &nbsp;&nbsp;&nbsp; (40358)<br>|
| 07/01/2026 | J.P. Morgan Chase Bank, N.A. | USD | 440998 | JPY | 61591680 | &nbsp;&nbsp;&nbsp; (32662)<br>|
| 12/10/2025 | Merrill Lynch International | ILS | 767140 | USD | 220000 | &nbsp;&nbsp;&nbsp; (15426)<br>|
| 12/11/2025 | Merrill Lynch International | BRL | 4884000 | USD | 880000 | &nbsp;&nbsp;&nbsp; (19603)<br>|
| 12/17/2025 | Merrill Lynch International | CLP | 2865145929 | USD | 3008402 | &nbsp;&nbsp;&nbsp; (31867)<br>|
| 12/17/2025 | Merrill Lynch International | COP | 26883379400 | USD | 6803163 | &nbsp;&nbsp;&nbsp; (130017)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 437463 | INR | 38488000 | &nbsp;&nbsp;&nbsp; (4926)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 322121 | KRW | 444422000 | &nbsp;&nbsp;&nbsp; (10570)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 67303 | PLN | 245000 | &nbsp;&nbsp;&nbsp; (987)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 747678 | RON | 3273000 | &nbsp;&nbsp;&nbsp; (7388)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 58593 | ZAR | 1010000 | &nbsp;&nbsp;&nbsp; (510)<br>|
| 12/17/2025 | Merrill Lynch International | ZAR | 14639000 | USD | 835583 | &nbsp;&nbsp;&nbsp; (6279)<br>|
| 11/04/2025 | Morgan Stanley and Co. International PLC | BRL | 2489100 | USD | 454622 | &nbsp;&nbsp;&nbsp; (8040)<br>|
| 11/18/2025 | Morgan Stanley and Co. International PLC | HUF | 184437000 | USD | 540000 | &nbsp;&nbsp;&nbsp; (7690)<br>|
| 12/04/2025 | Morgan Stanley and Co. International PLC | PLN | 2080695 | USD | 555000 | &nbsp;&nbsp;&nbsp; (8286)<br>|

---

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)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 12/11/2025 | Morgan Stanley and Co. International PLC | USD | 513702 | BRL | 2777000 | &nbsp;&nbsp;&nbsp; $(2195)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | CNY | 3473000 | USD | 490232 | &nbsp;&nbsp;&nbsp; (19)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | COP | 1842083000 | USD | 468509 | &nbsp;&nbsp;&nbsp; (6561)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | IDR | 5768003000 | USD | 345018 | &nbsp;&nbsp;&nbsp; (1555)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | MXN | 13671000 | USD | 730564 | &nbsp;&nbsp;&nbsp; (1979)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | PEN | 503077 | USD | 143643 | &nbsp;&nbsp;&nbsp; (5597)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 25353 | HUF | 8502000 | &nbsp;&nbsp;&nbsp; (151)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 386608 | MXN | 7183300 | &nbsp;&nbsp;&nbsp; (1701)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 43393 | PLN | 158000 | &nbsp;&nbsp;&nbsp; (626)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | ZAR | 40082545 | USD | 2289581 | &nbsp;&nbsp;&nbsp; (15494)<br>|
| 12/11/2025 | Standard Chartered Bank PLC | USD | 65433 | BRL | 355000 | &nbsp;&nbsp;&nbsp; (44)<br>|
| 12/17/2025 | Standard Chartered Bank PLC | IDR | 8705862000 | USD | 522937 | &nbsp;&nbsp;&nbsp; (157)<br>|
| 12/17/2025 | Standard Chartered Bank PLC | INR | 56070000 | USD | 630000 | &nbsp;&nbsp;&nbsp; (127)<br>|
| 12/17/2025 | Standard Chartered Bank PLC | TRY | 38672000 | USD | 876280 | &nbsp;&nbsp;&nbsp; (11610)<br>|
| 12/17/2025 | Standard Chartered Bank PLC | USD | 540973 | MXN | 10012000 | &nbsp;&nbsp;&nbsp; (4493)<br>|
| 12/17/2025 | Standard Chartered Bank PLC | USD | 59245 | PHP | 3446000 | &nbsp;&nbsp;&nbsp; (579)<br>|
| 11/04/2025 | UBS AG | BRL | 11067491 | USD | 2055512 | &nbsp;&nbsp;&nbsp; (1662)<br>|
| 11/04/2025 | UBS AG | USD | 2067801 | BRL | 11067491 | &nbsp;&nbsp;&nbsp; (10627)<br>|
| 12/11/2025 | UBS AG | USD | 62768 | BRL | 340000 | &nbsp;&nbsp;&nbsp; (142)<br>|
| 12/17/2025 | UBS AG | USD | 131643 | MXN | 2442000 | &nbsp;&nbsp;&nbsp; (791)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (901121)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(367917)<br>|

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  |
| **Pay/** <br>**Receive** <br>**Floating** <br>**Rate**<br>| **Floating Rate Index** | &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Pay | FBIL Overnight MIBOR | Semi-Annually | 5.65% | Semi-Annually | &nbsp;&nbsp; 09/17/2030 | INR | 30000000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32 | &nbsp;&nbsp; $32 |
| Pay | 6 Month WIBOR | Semi-Annually | 4.05 | Annually | &nbsp;&nbsp; 10/25/2030 | PLN | 3500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1563 | &nbsp;&nbsp; 1563 |
| Receive | CLICP | Semi-Annually | &nbsp;&nbsp; (5.17) | Semi-Annually | &nbsp;&nbsp; 09/17/2035 | CLP | 600000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2842 | &nbsp;&nbsp; 2842 |
| Pay | FBIL Overnight MIBOR | Semi-Annually | 5.47 | Semi-Annually | &nbsp;&nbsp; 09/17/2027 | INR | 400000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3259 | &nbsp;&nbsp; 3259 |
| Pay | 6 Month WIBOR | Semi-Annually | 4.04 | Annually | &nbsp;&nbsp; 09/17/2029 | PLN | 7000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3755 | &nbsp;&nbsp; 3755 |
| Pay | BZDIOVRA | At Maturity | 13.54 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 1942187 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4521 | &nbsp;&nbsp; 4521 |
| Receive | CLICP | Semi-Annually | &nbsp;&nbsp; (4.41) | Semi-Annually | &nbsp;&nbsp; 09/17/2027 | CLP | 2000000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6529 | &nbsp;&nbsp; 6529 |
| Pay | BZDIOVRA | At Maturity | 13.35 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 4010744 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6856 | &nbsp;&nbsp; 6856 |
| Receive | COOVIBR | Quarterly | &nbsp;&nbsp; (9.55) | Quarterly | &nbsp;&nbsp; 09/17/2035 | COP | 3000000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6944 | &nbsp;&nbsp; 6944 |
| Pay | BZDIOVRA | At Maturity | 13.09 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 24129375 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9511 | &nbsp;&nbsp; 9511 |
| Receive | 6 Month CZK PRIBOR | Semi-Annually | &nbsp;&nbsp; (3.90) | Annually | &nbsp;&nbsp; 06/18/2035 | CZK | 17000000 | &nbsp;&nbsp; 2299 | &nbsp;&nbsp; 15378 | &nbsp;&nbsp; 13079 |
| Receive | COOVIBR | Quarterly | &nbsp;&nbsp; (8.87) | Quarterly | &nbsp;&nbsp; 09/17/2035 | COP | 1700000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23108 | &nbsp;&nbsp; 23108 |
| Pay | SOFR | Annually | 4.07 | Annually | &nbsp;&nbsp; 02/13/2030 | USD | 893000 | &nbsp;&nbsp; (204)<br>| &nbsp;&nbsp; 24436 | &nbsp;&nbsp; 24640 |
| Pay | BZDIOVRA | At Maturity | 13.76 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 6939676 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29404 | &nbsp;&nbsp; 29404 |
| Pay | FBIL Overnight MIBOR | Semi-Annually | 5.96 | Semi-Annually | &nbsp;&nbsp; 06/18/2030 | INR | 305000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49734 | &nbsp;&nbsp; 49734 |
| Pay | TTHORON | Quarterly | 1.73 | Quarterly | &nbsp;&nbsp; 06/18/2030 | THB | 95200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60743 | &nbsp;&nbsp; 60743 |
| Pay | BZDIOVRA | At Maturity | 14.77 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 6151140 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64872 | &nbsp;&nbsp; 64872 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  | &nbsp;&nbsp; 2095 | &nbsp;&nbsp; 313487 | &nbsp;&nbsp; 311392 |

---

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

**9**

**Invesco Emerging Markets Local Debt Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** |
| **Pay/**<br> **Receive**<br> **Floating**<br> **Rate**<br>| **Floating Rate Index** | &nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **(Pay)/**<br> **Receive**<br> **Fixed**<br> **Rate**<br>| &nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **Maturity**<br> **Date**<br>| **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Receive | CNRR007 | Quarterly | &nbsp;&nbsp; (2.82)% | Quarterly | &nbsp;&nbsp; 03/23/2028 | CNY | 10000000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(43203)<br>| &nbsp;&nbsp; $(43203)<br>|
| Pay | COOVIBR | Quarterly | 8.03 | Quarterly | &nbsp;&nbsp; 05/06/2027 | COP | 8160000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (35111)<br>| &nbsp;&nbsp; (35111)<br>|
| Pay | 6 Month BUBOR | Semi-Annually | 5.89 | Annually | &nbsp;&nbsp; 09/17/2028 | HUF | 1100000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (29913)<br>| &nbsp;&nbsp; (29913)<br>|
| Pay | COOVIBR | Quarterly | 7.74 | Quarterly | &nbsp;&nbsp; 09/17/2027 | COP | 3700000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (23182)<br>| &nbsp;&nbsp; (23182)<br>|
| Pay | 6 Month CZK PRIBOR | Semi-Annually | 3.40 | Annually | &nbsp;&nbsp; 09/17/2030 | CZK | 20000000 | &nbsp;&nbsp; (2357)<br>| &nbsp;&nbsp; (20421)<br>| &nbsp;&nbsp; (18064)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (4.11) | Annually | &nbsp;&nbsp; 07/25/2055 | USD | 480000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13131)<br>| &nbsp;&nbsp; (13131)<br>|
| Pay | 6 Month BUBOR | Semi-Annually | 5.85 | Annually | &nbsp;&nbsp; 09/17/2028 | HUF | 550000000 | &nbsp;&nbsp; (5442)<br>| &nbsp;&nbsp; (16429)<br>| &nbsp;&nbsp; (10987)<br>|
| Receive | 6 Month WIBOR | Semi-Annually | &nbsp;&nbsp; (4.45) | Annually | &nbsp;&nbsp; 09/17/2035 | PLN | 5000000 | &nbsp;&nbsp; 2258 | &nbsp;&nbsp; (7671)<br>| &nbsp;&nbsp; (9929)<br>|
| Pay | SOFR | Annually | 3.30 | Annually | &nbsp;&nbsp; 10/30/2030 | USD | 1796000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8628)<br>| &nbsp;&nbsp; (8628)<br>|
| Pay | SOFR | Annually | 3.30 | Annually | &nbsp;&nbsp; 10/30/2030 | USD | 1768000 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; (8517)<br>| &nbsp;&nbsp; (8604)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.69) | Annually | &nbsp;&nbsp; 07/02/2035 | USD | 2519000 | &nbsp;&nbsp; 511 | &nbsp;&nbsp; (6414)<br>| &nbsp;&nbsp; (6925)<br>|
| Pay | CLICP | Semi-Annually | 4.71 | Semi-Annually | &nbsp;&nbsp; 09/17/2030 | CLP | 950000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4509)<br>| &nbsp;&nbsp; (4509)<br>|
| Receive | 3 Month JIBAR | Quarterly | &nbsp;&nbsp; (6.63) | Quarterly | &nbsp;&nbsp; 12/17/2027 | ZAR | 84500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4419)<br>| &nbsp;&nbsp; (4419)<br>|
| Receive | 6 Month WIBOR | Semi-Annually | &nbsp;&nbsp; (4.03) | Annually | &nbsp;&nbsp; 09/17/2027 | PLN | 16900000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3624)<br>| &nbsp;&nbsp; (3624)<br>|
| Pay | 3 Month JIBAR | Quarterly | 9.17 | Quarterly | &nbsp;&nbsp; 10/21/2035 | ZAR | 21300000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1256)<br>| &nbsp;&nbsp; (1256)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  | &nbsp;&nbsp; (4943)<br>| &nbsp;&nbsp; (226428)<br>| &nbsp;&nbsp; (221485)<br>|
| Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements |  |  |  | &nbsp;&nbsp; $(2848)<br>| &nbsp;&nbsp; $87059 | &nbsp;&nbsp; $89907 |

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $744,728 cash held with Counterparties.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swap Agreements**<sup>(a)</sup>  |
| **Counterparty** | **Pay/** <br>**Receive** <br>**Floating** <br>**Rate**<br>| **Floating Rate** <br>**Index**<br>| **Payment** <br>**Frequency**<br>| **(Pay)/** <br>**Received** <br>**Fixed** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Standard Chartered Bank <br> PLC<br>| Pay | 3 Month KLIBOR | Quarterly | 3.58% | Quarterly | 05/19/2028 | MYR | 6000000 | $— | $13385 | $13385 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | TLREF | Quarterly | (37.22) | Quarterly | 11/03/2026 | TRY | 37400000 |  | 300 | 300 |
| Total Over-The-Counter Interest Rate Swap Agreements | Total Over-The-Counter Interest Rate Swap Agreements | Total Over-The-Counter Interest Rate Swap Agreements | Total Over-The-Counter Interest Rate Swap Agreements | Total Over-The-Counter Interest Rate Swap Agreements |  |  |  |  | $— | $13685 | $13685 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Merrill Lynch International in the amount of $100,000. 

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

**10**

**Invesco Emerging Markets Local Debt Fund**

------

---

| | |
|:---|:---|
| Abbreviations: | 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 |
| 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 |
| EGP | —Egypt Pound |
| EUR | —Euro |
| FBIL | —Financial Benchmarks India Private Ltd. |
| HUF | —Hungarian Forint |
| IDR | —Indonesian Rupiah |
| ILS | —Israel Shekel |
| INR | —Indian Rupee |
| JIBAR | —Johannesburg Interbank Average Rate |
| JPY | —Japanese Yen |
| KLIBOR | —Kuala Lumpur Interbank Offered Rate |
| KRW | —South Korean Won |
| MIBOR | —Mumbai Interbank Offered Rate |
| MXN | —Mexican Peso |
| MYR | —Malaysian Ringgit |
| PEN | —Peruvian Sol |
| PHP | —Philippines Peso |
| PLN | —Polish Zloty |
| PRIBOR | —Prague Interbank Offerred Rate |
| RON | —Romania New Leu |
| SOFR | —Secured Overnight Financing Rate |
| THB | —Thai Baht |
| TLREF | —Turkish Lira Overnight Reference 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.

**11**

**Invesco Emerging Markets Local Debt Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $77,532,982)<br>| &nbsp;&nbsp; $79047216 |
| Investments in affiliated money market funds, at value <br> (Cost $10,349,416)<br>| &nbsp;&nbsp; 10349416 |
| Other investments: |  |
| Variation margin receivable—centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 33540 |
| Swaps receivable — OTC | &nbsp;&nbsp; 943 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 13685 |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 533204 |
| Deposits with brokers: |  |
| Cash collateral — centrally cleared swap agreements | &nbsp;&nbsp; 744728 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 100000 |
| Cash | &nbsp;&nbsp; 475329 |
| Foreign currencies, at value (Cost $192,920) | &nbsp;&nbsp; 192737 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 43494 |
| Dividends | &nbsp;&nbsp; 26820 |
| Interest | &nbsp;&nbsp; 1718940 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 34689 |
| Other assets | &nbsp;&nbsp; 32272 |
| Total assets | &nbsp;&nbsp; 93347013 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $409,310)<br>| &nbsp;&nbsp; 175931 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 901121 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1076108 |
| Dividends | &nbsp;&nbsp; 108264 |
| Fund shares reacquired | &nbsp;&nbsp; 113091 |
| Accrued foreign taxes | &nbsp;&nbsp; 26972 |
| Accrued fees to affiliates | &nbsp;&nbsp; 42217 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1243 |
| Accrued other operating expenses | &nbsp;&nbsp; 102635 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 34689 |
| Total liabilities | &nbsp;&nbsp; 2582271 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $90764742 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $101471942 |
| Distributable earnings (loss) | &nbsp;&nbsp; (10707200)<br>|
|  | &nbsp;&nbsp; $90764742 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $23486658 |
| Class C | &nbsp;&nbsp; $2279975 |
| Class R | &nbsp;&nbsp; $1527150 |
| Class Y | &nbsp;&nbsp; $59003075 |
| Class R5 | &nbsp;&nbsp; $8241 |
| Class R6 | &nbsp;&nbsp; $4459643 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 4301634 |
| Class C | &nbsp;&nbsp; 417417 |
| Class R | &nbsp;&nbsp; 279577 |
| Class Y | &nbsp;&nbsp; 10797986 |
| Class R5 | &nbsp;&nbsp; 1508 |
| Class R6 | &nbsp;&nbsp; 816580 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $5.46 |
| Maximum offering price per share <br>(Net asset value of $5.46 ÷ 95.75%)<br>| &nbsp;&nbsp; $5.70 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.46 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.46 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.46 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.46 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.46 |

---

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

**12**

**Invesco Emerging Markets Local Debt Fund**

------

**Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $222,019) | &nbsp;&nbsp; $7350751 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 262439 |
| Total investment income | &nbsp;&nbsp; 7613190 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 578688 |
| Administrative services fees | &nbsp;&nbsp; 11971 |
| Custodian fees | &nbsp;&nbsp; 104266 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 51842 |
| Class C | &nbsp;&nbsp; 26760 |
| Class R | &nbsp;&nbsp; 7417 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 176572 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 1139 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 21946 |
| Registration and filing fees | &nbsp;&nbsp; 81217 |
| Reports to shareholders | &nbsp;&nbsp; 27522 |
| Professional services fees | &nbsp;&nbsp; 75884 |
| Other | &nbsp;&nbsp; 11186 |
| Total expenses | &nbsp;&nbsp; 1176412 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (294908)<br>|
| Net expenses | &nbsp;&nbsp; 881504 |
| Net investment income | &nbsp;&nbsp; 6731686 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $19,287) | &nbsp;&nbsp; (1730888)<br>|
| Foreign currencies | &nbsp;&nbsp; (202680)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (1393412)<br>|
| Futures contracts | &nbsp;&nbsp; (95)<br>|
| Options written | &nbsp;&nbsp; 947620 |
| Swap agreements | &nbsp;&nbsp; (496557)<br>|
|  | &nbsp;&nbsp; (2876012)<br>|
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities (net of foreign taxes of $25,886) | &nbsp;&nbsp; 4211344 |
| Foreign currencies | &nbsp;&nbsp; 47430 |
| Forward foreign currency contracts | &nbsp;&nbsp; 120089 |
| Options written | &nbsp;&nbsp; 48640 |
| Swap agreements | &nbsp;&nbsp; 1514731 |
|  | &nbsp;&nbsp; 5942234 |
| Net realized and unrealized gain | &nbsp;&nbsp; 3066222 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $9797908 |

---

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

**13**

**Invesco Emerging Markets Local Debt Fund**

------

**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $6731686 | &nbsp;&nbsp; $5998504 |
| Net realized gain (loss) | &nbsp;&nbsp; (2876012)<br>| &nbsp;&nbsp; (1509396)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 5942234 | &nbsp;&nbsp; 2011459 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 9797908 | &nbsp;&nbsp; 6500567 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (1025931)<br>| &nbsp;&nbsp; (876114)<br>|
| Class C | &nbsp;&nbsp; (115000)<br>| &nbsp;&nbsp; (127296)<br>|
| Class R | &nbsp;&nbsp; (68975)<br>| &nbsp;&nbsp; (65228)<br>|
| Class Y | &nbsp;&nbsp; (2724604)<br>| &nbsp;&nbsp; (2527309)<br>|
| Class R5 | &nbsp;&nbsp; (397)<br>| &nbsp;&nbsp; (328)<br>|
| Class R6 | &nbsp;&nbsp; (201306)<br>| &nbsp;&nbsp; (124065)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (4136213)<br>| &nbsp;&nbsp; (3720340)<br>|
| **Return of capital:** |  |  |
| Class A | &nbsp;&nbsp; (583639)<br>| &nbsp;&nbsp; (541821)<br>|
| Class C | &nbsp;&nbsp; (65422)<br>| &nbsp;&nbsp; (78725)<br>|
| Class R | &nbsp;&nbsp; (39239)<br>| &nbsp;&nbsp; (40339)<br>|
| Class Y | &nbsp;&nbsp; (1549995)<br>| &nbsp;&nbsp; (1562983)<br>|
| Class R5 | &nbsp;&nbsp; (226)<br>| &nbsp;&nbsp; (203)<br>|
| Class R6 | &nbsp;&nbsp; (114521)<br>| &nbsp;&nbsp; (76727)<br>|
| Total return of capital | &nbsp;&nbsp; (2353042)<br>| &nbsp;&nbsp; (2300798)<br>|
| Total distributions | &nbsp;&nbsp; (6489255)<br>| &nbsp;&nbsp; (6021138)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 1405831 | &nbsp;&nbsp; (2219095)<br>|
| Class C | &nbsp;&nbsp; (1140087)<br>| &nbsp;&nbsp; (832548)<br>|
| Class R | &nbsp;&nbsp; 19689 | &nbsp;&nbsp; (306211)<br>|
| Class Y | &nbsp;&nbsp; (2627414)<br>| &nbsp;&nbsp; (7202209)<br>|
| Class R6 | &nbsp;&nbsp; 961377 | &nbsp;&nbsp; 355671 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (1380604)<br>| &nbsp;&nbsp; (10204392)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 1928049 | &nbsp;&nbsp; (9724963)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 88836693 | &nbsp;&nbsp; 98561656 |
| End of year | &nbsp;&nbsp; $90764742 | &nbsp;&nbsp; $88836693 |

---

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

**14**

**Invesco Emerging Markets Local Debt Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Return of** <br>**capital**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $5.24 | $0.41 | $0.21 | $0.62 | $(0.25)<br>| $(0.15)<br>| $(0.40)<br>| $5.46 | 12.34 %<sup>(d)</sup><br>| &nbsp;&nbsp; $23487 | 1.19 %<sup>(d)</sup><br>| 1.54 %<sup>(d)</sup><br>| 7.83 %<sup>(d)</sup><br>| 114<br> %<br>|
| Year ended 10/31/24 | 5.23 | 0.34 | 0.01 | 0.35 | (0.21)<br>| (0.13)<br>| (0.34)<br>| 5.24 | 6.64 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 21201 | 1.21 <br><sup>(d)</sup><br>| 1.52 <br><sup>(d)</sup><br>| 6.21 <br><sup>(d)</sup><br>| 99 |
| Year ended 10/31/23 | 4.89 | 0.31 | 0.35 | 0.66 | (0.25)<br>| (0.07)<br>| (0.32)<br>| 5.23 | 13.38 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 23309 | 1.32 <br><sup>(d)</sup><br>| 1.49 <br><sup>(d)</sup><br>| 5.79 <br><sup>(d)</sup><br>| 143 |
| Year ended 10/31/22 | 6.17 | 0.25 | (1.26)<br>| (1.01)<br>|  | (0.27)<br>| (0.27)<br>| 4.89 | (16.80 )<sup>(d)</sup><br>| &nbsp;&nbsp; 20621 | 1.45 <br><sup>(d)(e)</sup><br>| 1.45 <br><sup>(d)(e)</sup><br>| 4.47 <br><sup>(d)(e)</sup><br>| 137 |
| Year ended 10/31/21 | 6.53 | 0.29 | (0.40)<br>| (0.11)<br>| (0.06)<br>| (0.19)<br>| (0.25)<br>| 6.17 | (1.81)<br>| &nbsp;&nbsp; 36826 | 1.23 | 1.35 | 4.38 | 107 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 5.24 | 0.37 | 0.21 | 0.58 | (0.23)<br>| (0.13)<br>| (0.36)<br>| 5.46 | 11.50 | &nbsp;&nbsp; 2280 | 1.94 | 2.30 | 7.08 | 114 |
| Year ended 10/31/24 | 5.23 | 0.30 | 0.01 | 0.31 | (0.19)<br>| (0.11)<br>| (0.30)<br>| 5.24 | 5.84 | &nbsp;&nbsp; 3325 | 1.97 | 2.28 | 5.45 | 99 |
| Year ended 10/31/23 | 4.89 | 0.27 | 0.35 | 0.62 | (0.21)<br>| (0.07)<br>| (0.28)<br>| 5.23 | 12.54 | &nbsp;&nbsp; 4122 | 2.08 | 2.25 | 5.03 | 143 |
| Year ended 10/31/22 | 6.17 | 0.21 | (1.27)<br>| (1.06)<br>|  | (0.22)<br>| (0.22)<br>| 4.89 | (17.45)<br>| &nbsp;&nbsp; 4473 | 2.21 <br><sup>(e)</sup><br>| 2.21 <br><sup>(e)</sup><br>| 3.71 <br><sup>(e)</sup><br>| 137 |
| Year ended 10/31/21 | 6.53 | 0.24 | (0.40)<br>| (0.16)<br>| (0.05)<br>| (0.15)<br>| (0.20)<br>| 6.17 | (2.62)<br>| &nbsp;&nbsp; 7568 | 2.02 | 2.10 | 3.59 | 107 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 5.24 | 0.40 | 0.21 | 0.61 | (0.25)<br>| (0.14)<br>| (0.39)<br>| 5.46 | 12.06 | &nbsp;&nbsp; 1527 | 1.44 | 1.80 | 7.58 | 114 |
| Year ended 10/31/24 | 5.23 | 0.32 | 0.01 | 0.33 | (0.20)<br>| (0.12)<br>| (0.32)<br>| 5.24 | 6.36 | &nbsp;&nbsp; 1447 | 1.47 | 1.78 | 5.95 | 99 |
| Year ended 10/31/23 | 4.89 | 0.30 | 0.34 | 0.64 | (0.23)<br>| (0.07)<br>| (0.30)<br>| 5.23 | 13.09 | &nbsp;&nbsp; 1743 | 1.57 | 1.75 | 5.54 | 143 |
| Year ended 10/31/22 | 6.17 | 0.23 | (1.26)<br>| (1.03)<br>|  | (0.25)<br>| (0.25)<br>| 4.89 | (17.02)<br>| &nbsp;&nbsp; 1472 | 1.71 <br><sup>(e)</sup><br>| 1.71 <br><sup>(e)</sup><br>| 4.21 <br><sup>(e)</sup><br>| 137 |
| Year ended 10/31/21 | 6.53 | 0.27 | (0.40)<br>| (0.13)<br>| (0.05)<br>| (0.18)<br>| (0.23)<br>| 6.17 | (2.12)<br>| &nbsp;&nbsp; 1854 | 1.53 | 1.60 | 4.08 | 107 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 5.24 | 0.43 | 0.20 | 0.63 | (0.26)<br>| (0.15)<br>| (0.41)<br>| 5.46 | 12.62 | &nbsp;&nbsp; 59003 | 0.94 | 1.30 | 8.08 | 114 |
| Year ended 10/31/24 | 5.24 | 0.35 |  | 0.35 | (0.22)<br>| (0.13)<br>| (0.35)<br>| 5.24 | 6.70 | &nbsp;&nbsp; 59557 | 0.97 | 1.28 | 6.45 | 99 |
| Year ended 10/31/23 | 4.89 | 0.33 | 0.35 | 0.68 | (0.25)<br>| (0.08)<br>| (0.33)<br>| 5.24 | 13.87 | &nbsp;&nbsp; 66440 | 1.07 | 1.25 | 6.04 | 143 |
| Year ended 10/31/22 | 6.17 | 0.27 | (1.27)<br>| (1.00)<br>|  | (0.28)<br>| (0.28)<br>| 4.89 | (16.59)<br>| &nbsp;&nbsp; 48253 | 1.21 <br><sup>(e)</sup><br>| 1.21 <br><sup>(e)</sup><br>| 4.71 <br><sup>(e)</sup><br>| 137 |
| Year ended 10/31/21 | 6.54 | 0.31 | (0.41)<br>| (0.10)<br>| (0.07)<br>| (0.20)<br>| (0.27)<br>| 6.17 | (1.75)<br>| &nbsp;&nbsp; 92706 | 1.01 | 1.10 | 4.60 | 107 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 5.24 | 0.43 | 0.20 | 0.63 | (0.26)<br>| (0.15)<br>| (0.41)<br>| 5.46 | 12.62 | &nbsp;&nbsp; 8 | 0.94 | 1.11 | 8.08 | 114 |
| Year ended 10/31/24 | 5.24 | 0.35 |  | 0.35 | (0.22)<br>| (0.13)<br>| (0.35)<br>| 5.24 | 6.70 | &nbsp;&nbsp; 8 | 0.97 | 1.07 | 6.45 | 99 |
| Year ended 10/31/23 | 4.89 | 0.33 | 0.35 | 0.68 | (0.25)<br>| (0.08)<br>| (0.33)<br>| 5.24 | 13.94 | &nbsp;&nbsp; 8 | 1.02 | 1.10 | 6.09 | 143 |
| Year ended 10/31/22 | 6.17 | 0.27 | (1.26)<br>| (0.99)<br>|  | (0.29)<br>| (0.29)<br>| 4.89 | (16.47)<br>| &nbsp;&nbsp; 7 | 1.05 <br><sup>(e)</sup><br>| 1.05 <br><sup>(e)</sup><br>| 4.87 <br><sup>(e)</sup><br>| 137 |
| Year ended 10/31/21 | 6.53 | 0.31 | (0.40)<br>| (0.09)<br>| (0.06)<br>| (0.21)<br>| (0.27)<br>| 6.17 | (1.54)<br>| &nbsp;&nbsp; 9 | 0.94 | 0.99 | 4.67 | 107 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 5.24 | 0.43 | 0.20 | 0.63 | (0.26)<br>| (0.15)<br>| (0.41)<br>| 5.46 | 12.62 | &nbsp;&nbsp; 4460 | 0.94 | 1.11 | 8.08 | 114 |
| Year ended 10/31/24 | 5.23 | 0.35 | 0.01 | 0.36 | (0.22)<br>| (0.13)<br>| (0.35)<br>| 5.24 | 6.90 | &nbsp;&nbsp; 3300 | 0.97 | 1.07 | 6.45 | 99 |
| Year ended 10/31/23 | 4.89 | 0.33 | 0.34 | 0.67 | (0.25)<br>| (0.08)<br>| (0.33)<br>| 5.23 | 13.73 | &nbsp;&nbsp; 2940 | 1.02 | 1.10 | 6.09 | 143 |
| Year ended 10/31/22 | 6.17 | 0.27 | (1.26)<br>| (0.99)<br>|  | (0.29)<br>| (0.29)<br>| 4.89 | (16.47)<br>| &nbsp;&nbsp; 2586 | 1.05 <br><sup>(e)</sup><br>| 1.05 <br><sup>(e)</sup><br>| 4.87 <br><sup>(e)</sup><br>| 137 |
| Year ended 10/31/21 | 6.53 | 0.31 | (0.40)<br>| (0.09)<br>| (0.06)<br>| (0.21)<br>| (0.27)<br>| 6.17 | (1.50)<br>| &nbsp;&nbsp; 4399 | 0.91 | 0.99 | 4.70 | 107 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2025, 2024, 2023 and 2022, respectively. 

<sup>(e)</sup> Ratios include interest, facilities and maintenance fees of 0.09% for the year ended October 31, 2022.

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

**15**

**Invesco Emerging Markets Local Debt Fund**

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**Notes to Financial Statements**

*October 31, 2025*

**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.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse

**16**

**Invesco Emerging Markets Local Debt Fund**

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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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its 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

**17**

**Invesco Emerging Markets Local Debt Fund**

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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.** **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.

**M.** **Call Options Purchased and Written** – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a "swaption". A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the 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.

**N.** **Put Options Purchased and Written** – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or

**18**

**Invesco Emerging Markets Local Debt Fund**

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futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option's underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a "swaption". A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund's resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

**O.** **Swap Agreements** — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts ("CDS") for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter ("OTC") between two parties ("uncleared/ OTC") or, in some instances, must be transacted through a future commission merchant ("FCM") and cleared through a clearinghouse that serves as a central Counterparty ("centrally cleared swap"). These 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 Agreements, which would cause the Fund to accelerate payment of any net

**19**

**Invesco Emerging Markets Local Debt Fund**

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liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund's exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of October 31, 2025, 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.

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

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

Fluctuations 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, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. 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 and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

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. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

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.

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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |

---

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

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.69%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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, 2026, 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"). Effective March 1, 2026, the Adviser has contractually agreed, through at least February 28, 2027, 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%, 0.75% and 0.75%, respectively, of the Fund's average daily net assets. In

**20**

**Invesco Emerging Markets Local Debt Fund**

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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, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended October 31, 2025, the Adviser waived advisory fees of $113,147 and reimbursed class level expenses of $46,759, $5,977, $3,272, $120,563, $2 and $1,139 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, 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 year ended October 31, 2025, 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 year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $5,229 in front-end sales commissions from the sale of Class A shares and $0 and $250 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $78438541 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $78438541 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117844 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117844 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 10349416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10349416 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 490831 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 490831 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 10349416 | &nbsp;&nbsp;&nbsp;&nbsp; 79047216 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89396632 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 533204 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 533204 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 325077 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 325077 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 858281 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 858281 |

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**21**

**Invesco Emerging Markets Local Debt Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(901121)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(901121)<br>|
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (175931)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (175931)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (221485)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (221485)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1298537)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1298537)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (440256)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (440256)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $10349416 | &nbsp;&nbsp;&nbsp;&nbsp; $78606960 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $88956376 |

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\* 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 October 31, 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized appreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $311392 | &nbsp;&nbsp;&nbsp;&nbsp; $311392 |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 533204 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 533204 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13685 | &nbsp;&nbsp;&nbsp;&nbsp; 13685 |
| Options purchased, at value — OTC<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 490831 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 490831 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 1024035 | &nbsp;&nbsp;&nbsp;&nbsp; 325077 | &nbsp;&nbsp;&nbsp;&nbsp; 1349112 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (311392)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (311392)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $1024035 | &nbsp;&nbsp;&nbsp;&nbsp; $13685 | &nbsp;&nbsp;&nbsp;&nbsp; $1037720 |
|  | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized depreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(221485)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(221485)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (901121)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (901121)<br>|
| Options written, at value — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (168315)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (175931)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (1069436)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (229101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1298537)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 221485 | &nbsp;&nbsp;&nbsp;&nbsp; 221485 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(1069436)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(7616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1077052)<br>|

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<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities. <br> <sup>(b)</sup> Options purchased, at value as reported in the Schedule of Investments.

**22**

**Invesco Emerging Markets Local Debt Fund**

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**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2025.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **Options** <br>**Purchased**<br>| **Swap** <br>**Agreements**<br>| **Total** <br>**Assets**<br>| **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **Options** <br>**Written**<br>| **Total** <br>**Liabilities**<br>| **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | **Net** <br>**Amount**<br>|
| Barclays Bank PLC | $574 | $— | $— | $574 | $(1331)<br>| $— | $(1331)<br>| $(757)<br>| $— | $— | $(757)<br>|
| BNP Paribas S.A. | 1296 |  |  | 1296 | - |  |  | 1296 |  |  | 1296 |
| Citibank, N.A. | 1512 |  |  | 1512 | - |  |  | 1512 |  |  | 1512 |
| Deutsche Bank AG | 209398 | 299717 |  | 509115 | (362589)<br>| (87903)<br>| (450492)<br>| 58623 |  |  | 58623 |
| Goldman Sachs International | 94172 |  |  | 94172 | (43714)<br>|  | (43714)<br>| 50458 |  |  | 50458 |
| HSBC Bank USA | 1132 |  |  | 1132 | (8240)<br>|  | (8240)<br>| (7108)<br>|  |  | (7108)<br>|
| J.P. Morgan Chase Bank, N.A. | 42952 | 81254 | 300 | 124506 | (167548)<br>| (25457)<br>| (193005)<br>| (68499)<br>|  |  | (68499)<br>|
| Merrill Lynch International | 85171 | 32818 |  | 117989 | (227573)<br>| (29290)<br>| (256863)<br>| (138874)<br>|  | 100000 | (38874)<br>|
| Morgan Stanley and Co. International PLC | 67424 | 13930 |  | 81354 | (59894)<br>| (1768)<br>| (61662)<br>| 19692 |  |  | 19692 |
| Standard Chartered Bank PLC | 27237 | 63112 | 14328 | 104677 | (17010)<br>| (31513)<br>| (48523)<br>| 56154 |  |  | 56154 |
| UBS AG | 2336 |  |  | 2336 | (13222)<br>|  | (13222)<br>| (10886)<br>|  |  | (10886)<br>|
| Total | $533204 | $490831 | $14628 | $1038663 | $(901121)<br>| $(175931)<br>| $(1077052)<br>| $(38389)<br>| $— | $100000 | $61611 |

---

**Effect of Derivative Investments for the year ended October 31, 2025**

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** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1393412)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(1393412)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (95)<br>|
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (299303)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (299303)<br>|
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 920703 | &nbsp;&nbsp;&nbsp;&nbsp; 26917 | &nbsp;&nbsp;&nbsp;&nbsp; 947620 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (496557)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (496557)<br>|
| Change in Net Unrealized Appreciation: |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 120089 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 120089 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 44197 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 44197 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 42756 | &nbsp;&nbsp;&nbsp;&nbsp; 5884 | &nbsp;&nbsp;&nbsp;&nbsp; 48640 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1514731 | &nbsp;&nbsp;&nbsp;&nbsp; 1514731 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(564970)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1050880 | &nbsp;&nbsp;&nbsp;&nbsp; $485910 |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from unaffiliated investment securities and the change in net unrealized appreciation (depreciation) on unaffiliated investment securities.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**Currency** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swaptions** <br>**Written**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**Currency** <br>**Options** <br>**Written**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $136113490 | &nbsp;&nbsp;&nbsp;&nbsp; $46645866 | &nbsp;&nbsp;&nbsp;&nbsp; $7333333 | &nbsp;&nbsp;&nbsp;&nbsp; $62539421 | &nbsp;&nbsp;&nbsp;&nbsp; $118179826 |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $4,049.

**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

**23**

**Invesco Emerging Markets Local Debt Fund**

------

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—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $4136213 | &nbsp;&nbsp;&nbsp;&nbsp; $3720340 |
| Return of capital | &nbsp;&nbsp; 2353042 | &nbsp;&nbsp;&nbsp;&nbsp; 2300798 |
| Total distributions | &nbsp;&nbsp; $6489255 | &nbsp;&nbsp;&nbsp;&nbsp; $6021138 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; $1289939 |
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (44133)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (26137)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (11926869)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 101471942 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $90764742 |

---

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

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

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

The Fund has a capital loss carryforward as of October 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $7312502 | &nbsp;&nbsp;&nbsp;&nbsp; $4614367 | &nbsp;&nbsp;&nbsp;&nbsp; $11926869 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $82,924,557 and $82,446,764, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $4656631 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (3366692)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1289939 |

---

Cost of investments for tax purposes is $87,666,437.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions and return of capital distributions, on October 31, 2025, undistributed net investment income was decreased by $308,968, undistributed net realized gain (loss) was increased by $2,662,010 and shares of beneficial interest was decreased by $2,353,042. This reclassification had no effect on the net assets of the Fund.

**24**

**Invesco Emerging Markets Local Debt Fund**

------

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 874264 | &nbsp;&nbsp;&nbsp; $4652072 | &nbsp;&nbsp;&nbsp; 546684 | &nbsp;&nbsp;&nbsp; $2980703 |
| Class C | &nbsp;&nbsp;&nbsp; 68434 | &nbsp;&nbsp;&nbsp; 360039 | &nbsp;&nbsp;&nbsp; 66988 | &nbsp;&nbsp;&nbsp; 363847 |
| Class R | &nbsp;&nbsp;&nbsp; 49185 | &nbsp;&nbsp;&nbsp; 256534 | &nbsp;&nbsp;&nbsp; 60997 | &nbsp;&nbsp;&nbsp; 333526 |
| Class Y | &nbsp;&nbsp;&nbsp; 2703458 | &nbsp;&nbsp;&nbsp; 14363183 | &nbsp;&nbsp;&nbsp; 2967699 | &nbsp;&nbsp;&nbsp; 16080138 |
| Class R6 | &nbsp;&nbsp;&nbsp; 363831 | &nbsp;&nbsp;&nbsp; 1896610 | &nbsp;&nbsp;&nbsp; 205834 | &nbsp;&nbsp;&nbsp; 1101882 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 220760 | &nbsp;&nbsp;&nbsp; 1168073 | &nbsp;&nbsp;&nbsp; 193805 | &nbsp;&nbsp;&nbsp; 1046756 |
| Class C | &nbsp;&nbsp;&nbsp; 25261 | &nbsp;&nbsp;&nbsp; 133286 | &nbsp;&nbsp;&nbsp; 26602 | &nbsp;&nbsp;&nbsp; 143879 |
| Class R | &nbsp;&nbsp;&nbsp; 20272 | &nbsp;&nbsp;&nbsp; 107210 | &nbsp;&nbsp;&nbsp; 19327 | &nbsp;&nbsp;&nbsp; 104478 |
| Class Y | &nbsp;&nbsp;&nbsp; 668404 | &nbsp;&nbsp;&nbsp; 3539136 | &nbsp;&nbsp;&nbsp; 602270 | &nbsp;&nbsp;&nbsp; 3257619 |
| Class R6 | &nbsp;&nbsp;&nbsp; 45758 | &nbsp;&nbsp;&nbsp; 242374 | &nbsp;&nbsp;&nbsp; 25744 | &nbsp;&nbsp;&nbsp; 139065 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 135249 | &nbsp;&nbsp;&nbsp; 708249 | &nbsp;&nbsp;&nbsp; 67236 | &nbsp;&nbsp;&nbsp; 364848 |
| Class C | &nbsp;&nbsp;&nbsp; (135202)<br>| &nbsp;&nbsp;&nbsp; (708249)<br>| &nbsp;&nbsp;&nbsp; (67224)<br>| &nbsp;&nbsp;&nbsp; (364848)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (975614)<br>| &nbsp;&nbsp;&nbsp; (5122563)<br>| &nbsp;&nbsp;&nbsp; (1215210)<br>| &nbsp;&nbsp;&nbsp; (6611402)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (175497)<br>| &nbsp;&nbsp;&nbsp; (925163)<br>| &nbsp;&nbsp;&nbsp; (179423)<br>| &nbsp;&nbsp;&nbsp; (975426)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (65897)<br>| &nbsp;&nbsp;&nbsp; (344055)<br>| &nbsp;&nbsp;&nbsp; (137257)<br>| &nbsp;&nbsp;&nbsp; (744215)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (3933039)<br>| &nbsp;&nbsp;&nbsp; (20529733)<br>| &nbsp;&nbsp;&nbsp; (4897185)<br>| &nbsp;&nbsp;&nbsp; (26539966)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (222755)<br>| &nbsp;&nbsp;&nbsp; (1177607)<br>| &nbsp;&nbsp;&nbsp; (163593)<br>| &nbsp;&nbsp;&nbsp; (885276)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (333128)<br>| &nbsp;&nbsp;&nbsp; $(1380604)<br>| &nbsp;&nbsp;&nbsp; (1876706)<br>| &nbsp;&nbsp;&nbsp; $(10204392)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**25**

**Invesco Emerging Markets Local Debt Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Emerging Markets Local Debt Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Emerging Markets Local Debt Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

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

**26**

**Invesco Emerging Markets Local Debt Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Emerging Markets Local Debt Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the JP Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the third quintile for the three year period and the fourth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period, above the performance of the Index for the three year period and reasonably comparable to the performance of the Index for the five year period. The Board considered that the Fund's positioning in

**27**

**Invesco Emerging Markets Local Debt Fund**

------

certain foreign currencies and its interest rate positioning in certain countries detracted from the Fund's performance in 2024. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were reasonably comparable to and below, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. The independent Trustees reviewed and considered additional information provided by management, including with respect to the components of the Fund's total expense ratio driving expenses relative to peers.

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

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer

agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

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

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

**28**

**Invesco Emerging Markets Local Debt Fund**

------

Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**29**

**Invesco Emerging Markets Local Debt Fund**

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 100.00% |

---

\*

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

**30**

**Invesco Emerging Markets Local Debt Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**31**

**Invesco Emerging Markets Local Debt Fund**

------

![](img2f43c2651.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-EMLD-NCSR

------

![](imga6f7a2c21.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Global Allocation Fund**

Nasdaq:

A: QVGIX ■ C: QGRCX ■ R: QGRNX ■ Y: QGRYX ■ R5: GLALX ■ R6: QGRIX

------

---

| | |
|:---|:---|
| [2](#xx_9fcb14be-96e9-4526-8d64-8365b01c0086_SOI-Continued-737_1) | Consolidated Schedule of Investments |
| [6](#xx_9fcb14be-96e9-4526-8d64-8365b01c0086_FS-Continued-737_1) | Consolidated Financial Statements |
| [9](#xx_9fcb14be-96e9-4526-8d64-8365b01c0086_FS-Continued-737_4) | Consolidated Financial Highlights |
| [10](#xx_9fcb14be-96e9-4526-8d64-8365b01c0086_NTF-Continued-737_1) | Notes to Consolidated Financial Statements |
| [20](#xx_9fcb14be-96e9-4526-8d64-8365b01c0086_ARS-Continued-737_1) | Report of Independent Registered Public Accounting Firm |
| [21](#xx_9fcb14be-96e9-4526-8d64-8365b01c0086_AOC-Continued-737_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [23](#xx_9fcb14be-96e9-4526-8d64-8365b01c0086_TI-Continued-737_1) | Tax Information |
| [24](#xx_9fcb14be-96e9-4526-8d64-8365b01c0086_OIRSR-Continued-737_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments**<sup>(a)</sup> 

*October 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Exchange-Traded Funds–64.42%** | **Exchange-Traded Funds–64.42%** | **Exchange-Traded Funds–64.42%** | **Exchange-Traded Funds–64.42%** |
| Invesco Emerging Markets Sovereign <br> Debt ETF<sup>(b)</sup>  | Invesco Emerging Markets Sovereign <br> Debt ETF<sup>(b)</sup>  | 383000 | &nbsp;&nbsp; $8391530 |
| Invesco High Yield Bond Factor ETF<sup>(b)</sup>  | Invesco High Yield Bond Factor ETF<sup>(b)</sup>  | 1076000 | &nbsp;&nbsp; 24380438 |
| Invesco International Developed <br> Dynamic Multifactor ETF<sup>(b)(c)</sup>  | Invesco International Developed <br> Dynamic Multifactor ETF<sup>(b)(c)</sup>  | 5817300 | &nbsp;&nbsp; 167131029 |
| Invesco MSCI USA ETF<sup>(b)</sup>  | Invesco MSCI USA ETF<sup>(b)</sup>  | 783900 | &nbsp;&nbsp; 53791218 |
| Invesco Russell 1000<sup>®</sup> Dynamic <br> Multifactor ETF<sup>(b)</sup>  | Invesco Russell 1000<sup>®</sup> Dynamic <br> Multifactor ETF<sup>(b)</sup>  | 3653460 | &nbsp;&nbsp; 219755619 |
| Invesco Russell 2000<sup>®</sup> Dynamic <br> Multifactor ETF<sup>(b)</sup>  | Invesco Russell 2000<sup>®</sup> Dynamic <br> Multifactor ETF<sup>(b)</sup>  | 1424500 | &nbsp;&nbsp; 62096092 |
| Invesco S&P 500 Revenue ETF<sup>(b)</sup>  | Invesco S&P 500 Revenue ETF<sup>(b)</sup>  | 470500 | &nbsp;&nbsp; 52592490 |
| iShares Core MSCI Emerging Markets <br> ETF | iShares Core MSCI Emerging Markets <br> ETF | 1021483 | &nbsp;&nbsp; 69736645 |
| Total Exchange-Traded Funds <br> (Cost $494,487,366) | Total Exchange-Traded Funds <br> (Cost $494,487,366) | Total Exchange-Traded Funds <br> (Cost $494,487,366) | &nbsp;&nbsp; 657875061 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **U.S. Treasury Securities–34.17%** | **U.S. Treasury Securities–34.17%** | **U.S. Treasury Securities–34.17%** | **U.S. Treasury Securities–34.17%** |
| **U.S. Treasury Bills–0.03%** | **U.S. Treasury Bills–0.03%** | **U.S. Treasury Bills–0.03%** | **U.S. Treasury Bills–0.03%** |
| 3.98% - 4.12%, <br> 05/14/2026<sup>(d)(e)</sup> <br>|  | $339000 | &nbsp;&nbsp; 332469 |
| **U.S. Treasury Notes–34.14%** | **U.S. Treasury Notes–34.14%** | **U.S. Treasury Notes–34.14%** | **U.S. Treasury Notes–34.14%** |
| 3.88%, 12/31/2029<sup>(d)</sup> <br>|  | 68550000 | &nbsp;&nbsp; 69086886 |
| 1.88%, 02/15/2032<sup>(d)</sup> <br>|  | 171525000 | &nbsp;&nbsp; 152888407 |
| 4.63%, 02/15/2035 |  | 121400000 | &nbsp;&nbsp; 126663829 |
|  |  |  | &nbsp;&nbsp; 348639122 |
| Total U.S. Treasury Securities <br> (Cost $345,096,071) | Total U.S. Treasury Securities <br> (Cost $345,096,071) | Total U.S. Treasury Securities <br> (Cost $345,096,071) | &nbsp;&nbsp; 348971591 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–0.01%** | **Preferred Stocks–0.01%** | **Preferred Stocks–0.01%** | **Preferred Stocks–0.01%** |
| **Diversified Banks–0.00%** | **Diversified Banks–0.00%** | **Diversified Banks–0.00%** | **Diversified Banks–0.00%** |
| Socium Re Ltd., Series 2019-1, Pfd.<sup>(f)</sup>  | Socium Re Ltd., Series 2019-1, Pfd.<sup>(f)</sup>  | 9884 | &nbsp;&nbsp; 13332 |
| **Diversified Support Services–0.01%** | **Diversified Support Services–0.01%** | **Diversified Support Services–0.01%** | **Diversified Support Services–0.01%** |
| Harambee Re Ltd., Pfd.<sup>(f)</sup>  | Harambee Re Ltd., Pfd.<sup>(f)</sup>  | 42 | &nbsp;&nbsp; 8767 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Diversified Support Services–(continued)** | **Diversified Support Services–(continued)** | **Diversified Support Services–(continued)** | **Diversified Support Services–(continued)** |
| Kinesis Reinsurance I Ltd., <br> Series 2019-1, Pfd.<sup>(f)</sup>  | Kinesis Reinsurance I Ltd., <br> Series 2019-1, Pfd.<sup>(f)</sup>  | 19423 | &nbsp;&nbsp; $2830 |
| Viribus Re Ltd., Pfd.<sup>(f)</sup>  | Viribus Re Ltd., Pfd.<sup>(f)</sup>  | 351641 | &nbsp;&nbsp; 29452 |
|  |  |  | &nbsp;&nbsp; 41049 |
| Total Preferred Stocks (Cost $567,762) | Total Preferred Stocks (Cost $567,762) | Total Preferred Stocks (Cost $567,762) | &nbsp;&nbsp; 54381 |
| **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** |
| **Diversified Banks–0.00%** | **Diversified Banks–0.00%** | **Diversified Banks–0.00%** | **Diversified Banks–0.00%** |
| Sberbank of Russia PJSC (Russia)<sup>(f)</sup>  | Sberbank of Russia PJSC (Russia)<sup>(f)</sup>  | 11951 | &nbsp;&nbsp; 0 |
| **Health Care Services–0.00%** | **Health Care Services–0.00%** | **Health Care Services–0.00%** | **Health Care Services–0.00%** |
| New Horizon Health Ltd. (China)<sup>(f)(g)(h)</sup>  | New Horizon Health Ltd. (China)<sup>(f)(g)(h)</sup>  | 77000 | &nbsp;&nbsp; 19818 |
| Total Common Stocks & Other Equity Interests <br> (Cost $330,053) | Total Common Stocks & Other Equity Interests <br> (Cost $330,053) | Total Common Stocks & Other Equity Interests <br> (Cost $330,053) | &nbsp;&nbsp; 19818 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments <br> purchased with cash collateral <br> from securities on <br> loan)-98.60% <br> (Cost $840,481,252)<br>|  |  | &nbsp;&nbsp; 1006920851 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–0.02%** | **Money Market Funds–0.02%** | **Money Market Funds–0.02%** | **Money Market Funds–0.02%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(b)(i)(j)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(b)(i)(j)</sup>  | 49703 | &nbsp;&nbsp; 49703 |
| Invesco Private Prime Fund, <br> 4.30%<sup>(b)(i)(j)</sup>  | Invesco Private Prime Fund, <br> 4.30%<sup>(b)(i)(j)</sup>  | 128603 | &nbsp;&nbsp; 128642 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $178,345) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $178,345) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $178,345) | &nbsp;&nbsp; 178345 |
| TOTAL INVESTMENTS IN SECURITIES–98.62% <br> (Cost $840,659,597) | TOTAL INVESTMENTS IN SECURITIES–98.62% <br> (Cost $840,659,597) | TOTAL INVESTMENTS IN SECURITIES–98.62% <br> (Cost $840,659,597) | &nbsp;&nbsp; 1007099196 |
| OTHER ASSETS LESS LIABILITIES—1.38% | OTHER ASSETS LESS LIABILITIES—1.38% | OTHER ASSETS LESS LIABILITIES—1.38% | &nbsp;&nbsp; 14095237 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1021194433 |

---

Investment Abbreviations:

ETF – Exchange-Traded Fund <br> Pfd. – Preferred

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

**2**

**Invesco Global Allocation Fund**

------

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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 fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Emerging Markets Sovereign Debt <br> ETF<br>| $7847670 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $543860 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8391530 | &nbsp;&nbsp; $496632 |
| Invesco High Yield Bond Factor ETF | 24226140 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 154298 | &nbsp;&nbsp; - | &nbsp;&nbsp; 24380438 | &nbsp;&nbsp; 1727378 |
| Invesco International Developed Dynamic <br> Multifactor ETF<br>| 141476736 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 25654293 | &nbsp;&nbsp; - | &nbsp;&nbsp; 167131029 | &nbsp;&nbsp; 3606726 |
| Invesco MSCI USA ETF | - | &nbsp;&nbsp; 51133797 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2657421 | &nbsp;&nbsp; - | &nbsp;&nbsp; 53791218 | &nbsp;&nbsp; 144739 |
| Invesco Russell 1000<sup>®</sup> Dynamic <br> Multifactor ETF<br>| 218091953 | &nbsp;&nbsp; - | &nbsp;&nbsp; (29050889) | &nbsp;&nbsp; 15298449 | &nbsp;&nbsp; 15416106 | &nbsp;&nbsp; 219755619 | &nbsp;&nbsp; 1640728 |
| Invesco Russell 2000<sup>®</sup> Dynamic <br> Multifactor ETF<br>| 63118671 | &nbsp;&nbsp; - | &nbsp;&nbsp; (7682204) | &nbsp;&nbsp; 3933879 | &nbsp;&nbsp; 2725746 | &nbsp;&nbsp; 62096092 | &nbsp;&nbsp; 702756 |
| Invesco S&P 500 Revenue ETF | - | &nbsp;&nbsp; 50926920 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1665570 | &nbsp;&nbsp; - | &nbsp;&nbsp; 52592490 | &nbsp;&nbsp; 187574 |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 8017675 | &nbsp;&nbsp; 89794510 | &nbsp;&nbsp; (97812185) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 217668 |
| Invesco Treasury Portfolio | 14891654 | &nbsp;&nbsp; 166761232 | &nbsp;&nbsp; (181652886) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 400450 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1606200 | &nbsp;&nbsp; 52629394 | &nbsp;&nbsp; (54185891) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 49703 | &nbsp;&nbsp; 40,315\* |
| Invesco Private Prime Fund | 4200596 | &nbsp;&nbsp; 115695106 | &nbsp;&nbsp; (119764696) | &nbsp;&nbsp; 13 | &nbsp;&nbsp; (2377) | &nbsp;&nbsp; 128642 | &nbsp;&nbsp; 127,295\* |
| Total | $483477295 | &nbsp;&nbsp; $526940959 | &nbsp;&nbsp; $(490148751) | &nbsp;&nbsp; $49907783 | &nbsp;&nbsp; $18139475 | &nbsp;&nbsp; $588316761 | &nbsp;&nbsp; $9292261 |

---

\* 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. 

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2025.

<sup>(d)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1N.

<sup>(e)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(f)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(g)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $19,818, which represented less than 1% of the Fund's Net Assets. 

<sup>(h)</sup> Non-income producing security.

<sup>(i)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(j)</sup> 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** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 453 | December-2025 | &nbsp;&nbsp;&nbsp; $155696100 | &nbsp;&nbsp;&nbsp; $2431130 | &nbsp;&nbsp;&nbsp; $2431130 |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 87 | December-2025 | &nbsp;&nbsp;&nbsp; 6123060 | &nbsp;&nbsp;&nbsp; (8764)<br>| &nbsp;&nbsp;&nbsp; (8764)<br>|
| STOXX Europe 600 Index | &nbsp;&nbsp;&nbsp; 89 | December-2025 | &nbsp;&nbsp;&nbsp; 2936520 | &nbsp;&nbsp;&nbsp; (21415)<br>| &nbsp;&nbsp;&nbsp; (21415)<br>|
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; 2400951 | &nbsp;&nbsp;&nbsp; 2400951 |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 359 | December-2025 | &nbsp;&nbsp;&nbsp; 40449203 | &nbsp;&nbsp;&nbsp; 178900 | &nbsp;&nbsp;&nbsp; 178900 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 2579851 | &nbsp;&nbsp;&nbsp; 2579851 |

---

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

**3**

**Invesco Global Allocation Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| CME E-mini Russell 1000 Value Indexs | &nbsp;&nbsp;&nbsp; 512 | December-2025 | &nbsp;&nbsp;&nbsp; $(51681280)<br>| &nbsp;&nbsp;&nbsp; $(714240)<br>| &nbsp;&nbsp;&nbsp; $(714240)<br>|
| E-Mini Russell 2000 Index | &nbsp;&nbsp;&nbsp; 520 | December-2025 | &nbsp;&nbsp;&nbsp; (64737400)<br>| &nbsp;&nbsp;&nbsp; (1264978)<br>| &nbsp;&nbsp;&nbsp; (1264978)<br>|
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp; 4 | December-2025 | &nbsp;&nbsp;&nbsp; (1361884)<br>| &nbsp;&nbsp;&nbsp; (230227)<br>| &nbsp;&nbsp;&nbsp; (230227)<br>|
| S&P/TSX 60 Index | &nbsp;&nbsp;&nbsp; 6 | December-2025 | &nbsp;&nbsp;&nbsp; (1524309)<br>| &nbsp;&nbsp;&nbsp; (35866)<br>| &nbsp;&nbsp;&nbsp; (35866)<br>|
| SPI 200 Index | &nbsp;&nbsp;&nbsp; 9 | December-2025 | &nbsp;&nbsp;&nbsp; (1309058)<br>| &nbsp;&nbsp;&nbsp; (3773)<br>| &nbsp;&nbsp;&nbsp; (3773)<br>|
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (2249084)<br>| &nbsp;&nbsp;&nbsp; (2249084)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $330767 | &nbsp;&nbsp;&nbsp; $330767 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 01/21/2026 | Barclays Bank PLC | PHP | 802220000 | USD | 13986924 | &nbsp;&nbsp;&nbsp; $333432 |
| 01/21/2026 | BNP Paribas S.A. | NZD | 23420000 | USD | 14031252 | &nbsp;&nbsp;&nbsp; 584549 |
| 12/02/2025 | Citibank, N.A. | BRL | 7915000 | USD | 1461130 | &nbsp;&nbsp;&nbsp; 500 |
| 01/21/2026 | Citibank, N.A. | KRW | 10305000000 | USD | 7438231 | &nbsp;&nbsp;&nbsp; 202601 |
| 01/21/2026 | Citibank, N.A. | PHP | 26700000 | USD | 466026 | &nbsp;&nbsp;&nbsp; 11601 |
| 01/21/2026 | Citibank, N.A. | USD | 15065387 | COP | 59766800000 | &nbsp;&nbsp;&nbsp; 276286 |
| 01/21/2026 | Citibank, N.A. | USD | 1868261 | ZAR | 32835000 | &nbsp;&nbsp;&nbsp; 15381 |
| 12/02/2025 | Deutsche Bank AG | USD | 16036503 | BRL | 89955000 | &nbsp;&nbsp;&nbsp; 563743 |
| 01/21/2026 | Deutsche Bank AG | KRW | 21751180000 | USD | 15754532 | &nbsp;&nbsp;&nbsp; 481994 |
| 01/21/2026 | Deutsche Bank AG | TWD | 127075000 | USD | 4261402 | &nbsp;&nbsp;&nbsp; 119115 |
| 01/21/2026 | Goldman Sachs International | SEK | 159770000 | USD | 17286323 | &nbsp;&nbsp;&nbsp; 391648 |
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | GBP | 15195000 | USD | 20566791 | &nbsp;&nbsp;&nbsp; 604697 |
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | JPY | 1663970000 | USD | 11453633 | &nbsp;&nbsp;&nbsp; 572356 |
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | THB | 457340000 | USD | 14547224 | &nbsp;&nbsp;&nbsp; 314740 |
| 01/21/2026 | Merrill Lynch International | CNY | 100345000 | USD | 14220195 | &nbsp;&nbsp;&nbsp; 29936 |
| 01/21/2026 | Merrill Lynch International | CZK | 300790000 | USD | 14530356 | &nbsp;&nbsp;&nbsp; 255659 |
| 01/21/2026 | Morgan Stanley and Co. International PLC | CHF | 12680000 | USD | 16210102 | &nbsp;&nbsp;&nbsp; 309507 |
| 01/21/2026 | Morgan Stanley and Co. International PLC | USD | 1248505 | MYR | 5220000 | &nbsp;&nbsp;&nbsp; 877 |
| 01/21/2026 | Morgan Stanley and Co. International PLC | USD | 463956 | PEN | 1620000 | &nbsp;&nbsp;&nbsp; 16110 |
| 01/21/2026 | UBS AG | PLN | 53635000 | USD | 14839702 | &nbsp;&nbsp;&nbsp; 327583 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 5412315 |
| **Currency Risk** |  |  |  |  |  |  |
| 01/21/2026 | Barclays Bank PLC | CLP | 432460000 | USD | 453507 | &nbsp;&nbsp;&nbsp; (5325)<br>|
| 01/21/2026 | Barclays Bank PLC | USD | 13593001 | MYR | 56710000 | &nbsp;&nbsp;&nbsp; (19737)<br>|
| 01/21/2026 | BNP Paribas S.A. | USD | 821070 | CAD | 1130000 | &nbsp;&nbsp;&nbsp; (12170)<br>|
| 01/21/2026 | BNP Paribas S.A. | USD | 2259034 | DKK | 14250000 | &nbsp;&nbsp;&nbsp; (48353)<br>|
| 01/21/2026 | Citibank, N.A. | HKD | 1420000 | USD | 182874 | &nbsp;&nbsp;&nbsp; (56)<br>|
| 01/21/2026 | Citibank, N.A. | USD | 11887419 | EUR | 10060000 | &nbsp;&nbsp;&nbsp; (241317)<br>|
| 01/21/2026 | Citibank, N.A. | USD | 9019109 | TWD | 269500000 | &nbsp;&nbsp;&nbsp; (234169)<br>|
| 01/21/2026 | Deutsche Bank AG | INR | 111250000 | USD | 1244711 | &nbsp;&nbsp;&nbsp; (3046)<br>|
| 01/21/2026 | Deutsche Bank AG | USD | 24098362 | EUR | 20284000 | &nbsp;&nbsp;&nbsp; (616300)<br>|
| 01/21/2026 | Deutsche Bank AG | USD | 14938237 | IDR | 246264300000 | &nbsp;&nbsp;&nbsp; (157856)<br>|
| 01/21/2026 | Deutsche Bank AG | USD | 18385168 | INR | 1635960000 | &nbsp;&nbsp;&nbsp; (36581)<br>|
| 01/21/2026 | Deutsche Bank AG | USD | 35393459 | JPY | 5166820000 | &nbsp;&nbsp;&nbsp; (1605832)<br>|
| 01/21/2026 | Deutsche Bank AG | USD | 2554135 | SEK | 23626000 | &nbsp;&nbsp;&nbsp; (55834)<br>|
| 01/21/2026 | Deutsche Bank AG | USD | 14357411 | SGD | 18220000 | &nbsp;&nbsp;&nbsp; (278553)<br>|

---

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

**4**

**Invesco Global Allocation Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 01/21/2026 | Goldman Sachs International | MXN | 335000 | USD | 17834 | &nbsp;&nbsp;&nbsp; $(50)<br>|
| 01/21/2026 | HSBC Bank USA | ILS | 1470000 | USD | 442861 | &nbsp;&nbsp;&nbsp; (8476)<br>|
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | USD | 4464682 | CAD | 6135000 | &nbsp;&nbsp;&nbsp; (72995)<br>|
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | USD | 8330647 | HKD | 64660000 | &nbsp;&nbsp;&nbsp; (876)<br>|
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | USD | 263782 | HUF | 88770000 | &nbsp;&nbsp;&nbsp; (1228)<br>|
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | USD | 13905161 | NOK | 137325000 | &nbsp;&nbsp;&nbsp; (350565)<br>|
| 01/21/2026 | Standard Chartered Bank PLC | USD | 14808855 | PLN | 53820000 | &nbsp;&nbsp;&nbsp; (246681)<br>|
| 01/21/2026 | UBS AG | USD | 13553733 | AUD | 20360000 | &nbsp;&nbsp;&nbsp; (222590)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (4218590)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $1193725 |

---

---

| | |
|:---|:---|
| Abbreviations: | 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 |
| THB | —Thai Baht |
| TWD | —New Taiwan Dollar |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |

---

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

**5**

**Invesco Global Allocation Fund**

------

**Consolidated Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $408,411,093)\*<br>| &nbsp;&nbsp; $418782435 |
| Investments in affiliates, at value <br>(Cost $432,248,504)<br>| &nbsp;&nbsp; 588316761 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 3882299 |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 5412315 |
| Deposits with brokers: |  |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 1450000 |
| Cash | &nbsp;&nbsp; 4767054 |
| Foreign currencies, at value (Cost $1,204,697) | &nbsp;&nbsp; 1191191 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 124503 |
| Dividends | &nbsp;&nbsp; 168335 |
| Interest | &nbsp;&nbsp; 2766817 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 213817 |
| Other assets | &nbsp;&nbsp; 50315 |
| Total assets | &nbsp;&nbsp; 1027125842 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 4218590 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 512453 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 178345 |
| Accrued fees to affiliates | &nbsp;&nbsp; 462046 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1636 |
| Accrued other operating expenses | &nbsp;&nbsp; 195286 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 363053 |
| Total liabilities | &nbsp;&nbsp; 5931409 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1021194433 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $789133323 |
| Distributable earnings | &nbsp;&nbsp; 232061110 |
|  | &nbsp;&nbsp; $1021194433 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $890578844 |
| Class C | &nbsp;&nbsp; $31908629 |
| Class R | &nbsp;&nbsp; $34875428 |
| Class Y | &nbsp;&nbsp; $45584815 |
| Class R5 | &nbsp;&nbsp; $12552 |
| Class R6 | &nbsp;&nbsp; $18234165 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 41294246 |
| Class C | &nbsp;&nbsp; 1603400 |
| Class R | &nbsp;&nbsp; 1673127 |
| Class Y | &nbsp;&nbsp; 2104155 |
| Class R5 | &nbsp;&nbsp; 576 |
| Class R6 | &nbsp;&nbsp; 838228 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $21.57 |
| Maximum offering price per share <br>(Net asset value of $21.57 ÷ 94.50%)<br>| &nbsp;&nbsp; $22.83 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $19.90 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $20.84 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $21.66 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $21.79 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $21.75 |

---

\* At October 31, 2025, security with a value of $174,643 was on loan to brokers. 

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

**6**

**Invesco Global Allocation Fund**

------

**Consolidated Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $14294374 |
| Dividends (net of foreign withholding taxes of $139,213) | &nbsp;&nbsp; 1108838 |
| Dividends from affiliates (includes net securities lending income of $25,344) | &nbsp;&nbsp; 9149995 |
| Total investment income | &nbsp;&nbsp; 24553207 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 7938719 |
| Administrative services fees | &nbsp;&nbsp; 143385 |
| Custodian fees | &nbsp;&nbsp; 123743 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 2199615 |
| Class C | &nbsp;&nbsp; 335774 |
| Class R | &nbsp;&nbsp; 168596 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1460432 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 4 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 5427 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 50813 |
| Registration and filing fees | &nbsp;&nbsp; 89829 |
| Reports to shareholders | &nbsp;&nbsp; 102512 |
| Professional services fees | &nbsp;&nbsp; 199773 |
| Other | &nbsp;&nbsp; 47702 |
| Total expenses | &nbsp;&nbsp; 12866324 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (1674388)<br>|
| Net expenses | &nbsp;&nbsp; 11191936 |
| Net investment income | &nbsp;&nbsp; 13361271 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $764,807) | &nbsp;&nbsp; 51882685 |
| Affiliated investment securities | &nbsp;&nbsp; 18139475 |
| Foreign currencies | &nbsp;&nbsp; 106425 |
| Forward foreign currency contracts | &nbsp;&nbsp; 12638777 |
| Futures contracts | &nbsp;&nbsp; (2390500)<br>|
| Swap agreements | &nbsp;&nbsp; (4622125)<br>|
|  | &nbsp;&nbsp; 75754737 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $682,147) | &nbsp;&nbsp; (23970162)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 49907783 |
| Foreign currencies | &nbsp;&nbsp; (5561)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (2929831)<br>|
| Futures contracts | &nbsp;&nbsp; 5232881 |
| Swap agreements | &nbsp;&nbsp; (1153510)<br>|
|  | &nbsp;&nbsp; 27081600 |
| Net realized and unrealized gain | &nbsp;&nbsp; 102836337 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $116197608 |

---

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

**7**

**Invesco Global Allocation Fund**

------

**Consolidated Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $13361271 | &nbsp;&nbsp; $21456456 |
| Net realized gain | &nbsp;&nbsp; 75754737 | &nbsp;&nbsp; 45984555 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 27081600 | &nbsp;&nbsp; 107068248 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 116197608 | &nbsp;&nbsp; 174509259 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (8064698)<br>| &nbsp;&nbsp; (20416379)<br>|
| Class C | &nbsp;&nbsp; (101344)<br>| &nbsp;&nbsp; (658729)<br>|
| Class R | &nbsp;&nbsp; (243498)<br>| &nbsp;&nbsp; (701791)<br>|
| Class Y | &nbsp;&nbsp; (530143)<br>| &nbsp;&nbsp; (1319836)<br>|
| Class R5 | &nbsp;&nbsp; (138)<br>| &nbsp;&nbsp; (285)<br>|
| Class R6 | &nbsp;&nbsp; (211399)<br>| &nbsp;&nbsp; (401828)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (9151220)<br>| &nbsp;&nbsp; (23498848)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (88524187)<br>| &nbsp;&nbsp; (76413006)<br>|
| Class C | &nbsp;&nbsp; (7756602)<br>| &nbsp;&nbsp; (10207978)<br>|
| Class R | &nbsp;&nbsp; (2170433)<br>| &nbsp;&nbsp; (2952074)<br>|
| Class Y | &nbsp;&nbsp; (7088426)<br>| &nbsp;&nbsp; (7432865)<br>|
| Class R6 | &nbsp;&nbsp; (1022712)<br>| &nbsp;&nbsp; 1577195 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (106562360)<br>| &nbsp;&nbsp; (95428728)<br>|
| Net increase in net assets | &nbsp;&nbsp; 484028 | &nbsp;&nbsp; 55581683 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1020710405 | &nbsp;&nbsp; 965128722 |
| End of year | &nbsp;&nbsp; $1021194433 | &nbsp;&nbsp; $1020710405 |

---

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

**8**

**Invesco Global Allocation Fund**

------

**Consolidated Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<sup>(c)</sup> <br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<sup>(c)</sup> <br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(d)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $19.40 | $0.27 | $2.08 | $2.35 | $(0.18)<br>| $— | $(0.18)<br>| $21.57 | 12.19<br> %<br>| &nbsp;&nbsp; $890579 | 1.09<br> %<br>| 1.26<br> %<br>| 1.34<br> %<br>| 49<br> %<br>|
| Year ended 10/31/24 | 16.74 | 0.39 | 2.69 | 3.08 | (0.42)<br>|  | (0.42)<br>| 19.40 | 18.55 | &nbsp;&nbsp; 885830 | 1.10 | 1.27 | 2.07 | 30 |
| Year ended 10/31/23 | 16.79 | 0.32 | 0.57 | 0.89 | (0.94)<br>|  | (0.94)<br>| 16.74 | 5.30 | &nbsp;&nbsp; 831967 | 1.11 | 1.27 | 1.84 | 77 |
| Year ended 10/31/22 | 23.79 | 0.26 | (4.25)<br>| (3.99)<br>| (0.47)<br>| (2.54)<br>| (3.01)<br>| 16.79 | (19.06)<br>| &nbsp;&nbsp; 862663 | 1.15 | 1.23 | 1.36 | 151 |
| Year ended 10/31/21 | 18.75 | 0.22 | 4.82 | 5.04 |  |  |  | 23.79 | 26.88 | &nbsp;&nbsp; 1173186 | 1.15 | 1.25 | 1.01 | 51 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 17.92 | 0.11 | 1.92 | 2.03 | (0.05)<br>|  | (0.05)<br>| 19.90 | 11.36 | &nbsp;&nbsp; 31909 | 1.84 | 2.01 | 0.59 | 49 |
| Year ended 10/31/24 | 15.47 | 0.23 | 2.48 | 2.71 | (0.26)<br>|  | (0.26)<br>| 17.92 | 17.62 | &nbsp;&nbsp; 36226 | 1.85 | 2.02 | 1.32 | 30 |
| Year ended 10/31/23 | 15.56 | 0.17 | 0.54 | 0.71 | (0.80)<br>|  | (0.80)<br>| 15.47 | 4.51 | &nbsp;&nbsp; 40307 | 1.86 | 2.02 | 1.09 | 77 |
| Year ended 10/31/22 | 22.23 | 0.11 | (3.95)<br>| (3.84)<br>| (0.29)<br>| (2.54)<br>| (2.83)<br>| 15.56 | (19.63)<br>| &nbsp;&nbsp; 49615 | 1.90 | 1.98 | 0.61 | 151 |
| Year ended 10/31/21 | 17.66 | 0.05 | 4.52 | 4.57 |  |  |  | 22.23 | 25.88 | &nbsp;&nbsp; 72605 | 1.90 | 2.00 | 0.26 | 51 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 18.76 | 0.21 | 2.01 | 2.22 | (0.14)<br>|  | (0.14)<br>| 20.84 | 11.88 | &nbsp;&nbsp; 34875 | 1.34 | 1.51 | 1.09 | 49 |
| Year ended 10/31/24 | 16.20 | 0.33 | 2.59 | 2.92 | (0.36)<br>|  | (0.36)<br>| 18.76 | 18.20 | &nbsp;&nbsp; 33485 | 1.35 | 1.52 | 1.82 | 30 |
| Year ended 10/31/23 | 16.27 | 0.27 | 0.56 | 0.83 | (0.90)<br>|  | (0.90)<br>| 16.20 | 5.05 | &nbsp;&nbsp; 31487 | 1.36 | 1.52 | 1.59 | 77 |
| Year ended 10/31/22 | 23.13 | 0.20 | (4.11)<br>| (3.91)<br>| (0.41)<br>| (2.54)<br>| (2.95)<br>| 16.27 | (19.22)<br>| &nbsp;&nbsp; 31034 | 1.40 | 1.48 | 1.11 | 151 |
| Year ended 10/31/21 | 18.28 | 0.16 | 4.69 | 4.85 |  |  |  | 23.13 | 26.53 | &nbsp;&nbsp; 39793 | 1.40 | 1.50 | 0.76 | 51 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 19.47 | 0.32 | 2.09 | 2.41 | (0.22)<br>|  | (0.22)<br>| 21.66 | 12.49 | &nbsp;&nbsp; 45585 | 0.84 | 1.01 | 1.59 | 49 |
| Year ended 10/31/24 | 16.81 | 0.44 | 2.69 | 3.13 | (0.47)<br>|  | (0.47)<br>| 19.47 | 18.82 | &nbsp;&nbsp; 47788 | 0.85 | 1.02 | 2.32 | 30 |
| Year ended 10/31/23 | 16.87 | 0.36 | 0.57 | 0.93 | (0.99)<br>|  | (0.99)<br>| 16.81 | 5.52 | &nbsp;&nbsp; 47784 | 0.86 | 1.02 | 2.09 | 77 |
| Year ended 10/31/22 | 23.89 | 0.31 | (4.26)<br>| (3.95)<br>| (0.53)<br>| (2.54)<br>| (3.07)<br>| 16.87 | (18.84)<br>| &nbsp;&nbsp; 49841 | 0.90 | 0.98 | 1.61 | 151 |
| Year ended 10/31/21 | 18.78 | 0.28 | 4.83 | 5.11 |  |  |  | 23.89 | 27.21 | &nbsp;&nbsp; 72519 | 0.90 | 1.00 | 1.26 | 51 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 19.58 | 0.35 | 2.10 | 2.45 | (0.24)<br>|  | (0.24)<br>| 21.79 | 12.63 | &nbsp;&nbsp; 13 | 0.73 | 0.89 | 1.70 | 49 |
| Year ended 10/31/24 | 16.90 | 0.46 | 2.72 | 3.18 | (0.50)<br>|  | (0.50)<br>| 19.58 | 19.00 | &nbsp;&nbsp; 11 | 0.74 | 0.90 | 2.43 | 30 |
| Year ended 10/31/23 | 16.96 | 0.39 | 0.57 | 0.96 | (1.02)<br>|  | (1.02)<br>| 16.90 | 5.64 | &nbsp;&nbsp; 10 | 0.74 | 0.89 | 2.21 | 77 |
| Year ended 10/31/22 | 24.02 | 0.33 | (4.29)<br>| (3.96)<br>| (0.56)<br>| (2.54)<br>| (3.10)<br>| 16.96 | (18.77)<br>| &nbsp;&nbsp; 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 | &nbsp;&nbsp; 15 | 0.76 | 0.86 | 1.40 | 51 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 19.55 | 0.34 | 2.10 | 2.44 | (0.24)<br>|  | (0.24)<br>| 21.75 | 12.59 | &nbsp;&nbsp; 18234 | 0.73 | 0.89 | 1.70 | 49 |
| Year ended 10/31/24 | 16.89 | 0.46 | 2.70 | 3.16 | (0.50)<br>|  | (0.50)<br>| 19.55 | 18.90 | &nbsp;&nbsp; 17370 | 0.74 | 0.90 | 2.43 | 30 |
| Year ended 10/31/23 | 16.93 | 0.38 | 0.60 | 0.98 | (1.02)<br>|  | (1.02)<br>| 16.89 | 5.77 | &nbsp;&nbsp; 13573 | 0.74 | 0.89 | 2.21 | 77 |
| Year ended 10/31/22 | 23.98 | 0.33 | (4.28)<br>| (3.95)<br>| (0.56)<br>| (2.54)<br>| (3.10)<br>| 16.93 | (18.77)<br>| &nbsp;&nbsp; 36473 | 0.78 | 0.86 | 1.73 | 151 |
| Year ended 10/31/21 | 18.83 | 0.31 | 4.84 | 5.15 |  |  |  | 23.98 | 27.35 | &nbsp;&nbsp; 45281 | 0.76 | 0.86 | 1.40 | 51 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Does not include estimated acquired fund fees from underlying funds of 0.16%, 0.18%, 0.20%, 0.15% and 0.17% for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

<sup>(d)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

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

**9**

**Invesco Global Allocation Fund**

------

**Notes to Consolidated Financial Statements**

*October 31, 2025*

**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.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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.

**10**

**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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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 year ended October 31, 2025, 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

**11**

**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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's consolidated financial statements. Adoption of the new standard impacted the Fund's consolidated financial statement notes disclosures only and did not affect the Fund's financial position or the results of its 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 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 year ended October 31, 2025, the Fund paid the Adviser $3,022 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.

**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).

**12**

**Invesco Global Allocation Fund**

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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 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.** **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

**13**

**Invesco Global Allocation Fund**

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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 October 31, 2025, 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.

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

Fluctuations 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, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. 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 and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

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.

By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary's investments. The Subsidiary is not registered under the 1940 Act, and, except as otherwise noted in the Fund's prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended, and could negatively affect the Fund and its shareholders.

**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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.800% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.760% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.710% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Over $9 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.480% |

---

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

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.79%.

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

**14**

**Invesco Global Allocation Fund**

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the table above. To the extent the Fund invests in the Subsidiary, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from the Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from the Subsidiary.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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. 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 August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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 year ended October 31, 2025, the Adviser waived advisory fees of $1,599,350.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, 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 year ended October 31, 2025, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $53,495 in front-end sales commissions from the sale of Class A shares and $1,628 and $555 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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.

**15**

**Invesco Global Allocation Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $657875061 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $657875061 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 348971591 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 348971591 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54381 | &nbsp;&nbsp;&nbsp;&nbsp; 54381 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19818 | &nbsp;&nbsp;&nbsp;&nbsp; 19818 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 178345 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 178345 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 657875061 | &nbsp;&nbsp;&nbsp;&nbsp; 349149936 | &nbsp;&nbsp;&nbsp;&nbsp; 74199 | &nbsp;&nbsp;&nbsp;&nbsp; 1007099196 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2610030 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2610030 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5412315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5412315 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 2610030 | &nbsp;&nbsp;&nbsp;&nbsp; 5412315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8022345 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (2279263)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2279263)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4218590)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4218590)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (2279263)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4218590)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6497853)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 330767 | &nbsp;&nbsp;&nbsp;&nbsp; 1193725 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1524492 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $658205828 | &nbsp;&nbsp;&nbsp;&nbsp; $350343661 | &nbsp;&nbsp;&nbsp;&nbsp; $74199 | &nbsp;&nbsp;&nbsp;&nbsp; $1008623688 |

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\* Forward foreign currency contracts and futures contracts 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 October 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2431130 | &nbsp;&nbsp;&nbsp;&nbsp; $178900 | &nbsp;&nbsp;&nbsp;&nbsp; $2610030 |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 5412315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5412315 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 5412315 | &nbsp;&nbsp;&nbsp;&nbsp; 2431130 | &nbsp;&nbsp;&nbsp;&nbsp; 178900 | &nbsp;&nbsp;&nbsp;&nbsp; 8022345 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2431130)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (178900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2610030)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $5412315 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5412315 |

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| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2279263)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2279263)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (4218590)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4218590)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (4218590)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2279263)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6497853)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2279263 | &nbsp;&nbsp;&nbsp;&nbsp; 2279263 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(4218590)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4218590)<br>|

---

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

**16**

**Invesco Global Allocation Fund**

------

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $333432 | &nbsp;&nbsp;&nbsp; $(25062)<br>| &nbsp;&nbsp;&nbsp; $308370 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $308370 |
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; 584549 | &nbsp;&nbsp;&nbsp; (60523)<br>| &nbsp;&nbsp;&nbsp; 524026 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 524026 |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; 506369 | &nbsp;&nbsp;&nbsp; (475542)<br>| &nbsp;&nbsp;&nbsp; 30827 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30827 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 1164852 | &nbsp;&nbsp;&nbsp; (2754002)<br>| &nbsp;&nbsp;&nbsp; (1589150)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1589150)<br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 391648 | &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; 391598 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 391598 |
| HSBC Bank USA | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (8476)<br>| &nbsp;&nbsp;&nbsp; (8476)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8476)<br>|
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 1491793 | &nbsp;&nbsp;&nbsp; (425664)<br>| &nbsp;&nbsp;&nbsp; 1066129 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1066129 |
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; 285595 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 285595 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 285595 |
| Morgan Stanley and Co. International PLC | &nbsp;&nbsp;&nbsp; 326494 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 326494 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 326494 |
| Standard Chartered Bank PLC | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (246681)<br>| &nbsp;&nbsp;&nbsp; (246681)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (246681)<br>|
| UBS AG | &nbsp;&nbsp;&nbsp; 327583 | &nbsp;&nbsp;&nbsp; (222590)<br>| &nbsp;&nbsp;&nbsp; 104993 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 104993 |
| Total | &nbsp;&nbsp;&nbsp; $5412315 | &nbsp;&nbsp;&nbsp; $(4218590)<br>| &nbsp;&nbsp;&nbsp; $1193725 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1193725 |

---

**Effect of Derivative Investments for the year ended October 31, 2025**

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** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $12638777 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $12638777 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1038199 | &nbsp;&nbsp;&nbsp;&nbsp; (3428699)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2390500)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 7577465 | &nbsp;&nbsp;&nbsp;&nbsp; (12199590)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4622125)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; (2929831)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (2929831)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1167592)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6400473 | &nbsp;&nbsp;&nbsp;&nbsp; 5232881 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1153510)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1153510)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $9708946 | &nbsp;&nbsp;&nbsp;&nbsp; $6294562 | &nbsp;&nbsp;&nbsp;&nbsp; $(9227816)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6775692 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $365750910 | &nbsp;&nbsp;&nbsp;&nbsp; $513057144 | &nbsp;&nbsp;&nbsp;&nbsp; $188208967 |

---

**NOTE 5—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended October 31, 2025, the Fund engaged in securities purchases of $316,751.

**NOTE 6—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $75,038.

**NOTE 7—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred

**17**

**Invesco Global Allocation 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. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

**NOTE 8—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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 9—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $9151220 | &nbsp;&nbsp;&nbsp;&nbsp; $23498848 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $8079198 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 56588978 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 167806233 |
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (62327)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (350972)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 789133323 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1021194433 |

---

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

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

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

The Fund does not have a capital loss carryforward as of October 31, 2025.

**NOTE 10—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $250,743,786 and $322,009,867, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $178226931 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (10420698)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $167806233 |

---

Cost of investments for tax purposes is $840,817,455.

**NOTE 11—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign capital gains taxes, equalization, elimination entry, income from the Subsidiary and derivative instruments, on October 31, 2025, undistributed net investment income was decreased by $3,993,714, undistributed net realized gain was increased by $2,337,715 and shares of beneficial interest was increased by $1,655,999. This reclassification had no effect on the net assets of the Fund.

**NOTE 12—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1214120 | &nbsp;&nbsp;&nbsp; $24472095 | &nbsp;&nbsp;&nbsp; 1586906 | &nbsp;&nbsp;&nbsp; $29772699 |
| Class C | &nbsp;&nbsp;&nbsp; 192786 | &nbsp;&nbsp;&nbsp; 3579312 | &nbsp;&nbsp;&nbsp; 252320 | &nbsp;&nbsp;&nbsp; 4387981 |
| Class R | &nbsp;&nbsp;&nbsp; 201348 | &nbsp;&nbsp;&nbsp; 3924862 | &nbsp;&nbsp;&nbsp; 229618 | &nbsp;&nbsp;&nbsp; 4152877 |
| Class Y | &nbsp;&nbsp;&nbsp; 407648 | &nbsp;&nbsp;&nbsp; 8206031 | &nbsp;&nbsp;&nbsp; 497495 | &nbsp;&nbsp;&nbsp; 9383583 |
| Class R6 | &nbsp;&nbsp;&nbsp; 236131 | &nbsp;&nbsp;&nbsp; 4769419 | &nbsp;&nbsp;&nbsp; 322542 | &nbsp;&nbsp;&nbsp; 6131641 |

---

**18**

**Invesco Global Allocation Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 384686 | &nbsp;&nbsp;&nbsp; $7605297 | &nbsp;&nbsp;&nbsp; 1065313 | &nbsp;&nbsp;&nbsp; $19314109 |
| Class C | &nbsp;&nbsp;&nbsp; 5412 | &nbsp;&nbsp;&nbsp; 99358 | &nbsp;&nbsp;&nbsp; 37957 | &nbsp;&nbsp;&nbsp; 639959 |
| Class R | &nbsp;&nbsp;&nbsp; 12643 | &nbsp;&nbsp;&nbsp; 242113 | &nbsp;&nbsp;&nbsp; 39718 | &nbsp;&nbsp;&nbsp; 697854 |
| Class Y | &nbsp;&nbsp;&nbsp; 21396 | &nbsp;&nbsp;&nbsp; 423863 | &nbsp;&nbsp;&nbsp; 58544 | &nbsp;&nbsp;&nbsp; 1063151 |
| Class R6 | &nbsp;&nbsp;&nbsp; 10252 | &nbsp;&nbsp;&nbsp; 203810 | &nbsp;&nbsp;&nbsp; 21487 | &nbsp;&nbsp;&nbsp; 391281 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 274352 | &nbsp;&nbsp;&nbsp; 5500352 | &nbsp;&nbsp;&nbsp; 421665 | &nbsp;&nbsp;&nbsp; 7914243 |
| Class C | &nbsp;&nbsp;&nbsp; (296325)<br>| &nbsp;&nbsp;&nbsp; (5500352)<br>| &nbsp;&nbsp;&nbsp; (454843)<br>| &nbsp;&nbsp;&nbsp; (7914243)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (6251788)<br>| &nbsp;&nbsp;&nbsp; (126101931)<br>| &nbsp;&nbsp;&nbsp; (7096804)<br>| &nbsp;&nbsp;&nbsp; (133414057)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (320063)<br>| &nbsp;&nbsp;&nbsp; (5934920)<br>| &nbsp;&nbsp;&nbsp; (419436)<br>| &nbsp;&nbsp;&nbsp; (7321675)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (325934)<br>| &nbsp;&nbsp;&nbsp; (6337408)<br>| &nbsp;&nbsp;&nbsp; (428384)<br>| &nbsp;&nbsp;&nbsp; (7802805)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (778816)<br>| &nbsp;&nbsp;&nbsp; (15718320)<br>| &nbsp;&nbsp;&nbsp; (943880)<br>| &nbsp;&nbsp;&nbsp; (17879599)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (296647)<br>| &nbsp;&nbsp;&nbsp; (5995941)<br>| &nbsp;&nbsp;&nbsp; (259189)<br>| &nbsp;&nbsp;&nbsp; (4945727)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (5308799)<br>| &nbsp;&nbsp;&nbsp; $(106562360)<br>| &nbsp;&nbsp;&nbsp; (5068971)<br>| &nbsp;&nbsp;&nbsp; $(95428728)<br>|

---

<sup>(a)</sup> 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.

**19**

**Invesco Global Allocation Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Global Allocation Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Global Allocation Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related consolidated statement of operations for the year ended October 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent, insurance companies and brokers; when replies were not received from insurance companies, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

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

**20**

**Invesco Global Allocation Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Allocation Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Global Allocation Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and three year periods and the third quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a change in portfolio management in 2023. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also

**21**

**Invesco Global Allocation Fund**

------

reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers'

management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with

regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**22**

**Invesco Global Allocation Fund**

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $1656000 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 40.02% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 4.66% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 99.32% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 44.82% |

---

\*

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

**23**

**Invesco Global Allocation Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**24**

**Invesco Global Allocation Fund**

------

![](imga6f7a2c21.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-GLAL-NCSR

------

![](img9daa66a41.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Global Strategic Income Fund**

Nasdaq:

A: OPSIX ■ C: OSICX ■ R: OSINX ■ Y: OSIYX ■ R5: GLSSX ■ R6: OSIIX

------

---

| | |
|:---|:---|
| [2](#xx_ad8272be-42ec-4a70-ab5f-43ee0e738b3a_SOI-Continued-761_1) | Consolidated Schedule of Investments |
| [30](#xx_ad8272be-42ec-4a70-ab5f-43ee0e738b3a_FS-Continued-761_1) | Consolidated Financial Statements |
| [33](#xx_ad8272be-42ec-4a70-ab5f-43ee0e738b3a_FS-Continued-761_4) | Consolidated Financial Highlights |
| [34](#xx_ad8272be-42ec-4a70-ab5f-43ee0e738b3a_NTF-Continued-761_1) | Notes to Consolidated Financial Statements |
| [45](#xx_ad8272be-42ec-4a70-ab5f-43ee0e738b3a_ARS-Continued-761_1) | Report of Independent Registered Public Accounting Firm |
| [46](#xx_ad8272be-42ec-4a70-ab5f-43ee0e738b3a_AOC-Continued-761_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [48](#xx_ad8272be-42ec-4a70-ab5f-43ee0e738b3a_TI-Continued-761_1) | Tax Information |
| [49](#xx_ad8272be-42ec-4a70-ab5f-43ee0e738b3a_OIRSR-Continued-761_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments** 

*October 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–30.29%** | **U.S. Dollar Denominated Bonds & Notes–30.29%** | **U.S. Dollar Denominated Bonds & Notes–30.29%** | **U.S. Dollar Denominated Bonds & Notes–30.29%** |
| **Argentina–0.69%** | **Argentina–0.69%** | **Argentina–0.69%** | **Argentina–0.69%** |
| Argentine Republic Government <br> International Bond, | Argentine Republic Government <br> International Bond, |  |  |
| 0.75%, 07/09/2030<sup>(a)</sup> <br>|  | $3628800 | &nbsp;&nbsp; $2975616 |
| 3.50%, 07/09/2041<sup>(a)</sup> <br>|  | 5400000 | &nbsp;&nbsp; 3520800 |
| Vista Energy Argentina S.A.U., <br> 7.63%, 12/10/2035<sup>(b)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1780830 |
| YPF S.A., 8.75%, <br> 09/11/2031<sup>(b)</sup> <br>|  | 3276000 | &nbsp;&nbsp; 3373533 |
|  |  |  | &nbsp;&nbsp; 11650779 |
| **Belgium–0.25%** | **Belgium–0.25%** | **Belgium–0.25%** | **Belgium–0.25%** |
| Telenet Finance Luxembourg <br> Notes S.a.r.l., 5.50%, <br> 03/01/2028<sup>(b)</sup> <br>|  | 4200000 | &nbsp;&nbsp; 4192215 |
| **Brazil–0.71%** | **Brazil–0.71%** | **Brazil–0.71%** | **Brazil–0.71%** |
| Arcos Dorados B.V., 6.38%, <br> 01/29/2032<sup>(b)</sup> <br>|  | 3145000 | &nbsp;&nbsp; 3338575 |
| Minerva (Luxembourg) S.A., <br> 8.88%, 09/13/2033<sup>(b)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1970655 |
| Petrobras Global Finance B.V., <br> 6.50%, 07/03/2033<sup>(c)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1872630 |
| Sitios Latinoamerica S.A.B. de <br> C.V., 5.38%, <br> 04/04/2032<sup>(b)(c)</sup> <br>|  | 4745000 | &nbsp;&nbsp; 4758523 |
|  |  |  | &nbsp;&nbsp; 11940383 |
| **Canada–2.22%** | **Canada–2.22%** | **Canada–2.22%** | **Canada–2.22%** |
| Bell Canada, 6.88%, <br> 09/15/2055<sup>(d)</sup> <br>|  | 2369000 | &nbsp;&nbsp; 2475392 |
| Brookfield Infrastructure <br> Finance ULC, 6.75%, <br> 03/15/2055<sup>(d)</sup> <br>|  | 2008000 | &nbsp;&nbsp; 2053357 |
| Constellation Software, Inc., <br> 5.16%, 02/16/2029<sup>(b)(c)</sup> <br>|  | 1247000 | &nbsp;&nbsp; 1274434 |
| Element Fleet Management Corp., | Element Fleet Management Corp., |  |  |
| 5.64%, 03/13/2027<sup>(b)(c)</sup> <br>|  | 7037000 | &nbsp;&nbsp; 7168180 |
| 6.32%, 12/04/2028<sup>(b)</sup> <br>|  | 3671000 | &nbsp;&nbsp; 3884014 |
| Enbridge, Inc., 7.38%, <br> 01/15/2083<sup>(c)(d)</sup> <br>|  | 7381000 | &nbsp;&nbsp; 7624558 |
| New Gold, Inc., 6.88%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 1433000 | &nbsp;&nbsp; 1499583 |
| Northriver Midstream Finance <br> L.P., 6.75%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 576000 | &nbsp;&nbsp; 587436 |
| RB Global Holdings, Inc., | RB Global Holdings, Inc., |  |  |
| 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 850000 | &nbsp;&nbsp; 868961 |
| 7.75%, 03/15/2031<sup>(b)</sup> <br>|  | 318000 | &nbsp;&nbsp; 332271 |
| Rogers Communications, Inc., <br> 7.00%, 04/15/2055<sup>(d)</sup> <br>|  | 2190000 | &nbsp;&nbsp; 2292609 |
| South Bow Canadian <br> Infrastructure Holdings <br> Ltd., 7.63%, <br> 03/01/2055<sup>(d)</sup> <br>|  | 3819000 | &nbsp;&nbsp; 3979356 |
| Transcanada Trust, <br> Series 16-A, 5.88%, <br> 08/15/2076<sup>(d)</sup> <br>|  | 3609000 | &nbsp;&nbsp; 3614118 |
|  |  |  | &nbsp;&nbsp; 37654269 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Cayman Islands–0.05%** | **Cayman Islands–0.05%** | **Cayman Islands–0.05%** | **Cayman Islands–0.05%** |
| Global Aircraft Leasing Co. <br> Ltd., 8.75%, <br> 09/01/2027<sup>(b)</sup> <br>|  | $868000 | &nbsp;&nbsp; $894726 |
| **Chile–0.55%** | **Chile–0.55%** | **Chile–0.55%** | **Chile–0.55%** |
| Banco de Credito e <br> Inversiones S.A., <br> 8.75%<sup>(b)(d)(e)</sup> <br>|  | 1725000 | &nbsp;&nbsp; 1856428 |
| Banco del Estado de Chile, <br> 7.95%<sup>(b)(d)(e)</sup> <br>|  | 1003000 | &nbsp;&nbsp; 1071042 |
| Chile Electricity Lux MPC II <br> S.a.r.l., 5.58%, <br> 10/20/2035<sup>(b)</sup> <br>|  | 1461370 | &nbsp;&nbsp; 1505650 |
| Sociedad Quimica y Minera de <br> Chile S.A., 5.50%, <br> 09/10/2034<sup>(b)</sup> <br>|  | 4885000 | &nbsp;&nbsp; 4934485 |
|  |  |  | &nbsp;&nbsp; 9367605 |
| **China–0.10%** | **China–0.10%** | **China–0.10%** | **China–0.10%** |
| Prosus N.V., 3.68%, <br> 01/21/2030<sup>(b)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1729804 |
| **Colombia–0.41%** | **Colombia–0.41%** | **Colombia–0.41%** | **Colombia–0.41%** |
| Ecopetrol S.A., | Ecopetrol S.A., |  |  |
| 8.63%, 01/19/2029 |  | 4600000 | &nbsp;&nbsp; 4965608 |
| 7.75%, 02/01/2032 |  | 1930000 | &nbsp;&nbsp; 1996450 |
|  |  |  | &nbsp;&nbsp; 6962058 |
| **Dominican Republic–0.24%** | **Dominican Republic–0.24%** | **Dominican Republic–0.24%** | **Dominican Republic–0.24%** |
| Aeropuertos Dominicanos <br> Siglo XXI S.A., 7.00%, <br> 06/30/2034<sup>(b)</sup> <br>|  | 2055000 | &nbsp;&nbsp; 2154411 |
| Dominican Republic International <br> Bond, | Dominican Republic International <br> Bond, |  |  |
| 4.50%, 01/30/2030<sup>(b)</sup> <br>|  | 720000 | &nbsp;&nbsp; 705420 |
| 4.88%, 09/23/2032<sup>(b)</sup> <br>|  | 1200000 | &nbsp;&nbsp; 1152660 |
|  |  |  | &nbsp;&nbsp; 4012491 |
| **Egypt–0.15%** | **Egypt–0.15%** | **Egypt–0.15%** | **Egypt–0.15%** |
| Egypt Government <br> International Bond, <br> 8.63%, 02/04/2030<sup>(b)</sup> <br>|  | 2415000 | &nbsp;&nbsp; 2592785 |
| **France–0.34%** | **France–0.34%** | **France–0.34%** | **France–0.34%** |
| Electricite de France S.A., <br> 9.13%<sup>(b)(c)(d)(e)</sup> <br>|  | 2334000 | &nbsp;&nbsp; 2705266 |
| Forvia SE, 8.00%, <br> 06/15/2030<sup>(b)(c)</sup> <br>|  | 644000 | &nbsp;&nbsp; 684886 |
| Iliad Holding S.A.S., | Iliad Holding S.A.S., |  |  |
| 7.00%, 10/15/2028<sup>(b)</sup> <br>|  | 143000 | &nbsp;&nbsp; 145224 |
| 8.50%, 04/15/2031<sup>(b)(c)</sup> <br>|  | 1466000 | &nbsp;&nbsp; 1574845 |
| 7.00%, 04/15/2032<sup>(b)</sup> <br>|  | 82000 | &nbsp;&nbsp; 84019 |
| Opal Bidco SAS, 6.50%, <br> 03/31/2032<sup>(b)(c)</sup> <br>|  | 585000 | &nbsp;&nbsp; 603017 |
|  |  |  | &nbsp;&nbsp; 5797257 |
| **Germany–0.31%** | **Germany–0.31%** | **Germany–0.31%** | **Germany–0.31%** |
| Bayer US Finance LLC, <br> 6.13%, 11/21/2026<sup>(b)</sup> <br>|  | 4573000 | &nbsp;&nbsp; 4651299 |

---

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

**2**

**Invesco Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Germany–(continued)** | **Germany–(continued)** | **Germany–(continued)** | **Germany–(continued)** |
| Cerdia Finanz GmbH, 9.38%, <br> 10/03/2031<sup>(b)</sup> <br>|  | $579000 | &nbsp;&nbsp; $606105 |
|  |  |  | &nbsp;&nbsp; 5257404 |
| **Greece–0.04%** | **Greece–0.04%** | **Greece–0.04%** | **Greece–0.04%** |
| Danaos Corp., 6.88%, <br> 10/15/2032<sup>(b)</sup> <br>|  | 642000 | &nbsp;&nbsp; 631872 |
| **Guatemala–0.08%** | **Guatemala–0.08%** | **Guatemala–0.08%** | **Guatemala–0.08%** |
| Energuate Trust 2.0, 6.35%, <br> 09/15/2035<sup>(b)</sup> <br>|  | 1440000 | &nbsp;&nbsp; 1446303 |
| **Hong Kong–0.04%** | **Hong Kong–0.04%** | **Hong Kong–0.04%** | **Hong Kong–0.04%** |
| Melco Resorts Finance Ltd., <br> 6.50%, 09/24/2033<sup>(b)(c)</sup> <br>|  | 600000 | &nbsp;&nbsp; 604422 |
| **India–0.92%** | **India–0.92%** | **India–0.92%** | **India–0.92%** |
| GMR Hyderabad International <br> Airport Ltd., 4.25%, <br> 10/27/2027<sup>(b)</sup> <br>|  | 4650000 | &nbsp;&nbsp; 4587673 |
| Muthoot Finance Ltd., | Muthoot Finance Ltd., |  |  |
| 7.13%, 02/14/2028<sup>(b)</sup> <br>|  | 3650000 | &nbsp;&nbsp; 3738125 |
| 6.38%, 04/23/2029<sup>(b)</sup> <br>|  | 7200000 | &nbsp;&nbsp; 7310276 |
|  |  |  | &nbsp;&nbsp; 15636074 |
| **Ireland–0.28%** | **Ireland–0.28%** | **Ireland–0.28%** | **Ireland–0.28%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust, 6.95%, <br> 03/10/2055<sup>(c)(d)</sup> <br>|  | 1149000 | &nbsp;&nbsp; 1208705 |
| BB Blue Financing DAC, <br> Series A1, 4.40%, <br> 09/20/2037<br>|  | 1750000 | &nbsp;&nbsp; 1719259 |
| GGAM Finance Ltd., 6.88%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 1162000 | &nbsp;&nbsp; 1208405 |
| TrueNoord Capital DAC, <br> 8.75%, 03/01/2030<sup>(b)</sup> <br>|  | 577000 | &nbsp;&nbsp; 608295 |
|  |  |  | &nbsp;&nbsp; 4744664 |
| **Italy–0.11%** | **Italy–0.11%** | **Italy–0.11%** | **Italy–0.11%** |
| FiberCop S.p.A., | FiberCop S.p.A., |  |  |
| 6.00%, 09/30/2034<sup>(b)(c)</sup> <br>|  | 625000 | &nbsp;&nbsp; 591755 |
| 7.20%, 07/18/2036<sup>(b)</sup> <br>|  | 600000 | &nbsp;&nbsp; 609294 |
| Telecom Italia Capital S.A., <br> 6.38%, 11/15/2033<br>|  | 595000 | &nbsp;&nbsp; 627831 |
|  |  |  | &nbsp;&nbsp; 1828880 |
| **Japan–0.04%** | **Japan–0.04%** | **Japan–0.04%** | **Japan–0.04%** |
| Kioxia Holdings Corp., 6.63%, <br> 07/24/2033<sup>(b)</sup> <br>|  | 600000 | &nbsp;&nbsp; 626570 |
| **Macau–0.56%** | **Macau–0.56%** | **Macau–0.56%** | **Macau–0.56%** |
| MGM China Holdings Ltd., | MGM China Holdings Ltd., |  |  |
| 5.88%, 05/15/2026<sup>(b)</sup> <br>|  | 4250000 | &nbsp;&nbsp; 4260885 |
| 4.75%, 02/01/2027<sup>(b)(c)</sup> <br>|  | 2960000 | &nbsp;&nbsp; 2951980 |
| Studio City Finance Ltd., | Studio City Finance Ltd., |  |  |
| 6.50%, 01/15/2028<sup>(b)</sup> <br>|  | 248000 | &nbsp;&nbsp; 248155 |
| 5.00%, 01/15/2029<sup>(b)(c)</sup> <br>|  | 736000 | &nbsp;&nbsp; 705197 |
| Wynn Macau Ltd., 6.75%, <br> 02/15/2034<sup>(b)(c)</sup> <br>|  | 1260000 | &nbsp;&nbsp; 1270625 |
|  |  |  | &nbsp;&nbsp; 9436842 |
| **Mexico–1.14%** | **Mexico–1.14%** | **Mexico–1.14%** | **Mexico–1.14%** |
| Banco Mercantil del Norte <br> S.A., 8.38%<sup>(b)(d)(e)</sup> <br>|  | 1850000 | &nbsp;&nbsp; 1984350 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Mexico–(continued)** | **Mexico–(continued)** | **Mexico–(continued)** | **Mexico–(continued)** |
| BBVA Bancomer S.A., 7.63%, <br> 02/11/2035<sup>(b)(d)</sup> <br>|  | $1750000 | &nbsp;&nbsp; $1857695 |
| CEMEX S.A.B. de C.V., <br> 5.13%<sup>(b)(d)(e)</sup> <br>|  | 2487000 | &nbsp;&nbsp; 2455647 |
| FIEMEX Energia - Banco <br> Actinver S.A. Institucion de <br> Banca Multiple, 7.25%, <br> 01/31/2041<sup>(b)</sup> <br>|  | 2461411 | &nbsp;&nbsp; 2607545 |
| Mexico Government <br> International Bond, <br> Series 10, 5.63%, <br> 09/22/2035<br>|  | 442000 | &nbsp;&nbsp; 440453 |
| Nemak S.A.B. de C.V., 3.63%, <br> 06/28/2031<sup>(b)</sup> <br>|  | 3064000 | &nbsp;&nbsp; 2684404 |
| Petroleos Mexicanos, | Petroleos Mexicanos, |  |  |
| 8.75%, 06/02/2029 |  | 6400000 | &nbsp;&nbsp; 6910509 |
| 6.63%, 06/15/2035 |  | 310000 | &nbsp;&nbsp; 297736 |
|  |  |  | &nbsp;&nbsp; 19238339 |
| **Nigeria–0.25%** | **Nigeria–0.25%** | **Nigeria–0.25%** | **Nigeria–0.25%** |
| IHS Holding Ltd., 8.25%, <br> 11/29/2031<sup>(b)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 4177762 |
| **Panama–0.10%** | **Panama–0.10%** | **Panama–0.10%** | **Panama–0.10%** |
| Telecomunicaciones Digitales <br> S.A., 4.50%, <br> 01/30/2030<sup>(b)</sup> <br>|  | 1750000 | &nbsp;&nbsp; 1673924 |
| **Peru–0.20%** | **Peru–0.20%** | **Peru–0.20%** | **Peru–0.20%** |
| Compania de Minas <br> Buenaventura S.A.A., <br> 6.80%, 02/04/2032<sup>(b)</sup> <br>|  | 1990000 | &nbsp;&nbsp; 2074575 |
| Orazul Energy Peru S.A., <br> 6.25%, 09/17/2032<sup>(b)</sup> <br>|  | 1359000 | &nbsp;&nbsp; 1382217 |
|  |  |  | &nbsp;&nbsp; 3456792 |
| **Serbia–0.11%** | **Serbia–0.11%** | **Serbia–0.11%** | **Serbia–0.11%** |
| Telecommunications Co. <br> Telekom Srbija AD <br> Belgrade, 7.00%, <br> 10/28/2029<sup>(b)</sup> <br>|  | 1877000 | &nbsp;&nbsp; 1889332 |
| **Spain–0.22%** | **Spain–0.22%** | **Spain–0.22%** | **Spain–0.22%** |
| Repsol E&P Capital Markets US LLC, | Repsol E&P Capital Markets US LLC, |  |  |
| 4.81%, 09/16/2028<sup>(b)</sup> <br>|  | 1371000 | &nbsp;&nbsp; 1374601 |
| 5.20%, 09/16/2030<sup>(b)</sup> <br>|  | 1392000 | &nbsp;&nbsp; 1397688 |
| 5.98%, 09/16/2035<sup>(b)</sup> <br>|  | 900000 | &nbsp;&nbsp; 916208 |
|  |  |  | &nbsp;&nbsp; 3688497 |
| **Switzerland–0.39%** | **Switzerland–0.39%** | **Switzerland–0.39%** | **Switzerland–0.39%** |
| Argentum Netherlands B.V. <br> for Swiss Re Ltd., 5.63%, <br> 08/15/2052<sup>(b)(d)</sup> <br>|  | 460000 | &nbsp;&nbsp; 465863 |
| Credit Suisse Group AG, <br> 6.25%<sup>(b)(e)(f)(g)</sup> <br>|  | 7385000 | &nbsp;&nbsp; 2102879 |
| UBS Group AG, 9.25%<sup>(b)(d)(e)</sup> <br>|  | 3650000 | &nbsp;&nbsp; 3982606 |
|  |  |  | &nbsp;&nbsp; 6551348 |
| **Thailand–0.09%** | **Thailand–0.09%** | **Thailand–0.09%** | **Thailand–0.09%** |
| GC Treasury Center Co. Ltd., <br> 6.50%<sup>(b)(d)(e)</sup> <br>|  | 1461000 | &nbsp;&nbsp; 1480136 |
| **Turkey–0.21%** | **Turkey–0.21%** | **Turkey–0.21%** | **Turkey–0.21%** |
| Akbank Turk A.S., 7.88%, <br> 09/04/2035<sup>(b)(d)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1836272 |

---

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

**3**

**Invesco Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Turkey–(continued)** | **Turkey–(continued)** | **Turkey–(continued)** | **Turkey–(continued)** |
| Turkiye Is Bankasi A.S., <br> 7.38%, 04/02/2036<sup>(b)(d)</sup> <br>|  | $1800000 | &nbsp;&nbsp; $1782320 |
|  |  |  | &nbsp;&nbsp; 3618592 |
| **United Kingdom–2.12%** | **United Kingdom–2.12%** | **United Kingdom–2.12%** | **United Kingdom–2.12%** |
| Aberdeen Group PLC, 4.25%, <br> 06/30/2028<sup>(b)</sup> <br>|  | 1825000 | &nbsp;&nbsp; 1801046 |
| B.A.T. Capital Corp., 6.00%, <br> 02/20/2034<br>|  | 2730000 | &nbsp;&nbsp; 2916443 |
| Barclays Bank PLC, <br> 6.28%<sup>(d)(e)</sup> <br>|  | 9030000 | &nbsp;&nbsp; 9577218 |
| Beazley Insurance DAC, <br> 5.50%, 09/10/2029<sup>(b)</sup> <br>|  | 2880000 | &nbsp;&nbsp; 2930633 |
| British Telecommunications <br> PLC, 4.25%, <br> 11/23/2081<sup>(b)(d)</sup> <br>|  | 10850000 | &nbsp;&nbsp; 10738087 |
| California Buyer Ltd./Atlantica <br> Sustainable Infrastructure <br> PLC, 6.38%, <br> 02/15/2032<sup>(b)</sup> <br>|  | 585000 | &nbsp;&nbsp; 591434 |
| Hiscox Ltd., 7.00%, <br> 06/11/2036<sup>(b)(d)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1937329 |
| M&G PLC, 6.50%, <br> 10/20/2048<sup>(b)(d)</sup> <br>|  | 925000 | &nbsp;&nbsp; 965188 |
| Virgin Media Secured Finance <br> PLC, 5.50%, <br> 05/15/2029<sup>(b)</sup> <br>|  | 1344000 | &nbsp;&nbsp; 1320541 |
| VMED 02 UK Financing I PLC, <br> 6.75%, 01/15/2033<sup>(b)</sup> <br>|  | 174000 | &nbsp;&nbsp; 174645 |
| Vodafone Group PLC, 4.13%, <br> 06/04/2081<sup>(d)</sup> <br>|  | 1348000 | &nbsp;&nbsp; 1271819 |
| Weir Group, Inc., 5.35%, <br> 05/06/2030<sup>(b)</sup> <br>|  | 1568000 | &nbsp;&nbsp; 1609129 |
|  |  |  | &nbsp;&nbsp; 35833512 |
| **United States–17.14%** | **United States–17.14%** | **United States–17.14%** | **United States–17.14%** |
| 1261229 BC Ltd., 10.00%, <br> 04/15/2032<sup>(b)</sup> <br>|  | 420000 | &nbsp;&nbsp; 439435 |
| Acrisure LLC/Acrisure <br> Finance, Inc., 7.50%, <br> 11/06/2030<sup>(b)</sup> <br>|  | 871000 | &nbsp;&nbsp; 901531 |
| AECOM, 6.00%, <br> 08/01/2033<sup>(b)</sup> <br>|  | 612000 | &nbsp;&nbsp; 628530 |
| AES Corp. (The), 7.60%, <br> 01/15/2055<sup>(d)</sup> <br>|  | 5140000 | &nbsp;&nbsp; 5271589 |
| Aethon United BR L.P./Aethon <br> United Finance Corp., <br> 7.50%, 10/01/2029<sup>(b)</sup> <br>|  | 574000 | &nbsp;&nbsp; 596000 |
| Air Lease Corp., Series B, <br> 4.65%<sup>(d)(e)</sup> <br>|  | 912000 | &nbsp;&nbsp; 903273 |
| Aircastle Ltd., 5.25%<sup>(b)(d)(e)</sup> <br>|  | 1220000 | &nbsp;&nbsp; 1214106 |
| Alliant Holdings <br> Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.00%, <br> 01/15/2031<sup>(b)</sup> <br>|  | 897000 | &nbsp;&nbsp; 929918 |
| Allison Transmission, Inc., <br> 3.75%, 01/30/2031<sup>(b)</sup> <br>|  | 1369000 | &nbsp;&nbsp; 1265145 |
| AMC Networks, Inc., 10.50%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 119000 | &nbsp;&nbsp; 125231 |
| American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., | American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., |  |  |
| 5.50%, 04/20/2026<sup>(b)</sup> <br>|  | 1375000 | &nbsp;&nbsp; 1379355 |
| 5.75%, 04/20/2029<sup>(b)(c)</sup> <br>|  | 1501000 | &nbsp;&nbsp; 1515368 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| American Axle & <br> Manufacturing, Inc., <br> 7.75%, 10/15/2033<sup>(b)(c)</sup> <br>|  | $641000 | &nbsp;&nbsp; $642563 |
| Amneal Pharmaceuticals LLC, <br> 6.88%, 08/01/2032<sup>(b)(c)</sup> <br>|  | 680000 | &nbsp;&nbsp; 713790 |
| Antero Midstream Partners <br> L.P./Antero Midstream <br> Finance Corp., 6.63%, <br> 02/01/2032<sup>(b)(c)</sup> <br>|  | 577000 | &nbsp;&nbsp; 597860 |
| Ardagh Metal Packaging <br> Finance USA LLC/Ardagh <br> Metal Packaging Finance <br> PLC, 6.00%, <br> 06/15/2027<sup>(b)</sup> <br>|  | 575000 | &nbsp;&nbsp; 576845 |
| Ares Capital Corp., 5.88%, <br> 03/01/2029<br>|  | 4550000 | &nbsp;&nbsp; 4659462 |
| Bath & Body Works, Inc., <br> 6.63%, 10/01/2030<sup>(b)(c)</sup> <br>|  | 585000 | &nbsp;&nbsp; 602095 |
| Bausch Health Cos., Inc., <br> 11.00%, 09/30/2028<sup>(b)</sup> <br>|  | 176000 | &nbsp;&nbsp; 184645 |
| Beignet Investor LLC, 6.58%, <br> 05/30/2049<sup>(b)</sup> <br>|  | 297000 | &nbsp;&nbsp; 317052 |
| Berry Global, Inc., 5.65%, <br> 01/15/2034<sup>(c)</sup> <br>|  | 2019000 | &nbsp;&nbsp; 2111169 |
| Boost Newco Borrower LLC, <br> 7.50%, 01/15/2031<sup>(b)(c)</sup> <br>|  | 546000 | &nbsp;&nbsp; 580469 |
| BP Capital Markets PLC, <br> 4.88%<sup>(c)(d)(e)</sup> <br>|  | 1315000 | &nbsp;&nbsp; 1316364 |
| Brink's Co. (The), 6.75%, <br> 06/15/2032<sup>(b)(c)</sup> <br>|  | 1203000 | &nbsp;&nbsp; 1250325 |
| Brundage-Bone Concrete <br> Pumping Holdings, Inc., <br> 7.50%, 02/01/2032<sup>(b)(c)</sup> <br>|  | 627000 | &nbsp;&nbsp; 633265 |
| Calpine Corp., 5.13%, <br> 03/15/2028<sup>(b)</sup> <br>|  | 892000 | &nbsp;&nbsp; 892459 |
| Carriage Services, Inc., <br> 4.25%, 05/15/2029<sup>(b)(c)</sup> <br>|  | 959000 | &nbsp;&nbsp; 907861 |
| Carvana Co., 14.00% PIK <br> Rate, 9.00% Cash Rate, <br> 06/01/2031<sup>(b)(h)</sup> <br>|  | 574590 | &nbsp;&nbsp; 640055 |
| Caturus Energy LLC, 8.50%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 585000 | &nbsp;&nbsp; 598099 |
| CCO Holdings LLC/CCO Holdings <br> Capital Corp., | CCO Holdings LLC/CCO Holdings <br> Capital Corp., |  |  |
| 5.38%, 06/01/2029<sup>(b)</sup> <br>|  | 353000 | &nbsp;&nbsp; 348647 |
| 4.75%, 03/01/2030<sup>(b)</sup> <br>|  | 3710000 | &nbsp;&nbsp; 3530121 |
| 4.50%, 08/15/2030<sup>(b)(c)</sup> <br>|  | 3710000 | &nbsp;&nbsp; 3480515 |
| 4.75%, 02/01/2032<sup>(b)(c)</sup> <br>|  | 670000 | &nbsp;&nbsp; 607127 |
| 4.50%, 05/01/2032<sup>(c)</sup> <br>|  | 736000 | &nbsp;&nbsp; 655172 |
| 4.50%, 06/01/2033<sup>(b)(c)</sup> <br>|  | 870000 | &nbsp;&nbsp; 755157 |
| 4.25%, 01/15/2034<sup>(b)(c)</sup> <br>|  | 681000 | &nbsp;&nbsp; 572597 |
| Celanese US Holdings LLC, <br> 7.20%, 11/15/2033<sup>(c)</sup> <br>|  | 566000 | &nbsp;&nbsp; 580846 |
| CenterPoint Energy, Inc., <br> 6.70%, 05/15/2055<sup>(d)</sup> <br>|  | 7773000 | &nbsp;&nbsp; 8067962 |
| Charles Schwab Corp. (The), <br> 6.20%, 11/17/2029<sup>(d)</sup> <br>|  | 3963000 | &nbsp;&nbsp; 4198004 |
| CHC Group LLC, 11.75%, <br> 09/01/2030<sup>(b)</sup> <br>|  | 292000 | &nbsp;&nbsp; 272870 |
| Cheniere Energy, Inc., <br> 5.65%, 04/15/2034<sup>(c)</sup> <br>|  | 2036000 | &nbsp;&nbsp; 2106660 |

---

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

**4**

**Invesco Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Clarios Global L.P./Clarios US <br> Finance Co., | Clarios Global L.P./Clarios US <br> Finance Co., |  |  |
| 6.75%, 02/15/2030<sup>(b)</sup> <br>|  | $800000 | &nbsp;&nbsp; $829896 |
| 6.75%, 09/15/2032<sup>(b)</sup> <br>|  | 118000 | &nbsp;&nbsp; 120826 |
| Clarivate Science Holdings <br> Corp., 4.88%, <br> 07/01/2029<sup>(b)(c)</sup> <br>|  | 798000 | &nbsp;&nbsp; 745132 |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 6.88%, 11/01/2029<sup>(b)</sup> <br>|  | 156000 | &nbsp;&nbsp; 160324 |
| 7.00%, 03/15/2032<sup>(b)(c)</sup> <br>|  | 459000 | &nbsp;&nbsp; 469898 |
| Cloud Software Group, Inc., | Cloud Software Group, Inc., |  |  |
| 9.00%, 09/30/2029<sup>(b)</sup> <br>|  | 350000 | &nbsp;&nbsp; 362318 |
| 8.25%, 06/30/2032<sup>(b)</sup> <br>|  | 547000 | &nbsp;&nbsp; 575326 |
| CMS Energy Corp., 6.50%, <br> 06/01/2055<sup>(c)(d)</sup> <br>|  | 6859000 | &nbsp;&nbsp; 7141282 |
| Community Health Systems, Inc., | Community Health Systems, Inc., |  |  |
| 5.25%, 05/15/2030<sup>(b)(c)</sup> <br>|  | 339000 | &nbsp;&nbsp; 318076 |
| 4.75%, 02/15/2031<sup>(b)</sup> <br>|  | 354000 | &nbsp;&nbsp; 316369 |
| Comstock Resources, Inc., <br> 6.75%, 03/01/2029<sup>(b)(c)</sup> <br>|  | 607000 | &nbsp;&nbsp; 602229 |
| CoreWeave, Inc., | CoreWeave, Inc., |  |  |
| 9.25%, 06/01/2030<sup>(b)</sup> <br>|  | 120000 | &nbsp;&nbsp; 121332 |
| 9.00%, 02/01/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200835 |
| Cougar JV Subsidiary LLC, <br> 8.00%, 05/15/2032<sup>(b)</sup> <br>|  | 588000 | &nbsp;&nbsp; 627451 |
| Cousins Properties L.P., <br> 5.25%, 07/15/2030<br>|  | 4045000 | &nbsp;&nbsp; 4135382 |
| CVS Health Corp., 6.75%, <br> 12/10/2054<sup>(d)</sup> <br>|  | 1090000 | &nbsp;&nbsp; 1133761 |
| DaVita, Inc., | DaVita, Inc., |  |  |
| 6.88%, 09/01/2032<sup>(b)</sup> <br>|  | 285000 | &nbsp;&nbsp; 295548 |
| 6.75%, 07/15/2033<sup>(b)(c)</sup> <br>|  | 305000 | &nbsp;&nbsp; 316499 |
| Dell International LLC/EMC <br> Corp., 6.20%, <br> 07/15/2030<br>|  | 7515000 | &nbsp;&nbsp; 8046996 |
| Directv Financing LLC, <br> 8.88%, 02/01/2030<sup>(b)</sup> <br>|  | 158000 | &nbsp;&nbsp; 157262 |
| Directv Financing LLC/Directv <br> Financing Co-Obligor, Inc., | Directv Financing LLC/Directv <br> Financing Co-Obligor, Inc., |  |  |
| 5.88%, 08/15/2027<sup>(b)</sup> <br>|  | 125000 | &nbsp;&nbsp; 125084 |
| 10.00%, 02/15/2031<sup>(b)</sup> <br>|  | 81000 | &nbsp;&nbsp; 80767 |
| Discovery <br> Communications LLC, <br> 4.13%, 05/15/2029<br>|  | 667000 | &nbsp;&nbsp; 645759 |
| Diversified Healthcare Trust, | Diversified Healthcare Trust, |  |  |
| 0.00%, 01/15/2026<sup>(b)(i)</sup> <br>|  | 330000 | &nbsp;&nbsp; 326575 |
| 7.25%, 10/15/2030<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 303385 |
| Duke Energy Corp., 6.45%, <br> 09/01/2054<sup>(d)</sup> <br>|  | 623000 | &nbsp;&nbsp; 659218 |
| Endo Finance Holdings, Inc., <br> 8.50%, 04/15/2031<sup>(b)(c)</sup> <br>|  | 583000 | &nbsp;&nbsp; 618664 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 8.00%, 05/15/2054<sup>(d)</sup> <br>|  | 2105000 | &nbsp;&nbsp; 2249115 |
| 7.13%, 10/01/2054<sup>(d)</sup> <br>|  | 10852000 | &nbsp;&nbsp; 11225526 |
| EnerSys, | EnerSys, |  |  |
| 4.38%, 12/15/2027<sup>(b)</sup> <br>|  | 605000 | &nbsp;&nbsp; 597831 |
| 6.63%, 01/15/2032<sup>(b)</sup> <br>|  | 286000 | &nbsp;&nbsp; 294313 |
| Enpro, Inc., 6.13%, <br> 06/01/2033<sup>(b)</sup> <br>|  | 1194000 | &nbsp;&nbsp; 1224406 |
| Entergy Corp., 7.13%, <br> 12/01/2054<sup>(c)(d)</sup> <br>|  | 6143000 | &nbsp;&nbsp; 6474802 |
| ESAB Corp., 6.25%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 867000 | &nbsp;&nbsp; 888340 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Excelerate Energy L.P., <br> 8.00%, 05/15/2030<sup>(b)</sup> <br>|  | $578000 | &nbsp;&nbsp; $610686 |
| EZCORP, Inc., 7.38%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 1378000 | &nbsp;&nbsp; 1458955 |
| FirstCash, Inc., 6.88%, <br> 03/01/2032<sup>(b)(c)</sup> <br>|  | 876000 | &nbsp;&nbsp; 910057 |
| Freedom Mortgage <br> Holdings LLC, 8.38%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 313077 |
| Freeport-McMoRan, Inc., <br> 4.63%, 08/01/2030<br>|  | 6660000 | &nbsp;&nbsp; 6678951 |
| General Motors Co., 6.80%, <br> 10/01/2027<sup>(c)</sup> <br>|  | 8383000 | &nbsp;&nbsp; 8740586 |
| Genesis Energy L.P./Genesis Energy <br> Finance Corp., | Genesis Energy L.P./Genesis Energy <br> Finance Corp., |  |  |
| 7.88%, 05/15/2032<sup>(c)</sup> <br>|  | 438000 | &nbsp;&nbsp; 451472 |
| 8.00%, 05/15/2033 |  | 427000 | &nbsp;&nbsp; 441454 |
| Getty Images, Inc., 10.50%, <br> 11/15/2030<sup>(b)</sup> <br>|  | 162000 | &nbsp;&nbsp; 163490 |
| GFL Environmental, Inc., <br> 4.00%, 08/01/2028<sup>(b)(c)</sup> <br>|  | 1244000 | &nbsp;&nbsp; 1217847 |
| Global Atlantic (Fin) Co., <br> 4.70%, 10/15/2051<sup>(b)(d)</sup> <br>|  | 661000 | &nbsp;&nbsp; 643874 |
| Global Partners L.P./GLP <br> Finance Corp., 7.13%, <br> 07/01/2033<sup>(b)</sup> <br>|  | 615000 | &nbsp;&nbsp; 624376 |
| Gray Media, Inc., 9.63%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 174000 | &nbsp;&nbsp; 175063 |
| Greystar Real Estate <br> Partners LLC, 7.75%, <br> 09/01/2030<sup>(b)</sup> <br>|  | 236000 | &nbsp;&nbsp; 249749 |
| Group 1 Automotive, Inc., | Group 1 Automotive, Inc., |  |  |
| 4.00%, 08/15/2028<sup>(b)</sup> <br>|  | 632000 | &nbsp;&nbsp; 613618 |
| 6.38%, 01/15/2030<sup>(b)</sup> <br>|  | 589000 | &nbsp;&nbsp; 601890 |
| Hawaiian Electric Co., Inc., <br> 6.00%, 10/01/2033<sup>(b)</sup> <br>|  | 950000 | &nbsp;&nbsp; 961273 |
| Hilcorp Energy I L.P./Hilcorp <br> Finance Co., 8.38%, <br> 11/01/2033<sup>(b)</sup> <br>|  | 585000 | &nbsp;&nbsp; 605725 |
| Hilton Domestic Operating <br> Co., Inc., 5.88%, <br> 03/15/2033<sup>(b)</sup> <br>|  | 1170000 | &nbsp;&nbsp; 1200161 |
| Hologic, Inc., 3.25%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 658000 | &nbsp;&nbsp; 649999 |
| HUB International Ltd., <br> 7.25%, 06/15/2030<sup>(b)</sup> <br>|  | 853000 | &nbsp;&nbsp; 891166 |
| Hyundai Capital America, <br> 4.90%, 06/23/2028<sup>(b)(c)</sup> <br>|  | 7133000 | &nbsp;&nbsp; 7239384 |
| ION Platform Finance US, Inc., <br> 7.88%, 09/30/2032<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 195324 |
| Iron Mountain Information <br> Management Services, Inc., <br> 5.00%, 07/15/2032<sup>(b)</sup> <br>|  | 627000 | &nbsp;&nbsp; 606696 |
| Iron Mountain, Inc., | Iron Mountain, Inc., |  |  |
| 7.00%, 02/15/2029<sup>(b)</sup> <br>|  | 1125000 | &nbsp;&nbsp; 1159567 |
| 4.50%, 02/15/2031<sup>(b)</sup> <br>|  | 658000 | &nbsp;&nbsp; 631645 |
| J.M. Smucker Co. (The), <br> 5.90%, 11/15/2028<br>|  | 3489000 | &nbsp;&nbsp; 3658018 |
| Jane Street Group/JSG Finance, <br> Inc., | Jane Street Group/JSG Finance, <br> Inc., |  |  |
| 4.50%, 11/15/2029<sup>(b)(c)</sup> <br>|  | 500000 | &nbsp;&nbsp; 486258 |
| 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | 621000 | &nbsp;&nbsp; 632449 |
| 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 583000 | &nbsp;&nbsp; 608617 |

---

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

**5**

**Invesco Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Jefferies Finance LLC/JFIN <br> Co-Issuer Corp., 5.00%, <br> 08/15/2028<sup>(b)</sup> <br>|  | $300000 | &nbsp;&nbsp; $284270 |
| Keurig Dr Pepper, Inc., <br> 4.35%, 05/15/2028<br>|  | 1661000 | &nbsp;&nbsp; 1661541 |
| L3Harris Technologies, Inc., <br> 5.40%, 01/15/2027<br>|  | 2972000 | &nbsp;&nbsp; 3016643 |
| Lamar Media Corp., | Lamar Media Corp., |  |  |
| 4.88%, 01/15/2029 |  | 1890000 | &nbsp;&nbsp; 1874874 |
| 5.38%, 11/01/2033<sup>(b)</sup> <br>|  | 595000 | &nbsp;&nbsp; 589799 |
| Lamb Weston Holdings, Inc., <br> 4.38%, 01/31/2032<sup>(b)</sup> <br>|  | 654000 | &nbsp;&nbsp; 623952 |
| LCM Investments Holdings II LLC, | LCM Investments Holdings II LLC, |  |  |
| 4.88%, 05/01/2029<sup>(b)</sup> <br>|  | 311000 | &nbsp;&nbsp; 303028 |
| 8.25%, 08/01/2031<sup>(b)</sup> <br>|  | 566000 | &nbsp;&nbsp; 596000 |
| Level 3 Financing, Inc., | Level 3 Financing, Inc., |  |  |
| 6.88%, 06/30/2033<sup>(b)</sup> <br>|  | 652000 | &nbsp;&nbsp; 668353 |
| 7.00%, 03/31/2034<sup>(b)</sup> <br>|  | 645167 | &nbsp;&nbsp; 663366 |
| Lithia Motors, Inc., | Lithia Motors, Inc., |  |  |
| 4.63%, 12/15/2027<sup>(b)(c)</sup> <br>|  | 500000 | &nbsp;&nbsp; 497711 |
| 4.38%, 01/15/2031<sup>(b)</sup> <br>|  | 650000 | &nbsp;&nbsp; 620237 |
| Lumen Technologies, Inc., <br> 10.00%, 10/15/2032<sup>(b)</sup> <br>|  | 114000 | &nbsp;&nbsp; 115283 |
| Macy's Retail Holdings LLC, <br> 6.70%, 07/15/2034<sup>(b)</sup> <br>|  | 638000 | &nbsp;&nbsp; 600473 |
| Mars, Inc., 4.80%, <br> 03/01/2030<sup>(b)(c)</sup> <br>|  | 1214000 | &nbsp;&nbsp; 1240412 |
| Mattel, Inc., 6.20%, <br> 10/01/2040<br>|  | 1807000 | &nbsp;&nbsp; 1801956 |
| Medline Borrower L.P., | Medline Borrower L.P., |  |  |
| 3.88%, 04/01/2029<sup>(b)</sup> <br>|  | 816000 | &nbsp;&nbsp; 793096 |
| 5.25%, 10/01/2029<sup>(b)</sup> <br>|  | 617000 | &nbsp;&nbsp; 615056 |
| MPT Operating Partnership <br> L.P./MPT Finance Corp., <br> 8.50%, 02/15/2032<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 118498 |
| Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., |  |  |
| 6.50%, 08/01/2029<sup>(b)</sup> <br>|  | 546000 | &nbsp;&nbsp; 560474 |
| 7.13%, 02/01/2032<sup>(b)</sup> <br>|  | 576000 | &nbsp;&nbsp; 602695 |
| Navient Corp., | Navient Corp., |  |  |
| 5.00%, 03/15/2027 |  | 460000 | &nbsp;&nbsp; 457606 |
| 9.38%, 07/25/2030 |  | 205000 | &nbsp;&nbsp; 225410 |
| NCL Corp. Ltd., | NCL Corp. Ltd., |  |  |
| 5.88%, 01/15/2031<sup>(b)</sup> <br>|  | 260000 | &nbsp;&nbsp; 260039 |
| 6.25%, 09/15/2033<sup>(b)(c)</sup> <br>|  | 372000 | &nbsp;&nbsp; 376480 |
| NESCO Holdings II, Inc., <br> 5.50%, 04/15/2029<sup>(b)(c)</sup> <br>|  | 623000 | &nbsp;&nbsp; 609554 |
| New Enterprise Stone & Lime <br> Co., Inc., 5.25%, <br> 07/15/2028<sup>(b)</sup> <br>|  | 599000 | &nbsp;&nbsp; 596764 |
| Newell Brands, Inc., | Newell Brands, Inc., |  |  |
| 6.63%, 09/15/2029 |  | 288000 | &nbsp;&nbsp; 282191 |
| 6.38%, 05/15/2030<sup>(c)</sup> <br>|  | 635000 | &nbsp;&nbsp; 604838 |
| NextEra Energy Capital <br> Holdings, Inc., 6.75%, <br> 06/15/2054<sup>(c)(d)</sup> <br>|  | 4614000 | &nbsp;&nbsp; 4994291 |
| Nissan Motor Acceptance Co. <br> LLC, 7.05%, <br> 09/15/2028<sup>(b)</sup> <br>|  | 932000 | &nbsp;&nbsp; 970232 |
| NRG Energy, Inc., 6.00%, <br> 01/15/2036<sup>(b)</sup> <br>|  | 961000 | &nbsp;&nbsp; 978161 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| 6.63%, 05/15/2029 |  | $904000 | &nbsp;&nbsp; $930766 |
| 4.00%, 09/15/2030 |  | 149000 | &nbsp;&nbsp; 138704 |
| 6.75%, 03/15/2032 |  | 525000 | &nbsp;&nbsp; 533436 |
| 7.13%, 09/15/2032 |  | 375000 | &nbsp;&nbsp; 387513 |
| ONEOK, Inc., | ONEOK, Inc., |  |  |
| 5.55%, 11/01/2026 |  | 2947000 | &nbsp;&nbsp; 2983067 |
| 6.63%, 09/01/2053 |  | 3698000 | &nbsp;&nbsp; 3894451 |
| Paramount Global, 2.90%, <br> 01/15/2027<br>|  | 3852000 | &nbsp;&nbsp; 3784404 |
| PennyMac Financial Services, <br> Inc., 4.25%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 310000 | &nbsp;&nbsp; 301230 |
| Penske Truck Leasing Co. <br> L.P./PTL Finance Corp., <br> 6.05%, 08/01/2028<sup>(b)</sup> <br>|  | 7383000 | &nbsp;&nbsp; 7705442 |
| PetSmart LLC/PetSmart <br> Finance Corp., 7.50%, <br> 09/15/2032<sup>(b)</sup> <br>|  | 625000 | &nbsp;&nbsp; 624969 |
| Phinia, Inc., | Phinia, Inc., |  |  |
| 6.75%, 04/15/2029<sup>(b)</sup> <br>|  | 256000 | &nbsp;&nbsp; 264413 |
| 6.63%, 10/15/2032<sup>(b)(c)</sup> <br>|  | 324000 | &nbsp;&nbsp; 333607 |
| PNC Financial Services Group, <br> Inc. (The), 6.62%, <br> 10/20/2027<sup>(d)</sup> <br>|  | 5593000 | &nbsp;&nbsp; 5719617 |
| Prairie Acquiror L.P., 9.00%, <br> 08/01/2029<sup>(b)</sup> <br>|  | 173000 | &nbsp;&nbsp; 178215 |
| Provident Funding Associates <br> L.P./PFG Finance Corp., <br> 9.75%, 09/15/2029<sup>(b)</sup> <br>|  | 848000 | &nbsp;&nbsp; 894354 |
| Reinsurance Group of <br> America, Inc., 6.65%, <br> 09/15/2055<sup>(d)</sup> <br>|  | 723000 | &nbsp;&nbsp; 755419 |
| RHP Hotel Properties L.P./RHP <br> Finance Corp., 6.50%, <br> 06/15/2033<sup>(b)</sup> <br>|  | 592000 | &nbsp;&nbsp; 611448 |
| RLJ Lodging Trust L.P., <br> 4.00%, 09/15/2029<sup>(b)(c)</sup> <br>|  | 651000 | &nbsp;&nbsp; 615230 |
| Rocket Cos., Inc., 6.13%, <br> 08/01/2030<sup>(b)</sup> <br>|  | 599000 | &nbsp;&nbsp; 618260 |
| Roller Bearing Co. of America, <br> Inc., 4.38%, <br> 10/15/2029<sup>(b)</sup> <br>|  | 627000 | &nbsp;&nbsp; 615210 |
| Saks Global Enterprises LLC, <br> 11.00%, 12/15/2029<sup>(b)</sup> <br>|  | 339720 | &nbsp;&nbsp; 152018 |
| Seagate Data Storage Technology <br> Pte. Ltd., | Seagate Data Storage Technology <br> Pte. Ltd., |  |  |
| 4.13%, 01/15/2031<sup>(b)</sup> <br>|  | 1069000 | &nbsp;&nbsp; 1007565 |
| 9.63%, 12/01/2032<sup>(b)</sup> <br>|  | 1512800 | &nbsp;&nbsp; 1726200 |
| Sealed Air Corp., | Sealed Air Corp., |  |  |
| 5.00%, 04/15/2029<sup>(b)</sup> <br>|  | 312000 | &nbsp;&nbsp; 310008 |
| 6.88%, 07/15/2033<sup>(b)(c)</sup> <br>|  | 278000 | &nbsp;&nbsp; 302934 |
| Select Medical Corp., 6.25%, <br> 12/01/2032<sup>(b)(c)</sup> <br>|  | 580000 | &nbsp;&nbsp; 588945 |
| Sempra, | Sempra, |  |  |
| 4.13%, 04/01/2052<sup>(d)</sup> <br>|  | 10842000 | &nbsp;&nbsp; 10601413 |
| 6.38%, 04/01/2056<sup>(c)(d)</sup> <br>|  | 2088000 | &nbsp;&nbsp; 2146280 |
| Sensata Technologies, Inc., <br> 3.75%, 02/15/2031<sup>(b)(c)</sup> <br>|  | 650000 | &nbsp;&nbsp; 604723 |
| SGUS LLC, 11.00%, <br> 12/15/2029<sup>(b)</sup> <br>|  | 165280 | &nbsp;&nbsp; 143382 |
| Sinclair Television Group, Inc., <br> 8.13%, 02/15/2033<sup>(b)</sup> <br>|  | 117000 | &nbsp;&nbsp; 119372 |

---

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

**6**

**Invesco Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Solventum Corp., 5.45%, <br> 02/25/2027<br>|  | $1556000 | &nbsp;&nbsp; $1579639 |
| Southern Co. (The), | Southern Co. (The), |  |  |
| Series B, 4.00%, <br> 01/15/2051<sup>(d)</sup> <br>|  | 8245000 | &nbsp;&nbsp; 8227361 |
| Series 21-A, 3.75%, <br> 09/15/2051<sup>(d)</sup> <br>|  | 5367000 | &nbsp;&nbsp; 5313373 |
| SS&C Technologies, Inc., <br> 5.50%, 09/30/2027<sup>(b)</sup> <br>|  | 608000 | &nbsp;&nbsp; 608746 |
| Starz Capital Holdings 1, Inc., <br> 6.00%, 04/15/2030<sup>(b)(c)</sup> <br>|  | 682000 | &nbsp;&nbsp; 643638 |
| State Street Corp., | State Street Corp., |  |  |
| Series I, 6.70%<sup>(c)(d)(e)</sup> <br>|  | 3415000 | &nbsp;&nbsp; 3563419 |
| 6.45%<sup>(c)(d)(e)</sup> <br>|  | 8733000 | &nbsp;&nbsp; 9086468 |
| Summit Midstream <br> Holdings LLC, 8.63%, <br> 10/31/2029<sup>(b)(c)</sup> <br>|  | 582000 | &nbsp;&nbsp; 592552 |
| Sunoco L.P., | Sunoco L.P., |  |  |
| 5.63%, 03/15/2031<sup>(b)</sup> <br>|  | 86000 | &nbsp;&nbsp; 86109 |
| 6.25%, 07/01/2033<sup>(b)</sup> <br>|  | 474000 | &nbsp;&nbsp; 484597 |
| 5.88%, 03/15/2034<sup>(b)</sup> <br>|  | 248000 | &nbsp;&nbsp; 248119 |
| 7.88%<sup>(b)(d)(e)</sup> <br>|  | 121000 | &nbsp;&nbsp; 122968 |
| Tallgrass Energy Partners <br> L.P./Tallgrass Energy <br> Finance Corp., 7.38%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 614000 | &nbsp;&nbsp; 632494 |
| Taylor Morrison Communities, <br> Inc., 5.13%, <br> 08/01/2030<sup>(b)(c)</sup> <br>|  | 633000 | &nbsp;&nbsp; 632716 |
| Tenet Healthcare Corp., <br> 6.75%, 05/15/2031<br>|  | 883000 | &nbsp;&nbsp; 916859 |
| Tidewater, Inc., 9.13%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 584000 | &nbsp;&nbsp; 623801 |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | 3600000 | &nbsp;&nbsp; 3675517 |
| 6.38%, 03/01/2029<sup>(b)</sup> <br>|  | 720000 | &nbsp;&nbsp; 740473 |
| 6.00%, 01/15/2033<sup>(b)</sup> <br>|  | 728000 | &nbsp;&nbsp; 740305 |
| 6.25%, 01/31/2034<sup>(b)(c)</sup> <br>|  | 600000 | &nbsp;&nbsp; 620537 |
| Transocean International Ltd., <br> 7.88%, 10/15/2032<sup>(b)</sup> <br>|  | 639000 | &nbsp;&nbsp; 658687 |
| U.S. International <br> Development Finance <br> Corp., Series 4, 3.13%, <br> 04/15/2028<br>|  | 1120000 | &nbsp;&nbsp; 1099875 |
| United AirLines, Inc., 4.38%, <br> 04/15/2026<sup>(b)</sup> <br>|  | 3664000 | &nbsp;&nbsp; 3658724 |
| Uniti Group L.P./Uniti Group <br> Finance 2019, Inc./CSL <br> Capital LLC, 8.63%, <br> 06/15/2032<sup>(b)</sup> <br>|  | 104000 | &nbsp;&nbsp; 97494 |
| Univision Communications, Inc., | Univision Communications, Inc., |  |  |
| 8.00%, 08/15/2028<sup>(b)</sup> <br>|  | 330000 | &nbsp;&nbsp; 339954 |
| 9.38%, 08/01/2032<sup>(b)</sup> <br>|  | 255000 | &nbsp;&nbsp; 269441 |
| Vail Resorts, Inc., 5.63%, <br> 07/15/2030<sup>(b)(c)</sup> <br>|  | 625000 | &nbsp;&nbsp; 634247 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| 9.88%, 02/01/2032<sup>(b)(c)</sup> <br>|  | 978000 | &nbsp;&nbsp; 1045264 |
| 9.00%<sup>(b)(c)(d)(e)</sup> <br>|  | 226000 | &nbsp;&nbsp; 211451 |
| Venture Global Plaquemines <br> LNG LLC, | Venture Global Plaquemines <br> LNG LLC, |  |  |
| 6.50%, 01/15/2034<sup>(b)</sup> <br>|  | 238000 | &nbsp;&nbsp; 249445 |
| 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 654000 | &nbsp;&nbsp; 693074 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Versant Media Group, Inc., <br> 7.25%, 01/30/2031<sup>(b)(c)</sup> <br>|  | $540000 | &nbsp;&nbsp; $550774 |
| Viatris, Inc., 3.85%, <br> 06/22/2040<br>|  | 2254000 | &nbsp;&nbsp; 1718048 |
| Viking Cruises Ltd., 5.88%, <br> 10/15/2033<sup>(b)</sup> <br>|  | 630000 | &nbsp;&nbsp; 640831 |
| Vistra Corp., | Vistra Corp., |  |  |
| Series C, 8.88%<sup>(b)(d)(e)</sup> <br>|  | 915000 | &nbsp;&nbsp; 1006813 |
| 8.00%<sup>(b)(c)(d)(e)</sup> <br>|  | 296000 | &nbsp;&nbsp; 304397 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.63%, 02/15/2027<sup>(b)</sup> <br>|  | 817000 | &nbsp;&nbsp; 817776 |
| 5.00%, 07/31/2027<sup>(b)</sup> <br>|  | 233000 | &nbsp;&nbsp; 233272 |
| 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 173000 | &nbsp;&nbsp; 183716 |
| VoltaGrid LLC, 7.38%, <br> 11/01/2030<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 508838 |
| Voyager Parent LLC, 9.25%, <br> 07/01/2032<sup>(b)</sup> <br>|  | 573000 | &nbsp;&nbsp; 601139 |
| Walker & Dunlop, Inc., 6.63%, <br> 04/01/2033<sup>(b)</sup> <br>|  | 580000 | &nbsp;&nbsp; 594058 |
| WarnerMedia Holdings, Inc., | WarnerMedia Holdings, Inc., |  |  |
| 4.28%, 03/15/2032<sup>(c)</sup> <br>|  | 897000 | &nbsp;&nbsp; 822717 |
| 5.05%, 03/15/2042<sup>(c)</sup> <br>|  | 513000 | &nbsp;&nbsp; 412355 |
| 5.14%, 03/15/2052 |  | 194000 | &nbsp;&nbsp; 147925 |
| Wayfair LLC, 7.25%, <br> 10/31/2029<sup>(b)</sup> <br>|  | 60000 | &nbsp;&nbsp; 62194 |
| Whirlpool Corp., 4.75%, <br> 02/26/2029<br>|  | 610000 | &nbsp;&nbsp; 601742 |
| William Carter Co. (The), <br> 7.38%, 02/15/2031<sup>(b)</sup> <br>|  | 315000 | &nbsp;&nbsp; 313875 |
| Windstream Services LLC, <br> 7.50%, 10/15/2033<sup>(b)(c)</sup> <br>|  | 550000 | &nbsp;&nbsp; 549904 |
| WULF Compute LLC, 7.75%, <br> 10/15/2030<sup>(b)</sup> <br>|  | 540000 | &nbsp;&nbsp; 561360 |
| Xerox Holdings Corp., | Xerox Holdings Corp., |  |  |
| 5.50%, 08/15/2028<sup>(b)</sup> <br>|  | 78000 | &nbsp;&nbsp; 37245 |
| 8.88%, 11/30/2029<sup>(b)</sup> <br>|  | 87000 | &nbsp;&nbsp; 38280 |
|  |  |  | &nbsp;&nbsp; 289981975 |
| **Uzbekistan–0.23%** | **Uzbekistan–0.23%** | **Uzbekistan–0.23%** | **Uzbekistan–0.23%** |
| Navoi Mining & Metallurgical <br> Combinat, | Navoi Mining & Metallurgical <br> Combinat, |  |  |
| 6.70%, 10/17/2028<sup>(b)</sup> <br>|  | 1380000 | &nbsp;&nbsp; 1437903 |
| 6.75%, 05/14/2030<sup>(b)</sup> <br>|  | 2388000 | &nbsp;&nbsp; 2520721 |
|  |  |  | &nbsp;&nbsp; 3958624 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $510,988,895) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $510,988,895) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $510,988,895) | &nbsp;&nbsp; 512556236 |
| **Non-U.S. Dollar Denominated Bonds & Notes–22.14%**<sup>(j)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–22.14%**<sup>(j)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–22.14%**<sup>(j)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–22.14%**<sup>(j)</sup>  |
| **Argentina–0.43%** | **Argentina–0.43%** | **Argentina–0.43%** | **Argentina–0.43%** |
| Argentina Treasury Bond, <br> 29.50%, 04/27/2027<sup>(k)</sup> <br>| ARS | 10335000000 | &nbsp;&nbsp; 7346484 |
| **Australia–1.09%** | **Australia–1.09%** | **Australia–1.09%** | **Australia–1.09%** |
| Queensland Treasury Corp., <br> 5.25%, 08/13/2038<sup>(b)</sup> <br>| AUD | 11300000 | &nbsp;&nbsp; 7398839 |
| Treasury Corporation of <br> Victoria, 5.50%, <br> 11/17/2026<br>| AUD | 16605000 | &nbsp;&nbsp; 11071840 |
|  |  |  | &nbsp;&nbsp; 18470679 |

---

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

**7**

**Invesco Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Austria–0.25%** | **Austria–0.25%** | **Austria–0.25%** | **Austria–0.25%** |
| Raiffeisen Bank International <br> AG, 6.09%<sup>(b)(d)(e)</sup> <br>| EUR | 3600000 | &nbsp;&nbsp; $4164873 |
| **Brazil–7.62%** | **Brazil–7.62%** | **Brazil–7.62%** | **Brazil–7.62%** |
| Brazil Notas do Tesouro Nacional, | Brazil Notas do Tesouro Nacional, |  |  |
| Series B, 6.00%, <br> 05/15/2055<br>| BRL | 26010000 | &nbsp;&nbsp; 19157411 |
| Series F, 10.00%, <br> 01/01/2027<br>| BRL | 495000000 | &nbsp;&nbsp; 88692563 |
| Series F, 10.00%, <br> 01/01/2029<br>| BRL | 123000000 | &nbsp;&nbsp; 21165054 |
|  |  |  | &nbsp;&nbsp; 129015028 |
| **Canada–0.68%** | **Canada–0.68%** | **Canada–0.68%** | **Canada–0.68%** |
| Province of Ontario, 5.85%, <br> 03/08/2033<br>| CAD | 13800000 | &nbsp;&nbsp; 11446753 |
| **Czech Republic–0.27%** | **Czech Republic–0.27%** | **Czech Republic–0.27%** | **Czech Republic–0.27%** |
| CPI Property Group S.A., <br> 4.88%<sup>(b)(d)(e)</sup> <br>| EUR | 4100000 | &nbsp;&nbsp; 4600490 |
| **France–1.30%** | **France–1.30%** | **France–1.30%** | **France–1.30%** |
| BPCE S.A., 5.13%, <br> 01/25/2035<sup>(b)(d)</sup> <br>| EUR | 8700000 | &nbsp;&nbsp; 10665571 |
| Electricite de France S.A., | Electricite de France S.A., |  |  |
| 7.50%<sup>(b)(d)(e)</sup> <br>| EUR | 5000000 | &nbsp;&nbsp; 6333516 |
| 7.38%<sup>(b)(d)(e)</sup> <br>| GBP | 3700000 | &nbsp;&nbsp; 4972421 |
|  |  |  | &nbsp;&nbsp; 21971508 |
| **Germany–0.10%** | **Germany–0.10%** | **Germany–0.10%** | **Germany–0.10%** |
| Volkswagen International <br> Finance N.V., 4.63%<sup>(b)(d)(e)</sup> <br>| EUR | 1440000 | &nbsp;&nbsp; 1667483 |
| **Greece–0.13%** | **Greece–0.13%** | **Greece–0.13%** | **Greece–0.13%** |
| Eurobank S.A., 5.88%, <br> 11/28/2029<sup>(b)(d)</sup> <br>| EUR | 1825000 | &nbsp;&nbsp; 2289843 |
| **India–0.44%** | **India–0.44%** | **India–0.44%** | **India–0.44%** |
| India Government Bond, <br> 7.09%, 08/05/2054<br>| INR | 675000000 | &nbsp;&nbsp; 7475195 |
| **Ivory Coast–0.16%** | **Ivory Coast–0.16%** | **Ivory Coast–0.16%** | **Ivory Coast–0.16%** |
| Ivory Coast Government <br> International Bond, <br> 5.25%, 03/22/2030<sup>(b)</sup> <br>| EUR | 2300000 | &nbsp;&nbsp; 2677632 |
| **Luxembourg–0.02%** | **Luxembourg–0.02%** | **Luxembourg–0.02%** | **Luxembourg–0.02%** |
| ION Platform Finance S.a.r.l., | ION Platform Finance S.a.r.l., |  |  |
| 6.50%, 09/30/2030<sup>(b)</sup> <br>| EUR | 150000 | &nbsp;&nbsp; 170121 |
| 6.88%, 09/30/2032<sup>(b)</sup> <br>| EUR | 125000 | &nbsp;&nbsp; 141592 |
|  |  |  | &nbsp;&nbsp; 311713 |
| **Mexico–5.14%** | **Mexico–5.14%** | **Mexico–5.14%** | **Mexico–5.14%** |
| Mexican Bonos, Series M, <br> 8.50%, 02/28/2030<br>| MXN | 1241000000 | &nbsp;&nbsp; 67673409 |
| Mexican Udibonos, Series S, <br> 4.00%, 08/30/2029<br>| MXN | 360004344 | &nbsp;&nbsp; 19314707 |
|  |  |  | &nbsp;&nbsp; 86988116 |
| **Netherlands–0.04%** | **Netherlands–0.04%** | **Netherlands–0.04%** | **Netherlands–0.04%** |
| Sunrise FinCo I B.V., 4.63%, <br> 05/15/2032(Acquired <br> 05/21/2025-05/28/2025; <br> Cost $595,962)<sup>(b)(l)</sup> <br>| EUR | 525000 | &nbsp;&nbsp; 615239 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **South Africa–2.46%** | **South Africa–2.46%** | **South Africa–2.46%** | **South Africa–2.46%** |
| Republic of South Africa <br> Government Bond, | Republic of South Africa <br> Government Bond, |  |  |
| Series 2032, 8.25%, <br> 03/31/2032<br>| ZAR | 427800000 | &nbsp;&nbsp; $24604116 |
| Series 2040, 9.00%, <br> 01/31/2040<br>| ZAR | 315000000 | &nbsp;&nbsp; 17092210 |
|  |  |  | &nbsp;&nbsp; 41696326 |
| **Spain–1.08%** | **Spain–1.08%** | **Spain–1.08%** | **Spain–1.08%** |
| Banco Bilbao Vizcaya <br> Argentaria S.A., <br> 6.00%<sup>(b)(d)(e)</sup> <br>| EUR | 7800000 | &nbsp;&nbsp; 9049524 |
| Telefonica Europe, B.V., | Telefonica Europe, B.V., |  |  |
| 7.13%<sup>(b)(d)(e)</sup> <br>| EUR | 3600000 | &nbsp;&nbsp; 4549341 |
| 6.75%<sup>(b)(d)(e)</sup> <br>| EUR | 3600000 | &nbsp;&nbsp; 4668525 |
|  |  |  | &nbsp;&nbsp; 18267390 |
| **Supranational–0.08%** | **Supranational–0.08%** | **Supranational–0.08%** | **Supranational–0.08%** |
| African Development Bank, <br> 0.00%, 01/17/2050<sup>(i)</sup> <br>| ZAR | 222000000 | &nbsp;&nbsp; 1245592 |
| International Finance Corp., <br> 0.00%, 02/15/2029<sup>(b)(i)</sup> <br>| TRY | 10300000 | &nbsp;&nbsp; 95743 |
|  |  |  | &nbsp;&nbsp; 1341335 |
| **United Kingdom–0.28%** | **United Kingdom–0.28%** | **United Kingdom–0.28%** | **United Kingdom–0.28%** |
| M&G PLC, 5.63%, <br> 10/20/2051<sup>(b)(d)</sup> <br>| GBP | 3600000 | &nbsp;&nbsp; 4739031 |
| **United States–0.57%** | **United States–0.57%** | **United States–0.57%** | **United States–0.57%** |
| Ford Motor Credit Co. LLC, <br> 6.86%, 06/05/2026<br>| GBP | 7200000 | &nbsp;&nbsp; 9573782 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $372,043,298) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $372,043,298) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $372,043,298) | &nbsp;&nbsp; 374658900 |
| **Asset-Backed Securities–14.05%** | **Asset-Backed Securities–14.05%** | **Asset-Backed Securities–14.05%** | **Asset-Backed Securities–14.05%** |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| Series 2024-8, Class A3, <br> 5.75%, 05/27/2069<sup>(b)</sup> <br>|  | $2216838 | &nbsp;&nbsp; 2223965 |
| Series 2024-12, Class A2, <br> 5.86%, 10/25/2069<sup>(b)</sup> <br>|  | 697047 | &nbsp;&nbsp; 702278 |
| Series 2024-12, Class A3, <br> 6.01%, 10/25/2069<sup>(b)</sup> <br>|  | 1131676 | &nbsp;&nbsp; 1139959 |
| Series 2025-6, Class A3, <br> 5.92%, 04/25/2070<sup>(b)</sup> <br>|  | 2655950 | &nbsp;&nbsp; 2679744 |
| Bear Stearns Adjustable Rate <br> Mortgage Trust, <br> Series 2006-1, Class A1, <br> 0.65% (1 yr. U.S. Treasury <br> Yield Curve Rate + 2.25%), <br> 02/25/2036<sup>(m)</sup> <br>|  | 8657 | &nbsp;&nbsp; 8408 |
| Benchmark Mortgage Trust, <br> Series 2018-B1, Class XA, <br> IO, 0.53%, <br> 01/15/2051<sup>(n)</sup> <br>|  | 8279197 | &nbsp;&nbsp; 73978 |
| BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |  |  |
| Series 2023-NQM7, <br> Class A1, 7.13%, <br> 09/25/2063<sup>(b)</sup> <br>|  | 2313616 | &nbsp;&nbsp; 2346448 |
| Series 2023-NQM7, <br> Class A2, 7.38%, <br> 09/25/2063<sup>(b)</sup> <br>|  | 3254814 | &nbsp;&nbsp; 3297454 |
| CD Mortgage Trust, <br> Series 2017-CD6, <br> Class XA, IO, 0.89%, <br> 11/13/2050<sup>(n)</sup> <br>|  | 4076503 | &nbsp;&nbsp; 49148 |

---

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

**8**

**Invesco Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Citigroup Commercial <br> Mortgage Trust, <br> Series 2017-C4, Class XA, <br> IO, 0.98%, 10/12/2050<sup>(n)</sup> <br>|  | $11553220 | &nbsp;&nbsp; $176295 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |  |  |
| Series 2006-AR1, <br> Class 1A1, 6.56% (1 yr. <br> U.S. Treasury Yield Curve <br> Rate + 2.40%), <br> 10/25/2035<sup>(m)</sup> <br>|  | 62920 | &nbsp;&nbsp; 61108 |
| Series 2025-2, Class A10, <br> 6.00%, 02/25/2055<sup>(b)(o)</sup> <br>|  | 1762064 | &nbsp;&nbsp; 1786925 |
| Citigroup Mortgage Loan <br> Trust, Inc., Series 2005-2, <br> Class 1A3, 2.82%, <br> 05/25/2035<sup>(o)</sup> <br>|  | 293824 | &nbsp;&nbsp; 287521 |
| COLT Mortgage Loan Trust, <br> Series 2024-INV1, <br> Class A3, 6.48%, <br> 12/25/2068<sup>(b)</sup> <br>|  | 774099 | &nbsp;&nbsp; 780019 |
| Countrywide Home Loans Mortgage <br> Pass-Through Trust, | Countrywide Home Loans Mortgage <br> Pass-Through Trust, |  |  |
| Series 2005-17, <br> Class 1A8, 5.50%, <br> 09/25/2035<br>|  | 216401 | &nbsp;&nbsp; 215708 |
| Series 2005-J4, Class A7, <br> 5.50%, 11/25/2035<br>|  | 392813 | &nbsp;&nbsp; 325672 |
| CWHEQ Revolving Home Equity <br> Loan Trust, Series 2006-H, <br> Class 2A1A, 3.01% (1 mo. <br> Term SOFR + 0.26%), <br> 11/15/2036<sup>(m)</sup> <br>|  | 16573 | &nbsp;&nbsp; 14972 |
| FREMF Mortgage Trust, | FREMF Mortgage Trust, |  |  |
| Series 2017-K62, Class B, <br> 3.88%, 01/25/2050<sup>(b)(o)</sup> <br>|  | 840000 | &nbsp;&nbsp; 832067 |
| Series 2016-K54, Class C, <br> 4.10%, 04/25/2048<sup>(b)(o)</sup> <br>|  | 4190000 | &nbsp;&nbsp; 4168650 |
| Frontier Issuer LLC, <br> Series 2023-1, Class A2, <br> 6.60%, 08/20/2053<sup>(b)</sup> <br>|  | 724500 | &nbsp;&nbsp; 733803 |
| GCAT Trust, | GCAT Trust, |  |  |
| Series 2024-INV3, <br> Class A17, 6.50%, <br> 09/25/2054<sup>(b)(o)</sup> <br>|  | 362087 | &nbsp;&nbsp; 370644 |
| Series 2025-NQM2, <br> Class A1, 5.60%, <br> 04/25/2070<sup>(b)</sup> <br>|  | 2205197 | &nbsp;&nbsp; 2224792 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| GS Mortgage-Backed Securities <br> Trust, | GS Mortgage-Backed Securities <br> Trust, |  |  |
| Series 2025-HE1, <br> Class A1, 5.73% (30 Day <br> Average SOFR + 1.55%), <br> 10/25/2055<sup>(b)(m)</sup> <br>|  | $1290752 | &nbsp;&nbsp; $1295289 |
| Series 2025-HE1, <br> Class M1, 6.23% (30 Day <br> Average SOFR + 2.05%), <br> 10/25/2055<sup>(b)(m)</sup> <br>|  | 710000 | &nbsp;&nbsp; 712218 |
| Series 2025-NQM3, <br> Class A1, 5.14%, <br> 11/25/2065<sup>(b)</sup> <br>|  | 5380673 | &nbsp;&nbsp; 5384879 |
| Series 2025-NQM4, <br> Class A2, 5.31%, <br> 10/25/2065<sup>(b)</sup> <br>|  | 2092689 | &nbsp;&nbsp; 2091512 |
| Series 2025-NQM4, <br> Class A3, 5.46%, <br> 10/25/2065<sup>(b)</sup> <br>|  | 2092689 | &nbsp;&nbsp; 2091510 |
| Series 2025-NQM3, <br> Class A2, 5.34%, <br> 11/25/2065<sup>(b)</sup> <br>|  | 1345168 | &nbsp;&nbsp; 1346206 |
| GSR Mortgage Loan Trust, <br> Series 2005-AR4, <br> Class 6A1, 5.01%, <br> 07/25/2035<sup>(o)</sup> <br>|  | 19496 | &nbsp;&nbsp; 18760 |
| Hilton Grand Vacations Trust, <br> Series 2025-2A, Class A, <br> 4.54%, 05/25/2044<sup>(b)</sup> <br>|  | 1248417 | &nbsp;&nbsp; 1253516 |
| J.P. Morgan Mortgage Trust, | J.P. Morgan Mortgage Trust, |  |  |
| Series 2025-NQM4, <br> Class A2, 5.16%, <br> 03/25/2066<sup>(b)</sup> <br>|  | 2160000 | &nbsp;&nbsp; 2160802 |
| Series 2025-NQM4, <br> Class A3, 5.26%, <br> 03/25/2066<sup>(b)</sup> <br>|  | 2160000 | &nbsp;&nbsp; 2163534 |
| JP Morgan Mortgage Trust, <br> Series 2007-A1, <br> Class 5A1, 5.04%, <br> 07/25/2035<sup>(o)</sup> <br>|  | 21234 | &nbsp;&nbsp; 21161 |
| JPMBB Commercial Mortgage <br> Securities Trust, <br> Series 2014-C24, Class B, <br> 4.12%, 11/15/2047<sup>(o)</sup> <br>|  | 1655000 | &nbsp;&nbsp; 1597605 |
| MASTR Asset Backed <br> Securities Trust, <br> Series 2006-WMC3, <br> Class A3, 4.31% (1 mo. <br> Term SOFR + 0.31%), <br> 08/25/2036<sup>(m)</sup> <br>|  | 2796788 | &nbsp;&nbsp; 961457 |
| Morgan Stanley Capital I Trust, <br> Series 2017-HR2, <br> Class XA, IO, 0.85%, <br> 12/15/2050<sup>(n)</sup> <br>|  | 3902148 | &nbsp;&nbsp; 56666 |
| Morgan Stanley Re-REMIC <br> Trust, Series 2012-R3, <br> Class 1B, 6.00%, <br> 11/26/2036<sup>(b)(o)</sup> <br>|  | 4770144 | &nbsp;&nbsp; 4257759 |

---

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

**9**

**Invesco Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Morgan Stanley Residential <br> Mortgage Loan Trust, | Morgan Stanley Residential <br> Mortgage Loan Trust, |  |  |
| Series 2024-NQM5, <br> Class A3, 6.00%, <br> 10/25/2069<sup>(b)</sup> <br>|  | $1753819 | &nbsp;&nbsp; $1766254 |
| Series 2025-NQM1, <br> Class A3, 6.14%, <br> 11/25/2069<sup>(b)</sup> <br>|  | 2420173 | &nbsp;&nbsp; 2444300 |
| Series 2024-NQM1, <br> Class A2, 6.41%, <br> 12/25/2068<sup>(b)</sup> <br>|  | 1763649 | &nbsp;&nbsp; 1781698 |
| Series 2024-NQM2, <br> Class A3, 6.79%, <br> 05/25/2069<sup>(b)</sup> <br>|  | 2928254 | &nbsp;&nbsp; 2965057 |
| OBX Trust, | OBX Trust, |  |  |
| Series 2022-NQM7, <br> Class A3, 5.70%, <br> 08/25/2062<sup>(b)</sup> <br>|  | 640469 | &nbsp;&nbsp; 639777 |
| Series 2022-NQM7, <br> Class A2, 5.70%, <br> 08/25/2062<sup>(b)</sup> <br>|  | 1231672 | &nbsp;&nbsp; 1231250 |
| Series 2024-NQM12, <br> Class A1, 5.48%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 468075 | &nbsp;&nbsp; 470165 |
| Series 2024-NQM12, <br> Class A2, 5.78%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 998805 | &nbsp;&nbsp; 1004819 |
| Series 2024-NQM12, <br> Class A3, 5.83%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 497560 | &nbsp;&nbsp; 500232 |
| Series 2024-NQM12, <br> Class M1, 5.93%, <br> 07/25/2064<sup>(b)(o)</sup> <br>|  | 690000 | &nbsp;&nbsp; 690393 |
| Series 2024-NQM18, <br> Class A3, 5.87%, <br> 10/25/2064<sup>(b)</sup> <br>|  | 2183083 | &nbsp;&nbsp; 2198124 |
| Series 2025-HE2, <br> Class A1, 5.63% (30 Day <br> Average SOFR + 1.45%), <br> 08/25/2055<sup>(b)(m)</sup> <br>|  | 4441331 | &nbsp;&nbsp; 4461567 |
| PMT Loan Trust, | PMT Loan Trust, |  |  |
| Series 2025-INV1, <br> Class A7, 6.00%, <br> 01/25/2060<sup>(b)(o)</sup> <br>|  | 881475 | &nbsp;&nbsp; 895741 |
| Series 2025-INV6, <br> Class A8, 6.00%, <br> 06/25/2056<sup>(b)(o)</sup> <br>|  | 545059 | &nbsp;&nbsp; 554786 |
| Rate Mortgage Trust, | Rate Mortgage Trust, |  |  |
| Series 2024-J3, Class A2, <br> 5.50%, 10/25/2054<sup>(b)(o)</sup> <br>|  | 932146 | &nbsp;&nbsp; 938394 |
| Series 2025-J2, Class A5, <br> 5.50%, 07/25/2055<sup>(b)(o)</sup> <br>|  | 4673358 | &nbsp;&nbsp; 4690550 |
| RCKT Mortgage Trust, | RCKT Mortgage Trust, |  |  |
| Series 2025-CES5, <br> Class A1A, 5.69%, <br> 05/25/2055<sup>(b)</sup> <br>|  | 744834 | &nbsp;&nbsp; 753992 |
| Series 2025-CES5, <br> Class A1B, 5.84%, <br> 05/25/2055<sup>(b)</sup> <br>|  | 1955188 | &nbsp;&nbsp; 1980799 |
| Series 2025-CES6, <br> Class A1A, 5.47%, <br> 06/25/2055<sup>(b)</sup> <br>|  | 1095445 | &nbsp;&nbsp; 1106015 |
| Residential Accredit Loans, <br> Inc. Trust, Series 2006-<br> QS13, Class 1A8, 6.00%, <br> 09/25/2036<br>|  | 18011 | &nbsp;&nbsp; 14559 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| SBNA Auto Receivables Trust, | SBNA Auto Receivables Trust, |  |  |
| Series 2025-SF1, Class B, <br> 5.12%, 03/17/2031<sup>(b)</sup> <br>|  | $333855 | &nbsp;&nbsp; $334162 |
| Series 2025-SF1, Class C, <br> 5.14%, 04/15/2031<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 701920 |
| Series 2025-SF1, Class D, <br> 5.34%, 09/15/2031<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 703360 |
| Sequoia Mortgage Trust, <br> Series 2025-8, Class A4, <br> 5.50%, 09/25/2055<sup>(b)(o)</sup> <br>|  | 4198445 | &nbsp;&nbsp; 4223492 |
| Sonic Capital LLC, <br> Series 2020-1A, Class A2I, <br> 3.85%, 01/20/2050<sup>(b)</sup> <br>|  | 2157458 | &nbsp;&nbsp; 2127502 |
| Switch ABS Issuer LLC, <br> Series 2025-2A, <br> Class A22, 5.37%, <br> 10/25/2055<sup>(b)</sup> <br>|  | 2880000 | &nbsp;&nbsp; 2888549 |
| UBS Commercial Mortgage <br> Trust, Series 2017-C5, <br> Class XA, IO, 1.09%, <br> 11/15/2050<sup>(n)</sup> <br>|  | 5591066 | &nbsp;&nbsp; 84805 |
| WaMu Mortgage Pass-Through <br> Ctfs. Trust, Series 2003-<br> AR10, Class A7, 5.70%, <br> 10/25/2033<sup>(o)</sup> <br>|  | 19039 | &nbsp;&nbsp; 18403 |
| Wells Fargo Commercial <br> Mortgage Trust, <br> Series 2017-C42, <br> Class XA, IO, 0.83%, <br> 12/15/2050<sup>(n)</sup> <br>|  | 5582404 | &nbsp;&nbsp; 83928 |
| Westlake Automobile <br> Receivables Trust, <br> Series 2024-3A, Class D, <br> 5.21%, 04/15/2030<sup>(b)</sup> <br>|  | 3500000 | &nbsp;&nbsp; 3540503 |
| WFRBS Commercial Mortgage <br> Trust, Series 2013-C14, <br> Class AS, 3.49%, <br> 06/15/2046<br>|  | 206804 | &nbsp;&nbsp; 203292 |
| Alba PLC, | Alba PLC, |  |  |
| Series 2007-1, Class F, <br> 7.36% (SONIA + 3.37%), <br> 03/17/2039<sup>(b)(j)(m)</sup> <br>| GBP | 1408189 | &nbsp;&nbsp; 1714455 |
| Series 2006-2, Class F, <br> 7.36% (SONIA + 3.37%), <br> 12/15/2038<sup>(b)(j)(m)</sup> <br>| GBP | 864792 | &nbsp;&nbsp; 1042251 |
| Auburn 15 PLC, | Auburn 15 PLC, |  |  |
| Series E, 5.98% (SONIA + <br> 2.00%), <br> 07/20/2045<sup>(b)(j)(m)</sup> <br>| GBP | 1401000 | &nbsp;&nbsp; 1806409 |
| Series F, 6.48% (SONIA + <br> 2.50%), <br> 07/20/2045<sup>(b)(j)(m)</sup> <br>| GBP | 1666000 | &nbsp;&nbsp; 2149835 |
| Eurosail PLC, | Eurosail PLC, |  |  |
| Series 2006-2X, <br> Class E1C, 7.36% (SONIA + <br> 3.37%), <br> 12/15/2044<sup>(b)(j)(m)</sup> <br>| GBP | 5550000 | &nbsp;&nbsp; 6578291 |
| Series 2006-4X, <br> Class E1C, 7.11% (SONIA + <br> 3.12%), <br> 12/10/2044<sup>(b)(j)(m)</sup> <br>| GBP | 4135722 | &nbsp;&nbsp; 4795191 |
| Series 2006-2X, <br> Class D1A, 2.81% (3 mo. <br> EURIBOR + 0.80%), <br> 12/15/2044<sup>(b)(j)(m)</sup> <br>| EUR | 6300000 | &nbsp;&nbsp; 6768532 |

---

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

**10**

**Invesco Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Eurosail-UK NC PLC, | Eurosail-UK NC PLC, |  |  |
| Series 2007-1X, <br> Class D1C, 5.00% (SONIA + <br> 1.01%), <br> 03/13/2045<sup>(b)(j)(m)</sup> <br>| GBP | 1750000 | &nbsp;&nbsp; $2007547 |
| Series 2007-1X, <br> Class D1A, 2.85% (3 mo. <br> EURIBOR + 0.84%), <br> 03/13/2045<sup>(b)(j)(m)</sup> <br>| EUR | 2800000 | &nbsp;&nbsp; 2761287 |
| Eurosail-UK NP PLC, <br> Series 2007-2X, <br> Class D1A, 2.81% (3 mo. <br> EURIBOR + 0.80%), <br> 03/13/2045<sup>(b)(j)(m)</sup> <br>| EUR | 8400000 | &nbsp;&nbsp; 8560387 |
| Frontier Mortgage Funding PLC, | Frontier Mortgage Funding PLC, |  |  |
| Series 2025-1, Class E, <br> 0.00% (SONIA + 2.50%), <br> 12/20/2066<sup>(b)(i)(j)(m)</sup> <br>| GBP | 2000000 | &nbsp;&nbsp; 2630599 |
| Series 2025-1, Class F, <br> 0.00% (SONIA + 3.50%), <br> 12/20/2066<sup>(b)(i)(j)(m)</sup> <br>| GBP | 1000000 | &nbsp;&nbsp; 1315322 |
| Great Hall Mortgages No. 1 <br> PLC, Series 2007-2X, <br> Class EB, 5.77% (3 mo. <br> EURIBOR + 3.75%), <br> 06/18/2039<sup>(b)(j)(m)</sup> <br>| EUR | 4570000 | &nbsp;&nbsp; 5267979 |
| Jupiter Mortgage No.1 PLC, | Jupiter Mortgage No.1 PLC, |  |  |
| Series 1A, Class ER, 7.99% <br> (SONIA + 4.00%), <br> 07/20/2055<sup>(b)(j)(m)</sup> <br>| GBP | 3070000 | &nbsp;&nbsp; 4037958 |
| Series 1A, Class FR, 8.99% <br> (SONIA + 5.00%), <br> 07/20/2055<sup>(b)(j)(m)</sup> <br>| GBP | 1897000 | &nbsp;&nbsp; 2495111 |
| Ludgate Funding PLC, | Ludgate Funding PLC, |  |  |
| Series 2007-1, Class MA, <br> 4.35% (SONIA + 0.36%), <br> 01/01/2061<sup>(b)(j)(m)</sup> <br>| GBP | 2002435 | &nbsp;&nbsp; 2493610 |
| Series 2006-1X, <br> Class A2A, 4.30% (SONIA <br> + 0.31%), <br> 12/01/2060<sup>(b)(j)(m)</sup> <br>| GBP | 4837481 | &nbsp;&nbsp; 6283738 |
| Mortgage Funding PLC, <br> Series 2008-1, Class B2, <br> 7.31% (SONIA + 3.32%), <br> 03/13/2046<sup>(b)(j)(m)</sup> <br>| GBP | 14462095 | &nbsp;&nbsp; 17577888 |
| Newday Funding Master Issuer PLC, | Newday Funding Master Issuer PLC, |  |  |
| Series 2025-1X, Class E, <br> 0.00% (SONIA + 3.30%), <br> 04/15/2033<sup>(b)(i)(j)(m)</sup> <br>| GBP | 3490000 | &nbsp;&nbsp; 4628675 |
| Series 2024-3X, Class E, <br> 7.73% (SONIA + 3.75%), <br> 11/15/2032<sup>(b)(j)(m)</sup> <br>| GBP | 2475000 | &nbsp;&nbsp; 3292771 |
| Newgate Funding PLC, | Newgate Funding PLC, |  |  |
| Series 2006-2, Class CB, <br> 2.45% (3 mo. EURIBOR + <br> 0.43%), <br> 12/01/2050<sup>(b)(j)(m)</sup> <br>| EUR | 1009107 | &nbsp;&nbsp; 1072862 |
| Series 2007-3X, Class CB, <br> 3.51% (3 mo. EURIBOR + <br> 1.50%), <br> 12/15/2050<sup>(b)(j)(m)</sup> <br>| EUR | 683201 | &nbsp;&nbsp; 753066 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Towd Point Mortgage Funding 2024 <br> - Granite 6 PLC, | Towd Point Mortgage Funding 2024 <br> - Granite 6 PLC, |  |  |
| Series 2024-GR6X, Class F, <br> 8.49% (SONIA + 4.50%), <br> 07/20/2053<sup>(b)(j)(m)</sup> <br>| GBP | 1380000 | &nbsp;&nbsp; $1815714 |
| Series 2024-GR6A, <br> Class F, 8.49% (SONIA + <br> 4.50%), <br> 07/20/2053<sup>(b)(j)(m)</sup> <br>| GBP | 2126000 | &nbsp;&nbsp; 2797252 |
| Series 2024-GR6X, Class E, <br> 7.49% (SONIA + 3.50%), <br> 07/20/2053<sup>(b)(j)(m)</sup> <br>| GBP | 1980000 | &nbsp;&nbsp; 2614937 |
| Towd Point Mortgage Funding <br> 2024 - Granite 7 PLC, <br> Series 2024-GR7X, Class E, <br> 7.23% (SONIA + 3.25%), <br> 04/20/2051<sup>(b)(j)(m)</sup> <br>| GBP | 1555000 | &nbsp;&nbsp; 2046180 |
| Prosil Acquisition S.A., <br> Series 2019-1, Class A, <br> 4.07% (3 mo. EURIBOR + <br> 2.00%), <br> 10/31/2039<sup>(b)(j)(m)</sup> <br>| EUR | 2670484 | &nbsp;&nbsp; 2485168 |
| SC Germany S.A. <br> Compartment Consumer, <br> Series 2021-1, Class E, <br> 4.72% (1 mo. EURIBOR + <br> 2.80%), <br> 11/14/2035<sup>(b)(j)(m)</sup> <br>| EUR | 7047113 | &nbsp;&nbsp; 8065979 |
| Alhambra SME Funding DAC, <br> Series 2019-1, Class D, <br> 11.14% (1 mo. EURIBOR + <br> 9.25%), <br> 11/30/2028<sup>(b)(j)(m)</sup> <br>| EUR | 144102 | &nbsp;&nbsp; 158606 |
| Hera Financing DAC, | Hera Financing DAC, |  |  |
| Series 2024-1A, Class B, <br> 6.94% (SONIA + 2.95%), <br> 11/17/2034<sup>(b)(j)(m)</sup> <br>| GBP | 3216594 | &nbsp;&nbsp; 4234162 |
| Series 2024-1A, Class C, <br> 7.74% (SONIA + 3.75%), <br> 11/17/2034<sup>(b)(j)(m)</sup> <br>| GBP | 1838054 | &nbsp;&nbsp; 2414537 |
| Series 2024-1A, Class A, <br> 5.89% (SONIA + 1.90%), <br> 11/17/2034<sup>(b)(j)(m)</sup> <br>| GBP | 2297567 | &nbsp;&nbsp; 3025204 |
| Last Mile Logistics Pan Euro <br> Finance DAC, Series E, <br> 4.73% (3 mo. EURIBOR + <br> 2.70%), <br> 08/17/2033<sup>(b)(j)(m)</sup> <br>| EUR | 5386463 | &nbsp;&nbsp; 6202139 |
| IM Pastor 4, FTA, Series B, <br> 2.22% (3 mo. EURIBOR + <br> 0.19%), <br> 03/22/2044<sup>(b)(j)(m)</sup> <br>| EUR | 2300000 | &nbsp;&nbsp; 1860173 |
| Santander Consumo 8 Fondo <br> de Titulizacion, Series 8E, <br> 6.51% (3 mo. EURIBOR + <br> 4.50%), <br> 01/21/2040<sup>(b)(j)(m)</sup> <br>| EUR | 4500000 | &nbsp;&nbsp; 5198092 |
| Fideicomiso Dorrego Y Libertador, | Fideicomiso Dorrego Y Libertador, |  |  |
| Series 1A, 2.00%, <br> 12/31/2043<sup>(g)</sup> <br>|  | $7698968 | &nbsp;&nbsp; 7314020 |
| 0.00%, 12/31/2043<sup>(g)(i)(j)</sup> <br>| ARS | 83227881 | &nbsp;&nbsp; 54670 |
| Fideicomiso Financiero <br> Invernea Proteina 2, Serie <br> II, 0.00%, <br> 08/25/2032<sup>(g)(i)(j)(o)</sup> <br>| ARS | 311500000 | &nbsp;&nbsp; 1521901 |
| Total Asset-Backed Securities <br> (Cost $241,458,867) | Total Asset-Backed Securities <br> (Cost $241,458,867) | Total Asset-Backed Securities <br> (Cost $241,458,867) | &nbsp;&nbsp; 237753318 |

---

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

**11**

**Invesco Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Securities–10.33%** | **U.S. Treasury Securities–10.33%** | **U.S. Treasury Securities–10.33%** | **U.S. Treasury Securities–10.33%** |
| **U.S. Treasury Bills–5.64%** | **U.S. Treasury Bills–5.64%** | **U.S. Treasury Bills–5.64%** | **U.S. Treasury Bills–5.64%** |
| 3.63 - 4.14%, <br> 05/14/2026<sup>(p)(q)(r)</sup> <br>|  | $95206825 | &nbsp;&nbsp; $95380499 |
| **U.S. Treasury Bonds–4.69%** | **U.S. Treasury Bonds–4.69%** | **U.S. Treasury Bonds–4.69%** | **U.S. Treasury Bonds–4.69%** |
| 5.50%, 08/15/2028 |  | 79594643 | &nbsp;&nbsp; 79402572 |
| Total U.S. Treasury Securities <br> (Cost $174,801,468) | Total U.S. Treasury Securities <br> (Cost $174,801,468) | Total U.S. Treasury Securities <br> (Cost $174,801,468) | &nbsp;&nbsp; 174783071 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–7.89%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–7.89%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–7.89%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–7.89%** |
| Fannie Mae Grantor Trust, | Fannie Mae Grantor Trust, |  |  |
| IO, <br>0.63%, 11/25/2040<sup>(n)</sup> <br>|  | 1375254 | &nbsp;&nbsp; 876 |
| 0.38%, 12/25/2041<sup>(n)</sup> <br>|  | 8350998 | &nbsp;&nbsp; 53845 |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| IO, <br>6.50%, 04/25/2029 - <br> 07/25/2032<sup>(s)</sup> <br>|  | 478714 | &nbsp;&nbsp; 50427 |
| 7.50%, 11/25/2029<sup>(s)</sup> <br>|  | 18454 | &nbsp;&nbsp; 1781 |
| 6.00%, 12/25/2032 - <br> 08/25/2035<sup>(s)</sup> <br>|  | 633294 | &nbsp;&nbsp; 75203 |
| 5.50%, 11/25/2033 - <br> 06/25/2035<sup>(s)</sup> <br>|  | 546794 | &nbsp;&nbsp; 70970 |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| IO, <br>3.30% (7.60% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/25/2026<sup>(m)(s)</sup> <br>|  | 5243 | &nbsp;&nbsp; 50 |
| 3.60% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/18/2031 - <br> 12/18/2031<sup>(m)(s)</sup> <br>|  | 65666 | &nbsp;&nbsp; 6247 |
| 3.60% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2031<sup>(m)(s)</sup> <br>|  | 1300 | &nbsp;&nbsp; 132 |
| 3.65% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2032<sup>(m)(s)</sup> <br>|  | 15939 | &nbsp;&nbsp; 1423 |
| 3.70% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/18/2032<sup>(m)(s)</sup> <br>|  | 30358 | &nbsp;&nbsp; 3046 |
| 3.80% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2032 - <br> 04/25/2032<sup>(m)(s)</sup> <br>|  | 44911 | &nbsp;&nbsp; 4442 |
| 2.70% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(m)(s)</sup> <br>|  | 19513 | &nbsp;&nbsp; 1551 |
| 3.50% (7.80% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(m)(s)</sup> <br>|  | 14387 | &nbsp;&nbsp; 1546 |
| 3.70% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/25/2032 - <br> 09/25/2032<sup>(m)(s)</sup> <br>|  | 59079 | &nbsp;&nbsp; 6092 |
| 3.80% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/18/2032<sup>(m)(s)</sup> <br>|  | 46504 | &nbsp;&nbsp; 3964 |
| 3.90% (8.20% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2033<sup>(m)(s)</sup> <br>|  | 194752 | &nbsp;&nbsp; 19065 |
| 3.95% (8.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2033 - <br> 05/25/2033<sup>(m)(s)</sup> <br>|  | 106143 | &nbsp;&nbsp; 15640 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| 7.00%, 03/25/2033 - <br> 04/25/2033<sup>(s)</sup> <br>| $269058 | &nbsp;&nbsp; $36182 |
| 3.25% (7.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2033<sup>(m)(s)</sup> <br>| 87219 | &nbsp;&nbsp; 10010 |
| 1.75% (6.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 - <br> 07/25/2038<sup>(m)(s)</sup> <br>| 82589 | &nbsp;&nbsp; 6243 |
| 2.45% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 - <br> 05/25/2035<sup>(m)(s)</sup> <br>| 67512 | &nbsp;&nbsp; 2648 |
| 2.30% (6.60% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(m)(s)</sup> <br>| 154871 | &nbsp;&nbsp; 7401 |
| 2.40% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(m)(s)</sup> <br>| 293406 | &nbsp;&nbsp; 25965 |
| 2.93% (7.23% - (30 Day <br> Average SOFR + 0.11%)), <br> 09/25/2036<sup>(m)(s)</sup> <br>| 304034 | &nbsp;&nbsp; 16014 |
| 2.24% (6.54% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/25/2037<sup>(m)(s)</sup> <br>| 586637 | &nbsp;&nbsp; 47550 |
| 4.00%, 04/25/2041<sup>(s)</sup> <br>| 440966 | &nbsp;&nbsp; 34019 |
| 2.25% (6.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2041<sup>(m)(s)</sup> <br>| 80215 | &nbsp;&nbsp; 6961 |
| 1.85% (6.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/25/2042<sup>(m)(s)</sup> <br>| 275856 | &nbsp;&nbsp; 30928 |
| 1.32% (30 Day Average <br> SOFR + 5.50%), <br> 09/25/2054<sup>(m)(s)</sup> <br>| 58631389 | &nbsp;&nbsp; 2017782 |
| 1.62% (30 Day Average <br> SOFR + 5.80%), <br> 01/25/2055<sup>(m)(s)</sup> <br>| 40557336 | &nbsp;&nbsp; 2244358 |
| 7.00%, 07/25/2026 | 8 | &nbsp;&nbsp; 8 |
| 6.50%, 10/25/2028 - <br> 04/25/2029<br>| 24938 | &nbsp;&nbsp; 25266 |
| 6.00%, 05/25/2031 - <br> 01/25/2032<br>| 48424 | &nbsp;&nbsp; 49735 |
| 5.30% (30 Day Average <br> SOFR + 1.11%), <br> 04/25/2032 - <br> 12/25/2032<sup>(m)</sup> <br>| 51656 | &nbsp;&nbsp; 52197 |
| 4.80% (30 Day Average <br> SOFR + 0.61%), <br> 10/18/2032<sup>(m)</sup> <br>| 20080 | &nbsp;&nbsp; 20076 |
| 4.80% (30 Day Average <br> SOFR + 0.61%), <br> 12/25/2032<sup>(m)</sup> <br>| 35837 | &nbsp;&nbsp; 35815 |
| 4.70% (30 Day Average <br> SOFR + 0.51%), <br> 11/25/2033<sup>(m)</sup> <br>| 17933 | &nbsp;&nbsp; 17887 |
| 8.81% (24.57% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 03/25/2036<sup>(m)</sup> <br>| 90728 | &nbsp;&nbsp; 108210 |
| 8.44% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(m)</sup> <br>| 87821 | &nbsp;&nbsp; 97922 |
| 5.24% (30 Day Average <br> SOFR + 1.05%), <br> 06/25/2037<sup>(m)</sup> <br>| 48674 | &nbsp;&nbsp; 49206 |
| 4.00%, 03/25/2041 | 62038 | &nbsp;&nbsp; 59627 |

---

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

**12**

**Invesco Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Federal Home Loan Mortgage Corp., | Federal Home Loan Mortgage Corp., |  |  |
| 8.50%, 08/01/2031 |  | $11932 | &nbsp;&nbsp; $12339 |
| 5.00%, 09/01/2052 - <br> 03/01/2053<sup>(q)</sup> <br>|  | 28577272 | &nbsp;&nbsp; 28627309 |
| 4.50%, 10/01/2052 |  | 19990538 | &nbsp;&nbsp; 19710037 |
| Federal National Mortgage <br> Association, | Federal National Mortgage <br> Association, |  |  |
| 7.50%, 03/01/2033 |  | 5738 | &nbsp;&nbsp; 5917 |
| 7.00%, 12/01/2033 |  | 9079 | &nbsp;&nbsp; 9489 |
| 5.50%, 02/01/2035 - <br> 03/01/2053<sup>(q)</sup> <br>|  | 28177175 | &nbsp;&nbsp; 28649831 |
| 4.50%, 07/01/2052 |  | 16206331 | &nbsp;&nbsp; 15946011 |
| 5.00%, 10/01/2054 |  | 5674064 | &nbsp;&nbsp; 5696014 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series K734, Class X1, IO, <br> 0.67%, 02/25/2026<sup>(n)</sup> <br>|  | 1683115 | &nbsp;&nbsp; 1317 |
| Series K735, Class X1, IO, <br> 0.96%, 05/25/2026<sup>(n)</sup> <br>|  | 5176350 | &nbsp;&nbsp; 18317 |
| Series K093, Class X1, IO, <br> 0.94%, 05/25/2029<sup>(n)</sup> <br>|  | 41944971 | &nbsp;&nbsp; 1165349 |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| IO, <br>7.00%, 04/01/2027 - <br> 04/01/2030<sup>(s)</sup> <br>|  | 58229 | &nbsp;&nbsp; 4880 |
| 6.50%, 02/01/2028 - <br> 06/01/2031<sup>(s)</sup> <br>|  | 16300 | &nbsp;&nbsp; 1593 |
| 7.50%, 12/15/2029<sup>(s)</sup> <br>|  | 21820 | &nbsp;&nbsp; 2119 |
| 6.00%, 12/15/2032<sup>(s)</sup> <br>|  | 42411 | &nbsp;&nbsp; 4569 |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| 6.50%, 02/15/2028 - <br> 06/15/2032<br>|  | 32006 | &nbsp;&nbsp; 33233 |
| 4.80% (30 Day Average <br> SOFR + 0.56%), <br> 02/15/2029<sup>(m)</sup> <br>|  | 2463 | &nbsp;&nbsp; 2462 |
| 5.00% (30 Day Average <br> SOFR + 0.76%), <br> 07/15/2029<sup>(m)</sup> <br>|  | 3311 | &nbsp;&nbsp; 3317 |
| 5.35% (30 Day Average <br> SOFR + 1.11%), <br> 02/15/2032 - <br> 03/15/2032<sup>(m)</sup> <br>|  | 104007 | &nbsp;&nbsp; 105075 |
| 3.50%, 05/15/2032 |  | 31455 | &nbsp;&nbsp; 30949 |
| 4.85% (30 Day Average <br> SOFR + 0.61%), <br> 01/15/2033<sup>(m)</sup> <br>|  | 3246 | &nbsp;&nbsp; 3243 |
| 8.81% (24.75% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 08/15/2035<sup>(m)</sup> <br>|  | 63694 | &nbsp;&nbsp; 75728 |
| 4.00%, 06/15/2038 |  | 38309 | &nbsp;&nbsp; 36885 |
| IO, <br>7.00%, 03/15/2028 - <br> 04/15/2028<sup>(s)</sup> <br>|  | 9824 | &nbsp;&nbsp; 546 |
| 4.39% (8.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/17/2028<sup>(m)(s)</sup> <br>|  | 4 | &nbsp;&nbsp; 0 |
| 3.75% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/15/2029<sup>(m)(s)</sup> <br>|  | 19439 | &nbsp;&nbsp; 1154 |
| 4.60% (8.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 08/15/2029<sup>(m)(s)</sup> <br>|  | 4075 | &nbsp;&nbsp; 153 |
| 2.70% (7.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/15/2033<sup>(m)(s)</sup> <br>|  | 126610 | &nbsp;&nbsp; 8733 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| 2.35% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2035<sup>(m)(s)</sup> <br>| $223994 | &nbsp;&nbsp; $14508 |
| 2.40% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/15/2035<sup>(m)(s)</sup> <br>| 12863 | &nbsp;&nbsp; 803 |
| 2.37% (6.72% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2035<sup>(m)(s)</sup> <br>| 350704 | &nbsp;&nbsp; 27933 |
| 1.80% (6.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/15/2035<sup>(m)(s)</sup> <br>| 145248 | &nbsp;&nbsp; 7576 |
| 2.65% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2037<sup>(m)(s)</sup> <br>| 67399 | &nbsp;&nbsp; 7231 |
| 1.65% (6.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2038<sup>(m)(s)</sup> <br>| 38326 | &nbsp;&nbsp; 3463 |
| 1.72% (6.07% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2038<sup>(m)(s)</sup> <br>| 131924 | &nbsp;&nbsp; 10928 |
| 1.90% (6.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2039<sup>(m)(s)</sup> <br>| 56714 | &nbsp;&nbsp; 5344 |
| 1.82% (30 Day Average <br> SOFR + 6.00%), <br> 04/25/2054<sup>(m)(s)</sup> <br>| 27600344 | &nbsp;&nbsp; 1559193 |
| 1.62% (30 Day Average <br> SOFR + 5.80%), <br> 02/25/2055 - <br> 08/25/2055<sup>(m)(s)</sup> <br>| 90547172 | &nbsp;&nbsp; 4979583 |
| 0.93% (30 Day Average <br> SOFR + 5.12%), <br> 03/25/2055<sup>(m)(s)</sup> <br>| 63643525 | &nbsp;&nbsp; 1983049 |
| 0.97% (30 Day Average <br> SOFR + 5.15%), <br> 03/25/2055<sup>(m)(s)</sup> <br>| 58269164 | &nbsp;&nbsp; 2428216 |
| 1.77% (30 Day Average <br> SOFR + 5.95%), <br> 04/25/2055<sup>(m)(s)</sup> <br>| 78618871 | &nbsp;&nbsp; 4079903 |
| 0.85% (30 Day Average <br> SOFR + 5.03%), <br> 05/25/2055<sup>(m)(s)</sup> <br>| 97468356 | &nbsp;&nbsp; 2956118 |
| 0.92% (30 Day Average <br> SOFR + 5.10%), <br> 08/25/2055<sup>(m)(s)</sup> <br>| 44759779 | &nbsp;&nbsp; 1662897 |

---

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

**13**

**Invesco Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Government National Mortgage <br> Association, | Government National Mortgage <br> Association, |  |  |
| ARM, 5.38% (1 yr. <br> U.S. Treasury Yield Curve <br> Rate + 1.50%), <br> 07/20/2027<sup>(m)</sup> <br>|  | $179 | &nbsp;&nbsp; $179 |
| 7.00%, 01/15/2028 - <br> 01/20/2030<br>|  | 40821 | &nbsp;&nbsp; 41458 |
| 8.00%, 01/15/2028 - <br> 09/15/2028<br>|  | 24519 | &nbsp;&nbsp; 24991 |
| IO, <br>2.40% (6.55% - (1 mo. <br> Term SOFR + 0.11%)), <br> 04/16/2037<sup>(m)(s)</sup> <br>|  | 228914 | &nbsp;&nbsp; 12646 |
| 2.50% (6.65% - (1 mo. <br> Term SOFR + 0.11%)), <br> 04/16/2041<sup>(m)(s)</sup> <br>|  | 337423 | &nbsp;&nbsp; 22866 |
| 0.72% (30 Day Average <br> SOFR + 4.90%), <br> 10/20/2054<sup>(m)(s)</sup> <br>|  | 28942067 | &nbsp;&nbsp; 738810 |
| 0.06% (30 Day Average <br> SOFR + 4.24%), <br> 04/20/2055<sup>(m)(s)</sup> <br>|  | 70728659 | &nbsp;&nbsp; 729594 |
| 0.17% (30 Day Average <br> SOFR + 4.35%), <br> 04/20/2055<sup>(m)(s)</sup> <br>|  | 122084400 | &nbsp;&nbsp; 1502590 |
| 0.27% (30 Day Average <br> SOFR + 4.45%), <br> 07/20/2055<sup>(m)(s)</sup> <br>|  | 71291267 | &nbsp;&nbsp; 971351 |
| 1.72% (30 Day Average <br> SOFR + 5.90%), <br> 07/20/2055<sup>(m)(s)</sup> <br>|  | 35636225 | &nbsp;&nbsp; 1454785 |
| 0.22% (30 Day Average <br> SOFR + 4.40%), <br> 08/20/2055<sup>(m)(s)</sup> <br>|  | 214424833 | &nbsp;&nbsp; 2834117 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $139,767,355) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $139,767,355) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $139,767,355) | &nbsp;&nbsp; 133535011 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Agency Credit Risk Transfer Notes–5.19%** | **Agency Credit Risk Transfer Notes–5.19%** | **Agency Credit Risk Transfer Notes–5.19%** | **Agency Credit Risk Transfer Notes–5.19%** |
| **United States–5.19%** | **United States–5.19%** | **United States–5.19%** | **United States–5.19%** |
| Fannie Mae Connecticut Avenue <br> Securities, | Fannie Mae Connecticut Avenue <br> Securities, |  |  |
| Series 2022-R04, <br> Class 1M2, 7.28% (30 Day <br> Average SOFR + 3.10%), <br> 03/25/2042<sup>(b)(m)</sup> <br>|  | $6795000 | &nbsp;&nbsp; $6988870 |
| Series 2022-R08, <br> Class 1M2, 7.78% (30 Day <br> Average SOFR + 3.60%), <br> 07/25/2042<sup>(b)(m)</sup> <br>|  | 3150000 | &nbsp;&nbsp; 3281237 |
| Series 2023-R02, <br> Class 1M1, 6.48% (30 Day <br> Average SOFR + 2.30%), <br> 01/25/2043<sup>(b)(m)</sup> <br>|  | 811050 | &nbsp;&nbsp; 828180 |
| Series 2023-R03, <br> Class 2M1, 6.68% (30 Day <br> Average SOFR + 2.50%), <br> 04/25/2043<sup>(b)(m)</sup> <br>|  | 5901770 | &nbsp;&nbsp; 5975831 |
| Series 2023-R04, <br> Class 1M1, 6.48% (30 Day <br> Average SOFR + 2.30%), <br> 05/25/2043<sup>(b)(m)</sup> <br>|  | 1654572 | &nbsp;&nbsp; 1691050 |
| Series 2023-R06, <br> Class 1M1, 5.88% (30 Day <br> Average SOFR + 1.70%), <br> 07/25/2043<sup>(b)(m)</sup> <br>|  | 867496 | &nbsp;&nbsp; 870941 |
| Series 2023-R06, <br> Class 1M2, 6.88% (30 Day <br> Average SOFR + 2.70%), <br> 07/25/2043<sup>(b)(m)</sup> <br>|  | 1145000 | &nbsp;&nbsp; 1179631 |
| Series 2023-R06, <br> Class 1B1, 8.08% (30 Day <br> Average SOFR + 3.90%), <br> 07/25/2043<sup>(b)(m)</sup> <br>|  | 1310000 | &nbsp;&nbsp; 1384180 |
| Series 2023-R08, <br> Class 1M2, 6.68% (30 Day <br> Average SOFR + 2.50%), <br> 10/25/2043<sup>(b)(m)</sup> <br>|  | 655000 | &nbsp;&nbsp; 671423 |
| Series 2023-R08, <br> Class 1M1, 5.68% (30 Day <br> Average SOFR + 1.50%), <br> 10/25/2043<sup>(b)(m)</sup> <br>|  | 476954 | &nbsp;&nbsp; 478710 |
| Series 2024-R02, <br> Class 1M2, 5.98% (30 Day <br> Average SOFR + 1.80%), <br> 02/25/2044<sup>(b)(m)</sup> <br>|  | 6900000 | &nbsp;&nbsp; 6957356 |
| Series 2024-R03, <br> Class 2M2, 6.13% (30 Day <br> Average SOFR + 1.95%), <br> 03/25/2044<sup>(b)(m)</sup> <br>|  | 7070000 | &nbsp;&nbsp; 7124663 |

---

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

**14**

**Invesco Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Freddie Mac, | Freddie Mac, |  |  |
| Series 2022-DNA3, <br> Class M1B, STACR<sup>®</sup>, 7.08% <br> (30 Day Average SOFR + <br> 2.90%), <br> 04/25/2042<sup>(b)(m)</sup> <br>|  | $7000000 | &nbsp;&nbsp; $7272874 |
| Series 2022-HQA2, <br> Class M1, STACR<sup>®</sup>, 8.18% <br> (30 Day Average SOFR + <br> 4.00%), <br> 07/25/2042<sup>(b)(m)</sup> <br>|  | 3500000 | &nbsp;&nbsp; 3679391 |
| Series 2022-HQA3, <br> Class M1, STACR<sup>®</sup>, 7.73% <br> (30 Day Average SOFR + <br> 3.55%), <br> 08/25/2042<sup>(b)(m)</sup> <br>|  | 3500000 | &nbsp;&nbsp; 3662139 |
| Series 2022-HQA3, <br> Class M2, STACR<sup>®</sup>, 9.53% <br> (30 Day Average SOFR + <br> 5.35%), <br> 08/25/2042<sup>(b)(m)</sup> <br>|  | 3745000 | &nbsp;&nbsp; 4013990 |
| Series 2022-DNA6, <br> Class M1, STACR<sup>®</sup>, 6.33% <br> (30 Day Average SOFR + <br> 2.15%), <br> 09/25/2042<sup>(b)(m)</sup> <br>|  | 320664 | &nbsp;&nbsp; 322508 |
| Series 2023-DNA1, <br> Class M1, STACR<sup>®</sup>, 6.29% <br> (30 Day Average SOFR + <br> 2.10%), <br> 03/25/2043<sup>(b)(m)</sup> <br>|  | 1494100 | &nbsp;&nbsp; 1516348 |
| Series 2023-HQA1, <br> Class M1, STACR<sup>®</sup>, 7.68% <br> (30 Day Average SOFR + <br> 3.50%), <br> 05/25/2043<sup>(b)(m)</sup> <br>|  | 6498100 | &nbsp;&nbsp; 6836455 |
| Series 2023-HQA2, <br> Class M1, STACR<sup>®</sup>, 6.18% <br> (30 Day Average SOFR + <br> 2.00%), 06/25/2043<sup>(b)(m)</sup> <br>|  | 775527 | &nbsp;&nbsp; 777395 |
| Series 2023-HQA2, <br> Class M1, STACR<sup>®</sup>, 7.53% <br> (30 Day Average SOFR + <br> 3.35%), 06/25/2043<sup>(b)(m)</sup> <br>|  | 2100000 | &nbsp;&nbsp; 2180813 |
| Series 2023-HQA3, <br> Class M2, STACR<sup>®</sup>, 7.53% <br> (30 Day Average SOFR + <br> 3.35%), 11/25/2043<sup>(b)(m)</sup> <br>|  | 6900000 | &nbsp;&nbsp; 7276468 |
| Series 2024-DNA1, <br> Class M2, STACR<sup>®</sup>, 6.13% <br> (30 Day Average SOFR + <br> 1.95%), 02/25/2044<sup>(b)(m)</sup> <br>|  | 3450000 | &nbsp;&nbsp; 3489956 |
| Series 2024-HQA1, <br> Class M2, STACR<sup>®</sup>, 6.18% <br> (30 Day Average SOFR + <br> 2.00%), <br> 03/25/2044<sup>(b)(m)</sup> <br>|  | 3719100 | &nbsp;&nbsp; 3762930 |
| Series 2024-DNA2, <br> Class M2, STACR<sup>®</sup>, 5.88% <br> (30 Day Average SOFR + <br> 1.70%), 05/25/2044<sup>(b)(m)</sup> <br>|  | 862500 | &nbsp;&nbsp; 868479 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Series 2024-HQA2, <br> Class M2, STACR<sup>®</sup>, 5.98% <br> (30 Day Average SOFR + <br> 1.80%), 08/25/2044<sup>(b)(m)</sup> <br>|  | $3450000 | &nbsp;&nbsp; $3478460 |
| Series 2025-DNA2, <br> Class A1, STACR<sup>®</sup>, 5.28% <br> (30 Day Average SOFR + <br> 1.10%), 05/25/2045<sup>(b)(m)</sup> <br>|  | 1226875 | &nbsp;&nbsp; 1231383 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $86,371,578) | Total Agency Credit Risk Transfer Notes <br> (Cost $86,371,578) | Total Agency Credit Risk Transfer Notes <br> (Cost $86,371,578) | &nbsp;&nbsp; 87801661 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Common Stocks & Other Equity Interests–2.00%** | **Common Stocks & Other Equity Interests–2.00%** | **Common Stocks & Other Equity Interests–2.00%** | **Common Stocks & Other Equity Interests–2.00%** |
| **Argentina–1.99%** | **Argentina–1.99%** | **Argentina–1.99%** | **Argentina–1.99%** |
| Banco BBVA Argentina S.A. | Banco BBVA Argentina S.A. | 495462 | &nbsp;&nbsp; 2834871 |
| Banco Macro S.A., Class B | Banco Macro S.A., Class B | 704018 | &nbsp;&nbsp; 6561884 |
| Grupo Financiero Galicia S.A., <br> Class B | Grupo Financiero Galicia S.A., <br> Class B | 1619433 | &nbsp;&nbsp; 9909714 |
| Pampa Energia S.A.<sup>(t)</sup>  | Pampa Energia S.A.<sup>(t)</sup>  | 900000 | &nbsp;&nbsp; 3223496 |
| YPF S.A., ADR<sup>(c)(t)</sup>  | YPF S.A., ADR<sup>(c)(t)</sup>  | 52500 | &nbsp;&nbsp; 1912575 |
| YPF S.A., Class D<sup>(t)</sup>  | YPF S.A., Class D<sup>(t)</sup>  | 244870 | &nbsp;&nbsp; 9278356 |
|  |  |  | &nbsp;&nbsp; 33720896 |
| **United States–0.01%** | **United States–0.01%** | **United States–0.01%** | **United States–0.01%** |
| ACNR Holdings, Inc. | ACNR Holdings, Inc. | 1116 | &nbsp;&nbsp; 97650 |
| Claire's Holdings LLC, Class S | Claire's Holdings LLC, Class S | 614 | &nbsp;&nbsp; 63 |
| McDermott International Ltd.<sup>(t)</sup>  | McDermott International Ltd.<sup>(t)</sup>  | 750 | &nbsp;&nbsp; 14619 |
| McDermott International Ltd., <br> Series A, Wts., expiring <br> 06/30/2027<sup>(g)(t)</sup>  | McDermott International Ltd., <br> Series A, Wts., expiring <br> 06/30/2027<sup>(g)(t)</sup>  | 76715 | &nbsp;&nbsp; 2302 |
| McDermott International Ltd., <br> Series B, Wts., expiring <br> 06/30/2027<sup>(g)(t)</sup>  | McDermott International Ltd., <br> Series B, Wts., expiring <br> 06/30/2027<sup>(g)(t)</sup>  | 85239 | &nbsp;&nbsp; 2557 |
| Sabine Oil & Gas Holdings, Inc.<sup>(g)(t)</sup>  | Sabine Oil & Gas Holdings, Inc.<sup>(g)(t)</sup>  | 2510 | &nbsp;&nbsp; 176 |
| Windstream Services LLC, Wts. | Windstream Services LLC, Wts. | 399 | &nbsp;&nbsp; 8229 |
|  |  |  | &nbsp;&nbsp; 125596 |
| Total Common Stocks & Other Equity Interests <br> (Cost $27,482,827) | Total Common Stocks & Other Equity Interests <br> (Cost $27,482,827) | Total Common Stocks & Other Equity Interests <br> (Cost $27,482,827) | &nbsp;&nbsp; 33846492 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Variable Rate Senior Loan Interests–0.32%**<sup>(u)(v)</sup>  | **Variable Rate Senior Loan Interests–0.32%**<sup>(u)(v)</sup>  | **Variable Rate Senior Loan Interests–0.32%**<sup>(u)(v)</sup>  | **Variable Rate Senior Loan Interests–0.32%**<sup>(u)(v)</sup>  |
| **United States–0.32%** | **United States–0.32%** | **United States–0.32%** | **United States–0.32%** |
| AAdvantage Loyality IP Ltd. <br> (American Airlines, Inc.), <br> Term Loan B, 7.13% (3 <br> mo. Term SOFR + 3.25%), <br> 05/07/2032<br>|  | $363175 | &nbsp;&nbsp; 364991 |
| ACNR Holdings, Inc., Term <br> Loan, 13.00%, <br> 12/11/2029<br>|  | 60528 | &nbsp;&nbsp; 60264 |
| Bausch and Lomb, Inc., Term <br> Loan B, 8.21% (1 mo. <br> Term SOFR + 4.25%), <br> 01/30/2031<br>|  | 623437 | &nbsp;&nbsp; 628113 |
| Claire's Stores, Inc., Term <br> Loan, 10.30% (1 mo. Term <br> SOFR + 6.50%), <br> 12/18/2026<br>|  | 185855 | &nbsp;&nbsp; 13319 |
| Clear Channel Outdoor <br> Holdings, Inc., Term Loan <br> B, 8.08% (1 mo. Term <br> SOFR + 4.00%), <br> 08/23/2028<br>|  | 618223 | &nbsp;&nbsp; 620174 |

---

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

**15**

**Invesco Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Cushman & Wakefield <br> U.S. Borrower LLC, Term <br> Loan, 6.71% (1 mo. Term <br> SOFR + 2.75%), <br> 01/31/2030<br>|  | $546638 | &nbsp;&nbsp; $548917 |
| EMRLD Borrower L.P., <br> Incremental Term Loan B, <br> 6.12% (3 mo. Term SOFR <br> + 2.50%), 08/04/2031<br>|  | 898212 | &nbsp;&nbsp; 896205 |
| Greystar Real Estate <br> Partners LLC, Term Loan, <br> 6.48% (3 mo. Term SOFR <br> + 2.50%), 08/21/2030<sup>(g)</sup> <br>|  | 350887 | &nbsp;&nbsp; 352641 |
| Prairie Acquiror L.P., Term <br> Loan B, 7.71% (1 mo. <br> Term SOFR + 3.75%), <br> 08/01/2029<br>|  | 640295 | &nbsp;&nbsp; 645964 |
| TransDigm, Inc., Term Loan L, <br> 6.50% (3 mo. Term SOFR <br> + 2.50%), 01/19/2032<br>|  | 1190233 | &nbsp;&nbsp; 1192358 |
| Total Variable Rate Senior Loan Interests <br> (Cost $5,453,019) | Total Variable Rate Senior Loan Interests <br> (Cost $5,453,019) | Total Variable Rate Senior Loan Interests <br> (Cost $5,453,019) | &nbsp;&nbsp; 5322946 |
| **Commercial Paper–0.06%** | **Commercial Paper–0.06%** | **Commercial Paper–0.06%** | **Commercial Paper–0.06%** |
| **Argentina–0.06%** | **Argentina–0.06%** | **Argentina–0.06%** | **Argentina–0.06%** |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/08/2026<sup>(g)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/08/2026<sup>(g)</sup>  | 214160 | &nbsp;&nbsp; 214546 |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 07/08/2026<sup>(g)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 07/08/2026<sup>(g)</sup>  | 251436 | &nbsp;&nbsp; 253417 |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/07/2027<sup>(g)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/07/2027<sup>(g)</sup>  | 346168 | &nbsp;&nbsp; 350783 |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 04/07/2027<sup>(g)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 04/07/2027<sup>(g)</sup>  | 153358 | &nbsp;&nbsp; 155888 |
| Total Commercial Paper (Cost $965,122) | Total Commercial Paper (Cost $965,122) | Total Commercial Paper (Cost $965,122) | &nbsp;&nbsp; 974634 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** |
| **United States–0.00%** | **United States–0.00%** | **United States–0.00%** | **United States–0.00%** |
| Claire's Holdings LLC, Series A, <br> Pfd.<sup>(g)</sup> <br>(Cost $97,198) | Claire's Holdings LLC, Series A, <br> Pfd.<sup>(g)</sup> <br>(Cost $97,198) | 195 | &nbsp;&nbsp; 99 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Money Market Funds–2.99%** | **Money Market Funds–2.99%** | **Money Market Funds–2.99%** | **Money Market Funds–2.99%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.06%<sup>(w)(x)</sup>  | Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.06%<sup>(w)(x)</sup>  | 17724155 | &nbsp;&nbsp; $17724155 |
| Invesco Treasury Portfolio, <br> Institutional Class, 3.96%<sup>(w)(x)</sup>  | Invesco Treasury Portfolio, <br> Institutional Class, 3.96%<sup>(w)(x)</sup>  | 32916233 | &nbsp;&nbsp; 32916233 |
| Total Money Market Funds (Cost $50,640,388) | Total Money Market Funds (Cost $50,640,388) | Total Money Market Funds (Cost $50,640,388) | &nbsp;&nbsp; 50640388 |
| **Options Purchased–4.11%** | **Options Purchased–4.11%** | **Options Purchased–4.11%** | **Options Purchased–4.11%** |
| (Cost $82,623,810)<sup>(y)</sup>  | (Cost $82,623,810)<sup>(y)</sup>  | (Cost $82,623,810)<sup>(y)</sup>  | &nbsp;&nbsp; 69625203 |
| TOTAL INVESTMENTS IN <br> SECURITIES (excluding <br> Investments purchased <br> with cash collateral from <br> securities on <br> loan)-99.37% <br> (Cost $1,692,693,825)<br>|  |  | &nbsp;&nbsp; 1681497959 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–4.28%** | **Money Market Funds–4.28%** | **Money Market Funds–4.28%** | **Money Market Funds–4.28%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(w)(x)(z)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(w)(x)(z)</sup>  | 20114749 | &nbsp;&nbsp; 20114749 |
| Invesco Private Prime Fund, <br> 4.30%<sup>(w)(x)(z)</sup>  | Invesco Private Prime Fund, <br> 4.30%<sup>(w)(x)(z)</sup>  | 52314335 | &nbsp;&nbsp; 52330029 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $72,444,141) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $72,444,141) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $72,444,141) | &nbsp;&nbsp; 72444778 |
| TOTAL INVESTMENTS IN SECURITIES—103.65% <br> (Cost $1,765,137,966) | TOTAL INVESTMENTS IN SECURITIES—103.65% <br> (Cost $1,765,137,966) | TOTAL INVESTMENTS IN SECURITIES—103.65% <br> (Cost $1,765,137,966) | &nbsp;&nbsp; 1753942737 |
| OTHER ASSETS LESS LIABILITIES–(3.65)% | OTHER ASSETS LESS LIABILITIES–(3.65)% | OTHER ASSETS LESS LIABILITIES–(3.65)% | &nbsp;&nbsp; (61736367)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1692206370 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ADR | – American Depositary Receipt |
| ARM | – Adjustable Rate Mortgage |
| ARS | – Argentina Peso |
| AUD | – Australian Dollar |
| BRL | – Brazilian Real |
| CAD | – Canadian Dollar |
| Ctfs. | – Certificates |
| EUR | – Euro |
| EURIBOR | – Euro Interbank Offered Rate |
| GBP | – British Pound Sterling |
| INR | – Indian Rupee |
| IO | – Interest Only |
| MXN | – Mexican Peso |
| Pfd. | – Preferred |
| PIK | – Pay-in-Kind |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| SONIA | – Sterling Overnight Index Average |
| STACR<sup>®</sup> | – Structured Agency Credit Risk |
| STRIPS | – Separately Traded Registered Interest and Principal Security |
| TRY | – Turkish Lira |
| Wts. | – Warrants |
| ZAR | – South African Rand |

---

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

**16**

**Invesco Global Strategic Income Fund**

------

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $659,569,471, which represented 38.98% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2025.

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

<sup>(e)</sup> Perpetual bond with no specified maturity date.

<sup>(f)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at October 31, 2025 represented less than 1% of the Fund's Net Assets. 

<sup>(g)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(h)</sup> All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

<sup>(i)</sup> Zero coupon bond issued at a discount.

<sup>(j)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

<sup>(k)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(l)</sup> Restricted security. The value of this security at October 31, 2025 represented less than 1% of the Fund's Net Assets.

<sup>(m)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2025.

<sup>(n)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2025. 

<sup>(o)</sup> Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2025. 

<sup>(p)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1O.

<sup>(q)</sup> All or a portion of the value was designated as collateral to cover margin requirements for swap agreements. See Note 1R.

<sup>(r)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(s)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

<sup>(t)</sup> Non-income producing security.

<sup>(u)</sup> 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. 

<sup>(v)</sup> 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. 

<sup>(w)</sup> 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 fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Senior Loan ETF | $- | &nbsp;&nbsp; $34532115 | &nbsp;&nbsp; $(32890326) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(1641789) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $864140 |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 35464227 | &nbsp;&nbsp; 323457543 | &nbsp;&nbsp; (341197615) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 17724155 | &nbsp;&nbsp; 1203231 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 65862081 | &nbsp;&nbsp; 600706866 | &nbsp;&nbsp; (633652714) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 32916233 | &nbsp;&nbsp; 2216065 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 20462093 | &nbsp;&nbsp; 172017792 | &nbsp;&nbsp; (172365136) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 20114749 | &nbsp;&nbsp; 988,666\* |
| Invesco Private Prime Fund | 53595680 | &nbsp;&nbsp; 400645842 | &nbsp;&nbsp; (401911783) | &nbsp;&nbsp; 5043 | &nbsp;&nbsp; (4753) | &nbsp;&nbsp; 52330029 | &nbsp;&nbsp; 2,675,681\* |
| Total | $175384081 | &nbsp;&nbsp; $1531360158 | &nbsp;&nbsp; $(1582017574) | &nbsp;&nbsp; $5043 | &nbsp;&nbsp; $(1646542) | &nbsp;&nbsp; $123085166 | &nbsp;&nbsp; $7947783 |

---

\* 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. 

<sup>(x)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(y)</sup> The table below details options purchased.

<sup>(z)</sup> 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 Consolidated Financial Statements which are an integral part of the financial statements.

**17**

**Invesco Global Strategic Income Fund**

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500® Index | Put | 12/19/2025 | &nbsp;&nbsp;&nbsp; 60 | USD | 6100.00 | USD | 36600000 | &nbsp;&nbsp;&nbsp; $148501 |
| S&P 500® Index | Put | 01/16/2026 | &nbsp;&nbsp;&nbsp; 60 | USD | 6100.00 | USD | 36600000 | &nbsp;&nbsp;&nbsp; 271800 |
| Total Index Options Purchased | Total Index Options Purchased | Total Index Options Purchased |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $420301 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Counterparty** | &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 12/01/2025 | USD | 0.68 | AUD | 7200000 | &nbsp;&nbsp;&nbsp; $231402 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 12/16/2025 | USD | 0.67 | AUD | 53990000 | &nbsp;&nbsp;&nbsp; 34655 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 03/12/2026 | USD | 0.68 | AUD | 36000000 | &nbsp;&nbsp;&nbsp; 170984 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 04/07/2026 | USD | 0.75 | AUD | 10407000 | &nbsp;&nbsp;&nbsp; 81405 |
| AUD versus USD | Call | UBS AG | &nbsp;&nbsp;&nbsp; 08/21/2026 | USD | 0.69 | AUD | 36010000 | &nbsp;&nbsp;&nbsp; 336079 |
| EUR versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 11/12/2025 | USD | 1.22 | EUR | 7200000 | &nbsp;&nbsp;&nbsp; 1569 |
| EUR versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 01/16/2026 | USD | 1.21 | EUR | 7220000 | &nbsp;&nbsp;&nbsp; 326519 |
| EUR versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 02/04/2026 | USD | 1.24 | EUR | 5420000 | &nbsp;&nbsp;&nbsp; 133412 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/09/2026 | USD | 1.19 | EUR | 5420000 | &nbsp;&nbsp;&nbsp; 2785 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/13/2026 | USD | 1.20 | EUR | 7220000 | &nbsp;&nbsp;&nbsp; 495616 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/25/2026 | USD | 1.20 | EUR | 9030000 | &nbsp;&nbsp;&nbsp; 532162 |
| EUR versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 02/02/2026 | USD | 1.19 | EUR | 16850000 | &nbsp;&nbsp;&nbsp; 7594 |
| EUR versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 02/06/2026 | USD | 1.20 | EUR | 7220000 | &nbsp;&nbsp;&nbsp; 382585 |
| EUR versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/08/2026 | USD | 1.35 | EUR | 23230000 | &nbsp;&nbsp;&nbsp; 204649 |
| EUR versus USD | Call | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 05/11/2026 | USD | 1.30 | EUR | 13940000 | &nbsp;&nbsp;&nbsp; 332751 |
| Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp; 3274167 |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| CHF versus JPY | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 07/27/2026 | JPY | 160.00 | CHF | 8830000 | &nbsp;&nbsp;&nbsp; 121212 |
| CHF versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/21/2027 | JPY | 147.00 | CHF | 14130000 | &nbsp;&nbsp;&nbsp; 253471 |
| CHF versus JPY | Put | UBS AG | &nbsp;&nbsp;&nbsp; 09/17/2026 | JPY | 161.00 | CHF | 5400000 | &nbsp;&nbsp;&nbsp; 118924 |
| CHF versus JPY | Put | UBS AG | &nbsp;&nbsp;&nbsp; 10/23/2026 | JPY | 165.00 | CHF | 5420000 | &nbsp;&nbsp;&nbsp; 220444 |
| EUR versus INR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 03/16/2026 | INR | 100.00 | EUR | 3600000 | &nbsp;&nbsp;&nbsp; 569089 |
| EUR versus INR | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 03/16/2026 | INR | 99.50 | EUR | 3600000 | &nbsp;&nbsp;&nbsp; 463263 |
| EUR versus INR | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 07/27/2026 | INR | 98.50 | EUR | 3610000 | &nbsp;&nbsp;&nbsp; 404963 |
| EUR versus NOK | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 01/08/2026 | NOK | 11.40 | EUR | 3600000 | &nbsp;&nbsp;&nbsp; 351815 |
| EUR versus NOK | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 12/10/2025 | NOK | 11.50 | EUR | 5400000 | &nbsp;&nbsp;&nbsp; 875244 |
| EUR versus NOK | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 01/07/2026 | NOK | 11.50 | EUR | 3610000 | &nbsp;&nbsp;&nbsp; 520986 |
| USD versus BRL | Put | Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 01/14/2026 | BRL | 5.25 | USD | 1800000 | &nbsp;&nbsp;&nbsp; 246002 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 12/11/2025 | BRL | 5.33 | USD | 4500000 | &nbsp;&nbsp;&nbsp; 932616 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 12/15/2025 | BRL | 5.28 | USD | 9000000 | &nbsp;&nbsp;&nbsp; 1317753 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 12/18/2025 | BRL | 5.10 | USD | 5400000 | &nbsp;&nbsp;&nbsp; 81184 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 06/25/2026 | BRL | 5.40 | USD | 36000000 | &nbsp;&nbsp;&nbsp; 693396 |
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 03/24/2026 | BRL | 5.40 | USD | 36000000 | &nbsp;&nbsp;&nbsp; 602604 |
| USD versus BRL | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 01/30/2026 | BRL | 5.10 | USD | 2707500 | &nbsp;&nbsp;&nbsp; 143454 |
| USD versus CAD | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/06/2026 | CAD | 1.20 | USD | 8710000 | &nbsp;&nbsp;&nbsp; 14084 |
| USD versus CAD | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 11/05/2025 | CAD | 1.28 | USD | 8710000 | &nbsp;&nbsp;&nbsp; 9 |
| USD versus CLP | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 12/18/2025 | CLP | 945.00 | USD | 18010000 | &nbsp;&nbsp;&nbsp; 405477 |
| USD versus INR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/22/2026 | INR | 82.00 | USD | 7000000 | &nbsp;&nbsp;&nbsp; 51163 |

---

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

**18**

**Invesco Global Strategic Income Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of**<br> **Contract**<br>| **Counterparty** | &nbsp;&nbsp; **Expiration**<br> **Date**<br>| &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value** | **Value** |
| USD versus JPY | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 12/17/2025 | JPY | 144.00 | USD | 7220000 | &nbsp;&nbsp;&nbsp; $99535 |
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/06/2026 | JPY | 110.00 | USD | 34860000 | &nbsp;&nbsp;&nbsp; 39113 |
| USD versus JPY | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 07/03/2026 | JPY | 120.00 | USD | 8830000 | &nbsp;&nbsp;&nbsp; 75126 |
| USD versus KRW | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/20/2026 | KRW | 1200.00 | USD | 3500000 | &nbsp;&nbsp;&nbsp; 25043 |
| USD versus KRW | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 01/27/2026 | KRW | 1360.00 | USD | 5420000 | &nbsp;&nbsp;&nbsp; 590916 |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 11/28/2025 | KRW | 1200.00 | USD | 28020000 | &nbsp;&nbsp;&nbsp; 112 |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/15/2026 | KRW | 1300.00 | USD | 163430000 | &nbsp;&nbsp;&nbsp; 184513 |
| USD versus MXN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 11/28/2025 | MXN | 18.30 | USD | 4180000 | &nbsp;&nbsp;&nbsp; 592632 |
| USD versus MXN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/18/2026 | MXN | 18.10 | USD | 7220000 | &nbsp;&nbsp;&nbsp; 528179 |
| USD versus MXN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 01/28/2026 | MXN | 18.25 | USD | 3610000 | &nbsp;&nbsp;&nbsp; 290627 |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 12/31/2025 | MXN | 17.95 | USD | 5420000 | &nbsp;&nbsp;&nbsp; 253607 |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 07/27/2026 | MXN | 17.90 | USD | 7060000 | &nbsp;&nbsp;&nbsp; 1236517 |
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 01/15/2026 | ZAR | 16.80 | USD | 3610000 | &nbsp;&nbsp;&nbsp; 362509 |
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 03/26/2026 | ZAR | 17.25 | USD | 36110000 | &nbsp;&nbsp;&nbsp; 646080 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 01/16/2026 | ZAR | 17.15 | USD | 3600000 | &nbsp;&nbsp;&nbsp; 749797 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 01/28/2026 | ZAR | 17.10 | USD | 3610000 | &nbsp;&nbsp;&nbsp; 644717 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 02/13/2026 | ZAR | 16.80 | USD | 3610000 | &nbsp;&nbsp;&nbsp; 397800 |
| USD versus ZAR | Put | UBS AG | &nbsp;&nbsp;&nbsp; 12/16/2025 | ZAR | 17.10 | USD | 71990000 | &nbsp;&nbsp;&nbsp; 229864 |
| Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp; 15333840 |
| Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp; $18608007 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $21,752,588.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  |
| **Description** | **Counterparty** | **Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Pay/** <br>**Receive** <br>**Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Floating Rate** <br>**Index**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 10 Year Interest Rate <br> Swap<br>Call | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 2.79% | Receive | 6 Month EURIBOR | Semi-Annually | 02/16/2026 | &nbsp;&nbsp; EUR | 55220000 | &nbsp;&nbsp; $1027967 |
| 10 Year Interest Rate <br> Swap<br>Call | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 2.70 | Receive | 6 Month EURIBOR | Semi-Annually | 08/07/2026 | &nbsp;&nbsp; EUR | 26400000 | &nbsp;&nbsp; 483153 |
| 10 Year Interest Rate <br> Swap<br>Call | Merrill Lynch International | 2.69 | Receive | 6 Month EURIBOR | Semi-Annually | 08/18/2026 | &nbsp;&nbsp; EUR | 54250000 | &nbsp;&nbsp; 971066 |
| 10 Year Interest Rate <br> Swap<br>Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.78 | Receive | 6 Month EURIBOR | Semi-Annually | 09/14/2026 | &nbsp;&nbsp; EUR | 51200000 | &nbsp;&nbsp; 1188124 |
| 10 Year Interest Rate <br> Swap<br>Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 3.70 | Receive | SOFR | Annually | 09/24/2035 | &nbsp;&nbsp; USD | 48000000 | &nbsp;&nbsp; 2359703 |
| 2 Year Interest Rate Swap<br> Call | Barclays Bank PLC | 3.25 | Receive | SOFR | Annually | 05/21/2026 | &nbsp;&nbsp; USD | 960280000 | &nbsp;&nbsp; 4455258 |
| 2 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.28 | Receive | SOFR | Annually | 01/29/2026 | &nbsp;&nbsp; USD | 244800000 | &nbsp;&nbsp; 650764 |
| 2 Year Interest Rate Swap<br> Call | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 2.85 | Receive | 6 Month EURIBOR | Semi-Annually | 09/12/2030 | &nbsp;&nbsp; EUR | 281570000 | &nbsp;&nbsp; 3301891 |
| 20 Year Interest Rate <br> Swap<br>Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.12 | Receive | SOFR | Annually | 10/17/2035 | &nbsp;&nbsp; USD | 96260000 | &nbsp;&nbsp; 2488236 |
| 5 Year Interest Rate Swap<br> Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.36 | Receive | 6 Month EURIBOR | Semi-Annually | 02/06/2026 | &nbsp;&nbsp; EUR | 131820000 | &nbsp;&nbsp; 680138 |
| 5 Year Interest Rate Swap<br> Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.38 | Receive | 6 Month EURIBOR | Semi-Annually | 06/24/2026 | &nbsp;&nbsp; EUR | 137760000 | &nbsp;&nbsp; 1093984 |
| Subtotal — Interest Rate Call Swaptions Purchased | Subtotal — Interest Rate Call Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; 18700284 |

---

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

**19**

**Invesco Global Strategic Income Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** |
| **Description** | &nbsp;&nbsp; **Type of**<br> **Contract**<br>| **Counterparty** | **Exercise**<br> **Rate**<br>| &nbsp;&nbsp; **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate**<br>| &nbsp;&nbsp; **Floating Rate**<br> **Index**<br>| &nbsp;&nbsp; **Payment**<br> **Frequency**<br>| &nbsp;&nbsp; **Expiration**<br> **Date**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 10 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 3.71% | Pay | SOFR | Annually | 07/07/2026 | &nbsp;&nbsp; USD | 27680000 | &nbsp;&nbsp; $580188 |
| 10 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 5.20 | Pay | SOFR | Annually | 09/24/2035 | &nbsp;&nbsp; USD | 48000000 | &nbsp;&nbsp; 2846668 |
| 15 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 1.76 | Pay | 6 Month EURIBOR | Semi-Annually | 03/15/2039 | &nbsp;&nbsp; EUR | 103500000 | &nbsp;&nbsp; 21537409 |
| 20 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 6.12 | Pay | SOFR | Annually | 10/17/2035 | &nbsp;&nbsp; USD | 96260000 | &nbsp;&nbsp; 5608475 |
| 30 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 2.92 | Pay | 6 Month EURIBOR | Semi-Annually | 02/09/2026 | &nbsp;&nbsp; EUR | 47070000 | &nbsp;&nbsp; 1323871 |
| Subtotal — Interest Rate Put Swaptions Purchased | Subtotal — Interest Rate Put Swaptions Purchased | Subtotal — Interest Rate Put Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; 31896611 |
| Total Interest Rate Swaptions Purchased | Total Interest Rate Swaptions Purchased | Total Interest Rate Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; $50596895 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $21,752,588.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  |
| **Counterparty** | **Type of** <br>**Contract**<br>| **Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Reference** <br>**Entity**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Expiration** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Credit Risk** |  |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A. | Put | 106.00<br> %<br>| &nbsp;&nbsp; Markit CDX North America <br> Investment Grade Index, Series 45, <br> Version 1<br>| (5.00)%<br>| Quarterly | 11/19/2025 | 3.273<br> %<br>| USD | 72000000 | $(145030)<br>|
| BNP Paribas S.A. | Put | 102.00 | &nbsp;&nbsp; Markit CDX North America High <br> Yield Index, Series 45, Version 1<br>| (5.00)<br>| Quarterly | 01/21/2026 | 3.273 | USD | 72000000 | (238467)<br>|
| Goldman Sachs International | Put | 105.00 | &nbsp;&nbsp; Markit CDX North America High <br> Yield Index, Series 44, Version 1<br>| (5.00)<br>| Quarterly | 01/21/2026 | 3.064 | USD | 93600000 | (514714)<br>|
| Goldman Sachs International | Put | 70.00 | &nbsp;&nbsp; Markit CDX North America <br> Investment Grade Index, Series 45, <br> Version 1<br>| (1.00)<br>| Quarterly | 01/21/2026 | 0.524 | USD | 144000000 | (126363)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 350.00 | &nbsp;&nbsp; Markit iTraxx Europe Crossover <br> Index, Series 43, Version 2<br>| (5.00)<br>| Quarterly | 12/17/2025 | 2.449 | EUR | 72000000 | (106484)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 105.00 | &nbsp;&nbsp; Markit CDX North America High <br> Yield Index, Series 44, Version 1<br>| (5.00)<br>| Quarterly | 12/17/2025 | 3.064 | USD | 86400000 | (251879)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 325.00 | &nbsp;&nbsp; Markit iTraxx Europe Crossover <br> Index, Series 43, Version 2<br>| (5.00)<br>| Quarterly | 01/21/2026 | 2.449 | EUR | 72000000 | (289974)<br>|
| Total Credit Default Swaptions Written | Total Credit Default Swaptions Written |  |  |  |  |  |  |  |  | $(1672911)<br>|

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $21,752,588.

<sup>(b)</sup> Implied credit spreads represent the current level, as of October 31, 2025, 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.

**20**

**Invesco Global Strategic Income Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Counterparty** | **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp; **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp; 03/12/2026 | USD | 0.71 | AUD | 36000000 | &nbsp;&nbsp; $(32671)<br>|
| USD versus BRL | Call | Deutsche Bank AG | &nbsp;&nbsp; 12/16/2025 | BRL | 5.65 | USD | 36000000 | &nbsp;&nbsp; (189900)<br>|
| USD versus BRL | Call | Goldman Sachs International | &nbsp;&nbsp; 06/18/2026 | BRL | 6.00 | USD | 50540000 | &nbsp;&nbsp; (1180766)<br>|
| USD versus BRL | Call | Goldman Sachs International | &nbsp;&nbsp; 07/06/2027 | BRL | 6.75 | USD | 54150000 | &nbsp;&nbsp; (2564490)<br>|
| USD versus BRL | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/25/2026 | BRL | 6.00 | USD | 18000000 | &nbsp;&nbsp; (439110)<br>|
| USD versus BRL | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/10/2026 | BRL | 7.00 | USD | 23546000 | &nbsp;&nbsp; (143183)<br>|
| USD versus BRL | Call | Merrill Lynch International | &nbsp;&nbsp; 03/24/2026 | BRL | 5.90 | USD | 36000000 | &nbsp;&nbsp; (495792)<br>|
| USD versus BRL | Call | Merrill Lynch International | &nbsp;&nbsp; 07/03/2026 | BRL | 6.40 | USD | 52950000 | &nbsp;&nbsp; (717155)<br>|
| USD versus CLP | Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 12/18/2025 | CLP | 1025.00 | USD | 18010000 | &nbsp;&nbsp; (46700)<br>|
| USD versus IDR | Call | Goldman Sachs International | &nbsp;&nbsp; 08/13/2026 | IDR | 17000.00 | USD | 36010000 | &nbsp;&nbsp; (757506)<br>|
| USD versus KRW | Call | Merrill Lynch International | &nbsp;&nbsp; 05/15/2026 | KRW | 1455.00 | USD | 46700000 | &nbsp;&nbsp; (639603)<br>|
| USD versus MXN | Call | Merrill Lynch International | &nbsp;&nbsp; 07/27/2026 | MXN | 22.00 | USD | 26480000 | &nbsp;&nbsp; (184936)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 07/27/2026 | TRY | 54.45 | USD | 17250000 | &nbsp;&nbsp; (882889)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 08/27/2026 | TRY | 54.65 | USD | 44960000 | &nbsp;&nbsp; (2745258)<br>|
| USD versus ZAR | Call | Goldman Sachs International | &nbsp;&nbsp; 03/26/2026 | ZAR | 18.75 | USD | 36110000 | &nbsp;&nbsp; (301880)<br>|
| USD versus ZAR | Call | Goldman Sachs International | &nbsp;&nbsp; 08/14/2026 | ZAR | 19.50 | USD | 18000000 | &nbsp;&nbsp; (261702)<br>|
| USD versus ZAR | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/01/2026 | ZAR | 20.00 | USD | 8760000 | &nbsp;&nbsp; (58543)<br>|
| USD versus ZAR | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/01/2026 | ZAR | 21.50 | USD | 17510000 | &nbsp;&nbsp; (52565)<br>|
| USD versus ZAR | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/18/2026 | ZAR | 20.50 | USD | 26270000 | &nbsp;&nbsp; (150133)<br>|
| USD versus ZAR | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 09/14/2026 | ZAR | 20.50 | USD | 36000000 | &nbsp;&nbsp; (372708)<br>|
| Subtotal — Foreign Currency Call Options Written | Subtotal — Foreign Currency Call Options Written | Subtotal — Foreign Currency Call Options Written | Subtotal — Foreign Currency Call Options Written |  |  |  |  | &nbsp;&nbsp; (12217490)<br>|
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 02/25/2026 | USD | 0.62 | AUD | 45010000 | &nbsp;&nbsp; (128873)<br>|
| AUD versus USD | Put | Merrill Lynch International | &nbsp;&nbsp; 12/16/2025 | USD | 0.65 | AUD | 53990000 | &nbsp;&nbsp; (198883)<br>|
| AUD versus USD | Put | Merrill Lynch International | &nbsp;&nbsp; 03/12/2026 | USD | 0.64 | AUD | 36000000 | &nbsp;&nbsp; (272034)<br>|
| AUD versus USD | Put | UBS AG | &nbsp;&nbsp; 08/21/2026 | USD | 0.61 | AUD | 36010000 | &nbsp;&nbsp; (226801)<br>|
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp; 06/18/2026 | BRL | 5.35 | USD | 49030000 | &nbsp;&nbsp; (786932)<br>|
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp; 07/06/2027 | BRL | 5.30 | USD | 52950000 | &nbsp;&nbsp; (1109991)<br>|
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/25/2026 | BRL | 5.05 | USD | 36000000 | &nbsp;&nbsp; (171864)<br>|
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp; 03/24/2026 | BRL | 5.05 | USD | 36000000 | &nbsp;&nbsp; (80748)<br>|
| USD versus CLP | Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 12/18/2025 | CLP | 890.00 | USD | 18010000 | &nbsp;&nbsp; (62297)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 03/11/2026 | ZAR | 17.50 | USD | 17325000 | &nbsp;&nbsp; (417810)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 03/26/2026 | ZAR | 16.50 | USD | 36110000 | &nbsp;&nbsp; (178492)<br>|
| Subtotal — Foreign Currency Put Options Written | Subtotal — Foreign Currency Put Options Written | Subtotal — Foreign Currency Put Options Written | Subtotal — Foreign Currency Put Options Written |  |  |  |  | &nbsp;&nbsp; (3634725)<br>|
| Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written |  |  |  |  | &nbsp;&nbsp; $(15852215)<br>|

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $21,752,588.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  |
| **Description** | **Counterparty** | **Exercise** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/** <br>**Receive** <br>**Exercise** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 2 Year Interest Rate Swap<br> Call | Barclays Bank PLC | 2.73% | SOFR | Receive | Annually | 05/21/2026 | USD | 960280000 | $(1483085)<br>|
| 5 Year Interest Rate Swap<br> Call | Barclays Bank PLC | 3.25 | SOFR | Receive | Annually | 05/21/2026 | USD | 307290000 | (2428826)<br>|
| 30 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.75 | SOFR | Receive | Annually | 12/26/2025 | USD | 42840000 | (267934)<br>|
| 5 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.10 | SOFR | Receive | Annually | 03/03/2026 | USD | 143980000 | (511670)<br>|
| 30 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 2.80 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 09/11/2026 | EUR | 30240000 | (1248244)<br>|
| 30 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.70 | SOFR | Receive | Annually | 01/15/2026 | USD | 40920000 | (291298)<br>|

---

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 Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** |
| **Description** | **Type of**<br> **Contract**<br>| **Counterparty** | **Exercise**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
| 10 Year Interest Rate Swap | Call | BNP Paribas S.A. | 3.44% | SOFR | Receive | Annually | 01/29/2026 | USD | 51780000 | $(253195)<br>|
| 2 Year Interest Rate Swap | Call | BNP Paribas S.A. | 2.93 | SOFR | Receive | Annually | 01/29/2026 | USD | 244800000 | (210641)<br>|
| 10 Year Interest Rate Swap | Call | Goldman Sachs <br> International<br>| 3.50 | SOFR | Receive | Annually | 04/07/2026 | USD | 284625000 | (2834447)<br>|
| 10 Year Interest Rate Swap | Call | Goldman Sachs <br> International<br>| 3.40 | SOFR | Receive | Annually | 03/09/2026 | USD | 121950000 | (745360)<br>|
| 30 Year Interest Rate Swap | Call | Goldman Sachs <br> International<br>| 3.02 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 09/12/2030 | EUR | 25600000 | (2988438)<br>|
| 30 Year Interest Rate Swap | Call | Goldman Sachs <br> International<br>| 2.96 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 02/16/2026 | EUR | 24000000 | (894786)<br>|
| 30 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.42 | SOFR | Receive | Annually | 07/11/2029 | USD | 41365000 | (882007)<br>|
| 30 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.77 | SOFR | Receive | Annually | 01/09/2026 | USD | 70600000 | (654386)<br>|
| 30 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.65 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 07/30/2026 | EUR | 69300000 | (1771831)<br>|
| 30 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.60 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 08/07/2026 | EUR | 16010000 | (367723)<br>|
| 30 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.85 | SOFR | Receive | Annually | 02/23/2026 | USD | 57620000 | (1136473)<br>|
| 30 Year Interest Rate Swap | Call | Merrill Lynch International | 2.79 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 08/18/2026 | EUR | 23530000 | (892401)<br>|
| 5 Year Interest Rate Swap | Call | Merrill Lynch International | 2.50 | CORRA | Receive | Semi-Annually | 12/02/2025 | CAD | 71940000 | (190820)<br>|
| 50 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 2.60 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 06/24/2026 | EUR | 23350000 | (789449)<br>|
| 50 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 2.58 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 05/21/2026 | EUR | 21010000 | (584944)<br>|
| 30 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.70 | SOFR | Receive | Annually | 01/20/2026 | USD | 144040000 | (1107557)<br>|
| 30 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 2.78 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 02/06/2026 | EUR | 31540000 | (542683)<br>|
| 30 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.75 | SOFR | Receive | Annually | 06/22/2026 | USD | 28800000 | (728975)<br>|
| 50 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 2.74 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 09/14/2026 | EUR | 18240000 | (1080562)<br>|
| Subtotal—Interest Rate Call Swaptions Written | Subtotal—Interest Rate Call Swaptions Written | Subtotal—Interest Rate Call Swaptions Written | Subtotal—Interest Rate Call Swaptions Written | Subtotal—Interest Rate Call Swaptions Written |  |  |  |  |  | (24887735)<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 30 Year Interest Rate Swap | Put | Barclays Bank PLC | 5.55 | SONIA | Pay | Annually | 05/10/2027 | GBP | 46480000 | (1007760)<br>|
| 5 Year Interest Rate Swap | Put | BNP Paribas S.A. | 2.73 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 05/24/2027 | EUR | 75300000 | (808752)<br>|
| 5 Year Interest Rate Swap | Put | BNP Paribas S.A. | 3.65 | SOFR | Pay | Annually | 03/03/2026 | USD | 143980000 | (490809)<br>|
| 30 Year Interest Rate Swap | Put | Goldman Sachs <br> International<br>| 3.32 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 02/09/2026 | EUR | 94130000 | (440736)<br>|
| 1 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.60 | SOFR | Pay | At Maturity | 06/21/2027 | USD | 933960000 | (2205509)<br>|
| 5 Year Interest Rate Swap | Put | Merrill Lynch International | 3.00 | CORRA | Pay | Semi-Annually | 12/02/2025 | CAD | 71940000 | (1277)<br>|
| 10 Year Interest Rate Swap | Put | Merrill Lynch International | 4.34 | 6 Month <br> BBSW<br>| Pay | Semi-Annually | 12/11/2025 | AUD | 95980000 | (505951)<br>|
| 10 Year Interest Rate Swap | Put | Merrill Lynch International | 4.38 | 6 Month <br> BBSW<br>| Pay | Semi-Annually | 01/29/2026 | AUD | 96310000 | (665429)<br>|
| 10 Year Interest Rate Swap | Put | Merrill Lynch International | 4.37 | 6 Month <br> BBSW<br>| Pay | Semi-Annually | 01/28/2026 | AUD | 144470000 | (1034727)<br>|
| 30 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.25 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 07/16/2026 | EUR | 46610000 | (1012950)<br>|
| 2 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 2.19 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 01/29/2026 | EUR | 470770000 | (511627)<br>|

---

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 Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** |
| **Description** | **Type of**<br> **Contract**<br>| **Counterparty** | **Exercise**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
| 10 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 2.86% | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 09/11/2026 | EUR | 98390000 | $(1547187)<br>|
| 30 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 5.00 | SONIA | Pay | Annually | 10/22/2027 | GBP | 19250000 | (1064710)<br>|
| 10 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 4.16 | SOFR | Pay | Annually | 07/07/2026 | USD | 27680000 | (228061)<br>|
| 2 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.43 | SOFR | Pay | Annually | 07/07/2026 | USD | 288800000 | (897700)<br>|
| 1 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.10 | SOFR | Pay | At Maturity | 09/21/2026 | USD | 839890000 | (2637506)<br>|
| Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written |  |  |  |  |  | (15060691)<br>|
| Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written |  |  |  |  |  | $(39948426)<br>|

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $21,752,588.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 4005 | December-2025 | &nbsp;&nbsp;&nbsp; $834009963 | &nbsp;&nbsp;&nbsp; $63050 | &nbsp;&nbsp;&nbsp; $63050 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 2235 | December-2025 | &nbsp;&nbsp;&nbsp; 251821641 | &nbsp;&nbsp;&nbsp; 310565 | &nbsp;&nbsp;&nbsp; 310565 |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 447 | December-2025 | &nbsp;&nbsp;&nbsp; 52438687 | &nbsp;&nbsp;&nbsp; 1396097 | &nbsp;&nbsp;&nbsp; 1396097 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 1769712 | &nbsp;&nbsp;&nbsp; 1769712 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 33 | December-2025 | &nbsp;&nbsp;&nbsp; (4002281)<br>| &nbsp;&nbsp;&nbsp; (133607)<br>| &nbsp;&nbsp;&nbsp; (133607)<br>|
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 119 | December-2025 | &nbsp;&nbsp;&nbsp; (12996102)<br>| &nbsp;&nbsp;&nbsp; 50531 | &nbsp;&nbsp;&nbsp; 50531 |
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 17 | December-2025 | &nbsp;&nbsp;&nbsp; (1963234)<br>| &nbsp;&nbsp;&nbsp; (23403)<br>| &nbsp;&nbsp;&nbsp; (23403)<br>|
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (106479)<br>| &nbsp;&nbsp;&nbsp; (106479)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $1663233 | &nbsp;&nbsp;&nbsp; $1663233 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 12/17/2025 | Citibank, N.A. | EUR | 275000 | USD | 321765 | &nbsp;&nbsp;&nbsp; $4013 |
| 11/04/2025 | Deutsche Bank AG | USD | 8119186 | BRL | 43716131 | &nbsp;&nbsp;&nbsp; 6565 |
| 11/18/2025 | Deutsche Bank AG | USD | 53205768 | EUR | 48510000 | &nbsp;&nbsp;&nbsp; 2753391 |
| 12/17/2025 | Deutsche Bank AG | CZK | 11455819 | USD | 550946 | &nbsp;&nbsp;&nbsp; 7739 |
| 12/17/2025 | Deutsche Bank AG | EUR | 17640000 | USD | 20810790 | &nbsp;&nbsp;&nbsp; 428437 |
| 12/17/2025 | Deutsche Bank AG | INR | 1629720000 | USD | 18415748 | &nbsp;&nbsp;&nbsp; 100589 |
| 12/17/2025 | Deutsche Bank AG | JPY | 208021530 | USD | 1367603 | &nbsp;&nbsp;&nbsp; 11961 |
| 12/17/2025 | Deutsche Bank AG | NOK | 502715699 | USD | 50355000 | &nbsp;&nbsp;&nbsp; 727503 |
| 12/17/2025 | Deutsche Bank AG | PLN | 159271 | USD | 43857 | &nbsp;&nbsp;&nbsp; 746 |
| 12/17/2025 | Deutsche Bank AG | SGD | 53474548 | USD | 41775000 | &nbsp;&nbsp;&nbsp; 556970 |
| 12/17/2025 | Deutsche Bank AG | THB | 423328287 | USD | 13424929 | &nbsp;&nbsp;&nbsp; 287844 |
| 11/04/2025 | Goldman Sachs International | BRL | 45058987 | USD | 8395000 | &nbsp;&nbsp;&nbsp; 19646 |
| 11/04/2025 | Goldman Sachs International | USD | 103237223 | BRL | 560877618 | &nbsp;&nbsp;&nbsp; 1016092 |
| 11/06/2025 | Goldman Sachs International | USD | 8825000 | BRL | 49684750 | &nbsp;&nbsp;&nbsp; 404851 |
| 12/17/2025 | Goldman Sachs International | CNY | 52980000 | USD | 7488698 | &nbsp;&nbsp;&nbsp; 10004 |
| 12/17/2025 | Goldman Sachs International | EUR | 28051570 | USD | 33190000 | &nbsp;&nbsp;&nbsp; 777472 |

---

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

**23**

**Invesco Global Strategic Income Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 12/17/2025 | Goldman Sachs International | INR | 1232253376 | USD | 13860000 | &nbsp;&nbsp;&nbsp; $11661 |
| 12/17/2025 | Goldman Sachs International | JPY | 2492178052 | USD | 16785000 | &nbsp;&nbsp;&nbsp; 543876 |
| 12/17/2025 | Goldman Sachs International | USD | 1132239 | MXN | 21283377 | &nbsp;&nbsp;&nbsp; 8203 |
| 12/29/2025 | Goldman Sachs International | EUR | 8485000 | USD | 9941026 | &nbsp;&nbsp;&nbsp; 130175 |
| 05/08/2026 | Goldman Sachs International | JPY | 1549292500 | USD | 11150000 | &nbsp;&nbsp;&nbsp; 922898 |
| 03/19/2027 | Goldman Sachs International | INR | 15445512500 | USD | 173750000 | &nbsp;&nbsp;&nbsp; 5427901 |
| 12/17/2025 | HSBC Bank USA | GBP | 2980854 | USD | 4013663 | &nbsp;&nbsp;&nbsp; 97502 |
| 11/04/2025 | J.P. Morgan Chase Bank, N.A. | USD | 186192208 | BRL | 1002467892 | &nbsp;&nbsp;&nbsp; 141844 |
| 12/02/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 33726000 | USD | 6231707 | &nbsp;&nbsp;&nbsp; 7930 |
| 12/02/2025 | J.P. Morgan Chase Bank, N.A. | USD | 13459008 | BRL | 72939750 | &nbsp;&nbsp;&nbsp; 1254 |
| 12/04/2025 | J.P. Morgan Chase Bank, N.A. | ZAR | 618793710 | USD | 36100000 | &nbsp;&nbsp;&nbsp; 482386 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | AUD | 19805285 | USD | 13092155 | &nbsp;&nbsp;&nbsp; 127455 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | CAD | 71852353 | USD | 51527702 | &nbsp;&nbsp;&nbsp; 181951 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 318084462 | USD | 374452400 | &nbsp;&nbsp;&nbsp; 6917834 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | GBP | 85451603 | USD | 115685517 | &nbsp;&nbsp;&nbsp; 3421625 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | JPY | 6529973907 | USD | 44742859 | &nbsp;&nbsp;&nbsp; 2188068 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | NOK | 1811941 | USD | 183756 | &nbsp;&nbsp;&nbsp; 4883 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | NZD | 4281000 | USD | 2559662 | &nbsp;&nbsp;&nbsp; 105377 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | SEK | 244000 | USD | 26313 | &nbsp;&nbsp;&nbsp; 563 |
| 12/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 11730000 | MXN | 226078155 | &nbsp;&nbsp;&nbsp; 382837 |
| 07/07/2026 | J.P. Morgan Chase Bank, N.A. | JPY | 1109773800 | USD | 7940000 | &nbsp;&nbsp;&nbsp; 578966 |
| 11/04/2025 | Merrill Lynch International | USD | 16159745 | BRL | 87008918 | &nbsp;&nbsp;&nbsp; 13066 |
| 12/02/2025 | Merrill Lynch International | KRW | 45460964000 | USD | 33620000 | &nbsp;&nbsp;&nbsp; 1771818 |
| 12/17/2025 | Merrill Lynch International | CAD | 16615542 | USD | 12043473 | &nbsp;&nbsp;&nbsp; 169993 |
| 12/17/2025 | Merrill Lynch International | IDR | 3058741900 | USD | 185272 | &nbsp;&nbsp;&nbsp; 1486 |
| 12/17/2025 | Merrill Lynch International | INR | 948220830 | USD | 10730000 | &nbsp;&nbsp;&nbsp; 73682 |
| 12/17/2025 | Merrill Lynch International | USD | 174623 | CLP | 166136118 | &nbsp;&nbsp;&nbsp; 1668 |
| 12/17/2025 | Merrill Lynch International | USD | 16785498 | COP | 66329575500 | &nbsp;&nbsp;&nbsp; 320792 |
| 12/17/2025 | Merrill Lynch International | USD | 14444444 | ZAR | 251253881 | &nbsp;&nbsp;&nbsp; 4710 |
| 11/04/2025 | Morgan Stanley and Co. International PLC | USD | 4276913 | BRL | 23028181 | &nbsp;&nbsp;&nbsp; 3458 |
| 11/12/2025 | Morgan Stanley and Co. International PLC | USD | 45900000 | BRL | 254400750 | &nbsp;&nbsp;&nbsp; 1278086 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | HUF | 63792317 | USD | 189844 | &nbsp;&nbsp;&nbsp; 754 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | JPY | 8047948729 | USD | 54550000 | &nbsp;&nbsp;&nbsp; 2102812 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 41775000 | CNY | 296314252 | &nbsp;&nbsp;&nbsp; 52925 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 16710000 | INR | 1490732520 | &nbsp;&nbsp;&nbsp; 43186 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 1045319 | PEN | 3661000 | &nbsp;&nbsp;&nbsp; 40731 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 13885294 | ZAR | 243082898 | &nbsp;&nbsp;&nbsp; 93962 |
| 12/17/2025 | Royal Bank of Canada | EUR | 73850713 | USD | 87092234 | &nbsp;&nbsp;&nbsp; 1760528 |
| 12/17/2025 | Standard Chartered Bank PLC | MXN | 396954000 | USD | 21418298 | &nbsp;&nbsp;&nbsp; 148033 |
| 11/04/2025 | UBS AG | BRL | 773753768 | USD | 144564724 | &nbsp;&nbsp;&nbsp; 742984 |
| 11/04/2025 | UBS AG | USD | 143705546 | BRL | 773753768 | &nbsp;&nbsp;&nbsp; 116194 |
| 12/17/2025 | UBS AG | EUR | 38004171 | USD | 44806603 | &nbsp;&nbsp;&nbsp; 894220 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 38434100 |
| **Currency Risk** |  |  |  |  |  |  |
| 11/04/2025 | Deutsche Bank AG | BRL | 43716131 | USD | 7940000 | &nbsp;&nbsp;&nbsp; (185751)<br>|
| 11/14/2025 | Deutsche Bank AG | USD | 11418823 | EUR | 9720000 | &nbsp;&nbsp;&nbsp; (208756)<br>|
| 11/18/2025 | Deutsche Bank AG | EUR | 22475000 | USD | 23801025 | &nbsp;&nbsp;&nbsp; (2125219)<br>|
| 12/17/2025 | Deutsche Bank AG | AUD | 30380496 | USD | 19805000 | &nbsp;&nbsp;&nbsp; (82319)<br>|
| 12/17/2025 | Deutsche Bank AG | CNY | 296252300 | USD | 41775000 | &nbsp;&nbsp;&nbsp; (44180)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 16595000 | AUD | 24840241 | &nbsp;&nbsp;&nbsp; (334377)<br>|

---

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)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 12/17/2025 | Deutsche Bank AG | USD | 555956 | CZK | 11560000 | &nbsp;&nbsp;&nbsp; $(7809)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 133225000 | EUR | 112570080 | &nbsp;&nbsp;&nbsp; (3154530)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 9552387 | INR | 845348007 | &nbsp;&nbsp;&nbsp; (52176)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 196883 | PLN | 715000 | &nbsp;&nbsp;&nbsp; (3348)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 41775000 | SGD | 53557639 | &nbsp;&nbsp;&nbsp; (492924)<br>|
| 12/19/2025 | Deutsche Bank AG | USD | 33580000 | JPY | 4890490460 | &nbsp;&nbsp;&nbsp; (1702792)<br>|
| 11/04/2025 | Goldman Sachs International | BRL | 515818630 | USD | 95472053 | &nbsp;&nbsp;&nbsp; (405906)<br>|
| 12/17/2025 | Goldman Sachs International | MXN | 1418879026 | USD | 75481924 | &nbsp;&nbsp;&nbsp; (546868)<br>|
| 12/17/2025 | Goldman Sachs International | USD | 7437202 | CNY | 52615685 | &nbsp;&nbsp;&nbsp; (9936)<br>|
| 12/17/2025 | Goldman Sachs International | USD | 51317477 | EUR | 43830000 | &nbsp;&nbsp;&nbsp; (673570)<br>|
| 12/17/2025 | Goldman Sachs International | USD | 33876792 | MXN | 628027123 | &nbsp;&nbsp;&nbsp; (224773)<br>|
| 01/29/2026 | Goldman Sachs International | KRW | 34773900000 | USD | 24360000 | &nbsp;&nbsp;&nbsp; (65740)<br>|
| 06/23/2026 | Goldman Sachs International | BRL | 42703450 | USD | 7505000 | &nbsp;&nbsp;&nbsp; (21969)<br>|
| 03/19/2027 | Goldman Sachs International | USD | 173750000 | INR | 15445512500 | &nbsp;&nbsp;&nbsp; (5427901)<br>|
| 11/04/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 1002467892 | USD | 185986502 | &nbsp;&nbsp;&nbsp; (347552)<br>|
| 11/06/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 49684750 | USD | 9220345 | &nbsp;&nbsp;&nbsp; (9506)<br>|
| 11/12/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 78442248 | USD | 14120000 | &nbsp;&nbsp;&nbsp; (426950)<br>|
| 12/02/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 840282862 | USD | 155050903 | &nbsp;&nbsp;&nbsp; (14437)<br>|
| 12/03/2025 | J.P. Morgan Chase Bank, N.A. | AUD | 32690000 | USD | 21111202 | &nbsp;&nbsp;&nbsp; (285225)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | INR | 2873304500 | USD | 32230000 | &nbsp;&nbsp;&nbsp; (60840)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | TRY | 29641000 | USD | 660538 | &nbsp;&nbsp;&nbsp; (20004)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 24291875 | AUD | 36747771 | &nbsp;&nbsp;&nbsp; (236486)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 18922445 | CAD | 26438126 | &nbsp;&nbsp;&nbsp; (29738)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 305815965 | EUR | 260243452 | &nbsp;&nbsp;&nbsp; (5114499)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 2025305 | GBP | 1496000 | &nbsp;&nbsp;&nbsp; (59902)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 33190000 | IDR | 544276835800 | &nbsp;&nbsp;&nbsp; (486952)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 41490000 | INR | 3674022480 | &nbsp;&nbsp;&nbsp; (200512)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 82392131 | JPY | 12092431194 | &nbsp;&nbsp;&nbsp; (3587699)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 41490000 | KRW | 57182762700 | &nbsp;&nbsp;&nbsp; (1403476)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 40440000 | NOK | 400910028 | &nbsp;&nbsp;&nbsp; (862638)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 2394394 | NZD | 4004593 | &nbsp;&nbsp;&nbsp; (98573)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | ZAR | 291889799 | USD | 16770000 | &nbsp;&nbsp;&nbsp; (16052)<br>|
| 06/22/2026 | J.P. Morgan Chase Bank, N.A. | ZAR | 97282500 | USD | 5250000 | &nbsp;&nbsp;&nbsp; (266165)<br>|
| 07/14/2026 | J.P. Morgan Chase Bank, N.A. | BRL | 21285900 | USD | 3530000 | &nbsp;&nbsp;&nbsp; (203683)<br>|
| 11/04/2025 | Merrill Lynch International | BRL | 87008918 | USD | 15880000 | &nbsp;&nbsp;&nbsp; (292812)<br>|
| 12/17/2025 | Merrill Lynch International | COP | 75769214000 | USD | 19174313 | &nbsp;&nbsp;&nbsp; (366445)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 10729980 | EUR | 9000000 | &nbsp;&nbsp;&nbsp; (330820)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 32445604 | KRW | 44764388031 | &nbsp;&nbsp;&nbsp; (1064666)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 1022299 | ZAR | 17646750 | &nbsp;&nbsp;&nbsp; (7467)<br>|
| 12/17/2025 | Merrill Lynch International | ZAR | 146220648 | USD | 8392500 | &nbsp;&nbsp;&nbsp; (16384)<br>|
| 02/09/2026 | Merrill Lynch International | BRL | 14143500 | USD | 2245000 | &nbsp;&nbsp;&nbsp; (324450)<br>|
| 04/09/2026 | Merrill Lynch International | AUD | 6245000 | USD | 3788841 | &nbsp;&nbsp;&nbsp; (301687)<br>|
| 05/12/2026 | Merrill Lynch International | EUR | 16730000 | USD | 19314785 | &nbsp;&nbsp;&nbsp; (159154)<br>|
| 11/04/2025 | Morgan Stanley and Co. International PLC | BRL | 23028181 | USD | 4196250 | &nbsp;&nbsp;&nbsp; (84121)<br>|
| 12/04/2025 | Morgan Stanley and Co. International PLC | USD | 36100000 | ZAR | 622539975 | &nbsp;&nbsp;&nbsp; (266752)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | AUD | 25733086 | USD | 16770000 | &nbsp;&nbsp;&nbsp; (75087)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | IDR | 555268700000 | USD | 33190000 | &nbsp;&nbsp;&nbsp; (173498)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | PEN | 7322000 | USD | 2100010 | &nbsp;&nbsp;&nbsp; (72091)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 33190000 | CAD | 45514114 | &nbsp;&nbsp;&nbsp; (665577)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 2034329 | EUR | 1724440 | &nbsp;&nbsp;&nbsp; (41803)<br>|

---

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)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 36110000 | JPY | 5365584900 | &nbsp;&nbsp;&nbsp; $(1143345)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 34133254 | NOK | 343524240 | &nbsp;&nbsp;&nbsp; (220949)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | ZAR | 648608000 | USD | 37049553 | &nbsp;&nbsp;&nbsp; (250715)<br>|
| 05/13/2026 | Morgan Stanley and Co. International PLC | EUR | 17430000 | USD | 20079360 | &nbsp;&nbsp;&nbsp; (210312)<br>|
| 12/17/2025 | Royal Bank of Canada | USD | 54913513 | EUR | 46330000 | &nbsp;&nbsp;&nbsp; (1380950)<br>|
| 12/17/2025 | Standard Chartered Bank PLC | USD | 9660558 | GBP | 7121251 | &nbsp;&nbsp;&nbsp; (304861)<br>|
| 11/04/2025 | UBS AG | BRL | 23255000 | USD | 4319039 | &nbsp;&nbsp;&nbsp; (3492)<br>|
| 11/04/2025 | UBS AG | USD | 4344861 | BRL | 23255000 | &nbsp;&nbsp;&nbsp; (22330)<br>|
| 12/17/2025 | UBS AG | NOK | 243333643 | USD | 24005000 | &nbsp;&nbsp;&nbsp; (16608)<br>|
| 12/17/2025 | UBS AG | USD | 22915222 | EUR | 19389727 | &nbsp;&nbsp;&nbsp; (511126)<br>|
| 12/17/2025 | UBS AG | USD | 287730 | JPY | 42104575 | &nbsp;&nbsp;&nbsp; (13342)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (37822577)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $611523 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  |
| **Reference Entity** | &nbsp;&nbsp; **Buy/Sell** <br>**Protection**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity Date** | **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| Markit CDX North America High <br> Yield Index, Series 45, <br> Version 1<br>| Buy | &nbsp;&nbsp; (5.00)% | Quarterly | &nbsp;&nbsp; 12/20/2030 | 3.273% | USD | 118800000 | &nbsp;&nbsp; $(8894815)<br>| &nbsp;&nbsp; $(8640086)<br>| &nbsp;&nbsp; $254729 |
| Markit iTraxx Europe Crossover <br> Index, Series 44, Version 1<br>| Buy | &nbsp;&nbsp; (5.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 2.649 | EUR | 93600000 | &nbsp;&nbsp; (11398659)<br>| &nbsp;&nbsp; (11211834)<br>| &nbsp;&nbsp; 186825 |
| UBS AG | Sell | 1.00 | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.303 | EUR | 5170000 | &nbsp;&nbsp; 50144 | &nbsp;&nbsp; 125960 | &nbsp;&nbsp; 75816 |
| Subtotal - Appreciation | Subtotal - Appreciation | Subtotal - Appreciation |  |  |  |  |  | &nbsp;&nbsp; (20243330)<br>| &nbsp;&nbsp; (19725960)<br>| &nbsp;&nbsp; 517370 |
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| Brazil Government International <br> Bonds<br>| Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2026 | 0.510 | USD | 8280000 | &nbsp;&nbsp; (1803)<br>| &nbsp;&nbsp; (47064)<br>| &nbsp;&nbsp; (45261)<br>|
| Intesa Sanpaolo S.p.A. | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.224 | EUR | 5170000 | &nbsp;&nbsp; (35238)<br>| &nbsp;&nbsp; (141346)<br>| &nbsp;&nbsp; (106108)<br>|
| Intesa Sanpaolo S.p.A. | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 0.366 | EUR | 9000000 | &nbsp;&nbsp; (312135)<br>| &nbsp;&nbsp; (321112)<br>| &nbsp;&nbsp; (8977)<br>|
| Mexico Government International <br> Bonds<br>| Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2029 | 0.721 | USD | 3795000 | &nbsp;&nbsp; 27713 | &nbsp;&nbsp; (40147)<br>| &nbsp;&nbsp; (67860)<br>|
| Turkey Government International <br> Bonds<br>| Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 2.427 | USD | 3600000 | &nbsp;&nbsp; 236215 | &nbsp;&nbsp; 230515 | &nbsp;&nbsp; (5700)<br>|
| BNP Paribas S.A. | Sell | 1.00 | Quarterly | &nbsp;&nbsp; 12/20/2030 | 0.472 | EUR | 9000000 | &nbsp;&nbsp; 293635 | &nbsp;&nbsp; 266498 | &nbsp;&nbsp; (27137)<br>|
| Subtotal - Depreciation | Subtotal - Depreciation | Subtotal - Depreciation |  |  |  |  |  | &nbsp;&nbsp; 208387 | &nbsp;&nbsp; (52656)<br>| &nbsp;&nbsp; (261043)<br>|
| Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements |  |  |  | &nbsp;&nbsp; $(20034943)<br>| &nbsp;&nbsp; $(19778616)<br>| &nbsp;&nbsp; $256327 |

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $4,945,740 cash held with Counterparties.

<sup>(b)</sup> Implied credit spreads represent the current level, as of October 31, 2025, 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**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  |
| **Pay/** <br>**Receive** <br>**Floating** <br>**Rate**<br>| **Floating Rate Index** | &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Receive | SOFR | Annually | &nbsp;&nbsp; (4.45)% | Annually | &nbsp;&nbsp; 09/26/2045 | USD | 12000000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1341 | &nbsp;&nbsp; $1341 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.56) | Annually | &nbsp;&nbsp; 12/12/2035 | USD | 20230000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 187187 | &nbsp;&nbsp; 187187 |
| Pay | BZDIOVRA | At Maturity | 13.35 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 185425939 | &nbsp;&nbsp; — | &nbsp;&nbsp; 204133 | &nbsp;&nbsp; 204133 |
| Pay | 6 Month EURIBOR | Semi-Annually | 2.15 | Annually | &nbsp;&nbsp; 11/03/2027 | EUR | 1178320000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 227443 | &nbsp;&nbsp; 227443 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (2.87) | Annually | &nbsp;&nbsp; 11/06/2055 | EUR | 37920000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 274509 | &nbsp;&nbsp; 274509 |
| Pay | BZDIOVRA | At Maturity | 13.58 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 125632552 | &nbsp;&nbsp; — | &nbsp;&nbsp; 319281 | &nbsp;&nbsp; 319281 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.87) | Annually | &nbsp;&nbsp; 11/05/2055 | USD | 25460000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 361775 | &nbsp;&nbsp; 361775 |
| Receive | TONAR | Annually | &nbsp;&nbsp; (1.09) | Annually | &nbsp;&nbsp; 05/12/2035 | JPY | 1840460000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 391575 | &nbsp;&nbsp; 391575 |
| Receive | TONAR | Annually | &nbsp;&nbsp; (1.25) | Annually | &nbsp;&nbsp; 05/19/2035 | JPY | 3625150000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 445103 | &nbsp;&nbsp; 445103 |
| Pay | 6 Month EURIBOR | Semi-Annually | 2.62 | Annually | &nbsp;&nbsp; 01/15/2029 | EUR | 33396000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 493090 | &nbsp;&nbsp; 493090 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.52) | Annually | &nbsp;&nbsp; 12/10/2035 | USD | 39830000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 514905 | &nbsp;&nbsp; 514905 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.85) | Annually | &nbsp;&nbsp; 11/25/2055 | USD | 37060000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 638168 | &nbsp;&nbsp; 638168 |
| Pay | 6 Month EURIBOR | Semi-Annually | 2.57 | Annually | &nbsp;&nbsp; 06/10/2030 | EUR | 57284649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 765918 | &nbsp;&nbsp; 765918 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.84) | Annually | &nbsp;&nbsp; 11/04/2055 | USD | 50570000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1025967 | &nbsp;&nbsp; 1025967 |
| Pay | BZDIOVRA | At Maturity | 14.98 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 85348879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1166204 | &nbsp;&nbsp; 1166204 |
| Pay | BZDIOVRA | At Maturity | 15.42 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 85720511 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1475790 | &nbsp;&nbsp; 1475790 |
| Pay | BZDIOVRA | At Maturity | 14.57 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 173365364 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1826468 | &nbsp;&nbsp; 1826468 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (2.38) | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 19860000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2372398 | &nbsp;&nbsp; 2372398 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (1.98) | Annually | &nbsp;&nbsp; 01/24/2075 | EUR | 12190000 | &nbsp;&nbsp; 87770 | &nbsp;&nbsp; 3144428 | &nbsp;&nbsp; 3056658 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  | &nbsp;&nbsp; 87770 | &nbsp;&nbsp; 15835683 | &nbsp;&nbsp; 15747913 |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Pay | 6 Month EURIBOR | Semi-Annually | 2.38 | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 19860000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2383802)<br>| &nbsp;&nbsp; (2383802)<br>|
| Pay | SOFR | At Maturity | 3.49 | At Maturity | &nbsp;&nbsp; 11/04/2026 | USD | 902930000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1213655)<br>| &nbsp;&nbsp; (1213655)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | 2.18 | Annually | &nbsp;&nbsp; 05/08/2030 | EUR | 99550000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (590024)<br>| &nbsp;&nbsp; (590024)<br>|
| Pay | 6 Month BBSW | Semi-Annually | 4.15 | Semi-Annually | &nbsp;&nbsp; 08/11/2035 | AUD | 64920000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (587232)<br>| &nbsp;&nbsp; (587232)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.83) | Annually | &nbsp;&nbsp; 08/04/2035 | USD | 42370000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (563684)<br>| &nbsp;&nbsp; (563684)<br>|
| Pay | TONAR | Annually | 2.40 | Annually | &nbsp;&nbsp; 09/30/2055 | JPY | 4404910000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (476887)<br>| &nbsp;&nbsp; (476887)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.86) | Annually | &nbsp;&nbsp; 07/15/2035 | USD | 28285000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (468871)<br>| &nbsp;&nbsp; (468871)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.86) | Annually | &nbsp;&nbsp; 07/15/2035 | USD | 28285000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (451489)<br>| &nbsp;&nbsp; (451489)<br>|
| Pay | 6 Month BBSW | Semi-Annually | 4.21 | Semi-Annually | &nbsp;&nbsp; 07/30/2035 | AUD | 65240000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (355776)<br>| &nbsp;&nbsp; (355776)<br>|
| Pay | 6 Month BBSW | Semi-Annually | 4.23 | Semi-Annually | &nbsp;&nbsp; 07/10/2035 | AUD | 43300000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (197298)<br>| &nbsp;&nbsp; (197298)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | 2.27 | Annually | &nbsp;&nbsp; 11/24/2030 | EUR | 59570000 | &nbsp;&nbsp; (45019)<br>| &nbsp;&nbsp; (230373)<br>| &nbsp;&nbsp; (185354)<br>|
| Pay | SOFR | Annually | 3.35 | Annually | &nbsp;&nbsp; 11/05/2027 | USD | 227540000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (185049)<br>| &nbsp;&nbsp; (185049)<br>|
| Pay | 6 Month BBSW | Semi-Annually | 4.24 | Semi-Annually | &nbsp;&nbsp; 07/10/2035 | AUD | 43305000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (157660)<br>| &nbsp;&nbsp; (157660)<br>|
| Pay | 6 Month BBSW | Semi-Annually | 4.19 | Semi-Annually | &nbsp;&nbsp; 08/29/2035 | AUD | 13235000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (89576)<br>| &nbsp;&nbsp; (89576)<br>|
| Pay | 6 Month BBSW | Semi-Annually | 4.15 | Semi-Annually | &nbsp;&nbsp; 08/11/2035 | AUD | 7910000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (68826)<br>| &nbsp;&nbsp; (68826)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.69) | Annually | &nbsp;&nbsp; 09/04/2035 | USD | 8535000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (12732)<br>| &nbsp;&nbsp; (12732)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  | &nbsp;&nbsp; (45019)<br>| &nbsp;&nbsp; (8032934)<br>| &nbsp;&nbsp; (7987915)<br>|
| Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements |  |  |  | &nbsp;&nbsp; $42751 | &nbsp;&nbsp; $7802749 | &nbsp;&nbsp; $7759998 |

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $4,945,740 cash held with Counterparties.

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

**27**

**Invesco Global Strategic Income Fund**

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  |
| **Counterparty** | **Reference Entity** | **Buy/Sell** <br>**Protection**<br>| **(Pay)/** <br>**Receive** <br>**Fixed Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Upfront** <br>**Payments Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe <br> Crossover Index, Series 42, <br> Version 3<br>| Sell | 5.00% | Quarterly | 12/20/2029 | 1.633% | EUR | 24150000 | $2425507 | $3694781 | $1269274 |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe <br> Crossover Index, Series 42, <br> Version 3<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 0.484 | EUR | 44676910 | 7521276 | 8884941 | 1363665 |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe <br> Crossover Index, Series 42, <br> Version 3<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 1.633 | EUR | 13800000 | 1419212 | 2111303 | 692091 |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe <br> CrossoverIndex, Series 42, <br> Version 3<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 0.484 | EUR | 1942474 | 385335 | 386302 | 967 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation |  |  |  |  | 11751330 | 15077327 | 3325997 |
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| Goldman Sachs <br> International<br>| Markit CDX North America <br> High Yield Index, Series 39, <br> Version 3<br>| Buy | (5.00) | Quarterly | 12/20/2027 | 0.113 | USD | 596515 | (58830)<br>| (59721)<br>| (891)<br>|
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit CDX North America <br> High Yield Index, Series 39, <br> Version 3<br>| Buy | (5.00) | Quarterly | 12/20/2027 | 0.113 | USD | 20878039 | (1640702)<br>| (2090230)<br>| (449528)<br>|
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe <br> CrossoverIndex, Series 42, <br> Version 3<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 1.633 | EUR | 1050000 | 160940 | 160643 | (297)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation |  |  |  |  | (1538592)<br>| (1989308)<br>| (450716)<br>|
| Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements |  |  |  |  | $10212738 | $13088019 | $2875281 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $21,752,588.

<sup>(b)</sup> Implied credit spreads represent the current level, as of October 31, 2025, 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.

**28**

**Invesco Global Strategic Income Fund**

------

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | —Australian Dollar |
| BBSW | —Bank Bill Swap Rate |
| BRL | —Brazilian Real |
| BZDIOVRA | —Brazil Ceptip DI Interbank Deposit Rate |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chile Peso |
| CNY | —Chinese Yuan Renminbi |
| COP | —Colombia Peso |
| CORRA | —Canadian Overnight Repo Rate Average |
| CZK | —Czech Koruna |
| EUR | —Euro |
| EURIBOR | —Euro Interbank Offered Rate |
| GBP | —British Pound Sterling |
| HUF | —Hungarian Forint |
| IDR | —Indonesian Rupiah |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PEN | —Peruvian Sol |
| PLN | —Polish Zloty |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| SOFR | —Secured Overnight Financing Rate |
| SONIA | —Sterling Overnight Index Average |
| THB | —Thai Baht |
| TONAR | —Tokyo Overnight Average Rate |
| TRY | —Turkish Lira |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |

---

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

**29**

**Invesco Global Strategic Income Fund**

------

**Consolidated Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,642,053,437)\*<br>| &nbsp;&nbsp; $1630857571 |
| Investments in affiliated money market funds, at value <br> (Cost $123,084,529)<br>| &nbsp;&nbsp; 123085166 |
| Other investments: |  |
| Variation margin receivable—centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 2553125 |
| Swaps receivable — OTC | &nbsp;&nbsp; 581813 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 3325997 |
| Premiums paid on swap agreements — OTC | &nbsp;&nbsp; 10212738 |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 38434100 |
| Deposits with brokers: |  |
| Cash collateral — centrally cleared swap agreements | &nbsp;&nbsp; 4945740 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 21752588 |
| Cash | &nbsp;&nbsp; 43358259 |
| Foreign currencies, at value (Cost $1,636,463) | &nbsp;&nbsp; 1606861 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 460408 |
| Fund shares sold | &nbsp;&nbsp; 697997 |
| Dividends | &nbsp;&nbsp; 290073 |
| Interest | &nbsp;&nbsp; 19892776 |
| Principal paydowns | &nbsp;&nbsp; 301239 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 357158 |
| Other assets | &nbsp;&nbsp; 108345 |
| Total assets | &nbsp;&nbsp; 1902821954 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $84,159,048)<br>| &nbsp;&nbsp; 57473552 |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 39661 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 37822577 |
| Swaps payable — OTC | &nbsp;&nbsp; 125103 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 450716 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 38576740 |
| Dividends | &nbsp;&nbsp; 1268315 |
| Fund shares reacquired | &nbsp;&nbsp; 1120703 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 72444141 |
| Accrued fees to affiliates | &nbsp;&nbsp; 668849 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1819 |
| Accrued other operating expenses | &nbsp;&nbsp; 266250 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 357158 |
| Total liabilities | &nbsp;&nbsp; 210615584 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1692206370 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2634532178 |
| Distributable earnings (loss) | &nbsp;&nbsp; (942325808)<br>|
|  | &nbsp;&nbsp; $1692206370 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1303950744 |
| Class C | &nbsp;&nbsp; $34024253 |
| Class R | &nbsp;&nbsp; $54335835 |
| Class Y | &nbsp;&nbsp; $242718306 |
| Class R5 | &nbsp;&nbsp; $8836 |
| Class R6 | &nbsp;&nbsp; $57168396 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 400532026 |
| Class C | &nbsp;&nbsp; 10479759 |
| Class R | &nbsp;&nbsp; 16681654 |
| Class Y | &nbsp;&nbsp; 74650162 |
| Class R5 | &nbsp;&nbsp; 2710 |
| Class R6 | &nbsp;&nbsp; 17633040 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $3.26 |
| Maximum offering price per share <br>(Net asset value of $3.26 ÷ 95.75%)<br>| &nbsp;&nbsp; $3.40 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.25 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.26 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.25 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.26 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.24 |

---

\* At October 31, 2025, securities with an aggregate value of $70,368,868 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 year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $263,223) | &nbsp;&nbsp; $92274787 |
| Dividends (net of foreign withholding taxes of $44,396) | &nbsp;&nbsp; 283369 |
| Dividends from affiliates (includes net securities lending income of $143,777) | &nbsp;&nbsp; 4427213 |
| Total investment income | &nbsp;&nbsp; 96985369 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 9512142 |
| Administrative services fees | &nbsp;&nbsp; 224085 |
| Custodian fees | &nbsp;&nbsp; 880771 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 3090425 |
| Class C | &nbsp;&nbsp; 343047 |
| Class R | &nbsp;&nbsp; 260540 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 2194632 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 3 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 7536 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 32883 |
| Registration and filing fees | &nbsp;&nbsp; 111825 |
| Reports to shareholders | &nbsp;&nbsp; 145491 |
| Professional services fees | &nbsp;&nbsp; 149512 |
| Other | &nbsp;&nbsp; (6398)<br>|
| Total expenses | &nbsp;&nbsp; 16946494 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (279997)<br>|
| Net expenses | &nbsp;&nbsp; 16666497 |
| Net investment income | &nbsp;&nbsp; 80318872 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $56,402) | &nbsp;&nbsp; 4630312 |
| Affiliated investment securities | &nbsp;&nbsp; (1646542)<br>|
| Foreign currencies | &nbsp;&nbsp; (1352486)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (44212375)<br>|
| Futures contracts | &nbsp;&nbsp; 7220384 |
| Options written | &nbsp;&nbsp; 62261194 |
| Swap agreements | &nbsp;&nbsp; (13128664)<br>|
|  | &nbsp;&nbsp; 13771823 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $33,102) | &nbsp;&nbsp; 28804922 |
| Affiliated investment securities | &nbsp;&nbsp; 5043 |
| Foreign currencies | &nbsp;&nbsp; (1412564)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (1739312)<br>|
| Futures contracts | &nbsp;&nbsp; 4172697 |
| Options written | &nbsp;&nbsp; 37248024 |
| Swap agreements | &nbsp;&nbsp; 17121851 |
|  | &nbsp;&nbsp; 84200661 |
| Net realized and unrealized gain | &nbsp;&nbsp; 97972484 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $178291356 |

---

See accompanying Notes to Consolidated 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 years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $80318872 | &nbsp;&nbsp; $83523653 |
| Net realized gain (loss) | &nbsp;&nbsp; 13771823 | &nbsp;&nbsp; (17307829)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 84200661 | &nbsp;&nbsp; 86839688 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 178291356 | &nbsp;&nbsp; 153055512 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (71095625)<br>| &nbsp;&nbsp; (49806075)<br>|
| Class C | &nbsp;&nbsp; (1613944)<br>| &nbsp;&nbsp; (1239985)<br>|
| Class R | &nbsp;&nbsp; (2717550)<br>| &nbsp;&nbsp; (1806942)<br>|
| Class Y | &nbsp;&nbsp; (9436502)<br>| &nbsp;&nbsp; (4451707)<br>|
| Class R5 | &nbsp;&nbsp; (500)<br>| &nbsp;&nbsp; (325)<br>|
| Class R6 | &nbsp;&nbsp; (1468151)<br>| &nbsp;&nbsp; (434707)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (86332272)<br>| &nbsp;&nbsp; (57739741)<br>|
| **Return of capital:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (25326845)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (630543)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (918846)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (2263735)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (165)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (221053)<br>|
| Total return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (29361187)<br>|
| Total distributions | &nbsp;&nbsp; (86332272)<br>| &nbsp;&nbsp; (87100928)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (83343096)<br>| &nbsp;&nbsp; (99773681)<br>|
| Class C | &nbsp;&nbsp; (3738329)<br>| &nbsp;&nbsp; (7133374)<br>|
| Class R | &nbsp;&nbsp; 386942 | &nbsp;&nbsp; (3522005)<br>|
| Class Y | &nbsp;&nbsp; 105508900 | &nbsp;&nbsp; 16539849 |
| Class R6 | &nbsp;&nbsp; 43828595 | &nbsp;&nbsp; 951627 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 62643012 | &nbsp;&nbsp; (92937584)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 154602096 | &nbsp;&nbsp; (26983000)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1537604274 | &nbsp;&nbsp; 1564587274 |
| End of year | &nbsp;&nbsp; $1692206370 | &nbsp;&nbsp; $1537604274 |

---

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

**32**

**Invesco Global Strategic Income Fund**

------

**Consolidated Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Return of** <br>**capital**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $3.07 | $0.16 | $0.20 | $0.36 | $(0.17)<br>| $— | $(0.17)<br>| $3.26 | 12.11 %<sup>(d)</sup><br>| &nbsp;&nbsp; $1303951 | 1.03 %<sup>(d)</sup><br>| 1.05 %<sup>(d)</sup><br>| 5.11 %<sup>(d)</sup><br>| 385<br> %<br>|
| Year ended 10/31/24 | 2.95 | 0.16 | 0.13 | 0.29 | (0.11)<br>| (0.06)<br>| (0.17)<br>| 3.07 | 9.92 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1311004 | 1.05 <br><sup>(d)</sup><br>| 1.06 <br><sup>(d)</sup><br>| 5.26 <br><sup>(d)</sup><br>| 278 |
| Year ended 10/31/23 | 2.89 | 0.15 | 0.06 | 0.21 | (0.12)<br>| (0.03)<br>| (0.15)<br>| 2.95 | 7.14 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1353279 | 1.04 <br><sup>(d)</sup><br>| 1.05 <br><sup>(d)</sup><br>| 4.89 <br><sup>(d)</sup><br>| 75 |
| Year ended 10/31/22 | 3.56 | 0.09 | (0.66)<br>| (0.57)<br>|  | (0.10)<br>| (0.10)<br>| 2.89 | (16.12 )<sup>(d)</sup><br>| &nbsp;&nbsp; 1433892 | 1.08 <br><sup>(d)(e)</sup><br>| 1.10 <br><sup>(d)(e)</sup><br>| 2.89 <br><sup>(d)(e)</sup><br>| 88 |
| Year ended 10/31/21 | 3.58 | 0.10 | (0.03)<br>| 0.07 | (0.04)<br>| (0.05)<br>| (0.09)<br>| 3.56 | 2.04 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 2004153 | 0.99 <br><sup>(d)</sup><br>| 1.01 <br><sup>(d)</sup><br>| 2.79 <br><sup>(d)</sup><br>| 241 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 3.06 | 0.14 | 0.20 | 0.34 | (0.15)<br>|  | (0.15)<br>| 3.25 | 11.30 | &nbsp;&nbsp; 34024 | 1.79 | 1.81 | 4.35 | 385 |
| Year ended 10/31/24 | 2.94 | 0.14 | 0.13 | 0.27 | (0.10)<br>| (0.05)<br>| (0.15)<br>| 3.06 | 9.10 | &nbsp;&nbsp; 35734 | 1.81 | 1.82 | 4.50 | 278 |
| Year ended 10/31/23 | 2.88 | 0.13 | 0.05 | 0.18 | (0.10)<br>| (0.02)<br>| (0.12)<br>| 2.94 | 6.34 | &nbsp;&nbsp; 41073 | 1.80 | 1.81 | 4.13 | 75 |
| Year ended 10/31/22 | 3.55 | 0.07 | (0.66)<br>| (0.59)<br>|  | (0.08)<br>| (0.08)<br>| 2.88 | (16.83)<br>| &nbsp;&nbsp; 48257 | 1.84 <br><sup>(e)</sup><br>| 1.86 <br><sup>(e)</sup><br>| 2.13 <br><sup>(e)</sup><br>| 88 |
| Year ended 10/31/21 | 3.57 | 0.07 | (0.02)<br>| 0.05 | (0.05)<br>| (0.02)<br>| (0.07)<br>| 3.55 | 1.27 | &nbsp;&nbsp; 78455 | 1.75 | 1.77 | 2.03 | 241 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 3.07 | 0.15 | 0.21 | 0.36 | (0.17)<br>|  | (0.17)<br>| 3.26 | 11.84 | &nbsp;&nbsp; 54336 | 1.29 | 1.31 | 4.85 | 385 |
| Year ended 10/31/24 | 2.95 | 0.16 | 0.12 | 0.28 | (0.11)<br>| (0.05)<br>| (0.16)<br>| 3.07 | 9.62 | &nbsp;&nbsp; 50908 | 1.31 | 1.32 | 5.00 | 278 |
| Year ended 10/31/23 | 2.89 | 0.14 | 0.06 | 0.20 | (0.11)<br>| (0.03)<br>| (0.14)<br>| 2.95 | 6.86 | &nbsp;&nbsp; 52259 | 1.30 | 1.31 | 4.63 | 75 |
| Year ended 10/31/22 | 3.56 | 0.09 | (0.66)<br>| (0.57)<br>|  | (0.10)<br>| (0.10)<br>| 2.89 | (16.34)<br>| &nbsp;&nbsp; 51836 | 1.34 <br><sup>(e)</sup><br>| 1.36 <br><sup>(e)</sup><br>| 2.63 <br><sup>(e)</sup><br>| 88 |
| Year ended 10/31/21 | 3.59 | 0.09 | (0.03)<br>| 0.06 | (0.05)<br>| (0.04)<br>| (0.09)<br>| 3.56 | 1.49 | &nbsp;&nbsp; 70527 | 1.25 | 1.27 | 2.53 | 241 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 3.07 | 0.17 | 0.19 | 0.36 | (0.18)<br>|  | (0.18)<br>| 3.25 | 12.04 | &nbsp;&nbsp; 242718 | 0.79 | 0.81 | 5.35 | 385 |
| Year ended 10/31/24 | 2.94 | 0.17 | 0.14 | 0.31 | (0.12)<br>| (0.06)<br>| (0.18)<br>| 3.07 | 10.55 | &nbsp;&nbsp; 127842 | 0.81 | 0.82 | 5.50 | 278 |
| Year ended 10/31/23 | 2.88 | 0.16 | 0.06 | 0.22 | (0.13)<br>| (0.03)<br>| (0.16)<br>| 2.94 | 7.40 | &nbsp;&nbsp; 107237 | 0.80 | 0.81 | 5.13 | 75 |
| Year ended 10/31/22 | 3.55 | 0.10 | (0.66)<br>| (0.56)<br>|  | (0.11)<br>| (0.11)<br>| 2.88 | (15.97)<br>| &nbsp;&nbsp; 103794 | 0.84 <br><sup>(e)</sup><br>| 0.86 <br><sup>(e)</sup><br>| 3.13 <br><sup>(e)</sup><br>| 88 |
| Year ended 10/31/21 | 3.58 | 0.11 | (0.04)<br>| 0.07 | (0.04)<br>| (0.06)<br>| (0.10)<br>| 3.55 | 2.00 | &nbsp;&nbsp; 157186 | 0.75 | 0.77 | 3.03 | 241 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 3.07 | 0.17 | 0.20 | 0.37 | (0.18)<br>|  | (0.18)<br>| 3.26 | 12.51 | &nbsp;&nbsp; 9 | 0.69 | 0.70 | 5.45 | 385 |
| Year ended 10/31/24 | 2.95 | 0.17 | 0.13 | 0.30 | (0.12)<br>| (0.06)<br>| (0.18)<br>| 3.07 | 10.29 | &nbsp;&nbsp; 8 | 0.70 | 0.70 | 5.61 | 278 |
| Year ended 10/31/23 | 2.89 | 0.16 | 0.06 | 0.22 | (0.13)<br>| (0.03)<br>| (0.16)<br>| 2.95 | 7.51 | &nbsp;&nbsp; 8 | 0.69 | 0.69 | 5.24 | 75 |
| Year ended 10/31/22 | 3.56 | 0.11 | (0.66)<br>| (0.55)<br>|  | (0.12)<br>| (0.12)<br>| 2.89 | (15.81)<br>| &nbsp;&nbsp; 8 | 0.73 <br><sup>(e)</sup><br>| 0.75 <br><sup>(e)</sup><br>| 3.24 <br><sup>(e)</sup><br>| 88 |
| Year ended 10/31/21 | 3.59 | 0.12 | (0.04)<br>| 0.08 | (0.04)<br>| (0.07)<br>| (0.11)<br>| 3.56 | 2.14 | &nbsp;&nbsp; 10 | 0.61 | 0.62 | 3.17 | 241 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 3.06 | 0.17 | 0.19 | 0.36 | (0.18)<br>|  | (0.18)<br>| 3.24 | 12.19 | &nbsp;&nbsp; 57168 | 0.69 | 0.70 | 5.45 | 385 |
| Year ended 10/31/24 | 2.93 | 0.17 | 0.14 | 0.31 | (0.12)<br>| (0.06)<br>| (0.18)<br>| 3.06 | 10.68 | &nbsp;&nbsp; 12107 | 0.70 | 0.70 | 5.61 | 278 |
| Year ended 10/31/23 | 2.87 | 0.16 | 0.06 | 0.22 | (0.13)<br>| (0.03)<br>| (0.16)<br>| 2.93 | 7.53 | &nbsp;&nbsp; 10731 | 0.69 | 0.69 | 5.24 | 75 |
| Year ended 10/31/22 | 3.54 | 0.11 | (0.66)<br>| (0.55)<br>|  | (0.12)<br>| (0.12)<br>| 2.87 | (15.93)<br>| &nbsp;&nbsp; 10447 | 0.73 <br><sup>(e)</sup><br>| 0.75 <br><sup>(e)</sup><br>| 3.24 <br><sup>(e)</sup><br>| 88 |
| Year ended 10/31/21 | 3.57 | 0.12 | (0.04)<br>| 0.08 | (0.05)<br>| (0.06)<br>| (0.11)<br>| 3.54 | 2.13 | &nbsp;&nbsp; 18954 | 0.61 | 0.63 | 3.17 | 241 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

<sup>(e)</sup> Includes Interest, facilities and maintenance fees of 0.08% for the year ended October 31, 2022.

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

**33**

**Invesco Global Strategic Income Fund**

------

**Notes to Consolidated Financial Statements**

*October 31, 2025*

**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.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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**

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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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced

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disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's consolidated financial statements. Adoption of the new standard impacted the Fund's consolidated financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **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.

**K.** **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.

**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 year ended October 31, 2025, the Fund paid the Adviser fees for securities lending agent services, which 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.

**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

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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.** **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

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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 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 October 31, 2025, 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.** **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.

**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.** **Other Risks** - 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 values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline

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**Invesco Global Strategic Income Fund**

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significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

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.

Fluctuations 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, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. 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 and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

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

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, 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.

By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary's investments. The Subsidiary is not registered under the 1940 Act, and, except as otherwise noted in the Fund's prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended, and could negatively affect the Fund and its shareholders.

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 $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.480% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.460% |

---

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

For the year ended October 31, 2025, 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. To the extent the Fund invests in the Subsidiary, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from the Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from the Subsidiary.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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

**39**

**Invesco Global Strategic Income 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 August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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 year ended October 31, 2025, the Adviser waived advisory fees of $174,343.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, 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 year ended October 31, 2025, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $47,079 in front-end sales commissions from the sale of Class A shares and $3,400 and $835 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $510453357 | &nbsp;&nbsp;&nbsp;&nbsp; $2102879 | &nbsp;&nbsp;&nbsp;&nbsp; $512556236 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 374658900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 374658900 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 228862727 | &nbsp;&nbsp;&nbsp;&nbsp; 8890591 | &nbsp;&nbsp;&nbsp;&nbsp; 237753318 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 174783071 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 174783071 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133535011 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133535011 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87801661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87801661 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 33735515 | &nbsp;&nbsp;&nbsp;&nbsp; 105942 | &nbsp;&nbsp;&nbsp;&nbsp; 5035 | &nbsp;&nbsp;&nbsp;&nbsp; 33846492 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4970305 | &nbsp;&nbsp;&nbsp;&nbsp; 352641 | &nbsp;&nbsp;&nbsp;&nbsp; 5322946 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 974634 | &nbsp;&nbsp;&nbsp;&nbsp; 974634 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 50640388 | &nbsp;&nbsp;&nbsp;&nbsp; 72444778 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123085166 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 420301 | &nbsp;&nbsp;&nbsp;&nbsp; 69204902 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69625203 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 84796204 | &nbsp;&nbsp;&nbsp;&nbsp; 1656820654 | &nbsp;&nbsp;&nbsp;&nbsp; 12325879 | &nbsp;&nbsp;&nbsp;&nbsp; 1753942737 |

---

**40**

**Invesco Global Strategic Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1820243 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1820243 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38434100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38434100 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19591280 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19591280 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 1820243 | &nbsp;&nbsp;&nbsp;&nbsp; 58025380 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59845623 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (157010)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (157010)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (37822577)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (37822577)<br>|
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (57473552)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (57473552)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8699674)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8699674)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (157010)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (103995803)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (104152813)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 1663233 | &nbsp;&nbsp;&nbsp;&nbsp; (45970423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (44307190)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $86459437 | &nbsp;&nbsp;&nbsp;&nbsp; $1610850231 | &nbsp;&nbsp;&nbsp;&nbsp; $12325879 | &nbsp;&nbsp;&nbsp;&nbsp; $1709635547 |

---

\* 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 October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1820243 | &nbsp;&nbsp;&nbsp; $1820243 |
| Unrealized appreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 517370 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15747913 | &nbsp;&nbsp;&nbsp; 16265283 |
| Unrealized appreciation on forward foreign currency contracts <br> outstanding<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38434100 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38434100 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp; 3325997 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3325997 |
| Options purchased, at value — OTC<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18608007 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 50596895 | &nbsp;&nbsp;&nbsp; 69204902 |
| Options purchased, at value — Exchange-Traded<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 420301 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 420301 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp; 3843367 | &nbsp;&nbsp;&nbsp; 57042107 | &nbsp;&nbsp;&nbsp; 420301 | &nbsp;&nbsp;&nbsp; 68165051 | &nbsp;&nbsp;&nbsp; 129470826 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp; (517370)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (420301)<br>| &nbsp;&nbsp;&nbsp; (17568156)<br>| &nbsp;&nbsp;&nbsp; (18505827)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp; $3325997 | &nbsp;&nbsp;&nbsp; $57042107 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $50596895 | &nbsp;&nbsp;&nbsp; $110964999 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(157010)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(157010)<br>|
| Unrealized depreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (261043)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7987915)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8248958)<br>|
| Unrealized depreciation on forward foreign currency contracts <br> outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (37822577)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (37822577)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (450716)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (450716)<br>|
| Options written, at value — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (1672911)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15852215)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39948426)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (57473552)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (2384670)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53674792)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48093351)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104152813)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 261043 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8144925 | &nbsp;&nbsp;&nbsp;&nbsp; 8405968 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(2123627)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(53674792)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(39948426)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(95746845)<br>|

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities. <br> <sup>(b)</sup> 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 October 31, 2025.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **Options** <br>**Purchased**<br>| **Swap** <br>**Agreements**<br>| **Total** <br>**Assets**<br>| **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **Options** <br>**Written**<br>| **Swap** <br>**Agreements**<br>| **Total** <br>**Liabilities**<br>| **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | **Net** <br>**Amount**<br>|
| Barclays Bank PLC | $— | $4701260 | $— | $4701260 | $— | $(4919671)<br>| $— | $(4919671)<br>| $(218411)<br>| $— | $218411 | $— |
| BNP Paribas S.A. |  | 650764 |  | 650764 |  | (4466040)<br>|  | (4466040)<br>| (3815276)<br>|  | 3815276 |  |
| Citibank, N.A. | 4013 |  |  | 4013 | - |  |  |  | 4013 |  |  | 4013 |
| Deutsche Bank AG | 4881745 | 1073189 |  | 5954934 | (8394181)<br>| (189900)<br>|  | (8584081)<br>| (2629147)<br>|  | 2080000 | (549147)<br>|
| Goldman Sachs <br> International<br>| 9272779 | 13443057 |  | 22715836 | (7376663)<br>| (19732560)<br>| (4203)<br>| (27113426)<br>| (4397590)<br>|  | 4397590 |  |
| HSBC Bank USA | 97502 |  |  | 97502 | - |  |  |  | 97502 |  |  | 97502 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| 14542973 | 25713191 | 3907810 | 44163974 | (13730889)<br>| (9183245)<br>| (571616)<br>| (23485750)<br>| 20678224 | (16650190)<br>|  | 4028034 |
| Merrill Lynch <br> International<br>| 2357215 | 4990923 |  | 7348138 | (2863885)<br>| (5912427)<br>|  | (8776312)<br>| (1428174)<br>|  | 521000 | (907174)<br>|
| Morgan Stanley and Co. <br> International PLC<br>| 3615914 | 17727207 |  | 21343121 | (3204250)<br>| (12842908)<br>|  | (16047158)<br>| 5295963 |  |  | 5295963 |
| Royal Bank of Canada | 1760528 |  |  | 1760528 | (1380950)<br>|  |  | (1380950)<br>| 379578 | (269576)<br>|  | 110002 |
| Standard Chartered Bank <br> PLC<br>| 148033 |  |  | 148033 | (304861)<br>|  |  | (304861)<br>| (156828)<br>|  |  | (156828)<br>|
| UBS AG | 1753398 | 905311 |  | 2658709 | (566898)<br>| (226801)<br>|  | (793699)<br>| 1865010 | (1616339)<br>|  | 248671 |
| Total | $38434100 | $69204902 | $3907810 | $111546812 | $(37822577)<br>| $(57473552)<br>| $(575819)<br>| $(95871948)<br>| $15674864 | $(18536105)<br>| $11032277 | $8171036 |

---

**Effect of Derivative Investments for the year ended October 31, 2025**

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** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(44212375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(44212375)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 7220384 | &nbsp;&nbsp;&nbsp;&nbsp; 7220384 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 19311972 | &nbsp;&nbsp;&nbsp;&nbsp; (782406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1926179)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16603387 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 30473341 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 31787853 | &nbsp;&nbsp;&nbsp;&nbsp; 62261194 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (3443870)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (9684794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13128664)<br>|
| Change in Net Unrealized Appreciation <br> (Depreciation):<br>|  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1739312)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1739312)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4172697 | &nbsp;&nbsp;&nbsp;&nbsp; 4172697 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (10573056)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (273103)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1008571 | &nbsp;&nbsp;&nbsp;&nbsp; (9837588)<br>|
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 1682633 | &nbsp;&nbsp;&nbsp;&nbsp; 7751738 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 27813653 | &nbsp;&nbsp;&nbsp;&nbsp; 37248024 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 2624411 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 14497440 | &nbsp;&nbsp;&nbsp;&nbsp; 17121851 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $863174 | &nbsp;&nbsp;&nbsp;&nbsp; $1012308 | &nbsp;&nbsp;&nbsp;&nbsp; $(1055509)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $74889625 | &nbsp;&nbsp;&nbsp;&nbsp; $75709598 |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from unaffiliated investment securities and the change in net unrealized appreciation (depreciation) on unaffiliated investment securities.

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| **Futures** <br>**Contracts**<br>| **Future** <br>**Options** <br>**Purchased**<br>| **Index** <br>**Options** <br>**Purchased**<br>| **Swaptions** <br>**Purchased**<br>| **Foreign** <br>**Currency** <br>**Options** <br>**Purchased**<br>| **Future** <br>**Options** <br>**Written**<br>| **Swaptions** <br>**Written**<br>| **Foreign** <br>**Currency** <br>**Options** <br>**Written**<br>| **Swap** <br>**Agreements**<br>|
| Average notional value | $2960426638 | $1031418274 | $491724000 | $46852000 | $1242653799 | $869971458 | $406351346 | $5151120674 | $889891720 | $2300187725 |
| Average contracts |  |  | 4553 | 77 |  |  | 3651 |  |  |  |

---

**42**

**Invesco Global Strategic Income Fund**

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**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $105,654.

**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—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $86332272 | &nbsp;&nbsp;&nbsp;&nbsp; $57739741 |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29361187 |
| Total distributions | &nbsp;&nbsp; $86332272 | &nbsp;&nbsp;&nbsp;&nbsp; $87100928 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $4100510 |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; (379052)<br>|
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (1135974)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (342127)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (944569165)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 2634532178 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1692206370 |

---

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

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

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

The Fund has a capital loss carryforward as of October 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $515981333 | &nbsp;&nbsp;&nbsp;&nbsp; $428587832 | &nbsp;&nbsp;&nbsp;&nbsp; $944569165 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $1,036,987,527 and $999,925,622, respectively. As of October 31, 2025, the aggregate cost of

**43**

**Invesco Global Strategic Income Fund**

------

investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $115163022 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (115542074)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(379052)<br>|

---

Cost of investments for tax purposes is $1,720,227,337.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions, elimination entry, income from the Subsidiary, amortization and accretion on debt securities, dollar rolls and derivative instruments, on October 31, 2025, undistributed net investment income was increased by $4,552,178, undistributed net realized gain (loss) was decreased by $4,446,093 and shares of beneficial interest was decreased by $106,085. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 18526197 | &nbsp;&nbsp;&nbsp; $58646833 | &nbsp;&nbsp;&nbsp; 18173775 | &nbsp;&nbsp;&nbsp; $56461111 |
| Class C | &nbsp;&nbsp;&nbsp; 2559098 | &nbsp;&nbsp;&nbsp; 8086020 | &nbsp;&nbsp;&nbsp; 1954044 | &nbsp;&nbsp;&nbsp; 6054147 |
| Class R | &nbsp;&nbsp;&nbsp; 2592265 | &nbsp;&nbsp;&nbsp; 8208632 | &nbsp;&nbsp;&nbsp; 2323341 | &nbsp;&nbsp;&nbsp; 7220331 |
| Class Y | &nbsp;&nbsp;&nbsp; 48904832 | &nbsp;&nbsp;&nbsp; 155997968 | &nbsp;&nbsp;&nbsp; 17513750 | &nbsp;&nbsp;&nbsp; 54588672 |
| Class R6 | &nbsp;&nbsp;&nbsp; 15919950 | &nbsp;&nbsp;&nbsp; 50907866 | &nbsp;&nbsp;&nbsp; 1219496 | &nbsp;&nbsp;&nbsp; 3787499 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 18663946 | &nbsp;&nbsp;&nbsp; 59307873 | &nbsp;&nbsp;&nbsp; 20059925 | &nbsp;&nbsp;&nbsp; 62271781 |
| Class C | &nbsp;&nbsp;&nbsp; 483228 | &nbsp;&nbsp;&nbsp; 1531169 | &nbsp;&nbsp;&nbsp; 571521 | &nbsp;&nbsp;&nbsp; 1768956 |
| Class R | &nbsp;&nbsp;&nbsp; 837596 | &nbsp;&nbsp;&nbsp; 2663870 | &nbsp;&nbsp;&nbsp; 860220 | &nbsp;&nbsp;&nbsp; 2673236 |
| Class Y | &nbsp;&nbsp;&nbsp; 2291277 | &nbsp;&nbsp;&nbsp; 7297736 | &nbsp;&nbsp;&nbsp; 1574842 | &nbsp;&nbsp;&nbsp; 4884086 |
| Class R6 | &nbsp;&nbsp;&nbsp; 402690 | &nbsp;&nbsp;&nbsp; 1285619 | &nbsp;&nbsp;&nbsp; 175113 | &nbsp;&nbsp;&nbsp; 541264 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1534393 | &nbsp;&nbsp;&nbsp; 4863225 | &nbsp;&nbsp;&nbsp; 1839265 | &nbsp;&nbsp;&nbsp; 5707912 |
| Class C | &nbsp;&nbsp;&nbsp; (1538471)<br>| &nbsp;&nbsp;&nbsp; (4863225)<br>| &nbsp;&nbsp;&nbsp; (1844837)<br>| &nbsp;&nbsp;&nbsp; (5707912)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (65197796)<br>| &nbsp;&nbsp;&nbsp; (206161027)<br>| &nbsp;&nbsp;&nbsp; (72289731)<br>| &nbsp;&nbsp;&nbsp; (224214485)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (2694366)<br>| &nbsp;&nbsp;&nbsp; (8492293)<br>| &nbsp;&nbsp;&nbsp; (2987749)<br>| &nbsp;&nbsp;&nbsp; (9248565)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (3317674)<br>| &nbsp;&nbsp;&nbsp; (10485560)<br>| &nbsp;&nbsp;&nbsp; (4335653)<br>| &nbsp;&nbsp;&nbsp; (13415572)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (18240021)<br>| &nbsp;&nbsp;&nbsp; (57786804)<br>| &nbsp;&nbsp;&nbsp; (13837909)<br>| &nbsp;&nbsp;&nbsp; (42932909)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2649284)<br>| &nbsp;&nbsp;&nbsp; (8364890)<br>| &nbsp;&nbsp;&nbsp; (1092526)<br>| &nbsp;&nbsp;&nbsp; (3377136)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 19077860 | &nbsp;&nbsp;&nbsp; $62643012 | &nbsp;&nbsp;&nbsp; (30123113)<br>| &nbsp;&nbsp;&nbsp; $(92937584)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 26% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**44**

**Invesco Global Strategic Income Fund**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Global Strategic Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Global Strategic Income Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related consolidated statement of operations for the year ended October 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent, agent banks, portfolio company investees and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

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

**45**

**Invesco Global Strategic Income Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Strategic Income Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Bloomberg Global Aggregate Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period and the second quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund

**46**

**Invesco Global Strategic Income Fund**

------

performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each above the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's contractual management fees, actual management fees and total expense ratio were in the fifth quintile of its expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses. The independent Trustees reviewed and considered additional information provided by management, including with respect to the Fund's position in a peer group that does not uniformly reflect the Fund's specific investment strategy and its income-focused strategy.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also

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

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

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

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

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**47**

**Invesco Global Strategic Income Fund**

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 1.82% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 5.48% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 84.42% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 1.34% |

---

\*

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

**48**

**Invesco Global Strategic Income Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**49**

**Invesco Global Strategic Income Fund**

------

![](img9daa66a41.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-GLSI-NCSR

------

![](img7b84a0c11.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Health Care Fund**

Nasdaq:

A: GGHCX ■ C: GTHCX ■ R: GTHRX ■ Y: GGHYX ■ Investor: GTHIX ■ R6: GGHSX

------

---

| | |
|:---|:---|
| [2](#xx_493805b9-4a34-4803-9c9a-fff0d51362f9_SOI-Continued-26_1) | Schedule of Investments |
| [4](#xx_493805b9-4a34-4803-9c9a-fff0d51362f9_FS-Continued-26_1) | Financial Statements |
| [7](#xx_493805b9-4a34-4803-9c9a-fff0d51362f9_FS-Continued-26_4) | Financial Highlights |
| [8](#xx_493805b9-4a34-4803-9c9a-fff0d51362f9_NTF-Continued-26_1) | Notes to Financial Statements |
| [14](#xx_493805b9-4a34-4803-9c9a-fff0d51362f9_ARS-Continued-26_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_493805b9-4a34-4803-9c9a-fff0d51362f9_AOC-Continued-26_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [18](#xx_493805b9-4a34-4803-9c9a-fff0d51362f9_TI-Continued-26_1) | Tax Information |
| [19](#xx_493805b9-4a34-4803-9c9a-fff0d51362f9_OIRSR-Continued-26_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.48%** | **Common Stocks & Other Equity Interests–97.48%** | **Common Stocks & Other Equity Interests–97.48%** |
| **Biotechnology–26.07%** | **Biotechnology–26.07%** | **Biotechnology–26.07%** |
| AbbVie, Inc. | 278651 | &nbsp;&nbsp; $60757064 |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 193448 | &nbsp;&nbsp; 2994575 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup>  | 57474 | &nbsp;&nbsp; 26210443 |
| argenx SE, ADR (Netherlands)<sup>(b)</sup>  | 53289 | &nbsp;&nbsp; 43617046 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup>  | 95115 | &nbsp;&nbsp; 19175184 |
| Avidity Biosciences, Inc.<sup>(b)</sup>  | 106274 | &nbsp;&nbsp; 7423239 |
| BridgeBio Pharma, Inc.<sup>(b)</sup>  | 217502 | &nbsp;&nbsp; 13624325 |
| Caris Life Sciences, Inc.<sup>(b)</sup>  | 73939 | &nbsp;&nbsp; 2224085 |
| Exelixis, Inc.<sup>(b)</sup>  | 134591 | &nbsp;&nbsp; 5204634 |
| Gilead Sciences, Inc. | 320413 | &nbsp;&nbsp; 38382273 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup>  | 137655 | &nbsp;&nbsp; 8973729 |
| Insmed, Inc.<sup>(b)</sup>  | 121212 | &nbsp;&nbsp; 22981795 |
| Ionis Pharmaceuticals, Inc.<sup>(b)</sup>  | 93064 | &nbsp;&nbsp; 6914655 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 17574 | &nbsp;&nbsp; 7361749 |
| Natera, Inc.<sup>(b)</sup>  | 79061 | &nbsp;&nbsp; 15727605 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup>  | 104564 | &nbsp;&nbsp; 8220822 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)</sup>  | 30864 | &nbsp;&nbsp; 3511089 |
| Soleno Therapeutics, Inc.<sup>(b)</sup>  | 63607 | &nbsp;&nbsp; 4271846 |
| Twist Bioscience Corp.<sup>(b)(c)</sup>  | 107872 | &nbsp;&nbsp; 3547910 |
| United Therapeutics Corp.<sup>(b)</sup>  | 19502 | &nbsp;&nbsp; 8686776 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 39894 | &nbsp;&nbsp; 16977690 |
|  |  | &nbsp;&nbsp; 326788534 |
| **Health Care Distributors–7.55%** | **Health Care Distributors–7.55%** | **Health Care Distributors–7.55%** |
| Cencora, Inc. | 174328 | &nbsp;&nbsp; 58889742 |
| McKesson Corp. | 44121 | &nbsp;&nbsp; 35797132 |
|  |  | &nbsp;&nbsp; 94686874 |
| **Health Care Equipment–20.55%** | **Health Care Equipment–20.55%** | **Health Care Equipment–20.55%** |
| Abbott Laboratories | 193367 | &nbsp;&nbsp; 23904029 |
| Boston Scientific Corp.<sup>(b)</sup>  | 1078918 | &nbsp;&nbsp; 108668621 |
| Edwards Lifesciences Corp.<sup>(b)</sup>  | 80603 | &nbsp;&nbsp; 6645717 |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 29322 | &nbsp;&nbsp; 18458492 |
| Insulet Corp.<sup>(b)</sup>  | 60562 | &nbsp;&nbsp; 18956512 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 32788 | &nbsp;&nbsp; 17517973 |
| iRhythm Technologies, Inc.<sup>(b)</sup>  | 47291 | &nbsp;&nbsp; 8857604 |
| LeMaitre Vascular, Inc.<sup>(c)</sup>  | 44298 | &nbsp;&nbsp; 3836650 |
| Penumbra, Inc.<sup>(b)</sup>  | 8428 | &nbsp;&nbsp; 1916274 |
| ResMed, Inc. | 59971 | &nbsp;&nbsp; 14805640 |
| Stryker Corp. | 88853 | &nbsp;&nbsp; 31652993 |
| TransMedics Group, Inc.<sup>(b)</sup>  | 18554 | &nbsp;&nbsp; 2440593 |
|  |  | &nbsp;&nbsp; 257661098 |
| **Health Care Facilities–6.27%** | **Health Care Facilities–6.27%** | **Health Care Facilities–6.27%** |
| Encompass Health Corp. | 196348 | &nbsp;&nbsp; 22354220 |
| HCA Healthcare, Inc. | 57173 | &nbsp;&nbsp; 26281284 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 144981 | &nbsp;&nbsp; 29937127 |
|  |  | &nbsp;&nbsp; 78572631 |
| **Health Care REITs–2.29%** | **Health Care REITs–2.29%** | **Health Care REITs–2.29%** |
| Welltower, Inc. | 158459 | &nbsp;&nbsp; 28687417 |
| **Health Care Services–7.05%** | **Health Care Services–7.05%** | **Health Care Services–7.05%** |
| BrightSpring Health Services, Inc.<sup>(b)</sup>  | 485001 | &nbsp;&nbsp; 16029283 |
| CVS Health Corp. | 101297 | &nbsp;&nbsp; 7916360 |
| GeneDx Holdings Corp.<sup>(b)(c)</sup>  | 51036 | &nbsp;&nbsp; 6987339 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** |
| Guardant Health, Inc.<sup>(b)</sup>  | Guardant Health, Inc.<sup>(b)</sup>  | 224393 | &nbsp;&nbsp; $20873037 |
| Hinge Health, Inc., Class A<sup>(b)(c)</sup>  | Hinge Health, Inc., Class A<sup>(b)(c)</sup>  | 71389 | &nbsp;&nbsp; 3552317 |
| Labcorp Holdings, Inc. | Labcorp Holdings, Inc. | 70700 | &nbsp;&nbsp; 17954972 |
| Quest Diagnostics, Inc. | Quest Diagnostics, Inc. | 58327 | &nbsp;&nbsp; 10262636 |
| RadNet, Inc.<sup>(b)(c)</sup>  | RadNet, Inc.<sup>(b)(c)</sup>  | 63101 | &nbsp;&nbsp; 4795045 |
|  |  |  | &nbsp;&nbsp; 88370989 |
| **Health Care Technology–1.44%** | **Health Care Technology–1.44%** | **Health Care Technology–1.44%** | **Health Care Technology–1.44%** |
| Certara, Inc.<sup>(b)(c)</sup>  | Certara, Inc.<sup>(b)(c)</sup>  | 98667 | &nbsp;&nbsp; 1147497 |
| Doximity, Inc., Class A<sup>(b)</sup>  | Doximity, Inc., Class A<sup>(b)</sup>  | 96336 | &nbsp;&nbsp; 6358176 |
| Heartflow, Inc.<sup>(b)(c)</sup>  | Heartflow, Inc.<sup>(b)(c)</sup>  | 77220 | &nbsp;&nbsp; 2869495 |
| Waystar Holding Corp.<sup>(b)(c)</sup>  | Waystar Holding Corp.<sup>(b)(c)</sup>  | 212737 | &nbsp;&nbsp; 7626622 |
|  |  |  | &nbsp;&nbsp; 18001790 |
| **Life Sciences Tools & Services–6.27%** | **Life Sciences Tools & Services–6.27%** | **Life Sciences Tools & Services–6.27%** | **Life Sciences Tools & Services–6.27%** |
| Agilent Technologies, Inc. | Agilent Technologies, Inc. | 76894 | &nbsp;&nbsp; 11254206 |
| BioLife Solutions, Inc.<sup>(b)</sup>  | BioLife Solutions, Inc.<sup>(b)</sup>  | 152550 | &nbsp;&nbsp; 4251568 |
| ICON PLC<sup>(b)</sup>  | ICON PLC<sup>(b)</sup>  | 25517 | &nbsp;&nbsp; 4384331 |
| Lonza Group AG (Switzerland) | Lonza Group AG (Switzerland) | 31348 | &nbsp;&nbsp; 21646781 |
| Medpace Holdings, Inc.<sup>(b)</sup>  | Medpace Holdings, Inc.<sup>(b)</sup>  | 12497 | &nbsp;&nbsp; 7309620 |
| Mettler-Toledo International, Inc.<sup>(b)</sup>  | Mettler-Toledo International, Inc.<sup>(b)</sup>  | 8478 | &nbsp;&nbsp; 12007307 |
| Repligen Corp.<sup>(b)</sup>  | Repligen Corp.<sup>(b)</sup>  | 51102 | &nbsp;&nbsp; 7617264 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | 17776 | &nbsp;&nbsp; 10085925 |
|  |  |  | &nbsp;&nbsp; 78557002 |
| **Managed Health Care–2.47%** | **Managed Health Care–2.47%** | **Managed Health Care–2.47%** | **Managed Health Care–2.47%** |
| Alignment Healthcare, Inc.<sup>(b)</sup>  | Alignment Healthcare, Inc.<sup>(b)</sup>  | 385424 | &nbsp;&nbsp; 6498249 |
| HealthEquity, Inc.<sup>(b)(c)</sup>  | HealthEquity, Inc.<sup>(b)(c)</sup>  | 43926 | &nbsp;&nbsp; 4154521 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | 59586 | &nbsp;&nbsp; 20352194 |
|  |  |  | &nbsp;&nbsp; 31004964 |
| **Pharmaceuticals–17.52%** | **Pharmaceuticals–17.52%** | **Pharmaceuticals–17.52%** | **Pharmaceuticals–17.52%** |
| AstraZeneca PLC, ADR (United Kingdom) | AstraZeneca PLC, ADR (United Kingdom) | 526535 | &nbsp;&nbsp; 43386484 |
| Axsome Therapeutics, Inc.<sup>(b)</sup>  | Axsome Therapeutics, Inc.<sup>(b)</sup>  | 88217 | &nbsp;&nbsp; 11908413 |
| Eli Lilly and Co. | Eli Lilly and Co. | 117671 | &nbsp;&nbsp; 101533599 |
| Galderma Group AG, Class A (Switzerland) | Galderma Group AG, Class A (Switzerland) | 25969 | &nbsp;&nbsp; 4822755 |
| Ligand Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | Ligand Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 40283 | &nbsp;&nbsp; 7706541 |
| Rapport Therapeutics, Inc.<sup>(b)(c)</sup>  | Rapport Therapeutics, Inc.<sup>(b)(c)</sup>  | 110613 | &nbsp;&nbsp; 3200034 |
| Royalty Pharma PLC, Class A | Royalty Pharma PLC, Class A | 406379 | &nbsp;&nbsp; 15255467 |
| Sandoz Group AG (Switzerland) | Sandoz Group AG (Switzerland) | 151424 | &nbsp;&nbsp; 10096466 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | Tarsus Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 96912 | &nbsp;&nbsp; 6668515 |
| UCB S.A. (Belgium) | UCB S.A. (Belgium) | 58602 | &nbsp;&nbsp; 15069033 |
|  |  |  | &nbsp;&nbsp; 219647307 |
| Total Common Stocks & Other Equity Interests <br> (Cost $764,481,873) | Total Common Stocks & Other Equity Interests <br> (Cost $764,481,873) | Total Common Stocks & Other Equity Interests <br> (Cost $764,481,873) | &nbsp;&nbsp; 1221978606 |
| **Money Market Funds–2.17%** | **Money Market Funds–2.17%** | **Money Market Funds–2.17%** | **Money Market Funds–2.17%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup>  | 9293643 | &nbsp;&nbsp; 9293643 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | 17913782 | &nbsp;&nbsp; 17913782 |
| Total Money Market Funds (Cost $27,207,425) | Total Money Market Funds (Cost $27,207,425) | Total Money Market Funds (Cost $27,207,425) | &nbsp;&nbsp; 27207425 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.65% <br> (Cost $791,689,298)<br>|  |  | &nbsp;&nbsp; 1249186031 |

---

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

**2**

**Invesco Health Care Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–2.69%** | **Money Market Funds–2.69%** | **Money Market Funds–2.69%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | 9367806 | &nbsp;&nbsp; $9367806 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup>  | 24357061 | &nbsp;&nbsp; 24364368 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $33,732,364) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $33,732,364) | &nbsp;&nbsp; 33732174 |
| TOTAL INVESTMENTS IN SECURITIES–102.34% <br> (Cost $825,421,662) | TOTAL INVESTMENTS IN SECURITIES–102.34% <br> (Cost $825,421,662) | &nbsp;&nbsp; 1282918205 |
| OTHER ASSETS LESS LIABILITIES—(2.34)% | OTHER ASSETS LESS LIABILITIES—(2.34)% | &nbsp;&nbsp; (29318694)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1253599511 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2025.

<sup>(d)</sup> 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 fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $13462254 | &nbsp;&nbsp; $118325160 | &nbsp;&nbsp; $(122493771) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9293643 | &nbsp;&nbsp; $747552 |
| Invesco Treasury Portfolio, Institutional Class | 25655488 | &nbsp;&nbsp; 219746726 | &nbsp;&nbsp; (227488432) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 17913782 | &nbsp;&nbsp; 1404262 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 18755690 | &nbsp;&nbsp; 174440084 | &nbsp;&nbsp; (183827968) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9367806 | &nbsp;&nbsp; 510,700\* |
| Invesco Private Prime Fund | 48919544 | &nbsp;&nbsp; 360659789 | &nbsp;&nbsp; (385215744) | &nbsp;&nbsp; 3106 | &nbsp;&nbsp; (2327) | &nbsp;&nbsp; 24364368 | &nbsp;&nbsp; 1,364,455\* |
| Total | $106792976 | &nbsp;&nbsp; $873171759 | &nbsp;&nbsp; $(919025915) | &nbsp;&nbsp; $3106 | &nbsp;&nbsp; $(2327) | &nbsp;&nbsp; $60939599 | &nbsp;&nbsp; $4026969 |

---

\* 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. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

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

**3**

**Invesco Health Care Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $764,481,873)\*<br>| &nbsp;&nbsp; $1221978606 |
| Investments in affiliated money market funds, at value <br> (Cost $60,939,789)<br>| &nbsp;&nbsp; 60939599 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 9177694 |
| Fund shares sold | &nbsp;&nbsp; 29885 |
| Dividends | &nbsp;&nbsp; 1937227 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 234780 |
| Other assets | &nbsp;&nbsp; 67502 |
| Total assets | &nbsp;&nbsp; 1294365293 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 5725487 |
| Fund shares reacquired | &nbsp;&nbsp; 366483 |
| Amount due custodian - foreign currency, at value <br> (Cost $582)<br>| &nbsp;&nbsp; 580 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 33732364 |
| Accrued fees to affiliates | &nbsp;&nbsp; 569036 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1815 |
| Accrued other operating expenses | &nbsp;&nbsp; 90425 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 279592 |
| Total liabilities | &nbsp;&nbsp; 40765782 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1253599511 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $731412531 |
| Distributable earnings | &nbsp;&nbsp; 522186980 |
|  | &nbsp;&nbsp; $1253599511 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $620083173 |
| Class C | &nbsp;&nbsp; $12906498 |
| Class R | &nbsp;&nbsp; $108206 |
| Class Y | &nbsp;&nbsp; $68100578 |
| Investor Class | &nbsp;&nbsp; $550804362 |
| Class R6 | &nbsp;&nbsp; $1596694 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 15633347 |
| Class C | &nbsp;&nbsp; 679016 |
| Class R | &nbsp;&nbsp; 2728 |
| Class Y | &nbsp;&nbsp; 1639102 |
| Investor Class | &nbsp;&nbsp; 13883015 |
| Class R6 | &nbsp;&nbsp; 38159 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $39.66 |
| Maximum offering price per share <br>(Net asset value of $39.66 ÷ 94.50%)<br>| &nbsp;&nbsp; $41.97 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $19.01 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $39.66 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $41.55 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $39.67 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $41.84 |

---

\* At October 31, 2025, securities with an aggregate value of $33,293,064 were on loan to brokers. 

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

**4**

**Invesco Health Care Fund**

------

**Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $189,934) | &nbsp;&nbsp; $9111115 |
| Dividends from affiliated money market funds (includes net securities lending income of $97,659) | &nbsp;&nbsp; 2249473 |
| Foreign withholding tax claims | &nbsp;&nbsp; 74200 |
| Total investment income | &nbsp;&nbsp; 11434788 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 7748125 |
| Administrative services fees | &nbsp;&nbsp; 173092 |
| Custodian fees | &nbsp;&nbsp; 8205 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1531469 |
| Class C | &nbsp;&nbsp; 138061 |
| Class R | &nbsp;&nbsp; 7 |
| Investor Class | &nbsp;&nbsp; 1353423 |
| Transfer agent fees — A, C, R, Y and Investor | &nbsp;&nbsp; 1596676 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 504 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 32910 |
| Registration and filing fees | &nbsp;&nbsp; 84323 |
| Reports to shareholders | &nbsp;&nbsp; 79834 |
| Professional services fees | &nbsp;&nbsp; 99418 |
| Other | &nbsp;&nbsp; 30431 |
| Total expenses | &nbsp;&nbsp; 12876478 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (108767)<br>|
| Net expenses | &nbsp;&nbsp; 12767711 |
| Net investment income (loss) | &nbsp;&nbsp; (1332923)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 72199676 |
| Affiliated investment securities | &nbsp;&nbsp; (2327)<br>|
| Foreign currencies | &nbsp;&nbsp; (2013)<br>|
|  | &nbsp;&nbsp; 72195336 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (7977079)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 3106 |
| Foreign currencies | &nbsp;&nbsp; 30469 |
|  | &nbsp;&nbsp; (7943504)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 64251832 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $62918909 |

---

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

**5**

**Invesco Health Care Fund**

------

**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1332923)<br>| &nbsp;&nbsp; $(2619717)<br>|
| Net realized gain | &nbsp;&nbsp; 72195336 | &nbsp;&nbsp; 68213669 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (7943504)<br>| &nbsp;&nbsp; 182745864 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 62918909 | &nbsp;&nbsp; 248339816 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (30410292)<br>| &nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp; (1437362)<br>| &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; (2113976)<br>| &nbsp;&nbsp; — |
| Investor Class | &nbsp;&nbsp; (26741299)<br>| &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; (85414)<br>| &nbsp;&nbsp; — |
| Total distributions from distributable earnings | &nbsp;&nbsp; (60788343)<br>| &nbsp;&nbsp; — |
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (42916064)<br>| &nbsp;&nbsp; (71755547)<br>|
| Class C | &nbsp;&nbsp; (2169780)<br>| &nbsp;&nbsp; (2611155)<br>|
| Class R | &nbsp;&nbsp; 107752 | &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; 19235896 | &nbsp;&nbsp; 809039 |
| Investor Class | &nbsp;&nbsp; (32658406)<br>| &nbsp;&nbsp; (50193244)<br>|
| Class R6 | &nbsp;&nbsp; (362845)<br>| &nbsp;&nbsp; 189801 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (58763447)<br>| &nbsp;&nbsp; (123561106)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (56632881)<br>| &nbsp;&nbsp; 124778710 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1310232392 | &nbsp;&nbsp; 1185453682 |
| End of year | &nbsp;&nbsp; $1253599511 | &nbsp;&nbsp; $1310232392 |

---

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

**6**

**Invesco Health Care Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $39.45 | $(0.04)<br>| $2.09 | $2.05 | $— | $(1.84)<br>| $(1.84)<br>| $39.66 | 5.59<br> %<br>| &nbsp;&nbsp; $620083 | 1.06<br> %<br>| 1.06<br> %<br>| (0.12)%<br>| 59<br> %<br>|
| Year ended 10/31/24 | 32.52 | (0.08)<br>| 7.01 | 6.93 |  |  |  | 39.45 | 21.31 | &nbsp;&nbsp; 662230 | 1.04 | 1.04 | (0.20)<br>| 56 |
| Year ended 10/31/23 | 34.13 | (0.01)<br>| (1.60)<br>| (1.61)<br>|  |  |  | 32.52 | (4.72)<br>| &nbsp;&nbsp; 607032 | 1.05 | 1.05 | (0.05)<br>| 59 |
| Year ended 10/31/22 | 50.30 | (0.05)<br>| (6.19)<br>| (6.24)<br>|  | (9.93)<br>| (9.93)<br>| 34.13 | (14.73)<br>| &nbsp;&nbsp; 696308 | 1.04 | 1.04 | (0.16)<br>| 44 |
| Year ended 10/31/21 | 41.82 | (0.11)<br>| 11.49 | 11.38 | (0.01)<br>| (2.89)<br>| (2.90)<br>| 50.30 | 28.20 | &nbsp;&nbsp; 896054 | 1.02 | 1.02 | (0.24)<br>| 78 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 20.03 | (0.15)<br>| 0.97 | 0.82 |  | (1.84)<br>| (1.84)<br>| 19.01 | 4.80 | &nbsp;&nbsp; 12906 | 1.81 | 1.81 | (0.87)<br>| 59 |
| Year ended 10/31/24 | 16.63 | (0.19)<br>| 3.59 | 3.40 |  |  |  | 20.03 | 20.44 | &nbsp;&nbsp; 16024 | 1.79 | 1.79 | (0.95)<br>| 56 |
| Year ended 10/31/23 | 17.59 | (0.14)<br>| (0.82)<br>| (0.96)<br>|  |  |  | 16.63 | (5.46)<br>| &nbsp;&nbsp; 15508 | 1.80 | 1.80 | (0.80)<br>| 59 |
| Year ended 10/31/22 | 31.06 | (0.17)<br>| (3.37)<br>| (3.54)<br>|  | (9.93)<br>| (9.93)<br>| 17.59 | (15.35)<br>| &nbsp;&nbsp; 20023 | 1.79 | 1.79 | (0.91)<br>| 44 |
| Year ended 10/31/21 | 26.99 | (0.29)<br>| 7.25 | 6.96 |  | (2.89)<br>| (2.89)<br>| 31.06 | 27.26 | &nbsp;&nbsp; 29391 | 1.77 | 1.77 | (0.99)<br>| 78 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Period ended 10/31/25<sup>(d)</sup> <br>| 37.49 | (0.00)<br>| 2.17 | 2.17 |  |  |  | 39.66 | 5.79 | &nbsp;&nbsp; 108 | 1.05 <br><sup>(e)</sup><br>| 1.09 <br><sup>(e)</sup><br>| (0.11 )<sup>(e)</sup><br>| 59 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 41.14 | 0.05 | 2.20 | 2.25 |  | (1.84)<br>| (1.84)<br>| 41.55 | 5.85 | &nbsp;&nbsp; 68101 | 0.81 | 0.81 | 0.13 | 59 |
| Year ended 10/31/24 | 33.83 | 0.02 | 7.29 | 7.31 |  |  |  | 41.14 | 21.61 | &nbsp;&nbsp; 47767 | 0.79 | 0.79 | 0.05 | 56 |
| Year ended 10/31/23 | 35.41 | 0.07 | (1.65)<br>| (1.58)<br>|  |  |  | 33.83 | (4.46)<br>| &nbsp;&nbsp; 38762 | 0.80 | 0.80 | 0.20 | 59 |
| Year ended 10/31/22 | 51.69 | 0.04 | (6.39)<br>| (6.35)<br>|  | (9.93)<br>| (9.93)<br>| 35.41 | (14.51)<br>| &nbsp;&nbsp; 46087 | 0.79 | 0.79 | 0.09 | 44 |
| Year ended 10/31/21 | 42.90 | 0.00 | 11.79 | 11.79 | (0.11)<br>| (2.89)<br>| (3.00)<br>| 51.69 | 28.52 | &nbsp;&nbsp; 60527 | 0.77 | 0.77 | 0.01 | 78 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year ended 10/31/25 | 39.46 | (0.04)<br>| 2.09 | 2.05 |  | (1.84)<br>| (1.84)<br>| 39.67 | 5.59 | &nbsp;&nbsp; 550804 | 1.06 | 1.06 | (0.12)<br>| 59 |
| Year ended 10/31/24 | 32.53 | (0.08)<br>| 7.01 | 6.93 |  |  |  | 39.46 | 21.30 | &nbsp;&nbsp; 582238 | 1.04 | 1.04 | (0.20)<br>| 56 |
| Year ended 10/31/23 | 34.14 | (0.01)<br>| (1.60)<br>| (1.61)<br>|  |  |  | 32.53 | (4.72)<br>| &nbsp;&nbsp; 522684 | 1.05 | 1.05 | (0.05)<br>| 59 |
| Year ended 10/31/22 | 50.31 | (0.05)<br>| (6.19)<br>| (6.24)<br>|  | (9.93)<br>| (9.93)<br>| 34.14 | (14.73)<br>| &nbsp;&nbsp; 588159 | 1.04 | 1.04 | (0.16)<br>| 44 |
| Year ended 10/31/21 | 41.83 | (0.11)<br>| 11.49 | 11.38 | (0.01)<br>| (2.89)<br>| (2.90)<br>| 50.31 | 28.20 | &nbsp;&nbsp; 745607 | 1.02 | 1.02 | (0.24)<br>| 78 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 41.38 | 0.09 | 2.21 | 2.30 |  | (1.84)<br>| (1.84)<br>| 41.84 | 5.94 | &nbsp;&nbsp; 1597 | 0.71 | 0.71 | 0.23 | 59 |
| Year ended 10/31/24 | 33.99 | 0.06 | 7.33 | 7.39 |  |  |  | 41.38 | 21.74 | &nbsp;&nbsp; 1974 | 0.70 | 0.70 | 0.14 | 56 |
| Year ended 10/31/23 | 35.56 | 0.11 | (1.68)<br>| (1.57)<br>|  |  |  | 33.99 | (4.42)<br>| &nbsp;&nbsp; 1467 | 0.70 | 0.70 | 0.30 | 59 |
| Year ended 10/31/22 | 51.82 | 0.07 | (6.40)<br>| (6.33)<br>|  | (9.93)<br>| (9.93)<br>| 35.56 | (14.42)<br>| &nbsp;&nbsp; 1262 | 0.69 | 0.69 | 0.19 | 44 |
| Year ended 10/31/21 | 42.97 | 0.04 | 11.83 | 11.87 | (0.13)<br>| (2.89)<br>| (3.02)<br>| 51.82 | 28.66 | &nbsp;&nbsp; 2174 | 0.69 | 0.69 | 0.09 | 78 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Commencement Date of September 30, 2025.

<sup>(e)</sup> Annualized.

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

**7**

**Invesco Health Care Fund**

------

**Notes to Financial Statements**

*October 31, 2025*

**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 six different classes of shares: Class A, Class C, Class R, Class Y, Investor Class and Class R6. On September 30, 2025, the Fund began offering Class R shares. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, 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.

Investor Class shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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.

**8**

**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.** **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 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 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 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 year ended October 31, 2025, 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 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.

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

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

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the

**9**

**Invesco Health Care Fund**

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Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its 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 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 year ended October 31, 2025, the Fund paid the Adviser $6,908 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.

**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 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.

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

**N.** **Other Risks** - The Fund'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.

**10**

**Invesco Health Care Fund**

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**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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $350 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |
| Next $1.3 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% |
| Over $8 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |

---

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.64%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., 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, Investor Class and Class R6 shares to 2.00%, 2.75%, 2.25%, 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 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 August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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 year ended October 31, 2025, the Adviser waived advisory fees of $59,784.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, 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 year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C, Class R and Investor Class shares (collectively, the "Plans"). The Fund, pursuant to the Class R Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.50% of the average daily net assets of Class R shares. 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 year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $40,787 in front-end sales commissions from the sale of Class A shares and $1,920 and $276 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2025, the Fund incurred $76,193 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

**11**

**Invesco Health Care Fund**

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $1170343571 | &nbsp;&nbsp;&nbsp;&nbsp; $51635035 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1221978606 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 27207425 | &nbsp;&nbsp;&nbsp;&nbsp; 33732174 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60939599 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1197550996 | &nbsp;&nbsp;&nbsp;&nbsp; $85367209 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1282918205 |

---

**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 year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $48,983.

**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—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Long-term capital gain | &nbsp;&nbsp; $60788343 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; $68634646 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 454572214 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 58749 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (170333)<br>|
| Late-Year ordinary loss deferral | &nbsp;&nbsp;&nbsp;&nbsp; (908296)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 731412531 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1253599511 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and passive foreign investment companies.

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

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

The Fund does not have a capital loss carryforward as of October 31, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $689,499,567 and $789,996,143, respectively. As of October 31, 2025, the aggregate cost of

**12**

**Invesco Health Care Fund**

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investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $458869489 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (4297275)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $454572214 |

---

Cost of investments for tax purposes is $828,345,991.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of net operating losses and equalization, on October 31, 2025, undistributed net investment income (loss) was increased by $1,734,525, undistributed net realized gain was decreased by $3,167,986 and shares of beneficial interest was increased by $1,433,461. This reclassification had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 588888 | &nbsp;&nbsp;&nbsp; $21843033 | &nbsp;&nbsp;&nbsp; 550860 | &nbsp;&nbsp;&nbsp; $21294511 |
| Class C | &nbsp;&nbsp;&nbsp; 144513 | &nbsp;&nbsp;&nbsp; 2587323 | &nbsp;&nbsp;&nbsp; 153994 | &nbsp;&nbsp;&nbsp; 3018412 |
| Class R | &nbsp;&nbsp;&nbsp; 2728 | &nbsp;&nbsp;&nbsp; 107752 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 747205 | &nbsp;&nbsp;&nbsp; 29650732 | &nbsp;&nbsp;&nbsp; 413296 | &nbsp;&nbsp;&nbsp; 16828817 |
| Investor Class | &nbsp;&nbsp;&nbsp; 92149 | &nbsp;&nbsp;&nbsp; 3447154 | &nbsp;&nbsp;&nbsp; 73407 | &nbsp;&nbsp;&nbsp; 2823788 |
| Class R6 | &nbsp;&nbsp;&nbsp; 3972 | &nbsp;&nbsp;&nbsp; 152557 | &nbsp;&nbsp;&nbsp; 11197 | &nbsp;&nbsp;&nbsp; 453171 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 743683 | &nbsp;&nbsp;&nbsp; 27151869 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class C | &nbsp;&nbsp;&nbsp; 77866 | &nbsp;&nbsp;&nbsp; 1371223 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 44821 | &nbsp;&nbsp;&nbsp; 1710380 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Investor Class | &nbsp;&nbsp;&nbsp; 663643 | &nbsp;&nbsp;&nbsp; 24236247 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; 1668 | &nbsp;&nbsp;&nbsp; 64065 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 49053 | &nbsp;&nbsp;&nbsp; 1832469 | &nbsp;&nbsp;&nbsp; 45760 | &nbsp;&nbsp;&nbsp; 1757218 |
| Class C | &nbsp;&nbsp;&nbsp; (101536)<br>| &nbsp;&nbsp;&nbsp; (1832469)<br>| &nbsp;&nbsp;&nbsp; (89770)<br>| &nbsp;&nbsp;&nbsp; (1757218)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2533799)<br>| &nbsp;&nbsp;&nbsp; (93743435)<br>| &nbsp;&nbsp;&nbsp; (2476313)<br>| &nbsp;&nbsp;&nbsp; (94807276)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (241928)<br>| &nbsp;&nbsp;&nbsp; (4295857)<br>| &nbsp;&nbsp;&nbsp; (196430)<br>| &nbsp;&nbsp;&nbsp; (3872349)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (314078)<br>| &nbsp;&nbsp;&nbsp; (12125216)<br>| &nbsp;&nbsp;&nbsp; (398069)<br>| &nbsp;&nbsp;&nbsp; (16019778)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (1627050)<br>| &nbsp;&nbsp;&nbsp; (60341807)<br>| &nbsp;&nbsp;&nbsp; (1386752)<br>| &nbsp;&nbsp;&nbsp; (53017032)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (15182)<br>| &nbsp;&nbsp;&nbsp; (579467)<br>| &nbsp;&nbsp;&nbsp; (6661)<br>| &nbsp;&nbsp;&nbsp; (263370)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1673384)<br>| &nbsp;&nbsp;&nbsp; $(58763447)<br>| &nbsp;&nbsp;&nbsp; (3305481)<br>| &nbsp;&nbsp;&nbsp; $(123561106)<br>|

---

<sup>(a)</sup> 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.

**13**

**Invesco Health Care Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Health Care Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Health Care Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

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

**14**

**Invesco Health Care Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Health Care Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

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

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

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

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the S&P Composite 1500® Health Care Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the third quintile for the three year period, and the fourth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund

**15**

**Invesco Health Care Fund**

------

performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from

economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed

through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

**16**

**Invesco Health Care Fund**

------

through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**17**

**Invesco Health Care Fund**

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $63958343 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**18**

**Invesco Health Care Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**19**

**Invesco Health Care Fund**

------

![](img7b84a0c11.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

GHC-NCSR

------

![](img1673b0b21.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco International Bond Fund**

Nasdaq:

A: OIBAX ■ C: OIBCX ■ R: OIBNX ■ Y: OIBYX ■ R5: INBQX ■ R6: OIBIX

------

---

| | |
|:---|:---|
| [2](#xx_6487da33-353a-41bb-b987-984b11162f4c_SOI-Continued-768_1) | Consolidated Schedule of Investments |
| [19](#xx_6487da33-353a-41bb-b987-984b11162f4c_FS-Continued-768_1) | Consolidated Financial Statements |
| [22](#xx_6487da33-353a-41bb-b987-984b11162f4c_FS-Continued-768_4) | Consolidated Financial Highlights |
| [23](#xx_6487da33-353a-41bb-b987-984b11162f4c_NTF-Continued-768_1) | Notes to Consolidated Financial Statements |
| [35](#xx_6487da33-353a-41bb-b987-984b11162f4c_ARS-Continued-768_1) | Report of Independent Registered Public Accounting Firm |
| [36](#xx_6487da33-353a-41bb-b987-984b11162f4c_AOC-Continued-768_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [38](#xx_6487da33-353a-41bb-b987-984b11162f4c_TI-Continued-768_1) | Tax Information |
| [39](#xx_6487da33-353a-41bb-b987-984b11162f4c_OIRSR-Continued-768_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments** 

*October 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Non-U.S. Dollar Denominated Bonds & Notes–44.08%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–44.08%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–44.08%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–44.08%**<sup>(a)</sup>  |
| **Argentina–0.80%** | **Argentina–0.80%** | **Argentina–0.80%** | **Argentina–0.80%** |
| Argentina Treasury Bond, | Argentina Treasury Bond, |  |  |
| 15.50%, 10/17/2026 | ARS | 135000000 | &nbsp;&nbsp; $82892 |
| 29.50%, <br> 04/27/2027<sup>(b)</sup> <br>| ARS | 14350000000 | &nbsp;&nbsp; 10199997 |
|  |  |  | &nbsp;&nbsp; 10282889 |
| **Australia–5.89%** | **Australia–5.89%** | **Australia–5.89%** | **Australia–5.89%** |
| Australia Government Bond, <br> Series 142, 4.25%, <br> 04/21/2026<sup>(c)</sup> <br>| AUD | 83500000 | &nbsp;&nbsp; 54801785 |
| Queensland Treasury Corp., <br> 5.25%, 08/13/2038<sup>(c)</sup> <br>| AUD | 16000000 | &nbsp;&nbsp; 10476232 |
| Treasury Corporation of <br> Victoria, 5.50%, <br> 11/17/2026<br>| AUD | 16000000 | &nbsp;&nbsp; 10668440 |
|  |  |  | &nbsp;&nbsp; 75946457 |
| **Austria–0.45%** | **Austria–0.45%** | **Austria–0.45%** | **Austria–0.45%** |
| Raiffeisen Bank <br> International AG, <br> 6.09%<sup>(c)(d)(e)</sup> <br>| EUR | 5000000 | &nbsp;&nbsp; 5784545 |
| **Brazil–7.67%** | **Brazil–7.67%** | **Brazil–7.67%** | **Brazil–7.67%** |
| Brazil Notas do Tesouro Nacional, | Brazil Notas do Tesouro Nacional, |  |  |
| Series B, 6.00%, <br> 05/15/2055<br>| BRL | 69000000 | &nbsp;&nbsp; 50845217 |
| Series F, 10.00%, <br> 01/01/2029<br>| BRL | 280000000 | &nbsp;&nbsp; 48180610 |
|  |  |  | &nbsp;&nbsp; 99025827 |
| **Colombia–0.54%** | **Colombia–0.54%** | **Colombia–0.54%** | **Colombia–0.54%** |
| Fideicomiso PA Concesion <br> Ruta al Mar, 6.75%, <br> 02/15/2044<sup>(c)</sup> <br>| COP | 8000000000 | &nbsp;&nbsp; 1547863 |
| PA Autopista Rio <br> Magdalena, 6.05%, <br> 06/15/2036<sup>(c)</sup> <br>| COP | 23500000000 | &nbsp;&nbsp; 5380162 |
|  |  |  | &nbsp;&nbsp; 6928025 |
| **Finland–0.90%** | **Finland–0.90%** | **Finland–0.90%** | **Finland–0.90%** |
| Stora Enso OYJ, 4.00%, <br> 06/01/2026<sup>(c)</sup> <br>| EUR | 10000000 | &nbsp;&nbsp; 11629150 |
| **France–1.19%** | **France–1.19%** | **France–1.19%** | **France–1.19%** |
| BNP Paribas S.A., 2.75%, <br> 07/25/2028<sup>(c)(d)</sup> <br>| EUR | 10000000 | &nbsp;&nbsp; 11572010 |
| Electricite de France S.A., <br> 7.50%<sup>(c)(d)(e)</sup> <br>| EUR | 3000000 | &nbsp;&nbsp; 3800110 |
|  |  |  | &nbsp;&nbsp; 15372120 |
| **Germany–0.62%** | **Germany–0.62%** | **Germany–0.62%** | **Germany–0.62%** |
| Deutsche Bank AG, <br> 4.50%<sup>(c)(d)(e)</sup> <br>| EUR | 7000000 | &nbsp;&nbsp; 8054628 |
| **Greece–0.24%** | **Greece–0.24%** | **Greece–0.24%** | **Greece–0.24%** |
| Eurobank S.A., 5.88%, <br> 11/28/2029<sup>(c)(d)</sup> <br>| EUR | 2500000 | &nbsp;&nbsp; 3136772 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **India–0.82%** | **India–0.82%** | **India–0.82%** | **India–0.82%** |
| India Government Bond, <br> 7.09%, 08/05/2054<br>| INR | 950000000 | &nbsp;&nbsp; $10520644 |
| **Ivory Coast–0.45%** | **Ivory Coast–0.45%** | **Ivory Coast–0.45%** | **Ivory Coast–0.45%** |
| Ivory Coast Government <br> International Bond, <br> 5.25%, 03/22/2030<sup>(c)</sup> <br>| EUR | 5000000 | &nbsp;&nbsp; 5820939 |
| **Mexico–11.08%** | **Mexico–11.08%** | **Mexico–11.08%** | **Mexico–11.08%** |
| Mexican Bonos, Series M, <br> 8.50%, 02/28/2030<br>| MXN | 2115000000 | &nbsp;&nbsp; 115333811 |
| Mexican Udibonos, Series S, <br> 4.00%, 08/30/2029<br>| MXN | 514291920 | &nbsp;&nbsp; 27592439 |
|  |  |  | &nbsp;&nbsp; 142926250 |
| **Netherlands–0.39%** | **Netherlands–0.39%** | **Netherlands–0.39%** | **Netherlands–0.39%** |
| Cooperatieve Rabobank <br> U.A., 4.63%<sup>(c)(d)(e)</sup> <br>| EUR | 4400000 | &nbsp;&nbsp; 5086698 |
| **South Africa–5.38%** | **South Africa–5.38%** | **South Africa–5.38%** | **South Africa–5.38%** |
| Republic of South Africa <br> Government Bond, | Republic of South Africa <br> Government Bond, |  |  |
| Series 2032, 8.25%, <br> 03/31/2032<br>| ZAR | 783300000 | &nbsp;&nbsp; 45050033 |
| Series 2040, 9.00%, <br> 01/31/2040<br>| ZAR | 450000000 | &nbsp;&nbsp; 24417443 |
|  |  |  | &nbsp;&nbsp; 69467476 |
| **Spain–3.53%** | **Spain–3.53%** | **Spain–3.53%** | **Spain–3.53%** |
| Spain Government Bond, <br> 2.80%, 05/31/2026<br>| EUR | 26000000 | &nbsp;&nbsp; 30096981 |
| Telefonica Europe, B.V., | Telefonica Europe, B.V., |  |  |
| 7.13%<sup>(c)(d)(e)</sup> <br>| EUR | 5000000 | &nbsp;&nbsp; 6318530 |
| 6.75%<sup>(c)(d)(e)</sup> <br>| EUR | 7000000 | &nbsp;&nbsp; 9077688 |
|  |  |  | &nbsp;&nbsp; 45493199 |
| **Supranational–1.40%** | **Supranational–1.40%** | **Supranational–1.40%** | **Supranational–1.40%** |
| African Development Bank, | African Development Bank, |  |  |
| 0.00%, 04/05/2046<sup>(f)</sup> <br>| ZAR | 600000000 | &nbsp;&nbsp; 4731408 |
| 0.00%, 01/17/2050<sup>(f)</sup> <br>| ZAR | 310000000 | &nbsp;&nbsp; 1739341 |
| Corporacion Andina de <br> Fomento, 10.35%, <br> 03/15/2033<sup>(c)</sup> <br>| MXN | 200000000 | &nbsp;&nbsp; 11553570 |
|  |  |  | &nbsp;&nbsp; 18024319 |
| **United Kingdom–1.70%** | **United Kingdom–1.70%** | **United Kingdom–1.70%** | **United Kingdom–1.70%** |
| Allwyn Entertainment <br> Financing (UK) PLC, <br> 4.13%, 02/15/2031<sup>(c)</sup> <br>| EUR | 8000000 | &nbsp;&nbsp; 9162378 |
| Gatwick Airport Finance <br> PLC, 4.38%, <br> 04/07/2026<sup>(c)</sup> <br>| GBP | 4700000 | &nbsp;&nbsp; 6144729 |
| M&G PLC, 5.63%, <br> 10/20/2051<sup>(c)(d)</sup> <br>| GBP | 5000000 | &nbsp;&nbsp; 6581987 |
|  |  |  | &nbsp;&nbsp; 21889094 |
| **United States–1.03%** | **United States–1.03%** | **United States–1.03%** | **United States–1.03%** |
| Ford Motor Credit Co. LLC, <br> 6.86%, 06/05/2026<br>| GBP | 10000000 | &nbsp;&nbsp; 13296919 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $574,882,863) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $574,882,863) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $574,882,863) | &nbsp;&nbsp; 568685951 |

---

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

**2**

**Invesco International Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–13.32%** | **U.S. Dollar Denominated Bonds & Notes–13.32%** | **U.S. Dollar Denominated Bonds & Notes–13.32%** | **U.S. Dollar Denominated Bonds & Notes–13.32%** |
| **Argentina–1.21%** | **Argentina–1.21%** | **Argentina–1.21%** | **Argentina–1.21%** |
| Argentine Republic Government <br> International Bond, | Argentine Republic Government <br> International Bond, |  |  |
| 0.75%, 07/09/2030<sup>(g)</sup> <br>|  | $4800000 | &nbsp;&nbsp; $3936000 |
| 3.50%, 07/09/2041<sup>(g)</sup> <br>|  | 7000000 | &nbsp;&nbsp; 4564000 |
| Vista Energy Argentina <br> S.A.U., 7.63%, <br> 12/10/2035<sup>(c)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2473375 |
| YPF S.A., 8.75%, <br> 09/11/2031<sup>(c)</sup> <br>|  | 4550000 | &nbsp;&nbsp; 4685463 |
|  |  |  | &nbsp;&nbsp; 15658838 |
| **Brazil–1.06%** | **Brazil–1.06%** | **Brazil–1.06%** | **Brazil–1.06%** |
| Arcos Dorados B.V., <br> 6.38%, 01/29/2032<sup>(c)</sup> <br>|  | 2280000 | &nbsp;&nbsp; 2420334 |
| Minerva (Luxembourg) S.A., <br> 8.88%, 09/13/2033<sup>(c)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2737021 |
| Petrobras Global Finance <br> B.V., 6.50%, <br> 07/03/2033<sup>(h)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2600875 |
| Sitios Latinoamerica S.A.B. <br> de C.V., 5.38%, <br> 04/04/2032<sup>(c)</sup> <br>|  | 5970000 | &nbsp;&nbsp; 5987014 |
|  |  |  | &nbsp;&nbsp; 13745244 |
| **Chile–1.03%** | **Chile–1.03%** | **Chile–1.03%** | **Chile–1.03%** |
| Banco de Credito e <br> Inversiones S.A., <br> 8.75%<sup>(c)(d)(e)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2690475 |
| Banco del Estado de Chile, <br> 7.95%<sup>(c)(d)(e)</sup> <br>|  | 1450000 | &nbsp;&nbsp; 1548367 |
| Chile Electricity Lux MPC II <br> S.a.r.l., 5.58%, <br> 10/20/2035<sup>(c)</sup> <br>|  | 2116298 | &nbsp;&nbsp; 2180422 |
| Sociedad Quimica y Minera <br> de Chile S.A., 5.50%, <br> 09/10/2034<sup>(c)</sup> <br>|  | 6785000 | &nbsp;&nbsp; 6853732 |
|  |  |  | &nbsp;&nbsp; 13272996 |
| **China–0.19%** | **China–0.19%** | **China–0.19%** | **China–0.19%** |
| Prosus N.V., 3.68%, <br> 01/21/2030<sup>(c)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2402506 |
| **Colombia–0.63%** | **Colombia–0.63%** | **Colombia–0.63%** | **Colombia–0.63%** |
| Ecopetrol S.A., | Ecopetrol S.A., |  |  |
| 8.63%, 01/19/2029 |  | 5000000 | &nbsp;&nbsp; 5397400 |
| 7.75%, 02/01/2032 |  | 2680000 | &nbsp;&nbsp; 2772272 |
|  |  |  | &nbsp;&nbsp; 8169672 |
| **Dominican Republic–0.24%** | **Dominican Republic–0.24%** | **Dominican Republic–0.24%** | **Dominican Republic–0.24%** |
| Aeropuertos Dominicanos <br> Siglo XXI S.A., 7.00%, <br> 06/30/2034<sup>(c)</sup> <br>|  | 2975000 | &nbsp;&nbsp; 3118916 |
| **Egypt–0.29%** | **Egypt–0.29%** | **Egypt–0.29%** | **Egypt–0.29%** |
| Egypt Government <br> International Bond, <br> 8.63%, 02/04/2030<sup>(c)</sup> <br>|  | 3490000 | &nbsp;&nbsp; 3746923 |
| **France–0.63%** | **France–0.63%** | **France–0.63%** | **France–0.63%** |
| Electricite de France S.A., <br> 9.13%<sup>(c)(d)(e)</sup> <br>|  | 7000000 | &nbsp;&nbsp; 8113479 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Guatemala–0.16%** | **Guatemala–0.16%** | **Guatemala–0.16%** | **Guatemala–0.16%** |
| Energuate Trust 2.0, <br> 6.35%, 09/15/2035<sup>(c)</sup> <br>|  | $2000000 | &nbsp;&nbsp; $2008754 |
| **India–0.40%** | **India–0.40%** | **India–0.40%** | **India–0.40%** |
| Muthoot Finance Ltd., <br> 7.13%, 02/14/2028<sup>(c)</sup> <br>|  | 5000000 | &nbsp;&nbsp; 5120719 |
| **Ireland–0.19%** | **Ireland–0.19%** | **Ireland–0.19%** | **Ireland–0.19%** |
| BB Blue Financing DAC, <br> Series A1, 4.40%, <br> 09/20/2037<br>|  | 2500000 | &nbsp;&nbsp; 2456084 |
| **Macau–0.41%** | **Macau–0.41%** | **Macau–0.41%** | **Macau–0.41%** |
| MGM China Holdings Ltd., <br> 5.88%, 05/15/2026<sup>(c)</sup> <br>|  | 3520000 | &nbsp;&nbsp; 3529014 |
| Wynn Macau Ltd., 6.75%, <br> 02/15/2034<sup>(c)(h)</sup> <br>|  | 1750000 | &nbsp;&nbsp; 1764758 |
|  |  |  | &nbsp;&nbsp; 5293772 |
| **Mexico–1.36%** | **Mexico–1.36%** | **Mexico–1.36%** | **Mexico–1.36%** |
| Banco Mercantil del Norte <br> S.A., 8.38%<sup>(c)(d)(e)(h)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2681555 |
| BBVA Bancomer S.A., <br> 7.63%, <br> 02/11/2035<sup>(c)(d)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2653850 |
| CEMEX S.A.B. de C.V., <br> 5.13%<sup>(c)(d)(e)</sup> <br>|  | 3050000 | &nbsp;&nbsp; 3011549 |
| FIEMEX Energia - Banco <br> Actinver S.A. Institucion <br> de Banca Multiple, <br> 7.25%, <br> 01/31/2041<sup>(c)(h)</sup> <br>|  | 2986380 | &nbsp;&nbsp; 3163681 |
| Nemak S.A.B. de C.V., <br> 3.63%, 06/28/2031<sup>(c)</sup> <br>|  | 3750000 | &nbsp;&nbsp; 3285416 |
| Petroleos Mexicanos, <br> 8.75%, 06/02/2029<br>|  | 2500000 | &nbsp;&nbsp; 2699418 |
|  |  |  | &nbsp;&nbsp; 17495469 |
| **Nigeria–0.40%** | **Nigeria–0.40%** | **Nigeria–0.40%** | **Nigeria–0.40%** |
| IHS Holding Ltd., 8.25%, <br> 11/29/2031<sup>(c)</sup> <br>|  | 5000000 | &nbsp;&nbsp; 5222203 |
| **Peru–0.38%** | **Peru–0.38%** | **Peru–0.38%** | **Peru–0.38%** |
| Compania de Minas <br> Buenaventura S.A.A., <br> 6.80%, 02/04/2032<sup>(c)</sup> <br>|  | 2885000 | &nbsp;&nbsp; 3007612 |
| Orazul Energy Peru S.A., <br> 6.25%, 09/17/2032<sup>(c)</sup> <br>|  | 1896000 | &nbsp;&nbsp; 1928391 |
|  |  |  | &nbsp;&nbsp; 4936003 |
| **Serbia–0.19%** | **Serbia–0.19%** | **Serbia–0.19%** | **Serbia–0.19%** |
| Telecommunications Co. <br> Telekom Srbija AD <br> Belgrade, 7.00%, <br> 10/28/2029<sup>(c)</sup> <br>|  | 2468000 | &nbsp;&nbsp; 2484215 |
| **Spain–0.40%** | **Spain–0.40%** | **Spain–0.40%** | **Spain–0.40%** |
| Repsol E&P Capital Markets US LLC, | Repsol E&P Capital Markets US LLC, |  |  |
| 4.81%, 09/16/2028<sup>(c)</sup> <br>|  | 1909000 | &nbsp;&nbsp; 1914014 |
| 5.20%, 09/16/2030<sup>(c)</sup> <br>|  | 1934000 | &nbsp;&nbsp; 1941903 |
| 5.98%, 09/16/2035<sup>(c)</sup> <br>|  | 1250000 | &nbsp;&nbsp; 1272511 |
|  |  |  | &nbsp;&nbsp; 5128428 |

---

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

**3**

**Invesco International Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Switzerland–1.39%** | **Switzerland–1.39%** | **Switzerland–1.39%** | **Switzerland–1.39%** |
| Argentum Netherlands B.V. <br> for Swiss Re Ltd., <br> 5.63%, <br> 08/15/2052<sup>(c)(d)</sup> <br>|  | $333000 | &nbsp;&nbsp; $337245 |
| Credit Suisse Group AG, <br> 6.25%<sup>(c)(e)(i)(j)</sup> <br>|  | 9800000 | &nbsp;&nbsp; 2790550 |
| UBS Group AG, 6.33%, <br> 12/22/2027<sup>(c)(d)(h)</sup> <br>|  | 10000000 | &nbsp;&nbsp; 10230719 |
| Zurich Finance (Ireland) <br> DAC, 3.50%, <br> 05/02/2052<sup>(c)(d)</sup> <br>|  | 5000000 | &nbsp;&nbsp; 4559351 |
|  |  |  | &nbsp;&nbsp; 17917865 |
| **Thailand–0.16%** | **Thailand–0.16%** | **Thailand–0.16%** | **Thailand–0.16%** |
| GC Treasury Center Co. Ltd., <br> 6.50%<sup>(c)(d)(e)</sup> <br>|  | 2029000 | &nbsp;&nbsp; 2055576 |
| **Turkey–0.39%** | **Turkey–0.39%** | **Turkey–0.39%** | **Turkey–0.39%** |
| Akbank Turk A.S., 7.88%, <br> 09/04/2035<sup>(c)(d)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2550378 |
| Turkiye Is Bankasi A.S., <br> 7.38%, <br> 04/02/2036<sup>(c)(d)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2475445 |
|  |  |  | &nbsp;&nbsp; 5025823 |
| **United Kingdom–1.55%** | **United Kingdom–1.55%** | **United Kingdom–1.55%** | **United Kingdom–1.55%** |
| Aberdeen Group PLC, <br> 4.25%, 06/30/2028<sup>(c)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 1973749 |
| B.A.T. Capital Corp., <br> 3.56%, 08/15/2027<br>|  | 7000000 | &nbsp;&nbsp; 6933497 |
| Beazley Insurance DAC, <br> 5.50%, 09/10/2029<sup>(c)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 4070323 |
| British Telecommunications <br> PLC, 4.25%, <br> 11/23/2081<sup>(c)(d)(h)</sup> <br>|  | 4400000 | &nbsp;&nbsp; 4354616 |
| Hiscox Ltd., 7.00%, <br> 06/11/2036<sup>(c)(d)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2690735 |
|  |  |  | &nbsp;&nbsp; 20022920 |
| **United States–0.24%** | **United States–0.24%** | **United States–0.24%** | **United States–0.24%** |
| BP Capital Markets PLC, <br> 4.88%<sup>(d)(e)(h)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1501556 |
| U.S. International <br> Development Finance <br> Corp., Series 4, 3.13%, <br> 04/15/2028<br>|  | 1600000 | &nbsp;&nbsp; 1571250 |
|  |  |  | &nbsp;&nbsp; 3072806 |
| **Uzbekistan–0.42%** | **Uzbekistan–0.42%** | **Uzbekistan–0.42%** | **Uzbekistan–0.42%** |
| Navoi Mining & Metallurgical <br> Combinat, | Navoi Mining & Metallurgical <br> Combinat, |  |  |
| 6.70%, 10/17/2028<sup>(c)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 2083917 |
| 6.75%, 05/14/2030<sup>(c)</sup> <br>|  | 3124000 | &nbsp;&nbsp; 3297626 |
|  |  |  | &nbsp;&nbsp; 5381543 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $176,298,576) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $176,298,576) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $176,298,576) | &nbsp;&nbsp; 171850754 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset-Backed Securities–11.20%** | **Asset-Backed Securities–11.20%** | **Asset-Backed Securities–11.20%** | **Asset-Backed Securities–11.20%** |
| Alba PLC, | Alba PLC, |  |  |
| Series 2007-1, Class F, <br> 7.36% (SONIA + <br> 3.37%), <br> 03/17/2039<sup>(a)(c)(k)</sup> <br>| GBP | 2545696 | &nbsp;&nbsp; $3099358 |
| Series 2006-2, Class F, <br> 7.36% (SONIA + <br> 3.37%), <br> 12/15/2038<sup>(a)(c)(k)</sup> <br>| GBP | 816748 | &nbsp;&nbsp; 984348 |
| Auburn 15 PLC, | Auburn 15 PLC, |  |  |
| Series E, 5.98% (SONIA <br> + 2.00%), <br> 07/20/2045<sup>(a)(c)(k)</sup> <br>| GBP | 870000 | &nbsp;&nbsp; 1121753 |
| Series F, 6.48% (SONIA <br> + 2.50%), <br> 07/20/2045<sup>(a)(c)(k)</sup> <br>| GBP | 1035000 | &nbsp;&nbsp; 1335582 |
| Eurohome UK Mortgages <br> PLC, Series 2007-2, <br> Class B2, 8.11% (SONIA <br> + 4.12%), <br> 09/15/2044<sup>(a)(c)(k)</sup> <br>| GBP | 3750000 | &nbsp;&nbsp; 4766907 |
| Eurosail PLC, <br> Series 2007-4X, <br> Class D1A, 5.86% <br> (SONIA + 1.87%), <br> 06/13/2045<sup>(a)(c)(k)</sup> <br>| GBP | 4094013 | &nbsp;&nbsp; 4674380 |
| Eurosail-UK NC PLC, | Eurosail-UK NC PLC, |  |  |
| Series 2007-1X, <br> Class D1C, 5.00% <br> (SONIA + 1.01%), <br> 03/13/2045<sup>(a)(c)(k)</sup> <br>| GBP | 2500000 | &nbsp;&nbsp; 2867925 |
| Series 2007-1X, <br> Class D1A, 2.85% (3 <br> mo. EURIBOR + 0.84%), <br> 03/13/2045<sup>(a)(c)(k)</sup> <br>| EUR | 3967000 | &nbsp;&nbsp; 3912152 |
| Frontier Mortgage Funding PLC, | Frontier Mortgage Funding PLC, |  |  |
| Series 2025-1, Class E, <br> 0.00% (SONIA + <br> 2.50%), <br> 12/20/2066<sup>(a)(c)(f)(k)</sup> <br>| GBP | 6442000 | &nbsp;&nbsp; 8473161 |
| Series 2025-1, Class F, <br> 0.00% (SONIA + <br> 3.50%), <br> 12/20/2066<sup>(a)(c)(f)(k)</sup> <br>| GBP | 4628000 | &nbsp;&nbsp; 6087311 |
| Jupiter Mortgage No.1 PLC, | Jupiter Mortgage No.1 PLC, |  |  |
| Series 1A, Class ER, <br> 7.99% (SONIA + <br> 4.00%), <br> 07/20/2055<sup>(a)(c)(k)</sup> <br>| GBP | 2200000 | &nbsp;&nbsp; 2893651 |
| Series 1A, Class FR, <br> 8.99% (SONIA + <br> 5.00%), <br> 07/20/2055<sup>(a)(c)(k)</sup> <br>| GBP | 2000000 | &nbsp;&nbsp; 2630586 |
| Ludgate Funding PLC, <br> Series 2007-1, <br> Class RES, 0.00%, <br> 01/01/2061<sup>(a)(c)(f)(l)</sup> <br>| GBP | 207500000 | &nbsp;&nbsp; 2661322 |
| Mansard Mortgages PLC, | Mansard Mortgages PLC, |  |  |
| Series 2006-1X, <br> Class B2, 7.61% (SONIA <br> + 3.62%), <br> 10/15/2048<sup>(a)(c)(k)</sup> <br>| GBP | 3129741 | &nbsp;&nbsp; 4046458 |
| Series 2007-1X, <br> Class B2, 7.11% (SONIA <br> + 3.12%), <br> 04/15/2049<sup>(a)(c)(k)</sup> <br>| GBP | 1891506 | &nbsp;&nbsp; 2327757 |

---

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

**4**

**Invesco International Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Mortgage Funding PLC, <br> Series 2008-1, <br> Class B2, 7.31% (SONIA <br> + 3.32%), <br> 03/13/2046<sup>(a)(c)(k)</sup> <br>| GBP | 6580280 | &nbsp;&nbsp; $7997971 |
| Newday Funding Master Issuer PLC, | Newday Funding Master Issuer PLC, |  |  |
| Series 2025-1X, Class E, <br> 0.00% (SONIA + <br> 3.30%), <br> 04/15/2033<sup>(a)(c)(f)(k)</sup> <br>| GBP | 2700000 | &nbsp;&nbsp; 3580923 |
| Series 2024-3X, Class E, <br> 7.73% (SONIA + <br> 3.75%), <br> 11/15/2032<sup>(a)(c)(k)</sup> <br>| GBP | 3480000 | &nbsp;&nbsp; 4629836 |
| Newgate Funding PLC, | Newgate Funding PLC, |  |  |
| Series 2006-2, Class CB, <br> 2.45% (3 mo. EURIBOR <br> + 0.43%), <br> 12/01/2050<sup>(a)(c)(k)</sup> <br>| EUR | 1412749 | &nbsp;&nbsp; 1502007 |
| Series 2007-2X, <br> Class CB, 2.45% (3 mo. <br> EURIBOR + 0.44%), <br> 12/15/2050<sup>(a)(c)(k)</sup> <br>| EUR | 1772031 | &nbsp;&nbsp; 1736979 |
| Series 2007-1X, <br> Class CB, 2.43% (3 mo. <br> EURIBOR + 0.38%), <br> 12/01/2050<sup>(a)(c)(k)</sup> <br>| EUR | 1037130 | &nbsp;&nbsp; 1039354 |
| Series 2007-3X, <br> Class CB, 3.51% (3 mo. <br> EURIBOR + 1.50%), <br> 12/15/2050<sup>(a)(c)(k)</sup> <br>| EUR | 999806 | &nbsp;&nbsp; 1102048 |
| RMAC Securities No. 1 PLC, | RMAC Securities No. 1 PLC, |  |  |
| Series 2006-NS4X, <br> Class B1C, 2.88% (3 <br> mo. EURIBOR + 0.85%), <br> 06/12/2044<sup>(a)(c)(k)</sup> <br>| EUR | 5235073 | &nbsp;&nbsp; 5550752 |
| Series 2006-NS3X, <br> Class A2, 4.26% (SONIA <br> + 0.27%), <br> 06/12/2044<sup>(a)(c)(k)</sup> <br>| GBP | 10519493 | &nbsp;&nbsp; 13558710 |
| Towd Point Mortgage Funding 2024 <br> - Granite 6 PLC, | Towd Point Mortgage Funding 2024 <br> - Granite 6 PLC, |  |  |
| Series 2024-GR6X, <br> Class F, 8.49% (SONIA + <br> 4.50%), <br> 07/20/2053<sup>(a)(c)(k)</sup> <br>| GBP | 1000000 | &nbsp;&nbsp; 1315735 |
| Series 2024-GR6X, <br> Class E, 7.49% (SONIA + <br> 3.50%), <br> 07/20/2053<sup>(a)(c)(k)</sup> <br>| GBP | 1435000 | &nbsp;&nbsp; 1895169 |
| Towd Point Mortgage <br> Funding 2024 - Granite <br> 7 PLC, Series 2024-<br> GR7X, Class E, 7.23% <br> (SONIA + 3.25%), <br> 04/20/2051<sup>(a)(c)(k)</sup> <br>| GBP | 1125000 | &nbsp;&nbsp; 1480355 |
| Sestante Finance S.r.l., <br> Series 2005, Class C1, <br> 2.83% (3 mo. EURIBOR <br> + 0.80%), <br> 07/15/2045<sup>(a)(c)(k)</sup> <br>| EUR | 9700000 | &nbsp;&nbsp; 5883164 |
| IM Pastor 4, FTA, Series B, <br> 2.22% (3 mo. EURIBOR <br> + 0.19%), <br> 03/22/2044<sup>(a)(c)(k)</sup> <br>| EUR | 3800000 | &nbsp;&nbsp; 3073329 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Fideicomiso Dorrego Y Libertador, | Fideicomiso Dorrego Y Libertador, |  |  |
| Series 1A, 2.00%, <br> 12/31/2043<sup>(j)</sup> <br>|  | $10843617 | &nbsp;&nbsp; $10301436 |
| 0.00%, <br> 12/31/2043<sup>(a)(f)(j)</sup> <br>| ARS | 117222368 | &nbsp;&nbsp; 77000 |
| Fideicomiso Financiero <br> Invernea Proteina 2, <br> Serie II, 0.00%, <br> 08/25/2032<sup>(a)(f)(j)(l)</sup> <br>| ARS | 445000000 | &nbsp;&nbsp; 2174145 |
| Hera Financing DAC, | Hera Financing DAC, |  |  |
| Series 2024-1A, <br> Class B, 6.94% (SONIA + <br> 2.95%), <br> 11/17/2034<sup>(a)(c)(k)</sup> <br>| GBP | 2330532 | &nbsp;&nbsp; 3067795 |
| Series 2024-1A, <br> Class C, 7.74% (SONIA + <br> 3.75%), <br> 11/17/2034<sup>(a)(c)(k)</sup> <br>| GBP | 1331590 | &nbsp;&nbsp; 1749227 |
| Series 2024-1A, <br> Class A, 5.89% (SONIA + <br> 1.90%), <br> 11/17/2034<sup>(a)(c)(k)</sup> <br>| GBP | 1665237 | &nbsp;&nbsp; 2192616 |
| Allied Credit ABS Trust, <br> Series 2025-2, Class A, <br> 4.42% (1 mo. BBSW + <br> 0.87%), <br> 09/17/2033<sup>(a)(c)(k)</sup> <br>| AUD | 5000000 | &nbsp;&nbsp; 3271500 |
| Latitude Australia Personal <br> Loans Trust, <br> Series 2025-1, Class A, <br> 4.47% (1 mo. BBSW + <br> 1.00%), <br> 09/17/2033<sup>(a)(c)(k)</sup> <br>| AUD | 2122882 | &nbsp;&nbsp; 1391085 |
| Panorama Auto Trust, <br> Series 2025-1, Class A, <br> 4.48% (1 mo. BBSW + <br> 0.97%), <br> 03/15/2033<sup>(a)(c)(k)</sup> <br>| AUD | 3374603 | &nbsp;&nbsp; 2211028 |
| Pepper Residential <br> Securities Trust No. 41, <br> Series A1-A, 4.55% (1 <br> mo. BBSW + 1.00%), <br> 07/12/2067<sup>(a)(c)(k)</sup> <br>| AUD | 10000000 | &nbsp;&nbsp; 6544813 |
| Progress Trust, <br> Series 2023-2, Class A, <br> 4.66% (1 mo. BBSW + <br> 1.15%), <br> 07/12/2054<sup>(a)(k)</sup> <br>| AUD | 7127528 | &nbsp;&nbsp; 4701409 |
| RAF Trust, Series 2025-1, <br> Class A, 4.48% (1 mo. <br> BBSW + 0.95%), <br> 12/09/2031<sup>(a)(c)(k)</sup> <br>| AUD | 956022 | &nbsp;&nbsp; 626213 |
| Total Asset-Backed Securities <br> (Cost $153,191,777) | Total Asset-Backed Securities <br> (Cost $153,191,777) | Total Asset-Backed Securities <br> (Cost $153,191,777) | &nbsp;&nbsp; 144537250 |
| **U.S. Treasury Securities–7.07%** | **U.S. Treasury Securities–7.07%** | **U.S. Treasury Securities–7.07%** | **U.S. Treasury Securities–7.07%** |
| **U.S. Treasury Bills–7.07%** | **U.S. Treasury Bills–7.07%** | **U.S. Treasury Bills–7.07%** | **U.S. Treasury Bills–7.07%** |
| 3.63 - 4.14%, <br> 05/14/2026 <br> (Cost $91,067,048)<sup>(m)(n)(o)</sup> <br>|  | $91067048 | &nbsp;&nbsp; 91245716 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Common Stocks & Other Equity Interests–4.24%** | **Common Stocks & Other Equity Interests–4.24%** | **Common Stocks & Other Equity Interests–4.24%** | **Common Stocks & Other Equity Interests–4.24%** |
| **Argentina–4.24%** | **Argentina–4.24%** | **Argentina–4.24%** | **Argentina–4.24%** |
| Banco BBVA Argentina S.A. | Banco BBVA Argentina S.A. | 940430 | &nbsp;&nbsp; 5380831 |
| Banco Macro S.A., Class B | Banco Macro S.A., Class B | 1209399 | &nbsp;&nbsp; 11272348 |
| Grupo Financiero Galicia S.A., <br> Class B | Grupo Financiero Galicia S.A., <br> Class B | 2683990 | &nbsp;&nbsp; 16424004 |

---

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

**5**

**Invesco International Bond Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Argentina–(continued)** | **Argentina–(continued)** | **Argentina–(continued)** |
| Pampa Energia S.A.<sup>(p)</sup>  | 1450000 | &nbsp;&nbsp; $5193411 |
| YPF S.A., ADR<sup>(h)(p)</sup>  | 70000 | &nbsp;&nbsp; 2550100 |
| YPF S.A., Class D<sup>(p)</sup>  | 365000 | &nbsp;&nbsp; 13830195 |
| Total Common Stocks & Other Equity Interests <br> (Cost $32,001,945) | Total Common Stocks & Other Equity Interests <br> (Cost $32,001,945) | &nbsp;&nbsp; 54650889 |
| &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Commercial Paper–0.11%** | **Commercial Paper–0.11%** | **Commercial Paper–0.11%** |
| **Argentina–0.11%** | **Argentina–0.11%** | **Argentina–0.11%** |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/08/2026<sup>(j)(o)</sup>  | 301634 | &nbsp;&nbsp; 302177 |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 07/08/2026<sup>(j)(o)</sup>  | 354135 | &nbsp;&nbsp; 356924 |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/07/2027<sup>(j)(o)</sup>  | 487560 | &nbsp;&nbsp; 494061 |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 04/07/2027<sup>(j)(o)</sup>  | 215997 | &nbsp;&nbsp; 219562 |
| Total Commercial Paper (Cost $1,359,326) | Total Commercial Paper (Cost $1,359,326) | &nbsp;&nbsp; 1372724 |
| <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–14.11%** | **Money Market Funds–14.11%** | **Money Market Funds–14.11%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.06%<sup>(q)(r)</sup>  | 63741013 | &nbsp;&nbsp; 63741013 |
| Invesco Treasury Portfolio, <br> Institutional Class, 3.96%<sup>(q)(r)</sup>  | 118376168 | &nbsp;&nbsp; 118376168 |
| Total Money Market Funds (Cost $182,117,181) | Total Money Market Funds (Cost $182,117,181) | &nbsp;&nbsp; 182117181 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Options Purchased–5.13%** | **Options Purchased–5.13%** | **Options Purchased–5.13%** | **Options Purchased–5.13%** |
| (Cost $79,203,705)<sup>(s)</sup>  | (Cost $79,203,705)<sup>(s)</sup>  | (Cost $79,203,705)<sup>(s)</sup>  | &nbsp;&nbsp; $66209300 |
| TOTAL INVESTMENTS IN <br> SECURITIES (excluding <br> Investments purchased <br> with cash collateral from <br> securities on <br> loan)-99.26% <br> (Cost $1,290,122,421)<br>|  |  | &nbsp;&nbsp; 1280669765 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.16%** | **Money Market Funds–1.16%** | **Money Market Funds–1.16%** | **Money Market Funds–1.16%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(q)(r)(t)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(q)(r)(t)</sup>  | 4151180 | &nbsp;&nbsp; 4151180 |
| Invesco Private Prime Fund, <br> 4.30%<sup>(q)(r)(t)</sup>  | Invesco Private Prime Fund, <br> 4.30%<sup>(q)(r)(t)</sup>  | 10802417 | &nbsp;&nbsp; 10805657 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $14,956,866) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $14,956,866) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $14,956,866) | &nbsp;&nbsp; 14956837 |
| TOTAL INVESTMENTS IN SECURITIES—100.42% <br> (Cost $1,305,079,287) | TOTAL INVESTMENTS IN SECURITIES—100.42% <br> (Cost $1,305,079,287) | TOTAL INVESTMENTS IN SECURITIES—100.42% <br> (Cost $1,305,079,287) | &nbsp;&nbsp; 1295626602 |
| OTHER ASSETS LESS LIABILITIES–(0.42)% | OTHER ASSETS LESS LIABILITIES–(0.42)% | OTHER ASSETS LESS LIABILITIES–(0.42)% | &nbsp;&nbsp; (5426035)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1290200567 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ADR | – American Depositary Receipt |
| ARS | – Argentina Peso |
| AUD | – Australian Dollar |
| BBSW | – Bank Bill Swap Rate |
| BRL | – Brazilian Real |
| COP | – Colombia Peso |
| EUR | – Euro |
| EURIBOR | – Euro Interbank Offered Rate |
| GBP | – British Pound Sterling |
| INR | – Indian Rupee |
| MXN | – Mexican Peso |
| SONIA | – Sterling Overnight Index Average |
| ZAR | – South African Rand |

---

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

**6**

**Invesco International Bond Fund**

------

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

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

<sup>(c)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $440,631,438, which represented 34.15% of the Fund's Net Assets. 

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

<sup>(e)</sup> Perpetual bond with no specified maturity date.

<sup>(f)</sup> Zero coupon bond issued at a discount.

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

<sup>(h)</sup> All or a portion of this security was out on loan at October 31, 2025.

<sup>(i)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at October 31, 2025 represented less than 1% of the Fund's Net Assets. 

<sup>(j)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(k)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2025.

<sup>(l)</sup> Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2025. 

<sup>(m)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1N.

<sup>(n)</sup> All or a portion of the value was designated as collateral to cover margin requirements for swap agreements. See Note 1Q.

<sup>(o)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(p)</sup> Non-income producing security.

<sup>(q)</sup> 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 fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $5 | &nbsp;&nbsp; $347766132 | &nbsp;&nbsp; $(284025124) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $63741013 | &nbsp;&nbsp; $1144682 |
| Invesco Treasury Portfolio, Institutional Class | - | &nbsp;&nbsp; 645851388 | &nbsp;&nbsp; (527475220) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 118376168 | &nbsp;&nbsp; 2105704 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 4165492 | &nbsp;&nbsp; 33679379 | &nbsp;&nbsp; (33693691) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4151180 | &nbsp;&nbsp; 176,809\* |
| Invesco Private Prime Fund | 10866263 | &nbsp;&nbsp; 77270032 | &nbsp;&nbsp; (77331497) | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 10805657 | &nbsp;&nbsp; 477,404\* |
| Total | $15031760 | &nbsp;&nbsp; $1104566931 | &nbsp;&nbsp; $(922525532) | &nbsp;&nbsp; $472 | &nbsp;&nbsp; $387 | &nbsp;&nbsp; $197074018 | &nbsp;&nbsp; $3904599 |

---

\* 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. 

<sup>(r)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(s)</sup> The table below details options purchased.

<sup>(t)</sup> 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 Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500 Index | Put | 12/19/2025 | &nbsp;&nbsp;&nbsp; 42 | USD | 6100.00 | USD | 25620000 | &nbsp;&nbsp;&nbsp; $103950 |
| S&P 500 Index | Put | 01/16/2026 | &nbsp;&nbsp;&nbsp; 42 | USD | 6100.00 | USD | 25620000 | &nbsp;&nbsp;&nbsp; 190260 |
| Total Index Options Purchased | Total Index Options Purchased | Total Index Options Purchased |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $294210 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

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

**7**

**Invesco International Bond Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Counterparty** | &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 12/01/2025 | USD | 0.68 | AUD | 10000000 | &nbsp;&nbsp;&nbsp; $321392 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 12/16/2025 | USD | 0.67 | AUD | 75000000 | &nbsp;&nbsp;&nbsp; 48140 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 03/12/2026 | USD | 0.68 | AUD | 50000000 | &nbsp;&nbsp;&nbsp; 237478 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 04/07/2026 | USD | 0.75 | AUD | 15000000 | &nbsp;&nbsp;&nbsp; 117332 |
| AUD versus USD | Call | UBS AG | &nbsp;&nbsp;&nbsp; 08/21/2026 | USD | 0.69 | AUD | 50000000 | &nbsp;&nbsp;&nbsp; 466647 |
| EUR versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 11/12/2025 | USD | 1.22 | EUR | 10000000 | &nbsp;&nbsp;&nbsp; 2179 |
| EUR versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 01/16/2026 | USD | 1.21 | EUR | 10000000 | &nbsp;&nbsp;&nbsp; 452242 |
| EUR versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 02/04/2026 | USD | 1.24 | EUR | 7500000 | &nbsp;&nbsp;&nbsp; 184611 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/09/2026 | USD | 1.19 | EUR | 7500000 | &nbsp;&nbsp;&nbsp; 3856 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/13/2026 | USD | 1.20 | EUR | 10000000 | &nbsp;&nbsp;&nbsp; 686449 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/25/2026 | USD | 1.20 | EUR | 12500000 | &nbsp;&nbsp;&nbsp; 736659 |
| EUR versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 02/02/2026 | USD | 1.19 | EUR | 11670000 | &nbsp;&nbsp;&nbsp; 5260 |
| EUR versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 02/06/2026 | USD | 1.20 | EUR | 10000000 | &nbsp;&nbsp;&nbsp; 529896 |
| EUR versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/08/2026 | USD | 1.35 | EUR | 16670000 | &nbsp;&nbsp;&nbsp; 146858 |
| Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp; 3938999 |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| CHF versus JPY | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 07/27/2026 | JPY | 160.00 | CHF | 12500000 | &nbsp;&nbsp;&nbsp; 171591 |
| CHF versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/21/2027 | JPY | 147.00 | CHF | 20000000 | &nbsp;&nbsp;&nbsp; 358770 |
| CHF versus JPY | Put | UBS AG | &nbsp;&nbsp;&nbsp; 09/17/2026 | JPY | 161.00 | CHF | 7500000 | &nbsp;&nbsp;&nbsp; 165172 |
| CHF versus JPY | Put | UBS AG | &nbsp;&nbsp;&nbsp; 10/23/2026 | JPY | 165.00 | CHF | 7500000 | &nbsp;&nbsp;&nbsp; 305042 |
| EUR versus INR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 03/16/2026 | INR | 100.00 | EUR | 5000000 | &nbsp;&nbsp;&nbsp; 790401 |
| EUR versus INR | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 03/16/2026 | INR | 99.50 | EUR | 5000000 | &nbsp;&nbsp;&nbsp; 643421 |
| EUR versus INR | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 07/27/2026 | INR | 98.50 | EUR | 5000000 | &nbsp;&nbsp;&nbsp; 560891 |
| EUR versus NOK | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 01/08/2026 | NOK | 11.40 | EUR | 5000000 | &nbsp;&nbsp;&nbsp; 488631 |
| EUR versus NOK | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 12/10/2025 | NOK | 11.50 | EUR | 7500000 | &nbsp;&nbsp;&nbsp; 1215616 |
| EUR versus NOK | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 01/07/2026 | NOK | 11.50 | EUR | 5000000 | &nbsp;&nbsp;&nbsp; 721588 |
| USD versus BRL | Put | Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 01/14/2026 | BRL | 5.25 | USD | 2500000 | &nbsp;&nbsp;&nbsp; 341670 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 12/11/2025 | BRL | 5.33 | USD | 6250000 | &nbsp;&nbsp;&nbsp; 1295300 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 12/15/2025 | BRL | 5.28 | USD | 12500000 | &nbsp;&nbsp;&nbsp; 1830213 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 12/18/2025 | BRL | 5.10 | USD | 7500000 | &nbsp;&nbsp;&nbsp; 112755 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 06/25/2026 | BRL | 5.40 | USD | 50000000 | &nbsp;&nbsp;&nbsp; 963050 |
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 03/24/2026 | BRL | 5.40 | USD | 50000000 | &nbsp;&nbsp;&nbsp; 836950 |
| USD versus BRL | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 01/30/2026 | BRL | 5.10 | USD | 3750000 | &nbsp;&nbsp;&nbsp; 198690 |
| USD versus CAD | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/06/2026 | CAD | 1.20 | USD | 12500000 | &nbsp;&nbsp;&nbsp; 20213 |
| USD versus CAD | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 11/05/2025 | CAD | 1.28 | USD | 12500000 | &nbsp;&nbsp;&nbsp; 13 |
| USD versus CLP | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 12/18/2025 | CLP | 945.00 | USD | 25000000 | &nbsp;&nbsp;&nbsp; 562850 |
| USD versus INR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/22/2026 | INR | 82.00 | USD | 10000000 | &nbsp;&nbsp;&nbsp; 73090 |
| USD versus JPY | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 12/17/2025 | JPY | 144.00 | USD | 10000000 | &nbsp;&nbsp;&nbsp; 137860 |
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/06/2026 | JPY | 110.00 | USD | 50000000 | &nbsp;&nbsp;&nbsp; 56100 |
| USD versus JPY | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 07/03/2026 | JPY | 120.00 | USD | 12500000 | &nbsp;&nbsp;&nbsp; 106350 |
| USD versus KRW | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/20/2026 | KRW | 1200.00 | USD | 5000000 | &nbsp;&nbsp;&nbsp; 35775 |
| USD versus KRW | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 01/27/2026 | KRW | 1360.00 | USD | 7500000 | &nbsp;&nbsp;&nbsp; 817687 |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/15/2026 | KRW | 1300.00 | USD | 116670000 | &nbsp;&nbsp;&nbsp; 131720 |
| USD versus KRW | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 12/08/2025 | KRW | 1200.00 | USD | 15000000 | &nbsp;&nbsp;&nbsp; 390 |
| USD versus MXN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 11/28/2025 | MXN | 18.30 | USD | 4000000 | &nbsp;&nbsp;&nbsp; 567112 |
| USD versus MXN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/18/2026 | MXN | 18.10 | USD | 10000000 | &nbsp;&nbsp;&nbsp; 731550 |
| USD versus MXN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 01/28/2026 | MXN | 18.25 | USD | 5000000 | &nbsp;&nbsp;&nbsp; 402530 |

---

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

**8**

**Invesco International Bond Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of**<br> **Contract**<br>| **Counterparty** | &nbsp;&nbsp; **Expiration**<br> **Date**<br>| &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value** | **Value** |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 12/31/2025 | MXN | 17.95 | USD | 7500000 | &nbsp;&nbsp;&nbsp; $350932 |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 07/27/2026 | MXN | 17.90 | USD | 10000000 | &nbsp;&nbsp;&nbsp; 1751440 |
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 01/15/2026 | ZAR | 16.80 | USD | 5000000 | &nbsp;&nbsp;&nbsp; 502090 |
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 03/26/2026 | ZAR | 17.25 | USD | 50000000 | &nbsp;&nbsp;&nbsp; 894600 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 01/16/2026 | ZAR | 17.15 | USD | 5000000 | &nbsp;&nbsp;&nbsp; 1041385 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 01/28/2026 | ZAR | 17.10 | USD | 5000000 | &nbsp;&nbsp;&nbsp; 892960 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 02/13/2026 | ZAR | 16.80 | USD | 5000000 | &nbsp;&nbsp;&nbsp; 550970 |
| USD versus ZAR | Put | UBS AG | &nbsp;&nbsp;&nbsp; 12/16/2025 | ZAR | 17.10 | USD | 100000000 | &nbsp;&nbsp;&nbsp; 319300 |
| Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp; 20946668 |
| Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp; $24885667 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $25,576,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Counterparty** | **Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Pay/** <br>**Receive** <br>**Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Floating Rate** <br>**Index**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 10 Year Interest Rate <br> Swap<br>| Call | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 2.79% | Receive | 6 Month EURIBOR | Semi-Annually | 02/16/2026 | &nbsp;&nbsp; EUR | 38330000 | &nbsp;&nbsp; $713545 |
| 10 Year Interest Rate <br> Swap<br>| Call | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 2.70 | Receive | 6 Month EURIBOR | Semi-Annually | 08/07/2026 | &nbsp;&nbsp; EUR | 18330000 | &nbsp;&nbsp; 335462 |
| 10 Year Interest Rate <br> Swap<br>| Call | Merrill Lynch International | 2.69 | Receive | 6 Month EURIBOR | Semi-Annually | 08/18/2026 | &nbsp;&nbsp; EUR | 37670000 | &nbsp;&nbsp; 674286 |
| 10 Year Interest Rate <br> Swap<br>| Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.78 | Receive | 6 Month EURIBOR | Semi-Annually | 09/14/2026 | &nbsp;&nbsp; EUR | 35550000 | &nbsp;&nbsp; 824957 |
| 10 Year Interest Rate <br> Swap<br>| Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 3.70 | Receive | SOFR | Annually | 09/24/2035 | &nbsp;&nbsp; USD | 33333333 | &nbsp;&nbsp; 1638683 |
| 2 Year Interest Rate Swap | Call | Barclays Bank PLC | 3.25 | Receive | SOFR | Annually | 05/21/2026 | &nbsp;&nbsp; USD | 666670000 | &nbsp;&nbsp; 3093042 |
| 2 Year Interest Rate Swap | Call | BNP Paribas S.A. | 3.28 | Receive | SOFR | Annually | 01/29/2026 | &nbsp;&nbsp; USD | 173330000 | &nbsp;&nbsp; 460772 |
| 2 Year Interest Rate Swap | Call | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 2.85 | Receive | 6 Month EURIBOR | Semi-Annually | 09/12/2030 | &nbsp;&nbsp; EUR | 195560000 | &nbsp;&nbsp; 2293276 |
| 20 Year Interest Rate <br> Swap<br>| Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.12 | Receive | SOFR | Annually | 10/17/2035 | &nbsp;&nbsp; USD | 66670000 | &nbsp;&nbsp; 1723361 |
| 5 Year Interest Rate Swap | Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.36 | Receive | 6 Month EURIBOR | Semi-Annually | 02/06/2026 | &nbsp;&nbsp; EUR | 93330000 | &nbsp;&nbsp; 481545 |
| 5 Year Interest Rate Swap | Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.38 | Receive | 6 Month EURIBOR | Semi-Annually | 06/24/2026 | &nbsp;&nbsp; EUR | 98330000 | &nbsp;&nbsp; 780861 |
| Subtotal — Interest Rate Call Swaptions Purchased | Subtotal — Interest Rate Call Swaptions Purchased | Subtotal — Interest Rate Call Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; 13019790 |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 10 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 3.71 | Pay | SOFR | Annually | 07/07/2026 | &nbsp;&nbsp; USD | 19170000 | &nbsp;&nbsp; 401814 |
| 10 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 5.20 | Pay | SOFR | Annually | 09/24/2035 | &nbsp;&nbsp; USD | 33333333 | &nbsp;&nbsp; 1976853 |
| 15 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 1.76 | Pay | 6 Month EURIBOR | Semi-Annually | 03/15/2039 | &nbsp;&nbsp; EUR | 100000000 | &nbsp;&nbsp; 20809091 |
| 20 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 6.12 | Pay | SOFR | Annually | 10/17/2035 | &nbsp;&nbsp; USD | 66670000 | &nbsp;&nbsp; 3884449 |
| 30 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 2.92 | Pay | 6 Month EURIBOR | Semi-Annually | 02/09/2026 | &nbsp;&nbsp; EUR | 33330000 | &nbsp;&nbsp; 937426 |
| Subtotal — Interest Rate Put Swaptions Purchased | Subtotal — Interest Rate Put Swaptions Purchased | Subtotal — Interest Rate Put Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; 28009633 |
| Total Interest Rate Swaptions Purchased | Total Interest Rate Swaptions Purchased | Total Interest Rate Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; $41029423 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $25,576,000.

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

**9**

**Invesco International Bond Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  |
| **Counterparty** | **Type of** <br>**Contract**<br>| **Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Reference** <br>**Entity**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Expiration** <br>**Date(b)**<br>| **Implied** <br>**Credit** <br>**Spread**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Credit Risk** |  |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A. | Put | 106.00<br> %<br>| &nbsp;&nbsp; Markit CDX North America <br> Investment Grade Index, Series 45, <br> Version 1<br>| (5.00)%<br>| Quarterly | 11/19/2025 | 3.273<br> %<br>| USD | 50000000 | $(100716)<br>|
| BNP Paribas S.A. | Put | 102.00 | &nbsp;&nbsp; Markit CDX North America High Yield <br> Index, Series 45, Version 1<br>| (5.00)<br>| Quarterly | 01/21/2026 | 3.273 | USD | 50000000 | (165602)<br>|
| Goldman Sachs International | Put | 105.00 | &nbsp;&nbsp; Markit CDX North America High Yield <br> Index, Series 44, Version 1<br>| (5.00)<br>| Quarterly | 01/21/2026 | 3.064 | USD | 65000000 | (357440)<br>|
| Goldman Sachs International | Put | 70.00 | &nbsp;&nbsp; Markit CDX North America <br> Investment Grade Index, Series 45, <br> Version 1<br>| (1.00)<br>| Quarterly | 01/21/2026 | 0.524 | USD | 100000000 | (87752)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 350.00 | &nbsp;&nbsp; Markit iTraxx Europe Crossover <br> Index, Series 43, Version 2<br>| (5.00)<br>| Quarterly | 12/17/2025 | 2.449 | EUR | 50000000 | (73947)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 105.00 | &nbsp;&nbsp; Markit CDX North America High Yield <br> Index, Series 44, Version 1<br>| (5.00)<br>| Quarterly | 12/17/2025 | 3.064 | USD | 60000000 | (174916)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 325.00 | &nbsp;&nbsp; Markit iTraxx Europe Crossover <br> Index, Series 43, Version 2<br>| (5.00)<br>| Quarterly | 01/21/2026 | 2.449 | EUR | 50000000 | (201371)<br>|
| Total Credit Default Swaptions Written | Total Credit Default Swaptions Written |  |  |  |  |  |  |  |  | $(1161744)<br>|

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $25,576,000.

<sup>(b)</sup> Implied credit spreads represent the current level, as of October 31, 2025, 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**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  |
| **Description** | **Counterparty** | **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp; **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD<br> Call | Merrill Lynch International | &nbsp;&nbsp; 03/12/2026 | USD | 0.71 | AUD | 50000000 | &nbsp;&nbsp; $(45376)<br>|
| USD versus BRL<br> Call | Deutsche Bank AG | &nbsp;&nbsp; 12/16/2025 | BRL | 5.65 | USD | 50000000 | &nbsp;&nbsp; (263750)<br>|
| USD versus BRL<br> Call | Goldman Sachs International | &nbsp;&nbsp; 06/18/2026 | BRL | 6.00 | USD | 105000000 | &nbsp;&nbsp; (2453115)<br>|
| USD versus BRL<br> Call | Goldman Sachs International | &nbsp;&nbsp; 07/06/2027 | BRL | 6.75 | USD | 75000000 | &nbsp;&nbsp; (3551925)<br>|
| USD versus BRL<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/25/2026 | BRL | 6.00 | USD | 25000000 | &nbsp;&nbsp; (609875)<br>|
| USD versus BRL<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/10/2026 | BRL | 7.00 | USD | 33350000 | &nbsp;&nbsp; (202801)<br>|
| USD versus BRL<br> Call | Merrill Lynch International | &nbsp;&nbsp; 03/24/2026 | BRL | 5.90 | USD | 50000000 | &nbsp;&nbsp; (688600)<br>|
| USD versus BRL<br> Call | Merrill Lynch International | &nbsp;&nbsp; 07/03/2026 | BRL | 6.40 | USD | 75000000 | &nbsp;&nbsp; (1015800)<br>|
| USD versus CLP<br> Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 12/18/2025 | CLP | 1025.00 | USD | 25000000 | &nbsp;&nbsp; (64825)<br>|
| USD versus IDR<br> Call | Goldman Sachs International | &nbsp;&nbsp; 08/13/2026 | IDR | 17000.00 | USD | 50000000 | &nbsp;&nbsp; (1051800)<br>|
| USD versus KRW<br> Call | Merrill Lynch International | &nbsp;&nbsp; 05/15/2026 | KRW | 1455.00 | USD | 33330000 | &nbsp;&nbsp; (456488)<br>|
| USD versus MXN<br> Call | Merrill Lynch International | &nbsp;&nbsp; 07/27/2026 | MXN | 22.00 | USD | 37500000 | &nbsp;&nbsp; (261900)<br>|
| USD versus TRY<br> Call | Goldman Sachs International | &nbsp;&nbsp; 07/27/2026 | TRY | 54.45 | USD | 25000000 | &nbsp;&nbsp; (1279550)<br>|
| USD versus TRY<br> Call | Goldman Sachs International | &nbsp;&nbsp; 08/27/2026 | TRY | 54.65 | USD | 62500000 | &nbsp;&nbsp; (3816250)<br>|
| USD versus ZAR<br> Call | Goldman Sachs International | &nbsp;&nbsp; 03/26/2026 | ZAR | 18.75 | USD | 50000000 | &nbsp;&nbsp; (418000)<br>|
| USD versus ZAR<br> Call | Goldman Sachs International | &nbsp;&nbsp; 08/14/2026 | ZAR | 19.50 | USD | 25000000 | &nbsp;&nbsp; (363475)<br>|
| USD versus ZAR<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/01/2026 | ZAR | 20.00 | USD | 12500000 | &nbsp;&nbsp; (83538)<br>|
| USD versus ZAR<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/01/2026 | ZAR | 21.50 | USD | 25000000 | &nbsp;&nbsp; (75050)<br>|
| USD versus ZAR<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/18/2026 | ZAR | 20.50 | USD | 37500000 | &nbsp;&nbsp; (214313)<br>|
| USD versus ZAR<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 09/14/2026 | ZAR | 20.50 | USD | 50000000 | &nbsp;&nbsp; (517650)<br>|
| Subtotal — Foreign Currency Call Options Written | Subtotal — Foreign Currency Call Options Written | Subtotal — Foreign Currency Call Options Written |  |  |  |  | &nbsp;&nbsp; (17434081)<br>|

---

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 Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** |
| **Description** | &nbsp;&nbsp; **Type of**<br> **Contract**<br>| **Counterparty** | **Expiration**<br> **Date**<br>| &nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp; **Notional**<br> **Value** | &nbsp;&nbsp; **Notional**<br> **Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 02/25/2026 | USD | 0.62 | AUD | 62500000 | &nbsp;&nbsp; $(178951)<br>|
| AUD versus USD | Put | Merrill Lynch International | &nbsp;&nbsp; 12/16/2025 | USD | 0.65 | AUD | 75000000 | &nbsp;&nbsp; (276278)<br>|
| AUD versus USD | Put | Merrill Lynch International | &nbsp;&nbsp; 03/12/2026 | USD | 0.64 | AUD | 50000000 | &nbsp;&nbsp; (377825)<br>|
| AUD versus USD | Put | UBS AG | &nbsp;&nbsp; 08/21/2026 | USD | 0.61 | AUD | 50000000 | &nbsp;&nbsp; (314915)<br>|
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp; 06/18/2026 | BRL | 5.35 | USD | 105000000 | &nbsp;&nbsp; (1685250)<br>|
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp; 07/06/2027 | BRL | 5.30 | USD | 75000000 | &nbsp;&nbsp; (1572225)<br>|
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/25/2026 | BRL | 5.05 | USD | 50000000 | &nbsp;&nbsp; (238700)<br>|
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp; 03/24/2026 | BRL | 5.05 | USD | 50000000 | &nbsp;&nbsp; (112150)<br>|
| USD versus CLP | Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 12/18/2025 | CLP | 890.00 | USD | 25000000 | &nbsp;&nbsp; (86475)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 03/11/2026 | ZAR | 17.50 | USD | 25000000 | &nbsp;&nbsp; (602900)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 03/26/2026 | ZAR | 16.50 | USD | 50000000 | &nbsp;&nbsp; (247150)<br>|
| Subtotal — Foreign Currency Put Options Written | Subtotal — Foreign Currency Put Options Written | Subtotal — Foreign Currency Put Options Written | Subtotal — Foreign Currency Put Options Written |  |  |  |  | &nbsp;&nbsp; (5692819)<br>|
| Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written |  |  |  |  | &nbsp;&nbsp; $(23126900)<br>|

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $25,576,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  |
| **Description** | **Counterparty** | **Exercise** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/** <br>**Receive** <br>**Exercise** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 2 Year Interest Rate Swap<br> Call | Barclays Bank PLC | 2.73% | SOFR | Receive | Annually | 05/21/2026 | USD | 666670000 | $(1029625)<br>|
| 5 Year Interest Rate Swap<br> Call | Barclays Bank PLC | 3.25 | SOFR | Receive | Annually | 05/21/2026 | USD | 213330000 | (1686165)<br>|
| 30 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.75 | SOFR | Receive | Annually | 12/26/2025 | USD | 30590000 | (191319)<br>|
| 5 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.10 | SOFR | Receive | Annually | 03/03/2026 | USD | 100000000 | (355376)<br>|
| 30 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 2.80 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 09/11/2026 | EUR | 21000000 | (866836)<br>|
| 30 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.70 | SOFR | Receive | Annually | 01/15/2026 | USD | 28330000 | (201673)<br>|
| 10 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.44 | SOFR | Receive | Annually | 01/29/2026 | USD | 36670000 | (179310)<br>|
| 2 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 2.93 | SOFR | Receive | Annually | 01/29/2026 | USD | 173330000 | (149143)<br>|
| 10 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.50 | SOFR | Receive | Annually | 04/07/2026 | USD | 337500000 | (3361004)<br>|
| 10 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.40 | SOFR | Receive | Annually | 03/09/2026 | USD | 215600000 | (1317749)<br>|
| 30 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.02 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 09/12/2030 | EUR | 17780000 | (2075563)<br>|
| 30 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 2.96 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 02/16/2026 | EUR | 16670000 | (621503)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.42 | SOFR | Receive | Annually | 07/11/2029 | USD | 40000000 | (852902)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.65 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 07/30/2026 | EUR | 50000000 | (1278378)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.60 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 08/07/2026 | EUR | 11330000 | (260231)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.85 | SOFR | Receive | Annually | 02/23/2026 | USD | 40000000 | (788943)<br>|
| 30 Year Interest Rate Swap<br> Call | Merrill Lynch International | 2.79 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 08/18/2026 | EUR | 16330000 | (619334)<br>|
| 5 Year Interest Rate Swap<br> Call | Merrill Lynch International | 2.50 | CORRA | Receive | Semi-Annually | 12/02/2025 | CAD | 50000000 | (132623)<br>|
| 50 Year Interest Rate Swap<br> Call | Morgan Stanley and Co. <br> International PLC<br>| 2.58 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 05/21/2026 | EUR | 20000000 | (556825)<br>|
| 50 Year Interest Rate Swap<br> Call | Morgan Stanley and Co. <br> International PLC<br>| 2.60 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 06/24/2026 | EUR | 16670000 | (563601)<br>|

---

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 Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** |
| **Description** | **Type of**<br> **Contract**<br>| **Counterparty** | **Exercise**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
| 30 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.70% | SOFR | Receive | Annually | 01/20/2026 | USD | 100000000 | $(768923)<br>|
| 30 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 2.78 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 02/06/2026 | EUR | 22330000 | (384214)<br>|
| 30 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.75 | SOFR | Receive | Annually | 06/22/2026 | USD | 20000000 | (506233)<br>|
| 50 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 2.74 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 09/14/2026 | EUR | 12660000 | (749995)<br>|
| Subtotal—Interest Rate Call Swaptions Written | Subtotal—Interest Rate Call Swaptions Written | Subtotal—Interest Rate Call Swaptions Written | Subtotal—Interest Rate Call Swaptions Written | Subtotal—Interest Rate Call Swaptions Written |  |  |  |  |  | (19497468)<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 30 Year Interest Rate Swap | Put | Barclays Bank PLC | 5.55 | SONIA | Pay | Annually | 05/10/2027 | GBP | 33330000 | (722647)<br>|
| 5 Year Interest Rate Swap | Put | BNP Paribas S.A. | 2.73 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 05/24/2027 | EUR | 107500000 | (1154594)<br>|
| 5 Year Interest Rate Swap | Put | BNP Paribas S.A. | 3.65 | SOFR | Pay | Annually | 03/03/2026 | USD | 100000000 | (340887)<br>|
| 30 Year Interest Rate Swap | Put | Goldman Sachs <br> International<br>| 3.32 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 02/09/2026 | EUR | 66670000 | (312162)<br>|
| 1 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.60 | SOFR | Pay | At Maturity | 06/21/2027 | USD | 666670000 | (1574315)<br>|
| 5 Year Interest Rate Swap | Put | Merrill Lynch International | 3.00 | CORRA | Pay | Semi-Annually | 12/02/2025 | CAD | 50000000 | (888)<br>|
| 10 Year Interest Rate Swap | Put | Merrill Lynch International | 4.34 | 6 Month <br> BBSW<br>| Pay | Semi-Annually | 12/11/2025 | AUD | 66670000 | (351446)<br>|
| 10 Year Interest Rate Swap | Put | Merrill Lynch International | 4.38 | 6 Month <br> BBSW<br>| Pay | Semi-Annually | 01/29/2026 | AUD | 66670000 | (460639)<br>|
| 10 Year Interest Rate Swap | Put | Merrill Lynch International | 4.37 | 6 Month <br> BBSW<br>| Pay | Semi-Annually | 01/28/2026 | AUD | 100000000 | (716223)<br>|
| 30 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.25 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 07/16/2026 | EUR | 44000000 | (956228)<br>|
| 2 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 2.19 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 01/29/2026 | EUR | 333330000 | (362259)<br>|
| 10 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 2.86 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 09/11/2026 | EUR | 68330000 | (1074492)<br>|
| 30 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 5.00 | SONIA | Pay | Annually | 10/22/2027 | GBP | 53335000 | (2949939)<br>|
| 10 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 4.16 | SOFR | Pay | Annually | 07/07/2026 | USD | 19170000 | (157945)<br>|
| 2 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.43 | SOFR | Pay | Annually | 07/07/2026 | USD | 200000000 | (621676)<br>|
| 1 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.10 | SOFR | Pay | At Maturity | 09/21/2026 | USD | 583330000 | (1831831)<br>|
| Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written |  |  |  |  |  | (13588171)<br>|
| Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written |  |  |  |  |  | $(33085639)<br>|

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $25,576,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 3981 | December-2025 | &nbsp;&nbsp;&nbsp; $829012150 | &nbsp;&nbsp;&nbsp; $(126885)<br>| &nbsp;&nbsp;&nbsp; $(126885)<br>|
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 25 | December-2025 | &nbsp;&nbsp;&nbsp; (2887109)<br>| &nbsp;&nbsp;&nbsp; (34417)<br>| &nbsp;&nbsp;&nbsp; (34417)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(161302)<br>| &nbsp;&nbsp;&nbsp; $(161302)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $236,636 cash held with Merrill Lynch International, the futures commission merchant.

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

**12**

**Invesco International Bond Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 11/04/2025 | Deutsche Bank AG | USD | 11248242 | BRL | 60563910 | &nbsp;&nbsp;&nbsp; $9095 |
| 11/18/2025 | Deutsche Bank AG | USD | 76776000 | EUR | 70000000 | &nbsp;&nbsp;&nbsp; 3973148 |
| 12/17/2025 | Deutsche Bank AG | CZK | 17543322 | USD | 843713 | &nbsp;&nbsp;&nbsp; 11851 |
| 12/17/2025 | Deutsche Bank AG | EUR | 24500000 | USD | 28903875 | &nbsp;&nbsp;&nbsp; 595052 |
| 12/17/2025 | Deutsche Bank AG | INR | 3082681000 | USD | 34834128 | &nbsp;&nbsp;&nbsp; 190268 |
| 12/17/2025 | Deutsche Bank AG | JPY | 295066000 | USD | 1939863 | &nbsp;&nbsp;&nbsp; 16965 |
| 12/17/2025 | Deutsche Bank AG | KRW | 19663000000 | USD | 13851768 | &nbsp;&nbsp;&nbsp; 67521 |
| 12/17/2025 | Deutsche Bank AG | NOK | 563878473 | USD | 56445000 | &nbsp;&nbsp;&nbsp; 779586 |
| 12/17/2025 | Deutsche Bank AG | PLN | 86630378 | USD | 23854603 | &nbsp;&nbsp;&nbsp; 405616 |
| 12/17/2025 | Deutsche Bank AG | SGD | 79062968 | USD | 61765000 | &nbsp;&nbsp;&nbsp; 823489 |
| 12/17/2025 | Deutsche Bank AG | THB | 1015055071 | USD | 32190247 | &nbsp;&nbsp;&nbsp; 690192 |
| 11/04/2025 | Goldman Sachs International | BRL | 67333531 | USD | 12545000 | &nbsp;&nbsp;&nbsp; 29357 |
| 11/04/2025 | Goldman Sachs International | USD | 155965777 | BRL | 848206709 | &nbsp;&nbsp;&nbsp; 1694928 |
| 11/06/2025 | Goldman Sachs International | USD | 12500000 | BRL | 70375000 | &nbsp;&nbsp;&nbsp; 573443 |
| 12/17/2025 | Goldman Sachs International | CNY | 44785000 | USD | 6330339 | &nbsp;&nbsp;&nbsp; 8457 |
| 12/17/2025 | Goldman Sachs International | EUR | 19958958 | USD | 23615000 | &nbsp;&nbsp;&nbsp; 553179 |
| 12/17/2025 | Goldman Sachs International | INR | 1711463023 | USD | 19250000 | &nbsp;&nbsp;&nbsp; 16195 |
| 12/17/2025 | Goldman Sachs International | JPY | 3724533002 | USD | 25085000 | &nbsp;&nbsp;&nbsp; 812817 |
| 12/17/2025 | Goldman Sachs International | USD | 22253024 | MXN | 418303450 | &nbsp;&nbsp;&nbsp; 161224 |
| 12/29/2025 | Goldman Sachs International | EUR | 11750000 | USD | 13766300 | &nbsp;&nbsp;&nbsp; 180266 |
| 05/08/2026 | Goldman Sachs International | JPY | 2223200000 | USD | 16000000 | &nbsp;&nbsp;&nbsp; 1324338 |
| 03/19/2027 | Goldman Sachs International | INR | 22223750000 | USD | 250000000 | &nbsp;&nbsp;&nbsp; 7810028 |
| 12/17/2025 | HSBC Bank USA | AUD | 7423473 | USD | 4918977 | &nbsp;&nbsp;&nbsp; 59512 |
| 12/17/2025 | HSBC Bank USA | GBP | 10999506 | USD | 14810625 | &nbsp;&nbsp;&nbsp; 359786 |
| 11/04/2025 | J.P. Morgan Chase Bank, N.A. | USD | 250836530 | BRL | 1350529516 | &nbsp;&nbsp;&nbsp; 193594 |
| 12/02/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 93345000 | USD | 17247783 | &nbsp;&nbsp;&nbsp; 21948 |
| 12/02/2025 | J.P. Morgan Chase Bank, N.A. | USD | 36478577 | BRL | 197692000 | &nbsp;&nbsp;&nbsp; 3396 |
| 12/04/2025 | J.P. Morgan Chase Bank, N.A. | ZAR | 857055000 | USD | 50000000 | &nbsp;&nbsp;&nbsp; 668125 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | AUD | 115276258 | USD | 76202621 | &nbsp;&nbsp;&nbsp; 741849 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | CAD | 69340761 | USD | 49706297 | &nbsp;&nbsp;&nbsp; 155332 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 334200554 | USD | 392972153 | &nbsp;&nbsp;&nbsp; 6816051 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | GBP | 121119646 | USD | 163962320 | &nbsp;&nbsp;&nbsp; 4838767 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | JPY | 8236130031 | USD | 56435723 | &nbsp;&nbsp;&nbsp; 2762187 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | NOK | 67075377 | USD | 6802377 | &nbsp;&nbsp;&nbsp; 180776 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | NZD | 4078481 | USD | 2438573 | &nbsp;&nbsp;&nbsp; 100392 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | SEK | 177000 | USD | 19088 | &nbsp;&nbsp;&nbsp; 409 |
| 12/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 16750000 | MXN | 322831125 | &nbsp;&nbsp;&nbsp; 546677 |
| 07/07/2026 | J.P. Morgan Chase Bank, N.A. | JPY | 1572412500 | USD | 11250000 | &nbsp;&nbsp;&nbsp; 820324 |
| 11/04/2025 | Merrill Lynch International | USD | 22387557 | BRL | 120541322 | &nbsp;&nbsp;&nbsp; 18102 |
| 12/17/2025 | Merrill Lynch International | CAD | 1655000 | USD | 1199597 | &nbsp;&nbsp;&nbsp; 16932 |
| 12/17/2025 | Merrill Lynch International | IDR | 553902790000 | USD | 33550550 | &nbsp;&nbsp;&nbsp; 269122 |
| 12/17/2025 | Merrill Lynch International | INR | 1316727900 | USD | 14900000 | &nbsp;&nbsp;&nbsp; 102317 |
| 12/17/2025 | Merrill Lynch International | KRW | 14942784045 | USD | 10830655 | &nbsp;&nbsp;&nbsp; 355396 |
| 12/17/2025 | Merrill Lynch International | USD | 33103688 | CLP | 31494849197 | &nbsp;&nbsp;&nbsp; 316187 |
| 12/17/2025 | Merrill Lynch International | USD | 30479115 | COP | 120441270250 | &nbsp;&nbsp;&nbsp; 582495 |
| 12/17/2025 | Merrill Lynch International | USD | 20000000 | ZAR | 347890000 | &nbsp;&nbsp;&nbsp; 6522 |
| 11/04/2025 | Morgan Stanley and Co. International PLC | USD | 12828190 | BRL | 69070823 | &nbsp;&nbsp;&nbsp; 10372 |
| 11/12/2025 | Morgan Stanley and Co. International PLC | USD | 65000000 | BRL | 360262500 | &nbsp;&nbsp;&nbsp; 1809925 |
| 12/10/2025 | Morgan Stanley and Co. International PLC | KRW | 25501255000 | USD | 19045000 | &nbsp;&nbsp;&nbsp; 1173501 |

---

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

**13**

**Invesco International Bond Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 12/17/2025 | Morgan Stanley and Co. International PLC | HUF | 9027943772 | USD | 26866849 | &nbsp;&nbsp;&nbsp; $106673 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | JPY | 10192145070 | USD | 68990000 | &nbsp;&nbsp;&nbsp; 2569428 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 61765000 | CNY | 438105322 | &nbsp;&nbsp;&nbsp; 78251 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 24705000 | INR | 2203982460 | &nbsp;&nbsp;&nbsp; 63849 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 1495597 | PEN | 5238000 | &nbsp;&nbsp;&nbsp; 58277 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 43076877 | ZAR | 754125350 | &nbsp;&nbsp;&nbsp; 291501 |
| 12/17/2025 | Royal Bank of Canada | EUR | 105208465 | USD | 124071559 | &nbsp;&nbsp;&nbsp; 2507157 |
| 12/17/2025 | Standard Chartered Bank PLC | MXN | 1618566086 | USD | 87186805 | &nbsp;&nbsp;&nbsp; 458041 |
| 11/04/2025 | UBS AG | BRL | 592647142 | USD | 110727564 | &nbsp;&nbsp;&nbsp; 569079 |
| 11/04/2025 | UBS AG | USD | 110069488 | BRL | 592647142 | &nbsp;&nbsp;&nbsp; 88997 |
| 12/17/2025 | UBS AG | EUR | 21288495 | USD | 25085000 | &nbsp;&nbsp;&nbsp; 486949 |
| 12/17/2025 | UBS AG | ZAR | 217940311 | USD | 12542500 | &nbsp;&nbsp;&nbsp; 9149 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 50944362 |
| **Currency Risk** |  |  |  |  |  |  |
| 11/04/2025 | Deutsche Bank AG | BRL | 60563910 | USD | 11000000 | &nbsp;&nbsp;&nbsp; (257337)<br>|
| 11/14/2025 | Deutsche Bank AG | USD | 15859476 | EUR | 13500000 | &nbsp;&nbsp;&nbsp; (289938)<br>|
| 11/18/2025 | Deutsche Bank AG | EUR | 32500000 | USD | 34417500 | &nbsp;&nbsp;&nbsp; (3073176)<br>|
| 12/17/2025 | Deutsche Bank AG | AUD | 17180589 | USD | 11200000 | &nbsp;&nbsp;&nbsp; (46553)<br>|
| 12/17/2025 | Deutsche Bank AG | CNY | 438013724 | USD | 61765000 | &nbsp;&nbsp;&nbsp; (65321)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 11805000 | AUD | 17670325 | &nbsp;&nbsp;&nbsp; (237862)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 906315 | CZK | 18845000 | &nbsp;&nbsp;&nbsp; (12730)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 160825150 | EUR | 136378783 | &nbsp;&nbsp;&nbsp; (3244624)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 23499671 | INR | 2079626920 | &nbsp;&nbsp;&nbsp; (128358)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 24206961 | PLN | 87910000 | &nbsp;&nbsp;&nbsp; (411608)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 61765000 | SGD | 79185818 | &nbsp;&nbsp;&nbsp; (728797)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 13357061 | THB | 421188216 | &nbsp;&nbsp;&nbsp; (286389)<br>|
| 12/19/2025 | Deutsche Bank AG | USD | 46500000 | JPY | 6772120500 | &nbsp;&nbsp;&nbsp; (2357946)<br>|
| 11/04/2025 | Goldman Sachs International | BRL | 780873178 | USD | 144418804 | &nbsp;&nbsp;&nbsp; (726258)<br>|
| 12/17/2025 | Goldman Sachs International | MXN | 2392311244 | USD | 127266845 | &nbsp;&nbsp;&nbsp; (922051)<br>|
| 12/17/2025 | Goldman Sachs International | USD | 6089942 | CNY | 43084273 | &nbsp;&nbsp;&nbsp; (8135)<br>|
| 12/17/2025 | Goldman Sachs International | USD | 71128565 | EUR | 60750000 | &nbsp;&nbsp;&nbsp; (934237)<br>|
| 12/17/2025 | Goldman Sachs International | USD | 47000000 | MXN | 871312100 | &nbsp;&nbsp;&nbsp; (311871)<br>|
| 01/29/2026 | Goldman Sachs International | KRW | 40369700000 | USD | 28280000 | &nbsp;&nbsp;&nbsp; (76319)<br>|
| 06/23/2026 | Goldman Sachs International | BRL | 88764000 | USD | 15600000 | &nbsp;&nbsp;&nbsp; (45666)<br>|
| 03/19/2027 | Goldman Sachs International | USD | 250000000 | INR | 22223750000 | &nbsp;&nbsp;&nbsp; (7810028)<br>|
| 11/04/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 1350529516 | USD | 250326545 | &nbsp;&nbsp;&nbsp; (703577)<br>|
| 11/06/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 70375000 | USD | 13059979 | &nbsp;&nbsp;&nbsp; (13465)<br>|
| 11/12/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 111108000 | USD | 20000000 | &nbsp;&nbsp;&nbsp; (604746)<br>|
| 12/02/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 890329123 | USD | 164285552 | &nbsp;&nbsp;&nbsp; (15296)<br>|
| 12/03/2025 | J.P. Morgan Chase Bank, N.A. | AUD | 23330000 | USD | 15066514 | &nbsp;&nbsp;&nbsp; (203558)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | INR | 1733521750 | USD | 19445000 | &nbsp;&nbsp;&nbsp; (36706)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | TRY | 36405000 | USD | 811272 | &nbsp;&nbsp;&nbsp; (24569)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 19485097 | AUD | 29476270 | &nbsp;&nbsp;&nbsp; (189691)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 26195567 | CAD | 36600011 | &nbsp;&nbsp;&nbsp; (41169)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 260903707 | EUR | 222169468 | &nbsp;&nbsp;&nbsp; (4195288)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 9409877 | GBP | 6950646 | &nbsp;&nbsp;&nbsp; (278316)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 23615000 | IDR | 387258134300 | &nbsp;&nbsp;&nbsp; (346471)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 29520000 | INR | 2614055040 | &nbsp;&nbsp;&nbsp; (142664)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 72858773 | JPY | 10636528362 | &nbsp;&nbsp;&nbsp; (3542226)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 29520000 | KRW | 40685349600 | &nbsp;&nbsp;&nbsp; (998569)<br>|

---

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)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 62988941 | NOK | 624082200 | &nbsp;&nbsp;&nbsp; $(1380287)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 2439953 | NZD | 4080788 | &nbsp;&nbsp;&nbsp; (100449)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | ZAR | 437486589 | USD | 25135000 | &nbsp;&nbsp;&nbsp; (24059)<br>|
| 06/22/2026 | J.P. Morgan Chase Bank, N.A. | ZAR | 138975000 | USD | 7500000 | &nbsp;&nbsp;&nbsp; (380236)<br>|
| 07/14/2026 | J.P. Morgan Chase Bank, N.A. | BRL | 30150000 | USD | 5000000 | &nbsp;&nbsp;&nbsp; (288503)<br>|
| 11/04/2025 | Merrill Lynch International | BRL | 120541322 | USD | 22000000 | &nbsp;&nbsp;&nbsp; (405658)<br>|
| 12/17/2025 | Merrill Lynch International | CLP | 31405767382 | USD | 33010056 | &nbsp;&nbsp;&nbsp; (315293)<br>|
| 12/17/2025 | Merrill Lynch International | COP | 203208170000 | USD | 51424276 | &nbsp;&nbsp;&nbsp; (982783)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 1296728 | CAD | 1789007 | &nbsp;&nbsp;&nbsp; (18303)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 14902750 | EUR | 12500000 | &nbsp;&nbsp;&nbsp; (459473)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 32847018 | IDR | 542287839200 | &nbsp;&nbsp;&nbsp; (263479)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 44190830 | KRW | 60968983780 | &nbsp;&nbsp;&nbsp; (1450072)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 1871825 | ZAR | 32311125 | &nbsp;&nbsp;&nbsp; (13671)<br>|
| 12/17/2025 | Merrill Lynch International | ZAR | 218525168 | USD | 12542500 | &nbsp;&nbsp;&nbsp; (24485)<br>|
| 02/09/2026 | Merrill Lynch International | BRL | 11025000 | USD | 1750000 | &nbsp;&nbsp;&nbsp; (252912)<br>|
| 04/09/2026 | Merrill Lynch International | AUD | 9000000 | USD | 5460300 | &nbsp;&nbsp;&nbsp; (434776)<br>|
| 05/12/2026 | Merrill Lynch International | EUR | 12000000 | USD | 13854000 | &nbsp;&nbsp;&nbsp; (114157)<br>|
| 11/04/2025 | Morgan Stanley and Co. International PLC | BRL | 69070823 | USD | 12586250 | &nbsp;&nbsp;&nbsp; (252312)<br>|
| 12/04/2025 | Morgan Stanley and Co. International PLC | USD | 50000000 | ZAR | 862243732 | &nbsp;&nbsp;&nbsp; (369463)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | AUD | 38568940 | USD | 25135000 | &nbsp;&nbsp;&nbsp; (112541)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | IDR | 395078950000 | USD | 23615000 | &nbsp;&nbsp;&nbsp; (123446)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | PEN | 10476000 | USD | 3004603 | &nbsp;&nbsp;&nbsp; (103145)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 23615000 | CAD | 32383724 | &nbsp;&nbsp;&nbsp; (473564)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 27733990 | HUF | 9319325018 | &nbsp;&nbsp;&nbsp; (110116)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 50000000 | JPY | 7429500000 | &nbsp;&nbsp;&nbsp; (1583142)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 47407298 | NOK | 477117000 | &nbsp;&nbsp;&nbsp; (306874)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | ZAR | 1191343530 | USD | 68051497 | &nbsp;&nbsp;&nbsp; (460505)<br>|
| 12/17/2025 | Royal Bank of Canada | USD | 78820388 | EUR | 66500000 | &nbsp;&nbsp;&nbsp; (1982154)<br>|
| 12/17/2025 | Royal Bank of Canada | USD | 61816500 | GBP | 46341846 | &nbsp;&nbsp;&nbsp; (933898)<br>|
| 11/04/2025 | UBS AG | BRL | 127317000 | USD | 23645971 | &nbsp;&nbsp;&nbsp; (19119)<br>|
| 11/04/2025 | UBS AG | USD | 23787344 | BRL | 127317000 | &nbsp;&nbsp;&nbsp; (122254)<br>|
| 12/17/2025 | UBS AG | NOK | 469181324 | USD | 46285000 | &nbsp;&nbsp;&nbsp; (32023)<br>|
| 12/17/2025 | UBS AG | USD | 5742589 | EUR | 4838007 | &nbsp;&nbsp;&nbsp; (152454)<br>|
| 12/17/2025 | UBS AG | USD | 396980 | JPY | 58091500 | &nbsp;&nbsp;&nbsp; (18407)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (47375528)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $3568834 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  |
| **Reference Entity** | &nbsp;&nbsp; **Buy/Sell** <br>**Protection**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity Date** | **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| Markit CDX North America High <br> Yield Index, Series 45, Version 1<br>| Buy | &nbsp;&nbsp; (5.00)% | Quarterly | &nbsp;&nbsp; 12/20/2030 | 3.273% | USD | 70000000 | &nbsp;&nbsp; $(5241053)<br>| &nbsp;&nbsp; $(5090960)<br>| &nbsp;&nbsp; $150093 |
| Markit iTraxx Europe Crossover <br> Index, Series 44, Version 1<br>| Buy | &nbsp;&nbsp; (5.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 2.649 | EUR | 90000000 | &nbsp;&nbsp; (10960249)<br>| &nbsp;&nbsp; (10780609)<br>| &nbsp;&nbsp; 179640 |
| UBS AG | Sell | 1.00 | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.303 | EUR | 7500000 | &nbsp;&nbsp; 72743 | &nbsp;&nbsp; 182727 | &nbsp;&nbsp; 109984 |
| Subtotal - Appreciation | Subtotal - Appreciation | Subtotal - Appreciation |  |  |  |  |  | &nbsp;&nbsp; (16128559)<br>| &nbsp;&nbsp; (15688842)<br>| &nbsp;&nbsp; 439717 |

---

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

**15**

**Invesco International Bond Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>**—(continued)** |
| **Reference Entity** | &nbsp;&nbsp; **Buy/Sell**<br> **Protection**<br>| **(Pay)/**<br> **Receive**<br> **Fixed**<br> **Rate**<br>| &nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **Maturity Date** | **Implied**<br> **Credit**<br> **Spread**<sup>(b)</sup><br>| **Notional Value** | **Notional Value** | **Upfront**<br> **Payments Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| Brazil Government International <br> Bonds<br>| Buy | &nbsp;&nbsp; (1.00)% | Quarterly | &nbsp;&nbsp; 12/20/2026 | 0.51% | USD | 8000000 | &nbsp;&nbsp; $(1742)<br>| &nbsp;&nbsp; $(45472)<br>| &nbsp;&nbsp; $(43730)<br>|
| Intesa Sanpaolo S.p.A. | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.224 | EUR | 7500000 | &nbsp;&nbsp; (51120)<br>| &nbsp;&nbsp; (205048)<br>| &nbsp;&nbsp; (153928)<br>|
| Intesa Sanpaolo S.p.A. | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 0.366 | EUR | 12500000 | &nbsp;&nbsp; (433520)<br>| &nbsp;&nbsp; (445989)<br>| &nbsp;&nbsp; (12469)<br>|
| Mexico Government International <br> Bonds<br>| Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2029 | 0.721 | USD | 3300000 | &nbsp;&nbsp; 24098 | &nbsp;&nbsp; (34911)<br>| &nbsp;&nbsp; (59009)<br>|
| Turkey Government International <br> Bonds<br>| Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 2.427 | USD | 5000000 | &nbsp;&nbsp; 328077 | &nbsp;&nbsp; 320160 | &nbsp;&nbsp; (7917)<br>|
| BNP Paribas S.A. | Sell | 1.00 | Quarterly | &nbsp;&nbsp; 12/20/2030 | 0.472 | EUR | 12500000 | &nbsp;&nbsp; 407826 | &nbsp;&nbsp; 370136 | &nbsp;&nbsp; (37690)<br>|
| Subtotal - Depreciation | Subtotal - Depreciation | Subtotal - Depreciation |  |  |  |  |  | &nbsp;&nbsp; 273619 | &nbsp;&nbsp; (41124)<br>| &nbsp;&nbsp; (314743)<br>|
| Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements |  |  |  | &nbsp;&nbsp; $(15854940)<br>| &nbsp;&nbsp; $(15729966)<br>| &nbsp;&nbsp; $124974 |

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $11,118,970 cash held with Counterparties.

<sup>(b)</sup> Implied credit spreads represent the current level, as of October 31, 2025, 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**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  |
| **Pay/** <br>**Receive** <br>**Floating** <br>**Rate**<br>| **Floating Rate Index** | &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Receive | SOFR | Annually | &nbsp;&nbsp; (4.45)% | Annually | &nbsp;&nbsp; 09/26/2045 | USD | 8333333 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $931 | &nbsp;&nbsp; $931 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.56) | Annually | &nbsp;&nbsp; 12/12/2035 | USD | 13995000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 129495 | &nbsp;&nbsp; 129495 |
| Pay | 6 Month EURIBOR | Semi-Annually | 2.15 | Annually | &nbsp;&nbsp; 11/03/2027 | EUR | 978750000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 188921 | &nbsp;&nbsp; 188921 |
| Pay | BZDIOVRA | At Maturity | 13.35 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 175091060 | &nbsp;&nbsp; — | &nbsp;&nbsp; 192756 | &nbsp;&nbsp; 192756 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (2.87) | Annually | &nbsp;&nbsp; 11/06/2055 | EUR | 31500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 228034 | &nbsp;&nbsp; 228034 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.87) | Annually | &nbsp;&nbsp; 11/05/2055 | USD | 21150000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 300532 | &nbsp;&nbsp; 300532 |
| Receive | TONAR | Annually | &nbsp;&nbsp; (1.25) | Annually | &nbsp;&nbsp; 05/19/2035 | JPY | 2600000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 319233 | &nbsp;&nbsp; 319233 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.52) | Annually | &nbsp;&nbsp; 12/10/2035 | USD | 27670000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 357706 | &nbsp;&nbsp; 357706 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.85) | Annually | &nbsp;&nbsp; 11/25/2055 | USD | 25670000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 442034 | &nbsp;&nbsp; 442034 |
| Pay | BZDIOVRA | At Maturity | 13.58 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 177879370 | &nbsp;&nbsp; — | &nbsp;&nbsp; 452061 | &nbsp;&nbsp; 452061 |
| Pay | 6 Month EURIBOR | Semi-Annually | 2.57 | Annually | &nbsp;&nbsp; 06/10/2030 | EUR | 41333892 | &nbsp;&nbsp; — | &nbsp;&nbsp; 552650 | &nbsp;&nbsp; 552650 |
| Receive | TONAR | Annually | &nbsp;&nbsp; (1.09) | Annually | &nbsp;&nbsp; 05/12/2035 | JPY | 3360000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 714871 | &nbsp;&nbsp; 714871 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.84) | Annually | &nbsp;&nbsp; 11/04/2055 | USD | 42000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 852098 | &nbsp;&nbsp; 852098 |
| Pay | BZDIOVRA | At Maturity | 14.98 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 82252969 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1123902 | &nbsp;&nbsp; 1123902 |
| Pay | BZDIOVRA | At Maturity | 15.42 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 82611331 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1422261 | &nbsp;&nbsp; 1422261 |
| Pay | BZDIOVRA | At Maturity | 14.57 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 161807673 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1704703 | &nbsp;&nbsp; 1704703 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (2.38) | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 19200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2293558 | &nbsp;&nbsp; 2293558 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (1.98) | Annually | &nbsp;&nbsp; 01/24/2075 | EUR | 11760000 | &nbsp;&nbsp; 84675 | &nbsp;&nbsp; 3033509 | &nbsp;&nbsp; 2948834 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  | &nbsp;&nbsp; 84675 | &nbsp;&nbsp; 14309255 | &nbsp;&nbsp; 14224580 |

---

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

**16**

**Invesco International Bond Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(continued)** |
| **Pay/**<br> **Receive**<br> **Floating**<br> **Rate**<br>| **Floating Rate Index** | &nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **(Pay)/**<br> **Receive**<br> **Fixed**<br> **Rate**<br>| &nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **Maturity**<br> **Date**<br>| **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Pay | 6 Month EURIBOR | Semi-Annually | 2.38% | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 19200000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2304582)<br>| &nbsp;&nbsp; $(2304582)<br>|
| Pay | SOFR | At Maturity | 3.49 | At Maturity | &nbsp;&nbsp; 11/04/2026 | USD | 750000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1008097)<br>| &nbsp;&nbsp; (1008097)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | 2.18 | Annually | &nbsp;&nbsp; 05/08/2030 | EUR | 143500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (850512)<br>| &nbsp;&nbsp; (850512)<br>|
| Pay | 6 Month BBSW | Semi-Annually | 4.15 | Semi-Annually | &nbsp;&nbsp; 08/11/2035 | AUD | 45965000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (415775)<br>| &nbsp;&nbsp; (415775)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.83) | Annually | &nbsp;&nbsp; 08/04/2035 | USD | 29995000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (399049)<br>| &nbsp;&nbsp; (399049)<br>|
| Pay | TONAR | Annually | 2.44 | Annually | &nbsp;&nbsp; 11/05/2055 | JPY | 5570000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (338877)<br>| &nbsp;&nbsp; (338877)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.86) | Annually | &nbsp;&nbsp; 07/15/2035 | USD | 20035000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (332113)<br>| &nbsp;&nbsp; (332113)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.86) | Annually | &nbsp;&nbsp; 07/15/2035 | USD | 20035000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (319801)<br>| &nbsp;&nbsp; (319801)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | 2.27 | Annually | &nbsp;&nbsp; 11/24/2030 | EUR | 82500000 | &nbsp;&nbsp; (62348)<br>| &nbsp;&nbsp; (319050)<br>| &nbsp;&nbsp; (256702)<br>|
| Pay | 6 Month BBSW | Semi-Annually | 4.21 | Semi-Annually | &nbsp;&nbsp; 07/30/2035 | AUD | 46205000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (251972)<br>| &nbsp;&nbsp; (251972)<br>|
| Pay | SOFR | Annually | 3.35 | Annually | &nbsp;&nbsp; 11/05/2027 | USD | 189000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (153706)<br>| &nbsp;&nbsp; (153706)<br>|
| Pay | 6 Month BBSW | Semi-Annually | 4.23 | Semi-Annually | &nbsp;&nbsp; 07/10/2035 | AUD | 30665000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (139726)<br>| &nbsp;&nbsp; (139726)<br>|
| Pay | 6 Month BBSW | Semi-Annually | 4.24 | Semi-Annually | &nbsp;&nbsp; 07/10/2035 | AUD | 30665000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (111642)<br>| &nbsp;&nbsp; (111642)<br>|
| Pay | 6 Month BBSW | Semi-Annually | 4.19 | Semi-Annually | &nbsp;&nbsp; 08/29/2035 | AUD | 9200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (62266)<br>| &nbsp;&nbsp; (62266)<br>|
| Pay | 6 Month BBSW | Semi-Annually | 4.15 | Semi-Annually | &nbsp;&nbsp; 08/11/2035 | AUD | 5600000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (48726)<br>| &nbsp;&nbsp; (48726)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.69) | Annually | &nbsp;&nbsp; 09/04/2035 | USD | 5935000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8854)<br>| &nbsp;&nbsp; (8854)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  | &nbsp;&nbsp; (62348)<br>| &nbsp;&nbsp; (7064748)<br>| &nbsp;&nbsp; (7002400)<br>|
| Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements |  |  |  | &nbsp;&nbsp; $22327 | &nbsp;&nbsp; $7244507 | &nbsp;&nbsp; $7222180 |

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $11,118,970 cash held with Counterparties.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  |
| **Counterparty** | **Reference Entity** | **Buy/Sell** <br>**Protection**<br>| **(Pay)/** <br>**Receive** <br>**Fixed Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Upfront** <br>**Payments Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe <br> Crossover Index, Series 42, <br> Version 3<br>| Sell | 5.00% | Quarterly | 12/20/2029 | 1.633% | EUR | 15000000 | $1506526 | $2294895 | $788369 |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe <br> Crossover Index, Series 42, <br> Version 3<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 0.484 | EUR | 31891370 | 5368854 | 6342268 | 973414 |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe <br> Crossover Index, Series 42, <br> Version 3<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 1.633 | EUR | 10000000 | 1028414 | 1529930 | 501516 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation |  |  |  |  | 7903794 | 10167093 | 2263299 |
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit CDX North America High <br> Yield Index, Series 39, <br> Version 3<br>| Buy | (5.00) | Quarterly | 12/20/2027 | 0.113 | USD | 19883846 | (1562572)<br>| (1990695)<br>| (428123)<br>|
| Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements |  |  |  |  | $6341222 | $8176398 | $1835176 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $25,576,000.

<sup>(b)</sup> Implied credit spreads represent the current level, as of October 31, 2025, 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.

**17**

**Invesco International Bond Fund**

------

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | —Australian Dollar |
| BBSW | —Bank Bill Swap Rate |
| BRL | —Brazilian Real |
| BZDIOVRA | —Brazil Ceptip DI Interbank Deposit Rate |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chile Peso |
| CNY | —Chinese Yuan Renminbi |
| COP | —Colombia Peso |
| CORRA | —Canadian Overnight Repo Rate Average |
| CZK | —Czech Koruna |
| EUR | —Euro |
| EURIBOR | —Euro Interbank Offered Rate |
| GBP | —British Pound Sterling |
| HUF | —Hungarian Forint |
| IDR | —Indonesian Rupiah |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PEN | —Peruvian Sol |
| PLN | —Polish Zloty |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| SOFR | —Secured Overnight Financing Rate |
| SONIA | —Sterling Overnight Index Average |
| THB | —Thai Baht |
| TONAR | —Tokyo Overnight Average Rate |
| TRY | —Turkish Lira |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |

---

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

**18**

**Invesco International Bond Fund**

------

**Consolidated Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,108,005,240)\*<br>| &nbsp;&nbsp; $1098552584 |
| Investments in affiliated money market funds, at value <br> (Cost $197,074,047)<br>| &nbsp;&nbsp; 197074018 |
| Other investments: |  |
| Variation margin receivable—centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 3023259 |
| Swaps receivable — OTC | &nbsp;&nbsp; 387247 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 2263299 |
| Premiums paid on swap agreements — OTC | &nbsp;&nbsp; 6341222 |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 50944362 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 236636 |
| Cash collateral — centrally cleared swap agreements | &nbsp;&nbsp; 11118970 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 25576000 |
| Cash | &nbsp;&nbsp; 41008308 |
| Foreign currencies, at value (Cost $2,509,136) | &nbsp;&nbsp; 2524212 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 33060810 |
| Fund shares sold | &nbsp;&nbsp; 1367781 |
| Dividends | &nbsp;&nbsp; 566348 |
| Interest | &nbsp;&nbsp; 13623892 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 296011 |
| Other assets | &nbsp;&nbsp; 88175 |
| Total assets | &nbsp;&nbsp; 1488053134 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $83,687,962)<br>| &nbsp;&nbsp; 57374283 |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 455 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 47375528 |
| Swaps payable — OTC | &nbsp;&nbsp; 115989 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 428123 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 74993008 |
| Dividends | &nbsp;&nbsp; 959874 |
| Fund shares reacquired | &nbsp;&nbsp; 614619 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 14956866 |
| Accrued fees to affiliates | &nbsp;&nbsp; 435106 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1589 |
| Accrued other operating expenses | &nbsp;&nbsp; 301116 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 296011 |
| Total liabilities | &nbsp;&nbsp; 197852567 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1290200567 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1472578275 |
| Distributable earnings (loss) | &nbsp;&nbsp; (182377708)<br>|
|  | &nbsp;&nbsp; $1290200567 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $382595873 |
| Class C | &nbsp;&nbsp; $12511800 |
| Class R | &nbsp;&nbsp; $35522869 |
| Class Y | &nbsp;&nbsp; $617741478 |
| Class R5 | &nbsp;&nbsp; $1576263 |
| Class R6 | &nbsp;&nbsp; $240252284 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 81057273 |
| Class C | &nbsp;&nbsp; 2660141 |
| Class R | &nbsp;&nbsp; 7546045 |
| Class Y | &nbsp;&nbsp; 130929891 |
| Class R5 | &nbsp;&nbsp; 333499 |
| Class R6 | &nbsp;&nbsp; 51004350 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $4.72 |
| Maximum offering price per share <br>(Net asset value of $4.72 ÷ 95.75%)<br>| &nbsp;&nbsp; $4.93 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $4.70 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $4.71 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $4.72 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $4.73 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $4.71 |

---

\* At October 31, 2025, securities with an aggregate value of $14,542,844 were on loan to brokers. 

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

**19**

**Invesco International Bond Fund**

------

**Consolidated Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $369,839) | &nbsp;&nbsp; $60215434 |
| Dividends (net of foreign withholding taxes of $77,721) | &nbsp;&nbsp; 536312 |
| Dividends from affiliated money market funds (includes net securities lending income of $57,221) | &nbsp;&nbsp; 3307607 |
| Total investment income | &nbsp;&nbsp; 64059353 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 7254327 |
| Administrative services fees | &nbsp;&nbsp; 158130 |
| Custodian fees | &nbsp;&nbsp; 830266 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 913434 |
| Class C | &nbsp;&nbsp; 124825 |
| Class R | &nbsp;&nbsp; 174933 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1674002 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 1452 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 67061 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 29356 |
| Registration and filing fees | &nbsp;&nbsp; 98587 |
| Reports to shareholders | &nbsp;&nbsp; 114114 |
| Professional services fees | &nbsp;&nbsp; 143468 |
| Other | &nbsp;&nbsp; 23627 |
| Total expenses | &nbsp;&nbsp; 11607582 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (1290860)<br>|
| Net expenses | &nbsp;&nbsp; 10316722 |
| Net investment income | &nbsp;&nbsp; 53742631 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $57,797) | &nbsp;&nbsp; 14571747 |
| Affiliated investment securities | &nbsp;&nbsp; 387 |
| Foreign currencies | &nbsp;&nbsp; (2803724)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (51241766)<br>|
| Futures contracts | &nbsp;&nbsp; 7352591 |
| Options written | &nbsp;&nbsp; 60014924 |
| Swap agreements | &nbsp;&nbsp; (1397468)<br>|
|  | &nbsp;&nbsp; 26496691 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 25046373 |
| Affiliated investment securities | &nbsp;&nbsp; 472 |
| Foreign currencies | &nbsp;&nbsp; 274908 |
| Forward foreign currency contracts | &nbsp;&nbsp; 7935902 |
| Futures contracts | &nbsp;&nbsp; 407732 |
| Options written | &nbsp;&nbsp; 37068307 |
| Swap agreements | &nbsp;&nbsp; 13277823 |
|  | &nbsp;&nbsp; 84011517 |
| Net realized and unrealized gain | &nbsp;&nbsp; 110508208 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $164250839 |

---

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

**20**

**Invesco International Bond Fund**

------

**Consolidated Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $53742631 | &nbsp;&nbsp; $62466081 |
| Net realized gain (loss) | &nbsp;&nbsp; 26496691 | &nbsp;&nbsp; (32274738)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 84011517 | &nbsp;&nbsp; 71693433 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 164250839 | &nbsp;&nbsp; 101884776 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (17661609)<br>| &nbsp;&nbsp; (4032043)<br>|
| Class C | &nbsp;&nbsp; (497313)<br>| &nbsp;&nbsp; (117140)<br>|
| Class R | &nbsp;&nbsp; (1568931)<br>| &nbsp;&nbsp; (358804)<br>|
| Class Y | &nbsp;&nbsp; (23026565)<br>| &nbsp;&nbsp; (4566587)<br>|
| Class R5 | &nbsp;&nbsp; (72209)<br>| &nbsp;&nbsp; (14052)<br>|
| Class R6 | &nbsp;&nbsp; (11424988)<br>| &nbsp;&nbsp; (2898513)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (54251615)<br>| &nbsp;&nbsp; (11987139)<br>|
| **Return of capital:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (15602891)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (453301)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (1388472)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (17671430)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (54379)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (11216443)<br>|
| Total return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (46386916)<br>|
| Total distributions | &nbsp;&nbsp; (54251615)<br>| &nbsp;&nbsp; (58374055)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (29437268)<br>| &nbsp;&nbsp; (48101160)<br>|
| Class C | &nbsp;&nbsp; (1037702)<br>| &nbsp;&nbsp; (2931517)<br>|
| Class R | &nbsp;&nbsp; (2762841)<br>| &nbsp;&nbsp; (4856921)<br>|
| Class Y | &nbsp;&nbsp; 155628520 | &nbsp;&nbsp; (33080296)<br>|
| Class R5 | &nbsp;&nbsp; 66842 | &nbsp;&nbsp; 216263 |
| Class R6 | &nbsp;&nbsp; 960447 | &nbsp;&nbsp; (147508354)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 123417998 | &nbsp;&nbsp; (236261985)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 233417222 | &nbsp;&nbsp; (192751264)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1056783345 | &nbsp;&nbsp; 1249534609 |
| End of year | &nbsp;&nbsp; $1290200567 | &nbsp;&nbsp; $1056783345 |

---

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

**21**

**Invesco International Bond Fund**

------

**Consolidated Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Return of** <br>**capital**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $4.28 | $0.21 | $0.44 | $0.65 | $(0.21)<br>| $— | $(0.21)<br>| $4.72 | 15.59<br> %<br>| &nbsp;&nbsp; $382596 | 1.03<br> %<br>| 1.18<br> %<br>| 4.72<br> %<br>| 88<br> %<br>|
| Year ended 10/31/24 | 4.15 | 0.23 | 0.11 | 0.34 | (0.04)<br>| (0.17)<br>| (0.21)<br>| 4.28 | 8.28 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 375296 | 1.04 <br><sup>(d)</sup><br>| 1.17 <br><sup>(d)</sup><br>| 5.23 <br><sup>(d)</sup><br>| 102 |
| Year ended 10/31/23 | 3.96 | 0.21 | 0.17 | 0.38 | (0.04)<br>| (0.15)<br>| (0.19)<br>| 4.15 | 9.40 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 409561 | 1.03 <br><sup>(d)</sup><br>| 1.14 <br><sup>(d)</sup><br>| 4.95 <br><sup>(d)</sup><br>| 78 |
| Year ended 10/31/22 | 5.08 | 0.15 | (1.13)<br>| (0.98)<br>|  | (0.14)<br>| (0.14)<br>| 3.96 | (19.50)<br>| &nbsp;&nbsp; 449632 | 1.16 <br><sup>(e)</sup><br>| 1.18 <br><sup>(e)</sup><br>| 3.21 <br><sup>(e)</sup><br>| 90 |
| Year ended 10/31/21 | 5.41 | 0.15 | (0.33)<br>| (0.18)<br>|  | (0.15)<br>| (0.15)<br>| 5.08 | (3.54)<br>| &nbsp;&nbsp; 690866 | 1.01 | 1.07 | 2.73 | 197 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 4.26 | 0.18 | 0.44 | 0.62 | (0.18)<br>|  | (0.18)<br>| 4.70 | 14.79 | &nbsp;&nbsp; 12512 | 1.78 | 1.93 | 3.97 | 88 |
| Year ended 10/31/24 | 4.13 | 0.19 | 0.12 | 0.31 | (0.04)<br>| (0.14)<br>| (0.18)<br>| 4.26 | 7.50 | &nbsp;&nbsp; 12327 | 1.79 | 1.93 | 4.48 | 102 |
| Year ended 10/31/23 | 3.94 | 0.18 | 0.16 | 0.34 | (0.03)<br>| (0.12)<br>| (0.15)<br>| 4.13 | 8.61 | &nbsp;&nbsp; 14744 | 1.79 | 1.90 | 4.19 | 78 |
| Year ended 10/31/22 | 5.06 | 0.11 | (1.12)<br>| (1.01)<br>|  | (0.11)<br>| (0.11)<br>| 3.94 | (20.21)<br>| &nbsp;&nbsp; 17454 | 1.91 <br><sup>(e)</sup><br>| 1.93 <br><sup>(e)</sup><br>| 2.46 <br><sup>(e)</sup><br>| 90 |
| Year ended 10/31/21 | 5.39 | 0.11 | (0.33)<br>| (0.22)<br>|  | (0.11)<br>| (0.11)<br>| 5.06 | (4.29)<br>| &nbsp;&nbsp; 30414 | 1.76 | 1.82 | 1.98 | 197 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 4.27 | 0.20 | 0.44 | 0.64 | (0.20)<br>|  | (0.20)<br>| 4.71 | 15.34 | &nbsp;&nbsp; 35523 | 1.28 | 1.43 | 4.47 | 88 |
| Year ended 10/31/24 | 4.13 | 0.22 | 0.12 | 0.34 | (0.04)<br>| (0.16)<br>| (0.20)<br>| 4.27 | 8.28 | &nbsp;&nbsp; 34849 | 1.29 | 1.43 | 4.98 | 102 |
| Year ended 10/31/23 | 3.95 | 0.20 | 0.15 | 0.35 | (0.04)<br>| (0.13)<br>| (0.17)<br>| 4.13 | 8.87 | &nbsp;&nbsp; 38381 | 1.29 | 1.40 | 4.69 | 78 |
| Year ended 10/31/22 | 5.06 | 0.14 | (1.12)<br>| (0.98)<br>|  | (0.13)<br>| (0.13)<br>| 3.95 | (19.59)<br>| &nbsp;&nbsp; 40962 | 1.41 <br><sup>(e)</sup><br>| 1.43 <br><sup>(e)</sup><br>| 2.96 <br><sup>(e)</sup><br>| 90 |
| Year ended 10/31/21 | 5.39 | 0.14 | (0.34)<br>| (0.20)<br>|  | (0.13)<br>| (0.13)<br>| 5.06 | (3.80)<br>| &nbsp;&nbsp; 60913 | 1.26 | 1.32 | 2.48 | 197 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 4.28 | 0.22 | 0.44 | 0.66 | (0.22)<br>|  | (0.22)<br>| 4.72 | 15.88 | &nbsp;&nbsp; 617741 | 0.78 | 0.93 | 4.97 | 88 |
| Year ended 10/31/24 | 4.14 | 0.24 | 0.12 | 0.36 | (0.05)<br>| (0.17)<br>| (0.22)<br>| 4.28 | 8.81 | &nbsp;&nbsp; 416278 | 0.79 | 0.93 | 5.48 | 102 |
| Year ended 10/31/23 | 3.96 | 0.22 | 0.16 | 0.38 | (0.04)<br>| (0.16)<br>| (0.20)<br>| 4.14 | 9.40 | &nbsp;&nbsp; 435275 | 0.79 | 0.90 | 5.19 | 78 |
| Year ended 10/31/22 | 5.08 | 0.16 | (1.12)<br>| (0.96)<br>|  | (0.16)<br>| (0.16)<br>| 3.96 | (19.28)<br>| &nbsp;&nbsp; 497025 | 0.91 <br><sup>(e)</sup><br>| 0.93 <br><sup>(e)</sup><br>| 3.46 <br><sup>(e)</sup><br>| 90 |
| Year ended 10/31/21 | 5.40 | 0.16 | (0.32)<br>| (0.16)<br>|  | (0.16)<br>| (0.16)<br>| 5.08 | (3.11)<br>| &nbsp;&nbsp; 936624 | 0.76 | 0.82 | 2.98 | 197 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 4.28 | 0.22 | 0.45 | 0.67 | (0.22)<br>|  | (0.22)<br>| 4.73 | 16.13 | &nbsp;&nbsp; 1576 | 0.78 | 0.84 | 4.97 | 88 |
| Year ended 10/31/24 | 4.15 | 0.24 | 0.11 | 0.35 | (0.05)<br>| (0.17)<br>| (0.22)<br>| 4.28 | 8.56 | &nbsp;&nbsp; 1367 | 0.79 | 0.84 | 5.48 | 102 |
| Year ended 10/31/23 | 3.96 | 0.22 | 0.17 | 0.39 | (0.04)<br>| (0.16)<br>| (0.20)<br>| 4.15 | 9.66 | &nbsp;&nbsp; 1118 | 0.78 | 0.81 | 5.20 | 78 |
| Year ended 10/31/22 | 5.08 | 0.15 | (1.11)<br>| (0.96)<br>|  | (0.16)<br>| (0.16)<br>| 3.96 | (19.23)<br>| &nbsp;&nbsp; 964 | 0.84 <br><sup>(e)</sup><br>| 0.84 <br><sup>(e)</sup><br>| 3.53 <br><sup>(e)</sup><br>| 90 |
| Year ended 10/31/21 | 5.41 | 0.16 | (0.32)<br>| (0.16)<br>|  | (0.17)<br>| (0.17)<br>| 5.08 | (3.16)<br>| &nbsp;&nbsp; 70 | 0.64 | 0.64 | 3.10 | 197 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 4.27 | 0.22 | 0.44 | 0.66 | (0.22)<br>|  | (0.22)<br>| 4.71 | 15.93 | &nbsp;&nbsp; 240252 | 0.76 | 0.77 | 4.99 | 88 |
| Year ended 10/31/24 | 4.14 | 0.24 | 0.11 | 0.35 | (0.05)<br>| (0.17)<br>| (0.22)<br>| 4.27 | 8.60 | &nbsp;&nbsp; 216666 | 0.77 | 0.77 | 5.50 | 102 |
| Year ended 10/31/23 | 3.95 | 0.22 | 0.17 | 0.39 | (0.04)<br>| (0.16)<br>| (0.20)<br>| 4.14 | 9.75 | &nbsp;&nbsp; 350456 | 0.74 | 0.74 | 5.24 | 78 |
| Year ended 10/31/22 | 5.07 | 0.17 | (1.13)<br>| (0.96)<br>|  | (0.16)<br>| (0.16)<br>| 3.95 | (19.25)<br>| &nbsp;&nbsp; 284792 | 0.78 <br><sup>(e)</sup><br>| 0.78 <br><sup>(e)</sup><br>| 3.59 <br><sup>(e)</sup><br>| 90 |
| Year ended 10/31/21 | 5.40 | 0.17 | (0.33)<br>| (0.16)<br>|  | (0.17)<br>| (0.17)<br>| 5.07 | (3.17)<br>| &nbsp;&nbsp; 469683 | 0.64 | 0.65 | 3.10 | 197 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2024 and 2023, respectively. 

<sup>(e)</sup> Ratios include interest, facilities and maintenance fees of 0.15% for the year ended October 31, 2022.

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

**22**

**Invesco International Bond Fund**

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**Notes to Consolidated Financial Statements**

*October 31, 2025*

**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 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.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 International Bond Fund**

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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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced

**24**

**Invesco International Bond Fund**

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disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's consolidated financial statements. Adoption of the new standard impacted the Fund's consolidated financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**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.** **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 year ended October 31, 2025, the Fund paid the Adviser fees for securities lending agent services, which 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.** **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,

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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.

**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

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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 October 31, 2025, 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.** **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.** **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.** **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 values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

Fluctuations 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, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. 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 and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

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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.

By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary's investments. The Subsidiary is not registered under the 1940 Act, and, except as otherwise noted in the Fund's prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended, and could negatively affect the Fund and its shareholders.

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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.480% |
| Over $15 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |

---

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

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.65%.

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. To the extent the Fund invests in the Subsidiary, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from the Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from the Subsidiary.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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, 2026, 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"). Effective March 1, 2026, the Adviser has contractually agreed, through at least February 28, 2027, 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 1.07%, 1.82%, 1.32%, 0.82%, 0.73% and 0.66%, respectively, of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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 year ended October 31, 2025, the Adviser waived advisory fees of $98,068 and reimbursed class level expenses of $475,824, $16,580, $46,471, $616,019, $693 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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**Invesco International Bond Fund**

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The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, 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 year ended October 31, 2025, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $15,933 in front-end sales commissions from the sale of Class A shares and $17 and $608 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $568685951 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $568685951 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169060204 | &nbsp;&nbsp;&nbsp;&nbsp; 2790550 | &nbsp;&nbsp;&nbsp;&nbsp; 171850754 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131984669 | &nbsp;&nbsp;&nbsp;&nbsp; 12552581 | &nbsp;&nbsp;&nbsp;&nbsp; 144537250 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91245716 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91245716 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 54650889 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54650889 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1372724 | &nbsp;&nbsp;&nbsp;&nbsp; 1372724 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 182117181 | &nbsp;&nbsp;&nbsp;&nbsp; 14956837 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 197074018 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 294210 | &nbsp;&nbsp;&nbsp;&nbsp; 65915090 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66209300 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 237062280 | &nbsp;&nbsp;&nbsp;&nbsp; 1041848467 | &nbsp;&nbsp;&nbsp;&nbsp; 16715855 | &nbsp;&nbsp;&nbsp;&nbsp; 1295626602 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50944362 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50944362 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16927596 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16927596 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67871958 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67871958 |

---

**29**

**Invesco International Bond Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(161302)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(161302)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (47375528)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (47375528)<br>|
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (57374283)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (57374283)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7745266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7745266)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (161302)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (112495077)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (112656379)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (161302)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44623119)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (44784421)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $236900978 | &nbsp;&nbsp;&nbsp;&nbsp; $997225348 | &nbsp;&nbsp;&nbsp;&nbsp; $16715855 | &nbsp;&nbsp;&nbsp;&nbsp; $1250842181 |

---

\* Forward foreign currency contracts, futures 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 year ended October 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**10/31/24**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Accrued** <br>**Discounts/** <br>**Premiums**<br>| **Realized** <br>**Gain**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Value** <br>**10/31/25**<br>|
| Asset-Backed Securities | $13006825 | $— | $— | $— | $— | $(454244)<br>| $— | $— | $12552581 |
| U.S. Dollar Denominated Bonds & Notes | 700700 |  |  |  |  | 2089850 |  |  | 2790550 |
| Commercial Paper |  | 1235276 |  | 124050 |  | 13398 |  |  | 1372724 |
| Total | $13707525 | $1235276 | $— | $124050 | $— | $1649004 | $— | $— | $16715855 |

---

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 <br>at 10/31/25<br>| Valuation <br>Technique<br>| Unobservable <br>Inputs<br>| Range of <br>Unobservable <br>Inputs<br>| Weighted Average of <br>Unobservable Inputs <br>Based on Fair Value<br>|
| Asset-Backed Securities | $12552581 | Expected Recovery | Anticipated Proceeds | 95.00% of Par | - |
| U.S. Dollar Denominated Bonds & Notes | 2790550 | Third-Party Pricing | Vendor Price Discount | 15.00% | - |
| Commercial Paper | 1372724 | Accretion to Par Model | Accretion Period | 248 - 431 Days | 354.25 Days |
| Total | $16715855 |  |  |  |  |

---

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized appreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; $439717 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $14224580 | &nbsp;&nbsp;&nbsp; $14664297 |
| Unrealized appreciation on forward foreign currency contracts <br> outstanding<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 50944362 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 50944362 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp; 2263299 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2263299 |
| Options purchased, at value — OTC<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24885667 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 41029423 | &nbsp;&nbsp;&nbsp; 65915090 |
| Options purchased, at value — Exchange-Traded<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 294210 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 294210 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp; 2703016 | &nbsp;&nbsp;&nbsp; 75830029 | &nbsp;&nbsp;&nbsp; 294210 | &nbsp;&nbsp;&nbsp; 55254003 | &nbsp;&nbsp;&nbsp; 134081258 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp; (439717)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (294210)<br>| &nbsp;&nbsp;&nbsp; (14224580)<br>| &nbsp;&nbsp;&nbsp; (14958507)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp; $2263299 | &nbsp;&nbsp;&nbsp; $75830029 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $41029423 | &nbsp;&nbsp;&nbsp; $119122751 |

---

**30**

**Invesco International Bond Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(161302)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(161302)<br>|
| Unrealized depreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (314743)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7002400)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7317143)<br>|
| Unrealized depreciation on forward foreign currency contracts <br> outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (47375528)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (47375528)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (428123)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (428123)<br>|
| Options written, at value — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (1161744)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23126900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33085639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (57374283)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (1904610)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70502428)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40249341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (112656379)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 314743 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7163702 | &nbsp;&nbsp;&nbsp;&nbsp; 7478445 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(1589867)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(70502428)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(33085639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(105177934)<br>|

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities. <br> <sup>(b)</sup> Options purchased, at value as reported in the Consolidated Schedule of Investments.

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2025.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **Options** <br>**Purchased**<br>| **Swap** <br>**Agreements**<br>| **Total** <br>**Assets**<br>| **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **Options** <br>**Written**<br>| **Swap** <br>**Agreements**<br>| **Total** <br>**Liabilities**<br>| **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | **Net** <br>**Amount**<br>|
| Barclays Bank PLC | $— | $3434712 | $— | $3434712 | $— | $(3438437)<br>| $— | $(3438437)<br>| $(3725)<br>| $— | $3725 | $— |
| BNP Paribas S.A. |  | 460772 |  | 460772 |  | (3705456)<br>|  | (3705456)<br>| (3244684)<br>|  | 3244684 |  |
| Deutsche Bank AG | 7562783 | 1493102 |  | 9055885 | (11140639)<br>| (263750)<br>|  | (11404389)<br>| (2348504)<br>|  | 1580000 | (768504)<br>|
| Goldman Sachs <br> International<br>| 13164232 | 14503740 |  | 27667972 | (10834565)<br>| (25174813)<br>|  | (36009378)<br>| (8341406)<br>|  | 8341406 |  |
| HSBC Bank USA | 419298 |  |  | 419298 | - |  |  |  | 419298 | (259185)<br>|  | 160113 |
| J.P. Morgan Chase <br> Bank, N.A.<br>| 17849827 | 26262793 | 2650546 | 46763166 | (13509845)<br>| (7325881)<br>| (544112)<br>| (21379838)<br>| 25383328 | (17626712)<br>|  | 7756616 |
| Merrill Lynch <br> International<br>| 1667073 | 6029344 |  | 7696417 | (4735062)<br>| (5515570)<br>|  | (10250632)<br>| (2554215)<br>|  | 2350000 | (204215)<br>|
| Morgan Stanley and <br> Co. International <br> PLC<br>| 6161777 | 12474466 |  | 18636243 | (3895108)<br>| (11635461)<br>|  | (15530569)<br>| 3105674 |  |  | 3105674 |
| Royal Bank of Canada | 2507157 |  |  | 2507157 | (2916052)<br>|  |  | (2916052)<br>| (408895)<br>|  | 280000 | (128895)<br>|
| Standard Chartered <br> Bank PLC<br>| 458041 |  |  | 458041 | - |  |  |  | 458041 |  | (458041)<br>|  |
| UBS AG | 1154174 | 1256161 |  | 2410335 | (344257)<br>| (314915)<br>|  | (659172)<br>| 1751163 | (1432392)<br>|  | 318771 |
| Total | $50944362 | $65915090 | $2650546 | $119509998 | $(47375528)<br>| $(57374283)<br>| $(544112)<br>| $(105293923)<br>| $14216075 | $(19318289)<br>| $15341774 | $10239560 |

---

**Effect of Derivative Investments for the year ended October 31, 2025**

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** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(51241766)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(51241766)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 7352591 | &nbsp;&nbsp;&nbsp;&nbsp; 7352591 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 27993274 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (604228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27389046 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 25403484 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 34611440 | &nbsp;&nbsp;&nbsp;&nbsp; 60014924 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (7362556)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 5965088 | &nbsp;&nbsp;&nbsp;&nbsp; (1397468)<br>|

---

**31**

**Invesco International Bond Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on**<br> **Consolidated Statement of Operations** | **Location of Gain (Loss) on**<br> **Consolidated Statement of Operations** | **Location of Gain (Loss) on**<br> **Consolidated Statement of Operations** | **Location of Gain (Loss) on**<br> **Consolidated Statement of Operations** | **Location of Gain (Loss) on**<br> **Consolidated Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Credit**<br> **Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity**<br> **Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest**<br> **Rate Risk**<br>| **Total** |
| Change in Net Unrealized Appreciation <br> (Depreciation):<br>|  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $7935902 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $7935902 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 407732 | &nbsp;&nbsp;&nbsp;&nbsp; 407732 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (10254013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (191172)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1252015 | &nbsp;&nbsp;&nbsp;&nbsp; (9193170)<br>|
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 1180637 | &nbsp;&nbsp;&nbsp;&nbsp; 9148920 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 26738750 | &nbsp;&nbsp;&nbsp;&nbsp; 37068307 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 1760391 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 11517432 | &nbsp;&nbsp;&nbsp;&nbsp; 13277823 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(4421528)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8985801 | &nbsp;&nbsp;&nbsp;&nbsp; $(191172)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $87240820 | &nbsp;&nbsp;&nbsp;&nbsp; $91613921 |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from unaffiliated investment securities and the change in net unrealized appreciation (depreciation) of unaffiliated investment securities.

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| **Futures** <br>**Contracts**<br>| **Future** <br>**Options** <br>**Purchased**<br>| **Index** <br>**Options** <br>**Purchased**<br>| **Swaptions** <br>**Purchased**<br>| **Foreign** <br>**Currency** <br>**Options** <br>**Purchased**<br>| **Future** <br>**Options** <br>**Written**<br>| **Swaptions** <br>**Written**<br>| **Foreign** <br>**Currency** <br>**Options** <br>**Written**<br>| **Swap** <br>**Agreements**<br>|
| Average notional value | $4030893661 | $849695581 | $378000000 | $32606750 | $981890734 | $1149132834 | $320104938 | $4465222067 | $1257425717 | $2261634978 |
| Average contracts |  |  | 3500 | 53 |  |  | 2862 |  |  |  |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $37,205.

**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—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $54251615 | &nbsp;&nbsp;&nbsp;&nbsp; $11987139 |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46386916 |
| Total distributions | &nbsp;&nbsp; $54251615 | &nbsp;&nbsp;&nbsp;&nbsp; $58374055 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $24436564 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 16745597 |
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (1144589)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (281711)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (222133569)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1472578275 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1290200567 |

---

**32**

**Invesco International Bond Fund**

------

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

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

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

The Fund has a capital loss carryforward as of October 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $171066910 | &nbsp;&nbsp;&nbsp;&nbsp; $51066659 | &nbsp;&nbsp;&nbsp;&nbsp; $222133569 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $813,245,306 and $735,357,737, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $138770629 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (122025032)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $16745597 |

---

Cost of investments for tax purposes is $1,240,437,806.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions, amortization and accretion on debt securities and derivative instruments, on October 31, 2025, undistributed net investment income was increased by $7,185,929, undistributed net realized gain (loss) was decreased by $7,098,111 and shares of beneficial interest was decreased by $87,818. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 6944105 | &nbsp;&nbsp;&nbsp; $31378906 | &nbsp;&nbsp;&nbsp; 6100078 | &nbsp;&nbsp;&nbsp; $26435503 |
| Class C | &nbsp;&nbsp;&nbsp; 698968 | &nbsp;&nbsp;&nbsp; 3137363 | &nbsp;&nbsp;&nbsp; 416247 | &nbsp;&nbsp;&nbsp; 1809354 |
| Class R | &nbsp;&nbsp;&nbsp; 1055066 | &nbsp;&nbsp;&nbsp; 4730377 | &nbsp;&nbsp;&nbsp; 1207678 | &nbsp;&nbsp;&nbsp; 5231689 |
| Class Y | &nbsp;&nbsp;&nbsp; 64069555 | &nbsp;&nbsp;&nbsp; 292152126 | &nbsp;&nbsp;&nbsp; 20454181 | &nbsp;&nbsp;&nbsp; 89060288 |
| Class R5 | &nbsp;&nbsp;&nbsp; 58486 | &nbsp;&nbsp;&nbsp; 262452 | &nbsp;&nbsp;&nbsp; 88997 | &nbsp;&nbsp;&nbsp; 387185 |
| Class R6 | &nbsp;&nbsp;&nbsp; 12271147 | &nbsp;&nbsp;&nbsp; 55400973 | &nbsp;&nbsp;&nbsp; 7557467 | &nbsp;&nbsp;&nbsp; 32690974 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3293978 | &nbsp;&nbsp;&nbsp; 14840957 | &nbsp;&nbsp;&nbsp; 3759730 | &nbsp;&nbsp;&nbsp; 16335302 |
| Class C | &nbsp;&nbsp;&nbsp; 99931 | &nbsp;&nbsp;&nbsp; 448748 | &nbsp;&nbsp;&nbsp; 115341 | &nbsp;&nbsp;&nbsp; 499426 |
| Class R | &nbsp;&nbsp;&nbsp; 346714 | &nbsp;&nbsp;&nbsp; 1558429 | &nbsp;&nbsp;&nbsp; 399610 | &nbsp;&nbsp;&nbsp; 1731622 |
| Class Y | &nbsp;&nbsp;&nbsp; 3834602 | &nbsp;&nbsp;&nbsp; 17326086 | &nbsp;&nbsp;&nbsp; 3821315 | &nbsp;&nbsp;&nbsp; 16597238 |
| Class R5 | &nbsp;&nbsp;&nbsp; 15893 | &nbsp;&nbsp;&nbsp; 71795 | &nbsp;&nbsp;&nbsp; 15635 | &nbsp;&nbsp;&nbsp; 68011 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2390538 | &nbsp;&nbsp;&nbsp; 10748008 | &nbsp;&nbsp;&nbsp; 3110358 | &nbsp;&nbsp;&nbsp; 13514695 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 394426 | &nbsp;&nbsp;&nbsp; 1774940 | &nbsp;&nbsp;&nbsp; 435588 | &nbsp;&nbsp;&nbsp; 1890483 |
| Class C | &nbsp;&nbsp;&nbsp; (395729)<br>| &nbsp;&nbsp;&nbsp; (1774940)<br>| &nbsp;&nbsp;&nbsp; (437293)<br>| &nbsp;&nbsp;&nbsp; (1890483)<br>|

---

**33**

**Invesco International Bond Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (17307553)<br>| &nbsp;&nbsp;&nbsp; $(77432071)<br>| &nbsp;&nbsp;&nbsp; (21346649)<br>| &nbsp;&nbsp;&nbsp; $(92762448)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (634965)<br>| &nbsp;&nbsp;&nbsp; (2848873)<br>| &nbsp;&nbsp;&nbsp; (772005)<br>| &nbsp;&nbsp;&nbsp; (3349814)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (2024489)<br>| &nbsp;&nbsp;&nbsp; (9051647)<br>| &nbsp;&nbsp;&nbsp; (2722214)<br>| &nbsp;&nbsp;&nbsp; (11820232)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (34330850)<br>| &nbsp;&nbsp;&nbsp; (153849692)<br>| &nbsp;&nbsp;&nbsp; (31963319)<br>| &nbsp;&nbsp;&nbsp; (138737822)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (60079)<br>| &nbsp;&nbsp;&nbsp; (267405)<br>| &nbsp;&nbsp;&nbsp; (54579)<br>| &nbsp;&nbsp;&nbsp; (238933)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (14414371)<br>| &nbsp;&nbsp;&nbsp; (65188534)<br>| &nbsp;&nbsp;&nbsp; (44569942)<br>| &nbsp;&nbsp;&nbsp; (193714023)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 26305373 | &nbsp;&nbsp;&nbsp; $123417998 | &nbsp;&nbsp;&nbsp; (54383776)<br>| &nbsp;&nbsp;&nbsp; $(236261985)<br>|

---

<sup>(a)</sup> 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.

**34**

**Invesco International Bond Fund**

------

**Report of Independent Registered Public Accounting Firm** 

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

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco International Bond Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related consolidated statement of operations for the year ended October 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent, portfolio company investee and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

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

**35**

**Invesco International Bond Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco International Bond Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco International Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other

**36**

**Invesco International Bond Fund**

------

performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each above the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's contractual management fees and total expense ratio were each in the fifth quintile of its expense group and discussed with management the reasons for such relative contractual management fees and total expenses. The independent Trustees reviewed and considered additional information provided by management, including with respect to the components of the Fund's total expense ratio driving expenses relative to peers.

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

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements

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

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

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

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

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending

arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**37**

**Invesco International Bond Fund**

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 6.35% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 65.09% |

---

\*

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

**38**

**Invesco International Bond Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**39**

**Invesco International Bond Fund**

------

![](img1673b0b21.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-IBD-NCSR

------

![](img426597811.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Multi-Asset Income Fund**

Nasdaq:

A: PIAFX ■ C: PICFX ■ R: PIRFX ■ Y: PIYFX ■ R5: IPNFX ■ R6: PIFFX

------

---

| | |
|:---|:---|
| [2](#xx_33b55512-59d8-42f5-947f-80156b2cb390_SOI-Continued-14_1) | Schedule of Investments |
| [13](#xx_33b55512-59d8-42f5-947f-80156b2cb390_FS-Continued-14_1) | Financial Statements |
| [16](#xx_33b55512-59d8-42f5-947f-80156b2cb390_FS-Continued-14_4) | Financial Highlights |
| [17](#xx_33b55512-59d8-42f5-947f-80156b2cb390_NTF-Continued-14_1) | Notes to Financial Statements |
| [26](#xx_33b55512-59d8-42f5-947f-80156b2cb390_ARS-Continued-14_1) | Report of Independent Registered Public Accounting Firm |
| [27](#xx_33b55512-59d8-42f5-947f-80156b2cb390_AOC-Continued-14_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [30](#xx_33b55512-59d8-42f5-947f-80156b2cb390_TI-Continued-14_1) | Tax Information |
| [31](#xx_33b55512-59d8-42f5-947f-80156b2cb390_OIRSR-Continued-14_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*October 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Exchange-Traded Funds–72.87%** | **Exchange-Traded Funds–72.87%** | **Exchange-Traded Funds–72.87%** | **Exchange-Traded Funds–72.87%** |
| Invesco Core Fixed Income ETF<sup>(b)</sup>  | Invesco Core Fixed Income ETF<sup>(b)</sup>  | 6850000 | &nbsp;&nbsp; $174551700 |
| Invesco High Yield Bond Factor ETF<sup>(b)(c)</sup>  | Invesco High Yield Bond Factor ETF<sup>(b)(c)</sup>  | 3355243 | &nbsp;&nbsp; 76024438 |
| Invesco MSCI EAFE Income Advantage <br> ETF<sup>(b)(c)</sup>  | Invesco MSCI EAFE Income Advantage <br> ETF<sup>(b)(c)</sup>  | 1465000 | &nbsp;&nbsp; 77586400 |
| Invesco QQQ Income Advantage ETF<sup>(b)</sup>  | Invesco QQQ Income Advantage ETF<sup>(b)</sup>  | 1812000 | &nbsp;&nbsp; 98119800 |
| Invesco S&P 500 Equal Weight Income <br> Advantage ETF<sup>(b)</sup>  | Invesco S&P 500 Equal Weight Income <br> Advantage ETF<sup>(b)</sup>  | 4205000 | &nbsp;&nbsp; 212625825 |
| iShares J.P. Morgan USD Emerging <br> Markets Bond ETF<sup>(c)</sup>  | iShares J.P. Morgan USD Emerging <br> Markets Bond ETF<sup>(c)</sup>  | 224000 | &nbsp;&nbsp; 21654080 |
| Total Exchange-Traded Funds <br> (Cost $636,385,771) | Total Exchange-Traded Funds <br> (Cost $636,385,771) | Total Exchange-Traded Funds <br> (Cost $636,385,771) | &nbsp;&nbsp; 660562243 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **U.S. Dollar Denominated Bonds & Notes–13.13%** | **U.S. Dollar Denominated Bonds & Notes–13.13%** | **U.S. Dollar Denominated Bonds & Notes–13.13%** | **U.S. Dollar Denominated Bonds & Notes–13.13%** |
| **Advertising–0.09%** | **Advertising–0.09%** | **Advertising–0.09%** | **Advertising–0.09%** |
| Advantage Sales & Marketing, Inc., <br> 6.50%, 11/15/2028<sup>(c)(d)</sup> <br>|  | $220000 | &nbsp;&nbsp; 189295 |
| Belo Corp., 7.25%, 09/15/2027 |  | 573000 | &nbsp;&nbsp; 598814 |
|  |  |  | &nbsp;&nbsp; 788109 |
| **Aerospace & Defense–0.17%** | **Aerospace & Defense–0.17%** | **Aerospace & Defense–0.17%** | **Aerospace & Defense–0.17%** |
| Boeing Co. (The), | Boeing Co. (The), |  |  |
| 2.80%, 03/01/2027 |  | 900000 | &nbsp;&nbsp; 882540 |
| 2.95%, 02/01/2030 |  | 150000 | &nbsp;&nbsp; 141684 |
| Moog, Inc., 4.25%, 12/15/2027<sup>(d)</sup> <br>|  | 500000 | &nbsp;&nbsp; 495997 |
|  |  |  | &nbsp;&nbsp; 1520221 |
| **Agricultural & Farm Machinery–0.19%** | **Agricultural & Farm Machinery–0.19%** | **Agricultural & Farm Machinery–0.19%** | **Agricultural & Farm Machinery–0.19%** |
| CNH Industrial Capital LLC, | CNH Industrial Capital LLC, |  |  |
| 4.55%, 04/10/2028 |  | 155000 | &nbsp;&nbsp; 156101 |
| 5.10%, 04/20/2029 |  | 200000 | &nbsp;&nbsp; 204703 |
| John Deere Capital Corp., | John Deere Capital Corp., |  |  |
| 4.85%, 03/05/2027 |  | 190000 | &nbsp;&nbsp; 192423 |
| 4.95%, 07/14/2028 |  | 620000 | &nbsp;&nbsp; 636748 |
| 4.50%, 01/16/2029 |  | 200000 | &nbsp;&nbsp; 203056 |
| 4.85%, 06/11/2029<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205662 |
| Titan International, Inc., 7.00%, <br> 04/30/2028<sup>(c)</sup> <br>|  | 160000 | &nbsp;&nbsp; 160487 |
|  |  |  | &nbsp;&nbsp; 1759180 |
| **Air Freight & Logistics–0.06%** | **Air Freight & Logistics–0.06%** | **Air Freight & Logistics–0.06%** | **Air Freight & Logistics–0.06%** |
| Rand Parent LLC, 8.50%, <br> 02/15/2030<sup>(c)(d)</sup> <br>|  | 500000 | &nbsp;&nbsp; 511598 |
| **Apparel, Accessories & Luxury Goods–0.01%** | **Apparel, Accessories & Luxury Goods–0.01%** | **Apparel, Accessories & Luxury Goods–0.01%** | **Apparel, Accessories & Luxury Goods–0.01%** |
| Tapestry, Inc., 4.13%, 07/15/2027 |  | 59000 | &nbsp;&nbsp; 58879 |
| **Application Software–0.08%** | **Application Software–0.08%** | **Application Software–0.08%** | **Application Software–0.08%** |
| Cloud Software Group, Inc., 9.00%, <br> 09/30/2029<sup>(d)</sup> <br>|  | 400000 | &nbsp;&nbsp; 414078 |
| Open Text Holdings, Inc. (Canada), <br> 4.13%, 02/15/2030<sup>(d)</sup> <br>|  | 320000 | &nbsp;&nbsp; 305812 |
|  |  |  | &nbsp;&nbsp; 719890 |
| **Asset Management & Custody Banks–0.07%** | **Asset Management & Custody Banks–0.07%** | **Asset Management & Custody Banks–0.07%** | **Asset Management & Custody Banks–0.07%** |
| Ares Capital Corp., 2.88%, <br> 06/15/2028<br>|  | 110000 | &nbsp;&nbsp; 104765 |
| FS KKR Capital Corp., 6.13%, <br> 01/15/2030<sup>(c)</sup> <br>|  | 150000 | &nbsp;&nbsp; 148359 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** |
| State Street Corp., 4.73%, <br> 02/28/2030<br>|  | $400000 | &nbsp;&nbsp; $409202 |
|  |  |  | &nbsp;&nbsp; 662326 |
| **Automobile Manufacturers–0.37%** | **Automobile Manufacturers–0.37%** | **Automobile Manufacturers–0.37%** | **Automobile Manufacturers–0.37%** |
| American Honda Finance Corp., | American Honda Finance Corp., |  |  |
| 2.35%, 01/08/2027 |  | 95000 | &nbsp;&nbsp; 93114 |
| 4.90%, 03/12/2027 |  | 150000 | &nbsp;&nbsp; 151688 |
| Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |  |  |
| 6.80%, 05/12/2028 |  | 300000 | &nbsp;&nbsp; 312128 |
| 5.11%, 05/03/2029 |  | 300000 | &nbsp;&nbsp; 298827 |
| Jaguar Land Rover Automotive PLC <br> (United Kingdom), 4.50%, <br> 10/01/2027<sup>(d)</sup> <br>|  | 212000 | &nbsp;&nbsp; 209180 |
| PACCAR Financial Corp., | PACCAR Financial Corp., |  |  |
| 5.05%, 08/10/2026 |  | 200000 | &nbsp;&nbsp; 201733 |
| 4.60%, 01/31/2029 |  | 230000 | &nbsp;&nbsp; 234799 |
| Toyota Motor Corp. (Japan), 5.12%, <br> 07/13/2028<sup>(c)</sup> <br>|  | 460000 | &nbsp;&nbsp; 473984 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| 3.20%, 01/11/2027 |  | 100000 | &nbsp;&nbsp; 99185 |
| 1.15%, 08/13/2027<sup>(c)</sup> <br>|  | 300000 | &nbsp;&nbsp; 286154 |
| 4.65%, 01/05/2029 |  | 500000 | &nbsp;&nbsp; 510184 |
| 3.65%, 01/08/2029 |  | 460000 | &nbsp;&nbsp; 455450 |
|  |  |  | &nbsp;&nbsp; 3326426 |
| **Automotive Parts & Equipment–0.27%** | **Automotive Parts & Equipment–0.27%** | **Automotive Parts & Equipment–0.27%** | **Automotive Parts & Equipment–0.27%** |
| Aptiv Swiss Holdings Ltd., 6.88%, <br> 12/15/2054<sup>(e)</sup> <br>|  | 210000 | &nbsp;&nbsp; 214708 |
| Avis Budget Car Rental LLC/Avis <br> Budget Finance, Inc., 5.75%, <br> 07/15/2027<sup>(c)(d)</sup> <br>|  | 600000 | &nbsp;&nbsp; 598332 |
| IHO Verwaltungs GmbH (Germany), <br> 8.75% PIK Rate, 8.00% Cash <br> Rate, 11/15/2032<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208736 |
| Tenneco, Inc., 8.00%, <br> 11/17/2028<sup>(c)(d)</sup> <br>|  | 660000 | &nbsp;&nbsp; 658711 |
| United Rentals (North America), Inc., <br> 4.88%, 01/15/2028<br>|  | 160000 | &nbsp;&nbsp; 159992 |
| ZF North America Capital, Inc. <br> (Germany), 7.13%, <br> 04/14/2030<sup>(d)</sup> <br>|  | 600000 | &nbsp;&nbsp; 584590 |
|  |  |  | &nbsp;&nbsp; 2425069 |
| **Automotive Retail–0.06%** | **Automotive Retail–0.06%** | **Automotive Retail–0.06%** | **Automotive Retail–0.06%** |
| Advance Auto Parts, Inc., 1.75%, <br> 10/01/2027<sup>(c)</sup> <br>|  | 560000 | &nbsp;&nbsp; 524747 |
| **Biotechnology–0.09%** | **Biotechnology–0.09%** | **Biotechnology–0.09%** | **Biotechnology–0.09%** |
| AbbVie, Inc., | AbbVie, Inc., |  |  |
| 2.95%, 11/21/2026 |  | 570000 | &nbsp;&nbsp; 564286 |
| 4.80%, 03/15/2029 |  | 230000 | &nbsp;&nbsp; 235386 |
|  |  |  | &nbsp;&nbsp; 799672 |
| **Broadcasting–0.17%** | **Broadcasting–0.17%** | **Broadcasting–0.17%** | **Broadcasting–0.17%** |
| AMC Networks, Inc., 10.25%, <br> 01/15/2029<sup>(d)</sup> <br>|  | 300000 | &nbsp;&nbsp; 315175 |
| Discovery Communications LLC, <br> 3.95%, 03/20/2028<br>|  | 241000 | &nbsp;&nbsp; 236304 |

---

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

**2**

**Invesco Multi-Asset Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Broadcasting–(continued)** | **Broadcasting–(continued)** | **Broadcasting–(continued)** | **Broadcasting–(continued)** |
| Paramount Global, | Paramount Global, |  |  |
| 3.70%, 06/01/2028 |  | $125000 | &nbsp;&nbsp; $122598 |
| 6.38%, 03/30/2062<sup>(c)(e)</sup> <br>|  | 580000 | &nbsp;&nbsp; 573209 |
| Univision Communications, Inc., <br> 8.50%, 07/31/2031<sup>(c)(d)</sup> <br>|  | 300000 | &nbsp;&nbsp; 307171 |
|  |  |  | &nbsp;&nbsp; 1554457 |
| **Broadline Retail–0.17%** | **Broadline Retail–0.17%** | **Broadline Retail–0.17%** | **Broadline Retail–0.17%** |
| Amazon.com, Inc., 3.30%, <br> 04/13/2027<br>|  | 150000 | &nbsp;&nbsp; 148967 |
| Macy's Retail Holdings LLC, 6.70%, <br> 07/15/2034<sup>(d)</sup> <br>|  | 437000 | &nbsp;&nbsp; 411296 |
| Nordstrom, Inc., 6.95%, <br> 03/15/2028<br>|  | 160000 | &nbsp;&nbsp; 166403 |
| QVC, Inc., 6.88%, 04/15/2029<sup>(d)</sup> <br>|  | 138000 | &nbsp;&nbsp; 64170 |
| Rakuten Group, Inc. (Japan), | Rakuten Group, Inc. (Japan), |  |  |
| 11.25%, 02/15/2027<sup>(d)</sup> <br>|  | 300000 | &nbsp;&nbsp; 324443 |
| 9.75%, 04/15/2029<sup>(d)</sup> <br>|  | 350000 | &nbsp;&nbsp; 392895 |
|  |  |  | &nbsp;&nbsp; 1508174 |
| **Building Products–0.07%** | **Building Products–0.07%** | **Building Products–0.07%** | **Building Products–0.07%** |
| Adams Homes, Inc., 9.25%, <br> 10/15/2028<sup>(d)</sup> <br>|  | 285000 | &nbsp;&nbsp; 297040 |
| Standard Industries, Inc., 4.75%, <br> 01/15/2028<sup>(d)</sup> <br>|  | 320000 | &nbsp;&nbsp; 319176 |
|  |  |  | &nbsp;&nbsp; 616216 |
| **Cable & Satellite–0.47%** | **Cable & Satellite–0.47%** | **Cable & Satellite–0.47%** | **Cable & Satellite–0.47%** |
| Cable One, Inc., 4.00%, <br> 11/15/2030<sup>(c)(d)</sup> <br>|  | 350000 | &nbsp;&nbsp; 276950 |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital <br> Corp., 2.25%, 01/15/2029<br>|  | 230000 | &nbsp;&nbsp; 214036 |
| Comcast Corp., | Comcast Corp., |  |  |
| 3.30%, 04/01/2027 |  | 230000 | &nbsp;&nbsp; 227643 |
| 5.35%, 11/15/2027 |  | 300000 | &nbsp;&nbsp; 307575 |
| 5.17%, 01/15/2037<sup>(d)</sup> <br>|  | 204000 | &nbsp;&nbsp; 202067 |
| CSC Holdings LLC, | CSC Holdings LLC, |  |  |
| 11.75%, 01/31/2029<sup>(d)</sup> <br>|  | 360000 | &nbsp;&nbsp; 284611 |
| 5.75%, 01/15/2030<sup>(d)</sup> <br>|  | 452000 | &nbsp;&nbsp; 169939 |
| Directv Financing LLC/Directv <br> Financing Co-Obligor, Inc., 5.88%, <br> 08/15/2027<sup>(d)</sup> <br>|  | 164000 | &nbsp;&nbsp; 164110 |
| DISH DBS Corp., 5.75%, <br> 12/01/2028<sup>(d)</sup> <br>|  | 380000 | &nbsp;&nbsp; 365458 |
| DISH Network Corp., 11.75%, <br> 11/15/2027<sup>(d)</sup> <br>|  | 530000 | &nbsp;&nbsp; 558306 |
| LCPR Senior Secured Financing DAC <br> (Puerto Rico), 6.75%, <br> 10/15/2027<sup>(d)</sup> <br>|  | 400000 | &nbsp;&nbsp; 250598 |
| Sirius XM Radio LLC, 4.00%, <br> 07/15/2028<sup>(d)</sup> <br>|  | 820000 | &nbsp;&nbsp; 797488 |
| Telenet Finance Luxembourg Notes <br> S.a.r.l. (Belgium), 5.50%, <br> 03/01/2028<sup>(d)</sup> <br>|  | 400000 | &nbsp;&nbsp; 399259 |
|  |  |  | &nbsp;&nbsp; 4218040 |
| **Cargo Ground Transportation–0.11%** | **Cargo Ground Transportation–0.11%** | **Cargo Ground Transportation–0.11%** | **Cargo Ground Transportation–0.11%** |
| Ryder System, Inc., | Ryder System, Inc., |  |  |
| 4.95%, 09/01/2029 |  | 400000 | &nbsp;&nbsp; 409252 |
| 4.90%, 12/01/2029 |  | 560000 | &nbsp;&nbsp; 573736 |
|  |  |  | &nbsp;&nbsp; 982988 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Casinos & Gaming–0.11%** | **Casinos & Gaming–0.11%** | **Casinos & Gaming–0.11%** | **Casinos & Gaming–0.11%** |
| Brightstar Lottery PLC, 6.25%, <br> 01/15/2027<sup>(d)</sup> <br>|  | $241000 | &nbsp;&nbsp; $243537 |
| MGM China Holdings Ltd. (Macau), <br> 4.75%, 02/01/2027<sup>(d)</sup> <br>|  | 246000 | &nbsp;&nbsp; 245333 |
| Wynn Macau Ltd. (Macau), 5.63%, <br> 08/26/2028<sup>(c)(d)</sup> <br>|  | 520000 | &nbsp;&nbsp; 519823 |
|  |  |  | &nbsp;&nbsp; 1008693 |
| **Commercial Printing–0.07%** | **Commercial Printing–0.07%** | **Commercial Printing–0.07%** | **Commercial Printing–0.07%** |
| R.R. Donnelley & Sons Co., 9.50%, <br> 08/01/2029<sup>(d)</sup> <br>|  | 600000 | &nbsp;&nbsp; 615702 |
| **Commodity Chemicals–0.10%** | **Commodity Chemicals–0.10%** | **Commodity Chemicals–0.10%** | **Commodity Chemicals–0.10%** |
| Cabot Corp., 4.00%, 07/01/2029<sup>(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 396215 |
| Methanex Corp. (Canada), 5.13%, <br> 10/15/2027<br>|  | 540000 | &nbsp;&nbsp; 541641 |
|  |  |  | &nbsp;&nbsp; 937856 |
| **Communications Equipment–0.07%** | **Communications Equipment–0.07%** | **Communications Equipment–0.07%** | **Communications Equipment–0.07%** |
| Viasat, Inc., 5.63%, <br> 04/15/2027<sup>(c)(d)</sup> <br>|  | 680000 | &nbsp;&nbsp; 679948 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.03%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.03%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.03%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.03%** |
| Caterpillar Financial Services Corp., <br> 1.10%, 09/14/2027<br>|  | 130000 | &nbsp;&nbsp; 123728 |
| Wabtec Corp., 3.45%, 11/15/2026 |  | 135000 | &nbsp;&nbsp; 134029 |
|  |  |  | &nbsp;&nbsp; 257757 |
| **Construction Materials–0.10%** | **Construction Materials–0.10%** | **Construction Materials–0.10%** | **Construction Materials–0.10%** |
| Camelot Return Merger Sub, Inc., <br> 8.75%, 08/01/2028<sup>(c)(d)</sup> <br>|  | 277000 | &nbsp;&nbsp; 256310 |
| Smyrna Ready Mix Concrete LLC, <br> 8.88%, 11/15/2031<sup>(d)</sup> <br>|  | 600000 | &nbsp;&nbsp; 632270 |
|  |  |  | &nbsp;&nbsp; 888580 |
| **Consumer Electronics–0.01%** | **Consumer Electronics–0.01%** | **Consumer Electronics–0.01%** | **Consumer Electronics–0.01%** |
| Tyco Electronics Group S.A. <br> (Switzerland), 3.13%, <br> 08/15/2027<br>|  | 75000 | &nbsp;&nbsp; 73972 |
| **Consumer Finance–0.40%** | **Consumer Finance–0.40%** | **Consumer Finance–0.40%** | **Consumer Finance–0.40%** |
| Ally Financial, Inc., | Ally Financial, Inc., |  |  |
| 6.99%, 06/13/2029<sup>(e)</sup> <br>|  | 500000 | &nbsp;&nbsp; 525299 |
| 6.85%, 01/03/2030<sup>(e)</sup> <br>|  | 100000 | &nbsp;&nbsp; 105530 |
| American Express Co., | American Express Co., |  |  |
| 1.65%, 11/04/2026 |  | 330000 | &nbsp;&nbsp; 322738 |
| 3.30%, 05/03/2027 |  | 130000 | &nbsp;&nbsp; 128858 |
| General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |  |  |
| 2.40%, 10/15/2028 |  | 230000 | &nbsp;&nbsp; 218523 |
| 5.80%, 01/07/2029 |  | 500000 | &nbsp;&nbsp; 521013 |
| goeasy Ltd. (Canada), | goeasy Ltd. (Canada), |  |  |
| 7.63%, 07/01/2029<sup>(c)(d)</sup> <br>|  | 263000 | &nbsp;&nbsp; 265110 |
| 7.38%, 10/01/2030<sup>(d)</sup> <br>|  | 295000 | &nbsp;&nbsp; 295451 |
| Navient Corp., | Navient Corp., |  |  |
| 5.50%, 03/15/2029<sup>(c)</sup> <br>|  | 135000 | &nbsp;&nbsp; 132899 |
| 9.38%, 07/25/2030<sup>(c)</sup> <br>|  | 211000 | &nbsp;&nbsp; 232007 |
| 5.63%, 08/01/2033<sup>(c)</sup> <br>|  | 245000 | &nbsp;&nbsp; 222032 |
| OneMain Finance Corp., 3.50%, <br> 01/15/2027<br>|  | 635000 | &nbsp;&nbsp; 625147 |
|  |  |  | &nbsp;&nbsp; 3594607 |

---

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

**3**

**Invesco Multi-Asset Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Data Processing & Outsourced Services–0.08%** | **Data Processing & Outsourced Services–0.08%** | **Data Processing & Outsourced Services–0.08%** | **Data Processing & Outsourced Services–0.08%** |
| Concentrix Corp., | Concentrix Corp., |  |  |
| 6.65%, 08/02/2026 |  | $230000 | &nbsp;&nbsp; $233109 |
| 6.60%, 08/02/2028<sup>(c)</sup> <br>|  | 500000 | &nbsp;&nbsp; 521253 |
|  |  |  | &nbsp;&nbsp; 754362 |
| **Distillers & Vintners–0.03%** | **Distillers & Vintners–0.03%** | **Distillers & Vintners–0.03%** | **Distillers & Vintners–0.03%** |
| Constellation Brands, Inc., 3.70%, <br> 12/06/2026<br>|  | 117000 | &nbsp;&nbsp; 116560 |
| Diageo Capital PLC (United Kingdom), <br> 2.38%, 10/24/2029<br>|  | 200000 | &nbsp;&nbsp; 187688 |
|  |  |  | &nbsp;&nbsp; 304248 |
| **Diversified Banks–1.80%** | **Diversified Banks–1.80%** | **Diversified Banks–1.80%** | **Diversified Banks–1.80%** |
| Banco Bilbao Vizcaya Argentaria S.A. <br> (Spain), 5.38%, 03/13/2029<br>|  | 200000 | &nbsp;&nbsp; 206901 |
| Banco Santander S.A. (Spain), <br> 5.57%, 01/17/2030<sup>(c)</sup> <br>|  | 600000 | &nbsp;&nbsp; 625394 |
| Bank of America Corp., | Bank of America Corp., |  |  |
| 5.93%, 09/15/2027<sup>(e)</sup> <br>|  | 300000 | &nbsp;&nbsp; 304352 |
| 3.71%, 04/24/2028<sup>(e)</sup> <br>|  | 230000 | &nbsp;&nbsp; 228572 |
| 3.59%, 07/21/2028<sup>(e)</sup> <br>|  | 170000 | &nbsp;&nbsp; 168547 |
| 3.42%, 12/20/2028<sup>(e)</sup> <br>|  | 460000 | &nbsp;&nbsp; 452950 |
| 4.27%, 07/23/2029<sup>(e)</sup> <br>|  | 570000 | &nbsp;&nbsp; 572220 |
| Series L, 4.18%, 11/25/2027 |  | 100000 | &nbsp;&nbsp; 100074 |
| Bank of Nova Scotia (The) (Canada), <br> 5.45%, 08/01/2029<br>|  | 400000 | &nbsp;&nbsp; 417005 |
| Capital One N.A., 4.65%, <br> 09/13/2028<br>|  | 500000 | &nbsp;&nbsp; 506307 |
| Citigroup, Inc., | Citigroup, Inc., |  |  |
| 3.20%, 10/21/2026 |  | 200000 | &nbsp;&nbsp; 198474 |
| 3.98%, 03/20/2030<sup>(e)</sup> <br>|  | 300000 | &nbsp;&nbsp; 296923 |
| Comerica, Inc., | Comerica, Inc., |  |  |
| 4.00%, 02/01/2029<sup>(c)</sup> <br>|  | 500000 | &nbsp;&nbsp; 494780 |
| 5.98%, 01/30/2030<sup>(e)</sup> <br>|  | 150000 | &nbsp;&nbsp; 156084 |
| HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |  |
| 5.21%, 08/11/2028<sup>(e)</sup> <br>|  | 600000 | &nbsp;&nbsp; 609679 |
| 4.58%, 06/19/2029<sup>(e)</sup> <br>|  | 800000 | &nbsp;&nbsp; 805041 |
| 2.21%, 08/17/2029<sup>(e)</sup> <br>|  | 400000 | &nbsp;&nbsp; 378023 |
| 5.55%, 03/04/2030<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207274 |
| Huntington National Bank (The), | Huntington National Bank (The), |  |  |
| 4.55%, 05/17/2028<sup>(e)</sup> <br>|  | 250000 | &nbsp;&nbsp; 251275 |
| 5.65%, 01/10/2030<sup>(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 261301 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| 4.25%, 10/01/2027 |  | 75000 | &nbsp;&nbsp; 75434 |
| 2.18%, 06/01/2028<sup>(e)</sup> <br>|  | 75000 | &nbsp;&nbsp; 72839 |
| 3.70%, 05/06/2030<sup>(e)</sup> <br>|  | 300000 | &nbsp;&nbsp; 295060 |
| 5.00%, 07/22/2030<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205230 |
| Lloyds Banking Group PLC (United <br> Kingdom), 5.46%, 01/05/2028<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202798 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan), 3.29%, 07/25/2027<br>|  | 60000 | &nbsp;&nbsp; 59307 |
| Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |  |  |
| 3.17%, 09/11/2027 |  | 230000 | &nbsp;&nbsp; 226739 |
| 5.67%, 05/27/2029<sup>(c)(e)</sup> <br>|  | 920000 | &nbsp;&nbsp; 953732 |
| 5.78%, 07/06/2029<sup>(e)</sup> <br>|  | 400000 | &nbsp;&nbsp; 416188 |
| Morgan Stanley Bank N.A., | Morgan Stanley Bank N.A., |  |  |
| 5.88%, 10/30/2026 |  | 250000 | &nbsp;&nbsp; 254337 |
| 4.95%, 01/14/2028<sup>(e)</sup> <br>|  | 350000 | &nbsp;&nbsp; 353137 |
| National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), |  |  |
| 4.94%, 01/12/2028 |  | 250000 | &nbsp;&nbsp; 255607 |
| 4.79%, 01/10/2029<sup>(c)</sup> <br>|  | 800000 | &nbsp;&nbsp; 819171 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| NatWest Group PLC (United Kingdom), <br> 5.52%, 09/30/2028<sup>(e)</sup> <br>|  | $230000 | &nbsp;&nbsp; $235549 |
| Sumitomo Mitsui Financial Group, Inc. <br> (Japan), | Sumitomo Mitsui Financial Group, Inc. <br> (Japan), |  |  |
| 1.40%, 09/17/2026 |  | 460000 | &nbsp;&nbsp; 449945 |
| 3.35%, 10/18/2027 |  | 230000 | &nbsp;&nbsp; 227266 |
| 5.71%, 01/13/2030 |  | 400000 | &nbsp;&nbsp; 421881 |
| 2.75%, 01/15/2030 |  | 200000 | &nbsp;&nbsp; 188072 |
| Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |  |  |
| 5.16%, 01/10/2028 |  | 100000 | &nbsp;&nbsp; 102237 |
| 5.52%, 07/17/2028 |  | 230000 | &nbsp;&nbsp; 238273 |
| 4.78%, 12/17/2029 |  | 200000 | &nbsp;&nbsp; 204456 |
| U.S. Bancorp, | U.S. Bancorp, |  |  |
| 6.79%, 10/26/2027<sup>(e)</sup> <br>|  | 230000 | &nbsp;&nbsp; 235722 |
| 4.55%, 07/22/2028<sup>(e)</sup> <br>|  | 150000 | &nbsp;&nbsp; 151032 |
| 5.78%, 06/12/2029<sup>(e)</sup> <br>|  | 500000 | &nbsp;&nbsp; 519383 |
| UBS AG (Switzerland), 5.00%, <br> 07/09/2027<br>|  | 400000 | &nbsp;&nbsp; 406499 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| 3.53%, 03/24/2028<sup>(e)</sup> <br>|  | 160000 | &nbsp;&nbsp; 158678 |
| 4.81%, 07/25/2028<sup>(e)</sup> <br>|  | 100000 | &nbsp;&nbsp; 101135 |
| 6.30%, 10/23/2029<sup>(e)</sup> <br>|  | 300000 | &nbsp;&nbsp; 317397 |
| Westpac Banking Corp. (Australia), | Westpac Banking Corp. (Australia), |  |  |
| 2.70%, 08/19/2026<sup>(c)</sup> <br>|  | 460000 | &nbsp;&nbsp; 455513 |
| 3.40%, 01/25/2028 |  | 105000 | &nbsp;&nbsp; 104003 |
| 1.95%, 11/20/2028 |  | 400000 | &nbsp;&nbsp; 377605 |
|  |  |  | &nbsp;&nbsp; 16325401 |
| **Diversified Chemicals–0.07%** | **Diversified Chemicals–0.07%** | **Diversified Chemicals–0.07%** | **Diversified Chemicals–0.07%** |
| Chemours Co. (The), 5.38%, <br> 05/15/2027<br>|  | 287000 | &nbsp;&nbsp; 286074 |
| INEOS Finance PLC (Luxembourg), <br> 6.75%, 05/15/2028<sup>(d)</sup> <br>|  | 336000 | &nbsp;&nbsp; 317172 |
|  |  |  | &nbsp;&nbsp; 603246 |
| **Diversified Financial Services–0.33%** | **Diversified Financial Services–0.33%** | **Diversified Financial Services–0.33%** | **Diversified Financial Services–0.33%** |
| Block Financial LLC, 2.50%, <br> 07/15/2028<br>|  | 380000 | &nbsp;&nbsp; 361499 |
| Corebridge Financial, Inc., 3.65%, <br> 04/05/2027<br>|  | 280000 | &nbsp;&nbsp; 277708 |
| GGAM Finance Ltd. (Ireland), 8.00%, <br> 02/15/2027<sup>(d)</sup> <br>|  | 280000 | &nbsp;&nbsp; 286457 |
| Global Aircraft Leasing Co. Ltd. <br> (Cayman Islands), 8.75%, <br> 09/01/2027<sup>(d)</sup> <br>|  | 450000 | &nbsp;&nbsp; 463855 |
| Jefferies Finance LLC/JFIN Co-Issuer <br> Corp., 5.00%, 08/15/2028<sup>(d)</sup> <br>|  | 466000 | &nbsp;&nbsp; 441566 |
| Midcap Financial Issuer Trust, 5.63%, <br> 01/15/2030<sup>(d)</sup> <br>|  | 285000 | &nbsp;&nbsp; 268132 |
| Resorts World Las Vegas LLC/RWLV <br> Capital, Inc., 4.63%, <br> 04/06/2031<sup>(d)</sup> <br>|  | 700000 | &nbsp;&nbsp; 598286 |
| United Wholesale Mortgage LLC, <br> 5.75%, 06/15/2027<sup>(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250786 |
|  |  |  | &nbsp;&nbsp; 2948289 |
| **Diversified Metals & Mining–0.07%** | **Diversified Metals & Mining–0.07%** | **Diversified Metals & Mining–0.07%** | **Diversified Metals & Mining–0.07%** |
| BHP Billiton Finance (USA) Ltd. <br> (Australia), 5.00%, 02/21/2030<br>|  | 200000 | &nbsp;&nbsp; 206352 |
| Mineral Resources Ltd. (Australia), <br> 9.25%, 10/01/2028<sup>(d)</sup> <br>|  | 450000 | &nbsp;&nbsp; 472390 |
|  |  |  | &nbsp;&nbsp; 678742 |

---

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

**4**

**Invesco Multi-Asset Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified REITs–0.09%** | **Diversified REITs–0.09%** | **Diversified REITs–0.09%** | **Diversified REITs–0.09%** |
| Global Net Lease, Inc., 4.50%, <br> 09/30/2028<sup>(d)</sup> <br>|  | $160000 | &nbsp;&nbsp; $157032 |
| Global Net Lease, Inc./Global Net <br> Lease Operating Partnership L.P., <br> 3.75%, 12/15/2027<sup>(d)</sup> <br>|  | 160000 | &nbsp;&nbsp; 155238 |
| Highwoods Realty L.P., | Highwoods Realty L.P., |  |  |
| 4.20%, 04/15/2029 |  | 260000 | &nbsp;&nbsp; 255339 |
| 3.05%, 02/15/2030<sup>(c)</sup> <br>|  | 300000 | &nbsp;&nbsp; 278608 |
|  |  |  | &nbsp;&nbsp; 846217 |
| **Diversified Support Services–0.04%** | **Diversified Support Services–0.04%** | **Diversified Support Services–0.04%** | **Diversified Support Services–0.04%** |
| Neptune Bidco US, Inc., 9.29%, <br> 04/15/2029<sup>(d)</sup> <br>|  | 323000 | &nbsp;&nbsp; 319256 |
| **Education Services–0.05%** | **Education Services–0.05%** | **Education Services–0.05%** | **Education Services–0.05%** |
| Grand Canyon University, 5.13%, <br> 10/01/2028<br>|  | 500000 | &nbsp;&nbsp; 496473 |
| **Electric Utilities–0.61%** | **Electric Utilities–0.61%** | **Electric Utilities–0.61%** | **Electric Utilities–0.61%** |
| Edison International, | Edison International, |  |  |
| 4.13%, 03/15/2028 |  | 100000 | &nbsp;&nbsp; 98343 |
| 5.25%, 11/15/2028 |  | 490000 | &nbsp;&nbsp; 493531 |
| 6.25%, 03/15/2030 |  | 100000 | &nbsp;&nbsp; 103893 |
| 8.13%, 06/15/2053<sup>(c)(e)</sup> <br>|  | 350000 | &nbsp;&nbsp; 361722 |
| 7.88%, 06/15/2054<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206141 |
| Entergy Louisiana LLC, 2.40%, <br> 10/01/2026<br>|  | 230000 | &nbsp;&nbsp; 226885 |
| Eversource Energy, 5.95%, <br> 02/01/2029<br>|  | 100000 | &nbsp;&nbsp; 104813 |
| FirstEnergy Corp., Series B, 3.90%, <br> 07/15/2027<br>|  | 230000 | &nbsp;&nbsp; 228621 |
| Fortis, Inc. (Canada), 3.06%, <br> 10/04/2026<br>|  | 190000 | &nbsp;&nbsp; 188107 |
| IPALCO Enterprises, Inc., 4.25%, <br> 05/01/2030<br>|  | 100000 | &nbsp;&nbsp; 97923 |
| National Rural Utilities Cooperative <br> Finance Corp., 4.95%, <br> 02/07/2030<br>|  | 200000 | &nbsp;&nbsp; 206000 |
| Pacific Gas and Electric Co., | Pacific Gas and Electric Co., |  |  |
| 3.30%, 12/01/2027 |  | 300000 | &nbsp;&nbsp; 294093 |
| 3.00%, 06/15/2028 |  | 85000 | &nbsp;&nbsp; 81977 |
| 6.10%, 01/15/2029 |  | 230000 | &nbsp;&nbsp; 240017 |
| Pattern Energy Operations <br> L.P./Pattern Energy Operations, <br> Inc., 4.50%, 08/15/2028<sup>(d)</sup> <br>|  | 210000 | &nbsp;&nbsp; 204886 |
| Public Service Co. of Colorado, <br> 3.70%, 06/15/2028<br>|  | 690000 | &nbsp;&nbsp; 686730 |
| System Energy Resources, Inc., <br> 6.00%, 04/15/2028<br>|  | 150000 | &nbsp;&nbsp; 155824 |
| Vistra Operations Co. LLC, 5.00%, <br> 07/31/2027<sup>(d)</sup> <br>|  | 400000 | &nbsp;&nbsp; 400466 |
| Xcel Energy, Inc., | Xcel Energy, Inc., |  |  |
| 3.35%, 12/01/2026 |  | 150000 | &nbsp;&nbsp; 148890 |
| 2.60%, 12/01/2029 |  | 400000 | &nbsp;&nbsp; 374335 |
| XPLR Infrastructure Operating Partners <br> L.P., | XPLR Infrastructure Operating Partners <br> L.P., |  |  |
| 3.88%, 10/15/2026<sup>(d)</sup> <br>|  | 417000 | &nbsp;&nbsp; 411108 |
| 4.50%, 09/15/2027<sup>(d)</sup> <br>|  | 230000 | &nbsp;&nbsp; 225447 |
|  |  |  | &nbsp;&nbsp; 5539752 |
| **Electrical Components & Equipment–0.12%** | **Electrical Components & Equipment–0.12%** | **Electrical Components & Equipment–0.12%** | **Electrical Components & Equipment–0.12%** |
| Atkore, Inc., 4.25%, <br> 06/01/2031<sup>(c)(d)</sup> <br>|  | 720000 | &nbsp;&nbsp; 681244 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electrical Components & Equipment–(continued)** | **Electrical Components & Equipment–(continued)** | **Electrical Components & Equipment–(continued)** | **Electrical Components & Equipment–(continued)** |
| Emerson Electric Co., 1.80%, <br> 10/15/2027<br>|  | $240000 | &nbsp;&nbsp; $230912 |
| EnerSys, 4.38%, 12/15/2027<sup>(d)</sup> <br>|  | 160000 | &nbsp;&nbsp; 158104 |
|  |  |  | &nbsp;&nbsp; 1070260 |
| **Fertilizers & Agricultural Chemicals–0.07%** | **Fertilizers & Agricultural Chemicals–0.07%** | **Fertilizers & Agricultural Chemicals–0.07%** | **Fertilizers & Agricultural Chemicals–0.07%** |
| Consolidated Energy Finance S.A. <br> (Switzerland), | Consolidated Energy Finance S.A. <br> (Switzerland), |  |  |
| 5.63%, 10/15/2028<sup>(d)</sup> <br>|  | 370000 | &nbsp;&nbsp; 253110 |
| 12.00%, 02/15/2031<sup>(d)</sup> <br>|  | 300000 | &nbsp;&nbsp; 213585 |
| CVR Partners L.P./CVR Nitrogen <br> Finance Corp., 6.13%, <br> 06/15/2028<sup>(d)</sup> <br>|  | 210000 | &nbsp;&nbsp; 209937 |
|  |  |  | &nbsp;&nbsp; 676632 |
| **Financial Exchanges & Data–0.10%** | **Financial Exchanges & Data–0.10%** | **Financial Exchanges & Data–0.10%** | **Financial Exchanges & Data–0.10%** |
| Intercontinental Exchange, Inc., <br> 4.00%, 09/15/2027<br>|  | 460000 | &nbsp;&nbsp; 461196 |
| S&P Global, Inc., | S&P Global, Inc., |  |  |
| 2.45%, 03/01/2027 |  | 305000 | &nbsp;&nbsp; 299081 |
| 2.70%, 03/01/2029 |  | 200000 | &nbsp;&nbsp; 191616 |
|  |  |  | &nbsp;&nbsp; 951893 |
| **Gas Utilities–0.06%** | **Gas Utilities–0.06%** | **Gas Utilities–0.06%** | **Gas Utilities–0.06%** |
| AmeriGas Partners L.P./AmeriGas <br> Finance Corp., 9.38%, <br> 06/01/2028<sup>(d)</sup> <br>|  | 440000 | &nbsp;&nbsp; 456668 |
| Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 80000 | &nbsp;&nbsp; 82214 |
|  |  |  | &nbsp;&nbsp; 538882 |
| **Health Care Distributors–0.08%** | **Health Care Distributors–0.08%** | **Health Care Distributors–0.08%** | **Health Care Distributors–0.08%** |
| Cencora, Inc., 3.45%, 12/15/2027 |  | 500000 | &nbsp;&nbsp; 494034 |
| Owens & Minor, Inc., 6.63%, <br> 04/01/2030<sup>(c)(d)</sup> <br>|  | 300000 | &nbsp;&nbsp; 228626 |
|  |  |  | &nbsp;&nbsp; 722660 |
| **Health Care Equipment–0.11%** | **Health Care Equipment–0.11%** | **Health Care Equipment–0.11%** | **Health Care Equipment–0.11%** |
| Baxter International, Inc., 2.27%, <br> 12/01/2028<br>|  | 545000 | &nbsp;&nbsp; 511679 |
| Miter Brands Acquisition Holdco, <br> Inc./MIWD Borrower LLC, 6.75%, <br> 04/01/2032<sup>(d)</sup> <br>|  | 280000 | &nbsp;&nbsp; 287581 |
| Smith & Nephew PLC (United <br> Kingdom), 5.15%, 03/20/2027<br>|  | 230000 | &nbsp;&nbsp; 232822 |
|  |  |  | &nbsp;&nbsp; 1032082 |
| **Health Care Facilities–0.01%** | **Health Care Facilities–0.01%** | **Health Care Facilities–0.01%** | **Health Care Facilities–0.01%** |
| Universal Health Services, Inc., <br> 1.65%, 09/01/2026<br>|  | 134000 | &nbsp;&nbsp; 131190 |
| **Health Care REITs–0.06%** | **Health Care REITs–0.06%** | **Health Care REITs–0.06%** | **Health Care REITs–0.06%** |
| MPT Operating Partnership L.P./MPT <br> Finance Corp., | MPT Operating Partnership L.P./MPT <br> Finance Corp., |  |  |
| 5.00%, 10/15/2027 |  | 300000 | &nbsp;&nbsp; 288877 |
| 4.63%, 08/01/2029 |  | 300000 | &nbsp;&nbsp; 245630 |
|  |  |  | &nbsp;&nbsp; 534507 |
| **Health Care Services–0.27%** | **Health Care Services–0.27%** | **Health Care Services–0.27%** | **Health Care Services–0.27%** |
| CommonSpirit Health, 6.07%, <br> 11/01/2027<br>|  | 460000 | &nbsp;&nbsp; 475662 |
| Community Health Systems, Inc., <br> 5.25%, 05/15/2030<sup>(c)(d)</sup> <br>|  | 636000 | &nbsp;&nbsp; 596745 |

---

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

**5**

**Invesco Multi-Asset Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** |
| CVS Health Corp., | CVS Health Corp., |  |  |
| 4.30%, 03/25/2028 |  | $500000 | &nbsp;&nbsp; $500729 |
| 6.75%, 12/10/2054<sup>(e)</sup> <br>|  | 300000 | &nbsp;&nbsp; 312044 |
| HCA, Inc., 5.63%, 09/01/2028 |  | 150000 | &nbsp;&nbsp; 154768 |
| Prime Healthcare Services, Inc., <br> 9.38%, 09/01/2029<sup>(d)</sup> <br>|  | 400000 | &nbsp;&nbsp; 421158 |
|  |  |  | &nbsp;&nbsp; 2461106 |
| **Health Care Supplies–0.03%** | **Health Care Supplies–0.03%** | **Health Care Supplies–0.03%** | **Health Care Supplies–0.03%** |
| Embecta Corp., 5.00%, <br> 02/15/2030<sup>(c)(d)</sup> <br>|  | 280000 | &nbsp;&nbsp; 265888 |
| **Health Care Technology–0.02%** | **Health Care Technology–0.02%** | **Health Care Technology–0.02%** | **Health Care Technology–0.02%** |
| athenahealth Group, Inc., 6.50%, <br> 02/15/2030<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 195976 |
| **Home Improvement Retail–0.01%** | **Home Improvement Retail–0.01%** | **Home Improvement Retail–0.01%** | **Home Improvement Retail–0.01%** |
| Home Depot, Inc. (The), 2.50%, <br> 04/15/2027<br>|  | 80000 | &nbsp;&nbsp; 78508 |
| **Homebuilding–0.20%** | **Homebuilding–0.20%** | **Homebuilding–0.20%** | **Homebuilding–0.20%** |
| Beazer Homes USA, Inc., 5.88%, <br> 10/15/2027<br>|  | 305000 | &nbsp;&nbsp; 305444 |
| Installed Building Products, Inc., <br> 5.75%, 02/01/2028<sup>(d)</sup> <br>|  | 300000 | &nbsp;&nbsp; 301102 |
| Lennar Corp., 4.75%, 11/29/2027 |  | 60000 | &nbsp;&nbsp; 60481 |
| LGI Homes, Inc., 4.00%, <br> 07/15/2029<sup>(c)(d)</sup> <br>|  | 508000 | &nbsp;&nbsp; 456677 |
| Sekisui House U.S., Inc., 3.85%, <br> 01/15/2030<sup>(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 96667 |
| Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |  |  |
| 5.88%, 06/15/2027<sup>(d)</sup> <br>|  | 500000 | &nbsp;&nbsp; 505357 |
| 5.75%, 01/15/2028<sup>(d)</sup> <br>|  | 100000 | &nbsp;&nbsp; 101532 |
|  |  |  | &nbsp;&nbsp; 1827260 |
| **Hotel & Resort REITs–0.04%** | **Hotel & Resort REITs–0.04%** | **Hotel & Resort REITs–0.04%** | **Hotel & Resort REITs–0.04%** |
| Service Properties Trust, 4.95%, <br> 10/01/2029<br>|  | 400000 | &nbsp;&nbsp; 346085 |
| **Hotels, Resorts & Cruise Lines–0.03%** | **Hotels, Resorts & Cruise Lines–0.03%** | **Hotels, Resorts & Cruise Lines–0.03%** | **Hotels, Resorts & Cruise Lines–0.03%** |
| Booking Holdings, Inc., 3.55%, <br> 03/15/2028<br>|  | 50000 | &nbsp;&nbsp; 49503 |
| Carnival Corp., 6.65%, 01/15/2028 |  | 200000 | &nbsp;&nbsp; 207875 |
|  |  |  | &nbsp;&nbsp; 257378 |
| **Housewares & Specialties–0.02%** | **Housewares & Specialties–0.02%** | **Housewares & Specialties–0.02%** | **Housewares & Specialties–0.02%** |
| Newell Brands, Inc., 6.38%, <br> 09/15/2027<br>|  | 200000 | &nbsp;&nbsp; 200095 |
| **Human Resource & Employment Services–0.06%** | **Human Resource & Employment Services–0.06%** | **Human Resource & Employment Services–0.06%** | **Human Resource & Employment Services–0.06%** |
| AMN Healthcare, Inc., 4.00%, <br> 04/15/2029<sup>(c)(d)</sup> <br>|  | 535000 | &nbsp;&nbsp; 507422 |
| **Independent Power Producers & Energy Traders–0.10%** | **Independent Power Producers & Energy Traders–0.10%** | **Independent Power Producers & Energy Traders–0.10%** | **Independent Power Producers & Energy Traders–0.10%** |
| AES Corp. (The), | AES Corp. (The), |  |  |
| 5.45%, 06/01/2028 |  | 80000 | &nbsp;&nbsp; 81433 |
| 6.95%, 07/15/2055<sup>(e)</sup> <br>|  | 500000 | &nbsp;&nbsp; 484994 |
| Calpine Corp., 4.50%, <br> 02/15/2028<sup>(d)</sup> <br>|  | 300000 | &nbsp;&nbsp; 299456 |
|  |  |  | &nbsp;&nbsp; 865883 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Industrial Conglomerates–0.09%** | **Industrial Conglomerates–0.09%** | **Industrial Conglomerates–0.09%** | **Industrial Conglomerates–0.09%** |
| Honeywell International, Inc., | Honeywell International, Inc., |  |  |
| 4.65%, 07/30/2027 |  | $400000 | &nbsp;&nbsp; $404753 |
| 2.70%, 08/15/2029 |  | 400000 | &nbsp;&nbsp; 381779 |
|  |  |  | &nbsp;&nbsp; 786532 |
| **Industrial Machinery & Supplies & Components–0.04%** | **Industrial Machinery & Supplies & Components–0.04%** | **Industrial Machinery & Supplies & Components–0.04%** | **Industrial Machinery & Supplies & Components–0.04%** |
| Stanley Black & Decker, Inc., 2.30%, <br> 03/15/2030<sup>(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 364930 |
| **Insurance Brokers–0.10%** | **Insurance Brokers–0.10%** | **Insurance Brokers–0.10%** | **Insurance Brokers–0.10%** |
| Ardonagh Finco Ltd. (United <br> Kingdom), 7.75%, 02/15/2031<sup>(d)</sup> <br>|  | 610000 | &nbsp;&nbsp; 638604 |
| Marsh & McLennan Cos., Inc., 4.55%, <br> 11/08/2027<br>|  | 200000 | &nbsp;&nbsp; 202099 |
| Willis North America, Inc., 4.65%, <br> 06/15/2027<br>|  | 75000 | &nbsp;&nbsp; 75488 |
|  |  |  | &nbsp;&nbsp; 916191 |
| **Integrated Oil & Gas–0.04%** | **Integrated Oil & Gas–0.04%** | **Integrated Oil & Gas–0.04%** | **Integrated Oil & Gas–0.04%** |
| BP Capital Markets America, Inc., <br> 4.87%, 11/25/2029<br>|  | 200000 | &nbsp;&nbsp; 205112 |
| Chevron USA, Inc., 1.02%, <br> 08/12/2027<br>|  | 100000 | &nbsp;&nbsp; 95300 |
| Exxon Mobil Corp., 3.29%, <br> 03/19/2027<sup>(c)</sup> <br>|  | 50000 | &nbsp;&nbsp; 49700 |
|  |  |  | &nbsp;&nbsp; 350112 |
| **Integrated Telecommunication Services–0.12%** | **Integrated Telecommunication Services–0.12%** | **Integrated Telecommunication Services–0.12%** | **Integrated Telecommunication Services–0.12%** |
| Altice France (France), 9.50%, <br> 11/01/2029<sup>(d)</sup> <br>|  | 271845 | &nbsp;&nbsp; 277234 |
| Altice France S.A. (France), 6.50%, <br> 03/15/2032<sup>(d)</sup> <br>|  | 424325 | &nbsp;&nbsp; 406660 |
| British Telecommunications PLC <br> (United Kingdom), 5.13%, <br> 12/04/2028<br>|  | 400000 | &nbsp;&nbsp; 409560 |
|  |  |  | &nbsp;&nbsp; 1093454 |
| **Interactive Media & Services–0.15%** | **Interactive Media & Services–0.15%** | **Interactive Media & Services–0.15%** | **Interactive Media & Services–0.15%** |
| Baidu, Inc. (China), 4.38%, <br> 03/29/2028<br>|  | 300000 | &nbsp;&nbsp; 302445 |
| WarnerMedia Holdings, Inc., | WarnerMedia Holdings, Inc., |  |  |
| 4.05%, 03/15/2029 |  | 600000 | &nbsp;&nbsp; 583062 |
| 5.05%, 03/15/2042<sup>(c)</sup> <br>|  | 600000 | &nbsp;&nbsp; 482286 |
|  |  |  | &nbsp;&nbsp; 1367793 |
| **Investment Banking & Brokerage–0.34%** | **Investment Banking & Brokerage–0.34%** | **Investment Banking & Brokerage–0.34%** | **Investment Banking & Brokerage–0.34%** |
| Brookfield Finance, Inc. (Canada), <br> 3.90%, 01/25/2028<br>|  | 400000 | &nbsp;&nbsp; 397431 |
| Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |  |  |
| 2.75%, 10/01/2029 |  | 200000 | &nbsp;&nbsp; 190214 |
| 6.20%, 11/17/2029<sup>(e)</sup> <br>|  | 500000 | &nbsp;&nbsp; 529650 |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| 3.85%, 01/26/2027 |  | 125000 | &nbsp;&nbsp; 124637 |
| 1.54%, 09/10/2027<sup>(e)</sup> <br>|  | 140000 | &nbsp;&nbsp; 136808 |
| 1.95%, 10/21/2027<sup>(e)</sup> <br>|  | 375000 | &nbsp;&nbsp; 366849 |
| 3.62%, 03/15/2028<sup>(e)</sup> <br>|  | 105000 | &nbsp;&nbsp; 104246 |
| 2.60%, 02/07/2030 |  | 200000 | &nbsp;&nbsp; 187376 |
| Morgan Stanley, | Morgan Stanley, |  |  |
| 6.30%, 10/18/2028<sup>(e)</sup> <br>|  | 170000 | &nbsp;&nbsp; 176838 |
| 6.41%, 11/01/2029<sup>(e)</sup> <br>|  | 460000 | &nbsp;&nbsp; 487753 |

---

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

**6**

**Invesco Multi-Asset Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** |
| Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |  |  |
| 3.10%, 01/16/2030 |  | $200000 | &nbsp;&nbsp; $189357 |
| 2.68%, 07/16/2030 |  | 200000 | &nbsp;&nbsp; 184428 |
|  |  |  | &nbsp;&nbsp; 3075587 |
| **IT Consulting & Other Services–0.16%** | **IT Consulting & Other Services–0.16%** | **IT Consulting & Other Services–0.16%** | **IT Consulting & Other Services–0.16%** |
| CGI, Inc. (Canada), 4.95%, <br> 03/14/2030<sup>(d)</sup> <br>|  | 100000 | &nbsp;&nbsp; 101439 |
| Conduent Business Services LLC/<br> Conduent State & Local Solutions, <br> Inc., 6.00%, 11/01/2029<sup>(c)(d)</sup> <br>|  | 193000 | &nbsp;&nbsp; 180697 |
| International Business Machines <br> Corp., 1.95%, 05/15/2030<br>|  | 150000 | &nbsp;&nbsp; 136369 |
| Kyndryl Holdings, Inc., | Kyndryl Holdings, Inc., |  |  |
| 2.05%, 10/15/2026 |  | 200000 | &nbsp;&nbsp; 195795 |
| 2.70%, 10/15/2028<sup>(c)</sup> <br>|  | 920000 | &nbsp;&nbsp; 878127 |
|  |  |  | &nbsp;&nbsp; 1492427 |
| **Life & Health Insurance–0.06%** | **Life & Health Insurance–0.06%** | **Life & Health Insurance–0.06%** | **Life & Health Insurance–0.06%** |
| Brighthouse Financial, Inc., 3.70%, <br> 06/22/2027<br>|  | 170000 | &nbsp;&nbsp; 167402 |
| Globe Life, Inc., 4.55%, <br> 09/15/2028<br>|  | 400000 | &nbsp;&nbsp; 404135 |
|  |  |  | &nbsp;&nbsp; 571537 |
| **Life Sciences Tools & Services–0.07%** | **Life Sciences Tools & Services–0.07%** | **Life Sciences Tools & Services–0.07%** | **Life Sciences Tools & Services–0.07%** |
| Fortrea Holdings, Inc., 7.50%, <br> 07/01/2030<sup>(c)(d)</sup> <br>|  | 260000 | &nbsp;&nbsp; 249935 |
| IQVIA, Inc., 5.00%, 05/15/2027<sup>(d)</sup> <br>|  | 419000 | &nbsp;&nbsp; 419147 |
|  |  |  | &nbsp;&nbsp; 669082 |
| **Managed Health Care–0.02%** | **Managed Health Care–0.02%** | **Managed Health Care–0.02%** | **Managed Health Care–0.02%** |
| Centene Corp., | Centene Corp., |  |  |
| 2.45%, 07/15/2028 |  | 60000 | &nbsp;&nbsp; 55973 |
| 3.38%, 02/15/2030 |  | 100000 | &nbsp;&nbsp; 92058 |
|  |  |  | &nbsp;&nbsp; 148031 |
| **Marine Transportation–0.03%** | **Marine Transportation–0.03%** | **Marine Transportation–0.03%** | **Marine Transportation–0.03%** |
| Seaspan Corp. (Hong Kong), 5.50%, <br> 08/01/2029<sup>(d)</sup> <br>|  | 276000 | &nbsp;&nbsp; 266040 |
| **Metal, Glass & Plastic Containers–0.07%** | **Metal, Glass & Plastic Containers–0.07%** | **Metal, Glass & Plastic Containers–0.07%** | **Metal, Glass & Plastic Containers–0.07%** |
| LABL, Inc., 5.88%, 11/01/2028<sup>(d)</sup> <br>|  | 266000 | &nbsp;&nbsp; 190122 |
| OI European Group B.V., 4.75%, <br> 02/15/2030<sup>(c)(d)</sup> <br>|  | 480000 | &nbsp;&nbsp; 452845 |
|  |  |  | &nbsp;&nbsp; 642967 |
| **Movies & Entertainment–0.05%** | **Movies & Entertainment–0.05%** | **Movies & Entertainment–0.05%** | **Movies & Entertainment–0.05%** |
| Odeon Finco PLC (United Kingdom), <br> 12.75%, 11/01/2027<sup>(d)</sup> <br>|  | 217000 | &nbsp;&nbsp; 224388 |
| TWDC Enterprises 18 Corp., 2.95%, <br> 06/15/2027<br>|  | 200000 | &nbsp;&nbsp; 197267 |
|  |  |  | &nbsp;&nbsp; 421655 |
| **Multi-Family Residential REITs–0.05%** | **Multi-Family Residential REITs–0.05%** | **Multi-Family Residential REITs–0.05%** | **Multi-Family Residential REITs–0.05%** |
| Mid-America Apartments L.P., <br> 3.60%, 06/01/2027<sup>(c)</sup> <br>|  | 460000 | &nbsp;&nbsp; 457395 |
| **Multi-Utilities–0.12%** | **Multi-Utilities–0.12%** | **Multi-Utilities–0.12%** | **Multi-Utilities–0.12%** |
| Algonquin Power & Utilities Corp. <br> (Canada), 4.75%, 01/18/2082<sup>(e)</sup> <br>|  | 160000 | &nbsp;&nbsp; 157197 |
| Sempra, 3.25%, 06/15/2027 |  | 920000 | &nbsp;&nbsp; 905053 |
|  |  |  | &nbsp;&nbsp; 1062250 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Office REITs–0.07%** | **Office REITs–0.07%** | **Office REITs–0.07%** | **Office REITs–0.07%** |
| Boston Properties L.P., 4.50%, <br> 12/01/2028<br>|  | $100000 | &nbsp;&nbsp; $100157 |
| Brandywine Operating Partnership L.P., | Brandywine Operating Partnership L.P., |  |  |
| 8.30%, 03/15/2028<sup>(c)</sup> <br>|  | 290000 | &nbsp;&nbsp; 309975 |
| 8.88%, 04/12/2029<sup>(c)</sup> <br>|  | 186000 | &nbsp;&nbsp; 202187 |
|  |  |  | &nbsp;&nbsp; 612319 |
| **Office Services & Supplies–0.13%** | **Office Services & Supplies–0.13%** | **Office Services & Supplies–0.13%** | **Office Services & Supplies–0.13%** |
| ACCO Brands Corp., 4.25%, <br> 03/15/2029<sup>(c)(d)</sup> <br>|  | 620000 | &nbsp;&nbsp; 545496 |
| CDW LLC/CDW Finance Corp., 5.10%, <br> 03/01/2030<br>|  | 300000 | &nbsp;&nbsp; 306033 |
| Steelcase, Inc., 5.13%, <br> 01/18/2029<br>|  | 353000 | &nbsp;&nbsp; 345499 |
|  |  |  | &nbsp;&nbsp; 1197028 |
| **Oil & Gas Drilling–0.22%** | **Oil & Gas Drilling–0.22%** | **Oil & Gas Drilling–0.22%** | **Oil & Gas Drilling–0.22%** |
| Harvest Midstream I L.P., 7.50%, <br> 09/01/2028<sup>(d)</sup> <br>|  | 210000 | &nbsp;&nbsp; 213080 |
| Nabors Industries, Inc., 9.13%, <br> 01/31/2030<sup>(c)(d)</sup> <br>|  | 483000 | &nbsp;&nbsp; 507954 |
| Noble Finance II LLC, 8.00%, <br> 04/15/2030<sup>(d)</sup> <br>|  | 610000 | &nbsp;&nbsp; 633514 |
| Rockies Express Pipeline LLC, 7.50%, <br> 07/15/2038<sup>(d)</sup> <br>|  | 366000 | &nbsp;&nbsp; 398218 |
| Valaris Ltd., 8.38%, 04/30/2030<sup>(d)</sup> <br>|  | 210000 | &nbsp;&nbsp; 219504 |
|  |  |  | &nbsp;&nbsp; 1972270 |
| **Oil & Gas Equipment & Services–0.05%** | **Oil & Gas Equipment & Services–0.05%** | **Oil & Gas Equipment & Services–0.05%** | **Oil & Gas Equipment & Services–0.05%** |
| Baker Hughes Holdings LLC/Baker <br> Hughes Co-Obligor, Inc., 3.34%, <br> 12/15/2027<br>|  | 155000 | &nbsp;&nbsp; 152916 |
| TGS ASA (Norway), 8.50%, <br> 01/15/2030<sup>(d)</sup> <br>|  | 260000 | &nbsp;&nbsp; 270205 |
|  |  |  | &nbsp;&nbsp; 423121 |
| **Oil & Gas Exploration & Production–0.27%** | **Oil & Gas Exploration & Production–0.27%** | **Oil & Gas Exploration & Production–0.27%** | **Oil & Gas Exploration & Production–0.27%** |
| Baytex Energy Corp. (Canada), <br> 8.50%, 04/30/2030<sup>(c)(d)</sup> <br>|  | 605000 | &nbsp;&nbsp; 620724 |
| Civitas Resources, Inc., 8.75%, <br> 07/01/2031<sup>(c)(d)</sup> <br>|  | 600000 | &nbsp;&nbsp; 617583 |
| ConocoPhillips Co., 4.70%, <br> 01/15/2030<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204061 |
| Crescent Energy Finance LLC, 7.63%, <br> 04/01/2032<sup>(c)(d)</sup> <br>|  | 300000 | &nbsp;&nbsp; 291094 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., | Hilcorp Energy I L.P./Hilcorp Finance Co., |  |  |
| 8.38%, 11/01/2033<sup>(d)</sup> <br>|  | 423000 | &nbsp;&nbsp; 437986 |
| 6.88%, 05/15/2034<sup>(d)</sup> <br>|  | 169000 | &nbsp;&nbsp; 160716 |
| Woodside Finance Ltd. (Australia), <br> 5.40%, 05/19/2030<br>|  | 100000 | &nbsp;&nbsp; 102789 |
|  |  |  | &nbsp;&nbsp; 2434953 |
| **Oil & Gas Refining & Marketing–0.11%** | **Oil & Gas Refining & Marketing–0.11%** | **Oil & Gas Refining & Marketing–0.11%** | **Oil & Gas Refining & Marketing–0.11%** |
| NuStar Logistics L.P., 5.63%, <br> 04/28/2027<br>|  | 555000 | &nbsp;&nbsp; 560090 |
| PBF Holding Co. LLC/PBF Finance <br> Corp., 7.88%, 09/15/2030<sup>(c)(d)</sup> <br>|  | 260000 | &nbsp;&nbsp; 261400 |
| Valero Energy Corp., 5.15%, <br> 02/15/2030<br>|  | 200000 | &nbsp;&nbsp; 205799 |
|  |  |  | &nbsp;&nbsp; 1027289 |
| **Oil & Gas Storage & Transportation–0.38%** | **Oil & Gas Storage & Transportation–0.38%** | **Oil & Gas Storage & Transportation–0.38%** | **Oil & Gas Storage & Transportation–0.38%** |
| Cheniere Corpus Christi Holdings LLC, <br> 5.13%, 06/30/2027<br>|  | 125000 | &nbsp;&nbsp; 126311 |

---

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

**7**

**Invesco Multi-Asset Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |  |  |
| 4.25%, 12/01/2026 |  | $230000 | &nbsp;&nbsp; $230024 |
| 5.30%, 04/05/2029 |  | 200000 | &nbsp;&nbsp; 206479 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 4.40%, 03/15/2027 |  | 60000 | &nbsp;&nbsp; 60121 |
| 5.50%, 06/01/2027 |  | 50000 | &nbsp;&nbsp; 50819 |
| 4.95%, 06/15/2028 |  | 230000 | &nbsp;&nbsp; 233574 |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |  |
| 3.13%, 07/31/2029 |  | 400000 | &nbsp;&nbsp; 386913 |
| 2.80%, 01/31/2030 |  | 300000 | &nbsp;&nbsp; 284201 |
| ITT Holdings LLC, 6.50%, <br> 08/01/2029<sup>(d)</sup> <br>|  | 417000 | &nbsp;&nbsp; 404268 |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp., 8.13%, <br> 02/15/2029<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204871 |
| ONEOK, Inc., 5.65%, 11/01/2028 |  | 100000 | &nbsp;&nbsp; 103733 |
| Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance <br> Corp., 5.50%, 01/15/2028<sup>(d)</sup> <br>|  | 210000 | &nbsp;&nbsp; 208873 |
| TransCanada PipeLines Ltd. (Canada), <br> 4.25%, 05/15/2028<br>|  | 300000 | &nbsp;&nbsp; 299971 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| 8.13%, 06/01/2028<sup>(c)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206150 |
| 9.88%, 02/01/2032<sup>(c)(d)</sup> <br>|  | 400000 | &nbsp;&nbsp; 427511 |
|  |  |  | &nbsp;&nbsp; 3433819 |
| **Other Specialized REITs–0.05%** | **Other Specialized REITs–0.05%** | **Other Specialized REITs–0.05%** | **Other Specialized REITs–0.05%** |
| EPR Properties, | EPR Properties, |  |  |
| 4.75%, 12/15/2026 |  | 75000 | &nbsp;&nbsp; 75297 |
| 3.75%, 08/15/2029 |  | 200000 | &nbsp;&nbsp; 192720 |
| Iron Mountain, Inc., 4.88%, <br> 09/15/2027<sup>(d)</sup> <br>|  | 168000 | &nbsp;&nbsp; 167593 |
|  |  |  | &nbsp;&nbsp; 435610 |
| **Other Specialty Retail–0.06%** | **Other Specialty Retail–0.06%** | **Other Specialty Retail–0.06%** | **Other Specialty Retail–0.06%** |
| Bath & Body Works, Inc., 6.69%, <br> 01/15/2027<br>|  | 490000 | &nbsp;&nbsp; 500590 |
| **Packaged Foods & Meats–0.12%** | **Packaged Foods & Meats–0.12%** | **Packaged Foods & Meats–0.12%** | **Packaged Foods & Meats–0.12%** |
| B&G Foods, Inc., 8.00%, <br> 09/15/2028<sup>(c)(d)</sup> <br>|  | 600000 | &nbsp;&nbsp; 564844 |
| Conagra Brands, Inc., 1.38%, <br> 11/01/2027<br>|  | 300000 | &nbsp;&nbsp; 283313 |
| McCormick & Co., Inc., 3.40%, <br> 08/15/2027<br>|  | 230000 | &nbsp;&nbsp; 227452 |
|  |  |  | &nbsp;&nbsp; 1075609 |
| **Paper & Plastic Packaging Products & Materials–0.07%** | **Paper & Plastic Packaging Products & Materials–0.07%** | **Paper & Plastic Packaging Products & Materials–0.07%** | **Paper & Plastic Packaging Products & Materials–0.07%** |
| Cascades, Inc./Cascades USA, Inc. <br> (Canada), 5.38%, 01/15/2028<sup>(d)</sup> <br>|  | 210000 | &nbsp;&nbsp; 209919 |
| Clydesdale Acquisition Holdings, Inc., <br> 6.75%, 04/15/2032<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200843 |
| Mauser Packaging Solutions Holding <br> Co., 9.25%, 04/15/2027<sup>(d)</sup> <br>|  | 205000 | &nbsp;&nbsp; 202602 |
|  |  |  | &nbsp;&nbsp; 613364 |
| **Paper Products–0.04%** | **Paper Products–0.04%** | **Paper Products–0.04%** | **Paper Products–0.04%** |
| Domtar Corp., 6.75%, <br> 10/01/2028<sup>(d)</sup> <br>|  | 480000 | &nbsp;&nbsp; 364795 |
| **Passenger Airlines–0.20%** | **Passenger Airlines–0.20%** | **Passenger Airlines–0.20%** | **Passenger Airlines–0.20%** |
| Allegiant Travel Co., 7.25%, <br> 08/15/2027<sup>(d)</sup> <br>|  | 316000 | &nbsp;&nbsp; 319753 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** |
| American Airlines, Inc., 7.25%, <br> 02/15/2028<sup>(c)(d)</sup> <br>|  | $630000 | &nbsp;&nbsp; $645008 |
| JetBlue Airways Corp./JetBlue Loyalty <br> L.P., 9.88%, 09/20/2031<sup>(c)(d)</sup> <br>|  | 300000 | &nbsp;&nbsp; 295162 |
| Southwest Airlines Co., | Southwest Airlines Co., |  |  |
| 3.00%, 11/15/2026 |  | 380000 | &nbsp;&nbsp; 375215 |
| 3.45%, 11/16/2027 |  | 125000 | &nbsp;&nbsp; 122794 |
| United Airlines Pass-Through Trust, <br> Series 2020-1, Class A, 5.88%, <br> 10/15/2027<br>|  | 68012 | &nbsp;&nbsp; 69636 |
|  |  |  | &nbsp;&nbsp; 1827568 |
| **Personal Care Products–0.04%** | **Personal Care Products–0.04%** | **Personal Care Products–0.04%** | **Personal Care Products–0.04%** |
| Estee Lauder Cos., Inc. (The), | Estee Lauder Cos., Inc. (The), |  |  |
| 2.38%, 12/01/2029 |  | 200000 | &nbsp;&nbsp; 186826 |
| 2.60%, 04/15/2030 |  | 200000 | &nbsp;&nbsp; 186879 |
|  |  |  | &nbsp;&nbsp; 373705 |
| **Pharmaceuticals–0.25%** | **Pharmaceuticals–0.25%** | **Pharmaceuticals–0.25%** | **Pharmaceuticals–0.25%** |
| AstraZeneca PLC (United Kingdom), <br> 4.00%, 01/17/2029<br>|  | 920000 | &nbsp;&nbsp; 919469 |
| Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |  |  |
| 3.45%, 11/15/2027<sup>(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 228395 |
| 3.90%, 02/20/2028<sup>(c)</sup> <br>|  | 680000 | &nbsp;&nbsp; 679844 |
| Organon & Co./Organon Foreign Debt <br> Co-Issuer B.V., | Organon & Co./Organon Foreign Debt <br> Co-Issuer B.V., |  |  |
| 4.13%, 04/30/2028<sup>(c)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 190409 |
| 6.75%, 05/15/2034<sup>(c)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 179435 |
| Viatris, Inc., 2.30%, 06/22/2027 |  | 85000 | &nbsp;&nbsp; 81794 |
|  |  |  | &nbsp;&nbsp; 2279346 |
| **Property & Casualty Insurance–0.01%** | **Property & Casualty Insurance–0.01%** | **Property & Casualty Insurance–0.01%** | **Property & Casualty Insurance–0.01%** |
| Fairfax Financial Holdings Ltd. <br> (Canada), 4.85%, 04/17/2028<br>|  | 75000 | &nbsp;&nbsp; 75997 |
| **Rail Transportation–0.02%** | **Rail Transportation–0.02%** | **Rail Transportation–0.02%** | **Rail Transportation–0.02%** |
| CSX Corp., 3.25%, 06/01/2027 |  | 230000 | &nbsp;&nbsp; 227388 |
| **Real Estate Services–0.02%** | **Real Estate Services–0.02%** | **Real Estate Services–0.02%** | **Real Estate Services–0.02%** |
| Newmark Group, Inc., 7.50%, <br> 01/12/2029<br>|  | 160000 | &nbsp;&nbsp; 171487 |
| **Regional Banks–0.25%** | **Regional Banks–0.25%** | **Regional Banks–0.25%** | **Regional Banks–0.25%** |
| F.N.B. Corp., 5.72%, <br> 12/11/2030<sup>(c)(e)</sup> <br>|  | 100000 | &nbsp;&nbsp; 102027 |
| M&T Bank Corp., 7.41%, <br> 10/30/2029<sup>(e)</sup> <br>|  | 500000 | &nbsp;&nbsp; 541372 |
| Santander Holdings USA, Inc., | Santander Holdings USA, Inc., |  |  |
| 2.49%, 01/06/2028<sup>(c)(e)</sup> <br>|  | 100000 | &nbsp;&nbsp; 97662 |
| 6.50%, 03/09/2029<sup>(e)</sup> <br>|  | 380000 | &nbsp;&nbsp; 395512 |
| 6.17%, 01/09/2030<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207871 |
| Synovus Financial Corp., 6.17%, <br> 11/01/2030<sup>(e)</sup> <br>|  | 100000 | &nbsp;&nbsp; 103560 |
| Truist Financial Corp., | Truist Financial Corp., |  |  |
| 4.12%, 06/06/2028<sup>(e)</sup> <br>|  | 300000 | &nbsp;&nbsp; 300013 |
| 4.87%, 01/26/2029<sup>(e)</sup> <br>|  | 100000 | &nbsp;&nbsp; 101379 |
| 7.16%, 10/30/2029<sup>(e)</sup> <br>|  | 400000 | &nbsp;&nbsp; 432432 |
|  |  |  | &nbsp;&nbsp; 2281828 |
| **Reinsurance–0.02%** | **Reinsurance–0.02%** | **Reinsurance–0.02%** | **Reinsurance–0.02%** |
| Axis Specialty Finance PLC, 4.00%, <br> 12/06/2027<br>|  | 200000 | &nbsp;&nbsp; 198923 |

---

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

**8**

**Invesco Multi-Asset Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Research & Consulting Services–0.08%** | **Research & Consulting Services–0.08%** | **Research & Consulting Services–0.08%** | **Research & Consulting Services–0.08%** |
| Clarivate Science Holdings Corp., <br> 3.88%, 07/01/2028<sup>(d)</sup> <br>|  | $300000 | &nbsp;&nbsp; $289112 |
| KBR, Inc., 4.75%, 09/30/2028<sup>(d)</sup> <br>|  | 400000 | &nbsp;&nbsp; 393554 |
|  |  |  | &nbsp;&nbsp; 682666 |
| **Restaurants–0.05%** | **Restaurants–0.05%** | **Restaurants–0.05%** | **Restaurants–0.05%** |
| Darden Restaurants, Inc., 3.85%, <br> 05/01/2027<sup>(c)</sup> <br>|  | 460000 | &nbsp;&nbsp; 458578 |
| **Retail REITs–0.07%** | **Retail REITs–0.07%** | **Retail REITs–0.07%** | **Retail REITs–0.07%** |
| Brookfield Property REIT, Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC, 4.50%, <br> 04/01/2027<sup>(d)</sup> <br>|  | 239000 | &nbsp;&nbsp; 235585 |
| Kite Realty Group L.P., 4.00%, <br> 10/01/2026<br>|  | 400000 | &nbsp;&nbsp; 399056 |
|  |  |  | &nbsp;&nbsp; 634641 |
| **Security & Alarm Services–0.02%** | **Security & Alarm Services–0.02%** | **Security & Alarm Services–0.02%** | **Security & Alarm Services–0.02%** |
| CoreCivic, Inc., 4.75%, 10/15/2027 |  | 160000 | &nbsp;&nbsp; 158759 |
| **Semiconductors–0.17%** | **Semiconductors–0.17%** | **Semiconductors–0.17%** | **Semiconductors–0.17%** |
| ams-OSRAM AG (Austria), 12.25%, <br> 03/30/2029<sup>(c)(d)</sup> <br>|  | 279000 | &nbsp;&nbsp; 301619 |
| Analog Devices, Inc., 4.50%, <br> 06/15/2030<sup>(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 101509 |
| Intel Corp., | Intel Corp., |  |  |
| 3.15%, 05/11/2027<sup>(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 226583 |
| 3.75%, 08/05/2027 |  | 300000 | &nbsp;&nbsp; 297632 |
| 4.00%, 08/05/2029 |  | 200000 | &nbsp;&nbsp; 197835 |
| 5.13%, 02/10/2030 |  | 400000 | &nbsp;&nbsp; 411091 |
|  |  |  | &nbsp;&nbsp; 1536269 |
| **Single-Family Residential REITs–0.02%** | **Single-Family Residential REITs–0.02%** | **Single-Family Residential REITs–0.02%** | **Single-Family Residential REITs–0.02%** |
| Tanger Properties L.P., 3.13%, <br> 09/01/2026<br>|  | 230000 | &nbsp;&nbsp; 227744 |
| **Soft Drinks & Non-alcoholic Beverages–0.09%** | **Soft Drinks & Non-alcoholic Beverages–0.09%** | **Soft Drinks & Non-alcoholic Beverages–0.09%** | **Soft Drinks & Non-alcoholic Beverages–0.09%** |
| Keurig Dr Pepper, Inc., 2.55%, <br> 09/15/2026<br>|  | 250000 | &nbsp;&nbsp; 246578 |
| PepsiCo Singapore Financing I Pte. <br> Ltd., 4.65%, 02/16/2027<br>|  | 600000 | &nbsp;&nbsp; 605944 |
|  |  |  | &nbsp;&nbsp; 852522 |
| **Specialized Finance–0.03%** | **Specialized Finance–0.03%** | **Specialized Finance–0.03%** | **Specialized Finance–0.03%** |
| Blackstone Private Credit Fund, <br> 3.25%, 03/15/2027<br>|  | 235000 | &nbsp;&nbsp; 230665 |
| **Specialty Chemicals–0.10%** | **Specialty Chemicals–0.10%** | **Specialty Chemicals–0.10%** | **Specialty Chemicals–0.10%** |
| Celanese US Holdings LLC, 6.67%, <br> 07/15/2027<sup>(c)</sup> <br>|  | 350000 | &nbsp;&nbsp; 359508 |
| SCIL IV LLC/SCIL USA Holdings LLC, <br> 5.38%, 11/01/2026<sup>(d)</sup> <br>|  | 582000 | &nbsp;&nbsp; 581347 |
|  |  |  | &nbsp;&nbsp; 940855 |
| **Steel–0.12%** | **Steel–0.12%** | **Steel–0.12%** | **Steel–0.12%** |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 4.88%, 03/01/2031<sup>(d)</sup> <br>|  | 160000 | &nbsp;&nbsp; 151369 |
| 7.50%, 09/15/2031<sup>(d)</sup> <br>|  | 300000 | &nbsp;&nbsp; 314289 |
| 7.00%, 03/15/2032<sup>(c)(d)</sup> <br>|  | 160000 | &nbsp;&nbsp; 163799 |
| Nucor Corp., | Nucor Corp., |  |  |
| 3.95%, 05/01/2028 |  | 100000 | &nbsp;&nbsp; 99920 |
| 2.70%, 06/01/2030 |  | 120000 | &nbsp;&nbsp; 112770 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Steel–(continued)** | **Steel–(continued)** | **Steel–(continued)** | **Steel–(continued)** |
| SunCoke Energy, Inc., 4.88%, <br> 06/30/2029<sup>(d)</sup> <br>|  | $300000 | &nbsp;&nbsp; $280339 |
|  |  |  | &nbsp;&nbsp; 1122486 |
| **Systems Software–0.03%** | **Systems Software–0.03%** | **Systems Software–0.03%** | **Systems Software–0.03%** |
| McAfee Corp., 7.38%, <br> 02/15/2030<sup>(d)</sup> <br>|  | 310000 | &nbsp;&nbsp; 284202 |
| **Technology Distributors–0.03%** | **Technology Distributors–0.03%** | **Technology Distributors–0.03%** | **Technology Distributors–0.03%** |
| Avnet, Inc., 6.25%, 03/15/2028 |  | 230000 | &nbsp;&nbsp; 239117 |
| **Technology Hardware, Storage & Peripherals–0.03%** | **Technology Hardware, Storage & Peripherals–0.03%** | **Technology Hardware, Storage & Peripherals–0.03%** | **Technology Hardware, Storage & Peripherals–0.03%** |
| Apple, Inc., 3.20%, 05/11/2027<sup>(c)</sup> <br>|  | 135000 | &nbsp;&nbsp; 133991 |
| IBM International Capital Pte. Ltd., <br> 4.60%, 02/05/2029<br>|  | 170000 | &nbsp;&nbsp; 172501 |
|  |  |  | &nbsp;&nbsp; 306492 |
| **Telecom Tower REITs–0.19%** | **Telecom Tower REITs–0.19%** | **Telecom Tower REITs–0.19%** | **Telecom Tower REITs–0.19%** |
| American Tower Corp., | American Tower Corp., |  |  |
| 3.65%, 03/15/2027 |  | 305000 | &nbsp;&nbsp; 302851 |
| 3.55%, 07/15/2027 |  | 105000 | &nbsp;&nbsp; 103978 |
| 3.80%, 08/15/2029 |  | 200000 | &nbsp;&nbsp; 196405 |
| Crown Castle, Inc., | Crown Castle, Inc., |  |  |
| 3.65%, 09/01/2027 |  | 230000 | &nbsp;&nbsp; 227696 |
| 4.30%, 02/15/2029 |  | 400000 | &nbsp;&nbsp; 398458 |
| 3.10%, 11/15/2029<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 190371 |
| SBA Communications Corp., 3.88%, <br> 02/15/2027<sup>(c)</sup> <br>|  | 320000 | &nbsp;&nbsp; 316620 |
|  |  |  | &nbsp;&nbsp; 1736379 |
| **Tires & Rubber–0.05%** | **Tires & Rubber–0.05%** | **Tires & Rubber–0.05%** | **Tires & Rubber–0.05%** |
| Goodyear Tire & Rubber Co. (The), <br> 4.88%, 03/15/2027<sup>(c)</sup> <br>|  | 465000 | &nbsp;&nbsp; 461891 |
| **Tobacco–0.14%** | **Tobacco–0.14%** | **Tobacco–0.14%** | **Tobacco–0.14%** |
| B.A.T. Capital Corp. (United Kingdom), <br> 3.22%, 09/06/2026<br>|  | 134000 | &nbsp;&nbsp; 133001 |
| BAT Capital Corp. (United Kingdom), <br> 4.91%, 04/02/2030<sup>(c)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153027 |
| Philip Morris International, Inc., | Philip Morris International, Inc., |  |  |
| 4.88%, 02/15/2028 |  | 160000 | &nbsp;&nbsp; 162821 |
| 3.13%, 03/02/2028<sup>(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 225555 |
| 5.63%, 11/17/2029 |  | 180000 | &nbsp;&nbsp; 188916 |
| 5.13%, 02/15/2030 |  | 400000 | &nbsp;&nbsp; 413039 |
|  |  |  | &nbsp;&nbsp; 1276359 |
| **Trading Companies & Distributors–0.01%** | **Trading Companies & Distributors–0.01%** | **Trading Companies & Distributors–0.01%** | **Trading Companies & Distributors–0.01%** |
| Air Lease Corp., 4.63%, <br> 10/01/2028<br>|  | 90000 | &nbsp;&nbsp; 90274 |
| **Transaction & Payment Processing Services–0.02%** | **Transaction & Payment Processing Services–0.02%** | **Transaction & Payment Processing Services–0.02%** | **Transaction & Payment Processing Services–0.02%** |
| Global Payments, Inc., 2.15%, <br> 01/15/2027<br>|  | 110000 | &nbsp;&nbsp; 107181 |
| PayPal Holdings, Inc., 2.30%, <br> 06/01/2030<br>|  | 100000 | &nbsp;&nbsp; 92203 |
|  |  |  | &nbsp;&nbsp; 199384 |
| **Water Utilities–0.08%** | **Water Utilities–0.08%** | **Water Utilities–0.08%** | **Water Utilities–0.08%** |
| United Utilities PLC (United Kingdom), <br> 6.88%, 08/15/2028<br>|  | 700000 | &nbsp;&nbsp; 748386 |

---

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

**9**

**Invesco Multi-Asset Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Wireless Telecommunication Services–0.01%** | **Wireless Telecommunication Services–0.01%** | **Wireless Telecommunication Services–0.01%** | **Wireless Telecommunication Services–0.01%** |
| Sprint Capital Corp., 6.88%, <br> 11/15/2028<br>|  | $70000 | &nbsp;&nbsp; $75220 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $117,352,245) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $117,352,245) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $117,352,245) | &nbsp;&nbsp; 118988681 |
| **U.S. Treasury Securities–11.97%** | **U.S. Treasury Securities–11.97%** | **U.S. Treasury Securities–11.97%** | **U.S. Treasury Securities–11.97%** |
| **U.S. Treasury Bills–0.15%** | **U.S. Treasury Bills–0.15%** | **U.S. Treasury Bills–0.15%** | **U.S. Treasury Bills–0.15%** |
| 3.61% - 4.11%, <br> 05/14/2026<sup>(g)(h)</sup> <br>|  | 1327000 | &nbsp;&nbsp; 1301437 |
| **U.S. Treasury Bonds–4.98%** | **U.S. Treasury Bonds–4.98%** | **U.S. Treasury Bonds–4.98%** | **U.S. Treasury Bonds–4.98%** |
| 1.13%, 08/15/2040 |  | 10842400 | &nbsp;&nbsp; 6904830 |
| 1.38%, 11/15/2040 |  | 2966400 | &nbsp;&nbsp; 1955275 |
| 4.88%, 08/15/2045 |  | 11986700 | &nbsp;&nbsp; 12348174 |
| 1.38%, 08/15/2050 |  | 12123600 | &nbsp;&nbsp; 6183036 |
| 4.63%, 02/15/2055 |  | 11500000 | &nbsp;&nbsp; 11419141 |
| 4.75%, 08/15/2055 |  | 6263000 | &nbsp;&nbsp; 6349116 |
|  |  |  | &nbsp;&nbsp; 45159572 |
| **U.S. Treasury Notes–6.84%** | **U.S. Treasury Notes–6.84%** | **U.S. Treasury Notes–6.84%** | **U.S. Treasury Notes–6.84%** |
| 4.50%, 04/15/2027 |  | 10190900 | &nbsp;&nbsp; 10312315 |
| 3.63%, 09/30/2030 |  | 13102300 | &nbsp;&nbsp; 13055213 |
| 3.88%, 09/30/2032 |  | 21773000 | &nbsp;&nbsp; 21762794 |
| 4.25%, 08/15/2035 |  | 16686200 | &nbsp;&nbsp; 16896081 |
|  |  |  | &nbsp;&nbsp; 62026403 |
| Total U.S. Treasury Securities (Cost $108,769,818) | Total U.S. Treasury Securities (Cost $108,769,818) | Total U.S. Treasury Securities (Cost $108,769,818) | &nbsp;&nbsp; 108487412 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Common Stocks & Other Equity Interests–0.01%** | **Common Stocks & Other Equity Interests–0.01%** | **Common Stocks & Other Equity Interests–0.01%** | **Common Stocks & Other Equity Interests–0.01%** |
| **Casinos & Gaming–0.00%** | **Casinos & Gaming–0.00%** | **Casinos & Gaming–0.00%** | **Casinos & Gaming–0.00%** |
| Codere New Topco S.A. (Luxembourg)<sup>(i)</sup>  | Codere New Topco S.A. (Luxembourg)<sup>(i)</sup>  | 3393 | &nbsp;&nbsp; 58664 |
| Codere Online Luxembourg S.A., Wts., <br> expiring 10/15/2034 (Spain)<sup>(i)</sup>  | Codere Online Luxembourg S.A., Wts., <br> expiring 10/15/2034 (Spain)<sup>(i)</sup>  | 5 | &nbsp;&nbsp; 23 |
|  |  |  | &nbsp;&nbsp; 58687 |
| **Integrated Telecommunication Services–0.01%** | **Integrated Telecommunication Services–0.01%** | **Integrated Telecommunication Services–0.01%** | **Integrated Telecommunication Services–0.01%** |
| Altice France Lux 3 (France) | Altice France Lux 3 (France) | 4091 | &nbsp;&nbsp; 68634 |
| Total Common Stocks & Other Equity Interests <br> (Cost $245,098) | Total Common Stocks & Other Equity Interests <br> (Cost $245,098) | Total Common Stocks & Other Equity Interests <br> (Cost $245,098) | &nbsp;&nbsp; 127321 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Non-U.S. Dollar Denominated Bonds & Notes–0.01%**<sup>(j)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.01%**<sup>(j)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.01%**<sup>(j)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.01%**<sup>(j)</sup>  |
| **Electric Utilities–0.01%** | **Electric Utilities–0.01%** | **Electric Utilities–0.01%** | **Electric Utilities–0.01%** |
| Elenia Verkko OYJ (Finland), 0.38%, <br> 02/06/2027<sup>(d)</sup> <br>(Cost $93,535)<br>| EUR | 100000 | &nbsp;&nbsp; $112509 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–1.66%** | **Money Market Funds–1.66%** | **Money Market Funds–1.66%** | **Money Market Funds–1.66%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(b)(k)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(b)(k)</sup>  | 5262876 | &nbsp;&nbsp; 5262876 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(b)(k)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(b)(k)</sup>  | 9781636 | &nbsp;&nbsp; 9781636 |
| Total Money Market Funds (Cost $15,044,512) | Total Money Market Funds (Cost $15,044,512) | Total Money Market Funds (Cost $15,044,512) | &nbsp;&nbsp; 15044512 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.65% <br> (Cost $877,890,979)<br>|  |  | &nbsp;&nbsp; 903322678 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–4.96%** | **Money Market Funds–4.96%** | **Money Market Funds–4.96%** | **Money Market Funds–4.96%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(b)(k)(l)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(b)(k)(l)</sup>  | 12208049 | &nbsp;&nbsp; 12208049 |
| Invesco Private Prime Fund, 4.30%<sup>(b)(k)(l)</sup>  | Invesco Private Prime Fund, 4.30%<sup>(b)(k)(l)</sup>  | 32796613 | &nbsp;&nbsp; 32806452 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $45,014,589) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $45,014,589) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $45,014,589) | &nbsp;&nbsp; 45014501 |
| TOTAL INVESTMENTS IN SECURITIES–104.61% <br> (Cost $922,905,568) | TOTAL INVESTMENTS IN SECURITIES–104.61% <br> (Cost $922,905,568) | TOTAL INVESTMENTS IN SECURITIES–104.61% <br> (Cost $922,905,568) | &nbsp;&nbsp; 948337179 |
| OTHER ASSETS LESS LIABILITIES—(4.61)% | OTHER ASSETS LESS LIABILITIES—(4.61)% | OTHER ASSETS LESS LIABILITIES—(4.61)% | &nbsp;&nbsp; (41806121)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $906531058 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ETF | – Exchange-Traded Fund |
| EUR | – Euro |
| PIK | – Pay-in-Kind |
| REIT | – Real Estate Investment Trust |
| Wts. | – Warrants |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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 fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Core Fixed Income ETF | $- | &nbsp;&nbsp; $175300712 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(749012) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $174551700 | &nbsp;&nbsp; $322331 |
| Invesco High Yield Bond Factor ETF | - | &nbsp;&nbsp; 75780386 | &nbsp;&nbsp; - | &nbsp;&nbsp; 244052 | &nbsp;&nbsp; - | &nbsp;&nbsp; 76024438 | &nbsp;&nbsp; 947544 |
| Invesco MSCI EAFE Income Advantage ETF | 100905437 | &nbsp;&nbsp; 10900210 | &nbsp;&nbsp; (42049039) | &nbsp;&nbsp; 7351383 | &nbsp;&nbsp; 478409 | &nbsp;&nbsp; 77586400 | &nbsp;&nbsp; 8007380 |
| Invesco QQQ Income Advantage ETF | 102492900 | &nbsp;&nbsp; 11515000 | &nbsp;&nbsp; (27988255) | &nbsp;&nbsp; 11123149 | &nbsp;&nbsp; 977006 | &nbsp;&nbsp; 98119800 | &nbsp;&nbsp; 10453719 |
| Invesco S&P 500 Equal Weight Income <br> Advantage ETF<br>| 245070600 | &nbsp;&nbsp; 15364530 | &nbsp;&nbsp; (45266388) | &nbsp;&nbsp; (2779725) | &nbsp;&nbsp; 236808 | &nbsp;&nbsp; 212625825 | &nbsp;&nbsp; 21570438 |

---

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

**10**

**Invesco Multi-Asset Income Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $4328801 | &nbsp;&nbsp; $59242589 | &nbsp;&nbsp; $(58308514) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5262876 | &nbsp;&nbsp; $276255 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 8046927 | &nbsp;&nbsp; 110021950 | &nbsp;&nbsp; (108287241) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9781636 | &nbsp;&nbsp; 508638 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 18198442 | &nbsp;&nbsp; 151881931 | &nbsp;&nbsp; (157872324) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 12208049 | &nbsp;&nbsp; 598,204\* |
| Invesco Private Prime Fund | 47431662 | &nbsp;&nbsp; 297737452 | &nbsp;&nbsp; (312361536) | &nbsp;&nbsp; 3465 | &nbsp;&nbsp; (4591) | &nbsp;&nbsp; 32806452 | &nbsp;&nbsp; 1,620,170\* |
| Total | $526474769 | &nbsp;&nbsp; $907744760 | &nbsp;&nbsp; $(752133297) | &nbsp;&nbsp; $15193312 | &nbsp;&nbsp; $1687632 | &nbsp;&nbsp; $698967176 | &nbsp;&nbsp; $44304679 |

---

\* 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. 

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2025.

<sup>(d)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $41,426,555, which represented 4.57% of the Fund's Net Assets. 

<sup>(e)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

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

<sup>(g)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(h)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1N.

<sup>(i)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(j)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

<sup>(k)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(l)</sup> 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**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-Mini Russell 2000 Index | &nbsp;&nbsp;&nbsp; 11 | December-2025 | &nbsp;&nbsp;&nbsp; $1369445 | &nbsp;&nbsp;&nbsp; $38018 | &nbsp;&nbsp;&nbsp; $38018 |
| E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 5 | December-2025 | &nbsp;&nbsp;&nbsp; 1718500 | &nbsp;&nbsp;&nbsp; 47904 | &nbsp;&nbsp;&nbsp; 47904 |
| EURO STOXX 50 Index | &nbsp;&nbsp;&nbsp; 42 | December-2025 | &nbsp;&nbsp;&nbsp; 2744437 | &nbsp;&nbsp;&nbsp; 120130 | &nbsp;&nbsp;&nbsp; 120130 |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; 23 | December-2025 | &nbsp;&nbsp;&nbsp; 2944763 | &nbsp;&nbsp;&nbsp; 125104 | &nbsp;&nbsp;&nbsp; 125104 |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 195 | December-2025 | &nbsp;&nbsp;&nbsp; 13724100 | &nbsp;&nbsp;&nbsp; 697791 | &nbsp;&nbsp;&nbsp; 697791 |
| Tokyo Stock Price Index | &nbsp;&nbsp;&nbsp; 22 | December-2025 | &nbsp;&nbsp;&nbsp; 4759457 | &nbsp;&nbsp;&nbsp; 281216 | &nbsp;&nbsp;&nbsp; 281216 |
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; 1310163 | &nbsp;&nbsp;&nbsp; 1310163 |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 140 | December-2025 | &nbsp;&nbsp;&nbsp; 15289531 | &nbsp;&nbsp;&nbsp; 11244 | &nbsp;&nbsp;&nbsp; 11244 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 27 | December-2025 | &nbsp;&nbsp;&nbsp; 3042141 | &nbsp;&nbsp;&nbsp; 7151 | &nbsp;&nbsp;&nbsp; 7151 |
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 3 | December-2025 | &nbsp;&nbsp;&nbsp; 346453 | &nbsp;&nbsp;&nbsp; (239)<br>| &nbsp;&nbsp;&nbsp; (239)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 261 | December-2025 | &nbsp;&nbsp;&nbsp; 30618562 | &nbsp;&nbsp;&nbsp; (416358)<br>| &nbsp;&nbsp;&nbsp; (416358)<br>|
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; (398202)<br>| &nbsp;&nbsp;&nbsp; (398202)<br>|
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 911961 | &nbsp;&nbsp;&nbsp; 911961 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Euro-Bund | &nbsp;&nbsp;&nbsp; 34 | December-2025 | &nbsp;&nbsp;&nbsp; (5070807)<br>| &nbsp;&nbsp;&nbsp; (49024)<br>| &nbsp;&nbsp;&nbsp; (49024)<br>|
| Long Gilt | &nbsp;&nbsp;&nbsp; 41 | December-2025 | &nbsp;&nbsp;&nbsp; (5042531)<br>| &nbsp;&nbsp;&nbsp; (182291)<br>| &nbsp;&nbsp;&nbsp; (182291)<br>|
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 39 | December-2025 | &nbsp;&nbsp;&nbsp; (8121445)<br>| &nbsp;&nbsp;&nbsp; 17484 | &nbsp;&nbsp;&nbsp; 17484 |
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (213831)<br>| &nbsp;&nbsp;&nbsp; (213831)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $698130 | &nbsp;&nbsp;&nbsp; $698130 |

---

<sup>(a)</sup> Futures contracts collateralized by $2,424,696 cash held with Goldman Sachs International, the futures commission merchant.

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

**11**

**Invesco Multi-Asset Income Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** |
| **Currency Risk** |  |  |  |  |  |  |
| 01/28/2026 | Goldman Sachs International | EUR | 500000 | USD | 584521 | &nbsp;&nbsp;&nbsp; $5483 |

---

Abbreviations: <br> EUR —Euro <br> USD —U.S. Dollar

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

**12**

**Invesco Multi-Asset Income Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $246,691,333)\*<br>| &nbsp;&nbsp; $249370003 |
| Investments in affiliates, at value <br>(Cost $676,214,235)<br>| &nbsp;&nbsp; 698967176 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 5483 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 2424696 |
| Cash | &nbsp;&nbsp; 2392 |
| Foreign currencies, at value (Cost $585,306) | &nbsp;&nbsp; 585129 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 801327 |
| Fund shares sold | &nbsp;&nbsp; 50993 |
| Dividends | &nbsp;&nbsp; 173440 |
| Interest | &nbsp;&nbsp; 2081964 |
| Investments matured, at value (Cost $1,618,563) | &nbsp;&nbsp; 0 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 169969 |
| Other assets | &nbsp;&nbsp; 30763 |
| Total assets | &nbsp;&nbsp; 954663335 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 88099 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1799445 |
| Dividends | &nbsp;&nbsp; 1540 |
| Fund shares reacquired | &nbsp;&nbsp; 507449 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 45014589 |
| Accrued fees to affiliates | &nbsp;&nbsp; 375669 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1621 |
| Accrued other operating expenses | &nbsp;&nbsp; 136848 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 207017 |
| Total liabilities | &nbsp;&nbsp; 48132277 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $906531058 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1603107882 |
| Distributable earnings (loss) | &nbsp;&nbsp; (696576824)<br>|
|  | &nbsp;&nbsp; $906531058 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $768458150 |
| Class C | &nbsp;&nbsp; $35914363 |
| Class R | &nbsp;&nbsp; $23724536 |
| Class Y | &nbsp;&nbsp; $69755365 |
| Class R5 | &nbsp;&nbsp; $9831 |
| Class R6 | &nbsp;&nbsp; $8668813 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 94668321 |
| Class C | &nbsp;&nbsp; 4425887 |
| Class R | &nbsp;&nbsp; 2920426 |
| Class Y | &nbsp;&nbsp; 8586483 |
| Class R5 | &nbsp;&nbsp; 1212 |
| Class R6 | &nbsp;&nbsp; 1066251 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $8.12 |
| Maximum offering price per share <br>(Net asset value of $8.12 ÷ 94.50%)<br>| &nbsp;&nbsp; $8.59 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.11 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.12 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.12 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.11 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.13 |

---

\* At October 31, 2025, securities with an aggregate value of $43,991,754 were on loan to brokers. 

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

**13**

**Invesco Multi-Asset Income Fund**

------

**Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $49,359) | &nbsp;&nbsp; $22050581 |
| Dividends (net of foreign withholding taxes of $64,016) | &nbsp;&nbsp; 847840 |
| Dividends from affiliates (includes net securities lending income of $512,308) | &nbsp;&nbsp; 42598613 |
| Total investment income | &nbsp;&nbsp; 65497034 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 4388770 |
| Administrative services fees | &nbsp;&nbsp; 130252 |
| Custodian fees | &nbsp;&nbsp; 23785 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1793473 |
| Class C | &nbsp;&nbsp; 420231 |
| Class R | &nbsp;&nbsp; 115426 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1240408 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 3 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 2285 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 33014 |
| Registration and filing fees | &nbsp;&nbsp; 103582 |
| Reports to shareholders | &nbsp;&nbsp; 116551 |
| Professional services fees | &nbsp;&nbsp; 80766 |
| Other | &nbsp;&nbsp; (44275)<br>|
| Total expenses | &nbsp;&nbsp; 8404271 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (472524)<br>|
| Net expenses | &nbsp;&nbsp; 7931747 |
| Net investment income | &nbsp;&nbsp; 57565287 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (129530)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 1687632 |
| Foreign currencies | &nbsp;&nbsp; (216973)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (1450540)<br>|
| Futures contracts | &nbsp;&nbsp; (276007)<br>|
| Swap agreements | &nbsp;&nbsp; 156159 |
|  | &nbsp;&nbsp; (229259)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 4163803 |
| Affiliated investment securities | &nbsp;&nbsp; 15193312 |
| Foreign currencies | &nbsp;&nbsp; 12092 |
| Forward foreign currency contracts | &nbsp;&nbsp; (322538)<br>|
| Futures contracts | &nbsp;&nbsp; 794044 |
| Swap agreements | &nbsp;&nbsp; (27638)<br>|
|  | &nbsp;&nbsp; 19813075 |
| Net realized and unrealized gain | &nbsp;&nbsp; 19583816 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $77149103 |

---

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

**14**

**Invesco Multi-Asset Income Fund**

------

**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $57565287 | &nbsp;&nbsp; $64680309 |
| Net realized gain (loss) | &nbsp;&nbsp; (229259)<br>| &nbsp;&nbsp; (58944618)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 19813075 | &nbsp;&nbsp; 150834717 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 77149103 | &nbsp;&nbsp; 156570408 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (45684214)<br>| &nbsp;&nbsp; (51337239)<br>|
| Class C | &nbsp;&nbsp; (2165150)<br>| &nbsp;&nbsp; (3215453)<br>|
| Class R | &nbsp;&nbsp; (1309096)<br>| &nbsp;&nbsp; (1437462)<br>|
| Class Y | &nbsp;&nbsp; (4653046)<br>| &nbsp;&nbsp; (7955082)<br>|
| Class R5 | &nbsp;&nbsp; (600)<br>| &nbsp;&nbsp; (627)<br>|
| Class R6 | &nbsp;&nbsp; (508595)<br>| &nbsp;&nbsp; (1534995)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (54320701)<br>| &nbsp;&nbsp; (65480858)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (54323575)<br>| &nbsp;&nbsp; (46557961)<br>|
| Class C | &nbsp;&nbsp; (14579613)<br>| &nbsp;&nbsp; (17339832)<br>|
| Class R | &nbsp;&nbsp; (658733)<br>| &nbsp;&nbsp; (460266)<br>|
| Class Y | &nbsp;&nbsp; (27948121)<br>| &nbsp;&nbsp; (59647284)<br>|
| Class R6 | &nbsp;&nbsp; 1668522 | &nbsp;&nbsp; (38399012)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (95841520)<br>| &nbsp;&nbsp; (162404355)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (73013118)<br>| &nbsp;&nbsp; (71314805)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 979544176 | &nbsp;&nbsp; 1050858981 |
| End of year | &nbsp;&nbsp; $906531058 | &nbsp;&nbsp; $979544176 |

---

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

**15**

**Invesco Multi-Asset Income Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $7.91 | $0.50 | $0.18 | $0.68 | $(0.47)<br>| $8.12 | 8.95 %<sup>(d)</sup><br>| $768458 | 0.84 %<sup>(d)</sup><br>| 0.90 %<sup>(d)</sup><br>| 6.28 %<sup>(d)</sup><br>| 75<br> %<br>|
| Year ended 10/31/24 | 7.26 | 0.49 | 0.65 | 1.14 | (0.49)<br>| 7.91 | 16.04 <br><sup>(d)</sup><br>| 803330 | 0.86 <br><sup>(d)</sup><br>| 0.91 <br><sup>(d)</sup><br>| 6.22 <br><sup>(d)</sup><br>| 162 |
| Year ended 10/31/23 | 7.49 | 0.51 | (0.21)<br>| 0.30 | (0.53)<br>| 7.26 | 3.87 <br><sup>(d)</sup><br>| 780788 | 0.79 <br><sup>(d)</sup><br>| 0.85 <br><sup>(d)</sup><br>| 6.69 <br><sup>(d)</sup><br>| 54 |
| Year ended 10/31/22 | 9.75 | 0.50 | (2.21)<br>| (1.71)<br>| (0.55)<br>| 7.49 | (18.16 )<sup>(d)</sup><br>| 852899 | 0.82 <br><sup>(d)</sup><br>| 0.87 <br><sup>(d)</sup><br>| 5.68 <br><sup>(d)</sup><br>| 94 |
| Year ended 10/31/21 | 9.26 | 0.48 | 0.59 | 1.07 | (0.58)<br>| 9.75 | 11.73 <br><sup>(d)</sup><br>| 1178389 | 0.82 <br><sup>(d)</sup><br>| 0.91 <br><sup>(d)</sup><br>| 4.93 <br><sup>(d)</sup><br>| 53 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 7.91 | 0.44 | 0.17 | 0.61 | (0.41)<br>| 8.11 | 7.98 | 35914 | 1.61 | 1.67 | 5.51 | 75 |
| Year ended 10/31/24 | 7.26 | 0.43 | 0.65 | 1.08 | (0.43)<br>| 7.91 | 15.16 | 49629 | 1.63 | 1.68 | 5.45 | 162 |
| Year ended 10/31/23 | 7.49 | 0.45 | (0.21)<br>| 0.24 | (0.47)<br>| 7.26 | 3.08 | 61668 | 1.56 | 1.62 | 5.92 | 54 |
| Year ended 10/31/22 | 9.75 | 0.43 | (2.21)<br>| (1.78)<br>| (0.48)<br>| 7.49 | (18.80)<br>| 84143 | 1.59 | 1.64 | 4.91 | 94 |
| Year ended 10/31/21 | 9.26 | 0.40 | 0.60 | 1.00 | (0.51)<br>| 9.75 | 10.89 | 147030 | 1.59 | 1.68 | 4.16 | 53 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 7.92 | 0.48 | 0.17 | 0.65 | (0.45)<br>| 8.12 | 8.52 | 23725 | 1.11 | 1.17 | 6.01 | 75 |
| Year ended 10/31/24 | 7.27 | 0.47 | 0.65 | 1.12 | (0.47)<br>| 7.92 | 15.72 | 23769 | 1.13 | 1.18 | 5.95 | 162 |
| Year ended 10/31/23 | 7.49 | 0.49 | (0.20)<br>| 0.29 | (0.51)<br>| 7.27 | 3.73 | 22241 | 1.06 | 1.12 | 6.42 | 54 |
| Year ended 10/31/22 | 9.76 | 0.47 | (2.22)<br>| (1.75)<br>| (0.52)<br>| 7.49 | (18.47)<br>| 23452 | 1.09 | 1.14 | 5.41 | 94 |
| Year ended 10/31/21 | 9.27 | 0.45 | 0.59 | 1.04 | (0.55)<br>| 9.76 | 11.43 | 47214 | 1.09 | 1.18 | 4.66 | 53 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 7.92 | 0.52 | 0.17 | 0.69 | (0.49)<br>| 8.12 | 9.06 | 69755 | 0.61 | 0.67 | 6.51 | 75 |
| Year ended 10/31/24 | 7.27 | 0.50 | 0.66 | 1.16 | (0.51)<br>| 7.92 | 16.30 | 96046 | 0.63 | 0.68 | 6.45 | 162 |
| Year ended 10/31/23 | 7.49 | 0.53 | (0.20)<br>| 0.33 | (0.55)<br>| 7.27 | 4.26 | 143870 | 0.56 | 0.62 | 6.92 | 54 |
| Year ended 10/31/22 | 9.76 | 0.52 | (2.22)<br>| (1.70)<br>| (0.57)<br>| 7.49 | (18.05)<br>| 172528 | 0.59 | 0.64 | 5.91 | 94 |
| Year ended 10/31/21 | 9.27 | 0.50 | 0.59 | 1.09 | (0.60)<br>| 9.76 | 11.99 | 274095 | 0.59 | 0.68 | 5.16 | 53 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 7.91 | 0.52 | 0.18 | 0.70 | (0.50)<br>| 8.11 | 9.16 | 10 | 0.52 | 0.56 | 6.60 | 75 |
| Year ended 10/31/24 | 7.26 | 0.51 | 0.66 | 1.17 | (0.52)<br>| 7.91 | 16.41 | 10 | 0.59 | 0.61 | 6.49 | 162 |
| Year ended 10/31/23 | 7.49 | 0.54 | (0.22)<br>| 0.32 | (0.55)<br>| 7.26 | 4.13 | 9 | 0.53 | 0.58 | 6.95 | 54 |
| Year ended 10/31/22 | 9.75 | 0.52 | (2.21)<br>| (1.69)<br>| (0.57)<br>| 7.49 | (17.97)<br>| 63 | 0.59 | 0.62 | 5.91 | 94 |
| Year ended 10/31/21 | 9.27 | 0.50 | 0.58 | 1.08 | (0.60)<br>| 9.75 | 11.89 | 78 | 0.59 | 0.60 | 5.16 | 53 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 7.92 | 0.52 | 0.19 | 0.71 | (0.50)<br>| 8.13 | 9.30 | 8669 | 0.52 | 0.56 | 6.60 | 75 |
| Year ended 10/31/24 | 7.27 | 0.51 | 0.66 | 1.17 | (0.52)<br>| 7.92 | 16.40 | 6762 | 0.55 | 0.57 | 6.53 | 162 |
| Year ended 10/31/23 | 7.49 | 0.54 | (0.21)<br>| 0.33 | (0.55)<br>| 7.27 | 4.32 | 42283 | 0.49 | 0.51 | 6.99 | 54 |
| Year ended 10/31/22 | 9.76 | 0.52 | (2.22)<br>| (1.70)<br>| (0.57)<br>| 7.49 | (18.01)<br>| 50310 | 0.54 | 0.55 | 5.96 | 94 |
| Year ended 10/31/21 | 9.27 | 0.51 | 0.59 | 1.10 | (0.61)<br>| 9.76 | 12.05 | 64850 | 0.54 | 0.55 | 5.21 | 53 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.23% for Class A for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

**16**

**Invesco Multi-Asset Income Fund**

------

**Notes to Financial Statements**

*October 31, 2025*

**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.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse

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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.** **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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus

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based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **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, or an index or basket of securities (underlying securities)) and one or more related equity derivatives, such as put or call options, or a combination thereof. Unlike a direct investment in equity securities, ELNs have a maturity date, potentially increasing the Fund's turnover rate, transaction costs and tax liability. Upon the maturity of an ELN, the Fund generally receives an interest coupon payment and the par value of the note plus or minus a return based on the performance of the underlying securities and the related equity derivatives. If the underlying securities have depreciated in value or if their price appreciates or depreciates outside of a preset range, depending on the type of ELN, the Fund may receive only the principal amount of the note or less than the principal amount of the note, or may even lose the entire principal invested in the ELN. 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.

ELNs utilized by the Fund may involve synthetic exposure to options that can create economic leverage risk which, depending on the performance of the underlying securities, could magnify or otherwise increase investment losses to the Fund and result in losses on the ELN that exceed the losses on the underlying securities. The economic leverage associated with investments in ELNs is distinguishable from indebtedness leverage in that it does not expose the Fund to losing more than the principal amount of the ELN. 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. In addition, investments in ELNs allow for enhanced yield but are subject to limited upside appreciation potential based on movements of the underlying securities. Investing in ELNs may be more costly to the Fund than if the Fund had invested in the underlying securities directly.

**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 Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliates* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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 year ended October 31, 2025, the Fund paid the Adviser $16,434 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 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 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.

**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

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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.

**N.** **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.

**O.** **Swap Agreements** — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts ("CDS") for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter ("OTC") between two parties ("uncleared/ OTC") or, in some instances, must be transacted through a future commission merchant ("FCM") and cleared through a clearinghouse that serves as a central Counterparty ("centrally cleared swap"). These 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.

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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 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 October 31, 2025, 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.

**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.** **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.** **Other Risks** - 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 values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

Fluctuations 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, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. 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 and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

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

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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Over $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.390% |

---

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.48%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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, 2025, 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"). Prior to March 1, 2025, 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 0.90%, 1.65%, 1.15%, 0.65%, 0.65% and 0.65%, respectively, of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (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 August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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 year ended October 31, 2025, the Adviser waived advisory fees of $341,009 and reimbursed class level expenses of $59,028, $3,437, $1,731, $6,202, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

**21**

**Invesco Multi-Asset Income 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 year ended October 31, 2025, 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 year ended October 31, 2025, 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 year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $53,754 in front-end sales commissions from the sale of Class A shares and $1,546 and $1,146 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $660562243 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $660562243 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 118988681 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 118988681 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108487412 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108487412 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68634 | &nbsp;&nbsp;&nbsp;&nbsp; 58687 | &nbsp;&nbsp;&nbsp;&nbsp; 127321 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112509 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112509 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 15044512 | &nbsp;&nbsp;&nbsp;&nbsp; 45014501 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60059013 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 675606755 | &nbsp;&nbsp;&nbsp;&nbsp; 272671737 | &nbsp;&nbsp;&nbsp;&nbsp; 58687 | &nbsp;&nbsp;&nbsp;&nbsp; 948337179 |
| **Other Investments - Assets\*** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1346042 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1346042 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5483 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5483 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 1346042 | &nbsp;&nbsp;&nbsp;&nbsp; 5483 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 1351525 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (647912)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (647912)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 698130 | &nbsp;&nbsp;&nbsp;&nbsp; 5483 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 703613 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $676304885 | &nbsp;&nbsp;&nbsp;&nbsp; $272677220 | &nbsp;&nbsp;&nbsp;&nbsp; $58687 | &nbsp;&nbsp;&nbsp;&nbsp; $949040792 |

---

\* Forward foreign currency contracts and futures contracts are valued at unrealized appreciation (depreciation). Investments matured is shown at value.

**22**

**Invesco Multi-Asset Income Fund**

------

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1310163 | &nbsp;&nbsp;&nbsp;&nbsp; $35879 | &nbsp;&nbsp;&nbsp;&nbsp; $1346042 |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 5483 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5483 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 5483 | &nbsp;&nbsp;&nbsp;&nbsp; 1310163 | &nbsp;&nbsp;&nbsp;&nbsp; 35879 | &nbsp;&nbsp;&nbsp;&nbsp; 1351525 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1310163)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35879)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1346042)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $5483 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5483 |

---

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(647912)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 647912 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; $5483 | &nbsp;&nbsp;&nbsp; $5483 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5483 |

---

**Effect of Derivative Investments for the year ended October 31, 2025**

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** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(1450540)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(1450540)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 3011595 | &nbsp;&nbsp;&nbsp;&nbsp; (3287602)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (276007)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 156159 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 156159 |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (322538)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (322538)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 247503 | &nbsp;&nbsp;&nbsp;&nbsp; 546541 | &nbsp;&nbsp;&nbsp;&nbsp; 794044 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (27638)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (27638)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $128521 | &nbsp;&nbsp;&nbsp;&nbsp; $(1773078)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3259098 | &nbsp;&nbsp;&nbsp;&nbsp; $(2741061)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1126520)<br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $35368605 | &nbsp;&nbsp;&nbsp;&nbsp; $141531309 | &nbsp;&nbsp;&nbsp;&nbsp; $2983750 |

---

**23**

**Invesco Multi-Asset Income Fund**

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**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $61,117.

**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—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $54320701 | &nbsp;&nbsp;&nbsp;&nbsp; $65480858 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $6156718 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 23210679 |
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (1207)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (186848)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (725756166)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1603107882 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $906531058 |

---

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

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

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

The Fund has a capital loss carryforward as of October 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $410670094 | &nbsp;&nbsp;&nbsp;&nbsp; $315086072 | &nbsp;&nbsp;&nbsp;&nbsp; $725756166 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $360,677,932 and $298,902,992, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $28537060 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (5326381)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $23210679 |

---

Cost of investments for tax purposes is $925,830,113.

**24**

**Invesco Multi-Asset Income Fund**

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**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions and amortization and accretion on debt securities, on October 31, 2025, undistributed net investment income was increased by $3,230,635, undistributed net realized gain (loss) was decreased by $3,265,043 and shares of beneficial interest was increased by $34,408. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3179212 | &nbsp;&nbsp;&nbsp; $25075356 | &nbsp;&nbsp;&nbsp; 4423272 | &nbsp;&nbsp;&nbsp; $34531715 |
| Class C | &nbsp;&nbsp;&nbsp; 444908 | &nbsp;&nbsp;&nbsp; 3518931 | &nbsp;&nbsp;&nbsp; 516448 | &nbsp;&nbsp;&nbsp; 4038433 |
| Class R | &nbsp;&nbsp;&nbsp; 309495 | &nbsp;&nbsp;&nbsp; 2443270 | &nbsp;&nbsp;&nbsp; 408311 | &nbsp;&nbsp;&nbsp; 3200902 |
| Class Y | &nbsp;&nbsp;&nbsp; 2016550 | &nbsp;&nbsp;&nbsp; 15976847 | &nbsp;&nbsp;&nbsp; 2719300 | &nbsp;&nbsp;&nbsp; 21279723 |
| Class R6 | &nbsp;&nbsp;&nbsp; 394128 | &nbsp;&nbsp;&nbsp; 3114745 | &nbsp;&nbsp;&nbsp; 232291 | &nbsp;&nbsp;&nbsp; 1798349 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5105628 | &nbsp;&nbsp;&nbsp; 40204012 | &nbsp;&nbsp;&nbsp; 5811831 | &nbsp;&nbsp;&nbsp; 45266112 |
| Class C | &nbsp;&nbsp;&nbsp; 207771 | &nbsp;&nbsp;&nbsp; 1635500 | &nbsp;&nbsp;&nbsp; 307638 | &nbsp;&nbsp;&nbsp; 2392447 |
| Class R | &nbsp;&nbsp;&nbsp; 163101 | &nbsp;&nbsp;&nbsp; 1285963 | &nbsp;&nbsp;&nbsp; 181004 | &nbsp;&nbsp;&nbsp; 1411437 |
| Class Y | &nbsp;&nbsp;&nbsp; 412459 | &nbsp;&nbsp;&nbsp; 3251190 | &nbsp;&nbsp;&nbsp; 712046 | &nbsp;&nbsp;&nbsp; 5535818 |
| Class R6 | &nbsp;&nbsp;&nbsp; 48503 | &nbsp;&nbsp;&nbsp; 382602 | &nbsp;&nbsp;&nbsp; 182973 | &nbsp;&nbsp;&nbsp; 1412424 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1176855 | &nbsp;&nbsp;&nbsp; 9290109 | &nbsp;&nbsp;&nbsp; 1390007 | &nbsp;&nbsp;&nbsp; 10844925 |
| Class C | &nbsp;&nbsp;&nbsp; (1177231)<br>| &nbsp;&nbsp;&nbsp; (9290109)<br>| &nbsp;&nbsp;&nbsp; (1390415)<br>| &nbsp;&nbsp;&nbsp; (10844925)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (16346291)<br>| &nbsp;&nbsp;&nbsp; (128893052)<br>| &nbsp;&nbsp;&nbsp; (17563355)<br>| &nbsp;&nbsp;&nbsp; (137200713)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1325605)<br>| &nbsp;&nbsp;&nbsp; (10443935)<br>| &nbsp;&nbsp;&nbsp; (1650372)<br>| &nbsp;&nbsp;&nbsp; (12925787)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (554608)<br>| &nbsp;&nbsp;&nbsp; (4387966)<br>| &nbsp;&nbsp;&nbsp; (646509)<br>| &nbsp;&nbsp;&nbsp; (5072605)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (5974751)<br>| &nbsp;&nbsp;&nbsp; (47176158)<br>| &nbsp;&nbsp;&nbsp; (11091961)<br>| &nbsp;&nbsp;&nbsp; (86462825)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (229913)<br>| &nbsp;&nbsp;&nbsp; (1828825)<br>| &nbsp;&nbsp;&nbsp; (5378840)<br>| &nbsp;&nbsp;&nbsp; (41609785)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (12149789)<br>| &nbsp;&nbsp;&nbsp; $(95841520)<br>| &nbsp;&nbsp;&nbsp; (20836331)<br>| &nbsp;&nbsp;&nbsp; $(162404355)<br>|

---

<sup>(a)</sup> 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.

**25**

**Invesco Multi-Asset Income Fund**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Multi-Asset Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Multi-Asset Income Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

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

**26**

**Invesco Multi-Asset Income Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Multi-Asset Income Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Multi-Asset Income Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between the Fund's investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe, and specifically that the Fund's emphasis on income

**27**

**Invesco Multi-Asset Income Fund**

------

generation results in a persistently lower equity beta relative to peers. The Board considered how the Fund's strategy is implemented using a multi-sleeve structure and discussed how each sleeve impacted Fund performance, noting that the Fund's one year underperformance was due to its lower equity beta and longer duration in certain sleeves. The Board also considered that the Fund's overweight exposure to U.S. master limited partnerships and equity real estate investment trusts at the outset of the COVID-19 pandemic has driven five year underperformance. The Board further considered that the Fund's exposure to emerging and high yield markets, as well as its tactical positioning during a time of elevated short-term volatility, has driven three year underperformance. The Board also considered changes to the Fund's investment process in 2024 intended to address such underperformance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the

extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the

Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

**28**

**Invesco Multi-Asset Income Fund**

------

Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**29**

**Invesco Multi-Asset Income Fund**

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**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 1.59% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 18.45% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 31.49% |

---

\*

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

**30**

**Invesco Multi-Asset Income Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**31**

**Invesco Multi-Asset Income Fund**

------

![](img426597811.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

MAIN-NCSR

------

![](img76258bea1.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Multi-Strategy Fund**

Nasdaq:

A: QVOPX ■ C: QOPCX ■ R: QOPNX ■ Y: QOPYX ■ R5: FDATX ■ R6: QOPIX

------

---

| | |
|:---|:---|
| [2](#xx_796fb5dc-500b-4423-82c9-a09dc53d8a1d_SOI-Continued-735_1) | Consolidated Schedule of Investments |
| [10](#xx_796fb5dc-500b-4423-82c9-a09dc53d8a1d_FS-Continued-735_1) | Consolidated Financial Statements |
| [13](#xx_796fb5dc-500b-4423-82c9-a09dc53d8a1d_FS-Continued-735_4) | Consolidated Financial Highlights |
| [14](#xx_796fb5dc-500b-4423-82c9-a09dc53d8a1d_NTF-Continued-735_1) | Notes to Consolidated Financial Statements |
| [24](#xx_796fb5dc-500b-4423-82c9-a09dc53d8a1d_ARS-Continued-735_1) | Report of Independent Registered Public Accounting Firm |
| [25](#xx_796fb5dc-500b-4423-82c9-a09dc53d8a1d_AOC-Continued-735_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [28](#xx_796fb5dc-500b-4423-82c9-a09dc53d8a1d_TI-Continued-735_1) | Tax Information |
| [29](#xx_796fb5dc-500b-4423-82c9-a09dc53d8a1d_OIRSR-Continued-735_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments**<sup>(a)</sup> 

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Exchange-Traded Funds–44.62%** | **Exchange-Traded Funds–44.62%** | **Exchange-Traded Funds–44.62%** |
| Invesco Managed Futures Strategy ETF <br>(Cost $125,402,746)<sup>(b)(c)</sup>  | 2563000 | &nbsp;&nbsp; $113226420 |
| **Common Stocks & Other Equity Interests–36.02%** | **Common Stocks & Other Equity Interests–36.02%** | **Common Stocks & Other Equity Interests–36.02%** |
| **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** |
| RTX Corp. | 659 | &nbsp;&nbsp; 117631 |
| **Agricultural & Farm Machinery–0.05%** | **Agricultural & Farm Machinery–0.05%** | **Agricultural & Farm Machinery–0.05%** |
| Deere & Co. | 278 | &nbsp;&nbsp; 128333 |
| **Agricultural Products & Services–0.16%** | **Agricultural Products & Services–0.16%** | **Agricultural Products & Services–0.16%** |
| Archer-Daniels-Midland Co. | 6797 | &nbsp;&nbsp; 411422 |
| **Air Freight & Logistics–0.55%** | **Air Freight & Logistics–0.55%** | **Air Freight & Logistics–0.55%** |
| C.H. Robinson Worldwide, Inc. | 4375 | &nbsp;&nbsp; 673706 |
| Expeditors International of <br> Washington, Inc. | 5183 | &nbsp;&nbsp; 631808 |
| FedEx Corp. | 329 | &nbsp;&nbsp; 83507 |
|  |  | &nbsp;&nbsp; 1389021 |
| **Apparel Retail–0.19%** | **Apparel Retail–0.19%** | **Apparel Retail–0.19%** |
| TJX Cos., Inc. (The) | 3442 | &nbsp;&nbsp; 482362 |
| **Apparel, Accessories & Luxury Goods–0.17%** | **Apparel, Accessories & Luxury Goods–0.17%** | **Apparel, Accessories & Luxury Goods–0.17%** |
| Ralph Lauren Corp. | 1335 | &nbsp;&nbsp; 426746 |
| **Application Software–1.37%** | **Application Software–1.37%** | **Application Software–1.37%** |
| Adobe, Inc.<sup>(c)</sup>  | 1239 | &nbsp;&nbsp; 421644 |
| AppLovin Corp., Class A<sup>(c)</sup>  | 480 | &nbsp;&nbsp; 305918 |
| Autodesk, Inc.<sup>(c)</sup>  | 373 | &nbsp;&nbsp; 112400 |
| DocuSign, Inc.<sup>(c)</sup>  | 4067 | &nbsp;&nbsp; 297460 |
| Intuit, Inc. | 979 | &nbsp;&nbsp; 653531 |
| Nutanix, Inc., Class A<sup>(c)</sup>  | 1045 | &nbsp;&nbsp; 74446 |
| Palantir Technologies, Inc., Class A<sup>(c)</sup>  | 1255 | &nbsp;&nbsp; 251590 |
| Salesforce, Inc. | 1830 | &nbsp;&nbsp; 476550 |
| Synopsys, Inc.<sup>(c)</sup>  | 191 | &nbsp;&nbsp; 86680 |
| Workday, Inc., Class A<sup>(c)</sup>  | 669 | &nbsp;&nbsp; 160507 |
| Zoom Communications, Inc., Class A<sup>(c)</sup>  | 7425 | &nbsp;&nbsp; 647683 |
|  |  | &nbsp;&nbsp; 3488409 |
| **Asset Management & Custody Banks–0.83%** | **Asset Management & Custody Banks–0.83%** | **Asset Management & Custody Banks–0.83%** |
| Bank of New York Mellon Corp. (The) | 8713 | &nbsp;&nbsp; 940394 |
| Northern Trust Corp. | 2270 | &nbsp;&nbsp; 292081 |
| State Street Corp. | 7546 | &nbsp;&nbsp; 872770 |
|  |  | &nbsp;&nbsp; 2105245 |
| **Automobile Manufacturers–0.24%** | **Automobile Manufacturers–0.24%** | **Automobile Manufacturers–0.24%** |
| General Motors Co. | 1335 | &nbsp;&nbsp; 92235 |
| Tesla, Inc.<sup>(c)</sup>  | 1125 | &nbsp;&nbsp; 513630 |
|  |  | &nbsp;&nbsp; 605865 |
| **Biotechnology–1.37%** | **Biotechnology–1.37%** | **Biotechnology–1.37%** |
| AbbVie, Inc. | 3868 | &nbsp;&nbsp; 843379 |
| Amgen, Inc. | 1653 | &nbsp;&nbsp; 493305 |
| Exelixis, Inc.<sup>(c)</sup>  | 2856 | &nbsp;&nbsp; 110442 |
| Gilead Sciences, Inc. | 9890 | &nbsp;&nbsp; 1184723 |
| Incyte Corp.<sup>(c)</sup>  | 6605 | &nbsp;&nbsp; 617435 |
| Neurocrine Biosciences, Inc.<sup>(c)</sup>  | 1140 | &nbsp;&nbsp; 163259 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Biotechnology–(continued)** | **Biotechnology–(continued)** | **Biotechnology–(continued)** |
| United Therapeutics Corp.<sup>(c)</sup>  | 145 | &nbsp;&nbsp; $64587 |
|  |  | &nbsp;&nbsp; 3477130 |
| **Brewers–0.16%** | **Brewers–0.16%** | **Brewers–0.16%** |
| Molson Coors Beverage Co., Class B | 9210 | &nbsp;&nbsp; 402661 |
| **Broadcasting–0.28%** | **Broadcasting–0.28%** | **Broadcasting–0.28%** |
| Fox Corp., Class A | 11004 | &nbsp;&nbsp; 711409 |
| **Broadline Retail–0.86%** | **Broadline Retail–0.86%** | **Broadline Retail–0.86%** |
| Amazon.com, Inc.<sup>(c)</sup>  | 7212 | &nbsp;&nbsp; 1761315 |
| eBay, Inc. | 5308 | &nbsp;&nbsp; 431593 |
|  |  | &nbsp;&nbsp; 2192908 |
| **Building Products–0.15%** | **Building Products–0.15%** | **Building Products–0.15%** |
| Johnson Controls International PLC | 2809 | &nbsp;&nbsp; 321322 |
| Trane Technologies PLC | 156 | &nbsp;&nbsp; 69989 |
|  |  | &nbsp;&nbsp; 391311 |
| **Cable & Satellite–0.12%** | **Cable & Satellite–0.12%** | **Cable & Satellite–0.12%** |
| Comcast Corp., Class A | 10603 | &nbsp;&nbsp; 295135 |
| **Communications Equipment–0.41%** | **Communications Equipment–0.41%** | **Communications Equipment–0.41%** |
| Cisco Systems, Inc. | 7141 | &nbsp;&nbsp; 522078 |
| F5, Inc.<sup>(c)</sup>  | 2052 | &nbsp;&nbsp; 519259 |
|  |  | &nbsp;&nbsp; 1041337 |
| **Construction & Engineering–0.29%** | **Construction & Engineering–0.29%** | **Construction & Engineering–0.29%** |
| AECOM | 1990 | &nbsp;&nbsp; 267356 |
| API Group Corp.<sup>(c)</sup>  | 3361 | &nbsp;&nbsp; 123752 |
| EMCOR Group, Inc. | 502 | &nbsp;&nbsp; 339242 |
|  |  | &nbsp;&nbsp; 730350 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.18%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.18%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.18%** |
| Wabtec Corp. | 2297 | &nbsp;&nbsp; 469599 |
| **Consumer Finance–0.39%** | **Consumer Finance–0.39%** | **Consumer Finance–0.39%** |
| Capital One Financial Corp. | 835 | &nbsp;&nbsp; 183692 |
| Synchrony Financial | 10919 | &nbsp;&nbsp; 812155 |
|  |  | &nbsp;&nbsp; 995847 |
| **Consumer Staples Merchandise Retail–0.56%** | **Consumer Staples Merchandise Retail–0.56%** | **Consumer Staples Merchandise Retail–0.56%** |
| Dollar General Corp. | 1942 | &nbsp;&nbsp; 191598 |
| Dollar Tree, Inc.<sup>(c)</sup>  | 6384 | &nbsp;&nbsp; 632782 |
| Walmart, Inc. | 5836 | &nbsp;&nbsp; 590486 |
|  |  | &nbsp;&nbsp; 1414866 |
| **Data Processing & Outsourced Services–0.31%** | **Data Processing & Outsourced Services–0.31%** | **Data Processing & Outsourced Services–0.31%** |
| Broadridge Financial Solutions, Inc. | 1123 | &nbsp;&nbsp; 247509 |
| SS&C Technologies Holdings, Inc. | 6205 | &nbsp;&nbsp; 526929 |
|  |  | &nbsp;&nbsp; 774438 |
| **Diversified Banks–0.78%** | **Diversified Banks–0.78%** | **Diversified Banks–0.78%** |
| Bank of America Corp. | 6800 | &nbsp;&nbsp; 363460 |
| Citigroup, Inc. | 10331 | &nbsp;&nbsp; 1045807 |
| JPMorgan Chase & Co. | 905 | &nbsp;&nbsp; 281564 |
| Wells Fargo & Co. | 3452 | &nbsp;&nbsp; 300220 |
|  |  | &nbsp;&nbsp; 1991051 |

---

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

**2**

**Invesco Multi-Strategy Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Electric Utilities–1.76%** | **Electric Utilities–1.76%** | **Electric Utilities–1.76%** |
| American Electric Power Co., Inc. | 8139 | &nbsp;&nbsp; $978796 |
| Duke Energy Corp. | 12167 | &nbsp;&nbsp; 1512358 |
| Edison International | 1746 | &nbsp;&nbsp; 96694 |
| Evergy, Inc. | 4993 | &nbsp;&nbsp; 383512 |
| Exelon Corp. | 9978 | &nbsp;&nbsp; 460185 |
| NRG Energy, Inc. | 5477 | &nbsp;&nbsp; 941277 |
| PPL Corp. | 2545 | &nbsp;&nbsp; 92944 |
|  |  | &nbsp;&nbsp; 4465766 |
| **Electronic Components–0.39%** | **Electronic Components–0.39%** | **Electronic Components–0.39%** |
| Amphenol Corp., Class A | 5184 | &nbsp;&nbsp; 722338 |
| Corning, Inc. | 2910 | &nbsp;&nbsp; 259223 |
|  |  | &nbsp;&nbsp; 981561 |
| **Electronic Equipment & Instruments–0.12%** | **Electronic Equipment & Instruments–0.12%** | **Electronic Equipment & Instruments–0.12%** |
| Keysight Technologies, Inc.<sup>(c)</sup>  | 1138 | &nbsp;&nbsp; 208209 |
| Zebra Technologies Corp., Class A<sup>(c)</sup>  | 349 | &nbsp;&nbsp; 93968 |
|  |  | &nbsp;&nbsp; 302177 |
| **Electronic Manufacturing Services–0.55%** | **Electronic Manufacturing Services–0.55%** | **Electronic Manufacturing Services–0.55%** |
| Flex Ltd.<sup>(c)</sup>  | 8269 | &nbsp;&nbsp; 516978 |
| Jabil, Inc. | 1676 | &nbsp;&nbsp; 370211 |
| TE Connectivity PLC (Switzerland) | 2097 | &nbsp;&nbsp; 517980 |
|  |  | &nbsp;&nbsp; 1405169 |
| **Environmental & Facilities Services–0.25%** | **Environmental & Facilities Services–0.25%** | **Environmental & Facilities Services–0.25%** |
| Republic Services, Inc. | 3068 | &nbsp;&nbsp; 638880 |
| **Fertilizers & Agricultural Chemicals–0.37%** | **Fertilizers & Agricultural Chemicals–0.37%** | **Fertilizers & Agricultural Chemicals–0.37%** |
| CF Industries Holdings, Inc. | 7601 | &nbsp;&nbsp; 633087 |
| Corteva, Inc. | 4914 | &nbsp;&nbsp; 301916 |
|  |  | &nbsp;&nbsp; 935003 |
| **Financial Exchanges & Data–0.07%** | **Financial Exchanges & Data–0.07%** | **Financial Exchanges & Data–0.07%** |
| CME Group, Inc., Class A | 638 | &nbsp;&nbsp; 169383 |
| **Food Distributors–0.23%** | **Food Distributors–0.23%** | **Food Distributors–0.23%** |
| US Foods Holding Corp.<sup>(c)</sup>  | 8031 | &nbsp;&nbsp; 583211 |
| **Food Retail–0.10%** | **Food Retail–0.10%** | **Food Retail–0.10%** |
| Kroger Co. (The) | 1866 | &nbsp;&nbsp; 118733 |
| Sprouts Farmers Market, Inc.<sup>(c)</sup>  | 1702 | &nbsp;&nbsp; 134390 |
|  |  | &nbsp;&nbsp; 253123 |
| **Health Care Distributors–1.06%** | **Health Care Distributors–1.06%** | **Health Care Distributors–1.06%** |
| Cardinal Health, Inc. | 4655 | &nbsp;&nbsp; 888034 |
| Cencora, Inc. | 2922 | &nbsp;&nbsp; 987081 |
| McKesson Corp. | 1018 | &nbsp;&nbsp; 825944 |
|  |  | &nbsp;&nbsp; 2701059 |
| **Health Care Equipment–0.59%** | **Health Care Equipment–0.59%** | **Health Care Equipment–0.59%** |
| Abbott Laboratories | 3977 | &nbsp;&nbsp; 491637 |
| Boston Scientific Corp.<sup>(c)</sup>  | 6380 | &nbsp;&nbsp; 642593 |
| ResMed, Inc. | 972 | &nbsp;&nbsp; 239967 |
| STERIS PLC | 488 | &nbsp;&nbsp; 115022 |
|  |  | &nbsp;&nbsp; 1489219 |
| **Health Care Facilities–0.48%** | **Health Care Facilities–0.48%** | **Health Care Facilities–0.48%** |
| Encompass Health Corp. | 2418 | &nbsp;&nbsp; 275289 |
| HCA Healthcare, Inc. | 657 | &nbsp;&nbsp; 302010 |
| Tenet Healthcare Corp.<sup>(c)</sup>  | 1694 | &nbsp;&nbsp; 349794 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Health Care Facilities–(continued)** | **Health Care Facilities–(continued)** | **Health Care Facilities–(continued)** |
| Universal Health Services, Inc., Class B | 1350 | &nbsp;&nbsp; $292964 |
|  |  | &nbsp;&nbsp; 1220057 |
| **Health Care Services–0.32%** | **Health Care Services–0.32%** | **Health Care Services–0.32%** |
| CVS Health Corp. | 2984 | &nbsp;&nbsp; 233200 |
| DaVita, Inc.<sup>(c)</sup>  | 1427 | &nbsp;&nbsp; 169841 |
| Labcorp Holdings, Inc. | 1219 | &nbsp;&nbsp; 309577 |
| Quest Diagnostics, Inc. | 549 | &nbsp;&nbsp; 96597 |
|  |  | &nbsp;&nbsp; 809215 |
| **Homefurnishing Retail–0.08%** | **Homefurnishing Retail–0.08%** | **Homefurnishing Retail–0.08%** |
| Williams-Sonoma, Inc. | 1102 | &nbsp;&nbsp; 214163 |
| **Hotels, Resorts & Cruise Lines–0.89%** | **Hotels, Resorts & Cruise Lines–0.89%** | **Hotels, Resorts & Cruise Lines–0.89%** |
| Booking Holdings, Inc. | 186 | &nbsp;&nbsp; 944460 |
| Carnival Corp.<sup>(c)</sup>  | 14665 | &nbsp;&nbsp; 422792 |
| Expedia Group, Inc. | 3603 | &nbsp;&nbsp; 792660 |
| Royal Caribbean Cruises Ltd. | 306 | &nbsp;&nbsp; 87770 |
|  |  | &nbsp;&nbsp; 2247682 |
| **Household Products–0.73%** | **Household Products–0.73%** | **Household Products–0.73%** |
| Clorox Co. (The) | 740 | &nbsp;&nbsp; 83220 |
| Colgate-Palmolive Co. | 9799 | &nbsp;&nbsp; 755013 |
| Kimberly-Clark Corp. | 8431 | &nbsp;&nbsp; 1009275 |
|  |  | &nbsp;&nbsp; 1847508 |
| **Human Resource & Employment Services–0.22%** | **Human Resource & Employment Services–0.22%** | **Human Resource & Employment Services–0.22%** |
| Automatic Data Processing, Inc. | 2173 | &nbsp;&nbsp; 565632 |
| **Independent Power Producers & Energy Traders–0.04%** | **Independent Power Producers & Energy Traders–0.04%** | **Independent Power Producers & Energy Traders–0.04%** |
| Vistra Corp. | 586 | &nbsp;&nbsp; 110344 |
| **Integrated Oil & Gas–0.36%** | **Integrated Oil & Gas–0.36%** | **Integrated Oil & Gas–0.36%** |
| Chevron Corp. | 3499 | &nbsp;&nbsp; 551863 |
| Exxon Mobil Corp. | 3059 | &nbsp;&nbsp; 349827 |
|  |  | &nbsp;&nbsp; 901690 |
| **Integrated Telecommunication Services–0.32%** | **Integrated Telecommunication Services–0.32%** | **Integrated Telecommunication Services–0.32%** |
| AT&T, Inc. | 33014 | &nbsp;&nbsp; 817096 |
| **Interactive Home Entertainment–0.02%** | **Interactive Home Entertainment–0.02%** | **Interactive Home Entertainment–0.02%** |
| Electronic Arts, Inc. | 315 | &nbsp;&nbsp; 63019 |
| **Interactive Media & Services–1.21%** | **Interactive Media & Services–1.21%** | **Interactive Media & Services–1.21%** |
| Alphabet, Inc., Class A | 7092 | &nbsp;&nbsp; 1994199 |
| Meta Platforms, Inc., Class A | 1488 | &nbsp;&nbsp; 964745 |
| Reddit, Inc., Class A<sup>(c)</sup>  | 581 | &nbsp;&nbsp; 121400 |
|  |  | &nbsp;&nbsp; 3080344 |
| **Internet Services & Infrastructure–0.61%** | **Internet Services & Infrastructure–0.61%** | **Internet Services & Infrastructure–0.61%** |
| GoDaddy, Inc., Class A<sup>(c)</sup>  | 2349 | &nbsp;&nbsp; 312723 |
| Twilio, Inc., Class A<sup>(c)</sup>  | 1732 | &nbsp;&nbsp; 233612 |
| VeriSign, Inc. | 4214 | &nbsp;&nbsp; 1010517 |
|  |  | &nbsp;&nbsp; 1556852 |
| **Investment Banking & Brokerage–0.68%** | **Investment Banking & Brokerage–0.68%** | **Investment Banking & Brokerage–0.68%** |
| Charles Schwab Corp. (The) | 1237 | &nbsp;&nbsp; 116921 |
| Goldman Sachs Group, Inc. (The) | 951 | &nbsp;&nbsp; 750691 |
| Morgan Stanley | 4520 | &nbsp;&nbsp; 741280 |
| Robinhood Markets, Inc., Class A<sup>(c)</sup>  | 846 | &nbsp;&nbsp; 124176 |
|  |  | &nbsp;&nbsp; 1733068 |

---

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

**3**

**Invesco Multi-Strategy Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **IT Consulting & Other Services–0.49%** | **IT Consulting & Other Services–0.49%** | **IT Consulting & Other Services–0.49%** |
| Accenture PLC, Class A | 798 | &nbsp;&nbsp; $199580 |
| Amdocs Ltd. | 3062 | &nbsp;&nbsp; 258004 |
| Cognizant Technology Solutions Corp., <br> Class A | 5143 | &nbsp;&nbsp; 374822 |
| International Business Machines Corp. | 1324 | &nbsp;&nbsp; 407011 |
|  |  | &nbsp;&nbsp; 1239417 |
| **Leisure Products–0.14%** | **Leisure Products–0.14%** | **Leisure Products–0.14%** |
| Hasbro, Inc. | 4552 | &nbsp;&nbsp; 347363 |
| **Life & Health Insurance–0.25%** | **Life & Health Insurance–0.25%** | **Life & Health Insurance–0.25%** |
| Globe Life, Inc. | 1843 | &nbsp;&nbsp; 242373 |
| Unum Group | 5407 | &nbsp;&nbsp; 396982 |
|  |  | &nbsp;&nbsp; 639355 |
| **Life Sciences Tools & Services–0.14%** | **Life Sciences Tools & Services–0.14%** | **Life Sciences Tools & Services–0.14%** |
| Illumina, Inc.<sup>(c)</sup>  | 1957 | &nbsp;&nbsp; 241768 |
| Qiagen N.V. | 2360 | &nbsp;&nbsp; 110566 |
|  |  | &nbsp;&nbsp; 352334 |
| **Managed Health Care–0.10%** | **Managed Health Care–0.10%** | **Managed Health Care–0.10%** |
| Humana, Inc. | 959 | &nbsp;&nbsp; 266784 |
| **Metal, Glass & Plastic Containers–0.28%** | **Metal, Glass & Plastic Containers–0.28%** | **Metal, Glass & Plastic Containers–0.28%** |
| Crown Holdings, Inc. | 7187 | &nbsp;&nbsp; 698433 |
| **Movies & Entertainment–0.36%** | **Movies & Entertainment–0.36%** | **Movies & Entertainment–0.36%** |
| Netflix, Inc.<sup>(c)</sup>  | 138 | &nbsp;&nbsp; 154403 |
| Walt Disney Co. (The) | 6832 | &nbsp;&nbsp; 769420 |
|  |  | &nbsp;&nbsp; 923823 |
| **Multi-Sector Holdings–0.30%** | **Multi-Sector Holdings–0.30%** | **Multi-Sector Holdings–0.30%** |
| Berkshire Hathaway, Inc., Class B<sup>(c)</sup>  | 1597 | &nbsp;&nbsp; 762631 |
| **Multi-Utilities–0.70%** | **Multi-Utilities–0.70%** | **Multi-Utilities–0.70%** |
| Ameren Corp. | 1629 | &nbsp;&nbsp; 166191 |
| CMS Energy Corp. | 2193 | &nbsp;&nbsp; 161295 |
| DTE Energy Co. | 6534 | &nbsp;&nbsp; 885618 |
| NiSource, Inc. | 8952 | &nbsp;&nbsp; 376969 |
| WEC Energy Group, Inc. | 1565 | &nbsp;&nbsp; 174857 |
|  |  | &nbsp;&nbsp; 1764930 |
| **Oil & Gas Equipment & Services–0.27%** | **Oil & Gas Equipment & Services–0.27%** | **Oil & Gas Equipment & Services–0.27%** |
| Baker Hughes Co., Class A | 1424 | &nbsp;&nbsp; 68936 |
| TechnipFMC PLC (United Kingdom) | 14973 | &nbsp;&nbsp; 619133 |
|  |  | &nbsp;&nbsp; 688069 |
| **Oil & Gas Exploration & Production–0.65%** | **Oil & Gas Exploration & Production–0.65%** | **Oil & Gas Exploration & Production–0.65%** |
| APA Corp. | 7869 | &nbsp;&nbsp; 178233 |
| Coterra Energy, Inc. | 4107 | &nbsp;&nbsp; 97172 |
| Devon Energy Corp. | 3135 | &nbsp;&nbsp; 101856 |
| EOG Resources, Inc. | 6595 | &nbsp;&nbsp; 698015 |
| Ovintiv, Inc. | 15152 | &nbsp;&nbsp; 568351 |
| Sabine Oil & Gas Holdings, Inc.<sup>(c)(d)</sup>  | 115 | &nbsp;&nbsp; 8 |
|  |  | &nbsp;&nbsp; 1643635 |
| **Oil & Gas Refining & Marketing–0.05%** | **Oil & Gas Refining & Marketing–0.05%** | **Oil & Gas Refining & Marketing–0.05%** |
| Marathon Petroleum Corp. | 612 | &nbsp;&nbsp; 119285 |
| **Oil & Gas Storage & Transportation–0.41%** | **Oil & Gas Storage & Transportation–0.41%** | **Oil & Gas Storage & Transportation–0.41%** |
| Cheniere Energy, Inc. | 1175 | &nbsp;&nbsp; 249100 |
| Kinder Morgan, Inc. | 26456 | &nbsp;&nbsp; 692883 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| Williams Cos., Inc. (The) | 1513 | &nbsp;&nbsp; $87557 |
|  |  | &nbsp;&nbsp; 1029540 |
| **Other Specialty Retail–0.09%** | **Other Specialty Retail–0.09%** | **Other Specialty Retail–0.09%** |
| Ulta Beauty, Inc.<sup>(c)</sup>  | 435 | &nbsp;&nbsp; 226148 |
| **Packaged Foods & Meats–0.31%** | **Packaged Foods & Meats–0.31%** | **Packaged Foods & Meats–0.31%** |
| General Mills, Inc. | 2087 | &nbsp;&nbsp; 97275 |
| Tyson Foods, Inc., Class A | 13539 | &nbsp;&nbsp; 696040 |
|  |  | &nbsp;&nbsp; 793315 |
| **Passenger Airlines–0.17%** | **Passenger Airlines–0.17%** | **Passenger Airlines–0.17%** |
| United Airlines Holdings, Inc.<sup>(c)</sup>  | 4580 | &nbsp;&nbsp; 430703 |
| **Passenger Ground Transportation–0.13%** | **Passenger Ground Transportation–0.13%** | **Passenger Ground Transportation–0.13%** |
| Uber Technologies, Inc.<sup>(c)</sup>  | 3418 | &nbsp;&nbsp; 329837 |
| **Pharmaceuticals–1.08%** | **Pharmaceuticals–1.08%** | **Pharmaceuticals–1.08%** |
| Bristol-Myers Squibb Co. | 19989 | &nbsp;&nbsp; 920893 |
| Eli Lilly and Co. | 147 | &nbsp;&nbsp; 126840 |
| Johnson & Johnson | 6923 | &nbsp;&nbsp; 1307547 |
| Pfizer, Inc. | 3826 | &nbsp;&nbsp; 94311 |
| Viatris, Inc. | 14480 | &nbsp;&nbsp; 150013 |
| Zoetis, Inc. | 1016 | &nbsp;&nbsp; 146396 |
|  |  | &nbsp;&nbsp; 2746000 |
| **Property & Casualty Insurance–0.58%** | **Property & Casualty Insurance–0.58%** | **Property & Casualty Insurance–0.58%** |
| Allstate Corp. (The) | 387 | &nbsp;&nbsp; 74118 |
| American International Group, Inc. | 3133 | &nbsp;&nbsp; 247382 |
| Assurant, Inc. | 2110 | &nbsp;&nbsp; 446729 |
| Hartford Insurance Group, Inc. (The) | 2128 | &nbsp;&nbsp; 264255 |
| Loews Corp. | 2075 | &nbsp;&nbsp; 206587 |
| Travelers Cos., Inc. (The) | 891 | &nbsp;&nbsp; 239341 |
|  |  | &nbsp;&nbsp; 1478412 |
| **Rail Transportation–0.08%** | **Rail Transportation–0.08%** | **Rail Transportation–0.08%** |
| Union Pacific Corp. | 965 | &nbsp;&nbsp; 212657 |
| **Regional Banks–0.07%** | **Regional Banks–0.07%** | **Regional Banks–0.07%** |
| Truist Financial Corp. | 3729 | &nbsp;&nbsp; 166425 |
| **Research & Consulting Services–0.14%** | **Research & Consulting Services–0.14%** | **Research & Consulting Services–0.14%** |
| Booz Allen Hamilton Holding Corp. | 646 | &nbsp;&nbsp; 56305 |
| Leidos Holdings, Inc. | 1001 | &nbsp;&nbsp; 190661 |
| Verisk Analytics, Inc. | 454 | &nbsp;&nbsp; 99317 |
|  |  | &nbsp;&nbsp; 346283 |
| **Semiconductor Materials & Equipment–0.50%** | **Semiconductor Materials & Equipment–0.50%** | **Semiconductor Materials & Equipment–0.50%** |
| KLA Corp. | 450 | &nbsp;&nbsp; 543933 |
| Lam Research Corp. | 4562 | &nbsp;&nbsp; 718333 |
|  |  | &nbsp;&nbsp; 1262266 |
| **Semiconductors–2.95%** | **Semiconductors–2.95%** | **Semiconductors–2.95%** |
| Analog Devices, Inc. | 2896 | &nbsp;&nbsp; 678040 |
| Broadcom, Inc. | 5058 | &nbsp;&nbsp; 1869589 |
| Micron Technology, Inc. | 1995 | &nbsp;&nbsp; 446421 |
| NVIDIA Corp. | 17846 | &nbsp;&nbsp; 3613637 |
| QUALCOMM, Inc. | 2721 | &nbsp;&nbsp; 492229 |
| Skyworks Solutions, Inc. | 4960 | &nbsp;&nbsp; 385491 |
|  |  | &nbsp;&nbsp; 7485407 |

---

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

**4**

**Invesco Multi-Strategy Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Soft Drinks & Non-alcoholic Beverages–0.33%** | **Soft Drinks & Non-alcoholic Beverages–0.33%** | **Soft Drinks & Non-alcoholic Beverages–0.33%** |
| Coca-Cola Co. (The) | 957 | &nbsp;&nbsp; $65937 |
| Keurig Dr Pepper, Inc. | 8372 | &nbsp;&nbsp; 227384 |
| Monster Beverage Corp.<sup>(c)</sup>  | 8175 | &nbsp;&nbsp; 546335 |
|  |  | &nbsp;&nbsp; 839656 |
| **Steel–0.09%** | **Steel–0.09%** | **Steel–0.09%** |
| Steel Dynamics, Inc. | 1390 | &nbsp;&nbsp; 217952 |
| **Systems Software–1.92%** | **Systems Software–1.92%** | **Systems Software–1.92%** |
| Gen Digital, Inc. | 18594 | &nbsp;&nbsp; 490138 |
| Microsoft Corp. | 7255 | &nbsp;&nbsp; 3756712 |
| Oracle Corp. | 1273 | &nbsp;&nbsp; 334302 |
| ServiceNow, Inc.<sup>(c)</sup>  | 322 | &nbsp;&nbsp; 296008 |
|  |  | &nbsp;&nbsp; 4877160 |
| **Technology Hardware, Storage & Peripherals–1.58%** | **Technology Hardware, Storage & Peripherals–1.58%** | **Technology Hardware, Storage & Peripherals–1.58%** |
| Apple, Inc. | 13258 | &nbsp;&nbsp; 3584565 |
| NetApp, Inc. | 1075 | &nbsp;&nbsp; 126614 |
| Western Digital Corp. | 2013 | &nbsp;&nbsp; 302373 |
|  |  | &nbsp;&nbsp; 4013552 |
| **Tobacco–0.77%** | **Tobacco–0.77%** | **Tobacco–0.77%** |
| Altria Group, Inc. | 21088 | &nbsp;&nbsp; 1188941 |
| Philip Morris International, Inc. | 5366 | &nbsp;&nbsp; 774475 |
|  |  | &nbsp;&nbsp; 1963416 |
| **Transaction & Payment Processing Services–0.17%** | **Transaction & Payment Processing Services–0.17%** | **Transaction & Payment Processing Services–0.17%** |
| Visa, Inc., Class A | 1230 | &nbsp;&nbsp; 419110 |
| Total Common Stocks & Other Equity Interests <br> (Cost $62,192,435) | Total Common Stocks & Other Equity Interests <br> (Cost $62,192,435) | &nbsp;&nbsp; 91418195 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** |
| **Oil & Gas Storage & Transportation–0.00%** | **Oil & Gas Storage & Transportation–0.00%** | **Oil & Gas Storage & Transportation–0.00%** | **Oil & Gas Storage & Transportation–0.00%** |
| Southcross Energy Partners L.P., Pfd. <br>(Cost $68,449)<sup>(d)</sup>  | Southcross Energy Partners L.P., Pfd. <br>(Cost $68,449)<sup>(d)</sup>  | 68467 | &nbsp;&nbsp; $404 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Variable Rate Senior Loan Interests–0.00%**<sup>(e)(f)</sup>  | **Variable Rate Senior Loan Interests–0.00%**<sup>(e)(f)</sup>  | **Variable Rate Senior Loan Interests–0.00%**<sup>(e)(f)</sup>  | **Variable Rate Senior Loan Interests–0.00%**<sup>(e)(f)</sup>  |
| **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** |
| Lealand Finance Co. B.V., 5.08% (1 <br> mo. Term SOFR + 1.11%), <br> 12/31/2027 <br>(Cost $5)<br>|  | $41 | &nbsp;&nbsp; 32 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–5.51%** | **Money Market Funds–5.51%** | **Money Market Funds–5.51%** | **Money Market Funds–5.51%** |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(b)(g)</sup> <br>(Cost $13,977,978) | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(b)(g)</sup> <br>(Cost $13,977,978) | 13977978 | &nbsp;&nbsp; 13977978 |
| TOTAL INVESTMENTS IN SECURITIES–86.15% <br> (Cost $201,641,613) | TOTAL INVESTMENTS IN SECURITIES–86.15% <br> (Cost $201,641,613) | TOTAL INVESTMENTS IN SECURITIES–86.15% <br> (Cost $201,641,613) | &nbsp;&nbsp; 218623029 |
| OTHER ASSETS LESS LIABILITIES—13.85% | OTHER ASSETS LESS LIABILITIES—13.85% | OTHER ASSETS LESS LIABILITIES—13.85% | &nbsp;&nbsp; 35149193 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $253772222 |

---

Investment Abbreviations:

ETF – Exchange-Traded Fund <br> Pfd. – Preferred <br> SOFR – Secured Overnight Financing Rate

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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 fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Managed Futures Strategy ETF | $- | &nbsp;&nbsp; $146202956 | &nbsp;&nbsp; $(18261510) | &nbsp;&nbsp; $(12176326) | &nbsp;&nbsp; $(2538700) | &nbsp;&nbsp; $113226420 | &nbsp;&nbsp; $- |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 75972364 | &nbsp;&nbsp; 194236393 | &nbsp;&nbsp; (256230779) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 13977978 | &nbsp;&nbsp; 1816746 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 597609 | &nbsp;&nbsp; 26937625 | &nbsp;&nbsp; (27535234) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 29,056\* |
| Invesco Private Prime Fund | 1559518 | &nbsp;&nbsp; 53967098 | &nbsp;&nbsp; (55526616) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 76,349\* |
| Total | $78129491 | &nbsp;&nbsp; $421344072 | &nbsp;&nbsp; $(357554139) | &nbsp;&nbsp; $(12176326) | &nbsp;&nbsp; $(2538700) | &nbsp;&nbsp; $127204398 | &nbsp;&nbsp; $1922151 |

---

\* 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. 

<sup>(c)</sup> Non-income producing security. <br> <sup>(d)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

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

**5**

**Invesco Multi-Strategy Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(e)</sup> 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. 

<sup>(f)</sup> 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. 

<sup>(g)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 216 | December-2025 | &nbsp;&nbsp;&nbsp; $(74239200)<br>| &nbsp;&nbsp;&nbsp; $(2435939)<br>| &nbsp;&nbsp;&nbsp; $(2435939)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $4,768,128 cash held with Merrill Lynch International, the futures commission merchant.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 11/07/2025 | Goldman Sachs International | NZD | 21278019 | USD | 12408000 | &nbsp;&nbsp;&nbsp; $230242 |
| 11/07/2025 | UBS AG | JPY | 909353781 | USD | 6204000 | &nbsp;&nbsp;&nbsp; 302124 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 532366 |
| **Currency Risk** |  |  |  |  |  |  |
| 11/07/2025 | Goldman Sachs International | USD | 6204000 | AUD | 9388776 | &nbsp;&nbsp;&nbsp; (60709)<br>|
| 11/07/2025 | Goldman Sachs International | USD | 6204000 | GBP | 4602729 | &nbsp;&nbsp;&nbsp; (157357)<br>|
| 11/07/2025 | UBS AG | USD | 6204000 | EUR | 5271436 | &nbsp;&nbsp;&nbsp; (126854)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (344920)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $187446 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  |
| **Pay/** <br>**Receive** <br>**Floating** <br>**Rate**<br>| **Floating Rate Index** | &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Receive | CLICP | Semi-Annually | &nbsp;&nbsp; (4.82)% | Semi-Annually | &nbsp;&nbsp; 10/08/2030 | CLP | 12493770000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1509 | &nbsp;&nbsp; $1509 |
| Receive | 6 Month BUBOR | Semi-Annually | &nbsp;&nbsp; (6.26) | Annually | &nbsp;&nbsp; 10/08/2030 | HUF | 2475300000 | &nbsp;&nbsp; 5957 | &nbsp;&nbsp; 7637 | &nbsp;&nbsp; 1680 |
| Pay | 3 Month NDBB | Quarterly | 3.71 | Semi-Annually | &nbsp;&nbsp; 10/08/2035 | NZD | 53160000 | &nbsp;&nbsp; (2659)<br>| &nbsp;&nbsp; 139439 | &nbsp;&nbsp; 142098 |
| Pay | SONIA | Annually | 4.15 | Annually | &nbsp;&nbsp; 10/02/2035 | GBP | 23000000 | &nbsp;&nbsp; (64898)<br>| &nbsp;&nbsp; 565627 | &nbsp;&nbsp; 630525 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  | &nbsp;&nbsp; (61600)<br>| &nbsp;&nbsp; 714212 | &nbsp;&nbsp; 775812 |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Receive | SARON | Annually | &nbsp;&nbsp; (0.48) | Annually | &nbsp;&nbsp; 10/08/2035 | CHF | 24720000 | &nbsp;&nbsp; 14546 | &nbsp;&nbsp; (202292)<br>| &nbsp;&nbsp; (216838)<br>|
| Receive | 6 Month NIBOR | Semi-Annually | &nbsp;&nbsp; (4.07) | Annually | &nbsp;&nbsp; 10/08/2035 | NOK | 307370000 | &nbsp;&nbsp; 25378 | &nbsp;&nbsp; (191031)<br>| &nbsp;&nbsp; (216409)<br>|
| Pay | TTHORON | Quarterly | 1.14 | Quarterly | &nbsp;&nbsp; 10/08/2030 | THB | 788650000 | &nbsp;&nbsp; 9930 | &nbsp;&nbsp; (190133)<br>| &nbsp;&nbsp; (200063)<br>|
| Receive | CORRA | Semi-Annually | &nbsp;&nbsp; (2.88) | Semi-Annually | &nbsp;&nbsp; 10/08/2035 | CAD | 43260000 | &nbsp;&nbsp; 25253 | &nbsp;&nbsp; (96861)<br>| &nbsp;&nbsp; (122114)<br>|
| Receive | 6 Month WIBOR | Semi-Annually | &nbsp;&nbsp; (4.15) | Annually | &nbsp;&nbsp; 10/08/2030 | PLN | 36700000 | &nbsp;&nbsp; 7657 | &nbsp;&nbsp; (53250)<br>| &nbsp;&nbsp; (60907)<br>|
| Pay | 6 Month BBSW | Semi-Annually | 4.04 | Semi-Annually | &nbsp;&nbsp; 10/09/2035 | AUD | 46880000 | &nbsp;&nbsp; (663485)<br>| &nbsp;&nbsp; (707219)<br>| &nbsp;&nbsp; (43734)<br>|
| Pay | SORA | Semi-Annually | 1.50 | Semi-Annually | &nbsp;&nbsp; 10/08/2030 | SGD | 23450000 | &nbsp;&nbsp; 2542 | &nbsp;&nbsp; (31996)<br>| &nbsp;&nbsp; (34538)<br>|
| Pay | &nbsp;&nbsp; FBIL Overnight <br> MIBOR<br>| Semi-Annually | 5.68 | Semi-Annually | &nbsp;&nbsp; 10/08/2030 | INR | 2225930000 | &nbsp;&nbsp; 44971 | &nbsp;&nbsp; 27764 | &nbsp;&nbsp; (17207)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  | &nbsp;&nbsp; (533208)<br>| &nbsp;&nbsp; (1445018)<br>| &nbsp;&nbsp; (911810)<br>|
| Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements |  |  |  | &nbsp;&nbsp; $(594808)<br>| &nbsp;&nbsp; $(730806)<br>| &nbsp;&nbsp; $(135998)<br>|

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $4,668,758 cash held with Counterparties.

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

**6**

**Invesco Multi-Strategy Fund**

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  |
| **Counterparty** | **Pay/** <br>**Receive**<br>| **Reference Entity**<sup>(c)</sup> <br>| **Fixed** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Number of** <br>**Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Goldman Sachs <br> International<br>| Receive | FTSE Developed Ex US <br> Invesco Dynamic Multifactor <br> Index<br>| 0.45% | Monthly | 68520 | March—2026 | USD | 95971853 | $— | $480317 | $480317 |
| Goldman Sachs <br> International<br>| Receive | FTSE Developed Ex US <br> Invesco Dynamic Multifactor <br> Index<br>| 0.54 | Monthly | 3400 | April—2026 | USD | 4762176 |  | 23834 | 23834 |
| Goldman Sachs <br> International<br>| Receive | FTSE Developed Ex US <br> Invesco Dynamic Multifactor <br> Index<br>| 0.45 | Monthly | 1630 | March—2026 | USD | 2283043 |  | 11426 | 11426 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  |  |  | 515577 | 515577 |
| **Commodity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Barclays Bank PLC | Receive | Barclays Commodity <br> Strategy 1756 Excess <br> Return Index<br>| 0.42 | Monthly | 226520 | March—2026 | USD | 52156162 |  | (624606)<br>| (624606)<br>|
| Macquarie Bank Ltd. | Receive | Macquarie F6 Carry Alpha <br> Index<br>| 0.32 | Monthly | 244750 | April—2026 | USD | 76915208 |  | (266068)<br>| (266068)<br>|
| Subtotal |  |  |  |  |  |  |  |  |  | (890674)<br>| (890674)<br>|
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Goldman Sachs <br> International<br>| Receive | Russel 1000 Invesco <br> Dynamic Multifactor <br> Monthly<br>| 0.15 | Monthly | 34050 | March—2026 | USD | 38671947 |  | (665320)<br>| (665320)<br>|
| Goldman Sachs <br> International<br>| Receive | Russel 2000 Invesco <br> Dynamic Multifactor <br> Monthly<br>| 0.28 | Monthly | 31300 | March—2026 | USD | 38027935 |  | (267115)<br>| (267115)<br>|
| Subtotal |  |  |  |  |  |  |  |  |  | (932435)<br>| (932435)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  |  |  | (1823109)<br>| (1823109)<br>|
| Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements |  |  |  |  | $— | $(1307532)<br>| $(1307532)<br>|

---

---

| |
|:---|
| <sup>(a)</sup> Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $1,180,000. |
| <sup>(b)</sup> The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively. |
| <sup>(c)</sup> The Reference Entity Components table below includes additional information regarding the underlying components of certain reference entities that are not <br>publicly available. |

---

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

**7**

**Invesco Multi-Strategy Fund**

------

---

| | | |
|:---|:---|:---|
| **Reference Entity Components** | **Reference Entity Components** | **Reference Entity Components** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **Barclays Commodity Strategy 1756 Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Aluminum | &nbsp;&nbsp; 4.08% |
|  | Brent Crude | &nbsp;&nbsp; 5.87% |
|  | Cocoa | &nbsp;&nbsp; 0.00% |
|  | Coffee | &nbsp;&nbsp; 3.23% |
|  | Corn | &nbsp;&nbsp; 4.51% |
|  | Cotton | &nbsp;&nbsp; 1.33% |
|  | Gas Oil | &nbsp;&nbsp; 2.36% |
|  | Gasoline | &nbsp;&nbsp; 1.69% |
|  | Gold | &nbsp;&nbsp; 19.84% |
|  | Heating Oil | &nbsp;&nbsp; 1.86% |
|  | Kansas Wheat | &nbsp;&nbsp; 1.43% |
|  | Lead | &nbsp;&nbsp; 0.84% |
|  | Lean Hogs | &nbsp;&nbsp; 1.66% |
|  | Live Cattle | &nbsp;&nbsp; 4.02% |
|  | Natural Gas | &nbsp;&nbsp; 8.98% |
|  | Nickel | &nbsp;&nbsp; 2.13% |
|  | Silver | &nbsp;&nbsp; 6.60% |
|  | Soybean Meal | &nbsp;&nbsp; 2.89% |
|  | Soybean Oil | &nbsp;&nbsp; 3.71% |
|  | Soybeans | &nbsp;&nbsp; 5.47% |
|  | Sugar | &nbsp;&nbsp; 2.15% |
|  | US Copper | &nbsp;&nbsp; 5.90% |
|  | Wheat | &nbsp;&nbsp; 2.31% |
|  | WTI Crude | &nbsp;&nbsp; 5.00% |
|  | Zinc | &nbsp;&nbsp; 2.14% |
|  | Total | &nbsp;&nbsp; 100.00% |
| **Macquarie F6 Carry Alpha Index** |  |  |
|  | Aluminum | &nbsp;&nbsp; 6.14% |
|  | Coffee | &nbsp;&nbsp; 4.13% |
|  | Corn | &nbsp;&nbsp; 7.23% |
|  | Cotton | &nbsp;&nbsp; 2.08% |
|  | Gas Oil | &nbsp;&nbsp; 3.36% |
|  | Gasoline | &nbsp;&nbsp; 2.80% |
|  | Heating Oil | &nbsp;&nbsp; 2.65% |
|  | Kansas Wheat | &nbsp;&nbsp; 2.38% |
|  | Lead | &nbsp;&nbsp; 1.26% |
|  | Lean Hogs | &nbsp;&nbsp; 2.75% |
|  | Live Cattle | &nbsp;&nbsp; 5.17% |
|  | Natural Gas | &nbsp;&nbsp; 12.42% |
|  | Nickel | &nbsp;&nbsp; 3.12% |
|  | Soybean Meal | &nbsp;&nbsp; 4.98% |
|  | Soybean Oil | &nbsp;&nbsp; 5.25% |
|  | Soybeans | &nbsp;&nbsp; 8.76% |
|  | Sugar | &nbsp;&nbsp; 2.76% |
|  | US Copper | &nbsp;&nbsp; 8.60% |
|  | Wheat | &nbsp;&nbsp; 3.79% |
|  | WTI Crude | &nbsp;&nbsp; 7.30% |
|  | Zinc | &nbsp;&nbsp; 3.07% |
|  | Total | &nbsp;&nbsp; 100.00% |

---

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

**8**

**Invesco Multi-Strategy Fund**

------

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | —Australian Dollar |
| BBSW | —Bank Bill Swap Rate |
| BUBOR | —Budapest Interbank Offered Rate |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLICP | —Sinacofi Chile Interbank Rate Avg (CAMARA) |
| CLP | —Chile Peso |
| CORRA | —Canadian Overnight Repo Rate Average |
| EUR | —Euro |
| FBIL | —Financial Benchmarks India Private Ltd. |
| GBP | —British Pound Sterling |
| HUF | —Hungarian Forint |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| MIBOR | —Mumbai Interbank Offered Rate |
| NDBB | —New Zealand Dollar Bank Bill |
| NIBOR | —Norwegian Interbank Offered Rate |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PLN | —Polish Zloty |
| SARON | —Swiss Average Rate Overnight |
| SGD | —Singapore Dollar |
| SONIA | —Sterling Overnight Index Average |
| SORA | —Singapore Overnight Rate Average |
| THB | —Thai Baht |
| TTHORON | —Thai Overnight Repurchase Rate |
| USD | —U.S. Dollar |
| WIBOR | —Warsaw Interbank Offered Rate |

---

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

**9**

**Invesco Multi-Strategy Fund**

------

**Consolidated Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $62,260,889)<br>| &nbsp;&nbsp; $91418631 |
| Investments in affiliates, at value <br>(Cost $139,380,724)<br>| &nbsp;&nbsp; 127204398 |
| Other investments: |  |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 515577 |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 532366 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 4768128 |
| Cash collateral — centrally cleared swap agreements | &nbsp;&nbsp; 4668758 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 1180000 |
| Cash | &nbsp;&nbsp; 26206641 |
| Foreign currencies, at value (Cost $25,203) | &nbsp;&nbsp; 25050 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 10841 |
| Dividends | &nbsp;&nbsp; 119691 |
| Interest | &nbsp;&nbsp; 2881 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 105225 |
| Other assets | &nbsp;&nbsp; 49628 |
| Total assets | &nbsp;&nbsp; 256807815 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 201196 |
| Variation margin payable — centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 37099 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 344920 |
| Swaps payable — OTC | &nbsp;&nbsp; 39717 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 1823109 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 67 |
| Fund shares reacquired | &nbsp;&nbsp; 66086 |
| Accrued fees to affiliates | &nbsp;&nbsp; 240894 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1391 |
| Accrued other operating expenses | &nbsp;&nbsp; 121095 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 152094 |
| Collateral due to broker - OTC Derivatives | &nbsp;&nbsp; 7925 |
| Total liabilities | &nbsp;&nbsp; 3035593 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $253772222 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $235489748 |
| Distributable earnings | &nbsp;&nbsp; 18282474 |
|  | &nbsp;&nbsp; $253772222 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $223510915 |
| Class C | &nbsp;&nbsp; $5446396 |
| Class R | &nbsp;&nbsp; $7778056 |
| Class Y | &nbsp;&nbsp; $14854621 |
| Class R5 | &nbsp;&nbsp; $9006 |
| Class R6 | &nbsp;&nbsp; $2173228 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 9396305 |
| Class C | &nbsp;&nbsp; 265301 |
| Class R | &nbsp;&nbsp; 345652 |
| Class Y | &nbsp;&nbsp; 606362 |
| Class R5 | &nbsp;&nbsp; 377 |
| Class R6 | &nbsp;&nbsp; 88036 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $23.79 |
| Maximum offering price per share <br>(Net asset value of $23.79 ÷ 94.50%)<br>| &nbsp;&nbsp; $25.17 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $20.53 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $22.50 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.50 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.89 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.69 |

---

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

**10**

**Invesco Multi-Strategy Fund**

------

**Consolidated Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $1220814 |
| Dividends (net of foreign withholding taxes of $33,967) | &nbsp;&nbsp; 2000119 |
| Dividends from affiliated money market funds (includes net securities lending income of $2,866) | &nbsp;&nbsp; 1819612 |
| Total investment income | &nbsp;&nbsp; 5040545 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2355453 |
| Administrative services fees | &nbsp;&nbsp; 39970 |
| Custodian fees | &nbsp;&nbsp; 87802 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 613950 |
| Class C | &nbsp;&nbsp; 63757 |
| Class R | &nbsp;&nbsp; 42441 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 536227 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 3 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 659 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 30422 |
| Registration and filing fees | &nbsp;&nbsp; 86730 |
| Reports to shareholders | &nbsp;&nbsp; 63074 |
| Professional services fees | &nbsp;&nbsp; 105264 |
| Other | &nbsp;&nbsp; 18130 |
| Total expenses | &nbsp;&nbsp; 4043882 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (442638)<br>|
| Net expenses | &nbsp;&nbsp; 3601244 |
| Net investment income | &nbsp;&nbsp; 1439301 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 16251336 |
| Affiliated investment securities | &nbsp;&nbsp; (2538700)<br>|
| Foreign currencies | &nbsp;&nbsp; (55255)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (332709)<br>|
| Futures contracts | &nbsp;&nbsp; (11098540)<br>|
| Swap agreements | &nbsp;&nbsp; 21750 |
|  | &nbsp;&nbsp; 2247882 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1036285 |
| Affiliated investment securities | &nbsp;&nbsp; (12176326)<br>|
| Foreign currencies | &nbsp;&nbsp; (49667)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; 67026 |
| Futures contracts | &nbsp;&nbsp; (1359372)<br>|
| Swap agreements | &nbsp;&nbsp; (1475360)<br>|
|  | &nbsp;&nbsp; (13957414)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (11709532)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(10270231)<br>|

---

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

**11**

**Invesco Multi-Strategy Fund**

------

**Consolidated Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1439301 | &nbsp;&nbsp; $4715184 |
| Net realized gain | &nbsp;&nbsp; 2247882 | &nbsp;&nbsp; 6129889 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (13957414)<br>| &nbsp;&nbsp; 12616734 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (10270231)<br>| &nbsp;&nbsp; 23461807 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (5357938)<br>| &nbsp;&nbsp; (12216526)<br>|
| Class C | &nbsp;&nbsp; (103763)<br>| &nbsp;&nbsp; (455690)<br>|
| Class R | &nbsp;&nbsp; (173590)<br>| &nbsp;&nbsp; (466575)<br>|
| Class Y | &nbsp;&nbsp; (454873)<br>| &nbsp;&nbsp; (1294309)<br>|
| Class R5 | &nbsp;&nbsp; (237)<br>| &nbsp;&nbsp; (461)<br>|
| Class R6 | &nbsp;&nbsp; (48583)<br>| &nbsp;&nbsp; (108646)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (6138984)<br>| &nbsp;&nbsp; (14542207)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (25971046)<br>| &nbsp;&nbsp; (19920340)<br>|
| Class C | &nbsp;&nbsp; (1628075)<br>| &nbsp;&nbsp; (3583330)<br>|
| Class R | &nbsp;&nbsp; (938682)<br>| &nbsp;&nbsp; (1518759)<br>|
| Class Y | &nbsp;&nbsp; (5019266)<br>| &nbsp;&nbsp; (11265022)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (107)<br>|
| Class R6 | &nbsp;&nbsp; 221774 | &nbsp;&nbsp; (502862)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (33335295)<br>| &nbsp;&nbsp; (36790420)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (49744510)<br>| &nbsp;&nbsp; (27870820)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 303516732 | &nbsp;&nbsp; 331387552 |
| End of year | &nbsp;&nbsp; $253772222 | &nbsp;&nbsp; $303516732 |

---

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

**12**

**Invesco Multi-Strategy Fund**

------

**Consolidated Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<sup>(c)</sup> <br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(d)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $25.22 | $0.13 | $(1.04)<br>| $(0.91)<br>| $(0.33)<br>| $(0.19)<br>| $(0.52)<br>| $23.79 | (3.70)%<br>| &nbsp;&nbsp; $223511 | 1.28<br> %<br>| 1.43<br> %<br>| 0.51<br> %<br>| 103<br> %<br>|
| Year ended 10/31/24 | 24.55 | 0.37 | 1.41 | 1.78 | (0.21)<br>| (0.90)<br>| (1.11)<br>| 25.22 | 7.49 | &nbsp;&nbsp; 263807 | 1.35 | 1.39 | 1.48 | 47 |
| Year ended 10/31/23 | 24.75 | 0.27 | 0.15 | 0.42 |  | (0.62)<br>| (0.62)<br>| 24.55 | 1.71 | &nbsp;&nbsp; 276078 | 1.33 | 1.37 | 1.11 | 61 |
| Year ended 10/31/22 | 27.26 | (0.05)<br>| (1.69)<br>| (1.74)<br>| (0.77)<br>|  | (0.77)<br>| 24.75 | (6.60)<br>| &nbsp;&nbsp; 304850 | 1.33 | 1.34 | (0.20)<br>| 29 |
| Year ended 10/31/21 | 26.50 | (0.08)<br>| 1.35 | 1.27 | (0.51)<br>|  | (0.51)<br>| 27.26 | 4.84 | &nbsp;&nbsp; 362634 | 1.32 | 1.38 | (0.27)<br>| 74 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 21.80 | (0.05)<br>| (0.90)<br>| (0.95)<br>| (0.13)<br>| (0.19)<br>| (0.32)<br>| 20.53 | (4.46)<br>| &nbsp;&nbsp; 5446 | 2.03 | 2.18 | (0.24)<br>| 103 |
| Year ended 10/31/24 | 21.33 | 0.16 | 1.23 | 1.39 | (0.02)<br>| (0.90)<br>| (0.92)<br>| 21.80 | 6.74 | &nbsp;&nbsp; 7438 | 2.10 | 2.14 | 0.73 | 47 |
| Year ended 10/31/23 | 21.75 | 0.08 | 0.12 | 0.20 |  | (0.62)<br>| (0.62)<br>| 21.33 | 0.92 | &nbsp;&nbsp; 10842 | 2.08 | 2.12 | 0.36 | 61 |
| Year ended 10/31/22 | 24.02 | (0.21)<br>| (1.50)<br>| (1.71)<br>| (0.56)<br>|  | (0.56)<br>| 21.75 | (7.32)<br>| &nbsp;&nbsp; 13916 | 2.08 | 2.09 | (0.95)<br>| 29 |
| Year ended 10/31/21 | 23.36 | (0.25)<br>| 1.21 | 0.96 | (0.30)<br>|  | (0.30)<br>| 24.02 | 4.11 | &nbsp;&nbsp; 19401 | 2.08 | 2.13 | (1.03)<br>| 74 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 23.88 | 0.06 | (0.99)<br>| (0.93)<br>| (0.26)<br>| (0.19)<br>| (0.45)<br>| 22.50 | (3.97)<br>| &nbsp;&nbsp; 7778 | 1.53 | 1.68 | 0.26 | 103 |
| Year ended 10/31/24 | 23.29 | 0.29 | 1.35 | 1.64 | (0.15)<br>| (0.90)<br>| (1.05)<br>| 23.88 | 7.26 | &nbsp;&nbsp; 9220 | 1.60 | 1.64 | 1.23 | 47 |
| Year ended 10/31/23 | 23.57 | 0.20 | 0.14 | 0.34 |  | (0.62)<br>| (0.62)<br>| 23.29 | 1.45 | &nbsp;&nbsp; 10485 | 1.58 | 1.62 | 0.86 | 61 |
| Year ended 10/31/22 | 26.00 | (0.11)<br>| (1.62)<br>| (1.73)<br>| (0.70)<br>|  | (0.70)<br>| 23.57 | (6.87)<br>| &nbsp;&nbsp; 10728 | 1.58 | 1.59 | (0.45)<br>| 29 |
| Year ended 10/31/21 | 25.29 | (0.14)<br>| 1.29 | 1.15 | (0.44)<br>|  | (0.44)<br>| 26.00 | 4.58 | &nbsp;&nbsp; 12755 | 1.58 | 1.63 | (0.53)<br>| 74 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 25.97 | 0.19 | (1.07)<br>| (0.88)<br>| (0.40)<br>| (0.19)<br>| (0.59)<br>| 24.50 | (3.50)<br>| &nbsp;&nbsp; 14855 | 1.03 | 1.18 | 0.76 | 103 |
| Year ended 10/31/24 | 25.25 | 0.44 | 1.45 | 1.89 | (0.27)<br>| (0.90)<br>| (1.17)<br>| 25.97 | 7.76 | &nbsp;&nbsp; 20956 | 1.10 | 1.14 | 1.73 | 47 |
| Year ended 10/31/23 | 25.37 | 0.34 | 0.16 | 0.50 |  | (0.62)<br>| (0.62)<br>| 25.25 | 1.99 | &nbsp;&nbsp; 31447 | 1.08 | 1.12 | 1.36 | 61 |
| Year ended 10/31/22 | 27.94 | 0.02 | (1.75)<br>| (1.73)<br>| (0.84)<br>|  | (0.84)<br>| 25.37 | (6.41)<br>| &nbsp;&nbsp; 53389 | 1.08 | 1.09 | 0.05 | 29 |
| Year ended 10/31/21 | 27.14 | (0.01)<br>| 1.39 | 1.38 | (0.58)<br>|  | (0.58)<br>| 27.94 | 5.14 | &nbsp;&nbsp; 103680 | 1.07 | 1.13 | (0.02)<br>| 74 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 25.34 | 0.23 | (1.05)<br>| (0.82)<br>| (0.44)<br>| (0.19)<br>| (0.63)<br>| 23.89 | (3.36)<br>| &nbsp;&nbsp; 9 | 0.88 | 1.02 | 0.91 | 103 |
| Year ended 10/31/24 | 24.66 | 0.46 | 1.43 | 1.89 | (0.31)<br>| (0.90)<br>| (1.21)<br>| 25.34 | 7.97 | &nbsp;&nbsp; 10 | 0.96 | 0.99 | 1.87 | 47 |
| Year ended 10/31/23 | 24.76 | 0.37 | 0.15 | 0.52 |  | (0.62)<br>| (0.62)<br>| 24.66 | 2.12 | &nbsp;&nbsp; 9 | 0.93 | 0.96 | 1.51 | 61 |
| Year ended 10/31/22 | 27.29 | 0.05 | (1.69)<br>| (1.64)<br>| (0.89)<br>|  | (0.89)<br>| 24.76 | (6.25)<br>| &nbsp;&nbsp; 9 | 0.93 | 0.94 | 0.20 | 29 |
| Year ended 10/31/21 | 26.55 | 0.03 | 1.35 | 1.38 | (0.64)<br>|  | (0.64)<br>| 27.29 | 5.24 | &nbsp;&nbsp; 10 | 0.91 | 0.92 | 0.14 | 74 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 26.16 | 0.23 | (1.07)<br>| (0.84)<br>| (0.44)<br>| (0.19)<br>| (0.63)<br>| 24.69 | (3.33)<br>| &nbsp;&nbsp; 2173 | 0.88 | 1.02 | 0.91 | 103 |
| Year ended 10/31/24 | 25.42 | 0.48 | 1.47 | 1.95 | (0.31)<br>| (0.90)<br>| (1.21)<br>| 26.16 | 7.96 | &nbsp;&nbsp; 2086 | 0.96 | 0.99 | 1.87 | 47 |
| Year ended 10/31/23 | 25.51 | 0.38 | 0.15 | 0.53 |  | (0.62)<br>| (0.62)<br>| 25.42 | 2.10 | &nbsp;&nbsp; 2526 | 0.93 | 0.96 | 1.51 | 61 |
| Year ended 10/31/22 | 28.09 | 0.06 | (1.75)<br>| (1.69)<br>| (0.89)<br>|  | (0.89)<br>| 25.51 | (6.25)<br>| &nbsp;&nbsp; 3660 | 0.93 | 0.94 | 0.20 | 29 |
| Year ended 10/31/21 | 27.27 | 0.04 | 1.42 | 1.46 | (0.64)<br>|  | (0.64)<br>| 28.09 | 5.40 | &nbsp;&nbsp; 6743 | 0.90 | 0.92 | 0.15 | 74 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Does not include indirect expenses from affiliated fund fees and expenses of 0.17% for the year ended October 31, 2025.

<sup>(d)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

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

**13**

**Invesco Multi-Strategy Fund**

------

**Notes to Consolidated Financial Statements**

*October 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco Multi-Strategy Fund, formerly 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 Multi-Strategy 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 exchange-traded funds and exchange-traded products related to gold or other special minerals, 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.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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.

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**Invesco Multi-Strategy Fund**

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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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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.

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**Invesco Multi-Strategy Fund**

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**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's consolidated financial statements. Adoption of the new standard impacted the Fund's consolidated financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **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.

**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 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 year ended October 31, 2025, the Fund paid the Adviser fees for securities lending agent services, which 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.

**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.

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**Invesco Multi-Strategy Fund**

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**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 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

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

A volatility swap involves an exchange between the Fund and a Counterparty of periodic payments based on the measured volatility of an underlying security, currency, commodity, interest rate, index or other reference asset over a specified time frame. Depending on the structure of the swap, either the Fund's or the Counterparty's payment obligation will typically be based on the realized volatility of the reference asset as measured by changes in its price or level over a specified time period, while the other party's payment obligation will be based on a specified rate representing expected volatility for the reference asset at the time the swap is executed, or the measured volatility of a different reference asset over a specified time period. The Fund will typically make or lose money on a volatility swap depending on the magnitude of the reference asset's volatility, or size of the movements in its price, over a specified time period, rather than general increases or decreases in the price of the reference asset. Volatility swaps are often used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of other investments held by the Fund. Variance swaps are similar to volatility swaps, except payments are based on the difference between the implied and measured volatility mathematically squared.

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. 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 October 31, 2025, 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.** **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.

**R.** **Bank Loan Risk** — Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Fund's ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund seeks to manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

Fluctuations 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, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. 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 and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary's investments. The Subsidiary is not registered under the 1940 Act, and, except as otherwise noted in the Fund's prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended, and could negatively affect the Fund and its shareholders.

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.

**18**

**Invesco Multi-Strategy Fund**

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**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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.850% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.800% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Over $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |

---

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

For the year ended October 31, 2025, 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. To the extent the Fund invests in the Subsidiary, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from the Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from the Subsidiary.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (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 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 August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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 year ended October 31, 2025, the Adviser waived advisory fees of $408,268.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, 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 year ended October 31, 2025, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $16,118 in front-end sales commissions from the sale of Class A shares and $392 and $249 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.

**19**

**Invesco Multi-Strategy Fund**

------

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $113226420 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $113226420 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 91418187 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 91418195 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp;&nbsp; 404 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 13977978 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13977978 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 218622585 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp; 218623029 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 532366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 532366 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1291389 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1291389 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1823755 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1823755 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (2435939)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2435939)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (344920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (344920)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2734919)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2734919)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (2435939)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3079839)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5515778)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (2435939)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1256084)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3692023)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $216186646 | &nbsp;&nbsp;&nbsp;&nbsp; $(1256052)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $412 | &nbsp;&nbsp;&nbsp;&nbsp; $214931006 |

---

\* 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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized appreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $775812 | &nbsp;&nbsp;&nbsp;&nbsp; $775812 |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 532366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 532366 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 515577 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 515577 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 532366 | &nbsp;&nbsp;&nbsp;&nbsp; 515577 | &nbsp;&nbsp;&nbsp;&nbsp; 775812 | &nbsp;&nbsp;&nbsp;&nbsp; 1823755 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (775812)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (775812)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $532366 | &nbsp;&nbsp;&nbsp;&nbsp; $515577 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1047943 |

---

**20**

**Invesco Multi-Strategy Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp; **Commodity** <br>**Risk**<br>| &nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2435939)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2435939)<br>|
| Unrealized depreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (911810)<br>| &nbsp;&nbsp;&nbsp; (911810)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (344920)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (344920)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp; (890674)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (932435)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1823109)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp; (890674)<br>| &nbsp;&nbsp;&nbsp; (344920)<br>| &nbsp;&nbsp;&nbsp; (3368374)<br>| &nbsp;&nbsp;&nbsp; (911810)<br>| &nbsp;&nbsp;&nbsp; (5515778)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2435939 | &nbsp;&nbsp;&nbsp; 911810 | &nbsp;&nbsp;&nbsp; 3347749 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp; $(890674)<br>| &nbsp;&nbsp;&nbsp; $(344920)<br>| &nbsp;&nbsp;&nbsp; $(932435)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2168029)<br>|

---

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

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2025.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>| **Total** <br>**Assets**<br>| **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>| **Total** <br>**Liabilities**<br>| **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | **Net** <br>**Amount**<sup>(a)</sup><br>|
| **Fund** |  |  |  |  |  |  |  |  |  |  |
| Goldman Sachs International | $230242 | $515577 | $745819 | $(218066)<br>| $(958578)<br>| $(1176644)<br>| $(430825)<br>| $— | $430825 | $— |
| UBS AG | 302124 |  | 302124 | (126854)<br>|  | (126854)<br>| 175270 |  |  | 175270 |
| Subtotal - Fund | 532366 | 515577 | 1047943 | (344920)<br>| (958578)<br>| (1303498)<br>| (255555)<br>|  | 430825 | 175270 |
| **Subsidiary** |  |  |  |  |  |  |  |  |  |  |
| Barclays Bank PLC |  |  |  |  | (634809)<br>| (634809)<br>| (634809)<br>|  | 620000 | (14809)<br>|
| Macquarie Bank Ltd. |  |  |  |  | (269439)<br>| (269439)<br>| (269439)<br>|  |  | (269439)<br>|
| Subtotal - Subsidiary |  |  |  |  | (904248)<br>| (904248)<br>| (904248)<br>|  | 620000 | (284248)<br>|
| Total | $532366 | $515577 | $1047943 | $(344920)<br>| $(1862826)<br>| $(2207746)<br>| $(1159803)<br>| $— | $1050825 | $(108978)<br>|

---

<sup>(a)</sup>

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

**Effect of Derivative Investments for the year ended October 31, 2025**

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** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Commodity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |  |  |
| Forward foreign currency <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(332709)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(332709)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 825651 | &nbsp;&nbsp;&nbsp;&nbsp; (11795892)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (128299)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11098540)<br>|
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 737437 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 737437 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 1474250 | &nbsp;&nbsp;&nbsp;&nbsp; 21974 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (5385632)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3911158 | &nbsp;&nbsp;&nbsp;&nbsp; 21750 |
| Change in Net Unrealized <br> Appreciation (Depreciation):<br>|  |  |  |  |  |  |
| Forward foreign currency <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 67026 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 67026 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (122697)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1223867)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12808)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1359372)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (913289)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9215)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (416858)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (135998)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1475360)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $560961 | &nbsp;&nbsp;&nbsp;&nbsp; $12759 | &nbsp;&nbsp;&nbsp;&nbsp; $437271 | &nbsp;&nbsp;&nbsp;&nbsp; $(18084812)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3634053 | &nbsp;&nbsp;&nbsp;&nbsp; $(13439768)<br>|

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities.

**21**

**Invesco Multi-Strategy Fund**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $34031830 | &nbsp;&nbsp;&nbsp;&nbsp; $106669264 | &nbsp;&nbsp;&nbsp;&nbsp; $55274400 | &nbsp;&nbsp;&nbsp;&nbsp; $431989218 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 972 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $34,370.

**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—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $4648142 | &nbsp;&nbsp;&nbsp;&nbsp; $2720893 |
| Long-term capital gain | &nbsp;&nbsp; 1490842 | &nbsp;&nbsp;&nbsp;&nbsp; 11821314 |
| Total distributions | &nbsp;&nbsp; $6138984 | &nbsp;&nbsp;&nbsp;&nbsp; $14542207 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; $1891809 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 16582245 |
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (49233)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (142347)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 235489748 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $253772222 |

---

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

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

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

The Fund does not have a capital loss carryforward as of October 31, 2025.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $210,082,415 and $149,261,470, respectively. As of October 31, 2025, the aggregate cost of

**22**

**Invesco Multi-Strategy Fund**

------

investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $36405247 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (19823002)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $16582245 |

---

Cost of investments for tax purposes is $198,348,761.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of derivative instruments, net operating losses, foreign currency transactions and income from the Subsidiary, on October 31, 2025, undistributed net investment income was increased by $11,476, undistributed net realized gain was increased by $1,235,420 and shares of beneficial interest was decreased by $1,246,896. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 309805 | &nbsp;&nbsp;&nbsp; $7588845 | &nbsp;&nbsp;&nbsp; 281231 | &nbsp;&nbsp;&nbsp; $6955688 |
| Class C | &nbsp;&nbsp;&nbsp; 43189 | &nbsp;&nbsp;&nbsp; 914589 | &nbsp;&nbsp;&nbsp; 44301 | &nbsp;&nbsp;&nbsp; 949375 |
| Class R | &nbsp;&nbsp;&nbsp; 38809 | &nbsp;&nbsp;&nbsp; 901686 | &nbsp;&nbsp;&nbsp; 31377 | &nbsp;&nbsp;&nbsp; 733422 |
| Class Y | &nbsp;&nbsp;&nbsp; 687844 | &nbsp;&nbsp;&nbsp; 17177261 | &nbsp;&nbsp;&nbsp; 100320 | &nbsp;&nbsp;&nbsp; 2539583 |
| Class R6 | &nbsp;&nbsp;&nbsp; 37729 | &nbsp;&nbsp;&nbsp; 971936 | &nbsp;&nbsp;&nbsp; 14121 | &nbsp;&nbsp;&nbsp; 362401 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 202193 | &nbsp;&nbsp;&nbsp; 5034619 | &nbsp;&nbsp;&nbsp; 483995 | &nbsp;&nbsp;&nbsp; 11543290 |
| Class C | &nbsp;&nbsp;&nbsp; 4720 | &nbsp;&nbsp;&nbsp; 102084 | &nbsp;&nbsp;&nbsp; 20970 | &nbsp;&nbsp;&nbsp; 434914 |
| Class R | &nbsp;&nbsp;&nbsp; 7317 | &nbsp;&nbsp;&nbsp; 172689 | &nbsp;&nbsp;&nbsp; 20447 | &nbsp;&nbsp;&nbsp; 462718 |
| Class Y | &nbsp;&nbsp;&nbsp; 15283 | &nbsp;&nbsp;&nbsp; 391081 | &nbsp;&nbsp;&nbsp; 45406 | &nbsp;&nbsp;&nbsp; 1112451 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1516 | &nbsp;&nbsp;&nbsp; 39025 | &nbsp;&nbsp;&nbsp; 3348 | &nbsp;&nbsp;&nbsp; 82539 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 50866 | &nbsp;&nbsp;&nbsp; 1258871 | &nbsp;&nbsp;&nbsp; 126094 | &nbsp;&nbsp;&nbsp; 3099848 |
| Class C | &nbsp;&nbsp;&nbsp; (58712)<br>| &nbsp;&nbsp;&nbsp; (1258871)<br>| &nbsp;&nbsp;&nbsp; (145324)<br>| &nbsp;&nbsp;&nbsp; (3099848)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1624724)<br>| &nbsp;&nbsp;&nbsp; (39853381)<br>| &nbsp;&nbsp;&nbsp; (1680221)<br>| &nbsp;&nbsp;&nbsp; (41519166)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (65136)<br>| &nbsp;&nbsp;&nbsp; (1385877)<br>| &nbsp;&nbsp;&nbsp; (86989)<br>| &nbsp;&nbsp;&nbsp; (1867771)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (86531)<br>| &nbsp;&nbsp;&nbsp; (2013057)<br>| &nbsp;&nbsp;&nbsp; (115869)<br>| &nbsp;&nbsp;&nbsp; (2714899)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (903630)<br>| &nbsp;&nbsp;&nbsp; (22587608)<br>| &nbsp;&nbsp;&nbsp; (584529)<br>| &nbsp;&nbsp;&nbsp; (14917056)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (107)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (30963)<br>| &nbsp;&nbsp;&nbsp; (789187)<br>| &nbsp;&nbsp;&nbsp; (37066)<br>| &nbsp;&nbsp;&nbsp; (947802)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1370425)<br>| &nbsp;&nbsp;&nbsp; $(33335295)<br>| &nbsp;&nbsp;&nbsp; (1478391)<br>| &nbsp;&nbsp;&nbsp; $(36790420)<br>|

---

<sup>(a)</sup> 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.

**23**

**Invesco Multi-Strategy Fund**

------

**Report of Independent Registered Public Accounting Firm** 

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

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Multi-Strategy Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related consolidated statement of operations for the year ended October 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent, agent banks, portfolio company investees and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

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

**24**

**Invesco Multi-Strategy Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Multi-Strategy Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the HFRX Global Hedge Fund Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that the Fund's macro investment strategy was a consistent detractor over the longer term (three and five year periods), in particular due to whipsaws in the commodity markets in 2022. The

**25**

**Invesco Multi-Strategy Fund**

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Board also considered that the Fund underwent a name and investment strategy change in March 2025, and received information regarding additional investment process changes intended to address the Fund's underperformance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements

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

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board

also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

**26**

**Invesco Multi-Strategy Fund**

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\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**27**

**Invesco Multi-Strategy Fund**

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**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $1490842 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 43.56% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 42.87% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 31.02% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 28.63% |

---

\*

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

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $804932 |

---

**28**

**Invesco Multi-Strategy Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**29**

**Invesco Multi-Strategy Fund**

------

![](img76258bea1.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-FALT-NCSR

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is filed under Item 7 of this Form N-CSR.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

None.

------

Item 16. Controls and Procedures.

(a) As of a date within 90 days of the filing date of this report, 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 Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

[(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.](Code_of_Ethics.htm)

(a)(2) Not applicable.

[(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

#### 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) <u>AIM Investment Funds (Invesco Investment Funds)</u>

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: January 5, 2026

Pursuant to the requirements of the Securities 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: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: January 5, 2026

By: <u>/s/ Adrien Deberghes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Adrien Deberghes

Title: Principal Financial Officer

Date: January 5, 2026

------

## Ex-99.Code

#### Exhibit 99.CODEETH

#### EXHIBIT (a)(1)

### CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

---

| | |
|:---|:---|
| **Applicable To**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Invesco Funds; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Invesco ETFs (together with the Invesco Funds, a "Fund," and collectively, the "Funds").  |
| **Risk Addressed by Policy**  | Ethics Violations by Principals  |
| **Relevant Law & Related Resources**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Investment Company Act of 1940; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Sarbanes-Oxley Act of 2002.  |
| **Date of Last Review**  | July 2025  |
| **Policy Inception Date**  | August 2003  |

---

I.  **<u>PURPOSE</u>** 

This Code of Ethics (the "Code") for the Invesco Funds and the Invesco ETFs applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller or persons performing similar functions (collectively, the "Covered Officers," each of whom is set forth in Exhibit A to this Code) for the purpose of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the registrant;

· compliance with applicable governmental laws, rules and regulations;

· prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

The Code shall be administered by the Chief Compliance Officer of the respective Funds (the "Chief Compliance Officer"), or his or her delegate. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

------

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers<sup>1</sup> sought by a Covered Officer must be considered by the Independent Trustees<sup>2</sup> of the relevant Fund or Funds. Any question about the application of the Code should be referred to the Funds' Chief Compliance Officer.

II.  **<u>COVERED OFFICERS TO ACT HONESTLY AND CANDIDLY</u>** 

Each Covered Officer named in Exhibit A to this Code owes a duty to the respective Fund for which he/she serves to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

• act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds' policies;

• observe both the form and spirit of laws and governmental rules and regulations and accounting standards;

• adhere to a high standard of business ethics; and

• place the interest of the Funds and its shareholders before the Covered Officer's own personal interests.

III.  **<u>COVERED OFFICERS SHOULD HANDLE ETHICAL, ACTUAL AND APPARENT CONFLICTS OF INTEREST</u>** 

**<u>Overview</u>. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his/her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Funds.** 

------

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict-of-interest provisions in the Investment Company Act of 1940 as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Funds or the Funds' investment adviser. The Funds' and their investment adviser's and any sub-adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the Chief Compliance Officer determines that any violation of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and their investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

• avoid conflicts of interest wherever possible;

• handle any actual or apparent conflict of interest ethically;

• not use his/her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Funds;

• not cause the Funds to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of the Funds;

• not use material non-public knowledge of portfolio transactions made or contemplated for, or actions proposed to be taken by, the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

• as described in more detail below, discuss any material transactions or relationship that could reasonably be expected to give rise to a conflict of interest with the applicable Chief Compliance Officer.

------

Each Covered Officer must, at the time of signing this Code, report to the Chief Compliance Officer all affiliations or significant business relationships outside of the Funds and must update the report annually.

Conflict of interest situations should always be approved by the Chief Compliance Officer and communicated to the relevant Funds or Fund's Board. Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer's family living in the same household engages in such an activity or has such a relationship. Examples of these include:

• service or significant business relationships as a trustee/director on the board of any public or private company;

• being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member;

• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership.

IV.  **<u>DISCLOSURE AND COMPLIANCE</u>** 

Each Covered Officer should:

• familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds;

• not knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the same, facts about the Funds to others, whether within or outside the Funds, including to the Funds' Trustees and auditors, or to governmental regulators and self-regulatory organizations;

• to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and their investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

• promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V.  **<u>REPORTING AND ACCOUNTABILITY</u>** 

Each Covered Officer must:

• upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Compliance Officer that he/she has received, read and understands the Code;

• annually thereafter, affirm to the Chief Compliance Officers that he/she has complied with the requirements of the Code;

------

• not retaliate against any other Covered Officer, other officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

• notify the Chief Compliance Officer promptly if he/she knows of or suspects any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

• the Chief Compliance Officer will take all appropriate action to investigate any potential violation reported to him/her;

• if, after such investigation, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

• any matter that the Chief Compliance Officer believes is a violation will be reported to the relevant Trust's Audit Committee;

• if the Independent Trustees of the relevant Funds concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions;

• the Independent Trustees of the relevant Funds will be responsible for granting waivers of this Code, as appropriate; and

• any changes to, or waivers of, this Code will, to the extent required, be disclosed as provided by SEC rules.

VI.  **<u>OTHER POLICIES AND PROCEDURES</u>** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII.  **<u>AMENDMENTS</u>** 

------

These Procedures have been adopted by the Board, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds (the "Independent Trustees"). All material amendments to these Procedures must either be approved in advance by the Board and the Independent Trustees or ratified by the Board and the Independent Trustees, as determined by Legal and Compliance upon consultation with counsel to the Funds. Non-material amendments to these Procedures may be made by Legal and Compliance and will be reported to the Compliance Committee or other applicable committee of the Board or to the Board at the next scheduled in-person meeting of the committee or Board.

VIII.  **<u>CONFIDENTIALITY</u>** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Covered Officers, the Chief Compliance Officer, Independent Trustees of the relevant Fund or Funds and the Independent Trustees' counsel, the relevant Fund or Funds and those Funds' counsel and the senior management of the investment adviser and its counsel.

IX.  **<u>INTERNAL USE</u>** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

I have read and understand the terms of the above Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the above Code.

------

#### EXHIBIT A
Persons Covered by this Code of Ethics:

• **Invesco Funds** 

• President and Principal Executive Officer - Glenn Brightman

• Treasurer and Principal Financial Officer - Adrian Deberghes

• **Invesco ETFs** 

• President and Principal Executive Officer — Brian Hartigan

• Treasurer and Principal Financial Officer — Kelli Gallegos

<sup>1</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Securities Exchange Act of 1934, of the registrant."<br>

<sup>2</sup> Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds

------

## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Investment Funds (Invesco Investment Funds) on Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: January 5, 2026  | /s/ Glenn Brightman  |
|  | Glenn Brightman <br> Principal Executive Officer  |

---

------

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Investment Funds (Invesco Investment Funds) on Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: January 5, 2026  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

---

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Glenn Brightman, certify that:

1. I have reviewed this report on Form N-CSR of AIM Investment Funds (Invesco Investment Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp; January 5, 2026</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Glenn Brightman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glenn Brightman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

------

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Adrien Deberghes, certify that:

1. I have reviewed this report on Form N-CSR of AIM Investment Funds (Invesco Investment Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:<u>January 5, 2026</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Adrien Deberghes</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adrien Deberghes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer

------