# EDGAR Filing Document

**Accession Number:** 0000826644
**File Stem:** 0001145549-25-045427
**Filing Date:** 2025-7
**Character Count:** 2465618
**Document Hash:** 9cf716d844cfd5edc9dc0d5053efd807
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-045427.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001145549-25-045427

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 105

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05426
- **FILM NUMBER:** 251098424

**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 EQV Emerging Markets All Cap 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       |  |

### 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      |  |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-05426

#### AIM Investment Funds (Invesco Investment Funds)
(Exact name of registrant as specified in charter)

------

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

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:

#### April 30, 2025
Item 1. Reports to Stockholders.

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

![TSR_logo](images_2527.jpg)

### Invesco Balanced-Risk Allocation Fund

### Class A: ABRZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Balanced-Risk Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Allocation Fund<br>(Class A) | $651.32%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$953169089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Target risk contribution and** 

**notional asset weights**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Class | Target Risk Contribution\* | &nbsp;&nbsp;&nbsp;Notional Asset Exposure Weights\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;Equities and Options | 31.38% | &nbsp;&nbsp;&nbsp;50.74% |
| Fixed Income | 26.08 | 49.21 |
| Commodities | 42.54 | 32.29 |
| Total | 100.00% | 132.24% |
| \* 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_9336894.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Balanced-Risk Allocation Fund

### Class C: ABRCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Balanced-Risk Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Allocation Fund<br>(Class C) | $1012.07%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$953169089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Target risk contribution and** 

**notional asset weights**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Asset Class** | **Target Risk Contribution\*** | &nbsp;&nbsp;&nbsp;**Notional Asset Exposure Weights\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;Equities and Options | 31.38% | &nbsp;&nbsp;&nbsp;50.74% |
| Fixed Income | 26.08 | 49.21 |
| Commodities | 42.54 | 32.29 |
| Total | 100.00% | 132.24% |
| \* 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_9336873.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Balanced-Risk Allocation Fund

### Class R: ABRRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Balanced-Risk Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Allocation Fund<br>(Class R) | $771.57%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$953169089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Target risk contribution and** 

**notional asset weights**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Class | Target Risk Contribution\* | &nbsp;&nbsp;&nbsp;Notional Asset Exposure Weights\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;Equities and Options | 31.38% | &nbsp;&nbsp;&nbsp;50.74% |
| Fixed Income | 26.08 | 49.21 |
| Commodities | 42.54 | 32.29 |
| Total | 100.00% | 132.24% |
| \* 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_9336852.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Balanced-Risk Allocation Fund

### Class Y: ABRYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Balanced-Risk Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Allocation Fund<br>(Class Y) | $531.07%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$953169089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Target risk contribution and** 

**notional asset weights**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Asset Class** | **Target Risk Contribution\*** | &nbsp;&nbsp;&nbsp;**Notional Asset Exposure Weights\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;Equities and Options | 31.38% | &nbsp;&nbsp;&nbsp;50.74% |
| Fixed Income | 26.08 | 49.21 |
| Commodities | 42.54 | 32.29 |
| Total | 100.00% | 132.24% |
| \* 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_9336831.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Balanced-Risk Allocation Fund

### Class R5: ABRIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Balanced-Risk Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Allocation Fund<br>(Class R5) | $501.02%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$953169089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Target risk contribution and** 

**notional asset weights**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Asset Class** | **Target Risk Contribution\*** | &nbsp;&nbsp;&nbsp;**Notional Asset Exposure Weights\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;Equities and Options | 31.38% | &nbsp;&nbsp;&nbsp;50.74% |
| Fixed Income | 26.08 | 49.21 |
| Commodities | 42.54 | 32.29 |
| Total | 100.00% | 132.24% |
| \* 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_9336789.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Balanced-Risk Allocation Fund

### Class R6: ALLFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Balanced-Risk Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Allocation Fund<br>(Class R6) | $470.95%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$953169089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Target risk contribution and** 

**notional asset weights**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Asset Class** | **Target Risk Contribution\*** | &nbsp;&nbsp;&nbsp;**Notional Asset Exposure Weights\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;Equities and Options | 31.38% | &nbsp;&nbsp;&nbsp;50.74% |
| Fixed Income | 26.08 | 49.21 |
| Commodities | 42.54 | 32.29 |
| Total | 100.00% | 132.24% |
| \* 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_9336810.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Balanced-Risk Commodity Strategy Fund

### Class A: BRCAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Balanced-Risk Commodity Strategy Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Commodity Strategy Fund<br> (Class A) | $661.32%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$891566297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Target risk contribution and** 

 **notional asset weights**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Asset Class** | **Target Risk Contribution\*** | &nbsp;&nbsp;&nbsp;**Notional Asset Exposure Weights\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;Agriculture | 23.35% | &nbsp;&nbsp;&nbsp;26.46% |
| Energy | 50.49 | 29.35 |
| Industrial Metals | 12.11 | 12.59 |
| Precious Metals | 14.05 | 20.58 |
| Total | 100.00% | 88.98% |
| \* 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_9336537.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Balanced-Risk Commodity Strategy Fund

### Class C: BRCCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Balanced-Risk Commodity Strategy Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Commodity Strategy Fund<br> (Class C) | $1032.07%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$891566297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Target risk contribution and** 

 **notional asset weights**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Asset Class** | **Target Risk Contribution\*** | &nbsp;&nbsp;&nbsp;**Notional Asset Exposure Weights\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;Agriculture | 23.35% | &nbsp;&nbsp;&nbsp;26.46% |
| Energy | 50.49 | 29.35 |
| Industrial Metals | 12.11 | 12.59 |
| Precious Metals | 14.05 | 20.58 |
| Total | 100.00% | 88.98% |
| \* 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_9336516.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Balanced-Risk Commodity Strategy Fund

### Class R: BRCRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Balanced-Risk Commodity Strategy Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Commodity Strategy Fund<br> (Class R) | $781.57%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$891566297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Target risk contribution and** 

 **notional asset weights**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Asset Class** | **Target Risk Contribution\*** | &nbsp;&nbsp;&nbsp;**Notional Asset Exposure Weights\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;Agriculture | 23.35% | &nbsp;&nbsp;&nbsp;26.46% |
| Energy | 50.49 | 29.35 |
| Industrial Metals | 12.11 | 12.59 |
| Precious Metals | 14.05 | 20.58 |
| Total | 100.00% | 88.98% |
| \* 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_9336495.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Balanced-Risk Commodity Strategy Fund

### Class Y: BRCYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Balanced-Risk Commodity Strategy Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Commodity Strategy Fund<br> (Class Y) | $531.07%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$891566297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Target risk contribution and** 

 **notional asset weights**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Asset Class** | **Target Risk Contribution\*** | &nbsp;&nbsp;&nbsp;**Notional Asset Exposure Weights\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;Agriculture | 23.35% | &nbsp;&nbsp;&nbsp;26.46% |
| Energy | 50.49 | 29.35 |
| Industrial Metals | 12.11 | 12.59 |
| Precious Metals | 14.05 | 20.58 |
| Total | 100.00% | 88.98% |
| \* 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_9336474.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Balanced-Risk Commodity Strategy Fund

### Class R5: BRCNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Balanced-Risk Commodity Strategy Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Commodity Strategy Fund<br> (Class R5) | $531.07%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$891566297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Target risk contribution and** 

 **notional asset weights**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Asset Class** | **Target Risk Contribution\*** | &nbsp;&nbsp;&nbsp;**Notional Asset Exposure Weights\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;Agriculture | 23.35% | &nbsp;&nbsp;&nbsp;26.46% |
| Energy | 50.49 | 29.35 |
| Industrial Metals | 12.11 | 12.59 |
| Precious Metals | 14.05 | 20.58 |
| Total | 100.00% | 88.98% |
| \* 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_9336453.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Balanced-Risk Commodity Strategy Fund

### Class R6: IBRFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Balanced-Risk Commodity Strategy Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Balanced-Risk Commodity Strategy Fund<br> (Class R6) | $531.07%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$891566297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Target risk contribution and** 

 **notional asset weights**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Asset Class** | **Target Risk Contribution\*** | &nbsp;&nbsp;&nbsp;**Notional Asset Exposure Weights\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;Agriculture | 23.35% | &nbsp;&nbsp;&nbsp;26.46% |
| Energy | 50.49 | 29.35 |
| Industrial Metals | 12.11 | 12.59 |
| Precious Metals | 14.05 | 20.58 |
| Total | 100.00% | 88.98% |
| \* 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_9336432.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Core Bond Fund

### Class A: OPIGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Core Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Bond Fund<br> (Class A) | $340.68%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3013277808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;293% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 04/30/2027 | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.50%, 11/15/2054 | &nbsp;&nbsp;&nbsp;4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 04/30/2030 | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;1.93% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335292.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Core Bond Fund

### Class C: OPBCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Core Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Bond Fund<br> (Class C) | $721.43%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3013277808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;293% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 04/30/2027 | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.50%, 11/15/2054 | &nbsp;&nbsp;&nbsp;4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 04/30/2030 | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;1.93% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335271.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Core Bond Fund

### Class R: OPBNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Core Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Bond Fund<br> (Class R) | $470.93%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3013277808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;293% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 04/30/2027 | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.50%, 11/15/2054 | &nbsp;&nbsp;&nbsp;4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 04/30/2030 | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;1.93% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335250.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Core Bond Fund

### Class Y: OPBYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Core Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Bond Fund<br> (Class Y) | $220.43%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3013277808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;293% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 04/30/2027 | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.50%, 11/15/2054 | &nbsp;&nbsp;&nbsp;4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 04/30/2030 | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;1.93% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335229.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Core Bond Fund

### Class R5: TRTMX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Core Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Bond Fund<br> (Class R5) | $190.38%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3013277808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;293% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 04/30/2027 | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.50%, 11/15/2054 | &nbsp;&nbsp;&nbsp;4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 04/30/2030 | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;1.93% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335208.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Core Bond Fund

### Class R6: OPBIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Core Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Bond Fund<br> (Class R6) | $190.37%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3013277808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;293% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 04/30/2027 | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.50%, 11/15/2054 | &nbsp;&nbsp;&nbsp;4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 04/30/2030 | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;1.93% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335187.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Developing Markets Fund

### Class A: ODMAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Developing Markets Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $64 | 1.31% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$14241798934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;9.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;8.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., ADR | &nbsp;&nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, B Shares | &nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Mexico S.A.B. de C.V., Class B | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galp Energia SGPS S.A. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fomento Economico Mexicano S.A.B. de C.V., Series CPO | &nbsp;&nbsp;&nbsp;2.13% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336054.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Developing Markets Fund

### Class C: ODVCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Developing Markets Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $101 | 2.06% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$14241798934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;9.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;8.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., ADR | &nbsp;&nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, B Shares | &nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Mexico S.A.B. de C.V., Class B | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galp Energia SGPS S.A. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fomento Economico Mexicano S.A.B. de C.V., Series CPO | &nbsp;&nbsp;&nbsp;2.13% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336033.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Developing Markets Fund

### Class R: ODVNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Developing Markets Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $76 | 1.56% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$14241798934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;9.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;8.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., ADR | &nbsp;&nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, B Shares | &nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Mexico S.A.B. de C.V., Class B | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galp Energia SGPS S.A. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fomento Economico Mexicano S.A.B. de C.V., Series CPO | &nbsp;&nbsp;&nbsp;2.13% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336012.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Developing Markets Fund

### Class Y: ODVYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Developing Markets Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $52 | 1.06% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$14241798934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;9.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;8.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., ADR | &nbsp;&nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, B Shares | &nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Mexico S.A.B. de C.V., Class B | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galp Energia SGPS S.A. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fomento Economico Mexicano S.A.B. de C.V., Series CPO | &nbsp;&nbsp;&nbsp;2.13% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335949.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Developing Markets Fund

### Class R5: DVMFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Developing Markets Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $46 | 0.94% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$14241798934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;9.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;8.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., ADR | &nbsp;&nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, B Shares | &nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Mexico S.A.B. de C.V., Class B | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galp Energia SGPS S.A. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fomento Economico Mexicano S.A.B. de C.V., Series CPO | &nbsp;&nbsp;&nbsp;2.13% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335991.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Developing Markets Fund

### Class R6: ODVIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Developing Markets Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $43 | 0.88% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$14241798934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;9.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;8.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., ADR | &nbsp;&nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, B Shares | &nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Mexico S.A.B. de C.V., Class B | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galp Energia SGPS S.A. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fomento Economico Mexicano S.A.B. de C.V., Series CPO | &nbsp;&nbsp;&nbsp;2.13% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335970.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Discovery Mid Cap Growth Fund

### Class A: OEGAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Discovery Mid Cap Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $50 | 1.05% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5665197812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;1.84% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335928.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Discovery Mid Cap Growth Fund

### Class C: OEGCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Discovery Mid Cap Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $85 | 1.78% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5665197812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;1.84% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335907.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Discovery Mid Cap Growth Fund

### Class R: OEGNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Discovery Mid Cap Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $62 | 1.30% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5665197812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;1.84% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335886.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Discovery Mid Cap Growth Fund

### Class Y: OEGYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Discovery Mid Cap Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $38 | 0.80% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5665197812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;1.84% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335823.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Discovery Mid Cap Growth Fund

### Class R5: DMCFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Discovery Mid Cap Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $35 | 0.74% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5665197812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;1.84% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335865.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Discovery Mid Cap Growth Fund

### Class R6: OEGIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Discovery Mid Cap Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $32 | 0.67% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5665197812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;1.84% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335844.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_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Emerging Markets Local Debt Fund

### Class A: OEMAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Emerging Markets Local Debt Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Emerging Markets Local Debt Fund<br> (Class A) | $601.19%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$81502402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.22%, 05/15/2025 | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032 | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2044, 8.75%, 01/31/2044 | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, Series 219, 3.89%, 08/15/2029 | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;India Government Bond, 7.30%, 06/19/2053 | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government Bond, 36.00%, 08/12/2026 | &nbsp;&nbsp;&nbsp;3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR96, 7.00%, 02/15/2033 | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR95, 6.38%, 08/15/2028 | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 11.50%, 07/25/2046 | &nbsp;&nbsp;&nbsp;1.96% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335418.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_2526.jpg)

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

O-EMLD-SAR-A **Invesco Emerging Markets Local Debt Fund**

![TSR_logo](images_2527.jpg)

### Invesco Emerging Markets Local Debt Fund

### Class C: OEMCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Emerging Markets Local Debt Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Emerging Markets Local Debt Fund<br> (Class C) | $981.94%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$81502402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.22%, 05/15/2025 | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032 | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2044, 8.75%, 01/31/2044 | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, Series 219, 3.89%, 08/15/2029 | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;India Government Bond, 7.30%, 06/19/2053 | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government Bond, 36.00%, 08/12/2026 | &nbsp;&nbsp;&nbsp;3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR96, 7.00%, 02/15/2033 | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR95, 6.38%, 08/15/2028 | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 11.50%, 07/25/2046 | &nbsp;&nbsp;&nbsp;1.96% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335397.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_2526.jpg)

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

O-EMLD-SAR-C **Invesco Emerging Markets Local Debt Fund**

![TSR_logo](images_2527.jpg)

### Invesco Emerging Markets Local Debt Fund

### Class R: OEMNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Emerging Markets Local Debt Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Emerging Markets Local Debt Fund<br> (Class R) | $731.44%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$81502402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.22%, 05/15/2025 | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032 | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2044, 8.75%, 01/31/2044 | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, Series 219, 3.89%, 08/15/2029 | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;India Government Bond, 7.30%, 06/19/2053 | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government Bond, 36.00%, 08/12/2026 | &nbsp;&nbsp;&nbsp;3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR96, 7.00%, 02/15/2033 | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR95, 6.38%, 08/15/2028 | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 11.50%, 07/25/2046 | &nbsp;&nbsp;&nbsp;1.96% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335376.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_2526.jpg)

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

O-EMLD-SAR-R **Invesco Emerging Markets Local Debt Fund**

![TSR_logo](images_2527.jpg)

### Invesco Emerging Markets Local Debt Fund

### Class Y: OEMYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Emerging Markets Local Debt Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Emerging Markets Local Debt Fund<br> (Class Y) | $480.94%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$81502402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.22%, 05/15/2025 | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032 | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2044, 8.75%, 01/31/2044 | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, Series 219, 3.89%, 08/15/2029 | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;India Government Bond, 7.30%, 06/19/2053 | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government Bond, 36.00%, 08/12/2026 | &nbsp;&nbsp;&nbsp;3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR96, 7.00%, 02/15/2033 | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR95, 6.38%, 08/15/2028 | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 11.50%, 07/25/2046 | &nbsp;&nbsp;&nbsp;1.96% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335355.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_2526.jpg)

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

O-EMLD-SAR-Y **Invesco Emerging Markets Local Debt Fund**

![TSR_logo](images_2527.jpg)

### Invesco Emerging Markets Local Debt Fund

### Class R5: EMLDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Emerging Markets Local Debt Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Emerging Markets Local Debt Fund<br> (Class R5) | $480.94%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$81502402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.22%, 05/15/2025 | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032 | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2044, 8.75%, 01/31/2044 | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, Series 219, 3.89%, 08/15/2029 | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;India Government Bond, 7.30%, 06/19/2053 | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government Bond, 36.00%, 08/12/2026 | &nbsp;&nbsp;&nbsp;3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR96, 7.00%, 02/15/2033 | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR95, 6.38%, 08/15/2028 | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 11.50%, 07/25/2046 | &nbsp;&nbsp;&nbsp;1.96% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335334.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_2526.jpg)

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

O-EMLD-SAR-R5 **Invesco Emerging Markets Local Debt Fund**

![TSR_logo](images_2527.jpg)

### Invesco Emerging Markets Local Debt Fund

### Class R6: OEMIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Emerging Markets Local Debt Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Emerging Markets Local Debt Fund<br> (Class R6) | $480.94%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$81502402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.22%, 05/15/2025 | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032 | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2044, 8.75%, 01/31/2044 | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, Series 219, 3.89%, 08/15/2029 | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;India Government Bond, 7.30%, 06/19/2053 | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government Bond, 36.00%, 08/12/2026 | &nbsp;&nbsp;&nbsp;3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR96, 7.00%, 02/15/2033 | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, Series FR95, 6.38%, 08/15/2028 | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 11.50%, 07/25/2046 | &nbsp;&nbsp;&nbsp;1.96% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335313.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_2526.jpg)

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

O-EMLD-SAR-R6 **Invesco Emerging Markets Local Debt Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV Emerging Markets All Cap Fund

### Class A: GTDDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV Emerging Markets All Cap Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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 EQV Emerging Markets All Cap Fund<br> (Class A) | $70 | 1.40% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1260883268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;7.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Bank Central Asia Tbk | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bollore SE | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;2.40% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336768.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_2526.jpg)

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

DVM-SAR-A **Invesco EQV Emerging Markets All Cap Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV Emerging Markets All Cap Fund

### Class C: GTDCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV Emerging Markets All Cap Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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 EQV Emerging Markets All Cap Fund<br> (Class C) | $107 | 2.15% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1260883268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;7.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Bank Central Asia Tbk | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bollore SE | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;2.40% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336747.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_2526.jpg)

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

DVM-SAR-C **Invesco EQV Emerging Markets All Cap Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV Emerging Markets All Cap Fund

### Class Y: GTDYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV Emerging Markets All Cap Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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 EQV Emerging Markets All Cap Fund<br> (Class Y) | $57 | 1.15% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1260883268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;7.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Bank Central Asia Tbk | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bollore SE | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;2.40% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336726.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_2526.jpg)

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

DVM-SAR-Y **Invesco EQV Emerging Markets All Cap Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV Emerging Markets All Cap Fund

### Class R5: GTDIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV Emerging Markets All Cap Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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 EQV Emerging Markets All Cap Fund<br> (Class R5) | $53 | 1.06% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1260883268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;7.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Bank Central Asia Tbk | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bollore SE | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;2.40% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336684.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_2526.jpg)

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

DVM-SAR-R5 **Invesco EQV Emerging Markets All Cap Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV Emerging Markets All Cap Fund

### Class R6: GTDFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV Emerging Markets All Cap Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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 EQV Emerging Markets All Cap Fund<br> (Class R6) | $49 | 0.99% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1260883268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;7.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Bank Central Asia Tbk | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bollore SE | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;2.40% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336705.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_2526.jpg)

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

DVM-SAR-R6 **Invesco EQV Emerging Markets All Cap Fund**

![TSR_logo](images_2527.jpg)

### Invesco Global Allocation Fund

### Class A: QVGIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Allocation Fund<br> (Class A) | $551.10%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$989786749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;22.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.88%, 02/15/2032 | &nbsp;&nbsp;&nbsp;15.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;15.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;10.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 12/31/2029 | &nbsp;&nbsp;&nbsp;6.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;0.49% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335670.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_2526.jpg)

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

O-GLAL-SAR-A **Invesco Global Allocation Fund**

![TSR_logo](images_2527.jpg)

### Invesco Global Allocation Fund

### Class C: QGRCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Allocation Fund<br> (Class C) | $931.85%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$989786749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;22.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.88%, 02/15/2032 | &nbsp;&nbsp;&nbsp;15.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;15.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;10.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 12/31/2029 | &nbsp;&nbsp;&nbsp;6.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;0.49% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335649.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_2526.jpg)

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

O-GLAL-SAR-C **Invesco Global Allocation Fund**

![TSR_logo](images_2527.jpg)

### Invesco Global Allocation Fund

### Class R: QGRNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Allocation Fund<br> (Class R) | $681.35%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$989786749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;22.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.88%, 02/15/2032 | &nbsp;&nbsp;&nbsp;15.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;15.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;10.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 12/31/2029 | &nbsp;&nbsp;&nbsp;6.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;0.49% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335628.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_2526.jpg)

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

O-GLAL-SAR-R **Invesco Global Allocation Fund**

![TSR_logo](images_2527.jpg)

### Invesco Global Allocation Fund

### Class Y: QGRYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Allocation Fund<br> (Class Y) | $430.85%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$989786749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;22.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.88%, 02/15/2032 | &nbsp;&nbsp;&nbsp;15.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;15.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;10.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 12/31/2029 | &nbsp;&nbsp;&nbsp;6.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;0.49% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335607.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_2526.jpg)

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

O-GLAL-SAR-Y **Invesco Global Allocation Fund**

![TSR_logo](images_2527.jpg)

### Invesco Global Allocation Fund

### Class R5: GLALX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Allocation Fund<br> (Class R5) | $370.73%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$989786749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;22.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.88%, 02/15/2032 | &nbsp;&nbsp;&nbsp;15.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;15.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;10.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 12/31/2029 | &nbsp;&nbsp;&nbsp;6.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;0.49% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335586.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_2526.jpg)

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

O-GLAL-SAR-R5 **Invesco Global Allocation Fund**

![TSR_logo](images_2527.jpg)

### Invesco Global Allocation Fund

### Class R6: QGRIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Allocation Fund<br> (Class R6) | $370.73%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$989786749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;22.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.88%, 02/15/2032 | &nbsp;&nbsp;&nbsp;15.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;15.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;10.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 12/31/2029 | &nbsp;&nbsp;&nbsp;6.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;0.49% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335565.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_2526.jpg)

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

O-GLAL-SAR-R6 **Invesco Global Allocation Fund**

![TSR_logo](images_2527.jpg)

### Invesco Global Strategic Income Fund

### Class A: OPSIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Strategic Income Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Strategic Income Fund<br>(Class A) | $531.03%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1547319047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;287% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 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;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Forty Year Bond, Series 13, 0.50%, 03/20/2060 | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.23%, 05/29/2025 | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 2.13%, 02/15/2054 | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 1.50%, 02/15/2053 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.80%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.75%, 09/18/2030 | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.00%, 03/01/2053 | &nbsp;&nbsp;&nbsp;0.98% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335544.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_2526.jpg)

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

O-GLSI-SAR-A **Invesco Global Strategic Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Global Strategic Income Fund

### Class C: OSICX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Strategic Income Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Strategic Income Fund<br>(Class C) | $911.79%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1547319047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;287% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 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;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Forty Year Bond, Series 13, 0.50%, 03/20/2060 | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.23%, 05/29/2025 | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 2.13%, 02/15/2054 | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 1.50%, 02/15/2053 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.80%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.75%, 09/18/2030 | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.00%, 03/01/2053 | &nbsp;&nbsp;&nbsp;0.98% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335523.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_2526.jpg)

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

O-GLSI-SAR-C **Invesco Global Strategic Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Global Strategic Income Fund

### Class R: OSINX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Strategic Income Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Strategic Income Fund<br>(Class R) | $661.29%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1547319047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;287% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 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;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Forty Year Bond, Series 13, 0.50%, 03/20/2060 | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.23%, 05/29/2025 | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 2.13%, 02/15/2054 | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 1.50%, 02/15/2053 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.80%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.75%, 09/18/2030 | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.00%, 03/01/2053 | &nbsp;&nbsp;&nbsp;0.98% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335502.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_2526.jpg)

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

O-GLSI-SAR-R **Invesco Global Strategic Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Global Strategic Income Fund

### Class Y: OSIYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Strategic Income Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Strategic Income Fund<br>(Class Y) | $400.79%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1547319047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;287% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 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;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Forty Year Bond, Series 13, 0.50%, 03/20/2060 | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.23%, 05/29/2025 | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 2.13%, 02/15/2054 | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 1.50%, 02/15/2053 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.80%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.75%, 09/18/2030 | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.00%, 03/01/2053 | &nbsp;&nbsp;&nbsp;0.98% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335481.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_2526.jpg)

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

O-GLSI-SAR-Y **Invesco Global Strategic Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Global Strategic Income Fund

### Class R5: GLSSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Strategic Income Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Strategic Income Fund<br>(Class R5) | $340.67%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1547319047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;287% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 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;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Forty Year Bond, Series 13, 0.50%, 03/20/2060 | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.23%, 05/29/2025 | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 2.13%, 02/15/2054 | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 1.50%, 02/15/2053 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.80%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.75%, 09/18/2030 | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.00%, 03/01/2053 | &nbsp;&nbsp;&nbsp;0.98% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335460.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_2526.jpg)

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

O-GLSI-SAR-R5 **Invesco Global Strategic Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Global Strategic Income Fund

### Class R6: OSIIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Strategic Income Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Strategic Income Fund<br>(Class R6) | $340.67%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1547319047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;287% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 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;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Forty Year Bond, Series 13, 0.50%, 03/20/2060 | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.23%, 05/29/2025 | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 2.13%, 02/15/2054 | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 1.50%, 02/15/2053 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.80%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.75%, 09/18/2030 | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.00%, 03/01/2053 | &nbsp;&nbsp;&nbsp;0.98% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335439.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_2526.jpg)

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

O-GLSI-SAR-R6 **Invesco Global Strategic Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Health Care Fund

### Class A: GGHCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Health Care Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $52 | 1.06% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1216671703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;9.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;9.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;4.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;argenx SE, ADR | &nbsp;&nbsp;&nbsp;2.47% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336285.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_2526.jpg)

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

GHC-SAR-A **Invesco Health Care Fund**

![TSR_logo](images_2527.jpg)

### Invesco Health Care Fund

### Class C: GTHCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Health Care Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $89 | 1.81% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1216671703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;9.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;9.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;4.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;argenx SE, ADR | &nbsp;&nbsp;&nbsp;2.47% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336264.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_2526.jpg)

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

GHC-SAR-C **Invesco Health Care Fund**

![TSR_logo](images_2527.jpg)

### Invesco Health Care Fund

### Class Y: GGHYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Health Care Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $40 | 0.81% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1216671703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;9.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;9.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;4.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;argenx SE, ADR | &nbsp;&nbsp;&nbsp;2.47% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336243.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_2526.jpg)

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

GHC-SAR-Y **Invesco Health Care Fund**

![TSR_logo](images_2527.jpg)

### Invesco Health Care Fund

### Investor Class: GTHIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Health Care Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $52 | 1.06% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1216671703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;9.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;9.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;4.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;argenx SE, ADR | &nbsp;&nbsp;&nbsp;2.47% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336222.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_2526.jpg)

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

GHC-SAR-INV **Invesco Health Care Fund**

![TSR_logo](images_2527.jpg)

### Invesco Health Care Fund

### Class R6: GGHSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Health Care Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(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) | $34 | 0.70% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1216671703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;9.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;9.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;4.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;argenx SE, ADR | &nbsp;&nbsp;&nbsp;2.47% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336201.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_2526.jpg)

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

GHC-SAR-R6 **Invesco Health Care Fund**

![TSR_logo](images_2527.jpg)

### Invesco International Bond Fund

### Class A: OIBAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco International Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Bond Fund<br>(Class A) | $541.04%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1091594910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.25%, 05/29/2025 | &nbsp;&nbsp;&nbsp;5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom Gilt, 3.50%, 10/22/2025 | &nbsp;&nbsp;&nbsp;5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bond, Series 142, 4.25%, 04/21/2026 | &nbsp;&nbsp;&nbsp;4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.75%, 09/18/2030 | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Forty Year Bond, Series 13, 0.50%, 03/20/2060 | &nbsp;&nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bond, 2.80%, 05/31/2026 | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Province of Quebec, 5.35%, 06/01/2025 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ontario Electricity Financial Corp., 9.00%, 05/26/2025 | &nbsp;&nbsp;&nbsp;1.77% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335166.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_2526.jpg)

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

O-IBD-SAR-A **Invesco International Bond Fund**

![TSR_logo](images_2527.jpg)

### Invesco International Bond Fund

### Class C: OIBCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco International Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Bond Fund<br>(Class C) | $921.79%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1091594910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.25%, 05/29/2025 | &nbsp;&nbsp;&nbsp;5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom Gilt, 3.50%, 10/22/2025 | &nbsp;&nbsp;&nbsp;5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bond, Series 142, 4.25%, 04/21/2026 | &nbsp;&nbsp;&nbsp;4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.75%, 09/18/2030 | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Forty Year Bond, Series 13, 0.50%, 03/20/2060 | &nbsp;&nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bond, 2.80%, 05/31/2026 | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Province of Quebec, 5.35%, 06/01/2025 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ontario Electricity Financial Corp., 9.00%, 05/26/2025 | &nbsp;&nbsp;&nbsp;1.77% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335145.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_2526.jpg)

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

O-IBD-SAR-C **Invesco International Bond Fund**

![TSR_logo](images_2527.jpg)

### Invesco International Bond Fund

### Class R: OIBNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco International Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Bond Fund<br>(Class R) | $671.29%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1091594910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.25%, 05/29/2025 | &nbsp;&nbsp;&nbsp;5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom Gilt, 3.50%, 10/22/2025 | &nbsp;&nbsp;&nbsp;5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bond, Series 142, 4.25%, 04/21/2026 | &nbsp;&nbsp;&nbsp;4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.75%, 09/18/2030 | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Forty Year Bond, Series 13, 0.50%, 03/20/2060 | &nbsp;&nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bond, 2.80%, 05/31/2026 | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Province of Quebec, 5.35%, 06/01/2025 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ontario Electricity Financial Corp., 9.00%, 05/26/2025 | &nbsp;&nbsp;&nbsp;1.77% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335124.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_2526.jpg)

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

O-IBD-SAR-R **Invesco International Bond Fund**

![TSR_logo](images_2527.jpg)

### Invesco International Bond Fund

### Class Y: OIBYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco International Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Bond Fund<br>(Class Y) | $410.79%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1091594910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.25%, 05/29/2025 | &nbsp;&nbsp;&nbsp;5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom Gilt, 3.50%, 10/22/2025 | &nbsp;&nbsp;&nbsp;5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bond, Series 142, 4.25%, 04/21/2026 | &nbsp;&nbsp;&nbsp;4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.75%, 09/18/2030 | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Forty Year Bond, Series 13, 0.50%, 03/20/2060 | &nbsp;&nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bond, 2.80%, 05/31/2026 | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Province of Quebec, 5.35%, 06/01/2025 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ontario Electricity Financial Corp., 9.00%, 05/26/2025 | &nbsp;&nbsp;&nbsp;1.77% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335103.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_2526.jpg)

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

O-IBD-SAR-Y **Invesco International Bond Fund**

![TSR_logo](images_2527.jpg)

### Invesco International Bond Fund

### Class R5: INBQX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco International Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Bond Fund<br>(Class R5) | $410.79%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1091594910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.25%, 05/29/2025 | &nbsp;&nbsp;&nbsp;5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom Gilt, 3.50%, 10/22/2025 | &nbsp;&nbsp;&nbsp;5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bond, Series 142, 4.25%, 04/21/2026 | &nbsp;&nbsp;&nbsp;4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.75%, 09/18/2030 | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Forty Year Bond, Series 13, 0.50%, 03/20/2060 | &nbsp;&nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bond, 2.80%, 05/31/2026 | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Province of Quebec, 5.35%, 06/01/2025 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ontario Electricity Financial Corp., 9.00%, 05/26/2025 | &nbsp;&nbsp;&nbsp;1.77% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335082.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_2526.jpg)

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

O-IBD-SAR-R5 **Invesco International Bond Fund**

![TSR_logo](images_2527.jpg)

### Invesco International Bond Fund

### Class R6: OIBIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco International Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
*(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 International Bond Fund<br>(Class R6) | $40 | 0.78% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1091594910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.25%, 05/29/2025 | &nbsp;&nbsp;&nbsp;5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom Gilt, 3.50%, 10/22/2025 | &nbsp;&nbsp;&nbsp;5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bond, Series 142, 4.25%, 04/21/2026 | &nbsp;&nbsp;&nbsp;4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombian TES, Series B, 7.75%, 09/18/2030 | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Forty Year Bond, Series 13, 0.50%, 03/20/2060 | &nbsp;&nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bond, 2.80%, 05/31/2026 | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Province of Quebec, 5.35%, 06/01/2025 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ontario Electricity Financial Corp., 9.00%, 05/26/2025 | &nbsp;&nbsp;&nbsp;1.77% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335061.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_2526.jpg)

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

O-IBD-SAR-R6 **Invesco International Bond Fund**

![TSR_logo](images_2527.jpg)

### Invesco Multi-Asset Income Fund

### Class A: PIAFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Multi-Asset Income Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Asset Income Fund<br> (Class A) | $430.86%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$890168926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp;24.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.63%, 02/15/2055 | &nbsp;&nbsp;&nbsp;13.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp;11.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp;10.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 2.88%, 05/15/2028 | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 04/30/2029 | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.50%, 04/15/2027 | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.25%, 12/31/2026 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.25%, 11/15/2028 | &nbsp;&nbsp;&nbsp;0.83% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336663.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_2526.jpg)

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

MAIN-SAR-A **Invesco Multi-Asset Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Multi-Asset Income Fund

### Class C: PICFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Multi-Asset Income Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Asset Income Fund<br> (Class C) | $811.63%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$890168926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp;24.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.63%, 02/15/2055 | &nbsp;&nbsp;&nbsp;13.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp;11.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp;10.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 2.88%, 05/15/2028 | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 04/30/2029 | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.50%, 04/15/2027 | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.25%, 12/31/2026 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.25%, 11/15/2028 | &nbsp;&nbsp;&nbsp;0.83% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336642.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_2526.jpg)

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

MAIN-SAR-C **Invesco Multi-Asset Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Multi-Asset Income Fund

### Class R: PIRFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Multi-Asset Income Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Asset Income Fund<br> (Class R) | $561.13%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$890168926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp;24.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.63%, 02/15/2055 | &nbsp;&nbsp;&nbsp;13.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp;11.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp;10.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 2.88%, 05/15/2028 | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 04/30/2029 | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.50%, 04/15/2027 | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.25%, 12/31/2026 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.25%, 11/15/2028 | &nbsp;&nbsp;&nbsp;0.83% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336621.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_2526.jpg)

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

MAIN-SAR-R **Invesco Multi-Asset Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Multi-Asset Income Fund

### Class Y: PIYFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Multi-Asset Income Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Asset Income Fund<br> (Class Y) | $310.63%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$890168926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp;24.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.63%, 02/15/2055 | &nbsp;&nbsp;&nbsp;13.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp;11.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp;10.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 2.88%, 05/15/2028 | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 04/30/2029 | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.50%, 04/15/2027 | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.25%, 12/31/2026 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.25%, 11/15/2028 | &nbsp;&nbsp;&nbsp;0.83% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336600.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_2526.jpg)

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

MAIN-SAR-Y **Invesco Multi-Asset Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Multi-Asset Income Fund

### Class R5: IPNFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Multi-Asset Income Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Asset Income Fund<br> (Class R5) | $270.55%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$890168926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp;24.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.63%, 02/15/2055 | &nbsp;&nbsp;&nbsp;13.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp;11.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp;10.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 2.88%, 05/15/2028 | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 04/30/2029 | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.50%, 04/15/2027 | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.25%, 12/31/2026 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.25%, 11/15/2028 | &nbsp;&nbsp;&nbsp;0.83% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336558.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_2526.jpg)

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

MAIN-SAR-R5 **Invesco Multi-Asset Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Multi-Asset Income Fund

### Class R6: PIFFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Multi-Asset Income Fund (the "Fund") for the period November 1, 2024 to April 30, 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Asset Income Fund<br> (Class R6) | $270.55%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$890168926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp;24.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.63%, 02/15/2055 | &nbsp;&nbsp;&nbsp;13.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp;11.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp;10.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 2.88%, 05/15/2028 | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 04/30/2029 | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.50%, 04/15/2027 | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.25%, 12/31/2026 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.25%, 11/15/2028 | &nbsp;&nbsp;&nbsp;0.83% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9336579.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_2526.jpg)

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

MAIN-SAR-R6 **Invesco Multi-Asset Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Multi-Strategy Fund

### Class A: QVOPX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Multi-Strategy Fund (the "Fund"), formerly Invesco Fundamental Alternatives Fund, for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Strategy Fund<br>(Class A) | $651.33%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$291492929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335803.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_2526.jpg)

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

O-FALT-SAR-A **Invesco Multi-Strategy Fund**

![TSR_logo](images_2527.jpg)

### Invesco Multi-Strategy Fund

### Class C: QOPCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Multi-Strategy Fund (the "Fund"), formerly Invesco Fundamental Alternatives Fund, for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Strategy Fund<br>(Class C) | $1022.08%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$291492929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335770.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_2526.jpg)

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

O-FALT-SAR-C **Invesco Multi-Strategy Fund**

![TSR_logo](images_2527.jpg)

### Invesco Multi-Strategy Fund

### Class R: QOPNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Multi-Strategy Fund (the "Fund"), formerly Invesco Fundamental Alternatives Fund, for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Strategy Fund<br>(Class R) | $781.58%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$291492929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335763.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_2526.jpg)

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

O-FALT-SAR-R **Invesco Multi-Strategy Fund**

![TSR_logo](images_2527.jpg)

### Invesco Multi-Strategy Fund

### Class Y: QOPYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Multi-Strategy Fund (the "Fund"), formerly Invesco Fundamental Alternatives Fund, for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Strategy Fund<br>(Class Y) | $531.08%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$291492929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335730.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_2526.jpg)

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

O-FALT-SAR-Y **Invesco Multi-Strategy Fund**

![TSR_logo](images_2527.jpg)

### Invesco Multi-Strategy Fund

### Class R5: FDATX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Multi-Strategy Fund (the "Fund"), formerly Invesco Fundamental Alternatives Fund, for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Strategy Fund<br>(Class R5) | $450.92%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$291492929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335711.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_2526.jpg)

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

O-FALT-SAR-R5 **Invesco Multi-Strategy Fund**

![TSR_logo](images_2527.jpg)

### Invesco Multi-Strategy Fund

### Class R6: QOPIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Multi-Strategy Fund (the "Fund"), formerly Invesco Fundamental Alternatives Fund, for the period November 1, 2024 to April 30, 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Multi-Strategy Fund<br>(Class R6) | $450.92%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$291492929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9335690.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_2526.jpg)

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

O-FALT-SAR-R6 **Invesco Multi-Strategy Fund**

------

(b) Not applicable.

------

Item 2. Code of Ethics.

Not applicable for a semi-annual report.

------

Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.

------

Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.

------

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.

------

![](img152981bd1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Balanced-Risk Allocation Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_c1b8bc50-a0cd-47ea-877f-588e71b19555_SOI-Continued-10_1) | Consolidated Schedule of Investments |
| [12](#xx_c1b8bc50-a0cd-47ea-877f-588e71b19555_FS-Continued-10_1) | Consolidated Financial Statements |
| [15](#xx_c1b8bc50-a0cd-47ea-877f-588e71b19555_FS-Continued-10_4) | Consolidated Financial Highlights |
| [16](#xx_c1b8bc50-a0cd-47ea-877f-588e71b19555_NTF-Continued-10_1) | Notes to Consolidated Financial Statements |
| [25](#xx_c1b8bc50-a0cd-47ea-877f-588e71b19555_OIRSR-Continued-10_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments** 

*April 30, 2025*

*(Unaudited)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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–26.69%** | **U.S. Treasury Securities–26.69%** | **U.S. Treasury Securities–26.69%** | **U.S. Treasury Securities–26.69%** |  |  |
| **U.S. Treasury Floating Rate Notes–26.69%** | **U.S. Treasury Floating Rate Notes–26.69%** | **U.S. Treasury Floating Rate Notes–26.69%** | **U.S. Treasury Floating Rate Notes–26.69%** | **U.S. Treasury Floating Rate Notes–26.69%** | **U.S. Treasury Floating Rate Notes–26.69%** |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.25%)<sup>(a)</sup> <br>| 4.49% | 01/31/2026 |  | $80400 | &nbsp;&nbsp; $80496745 |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)<sup>(a)</sup> <br>| 4.40% | 04/30/2026 |  | 93350 | &nbsp;&nbsp; 93371479 |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.18%)<sup>(a)</sup> <br>| 4.43% | 07/31/2026 |  | 80500 | &nbsp;&nbsp; 80564937 |
| Total U.S. Treasury Securities (Cost $254,260,720) | Total U.S. Treasury Securities (Cost $254,260,720) | Total U.S. Treasury Securities (Cost $254,260,720) | Total U.S. Treasury Securities (Cost $254,260,720) |  | &nbsp;&nbsp; 254433161 |
|  |  | **Expiration**<br> **Date**<br>|  |  |  |
| **Commodity-Linked Securities–7.59%** | **Commodity-Linked Securities–7.59%** | **Commodity-Linked Securities–7.59%** | **Commodity-Linked Securities–7.59%** | **Commodity-Linked Securities–7.59%** | **Commodity-Linked Securities–7.59%** |
| Bank of Montreal, Commodity-Linked Notes (linked to the S&P GSCI Aluminum Dynamic Roll <br> Index) (Canada)<sup>(b)(c)</sup> <br>|  | 07/25/2025 |  | 13800 | &nbsp;&nbsp; 11253396 |
| 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>|  | 07/08/2025 |  | 14700 | &nbsp;&nbsp; 28119154 |
| 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>|  | 07/08/2025 |  | 14300 | &nbsp;&nbsp; 15439682 |
| 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>|  | 07/11/2025 |  | 22200 | &nbsp;&nbsp; 17560220 |
| Total Commodity-Linked Securities (Cost $65,000,000) | Total Commodity-Linked Securities (Cost $65,000,000) | Total Commodity-Linked Securities (Cost $65,000,000) | Total Commodity-Linked Securities (Cost $65,000,000) |  | &nbsp;&nbsp; 72372452 |
|  |  |  | **Shares** | **Shares** |  |
| **Money Market Funds–58.77%** | **Money Market Funds–58.77%** | **Money Market Funds–58.77%** | **Money Market Funds–58.77%** | **Money Market Funds–58.77%** | **Money Market Funds–58.77%** |
| Invesco Government & Agency Portfolio, Institutional Class, 4.26%<sup>(d)(e)</sup> <br>|  |  |  | 147166430 | &nbsp;&nbsp; 147166430 |
| Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Agency Class, <br> 4.52%<sup>(d)(e)</sup> <br>|  |  |  | 91610765 | &nbsp;&nbsp; 91610765 |
| Invesco Treasury Obligations Portfolio, Institutional Class, 4.14%<sup>(d)(e)</sup> <br>|  |  |  | 250700000 | &nbsp;&nbsp; 250700000 |
| Invesco Treasury Portfolio, Institutional Class, 4.23%<sup>(d)(e)</sup> <br>|  |  |  | 70657935 | &nbsp;&nbsp; 70657935 |
| Total Money Market Funds (Cost $560,135,130) | Total Money Market Funds (Cost $560,135,130) | Total Money Market Funds (Cost $560,135,130) | Total Money Market Funds (Cost $560,135,130) |  | &nbsp;&nbsp; 560135130 |
| **Options Purchased–1.20%** | **Options Purchased–1.20%** | **Options Purchased–1.20%** | **Options Purchased–1.20%** | **Options Purchased–1.20%** | **Options Purchased–1.20%** |
| (Cost $12,658,397)<sup>(f)</sup>  | (Cost $12,658,397)<sup>(f)</sup>  | (Cost $12,658,397)<sup>(f)</sup>  | (Cost $12,658,397)<sup>(f)</sup>  |  | &nbsp;&nbsp; 11394706 |
| TOTAL INVESTMENTS IN SECURITIES–94.25% (Cost $892,054,247) | TOTAL INVESTMENTS IN SECURITIES–94.25% (Cost $892,054,247) | TOTAL INVESTMENTS IN SECURITIES–94.25% (Cost $892,054,247) | TOTAL INVESTMENTS IN SECURITIES–94.25% (Cost $892,054,247) |  | &nbsp;&nbsp; 898335449 |
| OTHER ASSETS LESS LIABILITIES–5.75% | OTHER ASSETS LESS LIABILITIES–5.75% | OTHER ASSETS LESS LIABILITIES–5.75% | OTHER ASSETS LESS LIABILITIES–5.75% |  | &nbsp;&nbsp; 54833640 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $953169089 |

---

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 April 30, 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 April 30, 2025 was $72,372,452, which represented 7.59% 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 six months ended April 30, 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>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $158269511 | &nbsp;&nbsp; $129797244 | &nbsp;&nbsp; $(140900325) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $147166430 | &nbsp;&nbsp; $3453119 |
| Invesco Liquidity Funds PLC, Invesco US Dollar <br> Liquidity Portfolio, Agency Class<br>| 110226460 | &nbsp;&nbsp; 111600488 | &nbsp;&nbsp; (130216183) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 91610765 | &nbsp;&nbsp; 1987320 |
| Invesco Treasury Obligations Portfolio, Institutional <br> Class<br>| 336300000 | &nbsp;&nbsp; - | &nbsp;&nbsp; (85600000) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 250700000 | &nbsp;&nbsp; 6310372 |
| Invesco Treasury Portfolio, Institutional Class | 44106515 | &nbsp;&nbsp; 241052024 | &nbsp;&nbsp; (214500604) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 70657935 | &nbsp;&nbsp; 1176775 |
| Total | $648902486 | &nbsp;&nbsp; $482449756 | &nbsp;&nbsp; $(571217112) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $560135130 | &nbsp;&nbsp; $12927586 |

---

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 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; **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** |  |  |  |  |  |  |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 05/16/2025 | &nbsp;&nbsp;&nbsp; 58 | EUR | 4800.00 | EUR | 2784000 | &nbsp;&nbsp;&nbsp; $10250 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 08/15/2025 | &nbsp;&nbsp;&nbsp; 58 | EUR | 4600.00 | EUR | 2668000 | &nbsp;&nbsp;&nbsp; 49016 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp; 58 | EUR | 4950.00 | EUR | 2871000 | &nbsp;&nbsp;&nbsp; 58018 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 07/18/2025 | &nbsp;&nbsp;&nbsp; 58 | EUR | 4900.00 | EUR | 2842000 | &nbsp;&nbsp;&nbsp; 70502 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp; 58 | EUR | 4850.00 | EUR | 2813000 | &nbsp;&nbsp;&nbsp; 94484 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 10/17/2025 | &nbsp;&nbsp;&nbsp; 58 | EUR | 4800.00 | EUR | 2784000 | &nbsp;&nbsp;&nbsp; 98755 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; 58 | EUR | 4700.00 | EUR | 2726000 | &nbsp;&nbsp;&nbsp; 106771 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 01/16/2026 | &nbsp;&nbsp;&nbsp; 58 | EUR | 4700.00 | EUR | 2726000 | &nbsp;&nbsp;&nbsp; 112553 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp;&nbsp; 58 | EUR | 4800.00 | EUR | 2784000 | &nbsp;&nbsp;&nbsp; 112947 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 02/20/2026 | &nbsp;&nbsp;&nbsp; 58 | EUR | 5100.00 | EUR | 2958000 | &nbsp;&nbsp;&nbsp; 206118 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 04/17/2026 | &nbsp;&nbsp;&nbsp; 58 | EUR | 5100.00 | EUR | 2958000 | &nbsp;&nbsp;&nbsp; 224778 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 58 | EUR | 5400.00 | EUR | 3132000 | &nbsp;&nbsp;&nbsp; 308487 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 05/16/2025 | &nbsp;&nbsp;&nbsp; 31 | GBP | 8100.00 | GBP | 2511000 | &nbsp;&nbsp;&nbsp; 8056 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp; 31 | GBP | 8275.00 | GBP | 2565250 | &nbsp;&nbsp;&nbsp; 41314 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 07/18/2025 | &nbsp;&nbsp;&nbsp; 31 | GBP | 8200.00 | GBP | 2542000 | &nbsp;&nbsp;&nbsp; 47098 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 08/15/2025 | &nbsp;&nbsp;&nbsp; 31 | GBP | 8150.00 | GBP | 2526500 | &nbsp;&nbsp;&nbsp; 50609 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp;&nbsp; 31 | GBP | 8100.00 | GBP | 2511000 | &nbsp;&nbsp;&nbsp; 79942 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 10/17/2025 | &nbsp;&nbsp;&nbsp; 31 | GBP | 8225.00 | GBP | 2549750 | &nbsp;&nbsp;&nbsp; 84487 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp; 31 | GBP | 8275.00 | GBP | 2565250 | &nbsp;&nbsp;&nbsp; 85519 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 01/16/2026 | &nbsp;&nbsp;&nbsp; 31 | GBP | 8150.00 | GBP | 2526500 | &nbsp;&nbsp;&nbsp; 95641 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; 31 | GBP | 8250.00 | GBP | 2557500 | &nbsp;&nbsp;&nbsp; 110514 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 02/20/2026 | &nbsp;&nbsp;&nbsp; 31 | GBP | 8475.00 | GBP | 2627250 | &nbsp;&nbsp;&nbsp; 145631 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 04/17/2026 | &nbsp;&nbsp;&nbsp; 31 | GBP | 8500.00 | GBP | 2635000 | &nbsp;&nbsp;&nbsp; 158025 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 31 | GBP | 8800.00 | GBP | 2728000 | &nbsp;&nbsp;&nbsp; 242305 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 05/16/2025 | &nbsp;&nbsp;&nbsp; 43 | USD | 1050.00 | USD | 4515000 | &nbsp;&nbsp;&nbsp; 64500 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp; 43 | USD | 1070.00 | USD | 4601000 | &nbsp;&nbsp;&nbsp; 85785 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 08/15/2025 | &nbsp;&nbsp;&nbsp; 43 | USD | 1080.00 | USD | 4644000 | &nbsp;&nbsp;&nbsp; 139750 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 07/18/2025 | &nbsp;&nbsp;&nbsp; 43 | USD | 1090.00 | USD | 4687000 | &nbsp;&nbsp;&nbsp; 152435 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp; 43 | USD | 1080.00 | USD | 4644000 | &nbsp;&nbsp;&nbsp; 193715 |

---

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; **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 | &nbsp;&nbsp;&nbsp; 01/16/2026 | &nbsp;&nbsp;&nbsp; 43 | USD | 1060.00 | USD | 4558000 | &nbsp;&nbsp;&nbsp; $230480 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; 43 | USD | 1080.00 | USD | 4644000 | &nbsp;&nbsp;&nbsp; 243165 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 02/20/2026 | &nbsp;&nbsp;&nbsp; 43 | USD | 1070.00 | USD | 4601000 | &nbsp;&nbsp;&nbsp; 254775 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp;&nbsp; 43 | USD | 1125.00 | USD | 4837500 | &nbsp;&nbsp;&nbsp; 303795 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 43 | USD | 1090.00 | USD | 4687000 | &nbsp;&nbsp;&nbsp; 304870 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 04/17/2026 | &nbsp;&nbsp;&nbsp; 43 | USD | 1100.00 | USD | 4730000 | &nbsp;&nbsp;&nbsp; 333035 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 10/17/2025 | &nbsp;&nbsp;&nbsp; 43 | USD | 1160.00 | USD | 4988000 | &nbsp;&nbsp;&nbsp; 354535 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 06/13/2025 | &nbsp;&nbsp;&nbsp; 20 | JPY | 36750.00 | JPY | 735000000 | &nbsp;&nbsp;&nbsp; 206323 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 06/13/2025 | &nbsp;&nbsp;&nbsp; 20 | JPY | 37250.00 | JPY | 745000000 | &nbsp;&nbsp;&nbsp; 248286 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 09/12/2025 | &nbsp;&nbsp;&nbsp; 20 | JPY | 36500.00 | JPY | 730000000 | &nbsp;&nbsp;&nbsp; 301441 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 06/12/2026 | &nbsp;&nbsp;&nbsp; 19 | JPY | 34250.00 | JPY | 650750000 | &nbsp;&nbsp;&nbsp; 350154 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 09/12/2025 | &nbsp;&nbsp;&nbsp; 20 | JPY | 37250.00 | JPY | 745000000 | &nbsp;&nbsp;&nbsp; 357393 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp; 19 | JPY | 37000.00 | JPY | 703000000 | &nbsp;&nbsp;&nbsp; 403308 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp; 19 | JPY | 37250.00 | JPY | 707750000 | &nbsp;&nbsp;&nbsp; 421248 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 09/12/2025 | &nbsp;&nbsp;&nbsp; 20 | JPY | 38000.00 | JPY | 760000000 | &nbsp;&nbsp;&nbsp; 422437 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp;&nbsp; 20 | JPY | 36250.00 | JPY | 725000000 | &nbsp;&nbsp;&nbsp; 430829 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp; 19 | JPY | 37500.00 | JPY | 712500000 | &nbsp;&nbsp;&nbsp; 439852 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp;&nbsp; 19 | JPY | 37000.00 | JPY | 703000000 | &nbsp;&nbsp;&nbsp; 459120 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp;&nbsp; 19 | JPY | 37250.00 | JPY | 707750000 | &nbsp;&nbsp;&nbsp; 476395 |
| S&P 500 Index | Put | &nbsp;&nbsp;&nbsp; 05/16/2025 | &nbsp;&nbsp;&nbsp; 4 | USD | 5100.00 | USD | 2040000 | &nbsp;&nbsp;&nbsp; 5580 |
| S&P 500 Index | Put | &nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp; 4 | USD | 5400.00 | USD | 2160000 | &nbsp;&nbsp;&nbsp; 43920 |
| S&P 500 Index | Put | &nbsp;&nbsp;&nbsp; 07/18/2025 | &nbsp;&nbsp;&nbsp; 4 | USD | 5600.00 | USD | 2240000 | &nbsp;&nbsp;&nbsp; 83320 |
| S&P 500 Index | Put | &nbsp;&nbsp;&nbsp; 08/15/2025 | &nbsp;&nbsp;&nbsp; 4 | USD | 5525.00 | USD | 2210000 | &nbsp;&nbsp;&nbsp; 84580 |
| S&P 500 Index | Put | &nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp; 4 | USD | 5650.00 | USD | 2260000 | &nbsp;&nbsp;&nbsp; 114280 |
| S&P 500 Index | Put | &nbsp;&nbsp;&nbsp; 10/17/2025 | &nbsp;&nbsp;&nbsp; 4 | USD | 5750.00 | USD | 2300000 | &nbsp;&nbsp;&nbsp; 138500 |
| S&P 500 Index | Put | &nbsp;&nbsp;&nbsp; 04/17/2026 | &nbsp;&nbsp;&nbsp; 4 | USD | 5625.00 | USD | 2250000 | &nbsp;&nbsp;&nbsp; 153040 |
| S&P 500 Index | Put | &nbsp;&nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp;&nbsp; 4 | USD | 5825.00 | USD | 2330000 | &nbsp;&nbsp;&nbsp; 160060 |
| S&P 500 Index | Put | &nbsp;&nbsp;&nbsp; 01/16/2026 | &nbsp;&nbsp;&nbsp; 4 | USD | 5975.00 | USD | 2390000 | &nbsp;&nbsp;&nbsp; 196600 |
| S&P 500 Index | Put | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 4 | USD | 5975.00 | USD | 2390000 | &nbsp;&nbsp;&nbsp; 206440 |
| S&P 500 Index | Put | &nbsp;&nbsp;&nbsp; 02/20/2026 | &nbsp;&nbsp;&nbsp; 4 | USD | 6000.00 | USD | 2400000 | &nbsp;&nbsp;&nbsp; 207460 |
| S&P 500 Index | Put | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; 4 | USD | 6100.00 | USD | 2440000 | &nbsp;&nbsp;&nbsp; 221480 |
| Total Index Options Purchased | Total Index Options Purchased | Total Index Options Purchased |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $11394706 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| Brent Crude | &nbsp;&nbsp;&nbsp; 319 | June-2025 | &nbsp;&nbsp;&nbsp; $19353730 | &nbsp;&nbsp;&nbsp; $(3319851)<br>| &nbsp;&nbsp;&nbsp; $(3319851)<br>|
| Gasoline Reformulated Blendstock Oxygenate Blending | &nbsp;&nbsp;&nbsp; 287 | May-2025 | &nbsp;&nbsp;&nbsp; 24321356 | &nbsp;&nbsp;&nbsp; 760054 | &nbsp;&nbsp;&nbsp; 760054 |
| Low Sulphur Gas Oil | &nbsp;&nbsp;&nbsp; 16 | June-2025 | &nbsp;&nbsp;&nbsp; 957600 | &nbsp;&nbsp;&nbsp; (114800)<br>| &nbsp;&nbsp;&nbsp; (114800)<br>|
| Natural Gas | &nbsp;&nbsp;&nbsp; 65 | November-2025 | &nbsp;&nbsp;&nbsp; 3014700 | &nbsp;&nbsp;&nbsp; (209358)<br>| &nbsp;&nbsp;&nbsp; (209358)<br>|
| New York Harbor Ultra-Low Sulfur Diesel | &nbsp;&nbsp;&nbsp; 250 | May-2025 | &nbsp;&nbsp;&nbsp; 21018900 | &nbsp;&nbsp;&nbsp; (2760902)<br>| &nbsp;&nbsp;&nbsp; (2760902)<br>|
| WTI Crude | &nbsp;&nbsp;&nbsp; 205 | July-2025 | &nbsp;&nbsp;&nbsp; 11723950 | &nbsp;&nbsp;&nbsp; (2548427)<br>| &nbsp;&nbsp;&nbsp; (2548427)<br>|
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; (8193284)<br>| &nbsp;&nbsp;&nbsp; (8193284)<br>|

---

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>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-Mini Russell 2000 Index | &nbsp;&nbsp;&nbsp; 375 | June-2025 | &nbsp;&nbsp;&nbsp; $36933750 | &nbsp;&nbsp;&nbsp; $(2012658)<br>| &nbsp;&nbsp;&nbsp; $(2012658)<br>|
| EURO STOXX 50 Index | &nbsp;&nbsp;&nbsp; 395 | June-2025 | &nbsp;&nbsp;&nbsp; 22852597 | &nbsp;&nbsp;&nbsp; (1391733)<br>| &nbsp;&nbsp;&nbsp; (1391733)<br>|
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; 61 | June-2025 | &nbsp;&nbsp;&nbsp; 6880787 | &nbsp;&nbsp;&nbsp; (209487)<br>| &nbsp;&nbsp;&nbsp; (209487)<br>|
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 1845 | June-2025 | &nbsp;&nbsp;&nbsp; 102397500 | &nbsp;&nbsp;&nbsp; (3655923)<br>| &nbsp;&nbsp;&nbsp; (3655923)<br>|
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp; 59 | June-2025 | &nbsp;&nbsp;&nbsp; 14867604 | &nbsp;&nbsp;&nbsp; (151922)<br>| &nbsp;&nbsp;&nbsp; (151922)<br>|
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; (7421723)<br>| &nbsp;&nbsp;&nbsp; (7421723)<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; 1817 | June-2025 | &nbsp;&nbsp;&nbsp; 133813557 | &nbsp;&nbsp;&nbsp; 3161802 | &nbsp;&nbsp;&nbsp; 3161802 |
| Canada 10 Year Bonds | &nbsp;&nbsp;&nbsp; 2272 | June-2025 | &nbsp;&nbsp;&nbsp; 203797708 | &nbsp;&nbsp;&nbsp; 339470 | &nbsp;&nbsp;&nbsp; 339470 |
| Euro-Bund | &nbsp;&nbsp;&nbsp; 264 | June-2025 | &nbsp;&nbsp;&nbsp; 39411779 | &nbsp;&nbsp;&nbsp; 134692 | &nbsp;&nbsp;&nbsp; 134692 |
| Japan 10 Year Bonds | &nbsp;&nbsp;&nbsp; 118 | June-2025 | &nbsp;&nbsp;&nbsp; 116077074 | &nbsp;&nbsp;&nbsp; 2219339 | &nbsp;&nbsp;&nbsp; 2219339 |
| Long Gilt | &nbsp;&nbsp;&nbsp; 256 | June-2025 | &nbsp;&nbsp;&nbsp; 31906348 | &nbsp;&nbsp;&nbsp; 179109 | &nbsp;&nbsp;&nbsp; 179109 |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 914 | June-2025 | &nbsp;&nbsp;&nbsp; 106595250 | &nbsp;&nbsp;&nbsp; (256208)<br>| &nbsp;&nbsp;&nbsp; (256208)<br>|
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; 5778204 | &nbsp;&nbsp;&nbsp; 5778204 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; (9836803)<br>| &nbsp;&nbsp;&nbsp; (9836803)<br>|
| **Short Futures Contracts** |  |  |  |  |  |
| **Commodity Risk** | **Commodity Risk** | **Commodity Risk** | **Commodity Risk** | **Commodity Risk** | **Commodity Risk** |
| LME Primary Aluminum | &nbsp;&nbsp;&nbsp; 28 | June-2025 | &nbsp;&nbsp;&nbsp; (1679769)<br>| &nbsp;&nbsp;&nbsp; 69794 | &nbsp;&nbsp;&nbsp; 69794 |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 109 | June-2025 | &nbsp;&nbsp;&nbsp; (30449150)<br>| &nbsp;&nbsp;&nbsp; 387910 | &nbsp;&nbsp;&nbsp; 387910 |
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; 457704 | &nbsp;&nbsp;&nbsp; 457704 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(9379099)<br>| &nbsp;&nbsp;&nbsp; $(9379099)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $31,011,172 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 Soybean Oil <br> Seasonal Index<br>| 0.19% | Monthly | 77000 | December—2025 | USD | 7798021 | $— | $184192 | $184192 |
| 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 | 11300 | April—2026 | USD | 5805967 |  | 329315 | 329315 |
| 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 | 65500 | February—2026 | USD | 7577754 |  | 178992 | 178992 |
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial Bank <br> of Commerce <br> Seasonally Enhanced <br> Live Cattle Commodity <br> Excess Return Index<br>| 0.15 | Monthly | 76500 | December—2025 | USD | 8051533 |  | 271850 | 271850 |
| Citibank, N.A. | Receive | Citi Commodities <br> Benchmark (Regular <br> Roll) Mono Index <br> Coffee<br>| 0.12 | Monthly | 665000 | December—2025 | USD | 11529105 |  | 871150 | 871150 |
| Goldman Sachs <br> International<br>| Receive | S&P GSCI Soybean Oil <br> Excess Return Index<br>| 0.25 | Monthly | 58000 | February—2026 | USD | 6889588 |  | 557009 | 557009 |

---

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 | MLCX Natural Gas <br> Annual Excess Return <br> Index<br>| 0.25% | Monthly | 177000 | December—2025 | USD | 12512803 | $— | $0 | $0 |
| Merrill Lynch <br> International<br>| Receive | MLCX6CTE Excess <br> Return Index<br>| 0.18 | Monthly | 75500 | October—2025 | USD | 5770291 |  | 0 | 0 |
| Royal Bank of Canada | Receive | RBC Commodity KCEO <br> Excess Return Custom <br> Index<br>| 0.16 | Monthly | 324000 | November—2025 | USD | 15434485 |  | 0 | 0 |
| Royal Bank of Canada | Receive | RBC Commodity SB01 <br> Excess Return Custom <br> Index<br>| 0.18 | Monthly | 97400 | November—2025 | USD | 15253181 |  | 0 | 0 |
| Royal Bank of Canada | Receive | RBC Commodity SO01 <br> Excess Return Custom <br> Index<br>| 0.18 | Monthly | 60000 | February—2026 | USD | 6466710 |  | 0 | 0 |
| Subtotal |  |  |  |  |  |  |  |  |  | 2392508 | 2392508 |
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A. | Receive | BNP Paribas AIR VAR <br> Intraday US Calendar <br> Excess Return Index<br>| 0.00 | Monthly | 173000 | October—2025 | USD | 36468244 |  | 250936 | 250936 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  |  |  | 2643444 | 2643444 |
| **Commodity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Barclays Bank PLC | Receive | Barclays Soybeans <br> Seasonal Index Excess <br> Return<br>| 0.19 | Monthly | 22500 | February—2026 | USD | 6880952 |  | (13149)<br>| (13149)<br>|
| Canadian Imperial Bank <br> of Commerce<br>| Pay | Canadian Imperial Bank <br> of Commerce Silver <br> Index<br>| 0.00 | Monthly | 29500 | September—2025 | USD | 4161323 |  | (79975)<br>| (79975)<br>|
| 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 | 40700 | February—2026 | USD | 5246841 |  | (55140)<br>| (55140)<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 | 157000 | April—2026 | USD | 7373932 | 5686 | (62769)<br>| (68455)<br>|
| 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 | 46500 | February—2026 | USD | 8442698 |  | (218034)<br>| (218034)<br>|
| Canadian Imperial Bank <br> of Commerce<br>| Receive | CIBZ Enhanced Sugar 2 <br> Excess Return Index<br>| 0.21 | Monthly | 87000 | December—2025 | USD | 11132442 |  | (309746)<br>| (309746)<br>|
| 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 | 64200 | January—2026 | USD | 21497685 |  | (845411)<br>| (845411)<br>|
| J.P. Morgan Chase <br> Bank, N.A.<br>| Receive | S&P GSCI Gold Index <br> Excess Return<br>| 0.09 | Monthly | 57600 | October—2025 | USD | 12364813 |  | (362690)<br>| (362690)<br>|
| Macquarie Bank Ltd. | Receive | Macquarie Single <br> Commodity Soymeal <br> type A Excess Return<br>| 0.17 | Monthly | 7800 | February—2026 | USD | 2464794 |  | (4129)<br>| (4129)<br>|
| Subtotal |  |  |  |  |  |  |  |  | 5686 | (1951043)<br>| (1956729)<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>|
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Citibank, N.A. | Receive | Citi EQ US Volatility <br> Carry Series 5 Index<br>| 0.00% | Monthly | 226000 | October—2025 | USD | 36697880 | $— | $(415847)<br>| $(415847)<br>|
| Macquarie Bank Ltd. | Receive | Macquarie Volatility <br> Product VMAQWSL5<br>| 0.15 | Monthly | 491000 | October—2025 | USD | 58754140 |  | (83235)<br>| (83235)<br>|
| Morgan Stanley and Co. <br> International PLC<br>| Receive | Morgan Stanley <br> Volatility Relative <br> Value SPX<br>| 0.00 | Monthly | 216000 | October—2025 | USD | 37826201 |  | (2457669)<br>| (2457669)<br>|
| Subtotal |  |  |  |  |  |  |  |  |  | (2956751)<br>| (2956751)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  |  | 5686 | (4907794)<br>| (4913480)<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 |  |  |  |  | $5686 | $(2264350)<br>| $(2270036)<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 $5,200,000.

<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 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** <br> **Entity**<br>| **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>|
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A. | Receive | MSCI EMU <br> Quality <br> Index<br>| ESTRON + <br> 0.060%<br>| Monthly | 4250 | July—2025 | EUR | 19372138 | $— | $661961 | $661961 |
| BNP Paribas S.A. | Receive | MSCI Japan <br> Minimum <br> Volatility <br> Index<br>| TONAR - <br> 0.020%<br>| Monthly | 70000 | August—2025 | JPY | 248257100 |  | 105832 | 105832 |
| BNP Paribas S.A. | Receive | MSCI Japan <br> Minimum <br> Volatility <br> Index<br>| TONAR + <br> 0.010%<br>| Monthly | 651542 | July—2025 | JPY | 2310713249 |  | 985060 | 985060 |
| BNP Paribas S.A. | Receive | MSCI Japan <br> Minimum <br> Volatility <br> Index<br>| TONAR + <br> 0.015%<br>| Monthly | 475000 | July—2025 | JPY | 1684601750 |  | 718148 | 718148 |
| BNP Paribas S.A. | Receive | MSCI Japan <br> Quality <br> Index<br>| TONAR + <br> 0.100%<br>| Monthly | 232753 | August—2025 | JPY | 803305083 |  | 462876 | 462876 |
| BNP Paribas S.A. | Receive | MSCI Japan <br> Quality <br> Index<br>| TONAR + <br> 0.100%<br>| Monthly | 71519 | August—2025 | JPY | 246834955 |  | 142230 | 142230 |
| BNP Paribas S.A. | Receive | MSCI Japan <br> Quality <br> Index<br>| TONAR + <br> 0.105%<br>| Monthly | 997469 | July—2025 | JPY | 3442584709 |  | 1983669 | 1983669 |
| BNP Paribas S.A. | Receive | MSCI Japan <br> Quality <br> Index<br>| TONAR + <br> 0.110%<br>| Monthly | 368259 | August—2025 | JPY | 1270979651 |  | 732357 | 732357 |
| Citibank, N.A. | Receive | Invesco UK <br> Broad Low <br> Volatility <br> Net Total <br> Return <br> Index<br>| SONIA + <br> 0.890%<br>| Monthly | 420 | May—2025 | GBP | 2454358 |  | 152289 | 152289 |

---

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** <br> **Entity**<br>| **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>|
| Citibank, N.A. | Receive | Invesco UK <br> Broad Low <br> Volatility <br> Net Total <br> Return <br> Index<br>| SONIA + <br> 0.900%<br>| Monthly | 1418 | May—2025 | GBP | 8286381 | $— | $514158 | $514158 |
| Citibank, N.A. | Receive | Invesco UK <br> Broad Price <br> Momentum <br> Net Total <br> Return <br> Index<br>| SONIA + <br> 0.850%<br>| Monthly | 1772 | May—2025 | GBP | 13244973 |  | 939399 | 939399 |
| Citibank, N.A. | Receive | Invesco UK <br> Broad <br> Quality Net <br> Total Return <br> Index<br>| SONIA + <br> 0.430%<br>| Monthly | 750 | October—2025 | GBP | 6348983 |  | 108864 | 108864 |
| Citibank, N.A. | Receive | MSCI EMU <br> Momentum <br> Index<br>| ESTRON - <br> 0.011%<br>| Monthly | 2620 | July—2025 | EUR | 19035489 |  | 1096064 | 1096064 |
| Citibank, N.A. | Receive | MSCI Japan <br> Minimum <br> Volatility <br> Index<br>| TONAR - <br> 0.030%<br>| Monthly | 222114 | August—2025 | JPY | 787733964 |  | 335812 | 335812 |
| Citibank, N.A. | Receive | MSCI Japan <br> Minimum <br> Volatility <br> Index<br>| TONAR + <br> 0.010%<br>| Monthly | 336344 | August—2025 | JPY | 1192854086 |  | 508515 | 508515 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco <br> U.S. Large <br> Cap Broad <br> Price <br> Momentum <br> Total Return <br> Index<br>| SOFR + <br> 0.490%<br>| Monthly | 1320 | October—2025 | USD | 13907903 |  | 179183 | 179183 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco <br> U.S. Large <br> Cap Broad <br> Quality Total <br> Return <br> Index<br>| SOFR + <br> 0.510%<br>| Monthly | 1000 | October—2025 | USD | 13263230 |  | 497607 | 497607 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco <br> U.S. Low <br> Volatility <br> Total Return <br> Index<br>| SOFR + <br> 0.500%<br>| Monthly | 1760 | October—2025 | USD | 14250438 |  | 207504 | 207504 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK <br> Broad Low <br> Volatility <br> Net Total <br> Return <br> Index<br>| SONIA + <br> 0.890%<br>| Monthly | 962 | May—2025 | GBP | 5621649 |  | 348815 | 348815 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK <br> Broad Price <br> Momentum <br> Net Total <br> Return <br> Index<br>| SONIA + <br> 0.879%<br>| Monthly | 428 | May—2025 | GBP | 3199125 |  | 226898 | 226898 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK <br> Broad <br> Quality Net <br> Total Return <br> Index<br>| SONIA + <br> 0.430%<br>| Monthly | 327 | October—2025 | GBP | 2768156 |  | 47465 | 47465 |

---

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

**8**

**Invesco Balanced-Risk Allocation Fund**

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<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** <br> **Entity**<br>| **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>|
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK <br> Broad <br> Quality Net <br> Total Return <br> Index<br>| SONIA + <br> 0.460%<br>| Monthly | 333 | October—2025 | GBP | 2782758 | $— | $96567 | $96567 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK <br> Broad <br> Quality Net <br> Total Return <br> Index<br>| SONIA + <br> 0.480%<br>| Monthly | 333 | July—2025 | GBP | 2717646 |  | 183341 | 183341 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | MSCI Japan <br> Quality <br> Index<br>| TONAR + <br> 0.120%<br>| Monthly | 150000 | July—2025 | JPY | 517698000 |  | 298305 | 298305 |
| Merrill Lynch <br> International<br>| Receive | Invesco UK <br> Broad <br> Quality Net <br> Total Return <br> Index<br>| SONIA + <br> 0.509%<br>| Monthly | 247 | July—2025 | GBP | 2015792 |  | 135992 | 135992 |
| Merrill Lynch <br> International<br>| Receive | MSCI EMU <br> Minimum <br> Volatility <br> Index<br>| ESTRON - <br> 0.085%<br>| Monthly | 5100 | September—2025 | EUR | 19108476 |  | 878995 | 878995 |
| 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 |  |  |  |  | $— | $12547906 | $12547906 |

---

<sup>(a)</sup> Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $5,200,000.

<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** |
| **S&P GSCI Aluminum Dynamic Roll Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Aluminum | &nbsp;&nbsp; 100.00% |
| **Canadian Imperial Bank of Commerce Gold Standard Roll Excess** <br> **Return Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Gold | &nbsp;&nbsp; 100.00% |
| **RBC Enhanced Copper 2x Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Copper | &nbsp;&nbsp; 100.00% |
| **Barclays Soybean Oil Seasonal Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Oil  | &nbsp;&nbsp; 100.00% |
| **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% |

---

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 Seasonally Enhanced Live Cattle** <br> **Commodity Excess Return Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Live Cattle | &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% |
| **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 KCEO Excess Return Custom Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Coffee | &nbsp;&nbsp; 100.00% |
| **RBC Commodity SB01 Excess Return Custom Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Sugar | &nbsp;&nbsp; 100.00% |
| **RBC Commodity SO01 Excess Return Custom Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean | &nbsp;&nbsp; 100.00% |
| **Barclays Soybeans Seasonal Index Excess Return** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean | &nbsp;&nbsp; 100.00% |
| **Canadian Imperial Bank of Commerce Silver Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Silver | &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% |
| **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 Soybean Meal 1 Excess Return** <br> **Commodity Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Meal | &nbsp;&nbsp; 100.00% |

---

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

**10**

**Invesco Balanced-Risk Allocation Fund**

------

---

| | | |
|:---|:---|:---|
| **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **CIBZ Enhanced Sugar 2 Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Sugar | &nbsp;&nbsp; 100.00% |
| **J.P. Morgan Contag Beta Gas Oil Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Gas Oil | &nbsp;&nbsp; 100.00% |
| **S&P GSCI Gold Index Excess Return** |  |  |
|  | **Long Futures Contracts** |  |
|  | Gold | &nbsp;&nbsp; 100.00% |
| **Macquarie Single Commodity Soymeal type A Excess Return** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soymeal | &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.

**11**

**Invesco Balanced-Risk Allocation Fund**

------

**Consolidated Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $331,919,117)<br>| &nbsp;&nbsp; $338200319 |
| Investments in affiliated money market funds, at value <br> (Cost $560,135,130)<br>| &nbsp;&nbsp; 560135130 |
| Other investments: |  |
| Unrealized appreciation on LME futures contracts | &nbsp;&nbsp; 69794 |
| Swaps receivable — OTC | &nbsp;&nbsp; 2108600 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 15191350 |
| Premiums paid on swap agreements — OTC | &nbsp;&nbsp; 5686 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 31011172 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 5200000 |
| Foreign currencies, at value (Cost $12,113,119) | &nbsp;&nbsp; 12084722 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 20488 |
| Fund shares sold | &nbsp;&nbsp; 143312 |
| Dividends | &nbsp;&nbsp; 1931404 |
| Interest | &nbsp;&nbsp; 31304 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 540403 |
| Other assets | &nbsp;&nbsp; 11914 |
| Total assets | &nbsp;&nbsp; 966685598 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — non-LME futures contracts | &nbsp;&nbsp; 2225444 |
| Swaps payable — OTC | &nbsp;&nbsp; 3207972 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 4913480 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 645591 |
| Amount due custodian | &nbsp;&nbsp; 1255255 |
| Accrued fees to affiliates | &nbsp;&nbsp; 607286 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 778 |
| Accrued other operating expenses | &nbsp;&nbsp; 92568 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 568135 |
| Total liabilities | &nbsp;&nbsp; 13516509 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $953169089 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1189122681 |
| Distributable earnings (loss) | &nbsp;&nbsp; (235953592)<br>|
|  | &nbsp;&nbsp; $953169089 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $573269284 |
| Class C | &nbsp;&nbsp; $36608792 |
| Class R | &nbsp;&nbsp; $14143165 |
| Class Y | &nbsp;&nbsp; $296423908 |
| Class R5 | &nbsp;&nbsp; $3777871 |
| Class R6 | &nbsp;&nbsp; $28946069 |
| **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; 73525231 |
| Class C | &nbsp;&nbsp; 5112436 |
| Class R | &nbsp;&nbsp; 1872481 |
| Class Y | &nbsp;&nbsp; 36885703 |
| Class R5 | &nbsp;&nbsp; 469975 |
| Class R6 | &nbsp;&nbsp; 3585145 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $7.80 |
| Maximum offering price per share <br>(Net asset value of $7.80 ÷ 94.50%)<br>| &nbsp;&nbsp; $8.25 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.16 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.55 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.04 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.04 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.07 |

---

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 Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $96,712) | &nbsp;&nbsp; $7073393 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 12927586 |
| Total investment income | &nbsp;&nbsp; 20000979 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 4790710 |
| Administrative services fees | &nbsp;&nbsp; 78520 |
| Custodian fees | &nbsp;&nbsp; 39643 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 759454 |
| Class C | &nbsp;&nbsp; 218515 |
| Class R | &nbsp;&nbsp; 38868 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 759364 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 3676 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 3915 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 13894 |
| Registration and filing fees | &nbsp;&nbsp; 47238 |
| Reports to shareholders | &nbsp;&nbsp; 51150 |
| Professional services fees | &nbsp;&nbsp; 43703 |
| Other | &nbsp;&nbsp; 15081 |
| Total expenses | &nbsp;&nbsp; 6863731 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (267341)<br>|
| Net expenses | &nbsp;&nbsp; 6596390 |
| Net investment income | &nbsp;&nbsp; 13404589 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (7686279)<br>|
| Foreign currencies | &nbsp;&nbsp; 294591 |
| Futures contracts | &nbsp;&nbsp; (48984901)<br>|
| Swap agreements | &nbsp;&nbsp; (17289136)<br>|
|  | &nbsp;&nbsp; (73665725)<br>|
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 6384047 |
| Foreign currencies | &nbsp;&nbsp; 74559 |
| Futures contracts | &nbsp;&nbsp; 13647091 |
| Swap agreements | &nbsp;&nbsp; 18655018 |
|  | &nbsp;&nbsp; 38760715 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (34905010)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(21500421)<br>|

---

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

**13**

**Invesco Balanced-Risk Allocation Fund**

------

**Consolidated Statement of Changes in Net Assets**

*For the six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $13404589 | &nbsp;&nbsp; $43833454 |
| Net realized gain (loss) | &nbsp;&nbsp; (73665725)<br>| &nbsp;&nbsp; 108147619 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 38760715 | &nbsp;&nbsp; 25348764 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (21500421)<br>| &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; 6993862 | &nbsp;&nbsp; (132388484)<br>|
| Class C | &nbsp;&nbsp; (6489346)<br>| &nbsp;&nbsp; (21174661)<br>|
| Class R | &nbsp;&nbsp; (3217)<br>| &nbsp;&nbsp; (1986106)<br>|
| Class Y | &nbsp;&nbsp; (48255278)<br>| &nbsp;&nbsp; (187019241)<br>|
| Class R5 | &nbsp;&nbsp; (4297853)<br>| &nbsp;&nbsp; (2379157)<br>|
| Class R6 | &nbsp;&nbsp; 8396219 | &nbsp;&nbsp; (5527587)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (43655613)<br>| &nbsp;&nbsp; (350475236)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (193455652)<br>| &nbsp;&nbsp; (203804723)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1146624741 | &nbsp;&nbsp; 1350429464 |
| End of period | &nbsp;&nbsp; $953169089 | &nbsp;&nbsp; $1146624741 |

---

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

**14**

**Invesco Balanced-Risk Allocation Fund**

------

**Consolidated Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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** |
| Six months ended 04/30/25 | $9.00 | $0.10 | $(0.26)<br>| $(0.16)<br>| $(1.04)<br>| $— | $(1.04)<br>| $7.80 | (2.08)%<br>| &nbsp;&nbsp; $573269 | 1.32 %<sup>(d)</sup><br>| 1.37 %<sup>(d)</sup><br>| 2.51 %<sup>(d)</sup><br>| 6<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 |
| Year ended 10/31/20 | 11.33 | (0.05)<br>| 0.01 | (0.04)<br>| (0.67)<br>| (0.50)<br>| (1.17)<br>| 10.12 | (0.55)<br>| &nbsp;&nbsp; 831513 | 1.24 | 1.30 | (0.53)<br>| 81 |
| **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** |
| Six months ended 04/30/25 | 8.30 | 0.07 | (0.25)<br>| (0.18)<br>| (0.96)<br>|  | (0.96)<br>| 7.16 | (2.47)<br>| &nbsp;&nbsp; 36609 | 2.07 <br><sup>(d)</sup><br>| 2.12 <br><sup>(d)</sup><br>| 1.76 <br><sup>(d)</sup><br>| 6 |
| 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 |
| Year ended 10/31/20 | 10.69 | (0.12)<br>| 0.00 | (0.12)<br>| (0.57)<br>| (0.50)<br>| (1.07)<br>| 9.50 | (1.36)<br>| &nbsp;&nbsp; 349294 | 1.99 | 2.05 | (1.28)<br>| 81 |
| **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** |
| Six months ended 04/30/25 | 8.74 | 0.09 | (0.27)<br>| (0.18)<br>| (1.01)<br>|  | (1.01)<br>| 7.55 | (2.33)<br>| &nbsp;&nbsp; 14143 | 1.57 <br><sup>(d)</sup><br>| 1.62 <br><sup>(d)</sup><br>| 2.26 <br><sup>(d)</sup><br>| 6 |
| 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 |
| Year ended 10/31/20 | 11.10 | (0.08)<br>| 0.02 | (0.06)<br>| (0.64)<br>| (0.50)<br>| (1.14)<br>| 9.90 | (0.77)<br>| &nbsp;&nbsp; 15202 | 1.49 | 1.55 | (0.78)<br>| 81 |
| **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** |
| Six months ended 04/30/25 | 9.26 | 0.12 | (0.28)<br>| (0.16)<br>| (1.06)<br>|  | (1.06)<br>| 8.04 | (1.97)<br>| &nbsp;&nbsp; 296424 | 1.07 <br><sup>(d)</sup><br>| 1.12 <br><sup>(d)</sup><br>| 2.76 <br><sup>(d)</sup><br>| 6 |
| 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 |
| Year ended 10/31/20 | 11.55 | (0.03)<br>| 0.01 | (0.02)<br>| (0.70)<br>| (0.50)<br>| (1.20)<br>| 10.33 | (0.34)<br>| &nbsp;&nbsp; 1000148 | 0.99 | 1.05 | (0.28)<br>| 81 |
| **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** |
| Six months ended 04/30/25 | 9.27 | 0.12 | (0.28)<br>| (0.16)<br>| (1.07)<br>|  | (1.07)<br>| 8.04 | (2.02)<br>| &nbsp;&nbsp; 3778 | 1.02 <br><sup>(d)</sup><br>| 1.07 <br><sup>(d)</sup><br>| 2.81 <br><sup>(d)</sup><br>| 6 |
| 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 |
| Year ended 10/31/20 | 11.56 | (0.03)<br>| 0.02 | (0.01)<br>| (0.71)<br>| (0.50)<br>| (1.21)<br>| 10.34 | (0.26)<br>| &nbsp;&nbsp; 15707 | 0.94 | 1.00 | (0.23)<br>| 81 |
| **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** |
| Six months ended 04/30/25 | 9.30 | 0.12 | (0.28)<br>| (0.16)<br>| (1.07)<br>|  | (1.07)<br>| 8.07 | (1.96)<br>| &nbsp;&nbsp; 28946 | 0.95 <br><sup>(d)</sup><br>| 1.00 <br><sup>(d)</sup><br>| 2.88 <br><sup>(d)</sup><br>| 6 |
| 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 |
| Year ended 10/31/20 | 11.59 | (0.02)<br>| 0.02 | 0.00 | (0.72)<br>| (0.50)<br>| (1.22)<br>| 10.37 | (0.21)<br>| &nbsp;&nbsp; 159353 | 0.86 | 0.92 | (0.15)<br>| 81 |

---

<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> Annualized.

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

**15**

**Invesco Balanced-Risk Allocation Fund**

------

**Notes to Consolidated Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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

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.

**16**

**Invesco Balanced-Risk Allocation 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. 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

**17**

**Invesco Balanced-Risk Allocation Fund**

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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 note 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

**18**

**Invesco Balanced-Risk Allocation Fund**

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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.

**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, when rates increase. 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.

**19**

**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% |

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For the six months ended April 30, 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 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 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned 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 six months ended April 30, 2025, the Adviser waived advisory fees of $253,960.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 2025, IDI advised the Fund that IDI retained $27,751 in front-end sales commissions from the sale of Class A shares and $1 and $711 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.

**20**

**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 April 30, 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; $254433161 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $254433161 |
| Commodity-Linked Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72372452 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72372452 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 560135130 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 560135130 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 11394706 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11394706 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 571529836 | &nbsp;&nbsp;&nbsp;&nbsp; 326805613 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 898335449 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 7252170 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7252170 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15191350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15191350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 7252170 | &nbsp;&nbsp;&nbsp;&nbsp; 15191350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22443520 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (16631269)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16631269)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4913480)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4913480)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (16631269)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4913480)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21544749)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (9379099)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10277870 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 898771 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $562150737 | &nbsp;&nbsp;&nbsp;&nbsp; $337083483 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $899234220 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 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; $829848 | &nbsp;&nbsp;&nbsp;&nbsp; $387910 | &nbsp;&nbsp;&nbsp;&nbsp; $6034412 | &nbsp;&nbsp;&nbsp;&nbsp; $7252170 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; 2392508 | &nbsp;&nbsp;&nbsp;&nbsp; 12798842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15191350 |
| Options purchased, at value — Exchange-Traded<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11394706 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11394706 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 3222356 | &nbsp;&nbsp;&nbsp;&nbsp; 24581458 | &nbsp;&nbsp;&nbsp;&nbsp; 6034412 | &nbsp;&nbsp;&nbsp;&nbsp; 33838226 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (829848)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11782616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6034412)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18646876)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $2392508 | &nbsp;&nbsp;&nbsp;&nbsp; $12798842 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15191350 |
|  | **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; $(8953338)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(7421723)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(256208)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(16631269)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (1956729)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2956751)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4913480)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (10910067)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10378474)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (256208)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21544749)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 8953338 | &nbsp;&nbsp;&nbsp;&nbsp; 7421723 | &nbsp;&nbsp;&nbsp;&nbsp; 256208 | &nbsp;&nbsp;&nbsp;&nbsp; 16631269 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(1956729)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2956751)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4913480)<br>|

---

**21**

**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 April 30, 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; $6043070 | &nbsp;&nbsp;&nbsp; $(35974)<br>| &nbsp;&nbsp;&nbsp; $6007096 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(4940000)<br>| &nbsp;&nbsp;&nbsp; $1067096 |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; 3655101 | &nbsp;&nbsp;&nbsp; (514657)<br>| &nbsp;&nbsp;&nbsp; 3140444 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2290000)<br>| &nbsp;&nbsp;&nbsp; 850444 |
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 3193313 | &nbsp;&nbsp;&nbsp; (114748)<br>| &nbsp;&nbsp;&nbsp; 3078565 | &nbsp;&nbsp;&nbsp; (546518)<br>| &nbsp;&nbsp;&nbsp; (1340000)<br>| &nbsp;&nbsp;&nbsp; 1192047 |
| Macquarie Bank Ltd. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (84147)<br>| &nbsp;&nbsp;&nbsp; (84147)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; (54147)<br>|
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; 1014986 | &nbsp;&nbsp;&nbsp; (24311)<br>| &nbsp;&nbsp;&nbsp; 990675 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (730000)<br>| &nbsp;&nbsp;&nbsp; 260675 |
| Morgan Stanley and Co. International PLC | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2457669)<br>| &nbsp;&nbsp;&nbsp; (2457669)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2457669 | &nbsp;&nbsp;&nbsp; — |
| Subtotal - Fund | &nbsp;&nbsp;&nbsp; 13906470 | &nbsp;&nbsp;&nbsp; (3231506)<br>| &nbsp;&nbsp;&nbsp; 10674964 | &nbsp;&nbsp;&nbsp; (546518)<br>| &nbsp;&nbsp;&nbsp; (6812331)<br>| &nbsp;&nbsp;&nbsp; 3316115 |
| **Subsidiary** |  |  |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 184192 | &nbsp;&nbsp;&nbsp; (14388)<br>| &nbsp;&nbsp;&nbsp; 169804 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (169804)<br>| &nbsp;&nbsp;&nbsp; — |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; 780157 | &nbsp;&nbsp;&nbsp; (737369)<br>| &nbsp;&nbsp;&nbsp; 42788 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (42788)<br>| &nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; 871150 | &nbsp;&nbsp;&nbsp; (531)<br>| &nbsp;&nbsp;&nbsp; 870619 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (850000)<br>| &nbsp;&nbsp;&nbsp; 20619 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 557009 | &nbsp;&nbsp;&nbsp; (1148)<br>| &nbsp;&nbsp;&nbsp; 555861 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (555861)<br>| &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1209723)<br>| &nbsp;&nbsp;&nbsp; (1209723)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; (379723)<br>|
| Macquarie Bank Ltd. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4198)<br>| &nbsp;&nbsp;&nbsp; (4198)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4198)<br>|
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1682505)<br>| &nbsp;&nbsp;&nbsp; (1682505)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1682505)<br>|
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 1000972 | &nbsp;&nbsp;&nbsp; (1240084)<br>| &nbsp;&nbsp;&nbsp; (239112)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (239112)<br>|
| Subtotal - Subsidiary | &nbsp;&nbsp;&nbsp; 3393480 | &nbsp;&nbsp;&nbsp; (4889946)<br>| &nbsp;&nbsp;&nbsp; (1496466)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (788453)<br>| &nbsp;&nbsp;&nbsp; (2284919)<br>|
| Total | &nbsp;&nbsp;&nbsp; $17299950 | &nbsp;&nbsp;&nbsp; $(8121452)<br>| &nbsp;&nbsp;&nbsp; $9178498 | &nbsp;&nbsp;&nbsp; $(546518)<br>| &nbsp;&nbsp;&nbsp; $(7600784)<br>| &nbsp;&nbsp;&nbsp; $1031196 |

---

<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 six months ended April 30, 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; $(1301630)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4461184)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(43222087)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(48984901)<br>|
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (7708555)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (7708555)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 1384193 | &nbsp;&nbsp;&nbsp;&nbsp; (18673329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (17289136)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (7374147)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14835899)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35857137 | &nbsp;&nbsp;&nbsp;&nbsp; 13647091 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4911654 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4911654 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 2381099 | &nbsp;&nbsp;&nbsp;&nbsp; 16273919 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 18655018 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(4910485)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(24493394)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(7364950)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(36768829)<br>|

---

<sup>(a)</sup> Options purchased, at value as reported in the 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; $1108028372 | &nbsp;&nbsp;&nbsp;&nbsp; $248131189 | &nbsp;&nbsp;&nbsp;&nbsp; $646761248 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2273 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**22**

**Invesco Balanced-Risk Allocation Fund**

------

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $13,381.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Tax Information**

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

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

The Fund had a capital loss carryforward as of October 31, 2024, 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; $90566228 | &nbsp;&nbsp;&nbsp;&nbsp; $119068417 | &nbsp;&nbsp;&nbsp;&nbsp; $209634645 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $7,351,105 and $2,761,773, respectively. As of April 30, 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; $66196261 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (31567668)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $34628593 |

---

Cost of investments for tax purposes is $864,611,313.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 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; 1770951 | &nbsp;&nbsp;&nbsp; $14311989 | &nbsp;&nbsp;&nbsp; 3205051 | &nbsp;&nbsp;&nbsp; $28343494 |
| Class C | &nbsp;&nbsp;&nbsp; 327175 | &nbsp;&nbsp;&nbsp; 2476081 | &nbsp;&nbsp;&nbsp; 656548 | &nbsp;&nbsp;&nbsp; 5343605 |
| Class R | &nbsp;&nbsp;&nbsp; 149913 | &nbsp;&nbsp;&nbsp; 1176603 | &nbsp;&nbsp;&nbsp; 359978 | &nbsp;&nbsp;&nbsp; 3094902 |
| Class Y | &nbsp;&nbsp;&nbsp; 2702366 | &nbsp;&nbsp;&nbsp; 22632085 | &nbsp;&nbsp;&nbsp; 7640795 | &nbsp;&nbsp;&nbsp; 68574454 |
| Class R5 | &nbsp;&nbsp;&nbsp; 29607 | &nbsp;&nbsp;&nbsp; 235851 | &nbsp;&nbsp;&nbsp; 141418 | &nbsp;&nbsp;&nbsp; 1272031 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1454461 | &nbsp;&nbsp;&nbsp; 12010984 | &nbsp;&nbsp;&nbsp; 4838973 | &nbsp;&nbsp;&nbsp; 44319517 |

---

**23**

**Invesco Balanced-Risk Allocation Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 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; 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; 708523 | &nbsp;&nbsp;&nbsp; 5704553 | &nbsp;&nbsp;&nbsp; 1305271 | &nbsp;&nbsp;&nbsp; 11504490 |
| Class C | &nbsp;&nbsp;&nbsp; (770564)<br>| &nbsp;&nbsp;&nbsp; (5704553)<br>| &nbsp;&nbsp;&nbsp; (1410674)<br>| &nbsp;&nbsp;&nbsp; (11504490)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (9747169)<br>| &nbsp;&nbsp;&nbsp; (79516677)<br>| &nbsp;&nbsp;&nbsp; (21297656)<br>| &nbsp;&nbsp;&nbsp; (186760478)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1121230)<br>| &nbsp;&nbsp;&nbsp; (8342433)<br>| &nbsp;&nbsp;&nbsp; (1952037)<br>| &nbsp;&nbsp;&nbsp; (15862387)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (390730)<br>| &nbsp;&nbsp;&nbsp; (3035790)<br>| &nbsp;&nbsp;&nbsp; (631093)<br>| &nbsp;&nbsp;&nbsp; (5418450)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (12746699)<br>| &nbsp;&nbsp;&nbsp; (105699127)<br>| &nbsp;&nbsp;&nbsp; (29539418)<br>| &nbsp;&nbsp;&nbsp; (265576556)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (653758)<br>| &nbsp;&nbsp;&nbsp; (5465422)<br>| &nbsp;&nbsp;&nbsp; (429223)<br>| &nbsp;&nbsp;&nbsp; (3865076)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (729784)<br>| &nbsp;&nbsp;&nbsp; (5974071)<br>| &nbsp;&nbsp;&nbsp; (5576981)<br>| &nbsp;&nbsp;&nbsp; (50403261)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (5118867)<br>| &nbsp;&nbsp;&nbsp; $(43655613)<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.

**24**

**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>**

Not applicable.

**25**

**Invesco Balanced-Risk Allocation Fund**

------

![](img152981bd1.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

IBRA-NCSRS

------

![](imgc63d83ee1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Balanced-Risk Commodity Strategy Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_6b74dbf0-410a-4af7-95b6-fa5a29653fd7_SOI-Continued-19_1) | Consolidated Schedule of Investments |
| [7](#xx_6b74dbf0-410a-4af7-95b6-fa5a29653fd7_FS-Continued-19_1) | Consolidated Financial Statements |
| [10](#xx_6b74dbf0-410a-4af7-95b6-fa5a29653fd7_FS-Continued-19_4) | Consolidated Financial Highlights |
| [11](#xx_6b74dbf0-410a-4af7-95b6-fa5a29653fd7_NTF-Continued-19_1) | Notes to Consolidated Financial Statements |
| [19](#xx_6b74dbf0-410a-4af7-95b6-fa5a29653fd7_OIRSR-Continued-19_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments** 

*April 30, 2025*

*(Unaudited)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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–19.44%** | **U.S. Treasury Securities–19.44%** | **U.S. Treasury Securities–19.44%** | **U.S. Treasury Securities–19.44%** |  |  |
| **U.S. Treasury Floating Rate Notes–19.44%** | **U.S. Treasury Floating Rate Notes–19.44%** | **U.S. Treasury Floating Rate Notes–19.44%** | **U.S. Treasury Floating Rate Notes–19.44%** | **U.S. Treasury Floating Rate Notes–19.44%** | **U.S. Treasury Floating Rate Notes–19.44%** |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.25%)<sup>(a)</sup> <br>| 4.49% | 01/31/2026 |  | $57300 | &nbsp;&nbsp; $57368949 |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)<sup>(a)</sup> <br>| 4.40% | 04/30/2026 |  | 59200 | &nbsp;&nbsp; 59213622 |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.18%)<sup>(a)</sup> <br>| 4.43% | 07/31/2026 |  | 56700 | &nbsp;&nbsp; 56745738 |
| Total U.S. Treasury Securities (Cost $173,230,687) | Total U.S. Treasury Securities (Cost $173,230,687) | Total U.S. Treasury Securities (Cost $173,230,687) | Total U.S. Treasury Securities (Cost $173,230,687) |  | &nbsp;&nbsp; 173328309 |
|  |  | **Expiration**<br> **Date**<br>|  |  |  |
| **Commodity-Linked Securities–11.09%** | **Commodity-Linked Securities–11.09%** | **Commodity-Linked Securities–11.09%** | **Commodity-Linked Securities–11.09%** | **Commodity-Linked Securities–11.09%** | **Commodity-Linked Securities–11.09%** |
| Bank of Montreal, 1 month SOFR (linked to the Bloomberg Gold Subindex, multiplied by 2) <br> (Canada)<sup>(b)(c)</sup> <br>|  | 06/03/2025 |  | 32000 | &nbsp;&nbsp; 66983250 |
| Royal Bank of Canada, (linked to RBC Enhanced Copper 2x Index, multiplied by 2) (Canada)<sup>(b)(c)</sup> <br>|  | 09/30/2025 |  | 16800 | &nbsp;&nbsp; 15247825 |
| Societe Generale, U.S. Federal Funds Effective Rate minus 0.02% (linked to the Societe Generale <br> Soybean Meal Index, multiplied by 2) (France)<sup>(d)</sup> <br>|  | 03/30/2026 |  | 18000 | &nbsp;&nbsp; 16639667 |
| Total Commodity-Linked Securities (Cost $66,800,000) | Total Commodity-Linked Securities (Cost $66,800,000) | Total Commodity-Linked Securities (Cost $66,800,000) | Total Commodity-Linked Securities (Cost $66,800,000) |  | &nbsp;&nbsp; 98870742 |
|  |  |  | **Shares** | **Shares** |  |
| **Money Market Funds–69.43%** | **Money Market Funds–69.43%** | **Money Market Funds–69.43%** | **Money Market Funds–69.43%** | **Money Market Funds–69.43%** | **Money Market Funds–69.43%** |
| Invesco Government & Agency Portfolio, Institutional Class, 4.26%<sup>(e)(f)</sup> <br>|  |  |  | 147846627 | &nbsp;&nbsp; 147846627 |
| Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Agency Class, <br> 4.52%<sup>(e)(f)</sup> <br>|  |  |  | 197592392 | &nbsp;&nbsp; 197592392 |
| Invesco Treasury Portfolio, Institutional Class, 4.23%<sup>(e)(f)</sup> <br>|  |  |  | 273609271 | &nbsp;&nbsp; 273609271 |
| Total Money Market Funds (Cost $619,048,290) | Total Money Market Funds (Cost $619,048,290) | Total Money Market Funds (Cost $619,048,290) | Total Money Market Funds (Cost $619,048,290) |  | &nbsp;&nbsp; 619048290 |
| TOTAL INVESTMENTS IN SECURITIES–99.96% (Cost $859,078,977) | TOTAL INVESTMENTS IN SECURITIES–99.96% (Cost $859,078,977) | TOTAL INVESTMENTS IN SECURITIES–99.96% (Cost $859,078,977) | TOTAL INVESTMENTS IN SECURITIES–99.96% (Cost $859,078,977) |  | &nbsp;&nbsp; 891247341 |
| OTHER ASSETS LESS LIABILITIES–0.04% | OTHER ASSETS LESS LIABILITIES–0.04% | OTHER ASSETS LESS LIABILITIES–0.04% | OTHER ASSETS LESS LIABILITIES–0.04% |  | &nbsp;&nbsp; 318956 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $891566297 |

---

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 April 30, 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 April 30, 2025 was $82,231,075, which represented 9.22% 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> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<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 six months ended April 30, 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>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $110229844 | &nbsp;&nbsp; $81706598 | &nbsp;&nbsp; $(44089815) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $147846627 | &nbsp;&nbsp; $2840412 |
| Invesco Liquidity Funds PLC, Invesco US Dollar <br> Liquidity Portfolio, Agency Class<br>| 153034155 | &nbsp;&nbsp; 221528582 | &nbsp;&nbsp; (176970345) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 197592392 | &nbsp;&nbsp; 3949177 |
| Invesco Treasury Portfolio, Institutional Class | 203749531 | &nbsp;&nbsp; 151740825 | &nbsp;&nbsp; (81881085) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 273609271 | &nbsp;&nbsp; 5208618 |
| Total | $467013530 | &nbsp;&nbsp; $454976005 | &nbsp;&nbsp; $(302941245) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $619048290 | &nbsp;&nbsp; $11998207 |

---

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 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; 355 | July-2025 | &nbsp;&nbsp;&nbsp; $53349844 | &nbsp;&nbsp;&nbsp; $8171489 | &nbsp;&nbsp;&nbsp; $8171489 |
| Corn | &nbsp;&nbsp;&nbsp; 135 | July-2025 | &nbsp;&nbsp;&nbsp; 3209625 | &nbsp;&nbsp;&nbsp; (27993)<br>| &nbsp;&nbsp;&nbsp; (27993)<br>|
| Cotton No. 2 | &nbsp;&nbsp;&nbsp; 525 | December-2025 | &nbsp;&nbsp;&nbsp; 17794875 | &nbsp;&nbsp;&nbsp; (340410)<br>| &nbsp;&nbsp;&nbsp; (340410)<br>|
| Lean Hogs | &nbsp;&nbsp;&nbsp; 291 | December-2025 | &nbsp;&nbsp;&nbsp; 8794020 | &nbsp;&nbsp;&nbsp; (54702)<br>| &nbsp;&nbsp;&nbsp; (54702)<br>|
| Soybean | &nbsp;&nbsp;&nbsp; 534 | July-2025 | &nbsp;&nbsp;&nbsp; 27888150 | &nbsp;&nbsp;&nbsp; (167090)<br>| &nbsp;&nbsp;&nbsp; (167090)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $7581294 | &nbsp;&nbsp;&nbsp; $7581294 |

---

<sup>(a)</sup> Futures contracts collateralized by $10,207,372 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** |  |  |  |  |  |  |  |  |  |  |  |
| Barclays Bank PLC | Receive | Barclays Live <br> Cattle Roll Yield <br> Excess Return <br> Index<br>| 0.47% | Monthly | 77500 | August—2025 | USD | 10848024 | $— | $466914 | $466914 |
| Macquarie Bank Ltd. | Pay | Macquarie Single <br> Commodity Nickel <br> type A Excess <br> Return Index<br>| 0.17 | Monthly | 311500 | June—2025 | USD | 26997954 |  | 240073 | 240073 |
| Macquarie Bank Ltd. | Pay | Macquarie Single <br> Commodity Zinc <br> type A Excess <br> Return Index<br>| 0.12 | Monthly | 34700 | April—2026 | USD | 5654306 |  | 124573 | 124573 |
| Merrill Lynch <br> International<br>| Receive | MLCX Dynamic <br> Enhanced Copper <br> Excess Return <br> Index<br>| 0.25 | Monthly | 47900 | January—2026 | USD | 40536400 |  | 0 | 0 |
| Merrill Lynch <br> International<br>| Receive | MLCX Natural Gas <br> Annual Excess <br> Return Index<br>| 0.25 | Monthly | 408000 | November—2025 | USD | 28843070 |  | 0 | 0 |
| Merrill Lynch <br> International<br>| Receive | MLCX1XBE Excess <br> Return Index<br>| 0.10 | Monthly | 99600 | August—2025 | USD | 38096751 |  | 0 | 0 |
| Morgan Stanley and Co. <br> International PLC<br>| Pay | Morgan Stanley <br> MSCY2KW0 Index<br>| 0.05 | Monthly | 140000 | February—2026 | USD | 21345786 |  | 405356 | 405356 |
| Morgan Stanley and Co. <br> International PLC<br>| Pay | Morgan Stanley <br> MSCY2WH0 Index<br>| 0.05 | Monthly | 6100 | April—2026 | USD | 993699 |  | 467 | 467 |
| Royal Bank of Canada | Receive | RBC Enhanced <br> Crude Oil Excess <br> Return Index<br>| 0.32 | Monthly | 60600 | June—2025 | USD | 23237222 |  | 0 | 0 |
| Royal Bank of Canada | Receive | RBC Gold E0 <br> Excess Return <br> Index<br>| 0.06 | Monthly | 57100 | February—2026 | USD | 38528219 |  | 0 | 0 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  |  |  | 1237383 | 1237383 |

---

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>|
| **Commodity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Barclays Bank PLC | Receive | Barclays WTI Crude <br> Roll Yield Excess <br> Return Index<br>| 0.17% | Monthly | 70500 | April—2026 | USD | 24154661 | $— | $(968536)<br>| $(968536)<br>|
| BNP Paribas S.A. | Receive | BNP Paribas <br> Commodity Daily <br> Dynamic Curve CO <br> Index<br>| 0.25 | Monthly | 39100 | August—2025 | USD | 19045164 |  | (1085963)<br>| (1085963)<br>|
| BNP Paribas S.A. | Receive | BNP Paribas <br> Rolling Futures IY <br> SB Index<br>| 0.15 | Monthly | 135500 | December—2025 | USD | 37034819 |  | (892403)<br>| (892403)<br>|
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial <br> Bank of Commerce <br> Dynamic Roll LME <br> Copper Excess <br> Return Index 2<br>| 0.27 | Monthly | 54000 | January—2026 | USD | 5766190 |  | (64827)<br>| (64827)<br>|
| Citibank, N.A. | Receive | Citi Commodities <br> Curve Beta <br> Enhanced <br> Extended Cotton <br> (Daily Rebalancing) <br> Excess Return <br> Index<br>| 0.20 | Monthly | 42000 | April—2026 | USD | 4043634 |  | (38430)<br>| (38430)<br>|
| Goldman Sachs <br> International<br>| Receive | S&P GSCI Sugar <br> Index Excess <br> Return<br>| 0.30 | Monthly | 76500 | June—2025 | USD | 22500432 |  | (1364033)<br>| (1364033)<br>|
| J.P. Morgan Chase <br> Bank, N.A.<br>| Receive | J.P. Morgan <br> Contag Beta Gas <br> Oil Excess Return <br> Index<br>| 0.25 | Monthly | 141600 | January—2026 | USD | 47415454 |  | (1864645)<br>| (1864645)<br>|
| Macquarie Bank Ltd. | Receive | Macquarie <br> Aluminum Dynamic <br> Selection Index<br>| 0.30 | Monthly | 1242000 | February—2026 | USD | 62945181 |  | (815746)<br>| (815746)<br>|
| Macquarie Bank Ltd. | Receive | Macquarie Single <br> Commodity Silver <br> type A Excess <br> Return Index<br>| 0.16 | Monthly | 192300 | February—2026 | USD | 56861841 |  | (853062)<br>| (853062)<br>|
| Morgan Stanley and Co. <br> International PLC<br>| Pay | Morgan Stanley <br> MSCY2SM0 Index<br>| 0.03 | Monthly | 3800 | April—2026 | USD | 1572123 |  | (11157)<br>| (11157)<br>|
| Morgan Stanley and Co. <br> International PLC<br>| Receive | Morgan Stanley <br> MSCY2XBD0 Index<br>| 0.15 |  | 17050 | April—2026 | USD | 13272677 |  | (506126)<br>| (506126)<br>|
| Morgan Stanley and Co. <br> International PLC<br>| Receive | Morgan Stanley <br> Soybean Oil <br> Dynamic Roll Index<br>| 0.30 |  | 229400 | April—2026 | USD | 52500300 |  | (1563889)<br>| (1563889)<br>|
| UBS AG | Receive | UBS Modified Roll <br> Select Heating Oil <br> Strategy<br>| 0.30 | Monthly | 469300 | December—2025 | USD | 45551854 |  | (1177589)<br>| (1177589)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  |  |  | (11206406)<br>| (11206406)<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 |  |  |  |  | $— | $(9969023)<br>| $(9969023)<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 $14,550,000.

<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 publicly available. 

---

| | | |
|:---|:---|:---|
| **Reference Entity Components** | **Reference Entity Components** | **Reference Entity Components** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **Barclays Live Cattle Roll Yield Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Live cattle | &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** |
| **Macquarie Single Commodity Nickel type A Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Nickel | &nbsp;&nbsp; 100.00% |
| **Macquarie Single Commodity Zinc type A Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Zinc | &nbsp;&nbsp; 100.00% |
| **MLCX Dynamic Enhanced Copper Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Copper | &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 MSCY2KW0 Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Kansas Wheat | &nbsp;&nbsp; 100.00% |
| **Morgan Stanley MSCY2WH0 Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Wheat | &nbsp;&nbsp; 100.00% |
| **RBC Enhanced Crude Oil Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Crude Oil | &nbsp;&nbsp; 100.00% |
| **RBC Gold E0 Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Gold | &nbsp;&nbsp; 100.00% |
| **Barclays WTI Crude Roll Yield Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | WTI Crude | &nbsp;&nbsp; 100.00% |
| **BNP Paribas Commodity Daily Dynamic Curve CO Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Brent Crude | &nbsp;&nbsp; 100.00% |
| **BNP Paribas Rolling Futures IY SB Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Sugar | &nbsp;&nbsp; 100.00% |
| **Canadian Imperial Bank of Commerce Dynamic Roll LME Copper** <br> **Excess Return Index 2**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Copper | &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** |
| **Citi Commodities Curve Beta Enhanced Extended Cotton (Daily** <br> **Rebalancing) Excess Return Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Copper | &nbsp;&nbsp; 100.00% |
| **S&P GSCI Sugar Index Excess Return** |  |  |
|  | **Long Futures Contracts** |  |
|  | Sugar | &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** |  |
|  | Aluminium | &nbsp;&nbsp; 100.00% |
| **Macquarie Single Commodity Silver type A Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Silver | &nbsp;&nbsp; 100.00% |
| **Morgan Stanley MSCY2SM0 Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean | &nbsp;&nbsp; 100.00% |
| **Morgan Stanley MSCY2XBD0 Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Gasoline RBOB | &nbsp;&nbsp; 100.00% |
| **Morgan Stanley Soybean Oil Dynamic Roll Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Oil | &nbsp;&nbsp; 100.00% |
| **UBS Modified Roll Select Heating Oil Strategy** |  |  |
|  | **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.

**6**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

**Consolidated Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $240,030,687)<br>| &nbsp;&nbsp; $272199051 |
| Investments in affiliated money market funds, at value <br> (Cost $619,048,290)<br>| &nbsp;&nbsp; 619048290 |
| Other investments: |  |
| Swaps receivable — OTC | &nbsp;&nbsp; 1959438 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 1237383 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 10207372 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 14550000 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 1249782 |
| Dividends | &nbsp;&nbsp; 2136106 |
| Interest | &nbsp;&nbsp; 21470 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 71409 |
| Other assets | &nbsp;&nbsp; 81554 |
| Total assets | &nbsp;&nbsp; 922761855 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 222152 |
| Swaps payable — OTC | &nbsp;&nbsp; 16370308 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 11206406 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 950411 |
| Amount due custodian | &nbsp;&nbsp; 1901036 |
| Accrued fees to affiliates | &nbsp;&nbsp; 318844 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 204 |
| Accrued other operating expenses | &nbsp;&nbsp; 113629 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 112568 |
| Total liabilities | &nbsp;&nbsp; 31195558 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $891566297 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $864606415 |
| Distributable earnings | &nbsp;&nbsp; 26959882 |
|  | &nbsp;&nbsp; $891566297 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $54630443 |
| Class C | &nbsp;&nbsp; $14561857 |
| Class R | &nbsp;&nbsp; $9200230 |
| Class Y | &nbsp;&nbsp; $517708216 |
| Class R5 | &nbsp;&nbsp; $141267367 |
| Class R6 | &nbsp;&nbsp; $154198184 |
| **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; 8486295 |
| Class C | &nbsp;&nbsp; 2521463 |
| Class R | &nbsp;&nbsp; 1474220 |
| Class Y | &nbsp;&nbsp; 77476476 |
| Class R5 | &nbsp;&nbsp; 21013270 |
| Class R6 | &nbsp;&nbsp; 22877325 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $6.44 |
| Maximum offering price per share <br>(Net asset value of $6.44 ÷ 94.50%)<br>| &nbsp;&nbsp; $6.81 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.78 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.24 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.68 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.72 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.74 |

---

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 six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $3973796 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 11998207 |
| Total investment income | &nbsp;&nbsp; 15972003 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 4183245 |
| Administrative services fees | &nbsp;&nbsp; 49492 |
| Custodian fees | &nbsp;&nbsp; 32192 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 74347 |
| Class C | &nbsp;&nbsp; 76720 |
| Class R | &nbsp;&nbsp; 22739 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 545557 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 71977 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 25206 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 13184 |
| Registration and filing fees | &nbsp;&nbsp; 46017 |
| Reports to shareholders | &nbsp;&nbsp; 86611 |
| Professional services fees | &nbsp;&nbsp; 41852 |
| Other | &nbsp;&nbsp; 12051 |
| Total expenses | &nbsp;&nbsp; 5281190 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (722633)<br>|
| Net expenses | &nbsp;&nbsp; 4558557 |
| Net investment income | &nbsp;&nbsp; 11413446 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 4185008 |
| Futures contracts | &nbsp;&nbsp; 6727552 |
| Swap agreements | &nbsp;&nbsp; (24386507)<br>|
|  | &nbsp;&nbsp; (13473947)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 5370735 |
| Futures contracts | &nbsp;&nbsp; 8656709 |
| Swap agreements | &nbsp;&nbsp; (9227375)<br>|
|  | &nbsp;&nbsp; 4800069 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (8673878)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $2739568 |

---

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 six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $11413446 | &nbsp;&nbsp; $26438110 |
| Net realized gain (loss) | &nbsp;&nbsp; (13473947)<br>| &nbsp;&nbsp; (14966046)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 4800069 | &nbsp;&nbsp; 14920761 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2739568 | &nbsp;&nbsp; 26392825 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (2866693)<br>| &nbsp;&nbsp; (2541305)<br>|
| Class C | &nbsp;&nbsp; (660503)<br>| &nbsp;&nbsp; (768253)<br>|
| Class R | &nbsp;&nbsp; (402392)<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; (33677867)<br>| &nbsp;&nbsp; (27024911)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (6650426)<br>| &nbsp;&nbsp; (10846200)<br>|
| Class C | &nbsp;&nbsp; (1284896)<br>| &nbsp;&nbsp; (4803303)<br>|
| Class R | &nbsp;&nbsp; 634330 | &nbsp;&nbsp; 55331 |
| Class Y | &nbsp;&nbsp; 207280112 | &nbsp;&nbsp; (28442926)<br>|
| Class R5 | &nbsp;&nbsp; 2452291 | &nbsp;&nbsp; 1735796 |
| Class R6 | &nbsp;&nbsp; (19303130)<br>| &nbsp;&nbsp; (25735434)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 183128281 | &nbsp;&nbsp; (68036736)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 152189982 | &nbsp;&nbsp; (68668822)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 739376315 | &nbsp;&nbsp; 808045137 |
| End of period | &nbsp;&nbsp; $891566297 | &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**

*(Unaudited)*

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** |
| Six months ended 04/30/25 | $6.72 | $0.08 | $(0.05)<br>| $0.03 | $(0.16)<br>| $(0.15)<br>| $(0.31)<br>| $6.44 | 0.45<br> %<br>| &nbsp;&nbsp; $54630 | 1.32 %<sup>(d)</sup><br>| 1.55 %<sup>(d)</sup><br>| 2.58 %<sup>(d)</sup><br>| 15<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 |
| Year ended 10/31/20 | 6.22 | (0.03)<br>| (0.32)<br>| (0.35)<br>| (0.06)<br>|  | (0.06)<br>| 5.81 | (5.75)<br>| &nbsp;&nbsp; 17291 | 1.31 | 1.73 | (0.51)<br>| 186 |
| **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** |
| Six months ended 04/30/25 | 6.03 | 0.05 | (0.04)<br>| 0.01 | (0.11)<br>| (0.15)<br>| (0.26)<br>| 5.78 | 0.12 | &nbsp;&nbsp; 14562 | 2.07 <br><sup>(d)</sup><br>| 2.30 <br><sup>(d)</sup><br>| 1.83 <br><sup>(d)</sup><br>| 15 |
| 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 |
| Year ended 10/31/20 | 5.87 | (0.07)<br>| (0.32)<br>| (0.39)<br>| (0.05)<br>|  | (0.05)<br>| 5.43 | (6.63)<br>| &nbsp;&nbsp; 4393 | 2.06 | 2.48 | (1.26)<br>| 186 |
| **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** |
| Six months ended 04/30/25 | 6.52 | 0.07 | (0.06)<br>| 0.01 | (0.14)<br>| (0.15)<br>| (0.29)<br>| 6.24 | 0.19 | &nbsp;&nbsp; 9200 | 1.57 <br><sup>(d)</sup><br>| 1.80 <br><sup>(d)</sup><br>| 2.33 <br><sup>(d)</sup><br>| 15 |
| 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 |
| Year ended 10/31/20 | 6.12 | (0.04)<br>| (0.33)<br>| (0.37)<br>| (0.05)<br>|  | (0.05)<br>| 5.70 | (6.03)<br>| &nbsp;&nbsp; 1603 | 1.56 | 1.98 | (0.76)<br>| 186 |
| **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** |
| Six months ended 04/30/25 | 6.98 | 0.10 | (0.07)<br>| 0.03 | (0.18)<br>| (0.15)<br>| (0.33)<br>| 6.68 | 0.41 | &nbsp;&nbsp; 517708 | 1.07 <br><sup>(d)</sup><br>| 1.30 <br><sup>(d)</sup><br>| 2.83 <br><sup>(d)</sup><br>| 15 |
| 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 |
| Year ended 10/31/20 | 6.36 | (0.01)<br>| (0.35)<br>| (0.36)<br>| (0.06)<br>|  | (0.06)<br>| 5.94 | (5.74)<br>| &nbsp;&nbsp; 316851 | 1.06 | 1.48 | (0.26)<br>| 186 |
| **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** |
| Six months ended 04/30/25 | 7.02 | 0.10 | (0.07)<br>| 0.03 | (0.18)<br>| (0.15)<br>| (0.33)<br>| 6.72 | 0.40 | &nbsp;&nbsp; 141267 | 1.07 <br><sup>(d)</sup><br>| 1.19 <br><sup>(d)</sup><br>| 2.83 <br><sup>(d)</sup><br>| 15 |
| 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 |
| Year ended 10/31/20 | 6.38 | (0.02)<br>| (0.33)<br>| (0.35)<br>| (0.06)<br>|  | (0.06)<br>| 5.97 | (5.57)<br>| &nbsp;&nbsp; 148151 | 1.06 | 1.28 | (0.26)<br>| 186 |
| **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** |
| Six months ended 04/30/25 | 7.03 | 0.10 | (0.06)<br>| 0.04 | (0.18)<br>| (0.15)<br>| (0.33)<br>| 6.74 | 0.54 | &nbsp;&nbsp; 154198 | 1.07 <br><sup>(d)</sup><br>| 1.12 <br><sup>(d)</sup><br>| 2.83 <br><sup>(d)</sup><br>| 15 |
| 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 |
| Year ended 10/31/20 | 6.40 | (0.02)<br>| (0.34)<br>| (0.36)<br>| (0.06)<br>|  | (0.06)<br>| 5.98 | (5.71)<br>| &nbsp;&nbsp; 116491 | 1.06 | 1.19 | (0.26)<br>| 186 |

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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> Annualized.

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

**10**

**Invesco Balanced-Risk Commodity Strategy Fund**

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**Notes to Consolidated Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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

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.

**11**

**Invesco Balanced-Risk Commodity 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. 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

**12**

**Invesco Balanced-Risk Commodity Strategy Fund**

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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 note 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, when rates increase. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential

**13**

**Invesco Balanced-Risk Commodity Strategy Fund**

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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.

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 six months ended April 30, 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 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 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 at least 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"). 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, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned 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 six months ended April 30, 2025, the Adviser waived advisory fees of $203,643 and reimbursed class level expenses of $52,939, $13,689, $8,165, $392,399, $47,909 and $1,278 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 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

**14**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

Board of Trustees. For the six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 2025, IDI advised the Fund that IDI retained $9,866 in front-end sales commissions from the sale of Class A shares and $14 and $116 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 April 30, 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; $173328309 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $173328309 |
| Commodity-Linked Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98870742 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98870742 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 619048290 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 619048290 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 619048290 | &nbsp;&nbsp;&nbsp;&nbsp; 272199051 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 891247341 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 8171489 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8171489 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1237383 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1237383 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 8171489 | &nbsp;&nbsp;&nbsp;&nbsp; 1237383 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9408872 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (590195)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (590195)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11206406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11206406)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (590195)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11206406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11796601)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 7581294 | &nbsp;&nbsp;&nbsp;&nbsp; (9969023)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2387729)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $626629584 | &nbsp;&nbsp;&nbsp;&nbsp; $262230028 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $888859612 |

---

\* 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.

**15**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 2025:

---

| | |
|:---|:---|
|  | **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; $8171489 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; 1237383 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 9408872 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (8171489)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $1237383 |
|  | **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; $(590195)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (11206406)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (11796601)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 590195 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(11206406)<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 April 30, 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; $466914 | &nbsp;&nbsp;&nbsp; $(973502)<br>| &nbsp;&nbsp;&nbsp; $(506588)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $20000 | &nbsp;&nbsp;&nbsp; $(486588)<br>|
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1984671)<br>| &nbsp;&nbsp;&nbsp; (1984671)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; (1174671)<br>|
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (65691)<br>| &nbsp;&nbsp;&nbsp; (65691)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (65691)<br>|
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (38740)<br>| &nbsp;&nbsp;&nbsp; (38740)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (38740)<br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1368533)<br>| &nbsp;&nbsp;&nbsp; (1368533)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp; (298533)<br>|
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1867608)<br>| &nbsp;&nbsp;&nbsp; (1867608)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; (717608)<br>|
| Macquarie Bank Ltd. | &nbsp;&nbsp;&nbsp; 364646 | &nbsp;&nbsp;&nbsp; (1674254)<br>| &nbsp;&nbsp;&nbsp; (1309608)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1309608 | &nbsp;&nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11355785)<br>| &nbsp;&nbsp;&nbsp; (11355785)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp; (1855785)<br>|
| Morgan Stanley and Co. International PLC | &nbsp;&nbsp;&nbsp; 405823 | &nbsp;&nbsp;&nbsp; (2082727)<br>| &nbsp;&nbsp;&nbsp; (1676904)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1676904)<br>|
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 1959438 | &nbsp;&nbsp;&nbsp; (4981249)<br>| &nbsp;&nbsp;&nbsp; (3021811)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; (1021811)<br>|
| UBS AG | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1183954)<br>| &nbsp;&nbsp;&nbsp; (1183954)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1183954)<br>|
| Total | &nbsp;&nbsp;&nbsp; $3196821 | &nbsp;&nbsp;&nbsp; $(27576714)<br>| &nbsp;&nbsp;&nbsp; $(24379893)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $15859608 | &nbsp;&nbsp;&nbsp; $(8520285)<br>|

---

**Effect of Derivative Investments for the six months ended April 30, 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**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Commodity** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $6727552 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (24386507)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 8656709 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (9227375)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(18229621)<br>|

---

**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; $102250800 | &nbsp;&nbsp;&nbsp;&nbsp; $580057664 |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $2,611.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of October 31, 2024.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $18,000,000 and $39,382,027, respectively. As of April 30, 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; $46305612 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (14709109)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $31596503 |

---

Cost of investments for tax purposes is $857,263,109.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 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; 854783 | &nbsp;&nbsp;&nbsp; $5607076 | &nbsp;&nbsp;&nbsp; 1532238 | &nbsp;&nbsp;&nbsp; $10067693 |
| Class C | &nbsp;&nbsp;&nbsp; 124785 | &nbsp;&nbsp;&nbsp; 731345 | &nbsp;&nbsp;&nbsp; 167399 | &nbsp;&nbsp;&nbsp; 999913 |
| Class R | &nbsp;&nbsp;&nbsp; 203889 | &nbsp;&nbsp;&nbsp; 1288550 | &nbsp;&nbsp;&nbsp; 714873 | &nbsp;&nbsp;&nbsp; 4497723 |
| Class Y | &nbsp;&nbsp;&nbsp; 39061319 | &nbsp;&nbsp;&nbsp; 262038654 | &nbsp;&nbsp;&nbsp; 17397207 | &nbsp;&nbsp;&nbsp; 117917731 |
| Class R5 | &nbsp;&nbsp;&nbsp; 531687 | &nbsp;&nbsp;&nbsp; 3631930 | &nbsp;&nbsp;&nbsp; 1428861 | &nbsp;&nbsp;&nbsp; 9669187 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1650659 | &nbsp;&nbsp;&nbsp; 11319038 | &nbsp;&nbsp;&nbsp; 5833451 | &nbsp;&nbsp;&nbsp; 39958107 |

---

**17**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 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; 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; 402392 | &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; 40879 | &nbsp;&nbsp;&nbsp; 268575 | &nbsp;&nbsp;&nbsp; 102659 | &nbsp;&nbsp;&nbsp; 678929 |
| Class C | &nbsp;&nbsp;&nbsp; (45509)<br>| &nbsp;&nbsp;&nbsp; (268575)<br>| &nbsp;&nbsp;&nbsp; (114051)<br>| &nbsp;&nbsp;&nbsp; (678929)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2315838)<br>| &nbsp;&nbsp;&nbsp; (15105137)<br>| &nbsp;&nbsp;&nbsp; (3632093)<br>| &nbsp;&nbsp;&nbsp; (23824417)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (396006)<br>| &nbsp;&nbsp;&nbsp; (2348398)<br>| &nbsp;&nbsp;&nbsp; (988762)<br>| &nbsp;&nbsp;&nbsp; (5828246)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (167282)<br>| &nbsp;&nbsp;&nbsp; (1056612)<br>| &nbsp;&nbsp;&nbsp; (737312)<br>| &nbsp;&nbsp;&nbsp; (4723316)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (9752901)<br>| &nbsp;&nbsp;&nbsp; (66026581)<br>| &nbsp;&nbsp;&nbsp; (22911012)<br>| &nbsp;&nbsp;&nbsp; (154777797)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (1150799)<br>| &nbsp;&nbsp;&nbsp; (7861212)<br>| &nbsp;&nbsp;&nbsp; (1853362)<br>| &nbsp;&nbsp;&nbsp; (12774608)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (4755036)<br>| &nbsp;&nbsp;&nbsp; (32097514)<br>| &nbsp;&nbsp;&nbsp; (9837475)<br>| &nbsp;&nbsp;&nbsp; (66887163)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 27399888 | &nbsp;&nbsp;&nbsp; $183128281 | &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**

------

**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>**

Not applicable.

**19**

**Invesco Balanced-Risk Commodity Strategy Fund**

------

![](imgc63d83ee1.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

BRCS-NCSRS

------

![](img058165291.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Core Bond Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_d3aee54a-3c5c-49a0-b383-4c82bab71f7e_SOI-Continued-767_1) | Schedule of Investments |
| [27](#xx_d3aee54a-3c5c-49a0-b383-4c82bab71f7e_FS-Continued-767_1) | Financial Statements |
| [30](#xx_d3aee54a-3c5c-49a0-b383-4c82bab71f7e_FS-Continued-767_4) | Financial Highlights |
| [31](#xx_d3aee54a-3c5c-49a0-b383-4c82bab71f7e_NTF-Continued-767_1) | Notes to Financial Statements |
| [38](#xx_d3aee54a-3c5c-49a0-b383-4c82bab71f7e_OIRSR-Continued-767_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*April 30, 2025*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–39.52%** | **U.S. Dollar Denominated Bonds & Notes–39.52%** | **U.S. Dollar Denominated Bonds & Notes–39.52%** | **U.S. Dollar Denominated Bonds & Notes–39.52%** |
| **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; $89742 |
| 2.60%, 08/01/2031 |  | 850000 | &nbsp;&nbsp; 745465 |
|  |  |  | &nbsp;&nbsp; 835207 |
| **Aerospace & Defense–0.47%** | **Aerospace & Defense–0.47%** | **Aerospace & Defense–0.47%** | **Aerospace & Defense–0.47%** |
| BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), |  |  |
| 5.00%, 03/26/2027<sup>(b)</sup> <br>|  | 1377000 | &nbsp;&nbsp; 1395508 |
| 5.13%, 03/26/2029<sup>(b)</sup> <br>|  | 1197000 | &nbsp;&nbsp; 1222562 |
| 5.50%, 03/26/2054<sup>(b)</sup> <br>|  | 882000 | &nbsp;&nbsp; 857531 |
| Boeing Co. (The), | Boeing Co. (The), |  |  |
| 6.26%, 05/01/2027 |  | 639000 | &nbsp;&nbsp; 658441 |
| 6.30%, 05/01/2029 |  | 454000 | &nbsp;&nbsp; 477699 |
| 6.39%, 05/01/2031 |  | 91000 | &nbsp;&nbsp; 97176 |
| 6.53%, 05/01/2034 |  | 1478000 | &nbsp;&nbsp; 1588675 |
| 5.81%, 05/01/2050 |  | 498000 | &nbsp;&nbsp; 467165 |
| General Dynamics Corp., 4.95%, <br> 08/15/2035<br>|  | 1982000 | &nbsp;&nbsp; 1989371 |
| Hexcel Corp., 5.88%, <br> 02/26/2035<br>|  | 297000 | &nbsp;&nbsp; 294821 |
| Howmet Aerospace, Inc., 4.85%, <br> 10/15/2031<br>|  | 290000 | &nbsp;&nbsp; 291594 |
| Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., |  |  |
| 5.35%, 01/15/2030 |  | 604000 | &nbsp;&nbsp; 615920 |
| 5.75%, 01/15/2035 |  | 1302000 | &nbsp;&nbsp; 1327669 |
| L3Harris Technologies, Inc., <br> 5.40%, 07/31/2033<br>|  | 77000 | &nbsp;&nbsp; 78252 |
| Lockheed Martin Corp., | Lockheed Martin Corp., |  |  |
| 5.10%, 11/15/2027 |  | 102000 | &nbsp;&nbsp; 104842 |
| 4.50%, 02/15/2029 |  | 578000 | &nbsp;&nbsp; 583436 |
| 4.75%, 02/15/2034 |  | 174000 | &nbsp;&nbsp; 171895 |
| 4.80%, 08/15/2034 |  | 827000 | &nbsp;&nbsp; 820656 |
| 5.90%, 11/15/2063 |  | 49000 | &nbsp;&nbsp; 49914 |
| 5.20%, 02/15/2064 |  | 100000 | &nbsp;&nbsp; 90871 |
| Northrop Grumman Corp., 4.95%, <br> 03/15/2053<br>|  | 61000 | &nbsp;&nbsp; 53913 |
| RTX Corp., | RTX Corp., |  |  |
| 5.75%, 01/15/2029 |  | 283000 | &nbsp;&nbsp; 295922 |
| 6.00%, 03/15/2031 |  | 173000 | &nbsp;&nbsp; 184944 |
| 5.15%, 02/27/2033 |  | 182000 | &nbsp;&nbsp; 184047 |
| 6.40%, 03/15/2054 |  | 141000 | &nbsp;&nbsp; 151556 |
|  |  |  | &nbsp;&nbsp; 14054380 |
| **Agricultural & Farm Machinery–0.21%** | **Agricultural & Farm Machinery–0.21%** | **Agricultural & Farm Machinery–0.21%** | **Agricultural & Farm Machinery–0.21%** |
| AGCO Corp., | AGCO Corp., |  |  |
| 5.45%, 03/21/2027 |  | 426000 | &nbsp;&nbsp; 429877 |
| 5.80%, 03/21/2034 |  | 531000 | &nbsp;&nbsp; 527817 |
| CNH Industrial Capital LLC, 4.75%, <br> 03/21/2028<br>|  | 1251000 | &nbsp;&nbsp; 1257247 |
| Deere & Co., 5.45%, 01/16/2035 |  | 2664000 | &nbsp;&nbsp; 2755731 |
| John Deere Capital Corp., | John Deere Capital Corp., |  |  |
| 4.70%, 06/10/2030 |  | 370000 | &nbsp;&nbsp; 376763 |
| 5.10%, 04/11/2034 |  | 969000 | &nbsp;&nbsp; 982541 |
|  |  |  | &nbsp;&nbsp; 6329976 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Agricultural Products & Services–0.00%** | **Agricultural Products & Services–0.00%** | **Agricultural Products & Services–0.00%** | **Agricultural Products & Services–0.00%** |
| Archer-Daniels-Midland Co., <br> 3.25%, 03/27/2030<br>|  | $110000 | &nbsp;&nbsp; $104367 |
| **Air Freight & Logistics–0.14%** | **Air Freight & Logistics–0.14%** | **Air Freight & Logistics–0.14%** | **Air Freight & Logistics–0.14%** |
| GXO Logistics, Inc., | GXO Logistics, Inc., |  |  |
| 6.25%, 05/06/2029 |  | 942000 | &nbsp;&nbsp; 958627 |
| 6.50%, 05/06/2034 |  | 858000 | &nbsp;&nbsp; 858115 |
| United Parcel Service, Inc., | United Parcel Service, Inc., |  |  |
| 5.15%, 05/22/2034 |  | 743000 | &nbsp;&nbsp; 753801 |
| 5.50%, 05/22/2054 |  | 1142000 | &nbsp;&nbsp; 1089638 |
| 5.60%, 05/22/2064 |  | 527000 | &nbsp;&nbsp; 500072 |
|  |  |  | &nbsp;&nbsp; 4160253 |
| **Application Software–0.13%** | **Application Software–0.13%** | **Application Software–0.13%** | **Application Software–0.13%** |
| Cadence Design Systems, Inc., <br> 4.70%, 09/10/2034<br>|  | 546000 | &nbsp;&nbsp; 535204 |
| Intuit, Inc., 5.20%, 09/15/2033 |  | 366000 | &nbsp;&nbsp; 376411 |
| Roper Technologies, Inc., | Roper Technologies, Inc., |  |  |
| 4.50%, 10/15/2029 |  | 588000 | &nbsp;&nbsp; 585679 |
| 4.75%, 02/15/2032 |  | 371000 | &nbsp;&nbsp; 367415 |
| 4.90%, 10/15/2034 |  | 1055000 | &nbsp;&nbsp; 1025801 |
| Salesforce, Inc., 1.50%, <br> 07/15/2028<br>|  | 440000 | &nbsp;&nbsp; 407468 |
| Synopsys, Inc., 5.70%, <br> 04/01/2055<br>|  | 710000 | &nbsp;&nbsp; 686834 |
|  |  |  | &nbsp;&nbsp; 3984812 |
| **Asset Management & Custody Banks–1.29%** | **Asset Management & Custody Banks–1.29%** | **Asset Management & Custody Banks–1.29%** | **Asset Management & Custody Banks–1.29%** |
| Affiliated Managers Group, Inc., <br> 5.50%, 08/20/2034<br>|  | 2779000 | &nbsp;&nbsp; 2708594 |
| Ameriprise Financial, Inc., | Ameriprise Financial, Inc., |  |  |
| 5.70%, 12/15/2028 |  | 532000 | &nbsp;&nbsp; 557301 |
| 5.15%, 05/15/2033 |  | 230000 | &nbsp;&nbsp; 232979 |
| 5.20%, 04/15/2035 |  | 4106000 | &nbsp;&nbsp; 4114254 |
| Ares Management Corp., 5.60%, <br> 10/11/2054<br>|  | 400000 | &nbsp;&nbsp; 366632 |
| Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |  |  |
| 4.89%, 07/21/2028<sup>(c)</sup> <br>|  | 1601000 | &nbsp;&nbsp; 1620523 |
| 4.98%, 03/14/2030<sup>(c)</sup> <br>|  | 183000 | &nbsp;&nbsp; 187177 |
| 5.06%, 07/22/2032<sup>(c)</sup> <br>|  | 949000 | &nbsp;&nbsp; 963805 |
| 5.19%, 03/14/2035<sup>(c)</sup> <br>|  | 153000 | &nbsp;&nbsp; 154724 |
| BlackRock, Inc., 4.75%, <br> 05/25/2033<br>|  | 264000 | &nbsp;&nbsp; 264201 |
| Blackstone Secured Lending Fund, | Blackstone Secured Lending Fund, |  |  |
| 2.13%, 02/15/2027 |  | 2121000 | &nbsp;&nbsp; 2008062 |
| 5.88%, 11/15/2027 |  | 799000 | &nbsp;&nbsp; 809269 |
| Blue Owl Credit Income Corp., | Blue Owl Credit Income Corp., |  |  |
| 3.13%, 09/23/2026 |  | 200000 | &nbsp;&nbsp; 192746 |
| 7.75%, 09/16/2027 |  | 100000 | &nbsp;&nbsp; 103666 |
| Brookfield Asset Management Ltd. <br> (Canada), 5.80%, 04/24/2035<br>|  | 4363000 | &nbsp;&nbsp; 4435258 |
| Brookfield Finance, Inc. (Canada), <br> 5.68%, 01/15/2035<br>|  | 110000 | &nbsp;&nbsp; 111173 |
| Citadel L.P., | Citadel L.P., |  |  |
| 6.00%, 01/23/2030<sup>(b)</sup> <br>|  | 394000 | &nbsp;&nbsp; 401189 |
| 6.38%, 01/23/2032<sup>(b)</sup> <br>|  | 707000 | &nbsp;&nbsp; 727838 |

---

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)** |
| Northern Trust Corp., | Northern Trust Corp., |  |  |
| 4.00%, 05/10/2027 |  | $200000 | &nbsp;&nbsp; $199756 |
| 3.65%, 08/03/2028 |  | 220000 | &nbsp;&nbsp; 216699 |
| 6.13%, 11/02/2032 |  | 61000 | &nbsp;&nbsp; 65713 |
| State Street Corp., | State Street Corp., |  |  |
| 4.99%, 03/18/2027 |  | 825000 | &nbsp;&nbsp; 837795 |
| 5.33% (SOFR + 0.95%), <br> 04/24/2028<sup>(d)</sup> <br>|  | 1795000 | &nbsp;&nbsp; 1799201 |
| 5.68%, 11/21/2029<sup>(c)</sup> <br>|  | 668000 | &nbsp;&nbsp; 695803 |
| 4.73%, 02/28/2030 |  | 3605000 | &nbsp;&nbsp; 3649080 |
| 4.83%, 04/24/2030 |  | 2715000 | &nbsp;&nbsp; 2754767 |
| 6.12%, 11/21/2034<sup>(c)</sup> <br>|  | 428000 | &nbsp;&nbsp; 448096 |
| 5.15%, 02/28/2036<sup>(c)</sup> <br>|  | 4166000 | &nbsp;&nbsp; 4186125 |
| 6.45%<sup>(c)(e)</sup> <br>|  | 4012000 | &nbsp;&nbsp; 3941842 |
|  |  |  | &nbsp;&nbsp; 38754268 |
| **Automobile Manufacturers–1.35%** | **Automobile Manufacturers–1.35%** | **Automobile Manufacturers–1.35%** | **Automobile Manufacturers–1.35%** |
| American Honda Finance Corp., | American Honda Finance Corp., |  |  |
| 4.90%, 03/12/2027 |  | 110000 | &nbsp;&nbsp; 111169 |
| 4.70%, 01/12/2028 |  | 178000 | &nbsp;&nbsp; 179706 |
| 2.25%, 01/12/2029 |  | 440000 | &nbsp;&nbsp; 405976 |
| 4.60%, 04/17/2030 |  | 89000 | &nbsp;&nbsp; 89103 |
| 5.05%, 07/10/2031 |  | 110000 | &nbsp;&nbsp; 111746 |
| 4.90%, 01/10/2034 |  | 505000 | &nbsp;&nbsp; 496044 |
| Daimler Truck Finance North <br> America LLC (Germany), | Daimler Truck Finance North <br> America LLC (Germany), |  |  |
| 5.60%, 08/08/2025<sup>(b)</sup> <br>|  | 957000 | &nbsp;&nbsp; 958186 |
| 5.15%, 01/16/2026<sup>(b)</sup> <br>|  | 884000 | &nbsp;&nbsp; 885964 |
| 5.00%, 01/15/2027<sup>(b)</sup> <br>|  | 917000 | &nbsp;&nbsp; 923664 |
| 5.38%, 01/18/2034<sup>(b)</sup> <br>|  | 825000 | &nbsp;&nbsp; 819150 |
| 5.63%, 01/13/2035<sup>(b)</sup> <br>|  | 3346000 | &nbsp;&nbsp; 3347796 |
| Daimler Trucks Finance North <br> America LLC (Germany), 5.13%, <br> 01/19/2028<sup>(b)</sup> <br>|  | 788000 | &nbsp;&nbsp; 797099 |
| Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |  |  |
| 5.92%, 03/20/2028 |  | 1908000 | &nbsp;&nbsp; 1897236 |
| 6.80%, 11/07/2028 |  | 1136000 | &nbsp;&nbsp; 1159502 |
| Hyundai Capital America, | Hyundai Capital America, |  |  |
| 5.50%, 03/30/2026<sup>(b)</sup> <br>|  | 173000 | &nbsp;&nbsp; 174029 |
| 5.65%, 06/26/2026<sup>(b)</sup> <br>|  | 418000 | &nbsp;&nbsp; 422487 |
| 5.25%, 01/08/2027<sup>(b)</sup> <br>|  | 1050000 | &nbsp;&nbsp; 1057727 |
| 5.00%, 01/07/2028<sup>(b)</sup> <br>|  | 4788000 | &nbsp;&nbsp; 4802324 |
| 5.60%, 03/30/2028<sup>(b)</sup> <br>|  | 212000 | &nbsp;&nbsp; 215642 |
| 5.35%, 03/19/2029<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201636 |
| 5.30%, 01/08/2030<sup>(b)</sup> <br>|  | 2024000 | &nbsp;&nbsp; 2043443 |
| 5.80%, 04/01/2030<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53353 |
| Hyundai Capital Services, Inc. <br> (South Korea), 5.25%, <br> 01/22/2028<sup>(b)</sup> <br>|  | 2323000 | &nbsp;&nbsp; 2360449 |
| Mercedes-Benz Finance North <br> America LLC (Germany), | Mercedes-Benz Finance North <br> America LLC (Germany), |  |  |
| 4.80%, 01/11/2027<sup>(b)</sup> <br>|  | 1871000 | &nbsp;&nbsp; 1877194 |
| 5.10%, 08/03/2028<sup>(b)</sup> <br>|  | 920000 | &nbsp;&nbsp; 931719 |
| 4.85%, 01/11/2029<sup>(b)</sup> <br>|  | 838000 | &nbsp;&nbsp; 840507 |
| 5.00%, 01/11/2034<sup>(b)</sup> <br>|  | 560000 | &nbsp;&nbsp; 546746 |
| 5.13%, 08/01/2034<sup>(b)</sup> <br>|  | 1825000 | &nbsp;&nbsp; 1796494 |
| PACCAR Financial Corp., | PACCAR Financial Corp., |  |  |
| 4.95%, 10/03/2025 |  | 153000 | &nbsp;&nbsp; 153382 |
| 4.60%, 01/10/2028 |  | 78000 | &nbsp;&nbsp; 79354 |
| 4.00%, 09/26/2029 |  | 1895000 | &nbsp;&nbsp; 1877415 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| 5.40%, 11/20/2026 |  | $440000 | &nbsp;&nbsp; $448205 |
| 4.63%, 01/12/2028 |  | 97000 | &nbsp;&nbsp; 98157 |
| 4.55%, 08/09/2029 |  | 766000 | &nbsp;&nbsp; 771152 |
| 5.55%, 11/20/2030 |  | 110000 | &nbsp;&nbsp; 115616 |
| 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>|  | 1731000 | &nbsp;&nbsp; 1738980 |
| 4.90%, 08/14/2026<sup>(b)</sup> <br>|  | 1252000 | &nbsp;&nbsp; 1253837 |
| 5.30%, 03/22/2027<sup>(b)</sup> <br>|  | 1125000 | &nbsp;&nbsp; 1134248 |
| 5.25%, 03/22/2029<sup>(b)</sup> <br>|  | 1305000 | &nbsp;&nbsp; 1310778 |
| 4.95%, 08/15/2029<sup>(b)</sup> <br>|  | 1125000 | &nbsp;&nbsp; 1116757 |
| 5.60%, 03/22/2034<sup>(b)</sup> <br>|  | 930000 | &nbsp;&nbsp; 917923 |
|  |  |  | &nbsp;&nbsp; 40521895 |
| **Automotive Parts & Equipment–0.03%** | **Automotive Parts & Equipment–0.03%** | **Automotive Parts & Equipment–0.03%** | **Automotive Parts & Equipment–0.03%** |
| ERAC USA Finance LLC, | ERAC USA Finance LLC, |  |  |
| 4.60%, 05/01/2028<sup>(b)</sup> <br>|  | 223000 | &nbsp;&nbsp; 224909 |
| 5.00%, 02/15/2029<sup>(b)</sup> <br>|  | 389000 | &nbsp;&nbsp; 395878 |
| 4.90%, 05/01/2033<sup>(b)</sup> <br>|  | 232000 | &nbsp;&nbsp; 229196 |
|  |  |  | &nbsp;&nbsp; 849983 |
| **Automotive Retail–0.06%** | **Automotive Retail–0.06%** | **Automotive Retail–0.06%** | **Automotive Retail–0.06%** |
| AutoZone, Inc., | AutoZone, Inc., |  |  |
| 5.05%, 07/15/2026 |  | 182000 | &nbsp;&nbsp; 183234 |
| 5.20%, 08/01/2033 |  | 213000 | &nbsp;&nbsp; 212838 |
| O'Reilly Automotive, Inc., 5.00%, <br> 08/19/2034<br>|  | 1500000 | &nbsp;&nbsp; 1466735 |
|  |  |  | &nbsp;&nbsp; 1862807 |
| **Biotechnology–0.22%** | **Biotechnology–0.22%** | **Biotechnology–0.22%** | **Biotechnology–0.22%** |
| AbbVie, Inc., | AbbVie, Inc., |  |  |
| 4.80%, 03/15/2027 |  | 2263000 | &nbsp;&nbsp; 2292999 |
| 4.65%, 03/15/2028 |  | 100000 | &nbsp;&nbsp; 101506 |
| 4.80%, 03/15/2029 |  | 1336000 | &nbsp;&nbsp; 1362912 |
| 4.95%, 03/15/2031 |  | 300000 | &nbsp;&nbsp; 307099 |
| 5.05%, 03/15/2034 |  | 912000 | &nbsp;&nbsp; 919996 |
| 5.40%, 03/15/2054 |  | 577000 | &nbsp;&nbsp; 553420 |
| 5.50%, 03/15/2064 |  | 658000 | &nbsp;&nbsp; 633026 |
| Amgen, Inc., | Amgen, Inc., |  |  |
| 5.15%, 03/02/2028 |  | 199000 | &nbsp;&nbsp; 203446 |
| 5.25%, 03/02/2030 |  | 76000 | &nbsp;&nbsp; 78185 |
| Gilead Sciences, Inc., | Gilead Sciences, Inc., |  |  |
| 5.25%, 10/15/2033 |  | 163000 | &nbsp;&nbsp; 166484 |
| 5.55%, 10/15/2053 |  | 121000 | &nbsp;&nbsp; 118052 |
|  |  |  | &nbsp;&nbsp; 6737125 |
| **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; 110999 |
| **Broadcasting–0.04%** | **Broadcasting–0.04%** | **Broadcasting–0.04%** | **Broadcasting–0.04%** |
| Paramount Global, | Paramount Global, |  |  |
| 5.85%, 09/01/2043 |  | 779000 | &nbsp;&nbsp; 660898 |
| 4.95%, 05/19/2050 |  | 779000 | &nbsp;&nbsp; 574997 |
|  |  |  | &nbsp;&nbsp; 1235895 |

---

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** |
| **Broadline Retail–0.02%** | **Broadline Retail–0.02%** | **Broadline Retail–0.02%** | **Broadline Retail–0.02%** |
| Alibaba Group Holding Ltd. (China), | Alibaba Group Holding Ltd. (China), |  |  |
| 4.00%, 12/06/2037 |  | $400000 | &nbsp;&nbsp; $345688 |
| 4.20%, 12/06/2047 |  | 400000 | &nbsp;&nbsp; 314236 |
|  |  |  | &nbsp;&nbsp; 659924 |
| **Building Products–0.37%** | **Building Products–0.37%** | **Building Products–0.37%** | **Building Products–0.37%** |
| Carrier Global Corp., 5.90%, <br> 03/15/2034<br>|  | 130000 | &nbsp;&nbsp; 136947 |
| Holcim Finance US LLC (Switzerland), | Holcim Finance US LLC (Switzerland), |  |  |
| 4.60%, 04/07/2027<sup>(b)</sup> <br>|  | 1981000 | &nbsp;&nbsp; 1988456 |
| 4.70%, 04/07/2028<sup>(b)</sup> <br>|  | 2806000 | &nbsp;&nbsp; 2827674 |
| 4.95%, 04/07/2030<sup>(b)</sup> <br>|  | 1356000 | &nbsp;&nbsp; 1370559 |
| 5.40%, 04/07/2035<sup>(b)</sup> <br>|  | 4115000 | &nbsp;&nbsp; 4115254 |
| Owens Corning, 5.95%, <br> 06/15/2054<br>|  | 700000 | &nbsp;&nbsp; 691754 |
|  |  |  | &nbsp;&nbsp; 11130644 |
| **Cable & Satellite–0.05%** | **Cable & Satellite–0.05%** | **Cable & Satellite–0.05%** | **Cable & Satellite–0.05%** |
| 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; 427369 |
| 2.30%, 02/01/2032 |  | 200000 | &nbsp;&nbsp; 162665 |
| 6.65%, 02/01/2034 |  | 464000 | &nbsp;&nbsp; 480532 |
| Comcast Corp., | Comcast Corp., |  |  |
| 5.50%, 11/15/2032 |  | 89000 | &nbsp;&nbsp; 92581 |
| 4.80%, 05/15/2033 |  | 300000 | &nbsp;&nbsp; 296319 |
| Cox Communications, Inc., 5.70%, <br> 06/15/2033<sup>(b)</sup> <br>|  | 90000 | &nbsp;&nbsp; 90584 |
|  |  |  | &nbsp;&nbsp; 1550050 |
| **Cargo Ground Transportation–0.20%** | **Cargo Ground Transportation–0.20%** | **Cargo Ground Transportation–0.20%** | **Cargo Ground Transportation–0.20%** |
| 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>|  | 84000 | &nbsp;&nbsp; 84924 |
| 5.35%, 01/12/2027<sup>(b)</sup> <br>|  | 95000 | &nbsp;&nbsp; 96118 |
| 5.70%, 02/01/2028<sup>(b)</sup> <br>|  | 111000 | &nbsp;&nbsp; 113962 |
| 5.55%, 05/01/2028<sup>(b)</sup> <br>|  | 178000 | &nbsp;&nbsp; 182427 |
| 6.05%, 08/01/2028<sup>(b)</sup> <br>|  | 190000 | &nbsp;&nbsp; 197702 |
| 5.25%, 02/01/2030<sup>(b)</sup> <br>|  | 3705000 | &nbsp;&nbsp; 3768695 |
| Ryder System, Inc., | Ryder System, Inc., |  |  |
| 4.90%, 12/01/2029 |  | 1221000 | &nbsp;&nbsp; 1225139 |
| 6.60%, 12/01/2033 |  | 318000 | &nbsp;&nbsp; 343931 |
|  |  |  | &nbsp;&nbsp; 6012898 |
| **Casinos & Gaming–0.02%** | **Casinos & Gaming–0.02%** | **Casinos & Gaming–0.02%** | **Casinos & Gaming–0.02%** |
| Golub Capital Private Credit Fund, <br> 5.80%, 09/12/2029<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 196907 |
| Las Vegas Sands Corp., 3.50%, <br> 08/18/2026<br>|  | 110000 | &nbsp;&nbsp; 107626 |
| Sands China Ltd. (Macau), 5.40%, <br> 08/08/2028<br>|  | 400000 | &nbsp;&nbsp; 393815 |
|  |  |  | &nbsp;&nbsp; 698348 |
| **Commercial & Residential Mortgage Finance–0.07%** | **Commercial & Residential Mortgage Finance–0.07%** | **Commercial & Residential Mortgage Finance–0.07%** | **Commercial & Residential Mortgage Finance–0.07%** |
| Aviation Capital Group LLC, 6.75%, <br> 10/25/2028<sup>(b)</sup> <br>|  | 445000 | &nbsp;&nbsp; 471143 |
| Nationwide Building Society (United <br> Kingdom), 6.56%, <br> 10/18/2027<sup>(b)(c)</sup> <br>|  | 1031000 | &nbsp;&nbsp; 1059770 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Commercial & Residential Mortgage Finance–(continued)** | **Commercial & Residential Mortgage Finance–(continued)** | **Commercial & Residential Mortgage Finance–(continued)** | **Commercial & Residential Mortgage Finance–(continued)** |
| Radian Group, Inc., 6.20%, <br> 05/15/2029<br>|  | $640000 | &nbsp;&nbsp; $661109 |
|  |  |  | &nbsp;&nbsp; 2192022 |
| **Computer & Electronics Retail–0.01%** | **Computer & Electronics Retail–0.01%** | **Computer & Electronics Retail–0.01%** | **Computer & Electronics Retail–0.01%** |
| IBM International Capital Pte. Ltd., <br> 4.90%, 02/05/2034<br>|  | 110000 | &nbsp;&nbsp; 108179 |
| Leidos, Inc., 5.75%, 03/15/2033 |  | 117000 | &nbsp;&nbsp; 119960 |
|  |  |  | &nbsp;&nbsp; 228139 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.08%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.08%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.08%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.08%** |
| Caterpillar Financial Services Corp., <br> 5.15%, 08/11/2025<br>|  | 737000 | &nbsp;&nbsp; 738072 |
| Caterpillar, Inc., 2.60%, <br> 09/19/2029<br>|  | 500000 | &nbsp;&nbsp; 470263 |
| Komatsu Finance America, Inc., <br> 5.50%, 10/06/2027<sup>(b)</sup> <br>|  | 1038000 | &nbsp;&nbsp; 1065207 |
|  |  |  | &nbsp;&nbsp; 2273542 |
| **Consumer Finance–0.91%** | **Consumer Finance–0.91%** | **Consumer Finance–0.91%** | **Consumer Finance–0.91%** |
| American Express Co., | American Express Co., |  |  |
| 5.65%, 04/23/2027<sup>(c)</sup> <br>|  | 1431000 | &nbsp;&nbsp; 1446311 |
| 4.73%, 04/25/2029<sup>(c)</sup> <br>|  | 2784000 | &nbsp;&nbsp; 2810273 |
| 5.64% (SOFR + 1.26%), <br> 04/25/2029<sup>(d)</sup> <br>|  | 8585000 | &nbsp;&nbsp; 8630428 |
| 5.53%, 04/25/2030<sup>(c)</sup> <br>|  | 1289000 | &nbsp;&nbsp; 1333496 |
| 5.02%, 04/25/2031<sup>(c)</sup> <br>|  | 6159000 | &nbsp;&nbsp; 6260815 |
| 4.99%, 05/26/2033<sup>(c)</sup> <br>|  | 220000 | &nbsp;&nbsp; 215326 |
| 5.44%, 01/30/2036<sup>(c)</sup> <br>|  | 2331000 | &nbsp;&nbsp; 2353666 |
| 5.67%, 04/25/2036<sup>(c)</sup> <br>|  | 4120000 | &nbsp;&nbsp; 4230691 |
| General Motors Financial Co., Inc., <br> 5.40%, 04/06/2026<br>|  | 64000 | &nbsp;&nbsp; 64147 |
|  |  |  | &nbsp;&nbsp; 27345153 |
| **Consumer Staples Merchandise Retail–0.35%** | **Consumer Staples Merchandise Retail–0.35%** | **Consumer Staples Merchandise Retail–0.35%** | **Consumer Staples Merchandise Retail–0.35%** |
| Dollar General Corp., 5.50%, <br> 11/01/2052<br>|  | 70000 | &nbsp;&nbsp; 62781 |
| Target Corp., | Target Corp., |  |  |
| 4.50%, 09/15/2032 |  | 97000 | &nbsp;&nbsp; 95642 |
| 5.00%, 04/15/2035 |  | 1545000 | &nbsp;&nbsp; 1529372 |
| Walmart, Inc., | Walmart, Inc., |  |  |
| 3.25%, 07/08/2029 |  | 880000 | &nbsp;&nbsp; 858139 |
| 4.35%, 04/28/2030 |  | 2336000 | &nbsp;&nbsp; 2364451 |
| 4.90%, 04/28/2035 |  | 5231000 | &nbsp;&nbsp; 5300786 |
| 4.50%, 09/09/2052 |  | 37000 | &nbsp;&nbsp; 32222 |
| 4.50%, 04/15/2053 |  | 290000 | &nbsp;&nbsp; 253019 |
|  |  |  | &nbsp;&nbsp; 10496412 |
| **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>|  | 59000 | &nbsp;&nbsp; 58809 |
| Constellation Brands, Inc., | Constellation Brands, Inc., |  |  |
| 4.80%, 05/01/2030 |  | 812000 | &nbsp;&nbsp; 813729 |
| 4.90%, 05/01/2033 |  | 57000 | &nbsp;&nbsp; 55657 |
| Diageo Capital PLC (United <br> Kingdom), 5.50%, <br> 01/24/2033<br>|  | 200000 | &nbsp;&nbsp; 205924 |
|  |  |  | &nbsp;&nbsp; 1134119 |

---

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** |
| **Distributors–0.10%** | **Distributors–0.10%** | **Distributors–0.10%** | **Distributors–0.10%** |
| Genuine Parts Co., | Genuine Parts Co., |  |  |
| 6.50%, 11/01/2028 |  | $223000 | &nbsp;&nbsp; $236149 |
| 4.95%, 08/15/2029 |  | 2270000 | &nbsp;&nbsp; 2282671 |
| 6.88%, 11/01/2033 |  | 457000 | &nbsp;&nbsp; 503765 |
|  |  |  | &nbsp;&nbsp; 3022585 |
| **Diversified Banks–9.00%** | **Diversified Banks–9.00%** | **Diversified Banks–9.00%** | **Diversified Banks–9.00%** |
| Africa Finance Corp. <br> (Supranational), 7.50%<sup>(b)(c)(e)</sup> <br>|  | 5890000 | &nbsp;&nbsp; 5761598 |
| Australia and New Zealand Banking <br> Group Ltd. (Australia), 5.20%, <br> 09/30/2035<sup>(b)(c)</sup> <br>|  | 5512000 | &nbsp;&nbsp; 5318472 |
| Banco Santander S.A. (Spain), | Banco Santander S.A. (Spain), |  |  |
| 3.80%, 02/23/2028 |  | 200000 | &nbsp;&nbsp; 195507 |
| 5.55%, 03/14/2028<sup>(c)</sup> <br>|  | 1200000 | &nbsp;&nbsp; 1218811 |
| 4.18%, 03/24/2028<sup>(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 396832 |
| Bank of America Corp., | Bank of America Corp., |  |  |
| 3.82%, 01/20/2028<sup>(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 395599 |
| 4.95%, 07/22/2028<sup>(c)</sup> <br>|  | 51000 | &nbsp;&nbsp; 51553 |
| 5.21% (SOFR + 0.83%), <br> 01/24/2029<sup>(d)</sup> <br>|  | 1947000 | &nbsp;&nbsp; 1932236 |
| 5.20%, 04/25/2029<sup>(c)</sup> <br>|  | 272000 | &nbsp;&nbsp; 277906 |
| 5.82%, 09/15/2029<sup>(c)</sup> <br>|  | 406000 | &nbsp;&nbsp; 422997 |
| 5.16%, 01/24/2031<sup>(c)</sup> <br>|  | 1064000 | &nbsp;&nbsp; 1084162 |
| 5.39% (SOFR + 1.01%), <br> 01/24/2031<sup>(d)</sup> <br>|  | 1727000 | &nbsp;&nbsp; 1708409 |
| 5.43%, 08/15/2035<sup>(c)</sup> <br>|  | 1928000 | &nbsp;&nbsp; 1887787 |
| 5.52%, 10/25/2035<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 196238 |
| 5.51%, 01/24/2036<sup>(c)</sup> <br>|  | 5261000 | &nbsp;&nbsp; 5334580 |
| 3.85%, 03/08/2037<sup>(c)</sup> <br>|  | 220000 | &nbsp;&nbsp; 196243 |
| 6.63%<sup>(c)(e)</sup> <br>|  | 3981000 | &nbsp;&nbsp; 3992786 |
| Bank of Montreal (Canada), | Bank of Montreal (Canada), |  |  |
| 5.30%, 06/05/2026 |  | 136000 | &nbsp;&nbsp; 137330 |
| 7.70%, 05/26/2084<sup>(c)</sup> <br>|  | 1288000 | &nbsp;&nbsp; 1314287 |
| 7.30%, 11/26/2084<sup>(c)</sup> <br>|  | 1178000 | &nbsp;&nbsp; 1160596 |
| Bank of New York Mellon (The), | Bank of New York Mellon (The), |  |  |
| 4.59%, 04/20/2027<sup>(c)</sup> <br>|  | 2226000 | &nbsp;&nbsp; 2234567 |
| 5.09% (SOFR + 0.71%), <br> 04/20/2027<sup>(d)</sup> <br>|  | 3053000 | &nbsp;&nbsp; 3059983 |
| 4.73%, 04/20/2029<sup>(c)</sup> <br>|  | 1556000 | &nbsp;&nbsp; 1578314 |
| Bank of New Zealand (New <br> Zealand), 5.70%, <br> 01/28/2035<sup>(b)(c)</sup> <br>|  | 1568000 | &nbsp;&nbsp; 1591873 |
| Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |  |  |
| 8.63%, 10/27/2082<sup>(c)</sup> <br>|  | 1108000 | &nbsp;&nbsp; 1148264 |
| 8.00%, 01/27/2084<sup>(c)</sup> <br>|  | 1256000 | &nbsp;&nbsp; 1288289 |
| Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |  |  |
| 5.83%, 05/09/2027<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202111 |
| 6.50%, 09/13/2027<sup>(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 409115 |
| 5.37%, 02/25/2031<sup>(c)</sup> <br>|  | 1273000 | &nbsp;&nbsp; 1290477 |
| 7.44%, 11/02/2033<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 223268 |
| BBVA Mexico, S.A., Institucion de <br> Banca Multiple, Grupo <br> Financiero BBVA Mexico <br> (Mexico), 8.13%, <br> 01/08/2039<sup>(b)(c)</sup> <br>|  | 458000 | &nbsp;&nbsp; 467101 |
| BNP Paribas S.A. (France), | BNP Paribas S.A. (France), |  |  |
| 4.79%, 05/09/2029<sup>(b)(c)</sup> <br>|  | 2248000 | &nbsp;&nbsp; 2247236 |
| 5.84% (SOFR + 1.43%), <br> 05/09/2029<sup>(b)(d)</sup> <br>|  | 7499000 | &nbsp;&nbsp; 7501550 |
| 5.09%, 05/09/2031<sup>(b)(c)</sup> <br>|  | 7146000 | &nbsp;&nbsp; 7139141 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| BPCE S.A. (France), | BPCE S.A. (France), |  |  |
| 6.29%, 01/14/2036<sup>(b)(c)</sup> <br>|  | $1935000 | &nbsp;&nbsp; $2005348 |
| 6.92%, 01/14/2046<sup>(b)(c)</sup> <br>|  | 1507000 | &nbsp;&nbsp; 1533797 |
| Canadian Imperial Bank of <br> Commerce (Canada), 6.95%, <br> 01/28/2085<sup>(c)</sup> <br>|  | 2792000 | &nbsp;&nbsp; 2699051 |
| Citibank N.A., 4.93%, <br> 08/06/2026<br>|  | 1450000 | &nbsp;&nbsp; 1461610 |
| Citigroup, Inc., | Citigroup, Inc., |  |  |
| 5.17%, 02/13/2030<sup>(c)</sup> <br>|  | 407000 | &nbsp;&nbsp; 413088 |
| 4.54%, 09/19/2030<sup>(c)</sup> <br>|  | 2723000 | &nbsp;&nbsp; 2696086 |
| 4.41%, 03/31/2031<sup>(c)</sup> <br>|  | 300000 | &nbsp;&nbsp; 294631 |
| 6.17%, 05/25/2034<sup>(c)</sup> <br>|  | 362000 | &nbsp;&nbsp; 370648 |
| 5.83%, 02/13/2035<sup>(c)</sup> <br>|  | 1111000 | &nbsp;&nbsp; 1104835 |
| 5.41%, 09/19/2039<sup>(c)</sup> <br>|  | 2442000 | &nbsp;&nbsp; 2331800 |
| 5.61%, 03/04/2056<sup>(c)</sup> <br>|  | 5579000 | &nbsp;&nbsp; 5335291 |
| Series AA, 7.63%<sup>(c)(e)</sup> <br>|  | 4516000 | &nbsp;&nbsp; 4648459 |
| Series Z, 7.38%<sup>(c)(e)</sup> <br>|  | 4401000 | &nbsp;&nbsp; 4466751 |
| Comerica, Inc., 5.98%, <br> 01/30/2030<sup>(c)</sup> <br>|  | 175000 | &nbsp;&nbsp; 177223 |
| Cooperatieve Rabobank U.A. <br> (Netherlands), | Cooperatieve Rabobank U.A. <br> (Netherlands), |  |  |
| 4.33%, 08/28/2026 |  | 4357000 | &nbsp;&nbsp; 4367983 |
| 5.25%, 05/24/2041 |  | 400000 | &nbsp;&nbsp; 389649 |
| Fifth Third Bancorp, | Fifth Third Bancorp, |  |  |
| 1.71%, 11/01/2027<sup>(c)</sup> <br>|  | 79000 | &nbsp;&nbsp; 75601 |
| 6.34%, 07/27/2029<sup>(c)</sup> <br>|  | 43000 | &nbsp;&nbsp; 45103 |
| 4.77%, 07/28/2030<sup>(c)</sup> <br>|  | 135000 | &nbsp;&nbsp; 134602 |
| 4.90%, 09/06/2030<sup>(c)</sup> <br>|  | 300000 | &nbsp;&nbsp; 299378 |
| 5.63%, 01/29/2032<sup>(c)</sup> <br>|  | 134000 | &nbsp;&nbsp; 137318 |
| Goldman Sachs Bank USA, 5.28%, <br> 03/18/2027<sup>(c)</sup> <br>|  | 3446000 | &nbsp;&nbsp; 3469632 |
| HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |  |
| 5.89%, 08/14/2027<sup>(c)</sup> <br>|  | 1373000 | &nbsp;&nbsp; 1394893 |
| 5.60%, 05/17/2028<sup>(c)</sup> <br>|  | 1151000 | &nbsp;&nbsp; 1170978 |
| 5.21%, 08/11/2028<sup>(c)</sup> <br>|  | 830000 | &nbsp;&nbsp; 840444 |
| 5.40% (SOFR + 1.04%), <br> 11/19/2028<sup>(d)</sup> <br>|  | 3985000 | &nbsp;&nbsp; 3968805 |
| 5.55%, 03/04/2030<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205059 |
| 5.29%, 11/19/2030<sup>(c)</sup> <br>|  | 2514000 | &nbsp;&nbsp; 2552797 |
| 5.65% (SOFR + 1.29%), <br> 11/19/2030<sup>(d)</sup> <br>|  | 4516000 | &nbsp;&nbsp; 4510932 |
| 5.13%, 03/03/2031<sup>(c)</sup> <br>|  | 2024000 | &nbsp;&nbsp; 2040737 |
| 2.36%, 08/18/2031<sup>(c)</sup> <br>|  | 300000 | &nbsp;&nbsp; 263519 |
| 7.40%, 11/13/2034<sup>(c)</sup> <br>|  | 1025000 | &nbsp;&nbsp; 1127128 |
| 6.33%, 03/09/2044<sup>(c)</sup> <br>|  | 1241000 | &nbsp;&nbsp; 1303340 |
| 6.88%<sup>(c)(e)</sup> <br>|  | 1120000 | &nbsp;&nbsp; 1113523 |
| 6.95%<sup>(c)(e)</sup> <br>|  | 1204000 | &nbsp;&nbsp; 1176869 |
| ING Groep N.V. (Netherlands), <br> 5.34%, 03/19/2030<sup>(c)</sup> <br>|  | 1191000 | &nbsp;&nbsp; 1216516 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| 4.25%, 10/01/2027 |  | 110000 | &nbsp;&nbsp; 110427 |
| 3.63%, 12/01/2027 |  | 110000 | &nbsp;&nbsp; 108346 |
| 5.57%, 04/22/2028<sup>(c)</sup> <br>|  | 1021000 | &nbsp;&nbsp; 1044420 |
| 4.85%, 07/25/2028<sup>(c)</sup> <br>|  | 70000 | &nbsp;&nbsp; 70766 |
| 4.92%, 01/24/2029<sup>(c)</sup> <br>|  | 953000 | &nbsp;&nbsp; 966677 |
| 5.18% (SOFR + 0.80%), <br> 01/24/2029<sup>(d)</sup> <br>|  | 3049000 | &nbsp;&nbsp; 3047513 |
| 5.30%, 07/24/2029<sup>(c)</sup> <br>|  | 269000 | &nbsp;&nbsp; 275726 |
| 6.09%, 10/23/2029<sup>(c)</sup> <br>|  | 367000 | &nbsp;&nbsp; 385842 |
| 5.01%, 01/23/2030<sup>(c)</sup> <br>|  | 226000 | &nbsp;&nbsp; 229842 |

---

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)** |
| 5.58%, 04/22/2030<sup>(c)</sup> <br>|  | $816000 | &nbsp;&nbsp; $845831 |
| 5.00%, 07/22/2030<sup>(c)</sup> <br>|  | 1601000 | &nbsp;&nbsp; 1624717 |
| 4.60%, 10/22/2030<sup>(c)</sup> <br>|  | 2703000 | &nbsp;&nbsp; 2702149 |
| 5.14%, 01/24/2031<sup>(c)</sup> <br>|  | 2206000 | &nbsp;&nbsp; 2253572 |
| 5.10%, 04/22/2031<sup>(c)</sup> <br>|  | 3317000 | &nbsp;&nbsp; 3377924 |
| 2.55%, 11/08/2032<sup>(c)</sup> <br>|  | 220000 | &nbsp;&nbsp; 191926 |
| 4.59%, 04/26/2033<sup>(c)</sup> <br>|  | 43000 | &nbsp;&nbsp; 42034 |
| 5.72%, 09/14/2033<sup>(c)</sup> <br>|  | 119000 | &nbsp;&nbsp; 122790 |
| 5.34%, 01/23/2035<sup>(c)</sup> <br>|  | 211000 | &nbsp;&nbsp; 212845 |
| 5.50%, 01/24/2036<sup>(c)</sup> <br>|  | 2443000 | &nbsp;&nbsp; 2486601 |
| 5.57%, 04/22/2036<sup>(c)</sup> <br>|  | 3058000 | &nbsp;&nbsp; 3128995 |
| 5.53%, 11/29/2045<sup>(c)</sup> <br>|  | 3491000 | &nbsp;&nbsp; 3440569 |
| Series NN, 6.88%<sup>(c)(e)</sup> <br>|  | 583000 | &nbsp;&nbsp; 602003 |
| Series OO, 6.50%<sup>(c)(e)</sup> <br>|  | 8415000 | &nbsp;&nbsp; 8429758 |
| KeyBank N.A., | KeyBank N.A., |  |  |
| 3.30%, 06/01/2025 |  | 689000 | &nbsp;&nbsp; 687877 |
| 4.15%, 08/08/2025 |  | 629000 | &nbsp;&nbsp; 627818 |
| 5.85%, 11/15/2027 |  | 936000 | &nbsp;&nbsp; 961433 |
| Lloyds Banking Group PLC (United <br> Kingdom), 4.98%, <br> 08/11/2033<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 196452 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan), | Mitsubishi UFJ Financial Group, Inc. <br> (Japan), |  |  |
| 5.02%, 07/20/2028<sup>(c)</sup> <br>|  | 899000 | &nbsp;&nbsp; 909492 |
| 5.26%, 04/17/2030<sup>(c)</sup> <br>|  | 1241000 | &nbsp;&nbsp; 1268557 |
| 5.16%, 04/24/2031<sup>(c)</sup> <br>|  | 2737000 | &nbsp;&nbsp; 2787953 |
| 5.86% (SOFR + 1.48%), <br> 04/24/2031<sup>(d)</sup> <br>|  | 1802000 | &nbsp;&nbsp; 1822835 |
| 5.41%, 04/19/2034<sup>(c)</sup> <br>|  | 916000 | &nbsp;&nbsp; 933131 |
| 5.43%, 04/17/2035<sup>(c)</sup> <br>|  | 1218000 | &nbsp;&nbsp; 1228714 |
| 5.57%, 01/16/2036<sup>(c)</sup> <br>|  | 2634000 | &nbsp;&nbsp; 2685798 |
| 5.62%, 04/24/2036<sup>(c)</sup> <br>|  | 6609000 | &nbsp;&nbsp; 6756187 |
| 8.20%<sup>(c)(e)</sup> <br>|  | 4274000 | &nbsp;&nbsp; 4568551 |
| Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |  |  |
| 4.02%, 03/05/2028 |  | 400000 | &nbsp;&nbsp; 396622 |
| 5.78%, 07/06/2029<sup>(c)</sup> <br>|  | 781000 | &nbsp;&nbsp; 808984 |
| 5.38%, 05/26/2030<sup>(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 409672 |
| 5.38%, 07/10/2030<sup>(c)</sup> <br>|  | 1200000 | &nbsp;&nbsp; 1227789 |
| 5.59%, 07/10/2035<sup>(c)</sup> <br>|  | 1295000 | &nbsp;&nbsp; 1318086 |
| Morgan Stanley Bank N.A., | Morgan Stanley Bank N.A., |  |  |
| 4.75%, 04/21/2026 |  | 1090000 | &nbsp;&nbsp; 1094118 |
| 5.88%, 10/30/2026 |  | 1649000 | &nbsp;&nbsp; 1689071 |
| 4.45%, 10/15/2027<sup>(c)</sup> <br>|  | 3656000 | &nbsp;&nbsp; 3660964 |
| 4.95%, 01/14/2028<sup>(c)</sup> <br>|  | 1609000 | &nbsp;&nbsp; 1622496 |
| 5.02%, 01/12/2029<sup>(c)</sup> <br>|  | 1609000 | &nbsp;&nbsp; 1633538 |
| 5.28% (SOFR + 0.90%), <br> 01/12/2029<sup>(d)</sup> <br>|  | 2410000 | &nbsp;&nbsp; 2400615 |
| National Australia Bank Ltd. <br> (Australia), 5.90%, <br> 01/14/2036<sup>(b)(c)</sup> <br>|  | 4075000 | &nbsp;&nbsp; 4120204 |
| National Securities Clearing Corp., | National Securities Clearing Corp., |  |  |
| 5.10%, 11/21/2027<sup>(b)</sup> <br>|  | 1596000 | &nbsp;&nbsp; 1636151 |
| 5.00%, 05/30/2028<sup>(b)</sup> <br>|  | 1178000 | &nbsp;&nbsp; 1204385 |
| Nordea Bank Abp (Finland), <br> 6.30%<sup>(b)(c)(e)</sup> <br>|  | 1224000 | &nbsp;&nbsp; 1169077 |
| Norinchukin Bank (The) (Japan), <br> 5.09%, 10/16/2029<sup>(b)</sup> <br>|  | 1163000 | &nbsp;&nbsp; 1173316 |
| PNC Bank N.A., 4.78%, <br> 01/15/2027<sup>(c)</sup> <br>|  | 4153000 | &nbsp;&nbsp; 4156067 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| PNC Financial Services Group, Inc. <br> (The), | PNC Financial Services Group, Inc. <br> (The), |  |  |
| 6.62%, 10/20/2027<sup>(c)</sup> <br>|  | $494000 | &nbsp;&nbsp; $508919 |
| 5.58%, 06/12/2029<sup>(c)</sup> <br>|  | 298000 | &nbsp;&nbsp; 307310 |
| 5.07%, 01/24/2034<sup>(c)</sup> <br>|  | 110000 | &nbsp;&nbsp; 108820 |
| Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), |  |  |
| 1.15%, 07/14/2026 |  | 100000 | &nbsp;&nbsp; 96524 |
| 4.95%, 02/01/2029 |  | 175000 | &nbsp;&nbsp; 178676 |
| 5.00%, 02/01/2033 |  | 139000 | &nbsp;&nbsp; 139700 |
| 7.50%, 05/02/2084<sup>(c)</sup> <br>|  | 1194000 | &nbsp;&nbsp; 1229490 |
| Standard Chartered PLC (United <br> Kingdom), | Standard Chartered PLC (United <br> Kingdom), |  |  |
| 6.19%, 07/06/2027<sup>(b)(c)</sup> <br>|  | 988000 | &nbsp;&nbsp; 1003904 |
| 6.75%, 02/08/2028<sup>(b)(c)</sup> <br>|  | 983000 | &nbsp;&nbsp; 1016428 |
| 7.02%, 02/08/2030<sup>(b)(c)</sup> <br>|  | 985000 | &nbsp;&nbsp; 1058232 |
| 5.01%, 10/15/2030<sup>(b)(c)</sup> <br>|  | 1364000 | &nbsp;&nbsp; 1370851 |
| 2.68%, 06/29/2032<sup>(b)(c)</sup> <br>|  | 1468000 | &nbsp;&nbsp; 1273020 |
| Sumitomo Mitsui Financial Group, <br> Inc. (Japan), 6.60%<sup>(c)(e)</sup> <br>|  | 3395000 | &nbsp;&nbsp; 3319445 |
| Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), | Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), |  |  |
| 5.65%, 03/09/2026<sup>(b)</sup> <br>|  | 957000 | &nbsp;&nbsp; 967734 |
| 5.65%, 09/14/2026<sup>(b)</sup> <br>|  | 1050000 | &nbsp;&nbsp; 1069318 |
| 5.20%, 03/07/2027<sup>(b)</sup> <br>|  | 1134000 | &nbsp;&nbsp; 1152854 |
| 5.55%, 09/14/2028<sup>(b)</sup> <br>|  | 1038000 | &nbsp;&nbsp; 1074910 |
| 5.20%, 03/07/2029<sup>(b)</sup> <br>|  | 1295000 | &nbsp;&nbsp; 1332080 |
| 5.35%, 03/07/2034<sup>(b)</sup> <br>|  | 1223000 | &nbsp;&nbsp; 1246163 |
| Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |  |  |
| 4.78%, 12/17/2029 |  | 3257000 | &nbsp;&nbsp; 3289170 |
| 2.45%, 01/12/2032 |  | 200000 | &nbsp;&nbsp; 172512 |
| 8.13%, 10/31/2082<sup>(c)</sup> <br>|  | 1101000 | &nbsp;&nbsp; 1140730 |
| 7.25%, 07/31/2084<sup>(c)</sup> <br>|  | 1202000 | &nbsp;&nbsp; 1197081 |
| Truist Bank, 2.25%, 03/11/2030 |  | 250000 | &nbsp;&nbsp; 220263 |
| U.S. Bancorp, | U.S. Bancorp, |  |  |
| 5.78%, 06/12/2029<sup>(c)</sup> <br>|  | 110000 | &nbsp;&nbsp; 113812 |
| 4.97%, 07/22/2033<sup>(c)</sup> <br>|  | 110000 | &nbsp;&nbsp; 106415 |
| UBS AG (Switzerland), 5.65%, <br> 09/11/2028<br>|  | 951000 | &nbsp;&nbsp; 988792 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| 4.10%, 06/03/2026 |  | 400000 | &nbsp;&nbsp; 398723 |
| 5.16% (SOFR + 0.78%), <br> 01/24/2028<sup>(d)</sup> <br>|  | 3413000 | &nbsp;&nbsp; 3397220 |
| 5.71%, 04/22/2028<sup>(c)</sup> <br>|  | 678000 | &nbsp;&nbsp; 693286 |
| 4.15%, 01/24/2029 |  | 330000 | &nbsp;&nbsp; 326835 |
| 5.75% (SOFR + 1.37%), <br> 04/23/2029<sup>(d)</sup> <br>|  | 3631000 | &nbsp;&nbsp; 3656467 |
| 5.57%, 07/25/2029<sup>(c)</sup> <br>|  | 187000 | &nbsp;&nbsp; 192436 |
| 6.30%, 10/23/2029<sup>(c)</sup> <br>|  | 252000 | &nbsp;&nbsp; 266016 |
| 5.20%, 01/23/2030<sup>(c)</sup> <br>|  | 299000 | &nbsp;&nbsp; 305082 |
| 5.15%, 04/23/2031<sup>(c)</sup> <br>|  | 5936000 | &nbsp;&nbsp; 6029441 |
| 5.39%, 04/24/2034<sup>(c)</sup> <br>|  | 108000 | &nbsp;&nbsp; 108476 |
| 5.56%, 07/25/2034<sup>(c)</sup> <br>|  | 487000 | &nbsp;&nbsp; 493807 |
| 5.50%, 01/23/2035<sup>(c)</sup> <br>|  | 434000 | &nbsp;&nbsp; 437490 |
| 5.61%, 04/23/2036<sup>(c)</sup> <br>|  | 7954000 | &nbsp;&nbsp; 8079817 |
| 3.07%, 04/30/2041<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 147246 |
| 4.61%, 04/25/2053<sup>(c)</sup> <br>|  | 56000 | &nbsp;&nbsp; 46413 |
| 6.85%<sup>(c)(e)</sup> <br>|  | 937000 | &nbsp;&nbsp; 949563 |
| 7.63%<sup>(c)(e)</sup> <br>|  | 184000 | &nbsp;&nbsp; 194160 |
| Series W, 4.90%, <br> 01/24/2028<sup>(c)</sup> <br>|  | 1517000 | &nbsp;&nbsp; 1527569 |

---

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)** |
| Westpac Banking Corp. (Australia), | Westpac Banking Corp. (Australia), |  |  |
| 6.82%, 11/17/2033 |  | $812000 | &nbsp;&nbsp; $883965 |
| 5.62%, 11/20/2035<sup>(c)</sup> <br>|  | 1906000 | &nbsp;&nbsp; 1890264 |
|  |  |  | &nbsp;&nbsp; 271273297 |
| **Diversified Capital Markets–0.46%** | **Diversified Capital Markets–0.46%** | **Diversified Capital Markets–0.46%** | **Diversified Capital Markets–0.46%** |
| Ares Strategic Income Fund, <br> 5.70%, 03/15/2028<sup>(b)</sup> <br>|  | 2800000 | &nbsp;&nbsp; 2795744 |
| Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |  |  |
| 5.37%, 01/10/2029<sup>(c)</sup> <br>|  | 2937000 | &nbsp;&nbsp; 2976920 |
| 6.82%, 11/20/2029<sup>(c)</sup> <br>|  | 150000 | &nbsp;&nbsp; 159417 |
| UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |  |  |
| 5.71%, 01/12/2027<sup>(b)(c)</sup> <br>|  | 826000 | &nbsp;&nbsp; 831524 |
| 4.75%, 05/12/2028<sup>(b)(c)</sup> <br>|  | 956000 | &nbsp;&nbsp; 958553 |
| 5.43%, 02/08/2030<sup>(b)(c)</sup> <br>|  | 949000 | &nbsp;&nbsp; 972176 |
| 7.13%<sup>(b)(c)(e)</sup> <br>|  | 2520000 | &nbsp;&nbsp; 2416384 |
| Series 28, 9.25%<sup>(b)(c)(e)</sup> <br>|  | 1198000 | &nbsp;&nbsp; 1297424 |
| Series 33, 9.25%<sup>(b)(c)(e)</sup> <br>|  | 1192000 | &nbsp;&nbsp; 1335386 |
|  |  |  | &nbsp;&nbsp; 13743528 |
| **Diversified Financial Services–1.28%** | **Diversified Financial Services–1.28%** | **Diversified Financial Services–1.28%** | **Diversified Financial Services–1.28%** |
| 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 |  | 697000 | &nbsp;&nbsp; 704845 |
| 6.50%, 01/31/2056<sup>(c)</sup> <br>|  | 2528000 | &nbsp;&nbsp; 2461244 |
| Apollo Global Management, Inc., <br> 6.38%, 11/15/2033<br>|  | 451000 | &nbsp;&nbsp; 488248 |
| Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |  |  |
| 4.95%, 01/15/2028<sup>(b)</sup> <br>|  | 2264000 | &nbsp;&nbsp; 2253674 |
| 6.38%, 05/04/2028<sup>(b)</sup> <br>|  | 211000 | &nbsp;&nbsp; 217651 |
| BlackRock Funding, Inc., | BlackRock Funding, Inc., |  |  |
| 4.70%, 03/14/2029 |  | 110000 | &nbsp;&nbsp; 112444 |
| 4.90%, 01/08/2035 |  | 578000 | &nbsp;&nbsp; 579448 |
| 5.35%, 01/08/2055 |  | 100000 | &nbsp;&nbsp; 96460 |
| Citadel Finance LLC, 5.90%, <br> 02/10/2030<sup>(b)</sup> <br>|  | 2265000 | &nbsp;&nbsp; 2250248 |
| Corebridge Financial, Inc., | Corebridge Financial, Inc., |  |  |
| 6.05%, 09/15/2033 |  | 373000 | &nbsp;&nbsp; 388522 |
| 5.75%, 01/15/2034 |  | 589000 | &nbsp;&nbsp; 600862 |
| Goldman Sachs Private Credit Corp., | Goldman Sachs Private Credit Corp., |  |  |
| 5.88%, 05/06/2028<sup>(b)</sup> <br>|  | 719000 | &nbsp;&nbsp; 720837 |
| 6.25%, 05/06/2030<sup>(b)</sup> <br>|  | 719000 | &nbsp;&nbsp; 719555 |
| Horizon Mutual Holdings, Inc., <br> 6.20%, 11/15/2034<sup>(b)</sup> <br>|  | 13628000 | &nbsp;&nbsp; 13348228 |
| LPL Holdings, Inc., | LPL Holdings, Inc., |  |  |
| 5.70%, 05/20/2027 |  | 1056000 | &nbsp;&nbsp; 1076706 |
| 5.20%, 03/15/2030 |  | 3310000 | &nbsp;&nbsp; 3343171 |
| 5.15%, 06/15/2030 |  | 2587000 | &nbsp;&nbsp; 2596469 |
| 5.65%, 03/15/2035 |  | 4279000 | &nbsp;&nbsp; 4234735 |
| 5.75%, 06/15/2035 |  | 2382000 | &nbsp;&nbsp; 2370426 |
|  |  |  | &nbsp;&nbsp; 38563773 |
| **Diversified Metals & Mining–0.84%** | **Diversified Metals & Mining–0.84%** | **Diversified Metals & Mining–0.84%** | **Diversified Metals & Mining–0.84%** |
| BHP Billiton Finance (USA) Ltd. <br> (Australia), | BHP Billiton Finance (USA) Ltd. <br> (Australia), |  |  |
| 5.10%, 09/08/2028 |  | 483000 | &nbsp;&nbsp; 495634 |
| 5.25%, 09/08/2030 |  | 322000 | &nbsp;&nbsp; 332516 |
| 5.25%, 09/08/2033 |  | 977000 | &nbsp;&nbsp; 988445 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Metals & Mining–(continued)** | **Diversified Metals & Mining–(continued)** | **Diversified Metals & Mining–(continued)** | **Diversified Metals & Mining–(continued)** |
| Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |  |  |
| 4.91%, 04/01/2028<sup>(b)</sup> <br>|  | $3620000 | &nbsp;&nbsp; $3657361 |
| 5.37%, 04/04/2029<sup>(b)</sup> <br>|  | 469000 | &nbsp;&nbsp; 478333 |
| 5.19%, 04/01/2030<sup>(b)</sup> <br>|  | 2496000 | &nbsp;&nbsp; 2528060 |
| 5.63%, 04/04/2034<sup>(b)</sup> <br>|  | 457000 | &nbsp;&nbsp; 457273 |
| 5.67%, 04/01/2035<sup>(b)</sup> <br>|  | 3138000 | &nbsp;&nbsp; 3131727 |
| 5.89%, 04/04/2054<sup>(b)</sup> <br>|  | 350000 | &nbsp;&nbsp; 330486 |
| 6.14%, 04/01/2055<sup>(b)</sup> <br>|  | 1217000 | &nbsp;&nbsp; 1180541 |
| Rio Tinto Alcan, Inc. (Canada), <br> 6.13%, 12/15/2033<br>|  | 400000 | &nbsp;&nbsp; 429832 |
| Rio Tinto Finance (USA) PLC (Australia), | Rio Tinto Finance (USA) PLC (Australia), |  |  |
| 4.38%, 03/12/2027 |  | 1748000 | &nbsp;&nbsp; 1757629 |
| 4.50%, 03/14/2028 |  | 393000 | &nbsp;&nbsp; 396446 |
| 4.88%, 03/14/2030 |  | 2300000 | &nbsp;&nbsp; 2335773 |
| 5.00%, 03/14/2032 |  | 1502000 | &nbsp;&nbsp; 1513089 |
| 5.25%, 03/14/2035 |  | 2097000 | &nbsp;&nbsp; 2106037 |
| 5.75%, 03/14/2055 |  | 2239000 | &nbsp;&nbsp; 2211501 |
| 5.88%, 03/14/2065 |  | 1097000 | &nbsp;&nbsp; 1084654 |
|  |  |  | &nbsp;&nbsp; 25415337 |
| **Diversified REITs–0.01%** | **Diversified REITs–0.01%** | **Diversified REITs–0.01%** | **Diversified REITs–0.01%** |
| VICI Properties L.P., | VICI Properties L.P., |  |  |
| 5.75%, 04/01/2034 |  | 208000 | &nbsp;&nbsp; 209310 |
| 6.13%, 04/01/2054 |  | 211000 | &nbsp;&nbsp; 202336 |
|  |  |  | &nbsp;&nbsp; 411646 |
| **Diversified Support Services–0.12%** | **Diversified Support Services–0.12%** | **Diversified Support Services–0.12%** | **Diversified Support Services–0.12%** |
| Element Fleet Management Corp. <br> (Canada), | Element Fleet Management Corp. <br> (Canada), |  |  |
| 6.32%, 12/04/2028<sup>(b)</sup> <br>|  | 273000 | &nbsp;&nbsp; 287276 |
| 5.04%, 03/25/2030<sup>(b)</sup> <br>|  | 3325000 | &nbsp;&nbsp; 3310996 |
|  |  |  | &nbsp;&nbsp; 3598272 |
| **Electric Utilities–2.79%** | **Electric Utilities–2.79%** | **Electric Utilities–2.79%** | **Electric Utilities–2.79%** |
| Alabama Power Co., | Alabama Power Co., |  |  |
| 5.85%, 11/15/2033 |  | 131000 | &nbsp;&nbsp; 139378 |
| 5.10%, 04/02/2035 |  | 898000 | &nbsp;&nbsp; 901911 |
| American Electric Power Co., Inc., | American Electric Power Co., Inc., |  |  |
| 5.75%, 11/01/2027 |  | 85000 | &nbsp;&nbsp; 87709 |
| 5.20%, 01/15/2029 |  | 341000 | &nbsp;&nbsp; 348066 |
| CenterPoint Energy Houston <br> Electric LLC, | CenterPoint Energy Houston <br> Electric LLC, |  |  |
| 4.80%, 03/15/2030 |  | 1842000 | &nbsp;&nbsp; 1873602 |
| 5.05%, 03/01/2035 |  | 778000 | &nbsp;&nbsp; 772704 |
| Commonwealth Edison Co., <br> 3.70%, 08/15/2028<br>|  | 400000 | &nbsp;&nbsp; 394913 |
| Connecticut Light and Power Co. (The), | Connecticut Light and Power Co. (The), |  |  |
| 4.95%, 08/15/2034 |  | 279000 | &nbsp;&nbsp; 275445 |
| 5.25%, 01/15/2053 |  | 80000 | &nbsp;&nbsp; 74710 |
| Consolidated Edison Co. of New York, <br> Inc., | Consolidated Edison Co. of New York, <br> Inc., |  |  |
| 5.50%, 03/15/2034 |  | 217000 | &nbsp;&nbsp; 224912 |
| 5.90%, 11/15/2053 |  | 270000 | &nbsp;&nbsp; 272068 |
| Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |  |  |
| 6.13%, 01/15/2034 |  | 153000 | &nbsp;&nbsp; 160900 |
| 6.50%, 10/01/2053 |  | 118000 | &nbsp;&nbsp; 122307 |
| 5.75%, 03/15/2054 |  | 459000 | &nbsp;&nbsp; 434110 |
| Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |  |  |
| 4.85%, 03/15/2030 |  | 1248000 | &nbsp;&nbsp; 1273736 |
| 5.25%, 03/15/2035 |  | 2529000 | &nbsp;&nbsp; 2567051 |
| 5.35%, 01/15/2053 |  | 123000 | &nbsp;&nbsp; 115715 |

---

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** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Duke Energy Corp., | Duke Energy Corp., |  |  |
| 4.85%, 01/05/2029 |  | $350000 | &nbsp;&nbsp; $354880 |
| 5.00%, 08/15/2052 |  | 67000 | &nbsp;&nbsp; 57366 |
| Duke Energy Indiana LLC, 5.40%, <br> 04/01/2053<br>|  | 117000 | &nbsp;&nbsp; 109330 |
| Electricite de France S.A. (France), | Electricite de France S.A. (France), |  |  |
| 5.70%, 05/23/2028<sup>(b)</sup> <br>|  | 627000 | &nbsp;&nbsp; 647172 |
| 6.38%, 01/13/2055<sup>(b)</sup> <br>|  | 3666000 | &nbsp;&nbsp; 3629794 |
| Enel Finance International N.V. <br> (Italy), 7.05%, 10/14/2025<sup>(b)</sup> <br>|  | 733000 | &nbsp;&nbsp; 738543 |
| Entergy Corp., 7.13%, <br> 12/01/2054<sup>(c)</sup> <br>|  | 575000 | &nbsp;&nbsp; 579563 |
| Entergy Louisiana LLC, | Entergy Louisiana LLC, |  |  |
| 5.15%, 09/15/2034 |  | 675000 | &nbsp;&nbsp; 677329 |
| 5.80%, 03/15/2055 |  | 1203000 | &nbsp;&nbsp; 1188817 |
| Entergy Texas, Inc., | Entergy Texas, Inc., |  |  |
| 5.25%, 04/15/2035 |  | 1657000 | &nbsp;&nbsp; 1659847 |
| 5.55%, 09/15/2054 |  | 553000 | &nbsp;&nbsp; 523495 |
| Evergy Metro, Inc., 4.95%, <br> 04/15/2033<br>|  | 135000 | &nbsp;&nbsp; 133843 |
| Exelon Corp., | Exelon Corp., |  |  |
| 5.15%, 03/15/2029 |  | 387000 | &nbsp;&nbsp; 395810 |
| 5.13%, 03/15/2031 |  | 3662000 | &nbsp;&nbsp; 3729421 |
| 5.45%, 03/15/2034 |  | 372000 | &nbsp;&nbsp; 377640 |
| 5.60%, 03/15/2053 |  | 346000 | &nbsp;&nbsp; 324924 |
| 5.88%, 03/15/2055 |  | 2785000 | &nbsp;&nbsp; 2712861 |
| FirstEnergy Pennsylvania Electric <br> Co., 5.20%, 04/01/2028<sup>(b)</sup> <br>|  | 53000 | &nbsp;&nbsp; 54050 |
| FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |  |  |
| 4.55%, 01/15/2030 |  | 1141000 | &nbsp;&nbsp; 1130375 |
| 5.00%, 01/15/2035 |  | 782000 | &nbsp;&nbsp; 771348 |
| Florida Power & Light Co., | Florida Power & Light Co., |  |  |
| 4.80%, 05/15/2033 |  | 90000 | &nbsp;&nbsp; 89638 |
| 5.80%, 03/15/2065 |  | 955000 | &nbsp;&nbsp; 962590 |
| Georgia Power Co., | Georgia Power Co., |  |  |
| 4.65%, 05/16/2028 |  | 95000 | &nbsp;&nbsp; 96147 |
| 4.95%, 05/17/2033 |  | 117000 | &nbsp;&nbsp; 116778 |
| MidAmerican Energy Co., | MidAmerican Energy Co., |  |  |
| 5.35%, 01/15/2034 |  | 117000 | &nbsp;&nbsp; 120384 |
| 5.85%, 09/15/2054 |  | 148000 | &nbsp;&nbsp; 149850 |
| 5.30%, 02/01/2055 |  | 345000 | &nbsp;&nbsp; 322105 |
| National Rural Utilities Cooperative <br> Finance Corp., | National Rural Utilities Cooperative <br> Finance Corp., |  |  |
| 4.12%, 09/16/2027 |  | 3241000 | &nbsp;&nbsp; 3243570 |
| 4.85%, 02/07/2029 |  | 660000 | &nbsp;&nbsp; 670067 |
| 5.00%, 02/07/2031 |  | 614000 | &nbsp;&nbsp; 628642 |
| 5.80%, 01/15/2033 |  | 53000 | &nbsp;&nbsp; 55580 |
| 5.00%, 08/15/2034 |  | 2629000 | &nbsp;&nbsp; 2618358 |
| 7.13%, 09/15/2053<sup>(c)</sup> <br>|  | 1470000 | &nbsp;&nbsp; 1514049 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |  |  |
| 4.63%, 07/15/2027 |  | 130000 | &nbsp;&nbsp; 130916 |
| 4.85%, 02/04/2028 |  | 593000 | &nbsp;&nbsp; 602550 |
| 4.90%, 03/15/2029 |  | 1006000 | &nbsp;&nbsp; 1019408 |
| 6.75%, 06/15/2054<sup>(c)</sup> <br>|  | 560000 | &nbsp;&nbsp; 567105 |
| 6.38%, 08/15/2055<sup>(c)</sup> <br>|  | 1145000 | &nbsp;&nbsp; 1150276 |
| Niagara Mohawk Power Corp., <br> 5.29%, 01/17/2034<sup>(b)</sup> <br>|  | 312000 | &nbsp;&nbsp; 310372 |
| Northern States Power Co., | Northern States Power Co., |  |  |
| 5.05%, 05/15/2035 |  | 3185000 | &nbsp;&nbsp; 3197197 |
| 5.65%, 05/15/2055 |  | 2541000 | &nbsp;&nbsp; 2521433 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| OGE Energy Corp., 5.45%, <br> 05/15/2029<br>|  | $800000 | &nbsp;&nbsp; $825503 |
| Oglethorpe Power Corp., 5.90%, <br> 02/01/2055<sup>(b)</sup> <br>|  | 881000 | &nbsp;&nbsp; 862230 |
| Ohio Power Co., 5.65%, <br> 06/01/2034<br>|  | 674000 | &nbsp;&nbsp; 683740 |
| Oklahoma Gas and Electric Co., <br> 5.60%, 04/01/2053<br>|  | 1935000 | &nbsp;&nbsp; 1864141 |
| Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, |  |  |
| 4.50%, 03/20/2027<sup>(b)</sup> <br>|  | 3643000 | &nbsp;&nbsp; 3668720 |
| 4.65%, 11/01/2029 |  | 2173000 | &nbsp;&nbsp; 2193902 |
| 4.15%, 06/01/2032 |  | 110000 | &nbsp;&nbsp; 105269 |
| 4.55%, 09/15/2032 |  | 110000 | &nbsp;&nbsp; 107220 |
| 5.65%, 11/15/2033 |  | 317000 | &nbsp;&nbsp; 329609 |
| 5.80%, 04/01/2055<sup>(b)</sup> <br>|  | 3578000 | &nbsp;&nbsp; 3538972 |
| Pacific Gas and Electric Co., | Pacific Gas and Electric Co., |  |  |
| 6.10%, 01/15/2029 |  | 110000 | &nbsp;&nbsp; 113738 |
| 5.55%, 05/15/2029 |  | 110000 | &nbsp;&nbsp; 111833 |
| 3.25%, 06/01/2031 |  | 440000 | &nbsp;&nbsp; 392751 |
| 4.40%, 03/01/2032 |  | 220000 | &nbsp;&nbsp; 205473 |
| 6.70%, 04/01/2053 |  | 110000 | &nbsp;&nbsp; 111387 |
| 5.90%, 10/01/2054 |  | 772000 | &nbsp;&nbsp; 707494 |
| 6.15%, 03/01/2055 |  | 1202000 | &nbsp;&nbsp; 1128126 |
| PacifiCorp, | PacifiCorp, |  |  |
| 5.10%, 02/15/2029 |  | 410000 | &nbsp;&nbsp; 418367 |
| 5.30%, 02/15/2031 |  | 339000 | &nbsp;&nbsp; 348355 |
| 5.45%, 02/15/2034 |  | 439000 | &nbsp;&nbsp; 442550 |
| 5.80%, 01/15/2055 |  | 291000 | &nbsp;&nbsp; 277890 |
| PPL Capital Funding, Inc., 5.25%, <br> 09/01/2034<br>|  | 377000 | &nbsp;&nbsp; 377173 |
| Public Service Co. of Colorado, | Public Service Co. of Colorado, |  |  |
| 5.35%, 05/15/2034 |  | 200000 | &nbsp;&nbsp; 201304 |
| 5.25%, 04/01/2053 |  | 103000 | &nbsp;&nbsp; 93262 |
| Public Service Co. of New <br> Hampshire, 5.35%, <br> 10/01/2033<br>|  | 154000 | &nbsp;&nbsp; 157931 |
| San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |  |  |
| 5.35%, 04/01/2053 |  | 195000 | &nbsp;&nbsp; 179941 |
| 5.55%, 04/15/2054 |  | 680000 | &nbsp;&nbsp; 645543 |
| Sierra Pacific Power Co., 5.90%, <br> 03/15/2054<br>|  | 90000 | &nbsp;&nbsp; 89363 |
| Southern California Edison Co., | Southern California Edison Co., |  |  |
| 2.75%, 02/01/2032 |  | 110000 | &nbsp;&nbsp; 93775 |
| 3.65%, 02/01/2050 |  | 700000 | &nbsp;&nbsp; 464921 |
| 5.75%, 04/15/2054 |  | 110000 | &nbsp;&nbsp; 99305 |
| Southern Co. (The), | Southern Co. (The), |  |  |
| 5.15%, 10/06/2025 |  | 78000 | &nbsp;&nbsp; 78175 |
| 5.70%, 10/15/2032 |  | 57000 | &nbsp;&nbsp; 59286 |
| 4.85%, 03/15/2035 |  | 1033000 | &nbsp;&nbsp; 1001712 |
| Southwestern Electric Power Co., <br> 5.30%, 04/01/2033<br>|  | 124000 | &nbsp;&nbsp; 123541 |
| Southwestern Public Service Co., <br> 6.00%, 06/01/2054<br>|  | 200000 | &nbsp;&nbsp; 200607 |
| State Street Bank and Trust Co., <br> 4.83% (SOFR + 0.46%), <br> 11/25/2026<sup>(d)</sup> <br>|  | 1543000 | &nbsp;&nbsp; 1541723 |
| Trans-Allegheny Interstate Line <br> Co., 5.00%, 01/15/2031<sup>(b)</sup> <br>|  | 1557000 | &nbsp;&nbsp; 1584316 |
| Tucson Electric Power Co., 5.20%, <br> 09/15/2034<br>|  | 200000 | &nbsp;&nbsp; 199964 |

---

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)** |
| Union Electric Co., | Union Electric Co., |  |  |
| 5.20%, 04/01/2034 |  | $916000 | &nbsp;&nbsp; $925506 |
| 5.25%, 04/15/2035 |  | 2245000 | &nbsp;&nbsp; 2279558 |
| 5.13%, 03/15/2055 |  | 763000 | &nbsp;&nbsp; 689947 |
| Virginia Electric & Power Co., <br> 5.00%, 04/01/2033<br>|  | 114000 | &nbsp;&nbsp; 113258 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.05%, 12/30/2026<sup>(b)</sup> <br>|  | 1265000 | &nbsp;&nbsp; 1271515 |
| 6.95%, 10/15/2033<sup>(b)</sup> <br>|  | 248000 | &nbsp;&nbsp; 266478 |
| 6.00%, 04/15/2034<sup>(b)</sup> <br>|  | 447000 | &nbsp;&nbsp; 451928 |
| 5.70%, 12/30/2034<sup>(b)</sup> <br>|  | 1687000 | &nbsp;&nbsp; 1680457 |
| Xcel Energy, Inc., | Xcel Energy, Inc., |  |  |
| 4.75%, 03/21/2028 |  | 725000 | &nbsp;&nbsp; 731021 |
| 3.40%, 06/01/2030 |  | 110000 | &nbsp;&nbsp; 103470 |
|  |  |  | &nbsp;&nbsp; 84064910 |
| **Electrical Components & Equipment–0.16%** | **Electrical Components & Equipment–0.16%** | **Electrical Components & Equipment–0.16%** | **Electrical Components & Equipment–0.16%** |
| Molex Electronic Technologies LLC, | Molex Electronic Technologies LLC, |  |  |
| 4.75%, 04/30/2028<sup>(b)</sup> <br>|  | 2509000 | &nbsp;&nbsp; 2531083 |
| 5.25%, 04/30/2032<sup>(b)</sup> <br>|  | 2379000 | &nbsp;&nbsp; 2412108 |
|  |  |  | &nbsp;&nbsp; 4943191 |
| **Electronic Components–0.06%** | **Electronic Components–0.06%** | **Electronic Components–0.06%** | **Electronic Components–0.06%** |
| Amphenol Corp., | Amphenol Corp., |  |  |
| 5.00%, 01/15/2035 |  | 1274000 | &nbsp;&nbsp; 1277772 |
| 5.38%, 11/15/2054 |  | 631000 | &nbsp;&nbsp; 613585 |
|  |  |  | &nbsp;&nbsp; 1891357 |
| **Electronic Equipment & Instruments–0.09%** | **Electronic Equipment & Instruments–0.09%** | **Electronic Equipment & Instruments–0.09%** | **Electronic Equipment & Instruments–0.09%** |
| Keysight Technologies, Inc., <br> 5.35%, 07/30/2030<br>|  | 2759000 | &nbsp;&nbsp; 2833274 |
| **Electronic Manufacturing Services–0.01%** | **Electronic Manufacturing Services–0.01%** | **Electronic Manufacturing Services–0.01%** | **Electronic Manufacturing Services–0.01%** |
| Jabil, Inc., | Jabil, Inc., |  |  |
| 3.95%, 01/12/2028 |  | 300000 | &nbsp;&nbsp; 294519 |
| 3.00%, 01/15/2031 |  | 100000 | &nbsp;&nbsp; 89501 |
|  |  |  | &nbsp;&nbsp; 384020 |
| **Environmental & Facilities Services–0.18%** | **Environmental & Facilities Services–0.18%** | **Environmental & Facilities Services–0.18%** | **Environmental & Facilities Services–0.18%** |
| Republic Services, Inc., | Republic Services, Inc., |  |  |
| 4.88%, 04/01/2029 |  | 462000 | &nbsp;&nbsp; 470422 |
| 5.00%, 12/15/2033 |  | 350000 | &nbsp;&nbsp; 352380 |
| 5.00%, 04/01/2034 |  | 67000 | &nbsp;&nbsp; 67407 |
| Rollins, Inc., 5.25%, <br> 02/24/2035<sup>(b)</sup> <br>|  | 1155000 | &nbsp;&nbsp; 1152959 |
| Veralto Corp., | Veralto Corp., |  |  |
| 5.50%, 09/18/2026 |  | 919000 | &nbsp;&nbsp; 932346 |
| 5.35%, 09/18/2028 |  | 288000 | &nbsp;&nbsp; 297327 |
| Waste Management, Inc., 5.35%, <br> 10/15/2054<br>|  | 2341000 | &nbsp;&nbsp; 2250526 |
|  |  |  | &nbsp;&nbsp; 5523367 |
| **Financial Exchanges & Data–0.03%** | **Financial Exchanges & Data–0.03%** | **Financial Exchanges & Data–0.03%** | **Financial Exchanges & Data–0.03%** |
| Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., |  |  |
| 3.63%, 09/01/2028 |  | 110000 | &nbsp;&nbsp; 107906 |
| 5.25%, 06/15/2031 |  | 110000 | &nbsp;&nbsp; 113995 |
| 4.60%, 03/15/2033 |  | 51000 | &nbsp;&nbsp; 50199 |
| 4.95%, 06/15/2052 |  | 65000 | &nbsp;&nbsp; 57825 |
| 5.20%, 06/15/2062 |  | 129000 | &nbsp;&nbsp; 116383 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** |
| Nasdaq, Inc., | Nasdaq, Inc., |  |  |
| 5.35%, 06/28/2028 |  | $90000 | &nbsp;&nbsp; $92531 |
| 5.55%, 02/15/2034 |  | 126000 | &nbsp;&nbsp; 129433 |
| 5.95%, 08/15/2053 |  | 53000 | &nbsp;&nbsp; 53423 |
| 6.10%, 06/28/2063 |  | 119000 | &nbsp;&nbsp; 119798 |
|  |  |  | &nbsp;&nbsp; 841493 |
| **Food Distributors–0.04%** | **Food Distributors–0.04%** | **Food Distributors–0.04%** | **Food Distributors–0.04%** |
| Sysco Corp., 5.10%, 09/23/2030 |  | 1198000 | &nbsp;&nbsp; 1220630 |
| **Food Retail–0.13%** | **Food Retail–0.13%** | **Food Retail–0.13%** | **Food Retail–0.13%** |
| Kroger Co. (The), | Kroger Co. (The), |  |  |
| 5.00%, 09/15/2034 |  | 1921000 | &nbsp;&nbsp; 1883602 |
| 5.65%, 09/15/2064 |  | 2194000 | &nbsp;&nbsp; 2039627 |
|  |  |  | &nbsp;&nbsp; 3923229 |
| **Gas Utilities–0.07%** | **Gas Utilities–0.07%** | **Gas Utilities–0.07%** | **Gas Utilities–0.07%** |
| Atmos Energy Corp., | Atmos Energy Corp., |  |  |
| 5.90%, 11/15/2033 |  | 181000 | &nbsp;&nbsp; 192633 |
| 6.20%, 11/15/2053 |  | 131000 | &nbsp;&nbsp; 139392 |
| 5.00%, 12/15/2054 |  | 706000 | &nbsp;&nbsp; 630527 |
| CenterPoint Energy Resources <br> Corp., 1.75%, 10/01/2030<br>|  | 440000 | &nbsp;&nbsp; 381710 |
| Piedmont Natural Gas Co., Inc., <br> 5.40%, 06/15/2033<br>|  | 158000 | &nbsp;&nbsp; 160145 |
| Southern California Gas Co., | Southern California Gas Co., |  |  |
| 2.95%, 04/15/2027 |  | 110000 | &nbsp;&nbsp; 107305 |
| 5.20%, 06/01/2033 |  | 110000 | &nbsp;&nbsp; 109827 |
| 5.75%, 06/01/2053 |  | 200000 | &nbsp;&nbsp; 193189 |
| Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 82000 | &nbsp;&nbsp; 83915 |
|  |  |  | &nbsp;&nbsp; 1998643 |
| **Health Care Distributors–0.05%** | **Health Care Distributors–0.05%** | **Health Care Distributors–0.05%** | **Health Care Distributors–0.05%** |
| Cardinal Health, Inc., 5.45%, <br> 02/15/2034<br>|  | 274000 | &nbsp;&nbsp; 276974 |
| Cencora, Inc., 5.13%, <br> 02/15/2034<br>|  | 263000 | &nbsp;&nbsp; 263718 |
| McKesson Corp., | McKesson Corp., |  |  |
| 4.25%, 09/15/2029 |  | 759000 | &nbsp;&nbsp; 757649 |
| 5.10%, 07/15/2033 |  | 102000 | &nbsp;&nbsp; 104125 |
|  |  |  | &nbsp;&nbsp; 1402466 |
| **Health Care Equipment–0.31%** | **Health Care Equipment–0.31%** | **Health Care Equipment–0.31%** | **Health Care Equipment–0.31%** |
| Becton, Dickinson and Co., 4.69%, <br> 02/13/2028<br>|  | 67000 | &nbsp;&nbsp; 67486 |
| Smith & Nephew PLC (United Kingdom), | Smith & Nephew PLC (United Kingdom), |  |  |
| 5.15%, 03/20/2027 |  | 1142000 | &nbsp;&nbsp; 1156053 |
| 5.40%, 03/20/2034 |  | 882000 | &nbsp;&nbsp; 880786 |
| Stryker Corp., | Stryker Corp., |  |  |
| 4.55%, 02/10/2027 |  | 1924000 | &nbsp;&nbsp; 1934669 |
| 4.70%, 02/10/2028 |  | 758000 | &nbsp;&nbsp; 767063 |
| 3.65%, 03/07/2028 |  | 200000 | &nbsp;&nbsp; 196965 |
| 4.25%, 09/11/2029 |  | 1672000 | &nbsp;&nbsp; 1663263 |
| 4.85%, 02/10/2030 |  | 2534000 | &nbsp;&nbsp; 2570051 |
|  |  |  | &nbsp;&nbsp; 9236336 |
| **Health Care Facilities–0.33%** | **Health Care Facilities–0.33%** | **Health Care Facilities–0.33%** | **Health Care Facilities–0.33%** |
| Adventist Health System, 5.76%, <br> 12/01/2034<br>|  | 450000 | &nbsp;&nbsp; 448675 |

---

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** |
| **Health Care Facilities–(continued)** | **Health Care Facilities–(continued)** | **Health Care Facilities–(continued)** | **Health Care Facilities–(continued)** |
| HCA, Inc., | HCA, Inc., |  |  |
| 3.13%, 03/15/2027 |  | $110000 | &nbsp;&nbsp; $107242 |
| 5.00%, 03/01/2028 |  | 1021000 | &nbsp;&nbsp; 1032928 |
| 5.45%, 04/01/2031 |  | 110000 | &nbsp;&nbsp; 112157 |
| 5.45%, 09/15/2034 |  | 611000 | &nbsp;&nbsp; 606562 |
| 5.75%, 03/01/2035 |  | 2255000 | &nbsp;&nbsp; 2276011 |
| 5.90%, 06/01/2053 |  | 186000 | &nbsp;&nbsp; 176374 |
| 5.95%, 09/15/2054 |  | 440000 | &nbsp;&nbsp; 416681 |
| 6.20%, 03/01/2055 |  | 912000 | &nbsp;&nbsp; 894598 |
| Universal Health Services, Inc., | Universal Health Services, Inc., |  |  |
| 4.63%, 10/15/2029 |  | 1349000 | &nbsp;&nbsp; 1314989 |
| 5.05%, 10/15/2034 |  | 2210000 | &nbsp;&nbsp; 2065284 |
| UPMC, | UPMC, |  |  |
| 5.04%, 05/15/2033 |  | 327000 | &nbsp;&nbsp; 325126 |
| 5.38%, 05/15/2043 |  | 185000 | &nbsp;&nbsp; 177173 |
|  |  |  | &nbsp;&nbsp; 9953800 |
| **Health Care REITs–0.07%** | **Health Care REITs–0.07%** | **Health Care REITs–0.07%** | **Health Care REITs–0.07%** |
| Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |  |  |
| 5.25%, 05/15/2036 |  | 196000 | &nbsp;&nbsp; 188672 |
| 5.63%, 05/15/2054 |  | 836000 | &nbsp;&nbsp; 765516 |
| Healthpeak OP LLC, 5.38%, <br> 02/15/2035<br>|  | 1058000 | &nbsp;&nbsp; 1052837 |
|  |  |  | &nbsp;&nbsp; 2007025 |
| **Health Care Services–0.73%** | **Health Care Services–0.73%** | **Health Care Services–0.73%** | **Health Care Services–0.73%** |
| CommonSpirit Health, | CommonSpirit Health, |  |  |
| 5.21%, 12/01/2031 |  | 7800000 | &nbsp;&nbsp; 7898106 |
| 5.32%, 12/01/2034 |  | 1594000 | &nbsp;&nbsp; 1580034 |
| 5.55%, 12/01/2054 |  | 470000 | &nbsp;&nbsp; 431061 |
| CVS Health Corp., | CVS Health Corp., |  |  |
| 3.63%, 04/01/2027 |  | 220000 | &nbsp;&nbsp; 216604 |
| 6.25%, 06/01/2027 |  | 110000 | &nbsp;&nbsp; 113961 |
| 4.30%, 03/25/2028 |  | 110000 | &nbsp;&nbsp; 109187 |
| 5.00%, 01/30/2029 |  | 272000 | &nbsp;&nbsp; 275060 |
| 5.13%, 02/21/2030 |  | 220000 | &nbsp;&nbsp; 222765 |
| 3.75%, 04/01/2030 |  | 110000 | &nbsp;&nbsp; 104690 |
| 5.25%, 01/30/2031 |  | 53000 | &nbsp;&nbsp; 53793 |
| 2.13%, 09/15/2031 |  | 440000 | &nbsp;&nbsp; 370596 |
| 7.00%, 03/10/2055<sup>(c)</sup> <br>|  | 4507000 | &nbsp;&nbsp; 4570316 |
| 6.00%, 06/01/2063 |  | 80000 | &nbsp;&nbsp; 74446 |
| Icon Investments Six DAC, | Icon Investments Six DAC, |  |  |
| 5.81%, 05/08/2027 |  | 1130000 | &nbsp;&nbsp; 1152892 |
| 5.85%, 05/08/2029 |  | 1029000 | &nbsp;&nbsp; 1054187 |
| 6.00%, 05/08/2034 |  | 1153000 | &nbsp;&nbsp; 1152115 |
| Laboratory Corp. of America <br> Holdings, 4.35%, 04/01/2030<br>|  | 2091000 | &nbsp;&nbsp; 2056169 |
| Piedmont Healthcare, Inc., 2.86%, <br> 01/01/2052<br>|  | 220000 | &nbsp;&nbsp; 131705 |
| Providence St. Joseph Health <br> Obligated Group, Series 21-A, <br> 2.70%, 10/01/2051<br>|  | 362000 | &nbsp;&nbsp; 203798 |
| Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<br>|  | 201000 | &nbsp;&nbsp; 218265 |
|  |  |  | &nbsp;&nbsp; 21989750 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Supplies–0.07%** | **Health Care Supplies–0.07%** | **Health Care Supplies–0.07%** | **Health Care Supplies–0.07%** |
| Solventum Corp., | Solventum Corp., |  |  |
| 5.45%, 02/25/2027 |  | $495000 | &nbsp;&nbsp; $502490 |
| 5.40%, 03/01/2029 |  | 950000 | &nbsp;&nbsp; 969235 |
| 5.60%, 03/23/2034 |  | 612000 | &nbsp;&nbsp; 619111 |
|  |  |  | &nbsp;&nbsp; 2090836 |
| **Home Improvement Retail–0.11%** | **Home Improvement Retail–0.11%** | **Home Improvement Retail–0.11%** | **Home Improvement Retail–0.11%** |
| Americold Realty Operating <br> Partnership L.P., | Americold Realty Operating <br> Partnership L.P., |  |  |
| 5.60%, 05/15/2032 |  | 1101000 | &nbsp;&nbsp; 1102593 |
| 5.41%, 09/12/2034 |  | 1448000 | &nbsp;&nbsp; 1406688 |
| Home Depot, Inc. (The), 4.90%, <br> 04/15/2029<br>|  | 465000 | &nbsp;&nbsp; 477695 |
| Lowe's Cos., Inc., | Lowe's Cos., Inc., |  |  |
| 5.80%, 09/15/2062 |  | 12000 | &nbsp;&nbsp; 11332 |
| 5.85%, 04/01/2063 |  | 312000 | &nbsp;&nbsp; 296446 |
|  |  |  | &nbsp;&nbsp; 3294754 |
| **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., |  |  |
| 5.75%, 07/15/2034 |  | 354000 | &nbsp;&nbsp; 358362 |
| 4.95%, 01/15/2035 |  | 1005000 | &nbsp;&nbsp; 955915 |
|  |  |  | &nbsp;&nbsp; 1314277 |
| **Hotels, Resorts & Cruise Lines–0.16%** | **Hotels, Resorts & Cruise Lines–0.16%** | **Hotels, Resorts & Cruise Lines–0.16%** | **Hotels, Resorts & Cruise Lines–0.16%** |
| Expedia Group, Inc., 5.40%, <br> 02/15/2035<br>|  | 2450000 | &nbsp;&nbsp; 2413229 |
| Marriott International, Inc., | Marriott International, Inc., |  |  |
| 4.88%, 05/15/2029 |  | 216000 | &nbsp;&nbsp; 217944 |
| 4.80%, 03/15/2030 |  | 1080000 | &nbsp;&nbsp; 1081594 |
| 5.30%, 05/15/2034 |  | 281000 | &nbsp;&nbsp; 277079 |
| 5.35%, 03/15/2035 |  | 838000 | &nbsp;&nbsp; 824525 |
|  |  |  | &nbsp;&nbsp; 4814371 |
| **Human Resource & Employment Services–0.12%** | **Human Resource & Employment Services–0.12%** | **Human Resource & Employment Services–0.12%** | **Human Resource & Employment Services–0.12%** |
| Paychex, Inc., | Paychex, Inc., |  |  |
| 5.10%, 04/15/2030 |  | 2241000 | &nbsp;&nbsp; 2275303 |
| 5.60%, 04/15/2035 |  | 1310000 | &nbsp;&nbsp; 1334941 |
|  |  |  | &nbsp;&nbsp; 3610244 |
| **Independent Power Producers & Energy Traders–0.21%** | **Independent Power Producers & Energy Traders–0.21%** | **Independent Power Producers & Energy Traders–0.21%** | **Independent Power Producers & Energy Traders–0.21%** |
| AES Corp. (The), 5.80%, <br> 03/15/2032<br>|  | 6056000 | &nbsp;&nbsp; 6044444 |
| NSTAR Electric Co., 3.20%, <br> 05/15/2027<br>|  | 400000 | &nbsp;&nbsp; 392608 |
|  |  |  | &nbsp;&nbsp; 6437052 |
| **Industrial Conglomerates–0.14%** | **Industrial Conglomerates–0.14%** | **Industrial Conglomerates–0.14%** | **Industrial Conglomerates–0.14%** |
| 3M Co., | 3M Co., |  |  |
| 2.25%, 09/19/2026 |  | 500000 | &nbsp;&nbsp; 485600 |
| 5.15%, 03/15/2035 |  | 300000 | &nbsp;&nbsp; 298304 |
| Honeywell International, Inc., | Honeywell International, Inc., |  |  |
| 4.88%, 09/01/2029 |  | 818000 | &nbsp;&nbsp; 835792 |
| 4.95%, 09/01/2031 |  | 1014000 | &nbsp;&nbsp; 1034613 |
| 5.00%, 02/15/2033 |  | 9000 | &nbsp;&nbsp; 9036 |
| 5.00%, 03/01/2035 |  | 670000 | &nbsp;&nbsp; 667671 |
| 5.35%, 03/01/2064 |  | 1069000 | &nbsp;&nbsp; 987549 |
|  |  |  | &nbsp;&nbsp; 4318565 |
| **Industrial Gases–0.01%** | **Industrial Gases–0.01%** | **Industrial Gases–0.01%** | **Industrial Gases–0.01%** |
| Air Products and Chemicals, Inc., <br> 2.05%, 05/15/2030<br>|  | 200000 | &nbsp;&nbsp; 178992 |

---

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** |
| **Industrial Machinery & Supplies & Components–0.11%** | **Industrial Machinery & Supplies & Components–0.11%** | **Industrial Machinery & Supplies & Components–0.11%** | **Industrial Machinery & Supplies & Components–0.11%** |
| Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |  |  |
| 5.20%, 06/15/2027 |  | $755000 | &nbsp;&nbsp; $766339 |
| 5.40%, 08/14/2028 |  | 62000 | &nbsp;&nbsp; 63769 |
| Nordson Corp., | Nordson Corp., |  |  |
| 5.60%, 09/15/2028 |  | 119000 | &nbsp;&nbsp; 122836 |
| 5.80%, 09/15/2033 |  | 190000 | &nbsp;&nbsp; 194981 |
| nVent Finance S.a.r.l. (United <br> Kingdom), 5.65%, <br> 05/15/2033<br>|  | 156000 | &nbsp;&nbsp; 154605 |
| Weir Group, Inc. (United Kingdom), <br> 5.35%, 05/06/2030<sup>(b)</sup> <br>|  | 1978000 | &nbsp;&nbsp; 1987948 |
|  |  |  | &nbsp;&nbsp; 3290478 |
| **Industrial REITs–0.01%** | **Industrial REITs–0.01%** | **Industrial REITs–0.01%** | **Industrial REITs–0.01%** |
| LXP Industrial Trust, 6.75%, <br> 11/15/2028<br>|  | 185000 | &nbsp;&nbsp; 196756 |
| **Insurance Brokers–0.09%** | **Insurance Brokers–0.09%** | **Insurance Brokers–0.09%** | **Insurance Brokers–0.09%** |
| Arthur J. Gallagher & Co., | Arthur J. Gallagher & Co., |  |  |
| 4.85%, 12/15/2029 |  | 470000 | &nbsp;&nbsp; 476105 |
| 5.00%, 02/15/2032 |  | 553000 | &nbsp;&nbsp; 555703 |
| 5.15%, 02/15/2035 |  | 871000 | &nbsp;&nbsp; 865018 |
| 6.75%, 02/15/2054 |  | 210000 | &nbsp;&nbsp; 228543 |
| Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |  |  |
| 5.40%, 09/15/2033 |  | 299000 | &nbsp;&nbsp; 307900 |
| 5.45%, 03/15/2053 |  | 80000 | &nbsp;&nbsp; 76506 |
| 5.70%, 09/15/2053 |  | 228000 | &nbsp;&nbsp; 226410 |
|  |  |  | &nbsp;&nbsp; 2736185 |
| **Integrated Oil & Gas–0.20%** | **Integrated Oil & Gas–0.20%** | **Integrated Oil & Gas–0.20%** | **Integrated Oil & Gas–0.20%** |
| BP Capital Markets PLC, 6.13%<sup>(c)(e)</sup> <br>|  | 3452000 | &nbsp;&nbsp; 3340721 |
| Eni S.p.A. (Italy), 5.50%, <br> 05/15/2034<sup>(b)</sup> <br>|  | 1203000 | &nbsp;&nbsp; 1193167 |
| Occidental Petroleum Corp., | Occidental Petroleum Corp., |  |  |
| 5.00%, 08/01/2027 |  | 307000 | &nbsp;&nbsp; 307069 |
| 5.20%, 08/01/2029 |  | 340000 | &nbsp;&nbsp; 335305 |
| 5.55%, 10/01/2034 |  | 481000 | &nbsp;&nbsp; 449379 |
| 6.45%, 09/15/2036 |  | 374000 | &nbsp;&nbsp; 364721 |
| 4.63%, 06/15/2045 |  | 189000 | &nbsp;&nbsp; 136077 |
|  |  |  | &nbsp;&nbsp; 6126439 |
| **Integrated Telecommunication Services–0.36%** | **Integrated Telecommunication Services–0.36%** | **Integrated Telecommunication Services–0.36%** | **Integrated Telecommunication Services–0.36%** |
| AT&T, Inc., 5.40%, 02/15/2034 |  | 164000 | &nbsp;&nbsp; 167528 |
| Bell Canada (Canada), | Bell Canada (Canada), |  |  |
| 6.88%, 09/15/2055<sup>(c)</sup> <br>|  | 1194000 | &nbsp;&nbsp; 1195588 |
| 7.00%, 09/15/2055<sup>(c)</sup> <br>|  | 1413000 | &nbsp;&nbsp; 1405711 |
| British Telecommunications PLC <br> (United Kingdom), 9.63%, <br> 12/15/2030<br>|  | 200000 | &nbsp;&nbsp; 244864 |
| Deutsche Telekom International <br> Finance B.V. (Germany), 9.25%, <br> 06/01/2032<br>|  | 100000 | &nbsp;&nbsp; 123896 |
| T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |  |
| 5.65%, 01/15/2053 |  | 147000 | &nbsp;&nbsp; 140473 |
| 6.00%, 06/15/2054 |  | 16000 | &nbsp;&nbsp; 15999 |
| 5.88%, 11/15/2055 |  | 2015000 | &nbsp;&nbsp; 1987911 |
| Verizon Communications, Inc., | Verizon Communications, Inc., |  |  |
| 2.36%, 03/15/2032 |  | 169000 | &nbsp;&nbsp; 144306 |
| 5.25%, 04/02/2035 |  | 5268000 | &nbsp;&nbsp; 5297040 |
|  |  |  | &nbsp;&nbsp; 10723316 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Interactive Media & Services–0.40%** | **Interactive Media & Services–0.40%** | **Interactive Media & Services–0.40%** | **Interactive Media & Services–0.40%** |
| Alphabet, Inc., | Alphabet, Inc., |  |  |
| 5.25%, 05/15/2055 |  | $2005000 | &nbsp;&nbsp; $1980446 |
| 5.30%, 05/15/2065 |  | 2124000 | &nbsp;&nbsp; 2100184 |
| Meta Platforms, Inc., | Meta Platforms, Inc., |  |  |
| 4.30%, 08/15/2029 |  | 1528000 | &nbsp;&nbsp; 1542716 |
| 4.55%, 08/15/2031 |  | 601000 | &nbsp;&nbsp; 609507 |
| 4.75%, 08/15/2034 |  | 2106000 | &nbsp;&nbsp; 2098417 |
| 5.40%, 08/15/2054 |  | 898000 | &nbsp;&nbsp; 864813 |
| 5.75%, 05/15/2063 |  | 221000 | &nbsp;&nbsp; 221229 |
| 5.55%, 08/15/2064 |  | 2579000 | &nbsp;&nbsp; 2483807 |
|  |  |  | &nbsp;&nbsp; 11901119 |
| **Investment Banking & Brokerage–2.42%** | **Investment Banking & Brokerage–2.42%** | **Investment Banking & Brokerage–2.42%** | **Investment Banking & Brokerage–2.42%** |
| Blue Owl Technology Finance Corp., <br> 2.50%, 01/15/2027<br>|  | 300000 | &nbsp;&nbsp; 282592 |
| Brookfield Finance, Inc. (Canada), <br> 5.97%, 03/04/2054<br>|  | 374000 | &nbsp;&nbsp; 364868 |
| Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |  |  |
| Series G, 5.38%<sup>(c)(e)</sup> <br>|  | 1904000 | &nbsp;&nbsp; 1902452 |
| Series K, 5.00%<sup>(c)(e)</sup> <br>|  | 116000 | &nbsp;&nbsp; 113435 |
| Credit Suisse (USA) LLC <br> (Switzerland), 7.13%, <br> 07/15/2032<br>|  | 200000 | &nbsp;&nbsp; 225478 |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| 5.67% (SOFR + 1.29%), <br> 04/23/2028<sup>(d)</sup> <br>|  | 2912000 | &nbsp;&nbsp; 2923196 |
| 5.73%, 04/25/2030<sup>(c)</sup> <br>|  | 770000 | &nbsp;&nbsp; 798343 |
| 5.05%, 07/23/2030<sup>(c)</sup> <br>|  | 1335000 | &nbsp;&nbsp; 1351274 |
| 4.69%, 10/23/2030<sup>(c)</sup> <br>|  | 1590000 | &nbsp;&nbsp; 1586616 |
| 5.21%, 01/28/2031<sup>(c)</sup> <br>|  | 2149000 | &nbsp;&nbsp; 2186247 |
| 5.22%, 04/23/2031<sup>(c)</sup> <br>|  | 5971000 | &nbsp;&nbsp; 6082628 |
| 3.10%, 02/24/2033<sup>(c)</sup> <br>|  | 440000 | &nbsp;&nbsp; 388176 |
| 5.85%, 04/25/2035<sup>(c)</sup> <br>|  | 899000 | &nbsp;&nbsp; 927276 |
| 5.33%, 07/23/2035<sup>(c)</sup> <br>|  | 1066000 | &nbsp;&nbsp; 1059807 |
| 5.54%, 01/28/2036<sup>(c)</sup> <br>|  | 6474000 | &nbsp;&nbsp; 6540320 |
| 2.91%, 07/21/2042<sup>(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 69458 |
| 5.73%, 01/28/2056<sup>(c)</sup> <br>|  | 3893000 | &nbsp;&nbsp; 3794838 |
| 6.85%<sup>(c)(e)</sup> <br>|  | 4388000 | &nbsp;&nbsp; 4338700 |
| Series W, 7.50%<sup>(c)(e)</sup> <br>|  | 6872000 | &nbsp;&nbsp; 7132669 |
| Series X, 7.50%<sup>(c)(e)</sup> <br>|  | 7551000 | &nbsp;&nbsp; 7719108 |
| Morgan Stanley, | Morgan Stanley, |  |  |
| 5.12%, 02/01/2029<sup>(c)</sup> <br>|  | 56000 | &nbsp;&nbsp; 56897 |
| 4.99%, 04/12/2029<sup>(c)</sup> <br>|  | 1658000 | &nbsp;&nbsp; 1680902 |
| 5.16%, 04/20/2029<sup>(c)</sup> <br>|  | 307000 | &nbsp;&nbsp; 312626 |
| 5.45%, 07/20/2029<sup>(c)</sup> <br>|  | 117000 | &nbsp;&nbsp; 120135 |
| 6.41%, 11/01/2029<sup>(c)</sup> <br>|  | 310000 | &nbsp;&nbsp; 328299 |
| 5.17%, 01/16/2030<sup>(c)</sup> <br>|  | 290000 | &nbsp;&nbsp; 295437 |
| 4.43%, 01/23/2030<sup>(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 397107 |
| 5.04%, 07/19/2030<sup>(c)</sup> <br>|  | 955000 | &nbsp;&nbsp; 967075 |
| 4.65%, 10/18/2030<sup>(c)</sup> <br>|  | 2355000 | &nbsp;&nbsp; 2348293 |
| 5.19%, 04/17/2031<sup>(c)</sup> <br>|  | 4888000 | &nbsp;&nbsp; 4977869 |
| 5.25%, 04/21/2034<sup>(c)</sup> <br>|  | 361000 | &nbsp;&nbsp; 361116 |
| 5.42%, 07/21/2034<sup>(c)</sup> <br>|  | 214000 | &nbsp;&nbsp; 216326 |
| 5.47%, 01/18/2035<sup>(c)</sup> <br>|  | 304000 | &nbsp;&nbsp; 307194 |
| 5.83%, 04/19/2035<sup>(c)</sup> <br>|  | 777000 | &nbsp;&nbsp; 802563 |
| 5.32%, 07/19/2035<sup>(c)</sup> <br>|  | 1477000 | &nbsp;&nbsp; 1470859 |
| 5.59%, 01/18/2036<sup>(c)</sup> <br>|  | 3791000 | &nbsp;&nbsp; 3847121 |
| 5.66%, 04/17/2036<sup>(c)</sup> <br>|  | 4184000 | &nbsp;&nbsp; 4273773 |

---

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** |
| **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** |
| 5.95%, 01/19/2038<sup>(c)</sup> <br>|  | $52000 | &nbsp;&nbsp; $52439 |
| 5.94%, 02/07/2039<sup>(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 402868 |
|  |  |  | &nbsp;&nbsp; 73006380 |
| **IT Consulting & Other Services–0.53%** | **IT Consulting & Other Services–0.53%** | **IT Consulting & Other Services–0.53%** | **IT Consulting & Other Services–0.53%** |
| International Business Machines Corp., | International Business Machines Corp., |  |  |
| 3.30%, 05/15/2026 |  | 200000 | &nbsp;&nbsp; 197824 |
| 4.65%, 02/10/2028 |  | 3186000 | &nbsp;&nbsp; 3223942 |
| 3.50%, 05/15/2029 |  | 220000 | &nbsp;&nbsp; 213017 |
| 4.80%, 02/10/2030 |  | 4797000 | &nbsp;&nbsp; 4858155 |
| 5.20%, 02/10/2035 |  | 2702000 | &nbsp;&nbsp; 2706568 |
| 5.70%, 02/10/2055 |  | 5005000 | &nbsp;&nbsp; 4857418 |
|  |  |  | &nbsp;&nbsp; 16056924 |
| **Leisure Products–0.03%** | **Leisure Products–0.03%** | **Leisure Products–0.03%** | **Leisure Products–0.03%** |
| Brunswick Corp., 5.85%, <br> 03/18/2029<br>|  | 315000 | &nbsp;&nbsp; 319306 |
| Mattel, Inc., 5.45%, 11/01/2041 |  | 500000 | &nbsp;&nbsp; 433225 |
| Polaris, Inc., 6.95%, <br> 03/15/2029<br>|  | 223000 | &nbsp;&nbsp; 230290 |
|  |  |  | &nbsp;&nbsp; 982821 |
| **Life & Health Insurance–2.68%** | **Life & Health Insurance–2.68%** | **Life & Health Insurance–2.68%** | **Life & Health Insurance–2.68%** |
| 200 Park Funding Trust, 5.74%, <br> 02/15/2055<sup>(b)</sup> <br>|  | 2671000 | &nbsp;&nbsp; 2610120 |
| AIA Group Ltd. (Hong Kong), | AIA Group Ltd. (Hong Kong), |  |  |
| 4.95%, 03/30/2035<sup>(b)</sup> <br>|  | 3641000 | &nbsp;&nbsp; 3563161 |
| 5.40%, 09/30/2054<sup>(b)</sup> <br>|  | 2105000 | &nbsp;&nbsp; 1915315 |
| American National Global Funding, <br> 5.55%, 01/28/2030<sup>(b)</sup> <br>|  | 1110000 | &nbsp;&nbsp; 1135654 |
| American National Group, Inc., <br> 5.75%, 10/01/2029<br>|  | 110000 | &nbsp;&nbsp; 111873 |
| Athene Global Funding, | Athene Global Funding, |  |  |
| 5.62%, 05/08/2026<sup>(b)</sup> <br>|  | 3298000 | &nbsp;&nbsp; 3331964 |
| 4.86%, 08/27/2026<sup>(b)</sup> <br>|  | 4916000 | &nbsp;&nbsp; 4937106 |
| 5.52%, 03/25/2027<sup>(b)</sup> <br>|  | 983000 | &nbsp;&nbsp; 999118 |
| 5.58%, 01/09/2029<sup>(b)</sup> <br>|  | 1143000 | &nbsp;&nbsp; 1170141 |
| Athene Holding Ltd., | Athene Holding Ltd., |  |  |
| 6.25%, 04/01/2054 |  | 505000 | &nbsp;&nbsp; 490092 |
| 6.63%, 10/15/2054<sup>(c)</sup> <br>|  | 150000 | &nbsp;&nbsp; 144500 |
| Brighthouse Financial, Inc., <br> 3.85%, 12/22/2051<br>|  | 300000 | &nbsp;&nbsp; 189343 |
| Corebridge Global Funding, | Corebridge Global Funding, |  |  |
| 5.68% (SOFR + 1.30%), <br> 09/25/2026<sup>(b)(d)</sup> <br>|  | 2593000 | &nbsp;&nbsp; 2612268 |
| 4.65%, 08/20/2027<sup>(b)</sup> <br>|  | 2372000 | &nbsp;&nbsp; 2386085 |
| 5.90%, 09/19/2028<sup>(b)</sup> <br>|  | 263000 | &nbsp;&nbsp; 274727 |
| 5.20%, 01/12/2029<sup>(b)</sup> <br>|  | 595000 | &nbsp;&nbsp; 607303 |
| 5.20%, 06/24/2029<sup>(b)</sup> <br>|  | 1070000 | &nbsp;&nbsp; 1088973 |
| Dai-ichi Life Insurance Co. Ltd. <br> (The) (Japan), 6.20%<sup>(b)(c)(e)</sup> <br>|  | 2621000 | &nbsp;&nbsp; 2606251 |
| Delaware Life Global Funding, <br> Series 21-1, 2.66%, <br> 06/29/2026<sup>(b)</sup> <br>|  | 9383000 | &nbsp;&nbsp; 9144482 |
| F&G Annuities & Life, Inc., 7.40%, <br> 01/13/2028<br>|  | 129000 | &nbsp;&nbsp; 134808 |
| GA Global Funding Trust, | GA Global Funding Trust, |  |  |
| 4.40%, 09/23/2027<sup>(b)</sup> <br>|  | 3575000 | &nbsp;&nbsp; 3558764 |
| 5.50%, 01/08/2029<sup>(b)</sup> <br>|  | 855000 | &nbsp;&nbsp; 876944 |
| High Street Funding Trust III, <br> 5.81%, 02/15/2055<sup>(b)</sup> <br>|  | 1554000 | &nbsp;&nbsp; 1511975 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| MAG Mutual Holding Co., 4.75%, <br> 04/30/2041<sup>(b)(f)</sup> <br>|  | $9203000 | &nbsp;&nbsp; $8301106 |
| MetLife, Inc., | MetLife, Inc., |  |  |
| 5.25%, 01/15/2054 |  | 201000 | &nbsp;&nbsp; 187815 |
| Series G, 6.35%, <br> 03/15/2055<sup>(c)</sup> <br>|  | 1633000 | &nbsp;&nbsp; 1624917 |
| New York Life Global Funding, <br> 4.55%, 01/28/2033<sup>(b)</sup> <br>|  | 180000 | &nbsp;&nbsp; 175256 |
| Nippon Life Insurance Co. (Japan), | Nippon Life Insurance Co. (Japan), |  |  |
| 5.95%, 04/16/2054<sup>(b)(c)</sup> <br>|  | 1301000 | &nbsp;&nbsp; 1297097 |
| 6.50%, 04/30/2055<sup>(b)(c)</sup> <br>|  | 2336000 | &nbsp;&nbsp; 2371410 |
| Northwestern Mutual Global Funding, | Northwestern Mutual Global Funding, |  |  |
| 5.07%, 03/25/2027<sup>(b)</sup> <br>|  | 1116000 | &nbsp;&nbsp; 1133360 |
| 4.35%, 09/15/2027<sup>(b)</sup> <br>|  | 155000 | &nbsp;&nbsp; 155709 |
| 4.71%, 01/10/2029<sup>(b)</sup> <br>|  | 1864000 | &nbsp;&nbsp; 1888243 |
| Pacific Life Global Funding II, | Pacific Life Global Funding II, |  |  |
| 5.43% (SOFR + 1.05%), <br> 07/28/2026<sup>(b)(d)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1812227 |
| 4.90%, 01/11/2029<sup>(b)</sup> <br>|  | 2120000 | &nbsp;&nbsp; 2156289 |
| 4.50%, 08/28/2029<sup>(b)</sup> <br>|  | 4317000 | &nbsp;&nbsp; 4327061 |
| Pricoa Global Funding I, | Pricoa Global Funding I, |  |  |
| 4.40%, 08/27/2027<sup>(b)</sup> <br>|  | 2079000 | &nbsp;&nbsp; 2082975 |
| 4.65%, 08/27/2031<sup>(b)</sup> <br>|  | 961000 | &nbsp;&nbsp; 962036 |
| Prudential Financial, Inc., 5.20%, <br> 03/14/2035<br>|  | 5635000 | &nbsp;&nbsp; 5653553 |
| Sumitomo Life Insurance Co. <br> (Japan), 5.88%<sup>(b)(c)(e)</sup> <br>|  | 1206000 | &nbsp;&nbsp; 1179683 |
|  |  |  | &nbsp;&nbsp; 80709704 |
| **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; 222654 |
| **Managed Health Care–0.08%** | **Managed Health Care–0.08%** | **Managed Health Care–0.08%** | **Managed Health Care–0.08%** |
| Humana, Inc., 5.75%, <br> 12/01/2028<br>|  | 192000 | &nbsp;&nbsp; 199201 |
| UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |  |  |
| 5.15%, 10/15/2025 |  | 101000 | &nbsp;&nbsp; 101247 |
| 5.25%, 02/15/2028 |  | 115000 | &nbsp;&nbsp; 118424 |
| 5.30%, 02/15/2030 |  | 148000 | &nbsp;&nbsp; 153687 |
| 5.35%, 02/15/2033 |  | 150000 | &nbsp;&nbsp; 153762 |
| 4.50%, 04/15/2033 |  | 47000 | &nbsp;&nbsp; 45492 |
| 5.05%, 04/15/2053 |  | 96000 | &nbsp;&nbsp; 84942 |
| 5.63%, 07/15/2054 |  | 458000 | &nbsp;&nbsp; 440791 |
| 6.05%, 02/15/2063 |  | 700000 | &nbsp;&nbsp; 709131 |
| 5.50%, 04/15/2064 |  | 440000 | &nbsp;&nbsp; 407784 |
|  |  |  | &nbsp;&nbsp; 2414461 |
| **Marine Transportation–0.01%** | **Marine Transportation–0.01%** | **Marine Transportation–0.01%** | **Marine Transportation–0.01%** |
| A.P. Moller - Maersk A/S (Denmark), <br> 5.88%, 09/14/2033<sup>(b)</sup> <br>|  | 191000 | &nbsp;&nbsp; 195383 |
| **Movies & Entertainment–0.07%** | **Movies & Entertainment–0.07%** | **Movies & Entertainment–0.07%** | **Movies & Entertainment–0.07%** |
| Netflix, Inc., 5.40%, 08/15/2054 |  | 190000 | &nbsp;&nbsp; 184529 |
| WarnerMedia Holdings, Inc., | WarnerMedia Holdings, Inc., |  |  |
| 4.28%, 03/15/2032 |  | 1005000 | &nbsp;&nbsp; 860923 |
| 5.05%, 03/15/2042 |  | 81000 | &nbsp;&nbsp; 61098 |
| 5.14%, 03/15/2052 |  | 1352000 | &nbsp;&nbsp; 924862 |
|  |  |  | &nbsp;&nbsp; 2031412 |
| **Multi-Family Residential REITs–0.16%** | **Multi-Family Residential REITs–0.16%** | **Multi-Family Residential REITs–0.16%** | **Multi-Family Residential REITs–0.16%** |
| AvalonBay Communities, Inc., <br> 5.30%, 12/07/2033<br>|  | 441000 | &nbsp;&nbsp; 446580 |

---

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** |
| **Multi-Family Residential REITs–(continued)** | **Multi-Family Residential REITs–(continued)** | **Multi-Family Residential REITs–(continued)** | **Multi-Family Residential REITs–(continued)** |
| Essex Portfolio L.P., 5.50%, <br> 04/01/2034<br>|  | $363000 | &nbsp;&nbsp; $365196 |
| Invitation Homes Operating <br> Partnership L.P., 4.88%, <br> 02/01/2035<br>|  | 1683000 | &nbsp;&nbsp; 1601030 |
| Mid-America Apartments L.P., | Mid-America Apartments L.P., |  |  |
| 5.30%, 02/15/2032 |  | 1499000 | &nbsp;&nbsp; 1536179 |
| 4.95%, 03/01/2035 |  | 200000 | &nbsp;&nbsp; 195119 |
| UDR, Inc., | UDR, Inc., |  |  |
| 3.00%, 08/15/2031 |  | 110000 | &nbsp;&nbsp; 98667 |
| 5.13%, 09/01/2034 |  | 457000 | &nbsp;&nbsp; 446003 |
|  |  |  | &nbsp;&nbsp; 4688774 |
| **Multi-line Insurance–0.15%** | **Multi-line Insurance–0.15%** | **Multi-line Insurance–0.15%** | **Multi-line Insurance–0.15%** |
| Allianz SE (Germany), 3.50%<sup>(b)(c)(e)</sup> <br>|  | 3800000 | &nbsp;&nbsp; 3658296 |
| Metropolitan Life Global Funding I, <br> 5.15%, 03/28/2033<sup>(b)</sup> <br>|  | 880000 | &nbsp;&nbsp; 888613 |
|  |  |  | &nbsp;&nbsp; 4546909 |
| **Multi-Utilities–0.57%** | **Multi-Utilities–0.57%** | **Multi-Utilities–0.57%** | **Multi-Utilities–0.57%** |
| AEP Texas, Inc., 3.95%, <br> 06/01/2028<sup>(b)</sup> <br>|  | 2489000 | &nbsp;&nbsp; 2444895 |
| Algonquin Power & Utilities Corp. <br> (Canada), 5.37%, 06/15/2026<br>|  | 526000 | &nbsp;&nbsp; 529552 |
| Ameren Illinois Co., 4.95%, <br> 06/01/2033<br>|  | 152000 | &nbsp;&nbsp; 152064 |
| Black Hills Corp., 6.15%, <br> 05/15/2034<br>|  | 367000 | &nbsp;&nbsp; 380908 |
| CMS Energy Corp., | CMS Energy Corp., |  |  |
| 4.75%, 06/01/2050<sup>(c)</sup> <br>|  | 110000 | &nbsp;&nbsp; 103221 |
| 6.50%, 06/01/2055<sup>(c)</sup> <br>|  | 993000 | &nbsp;&nbsp; 970599 |
| Dominion Energy, Inc., 5.38%, <br> 11/15/2032<br>|  | 175000 | &nbsp;&nbsp; 177328 |
| DTE Energy Co., | DTE Energy Co., |  |  |
| 4.95%, 07/01/2027 |  | 514000 | &nbsp;&nbsp; 519387 |
| 5.85%, 06/01/2034 |  | 281000 | &nbsp;&nbsp; 289811 |
| ENGIE S.A. (France), | ENGIE S.A. (France), |  |  |
| 5.25%, 04/10/2029<sup>(b)</sup> <br>|  | 1187000 | &nbsp;&nbsp; 1215455 |
| 5.63%, 04/10/2034<sup>(b)</sup> <br>|  | 900000 | &nbsp;&nbsp; 911718 |
| 5.88%, 04/10/2054<sup>(b)</sup> <br>|  | 890000 | &nbsp;&nbsp; 866151 |
| NiSource, Inc., | NiSource, Inc., |  |  |
| 5.25%, 03/30/2028 |  | 55000 | &nbsp;&nbsp; 56219 |
| 5.40%, 06/30/2033 |  | 36000 | &nbsp;&nbsp; 36269 |
| 5.35%, 04/01/2034 |  | 1331000 | &nbsp;&nbsp; 1340726 |
| 5.85%, 04/01/2055 |  | 1801000 | &nbsp;&nbsp; 1766983 |
| Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., |  |  |
| 5.88%, 10/15/2028 |  | 519000 | &nbsp;&nbsp; 542289 |
| 6.13%, 10/15/2033 |  | 299000 | &nbsp;&nbsp; 314489 |
| Sempra, | Sempra, |  |  |
| 6.88%, 10/01/2054<sup>(c)</sup> <br>|  | 1140000 | &nbsp;&nbsp; 1103638 |
| 6.55%, 04/01/2055<sup>(c)</sup> <br>|  | 1929000 | &nbsp;&nbsp; 1761330 |
| 6.63%, 04/01/2055<sup>(c)</sup> <br>|  | 1646000 | &nbsp;&nbsp; 1560614 |
| WEC Energy Group, Inc., | WEC Energy Group, Inc., |  |  |
| 5.15%, 10/01/2027 |  | 108000 | &nbsp;&nbsp; 109779 |
| 4.75%, 01/15/2028 |  | 82000 | &nbsp;&nbsp; 82898 |
|  |  |  | &nbsp;&nbsp; 17236323 |
| **Office REITs–0.07%** | **Office REITs–0.07%** | **Office REITs–0.07%** | **Office REITs–0.07%** |
| Boston Properties L.P., | Boston Properties L.P., |  |  |
| 3.25%, 01/30/2031 |  | 150000 | &nbsp;&nbsp; 135213 |
| 6.50%, 01/15/2034 |  | 200000 | &nbsp;&nbsp; 209846 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Office REITs–(continued)** | **Office REITs–(continued)** | **Office REITs–(continued)** | **Office REITs–(continued)** |
| Cousins Properties L.P., | Cousins Properties L.P., |  |  |
| 5.38%, 02/15/2032 |  | $820000 | &nbsp;&nbsp; $813344 |
| 5.88%, 10/01/2034 |  | 994000 | &nbsp;&nbsp; 995177 |
|  |  |  | &nbsp;&nbsp; 2153580 |
| **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; 95701 |
| **Oil & Gas Equipment & Services–0.01%** | **Oil & Gas Equipment & Services–0.01%** | **Oil & Gas Equipment & Services–0.01%** | **Oil & Gas Equipment & Services–0.01%** |
| Northern Natural Gas Co., 5.63%, <br> 02/01/2054<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 189208 |
| **Oil & Gas Exploration & Production–0.09%** | **Oil & Gas Exploration & Production–0.09%** | **Oil & Gas Exploration & Production–0.09%** | **Oil & Gas Exploration & Production–0.09%** |
| ConocoPhillips Co., 5.70%, <br> 09/15/2063<br>|  | 531000 | &nbsp;&nbsp; 497225 |
| Continental Resources, Inc., <br> 4.90%, 06/01/2044<br>|  | 100000 | &nbsp;&nbsp; 77322 |
| Diamondback Energy, Inc., | Diamondback Energy, Inc., |  |  |
| 5.20%, 04/18/2027 |  | 685000 | &nbsp;&nbsp; 694884 |
| 5.15%, 01/30/2030 |  | 652000 | &nbsp;&nbsp; 661886 |
| 5.90%, 04/18/2064 |  | 358000 | &nbsp;&nbsp; 317839 |
| Ovintiv, Inc., 7.10%, 07/15/2053 |  | 500000 | &nbsp;&nbsp; 487189 |
|  |  |  | &nbsp;&nbsp; 2736345 |
| **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>|  | 375000 | &nbsp;&nbsp; 371457 |
| **Oil & Gas Storage & Transportation–0.94%** | **Oil & Gas Storage & Transportation–0.94%** | **Oil & Gas Storage & Transportation–0.94%** | **Oil & Gas Storage & Transportation–0.94%** |
| Cheniere Energy Partners L.P., <br> 5.95%, 06/30/2033<br>|  | 176000 | &nbsp;&nbsp; 179747 |
| Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, |  |  |
| 6.06%, 08/15/2026<sup>(b)</sup> <br>|  | 144000 | &nbsp;&nbsp; 146074 |
| 5.10%, 10/01/2031<sup>(b)</sup> <br>|  | 827000 | &nbsp;&nbsp; 816761 |
| Columbia Pipelines Operating Co. <br> LLC, 5.70%, 10/01/2054<sup>(b)</sup> <br>|  | 1610000 | &nbsp;&nbsp; 1463139 |
| Eastern Energy Gas Holdings LLC, <br> 5.65%, 10/15/2054<br>|  | 933000 | &nbsp;&nbsp; 879243 |
| Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |  |  |
| 5.70%, 03/08/2033 |  | 139000 | &nbsp;&nbsp; 141915 |
| 7.38%, 03/15/2055<sup>(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100717 |
| Series NC5, 8.25%, <br> 01/15/2084<sup>(c)</sup> <br>|  | 65000 | &nbsp;&nbsp; 67598 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 6.05%, 12/01/2026 |  | 886000 | &nbsp;&nbsp; 904071 |
| 6.40%, 12/01/2030 |  | 100000 | &nbsp;&nbsp; 106392 |
| 5.55%, 05/15/2034 |  | 360000 | &nbsp;&nbsp; 354498 |
| 5.95%, 05/15/2054 |  | 288000 | &nbsp;&nbsp; 262148 |
| 6.05%, 09/01/2054 |  | 987000 | &nbsp;&nbsp; 903159 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., |  |  |
| 5.15%, 06/01/2030 |  | 2236000 | &nbsp;&nbsp; 2258033 |
| 4.80%, 02/01/2033 |  | 70000 | &nbsp;&nbsp; 67310 |
| 5.20%, 06/01/2033 |  | 168000 | &nbsp;&nbsp; 165405 |
| 5.85%, 06/01/2035 |  | 1527000 | &nbsp;&nbsp; 1546847 |
| MPLX L.P., | MPLX L.P., |  |  |
| 5.20%, 03/01/2047 |  | 400000 | &nbsp;&nbsp; 341145 |
| 4.95%, 03/14/2052 |  | 75000 | &nbsp;&nbsp; 60324 |
| Northwest Pipeline LLC, 4.00%, <br> 04/01/2027<br>|  | 200000 | &nbsp;&nbsp; 198369 |

---

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** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| ONEOK, Inc., | ONEOK, Inc., |  |  |
| 5.55%, 11/01/2026 |  | $97000 | &nbsp;&nbsp; $98221 |
| 4.25%, 09/24/2027 |  | 1779000 | &nbsp;&nbsp; 1769176 |
| 5.65%, 11/01/2028 |  | 123000 | &nbsp;&nbsp; 126852 |
| 4.40%, 10/15/2029 |  | 1454000 | &nbsp;&nbsp; 1431996 |
| 5.80%, 11/01/2030 |  | 305000 | &nbsp;&nbsp; 315968 |
| 6.10%, 11/15/2032 |  | 55000 | &nbsp;&nbsp; 57151 |
| 6.05%, 09/01/2033 |  | 279000 | &nbsp;&nbsp; 286387 |
| 6.63%, 09/01/2053 |  | 346000 | &nbsp;&nbsp; 344900 |
| 5.70%, 11/01/2054 |  | 300000 | &nbsp;&nbsp; 266596 |
| 5.85%, 11/01/2064 |  | 700000 | &nbsp;&nbsp; 625106 |
| Plains All American Pipeline L.P., <br> 5.95%, 06/15/2035<br>|  | 3185000 | &nbsp;&nbsp; 3188681 |
| South Bow USA Infrastructure <br> Holdings LLC (Canada), | South Bow USA Infrastructure <br> Holdings LLC (Canada), |  |  |
| 4.91%, 09/01/2027<sup>(b)</sup> <br>|  | 899000 | &nbsp;&nbsp; 903822 |
| 5.03%, 10/01/2029<sup>(b)</sup> <br>|  | 1498000 | &nbsp;&nbsp; 1486410 |
| 5.58%, 10/01/2034<sup>(b)</sup> <br>|  | 1295000 | &nbsp;&nbsp; 1253016 |
| 6.18%, 10/01/2054<sup>(b)</sup> <br>|  | 315000 | &nbsp;&nbsp; 291706 |
| Southern Co. Gas Capital Corp., <br> 5.75%, 09/15/2033<br>|  | 116000 | &nbsp;&nbsp; 119745 |
| Targa Resources Corp., | Targa Resources Corp., |  |  |
| 5.20%, 07/01/2027 |  | 75000 | &nbsp;&nbsp; 75997 |
| 5.50%, 02/15/2035 |  | 432000 | &nbsp;&nbsp; 422151 |
| Western Midstream Operating L.P., | Western Midstream Operating L.P., |  |  |
| 6.15%, 04/01/2033 |  | 139000 | &nbsp;&nbsp; 140498 |
| 5.45%, 11/15/2034 |  | 822000 | &nbsp;&nbsp; 781600 |
| Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |  |  |
| 5.30%, 08/15/2028 |  | 474000 | &nbsp;&nbsp; 485054 |
| 4.80%, 11/15/2029 |  | 1129000 | &nbsp;&nbsp; 1136771 |
| 5.65%, 03/15/2033 |  | 167000 | &nbsp;&nbsp; 170849 |
| 5.15%, 03/15/2034 |  | 326000 | &nbsp;&nbsp; 319832 |
| 5.80%, 11/15/2054 |  | 605000 | &nbsp;&nbsp; 574172 |
| 6.00%, 03/15/2055 |  | 747000 | &nbsp;&nbsp; 727656 |
|  |  |  | &nbsp;&nbsp; 28363208 |
| **Other Specialized REITs–0.10%** | **Other Specialized REITs–0.10%** | **Other Specialized REITs–0.10%** | **Other Specialized REITs–0.10%** |
| Simon Property Group L.P., <br> 4.75%, 09/26/2034<br>|  | 3228000 | &nbsp;&nbsp; 3088167 |
| **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>|  | 73000 | &nbsp;&nbsp; 73351 |
| **Packaged Foods & Meats–0.83%** | **Packaged Foods & Meats–0.83%** | **Packaged Foods & Meats–0.83%** | **Packaged Foods & Meats–0.83%** |
| Hershey Co. (The), 4.25%, <br> 05/04/2028<br>|  | 440000 | &nbsp;&nbsp; 444701 |
| J.M. Smucker Co. (The), 6.20%, <br> 11/15/2033<br>|  | 180000 | &nbsp;&nbsp; 192113 |
| Mars, Inc., | Mars, Inc., |  |  |
| 4.45%, 03/01/2027<sup>(b)</sup> <br>|  | 4632000 | &nbsp;&nbsp; 4662052 |
| 4.55%, 04/20/2028<sup>(b)</sup> <br>|  | 266000 | &nbsp;&nbsp; 268724 |
| 4.80%, 03/01/2030<sup>(b)</sup> <br>|  | 1680000 | &nbsp;&nbsp; 1701127 |
| 5.00%, 03/01/2032<sup>(b)</sup> <br>|  | 1685000 | &nbsp;&nbsp; 1699338 |
| 5.20%, 03/01/2035<sup>(b)</sup> <br>|  | 4159000 | &nbsp;&nbsp; 4177084 |
| 5.65%, 05/01/2045<sup>(b)</sup> <br>|  | 3250000 | &nbsp;&nbsp; 3229866 |
| 5.70%, 05/01/2055<sup>(b)</sup> <br>|  | 3045000 | &nbsp;&nbsp; 3003665 |
| 5.80%, 05/01/2065<sup>(b)</sup> <br>|  | 2063000 | &nbsp;&nbsp; 2035020 |
| McCormick & Co., Inc., 4.70%, <br> 10/15/2034<br>|  | 2058000 | &nbsp;&nbsp; 1972202 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Packaged Foods & Meats–(continued)** | **Packaged Foods & Meats–(continued)** | **Packaged Foods & Meats–(continued)** | **Packaged Foods & Meats–(continued)** |
| The Campbell's Company, | The Campbell's Company, |  |  |
| 5.30%, 03/20/2026 |  | $269000 | &nbsp;&nbsp; $270624 |
| 5.20%, 03/21/2029 |  | 354000 | &nbsp;&nbsp; 361774 |
| 5.40%, 03/21/2034 |  | 466000 | &nbsp;&nbsp; 470062 |
| 5.25%, 10/13/2054 |  | 715000 | &nbsp;&nbsp; 642206 |
|  |  |  | &nbsp;&nbsp; 25130558 |
| **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%** |
| Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), | Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), |  |  |
| 5.20%, 01/15/2030<sup>(b)</sup> <br>|  | 1116000 | &nbsp;&nbsp; 1132034 |
| 5.44%, 04/03/2034<sup>(b)</sup> <br>|  | 1056000 | &nbsp;&nbsp; 1057302 |
|  |  |  | &nbsp;&nbsp; 2189336 |
| **Passenger Airlines–0.12%** | **Passenger Airlines–0.12%** | **Passenger Airlines–0.12%** | **Passenger Airlines–0.12%** |
| American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |  |  |
| Series 2021-1, Class B, 3.95%, <br> 07/11/2030<br>|  | 382850 | &nbsp;&nbsp; 359147 |
| Series 2021-1, Class A, 2.88%, <br> 07/11/2034<br>|  | 96985 | &nbsp;&nbsp; 84188 |
| AS Mileage Plan IP Ltd., | AS Mileage Plan IP Ltd., |  |  |
| 5.02%, 10/20/2029<sup>(b)</sup> <br>|  | 967000 | &nbsp;&nbsp; 938510 |
| 5.31%, 10/20/2031<sup>(b)</sup> <br>|  | 949000 | &nbsp;&nbsp; 909730 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |
| 4.50%, 10/20/2025<sup>(b)</sup> <br>|  | 31498 | &nbsp;&nbsp; 31215 |
| 4.75%, 10/20/2028<sup>(b)</sup> <br>|  | 240578 | &nbsp;&nbsp; 239179 |
| United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |  |
| Series 2020-1, Class A, 5.88%, <br> 10/15/2027<br>|  | 87449 | &nbsp;&nbsp; 89110 |
| Series 2019-2, Class AA, <br> 2.70%, 05/01/2032<br>|  | 3912 | &nbsp;&nbsp; 3475 |
| Series AA, 5.45%, <br> 02/15/2037<br>|  | 1020045 | &nbsp;&nbsp; 1017803 |
|  |  |  | &nbsp;&nbsp; 3672357 |
| **Passenger Ground Transportation–0.13%** | **Passenger Ground Transportation–0.13%** | **Passenger Ground Transportation–0.13%** | **Passenger Ground Transportation–0.13%** |
| Uber Technologies, Inc., | Uber Technologies, Inc., |  |  |
| 4.30%, 01/15/2030 |  | 2633000 | &nbsp;&nbsp; 2602578 |
| 5.35%, 09/15/2054 |  | 1570000 | &nbsp;&nbsp; 1438932 |
|  |  |  | &nbsp;&nbsp; 4041510 |
| **Personal Care Products–0.02%** | **Personal Care Products–0.02%** | **Personal Care Products–0.02%** | **Personal Care Products–0.02%** |
| Kenvue, Inc., | Kenvue, Inc., |  |  |
| 5.05%, 03/22/2028 |  | 106000 | &nbsp;&nbsp; 109152 |
| 5.00%, 03/22/2030 |  | 162000 | &nbsp;&nbsp; 167134 |
| 4.90%, 03/22/2033 |  | 178000 | &nbsp;&nbsp; 180249 |
| 5.20%, 03/22/2063 |  | 104000 | &nbsp;&nbsp; 96450 |
|  |  |  | &nbsp;&nbsp; 552985 |
| **Pharmaceuticals–0.63%** | **Pharmaceuticals–0.63%** | **Pharmaceuticals–0.63%** | **Pharmaceuticals–0.63%** |
| AstraZeneca Finance LLC (United <br> Kingdom), | AstraZeneca Finance LLC (United <br> Kingdom), |  |  |
| 4.80%, 02/26/2027 |  | 771000 | &nbsp;&nbsp; 781734 |
| 4.85%, 02/26/2029 |  | 423000 | &nbsp;&nbsp; 432500 |
| 4.90%, 02/26/2031 |  | 566000 | &nbsp;&nbsp; 581416 |
| Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |  |  |
| 4.90%, 02/22/2027 |  | 214000 | &nbsp;&nbsp; 217538 |
| 4.90%, 02/22/2029 |  | 216000 | &nbsp;&nbsp; 221367 |
| 5.75%, 02/01/2031 |  | 455000 | &nbsp;&nbsp; 484510 |
| 5.90%, 11/15/2033 |  | 232000 | &nbsp;&nbsp; 247753 |
| 6.25%, 11/15/2053 |  | 155000 | &nbsp;&nbsp; 163069 |
| 6.40%, 11/15/2063 |  | 200000 | &nbsp;&nbsp; 213570 |

---

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** |
| **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** |
| Eli Lilly and Co., | Eli Lilly and Co., |  |  |
| 4.50%, 02/09/2027 |  | $1270000 | &nbsp;&nbsp; $1283925 |
| 3.38%, 03/15/2029 |  | 200000 | &nbsp;&nbsp; 195422 |
| 4.20%, 08/14/2029 |  | 220000 | &nbsp;&nbsp; 221133 |
| 4.70%, 02/09/2034 |  | 569000 | &nbsp;&nbsp; 564524 |
| 4.88%, 02/27/2053 |  | 127000 | &nbsp;&nbsp; 115268 |
| 5.00%, 02/09/2054 |  | 355000 | &nbsp;&nbsp; 330012 |
| 5.10%, 02/09/2064 |  | 469000 | &nbsp;&nbsp; 431273 |
| 5.20%, 08/14/2064 |  | 420000 | &nbsp;&nbsp; 394420 |
| Johnson & Johnson, | Johnson & Johnson, |  |  |
| 4.50%, 03/01/2027 |  | 3454000 | &nbsp;&nbsp; 3503266 |
| 4.70%, 03/01/2030 |  | 895000 | &nbsp;&nbsp; 920249 |
| Merck & Co., Inc., | Merck & Co., Inc., |  |  |
| 4.90%, 05/17/2044 |  | 393000 | &nbsp;&nbsp; 364937 |
| 5.15%, 05/17/2063 |  | 149000 | &nbsp;&nbsp; 135928 |
| Novartis Capital Corp., | Novartis Capital Corp., |  |  |
| 3.80%, 09/18/2029 |  | 1814000 | &nbsp;&nbsp; 1793074 |
| 4.00%, 09/18/2031 |  | 1422000 | &nbsp;&nbsp; 1394045 |
| 4.20%, 09/18/2034 |  | 2507000 | &nbsp;&nbsp; 2397391 |
| 4.70%, 09/18/2054 |  | 1546000 | &nbsp;&nbsp; 1371253 |
| Pfizer Investment Enterprises Pte. <br> Ltd., 4.75%, 05/19/2033<br>|  | 221000 | &nbsp;&nbsp; 218310 |
|  |  |  | &nbsp;&nbsp; 18977887 |
| **Property & Casualty Insurance–0.07%** | **Property & Casualty Insurance–0.07%** | **Property & Casualty Insurance–0.07%** | **Property & Casualty Insurance–0.07%** |
| Chubb INA Holdings LLC, 3.35%, <br> 05/03/2026<br>|  | 400000 | &nbsp;&nbsp; 396077 |
| Fairfax Financial Holdings Ltd. <br> (Canada), | Fairfax Financial Holdings Ltd. <br> (Canada), |  |  |
| 6.35%, 03/22/2054 |  | 220000 | &nbsp;&nbsp; 220763 |
| 6.10%, 03/15/2055 |  | 1482000 | &nbsp;&nbsp; 1422996 |
| Travelers Cos., Inc. (The), 5.45%, <br> 05/25/2053<br>|  | 99000 | &nbsp;&nbsp; 97167 |
|  |  |  | &nbsp;&nbsp; 2137003 |
| **Rail Transportation–0.20%** | **Rail Transportation–0.20%** | **Rail Transportation–0.20%** | **Rail Transportation–0.20%** |
| Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), |  |  |
| 5.20%, 03/30/2035 |  | 1911000 | &nbsp;&nbsp; 1919416 |
| 6.13%, 09/15/2115 |  | 220000 | &nbsp;&nbsp; 217477 |
| CSX Corp., 5.20%, 11/15/2033 |  | 400000 | &nbsp;&nbsp; 409688 |
| Norfolk Southern Corp., | Norfolk Southern Corp., |  |  |
| 5.05%, 08/01/2030 |  | 208000 | &nbsp;&nbsp; 214176 |
| 5.55%, 03/15/2034 |  | 217000 | &nbsp;&nbsp; 225874 |
| 5.10%, 05/01/2035 |  | 1343000 | &nbsp;&nbsp; 1348342 |
| 5.95%, 03/15/2064 |  | 225000 | &nbsp;&nbsp; 228268 |
| TTX Co., 5.05%, 11/15/2034<sup>(b)</sup> <br>|  | 1395000 | &nbsp;&nbsp; 1411642 |
| Union Pacific Corp., 5.15%, <br> 01/20/2063<br>|  | 143000 | &nbsp;&nbsp; 127555 |
|  |  |  | &nbsp;&nbsp; 6102438 |
| **Real Estate Development–0.11%** | **Real Estate Development–0.11%** | **Real Estate Development–0.11%** | **Real Estate Development–0.11%** |
| Piedmont Operating Partnership L.P., | Piedmont Operating Partnership L.P., |  |  |
| 9.25%, 07/20/2028 |  | 1830000 | &nbsp;&nbsp; 1982924 |
| 6.88%, 07/15/2029 |  | 1285000 | &nbsp;&nbsp; 1310752 |
|  |  |  | &nbsp;&nbsp; 3293676 |
| **Regional Banks–0.05%** | **Regional Banks–0.05%** | **Regional Banks–0.05%** | **Regional Banks–0.05%** |
| M&T Bank Corp., | M&T Bank Corp., |  |  |
| 6.08%, 03/13/2032<sup>(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 416453 |
| 5.39%, 01/16/2036<sup>(c)</sup> <br>|  | 220000 | &nbsp;&nbsp; 214246 |
| Santander Holdings USA, Inc., <br> 6.12%, 05/31/2027<sup>(c)</sup> <br>|  | 110000 | &nbsp;&nbsp; 111225 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Regional Banks–(continued)** | **Regional Banks–(continued)** | **Regional Banks–(continued)** | **Regional Banks–(continued)** |
| Truist Financial Corp., Series P, <br> 4.95%<sup>(c)(e)</sup> <br>|  | $540000 | &nbsp;&nbsp; $537364 |
| Zions Bancorporation N.A., <br> 6.82%, 11/19/2035<sup>(c)</sup> <br>|  | 300000 | &nbsp;&nbsp; 296051 |
|  |  |  | &nbsp;&nbsp; 1575339 |
| **Reinsurance–0.09%** | **Reinsurance–0.09%** | **Reinsurance–0.09%** | **Reinsurance–0.09%** |
| Berkshire Hathaway Finance Corp., <br> 1.85%, 03/12/2030<br>|  | 300000 | &nbsp;&nbsp; 271816 |
| Fortitude Group Holdings LLC, <br> 6.25%, 04/01/2030<sup>(b)</sup> <br>|  | 1127000 | &nbsp;&nbsp; 1144125 |
| Global Atlantic (Fin) Co., 6.75%, <br> 03/15/2054<sup>(b)</sup> <br>|  | 1226000 | &nbsp;&nbsp; 1203442 |
| Reinsurance Group of America, <br> Inc., 5.75%, 09/15/2034<br>|  | 100000 | &nbsp;&nbsp; 101419 |
|  |  |  | &nbsp;&nbsp; 2720802 |
| **Renewable Electricity–0.02%** | **Renewable Electricity–0.02%** | **Renewable Electricity–0.02%** | **Renewable Electricity–0.02%** |
| DTE Electric Co., 5.20%, <br> 03/01/2034<br>|  | 334000 | &nbsp;&nbsp; 338238 |
| Idaho Power Co., 5.20%, <br> 08/15/2034<br>|  | 334000 | &nbsp;&nbsp; 337123 |
|  |  |  | &nbsp;&nbsp; 675361 |
| **Restaurants–0.18%** | **Restaurants–0.18%** | **Restaurants–0.18%** | **Restaurants–0.18%** |
| McDonald's Corp., | McDonald's Corp., |  |  |
| 4.80%, 08/14/2028 |  | 653000 | &nbsp;&nbsp; 664958 |
| 4.60%, 05/15/2030 |  | 2351000 | &nbsp;&nbsp; 2368575 |
| 4.95%, 08/14/2033 |  | 442000 | &nbsp;&nbsp; 446418 |
| 4.95%, 03/03/2035 |  | 1798000 | &nbsp;&nbsp; 1784661 |
|  |  |  | &nbsp;&nbsp; 5264612 |
| **Retail REITs–0.21%** | **Retail REITs–0.21%** | **Retail REITs–0.21%** | **Retail REITs–0.21%** |
| Agree L.P., 5.63%, 06/15/2034 |  | 480000 | &nbsp;&nbsp; 484896 |
| Brixmor Operating Partnership L.P., <br> 5.75%, 02/15/2035<br>|  | 362000 | &nbsp;&nbsp; 366573 |
| Federal Realty OP L.P., 3.25%, <br> 07/15/2027<br>|  | 500000 | &nbsp;&nbsp; 486175 |
| Kimco Realty OP LLC, 4.85%, <br> 03/01/2035<br>|  | 1043000 | &nbsp;&nbsp; 1000921 |
| Kite Realty Group L.P., | Kite Realty Group L.P., |  |  |
| 4.95%, 12/15/2031 |  | 790000 | &nbsp;&nbsp; 782370 |
| 5.50%, 03/01/2034 |  | 141000 | &nbsp;&nbsp; 141290 |
| NNN REIT, Inc., | NNN REIT, Inc., |  |  |
| 5.60%, 10/15/2033 |  | 147000 | &nbsp;&nbsp; 148967 |
| 5.50%, 06/15/2034 |  | 455000 | &nbsp;&nbsp; 456300 |
| Realty Income Corp., | Realty Income Corp., |  |  |
| 3.65%, 01/15/2028 |  | 110000 | &nbsp;&nbsp; 108219 |
| 5.63%, 10/13/2032 |  | 65000 | &nbsp;&nbsp; 67104 |
| 5.13%, 04/15/2035 |  | 974000 | &nbsp;&nbsp; 965704 |
| 5.38%, 09/01/2054 |  | 327000 | &nbsp;&nbsp; 307805 |
| Regency Centers L.P., | Regency Centers L.P., |  |  |
| 5.25%, 01/15/2034 |  | 372000 | &nbsp;&nbsp; 372656 |
| 5.10%, 01/15/2035 |  | 484000 | &nbsp;&nbsp; 477910 |
|  |  |  | &nbsp;&nbsp; 6166890 |
| **Self-Storage REITs–0.34%** | **Self-Storage REITs–0.34%** | **Self-Storage REITs–0.34%** | **Self-Storage REITs–0.34%** |
| Extra Space Storage L.P., | Extra Space Storage L.P., |  |  |
| 5.70%, 04/01/2028 |  | 70000 | &nbsp;&nbsp; 72247 |
| 5.40%, 02/01/2034 |  | 533000 | &nbsp;&nbsp; 528773 |
| Goodman US Finance Six LLC <br> (Australia), 5.13%, <br> 10/07/2034<sup>(b)</sup> <br>|  | 390000 | &nbsp;&nbsp; 383676 |

---

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** |
| **Self-Storage REITs–(continued)** | **Self-Storage REITs–(continued)** | **Self-Storage REITs–(continued)** | **Self-Storage REITs–(continued)** |
| Prologis L.P., | Prologis L.P., |  |  |
| 4.88%, 06/15/2028 |  | $212000 | &nbsp;&nbsp; $216029 |
| 4.63%, 01/15/2033 |  | 120000 | &nbsp;&nbsp; 118035 |
| 4.75%, 06/15/2033 |  | 270000 | &nbsp;&nbsp; 265798 |
| 5.13%, 01/15/2034 |  | 165000 | &nbsp;&nbsp; 165159 |
| 5.00%, 03/15/2034 |  | 1379000 | &nbsp;&nbsp; 1367002 |
| 5.00%, 01/31/2035 |  | 1424000 | &nbsp;&nbsp; 1408585 |
| 5.25%, 03/15/2054 |  | 1577000 | &nbsp;&nbsp; 1458865 |
| Public Storage Operating Co., | Public Storage Operating Co., |  |  |
| 5.08% (SOFR + 0.70%), <br> 04/16/2027<sup>(d)</sup> <br>|  | 3503000 | &nbsp;&nbsp; 3484062 |
| 5.13%, 01/15/2029 |  | 50000 | &nbsp;&nbsp; 51634 |
| 5.10%, 08/01/2033 |  | 292000 | &nbsp;&nbsp; 296780 |
| 5.35%, 08/01/2053 |  | 473000 | &nbsp;&nbsp; 448847 |
|  |  |  | &nbsp;&nbsp; 10265492 |
| **Semiconductors–0.84%** | **Semiconductors–0.84%** | **Semiconductors–0.84%** | **Semiconductors–0.84%** |
| Broadcom, Inc., | Broadcom, Inc., |  |  |
| 4.15%, 02/15/2028 |  | 3538000 | &nbsp;&nbsp; 3525440 |
| 5.05%, 07/12/2029 |  | 1094000 | &nbsp;&nbsp; 1115739 |
| 5.15%, 11/15/2031 |  | 949000 | &nbsp;&nbsp; 967696 |
| Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |  |  |
| 5.90%, 01/25/2030<sup>(b)</sup> <br>|  | 1188000 | &nbsp;&nbsp; 1234020 |
| 5.50%, 01/25/2031<sup>(b)</sup> <br>|  | 1146000 | &nbsp;&nbsp; 1161352 |
| 6.15%, 01/25/2032<sup>(b)</sup> <br>|  | 1161000 | &nbsp;&nbsp; 1207060 |
| 5.90%, 01/25/2033<sup>(b)</sup> <br>|  | 499000 | &nbsp;&nbsp; 509385 |
| 5.88%, 01/25/2034<sup>(b)</sup> <br>|  | 1195000 | &nbsp;&nbsp; 1201232 |
| 6.25%, 01/25/2035<sup>(b)</sup> <br>|  | 1213000 | &nbsp;&nbsp; 1255490 |
| 6.10%, 01/25/2036<sup>(b)</sup> <br>|  | 1291000 | &nbsp;&nbsp; 1316858 |
| 6.20%, 01/25/2037<sup>(b)</sup> <br>|  | 1116000 | &nbsp;&nbsp; 1144130 |
| 6.40%, 01/25/2038<sup>(b)</sup> <br>|  | 885000 | &nbsp;&nbsp; 929396 |
| 6.30%, 01/25/2039<sup>(b)</sup> <br>|  | 1150000 | &nbsp;&nbsp; 1195143 |
| Intel Corp., | Intel Corp., |  |  |
| 3.15%, 05/11/2027 |  | 250000 | &nbsp;&nbsp; 242813 |
| 3.75%, 08/05/2027 |  | 100000 | &nbsp;&nbsp; 98267 |
| 3.90%, 03/25/2030 |  | 200000 | &nbsp;&nbsp; 190985 |
| 2.00%, 08/12/2031 |  | 300000 | &nbsp;&nbsp; 251052 |
| 4.15%, 08/05/2032 |  | 100000 | &nbsp;&nbsp; 92254 |
| 5.05%, 08/05/2062 |  | 110000 | &nbsp;&nbsp; 86307 |
| Micron Technology, Inc., | Micron Technology, Inc., |  |  |
| 5.30%, 01/15/2031 |  | 333000 | &nbsp;&nbsp; 334639 |
| 5.65%, 11/01/2032 |  | 1849000 | &nbsp;&nbsp; 1873581 |
| 6.05%, 11/01/2035 |  | 5133000 | &nbsp;&nbsp; 5206819 |
|  |  |  | &nbsp;&nbsp; 25139658 |
| **Single-Family Residential REITs–0.07%** | **Single-Family Residential REITs–0.07%** | **Single-Family Residential REITs–0.07%** | **Single-Family Residential REITs–0.07%** |
| American Homes 4 Rent L.P., | American Homes 4 Rent L.P., |  |  |
| 5.50%, 07/15/2034 |  | 1069000 | &nbsp;&nbsp; 1061990 |
| 5.25%, 03/15/2035 |  | 939000 | &nbsp;&nbsp; 915425 |
|  |  |  | &nbsp;&nbsp; 1977415 |
| **Soft Drinks & Non-alcoholic Beverages–0.46%** | **Soft Drinks & Non-alcoholic Beverages–0.46%** | **Soft Drinks & Non-alcoholic Beverages–0.46%** | **Soft Drinks & Non-alcoholic Beverages–0.46%** |
| Coca-Cola Co. (The), | Coca-Cola Co. (The), |  |  |
| 5.30%, 05/13/2054 |  | 929000 | &nbsp;&nbsp; 898329 |
| 5.40%, 05/13/2064 |  | 1390000 | &nbsp;&nbsp; 1349595 |
| Keurig Dr Pepper, Inc., | Keurig Dr Pepper, Inc., |  |  |
| 4.35%, 05/15/2028 |  | 1922000 | &nbsp;&nbsp; 1926065 |
| 4.60%, 05/15/2030 |  | 4104000 | &nbsp;&nbsp; 4105376 |
| 5.15%, 05/15/2035 |  | 1539000 | &nbsp;&nbsp; 1536542 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Soft Drinks & Non-alcoholic Beverages–(continued)** | **Soft Drinks & Non-alcoholic Beverages–(continued)** | **Soft Drinks & Non-alcoholic Beverages–(continued)** | **Soft Drinks & Non-alcoholic Beverages–(continued)** |
| PepsiCo, Inc., | PepsiCo, Inc., |  |  |
| 2.38%, 10/06/2026 |  | $220000 | &nbsp;&nbsp; $215401 |
| 4.60%, 02/07/2030 |  | 1629000 | &nbsp;&nbsp; 1658790 |
| 5.00%, 02/07/2035 |  | 2143000 | &nbsp;&nbsp; 2165363 |
|  |  |  | &nbsp;&nbsp; 13855461 |
| **Sovereign Debt–0.18%** | **Sovereign Debt–0.18%** | **Sovereign Debt–0.18%** | **Sovereign Debt–0.18%** |
| Republic of Poland Government <br> International Bond (Poland), <br> 5.38%, 02/12/2035<br>|  | 5370000 | &nbsp;&nbsp; 5434530 |
| **Specialized Consumer Services–0.33%** | **Specialized Consumer Services–0.33%** | **Specialized Consumer Services–0.33%** | **Specialized Consumer Services–0.33%** |
| Rentokil Terminix Funding LLC, | Rentokil Terminix Funding LLC, |  |  |
| 5.00%, 04/28/2030<sup>(b)</sup> <br>|  | 5794000 | &nbsp;&nbsp; 5785520 |
| 5.63%, 04/28/2035<sup>(b)</sup> <br>|  | 4065000 | &nbsp;&nbsp; 4080635 |
|  |  |  | &nbsp;&nbsp; 9866155 |
| **Specialized Finance–0.03%** | **Specialized Finance–0.03%** | **Specialized Finance–0.03%** | **Specialized Finance–0.03%** |
| Blackstone Private Credit Fund, | Blackstone Private Credit Fund, |  |  |
| 4.95%, 09/26/2027<sup>(b)</sup> <br>|  | 934000 | &nbsp;&nbsp; 925464 |
| 6.00%, 11/22/2034<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 95504 |
|  |  |  | &nbsp;&nbsp; 1020968 |
| **Systems Software–0.38%** | **Systems Software–0.38%** | **Systems Software–0.38%** | **Systems Software–0.38%** |
| Microsoft Corp., 3.50%, <br> 11/15/2042<br>|  | 400000 | &nbsp;&nbsp; 325794 |
| Oracle Corp., | Oracle Corp., |  |  |
| 6.25%, 11/09/2032 |  | 88000 | &nbsp;&nbsp; 93878 |
| 4.90%, 02/06/2033 |  | 144000 | &nbsp;&nbsp; 141613 |
| 4.70%, 09/27/2034 |  | 2249000 | &nbsp;&nbsp; 2141067 |
| 6.90%, 11/09/2052 |  | 98000 | &nbsp;&nbsp; 105520 |
| 5.38%, 09/27/2054 |  | 2286000 | &nbsp;&nbsp; 2027855 |
| 6.00%, 08/03/2055 |  | 1596000 | &nbsp;&nbsp; 1553900 |
| 5.50%, 09/27/2064 |  | 2622000 | &nbsp;&nbsp; 2329059 |
| 6.13%, 08/03/2065 |  | 2635000 | &nbsp;&nbsp; 2573224 |
|  |  |  | &nbsp;&nbsp; 11291910 |
| **Technology Hardware, Storage & Peripherals–0.29%** | **Technology Hardware, Storage & Peripherals–0.29%** | **Technology Hardware, Storage & Peripherals–0.29%** | **Technology Hardware, Storage & Peripherals–0.29%** |
| Dell International LLC/EMC Corp., <br> 5.50%, 04/01/2035<br>|  | 7216000 | &nbsp;&nbsp; 7088408 |
| Hewlett Packard Enterprise Co., <br> 5.00%, 10/15/2034<br>|  | 1711000 | &nbsp;&nbsp; 1652533 |
|  |  |  | &nbsp;&nbsp; 8740941 |
| **Telecom Tower REITs–0.02%** | **Telecom Tower REITs–0.02%** | **Telecom Tower REITs–0.02%** | **Telecom Tower REITs–0.02%** |
| American Tower Corp., 3.60%, <br> 01/15/2028<br>|  | 400000 | &nbsp;&nbsp; 391400 |
| Crown Castle, Inc., 5.00%, <br> 01/11/2028<br>|  | 150000 | &nbsp;&nbsp; 151333 |
|  |  |  | &nbsp;&nbsp; 542733 |
| **Tobacco–0.71%** | **Tobacco–0.71%** | **Tobacco–0.71%** | **Tobacco–0.71%** |
| Altria Group, Inc., 4.88%, <br> 02/04/2028<br>|  | 506000 | &nbsp;&nbsp; 512053 |
| B.A.T Capital Corp. (United Kingdom), | B.A.T Capital Corp. (United Kingdom), |  |  |
| 3.56%, 08/15/2027 |  | 110000 | &nbsp;&nbsp; 107990 |
| 5.83%, 02/20/2031 |  | 264000 | &nbsp;&nbsp; 274985 |
| 4.74%, 03/16/2032 |  | 100000 | &nbsp;&nbsp; 97603 |
| 6.00%, 02/20/2034 |  | 142000 | &nbsp;&nbsp; 148500 |
| 7.08%, 08/02/2043 |  | 115000 | &nbsp;&nbsp; 123431 |
| 7.08%, 08/02/2053 |  | 87000 | &nbsp;&nbsp; 94640 |

---

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** |
| **Tobacco–(continued)** | **Tobacco–(continued)** | **Tobacco–(continued)** | **Tobacco–(continued)** |
| Philip Morris International, Inc., | Philip Morris International, Inc., |  |  |
| 0.88%, 05/01/2026 |  | $100000 | &nbsp;&nbsp; $96723 |
| 4.75%, 02/12/2027 |  | 1380000 | &nbsp;&nbsp; 1394970 |
| 4.38%, 11/01/2027 |  | 1704000 | &nbsp;&nbsp; 1712046 |
| 5.13%, 11/17/2027 |  | 120000 | &nbsp;&nbsp; 122581 |
| 4.88%, 02/15/2028 |  | 416000 | &nbsp;&nbsp; 423599 |
| 4.13%, 04/28/2028 |  | 1351000 | &nbsp;&nbsp; 1349809 |
| 5.25%, 09/07/2028 |  | 382000 | &nbsp;&nbsp; 393874 |
| 4.88%, 02/13/2029 |  | 1054000 | &nbsp;&nbsp; 1071362 |
| 4.63%, 11/01/2029 |  | 2014000 | &nbsp;&nbsp; 2032269 |
| 4.38%, 04/30/2030 |  | 2074000 | &nbsp;&nbsp; 2062180 |
| 2.10%, 05/01/2030 |  | 200000 | &nbsp;&nbsp; 178629 |
| 5.13%, 02/13/2031 |  | 263000 | &nbsp;&nbsp; 269802 |
| 4.75%, 11/01/2031 |  | 1575000 | &nbsp;&nbsp; 1581390 |
| 5.38%, 02/15/2033 |  | 489000 | &nbsp;&nbsp; 500933 |
| 5.63%, 09/07/2033 |  | 493000 | &nbsp;&nbsp; 511787 |
| 5.25%, 02/13/2034 |  | 550000 | &nbsp;&nbsp; 555804 |
| 4.90%, 11/01/2034 |  | 3193000 | &nbsp;&nbsp; 3148232 |
| 4.88%, 04/30/2035 |  | 2433000 | &nbsp;&nbsp; 2386678 |
| 4.38%, 11/15/2041 |  | 100000 | &nbsp;&nbsp; 85723 |
|  |  |  | &nbsp;&nbsp; 21237593 |
| **Trading Companies & Distributors–0.15%** | **Trading Companies & Distributors–0.15%** | **Trading Companies & Distributors–0.15%** | **Trading Companies & Distributors–0.15%** |
| Ferguson Enterprises, Inc., <br> 5.00%, 10/03/2034<br>|  | 1022000 | &nbsp;&nbsp; 989605 |
| GATX Corp., 6.05%, 06/05/2054 |  | 785000 | &nbsp;&nbsp; 761500 |
| Mitsubishi Corp. (Japan), | Mitsubishi Corp. (Japan), |  |  |
| 5.00%, 07/02/2029<sup>(b)</sup> <br>|  | 1419000 | &nbsp;&nbsp; 1452476 |
| 5.13%, 07/17/2034<sup>(b)</sup> <br>|  | 1352000 | &nbsp;&nbsp; 1375387 |
|  |  |  | &nbsp;&nbsp; 4578968 |
| **Transaction & Payment Processing Services–0.08%** | **Transaction & Payment Processing Services–0.08%** | **Transaction & Payment Processing Services–0.08%** | **Transaction & Payment Processing Services–0.08%** |
| Fiserv, Inc., | Fiserv, Inc., |  |  |
| 5.38%, 08/21/2028 |  | 508000 | &nbsp;&nbsp; 521447 |
| 5.63%, 08/21/2033 |  | 314000 | &nbsp;&nbsp; 320022 |
| 5.45%, 03/15/2034 |  | 960000 | &nbsp;&nbsp; 964189 |
| Mastercard, Inc., | Mastercard, Inc., |  |  |
| 2.95%, 11/21/2026 |  | 440000 | &nbsp;&nbsp; 433557 |
| 4.85%, 03/09/2033 |  | 230000 | &nbsp;&nbsp; 232492 |
|  |  |  | &nbsp;&nbsp; 2471707 |
| **Water Utilities–0.00%** | **Water Utilities–0.00%** | **Water Utilities–0.00%** | **Water Utilities–0.00%** |
| United Utilities PLC (United <br> Kingdom), 6.88%, <br> 08/15/2028<br>|  | 110000 | &nbsp;&nbsp; 117800 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $1,188,551,371) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $1,188,551,371) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $1,188,551,371) | &nbsp;&nbsp; 1190743378 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–29.18%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–29.18%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–29.18%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–29.18%** |
| **Collateralized Mortgage Obligations–0.17%** | **Collateralized Mortgage Obligations–0.17%** | **Collateralized Mortgage Obligations–0.17%** | **Collateralized Mortgage Obligations–0.17%** |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| IO, <br>6.50%, 04/25/2029 to <br> 02/25/2033<sup>(g)(h)</sup> <br>|  | 704732 | &nbsp;&nbsp; 92689 |
| 7.50%, 11/25/2029<sup>(g)</sup> <br>|  | 3863 | &nbsp;&nbsp; 418 |
| 7.00%, 04/25/2032<sup>(g)</sup> <br>|  | 424290 | &nbsp;&nbsp; 61298 |
| 6.00%, 06/25/2033 to <br> 03/25/2036<sup>(g)(h)</sup> <br>|  | 484552 | &nbsp;&nbsp; 73696 |
| 5.50%, 09/25/2033 to <br> 06/25/2035<sup>(g)(h)</sup> <br>|  | 854674 | &nbsp;&nbsp; 117614 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| 7.00%, 07/25/2026 |  | $203 | &nbsp;&nbsp; $202 |
| 6.50%, 10/25/2028 to <br> 10/25/2031<br>|  | 58884 | &nbsp;&nbsp; 59909 |
| 6.00%, 11/25/2028 |  | 29077 | &nbsp;&nbsp; 29515 |
| 7.50%, 12/25/2029 |  | 151133 | &nbsp;&nbsp; 154263 |
| 5.47% (30 Day Average SOFR + <br> 1.11%), 07/25/2032<sup>(d)</sup> <br>|  | 31283 | &nbsp;&nbsp; 31618 |
| 4.87% (30 Day Average SOFR + <br> 0.51%), 03/25/2033<sup>(d)</sup> <br>|  | 8408 | &nbsp;&nbsp; 8350 |
| 5.50%, 04/25/2035 |  | 616121 | &nbsp;&nbsp; 635400 |
| 4.72% (30 Day Average SOFR + <br> 0.36%), 08/25/2035<sup>(d)</sup> <br>|  | 21687 | &nbsp;&nbsp; 21504 |
| 7.82% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(d)</sup> <br>|  | 77763 | &nbsp;&nbsp; 92074 |
| 5.41% (30 Day Average SOFR + <br> 1.05%), 06/25/2037<sup>(d)</sup> <br>|  | 58879 | &nbsp;&nbsp; 59378 |
| 4.00%, 03/25/2041 |  | 40028 | &nbsp;&nbsp; 38267 |
| IO, <br>3.68% (8.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2027<sup>(d)(g)</sup> <br>|  | 13562 | &nbsp;&nbsp; 417 |
| 3.00%, 11/25/2027<sup>(g)</sup> <br>|  | 303383 | &nbsp;&nbsp; 6076 |
| 2.63% (7.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2030<sup>(d)(g)</sup> <br>|  | 6111 | &nbsp;&nbsp; 349 |
| 3.28% (7.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/25/2031 to <br> 02/25/2032<sup>(d)(g)</sup> <br>|  | 32782 | &nbsp;&nbsp; 3106 |
| 3.39% (7.85% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/18/2031<sup>(d)(g)</sup> <br>|  | 28054 | &nbsp;&nbsp; 2408 |
| 3.43% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2031<sup>(d)(g)</sup> <br>|  | 68008 | &nbsp;&nbsp; 6187 |
| 2.78% (7.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2032<sup>(d)(g)</sup> <br>|  | 50815 | &nbsp;&nbsp; 5036 |
| 3.48% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2032 to <br> 07/25/2032<sup>(d)(g)</sup> <br>|  | 66061 | &nbsp;&nbsp; 5261 |
| 3.63% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2032 to <br> 03/25/2032<sup>(d)(g)</sup> <br>|  | 6371 | &nbsp;&nbsp; 384 |
| 1.00% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(d)(g)</sup> <br>|  | 80862 | &nbsp;&nbsp; 1477 |
| 2.53% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032 to <br> 09/25/2032<sup>(d)(g)</sup> <br>|  | 224252 | &nbsp;&nbsp; 20435 |
| 3.53% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032 to <br> 12/25/2032<sup>(d)(g)</sup> <br>|  | 162172 | &nbsp;&nbsp; 18139 |
| 3.54% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/18/2032<sup>(d)(g)</sup> <br>|  | 98841 | &nbsp;&nbsp; 9603 |
| 3.64% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/18/2032<sup>(d)(g)</sup> <br>|  | 28150 | &nbsp;&nbsp; 2453 |

---

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** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 3.73% (8.20% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2033<sup>(d)(g)</sup> <br>|  | $159840 | &nbsp;&nbsp; $16270 |
| 3.78% (8.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2033 to <br> 05/25/2033<sup>(d)(g)</sup> <br>|  | 107347 | &nbsp;&nbsp; 16122 |
| 7.00%, 03/25/2033 to <br> 04/25/2033<sup>(g)</sup> <br>|  | 322263 | &nbsp;&nbsp; 34224 |
| 3.08% (7.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2033<sup>(d)(g)</sup> <br>|  | 120682 | &nbsp;&nbsp; 14046 |
| 2.23% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2035 to <br> 05/25/2035<sup>(d)(g)</sup> <br>|  | 246579 | &nbsp;&nbsp; 21615 |
| 2.28% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035<sup>(d)(g)</sup> <br>|  | 40710 | &nbsp;&nbsp; 2227 |
| 2.13% (6.60% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(d)(g)</sup> <br>|  | 157044 | &nbsp;&nbsp; 10275 |
| 3.50%, 08/25/2035<sup>(g)</sup> <br>|  | 2583279 | &nbsp;&nbsp; 272040 |
| 1.63% (6.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2035<sup>(d)(g)</sup> <br>|  | 143406 | &nbsp;&nbsp; 13625 |
| 2.11% (6.58% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/25/2036<sup>(d)(g)</sup> <br>|  | 8108 | &nbsp;&nbsp; 659 |
| 1.58% (6.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/25/2038<sup>(d)(g)</sup> <br>|  | 67569 | &nbsp;&nbsp; 2581 |
| 4.00%, 04/25/2041 to <br> 08/25/2047<sup>(g)</sup> <br>|  | 742162 | &nbsp;&nbsp; 106956 |
| 2.08% (6.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2041<sup>(d)(g)</sup> <br>|  | 230002 | &nbsp;&nbsp; 19474 |
| 1.68% (6.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/25/2042<sup>(d)(g)</sup> <br>|  | 669046 | &nbsp;&nbsp; 80012 |
| 5.50%, 07/25/2046<sup>(g)</sup> <br>|  | 712055 | &nbsp;&nbsp; 95587 |
| 1.43% (5.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 09/25/2047<sup>(d)(g)</sup> <br>|  | 4963887 | &nbsp;&nbsp; 519319 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series K734, Class X1, IO, <br>0.77%, 02/25/2026<sup>(h)</sup> <br>|  | 30943828 | &nbsp;&nbsp; 83199 |
| Series K735, Class X1, IO, <br>1.10%, 05/25/2026<sup>(h)</sup> <br>|  | 32594483 | &nbsp;&nbsp; 238328 |
| Series K093, Class X1, IO, <br>1.08%, 05/25/2029<sup>(h)</sup> <br>|  | 26371354 | &nbsp;&nbsp; 840877 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| IO, <br>3.19% (7.65% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/15/2026 to <br> 03/15/2029<sup>(d)(g)</sup> <br>|  | $54984 | &nbsp;&nbsp; $2805 |
| 3.00%, 06/15/2027 to <br> 12/15/2027<sup>(g)</sup> <br>|  | 1012465 | &nbsp;&nbsp; 21192 |
| 2.50%, 05/15/2028<sup>(g)</sup> <br>|  | 288297 | &nbsp;&nbsp; 6804 |
| 3.24% (7.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/15/2029<sup>(d)(g)</sup> <br>|  | 3967 | &nbsp;&nbsp; 103 |
| 3.64% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 09/15/2029<sup>(d)(g)</sup> <br>|  | 3337 | &nbsp;&nbsp; 211 |
| 3.29% (7.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2032<sup>(d)(g)</sup> <br>|  | 63409 | &nbsp;&nbsp; 5946 |
| 2.59% (7.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/15/2033<sup>(d)(g)</sup> <br>|  | 143509 | &nbsp;&nbsp; 9909 |
| 2.24% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2035<sup>(d)(g)</sup> <br>|  | 142528 | &nbsp;&nbsp; 9111 |
| 2.29% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/15/2035<sup>(d)(g)</sup> <br>|  | 99079 | &nbsp;&nbsp; 6266 |
| 2.26% (6.72% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2035<sup>(d)(g)</sup> <br>|  | 498644 | &nbsp;&nbsp; 37661 |
| 2.19% (6.65% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/15/2035<sup>(d)(g)</sup> <br>|  | 322453 | &nbsp;&nbsp; 32573 |
| 2.54% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2037<sup>(d)(g)</sup> <br>|  | 53927 | &nbsp;&nbsp; 6016 |
| 1.54% (6.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2038<sup>(d)(g)</sup> <br>|  | 33906 | &nbsp;&nbsp; 3121 |
| 1.61% (6.07% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2038<sup>(d)(g)</sup> <br>|  | 766483 | &nbsp;&nbsp; 75906 |
| 1.79% (6.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2039<sup>(d)(g)</sup> <br>|  | 176289 | &nbsp;&nbsp; 15984 |
| 1.64% (6.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2044<sup>(d)(g)</sup> <br>|  | 712062 | &nbsp;&nbsp; 72932 |
| 4.00%, 03/15/2045<sup>(g)</sup> <br>|  | 24825 | &nbsp;&nbsp; 47 |
| 6.50%, 02/15/2028 to <br> 06/15/2032<br>|  | 293342 | &nbsp;&nbsp; 301228 |
| 6.00%, 04/15/2029 |  | 16533 | &nbsp;&nbsp; 16773 |
| 5.36% (30 Day Average SOFR + <br> 1.01%), 07/15/2031<sup>(d)</sup> <br>|  | 24329 | &nbsp;&nbsp; 24483 |
| 7.00%, 03/15/2032 |  | 92688 | &nbsp;&nbsp; 97035 |
| 3.50%, 05/15/2032 |  | 76316 | &nbsp;&nbsp; 75024 |
| 5.46% (30 Day Average SOFR + <br> 1.11%), 06/15/2032<sup>(d)</sup> <br>|  | 110566 | &nbsp;&nbsp; 111759 |
| 8.40% (24.75% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 08/15/2035<sup>(d)</sup> <br>|  | 23105 | &nbsp;&nbsp; 26094 |
| 4.86% (30 Day Average SOFR + <br> 0.51%), 09/15/2035<sup>(d)</sup> <br>|  | 60197 | &nbsp;&nbsp; 59585 |

---

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** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| IO, <br>7.00%, 04/01/2027<sup>(g)</sup> <br>|  | $17305 | &nbsp;&nbsp; $760 |
| 3.00%, 12/15/2027<sup>(g)</sup> <br>|  | 372623 | &nbsp;&nbsp; 8928 |
| 3.15%, 12/15/2027<sup>(h)</sup> <br>|  | 109408 | &nbsp;&nbsp; 2959 |
| 6.50%, 02/01/2028<sup>(g)</sup> <br>|  | 2666 | &nbsp;&nbsp; 159 |
| 7.50%, 12/15/2029<sup>(g)</sup> <br>|  | 11210 | &nbsp;&nbsp; 1207 |
| 6.00%, 12/15/2032<sup>(g)</sup> <br>|  | 35735 | &nbsp;&nbsp; 4137 |
| PO, <br>0.00%, 06/01/2026<sup>(i)</sup> <br>|  | 973 | &nbsp;&nbsp; 949 |
|  |  |  | &nbsp;&nbsp; 4982629 |
| **Federal Home Loan Mortgage Corp. (FHLMC)–1.93%** | **Federal Home Loan Mortgage Corp. (FHLMC)–1.93%** | **Federal Home Loan Mortgage Corp. (FHLMC)–1.93%** | **Federal Home Loan Mortgage Corp. (FHLMC)–1.93%** |
| 6.50%, 07/01/2028 to <br> 04/01/2034<br>|  | 38739 | &nbsp;&nbsp; 40062 |
| 6.00%, 10/01/2029 to <br> 08/01/2053<br>|  | 23744345 | &nbsp;&nbsp; 24281369 |
| 7.00%, 10/01/2031 to <br> 10/01/2037<br>|  | 381529 | &nbsp;&nbsp; 402570 |
| 5.50%, 09/01/2039 to <br> 08/01/2053<br>|  | 33343490 | &nbsp;&nbsp; 33584066 |
|  |  |  | &nbsp;&nbsp; 58308067 |
| **Federal National Mortgage Association (FNMA)–1.28%** | **Federal National Mortgage Association (FNMA)–1.28%** | **Federal National Mortgage Association (FNMA)–1.28%** | **Federal National Mortgage Association (FNMA)–1.28%** |
| 6.50%, 12/01/2029 to <br> 11/01/2031<br>|  | 204190 | &nbsp;&nbsp; 210343 |
| 7.50%, 01/01/2033 to <br> 08/01/2033<br>|  | 234081 | &nbsp;&nbsp; 240707 |
| 7.00%, 04/01/2033 to <br> 04/01/2034<br>|  | 141752 | &nbsp;&nbsp; 148057 |
| 5.50%, 02/01/2035 to <br> 09/01/2053<br>|  | 30460186 | &nbsp;&nbsp; 30620365 |
| 4.00%, 05/01/2052 |  | 7739883 | &nbsp;&nbsp; 7276693 |
|  |  |  | &nbsp;&nbsp; 38496165 |
| **Government National Mortgage Association (GNMA)–4.48%** | **Government National Mortgage Association (GNMA)–4.48%** | **Government National Mortgage Association (GNMA)–4.48%** | **Government National Mortgage Association (GNMA)–4.48%** |
| ARM, <br>4.63% (1 yr. U.S. Treasury Yield <br> Curve Rate + 1.50%), <br> 07/20/2025 to <br> 07/20/2027<sup>(d)</sup> <br>|  | 116 | &nbsp;&nbsp; 115 |
| IO, <br>2.11% (6.55% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2037<sup>(d)(g)</sup> <br>|  | 358844 | &nbsp;&nbsp; 21568 |
| 2.21% (6.65% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2041<sup>(d)(g)</sup> <br>|  | 930397 | &nbsp;&nbsp; 65061 |
| 4.50%, 09/16/2047<sup>(g)</sup> <br>|  | 1978174 | &nbsp;&nbsp; 279858 |
| 1.76% (6.20% - (1 mo. Term <br> SOFR + 0.11%)), <br> 10/16/2047<sup>(d)(g)</sup> <br>|  | 1833667 | &nbsp;&nbsp; 237721 |
| TBA, <br>2.00%, 05/01/2055<sup>(j)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 816084 |
| 2.50%, 05/01/2055<sup>(j)</sup> <br>|  | 70645000 | &nbsp;&nbsp; 60219265 |
| 3.00%, 05/01/2055<sup>(j)</sup> <br>|  | 900000 | &nbsp;&nbsp; 796963 |
| 3.50%, 05/01/2055<sup>(j)</sup> <br>|  | 300000 | &nbsp;&nbsp; 272568 |
| 4.00%, 05/01/2055<sup>(j)</sup> <br>|  | 350000 | &nbsp;&nbsp; 325835 |
| 4.50%, 05/01/2055<sup>(j)</sup> <br>|  | 40037000 | &nbsp;&nbsp; 38332258 |
| 5.00%, 05/01/2055<sup>(j)</sup> <br>|  | 900000 | &nbsp;&nbsp; 883045 |
| 5.50%, 05/01/2055<sup>(j)</sup> <br>|  | 32097000 | &nbsp;&nbsp; 32089852 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Government National Mortgage Association (GNMA)–**<br> **(continued)** | **Government National Mortgage Association (GNMA)–**<br> **(continued)** | **Government National Mortgage Association (GNMA)–**<br> **(continued)** | **Government National Mortgage Association (GNMA)–**<br> **(continued)** |
| 6.00%, 05/01/2055<sup>(j)</sup> <br>|  | $500000 | &nbsp;&nbsp; $505840 |
| 6.50%, 05/01/2055<sup>(j)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153380 |
|  |  |  | &nbsp;&nbsp; 134999413 |
| **Uniform Mortgage-Backed Securities–21.32%** | **Uniform Mortgage-Backed Securities–21.32%** | **Uniform Mortgage-Backed Securities–21.32%** | **Uniform Mortgage-Backed Securities–21.32%** |
| TBA, <br>1.50%, 05/01/2040<sup>(j)</sup> <br>|  | 200000 | &nbsp;&nbsp; 176583 |
| 2.00%, 05/01/2040 to <br> 06/01/2055<sup>(j)</sup> <br>|  | 3200000 | &nbsp;&nbsp; 2631747 |
| 2.50%, 05/01/2040 to <br> 05/01/2055<sup>(j)</sup> <br>|  | 92395928 | &nbsp;&nbsp; 76855063 |
| 3.00%, 05/01/2040 to <br> 05/01/2055<sup>(j)</sup> <br>|  | 150770916 | &nbsp;&nbsp; 130895838 |
| 5.00%, 05/01/2040 to <br> 05/01/2055<sup>(j)</sup> <br>|  | 99853270 | &nbsp;&nbsp; 97764047 |
| 3.50%, 05/01/2055<sup>(j)</sup> <br>|  | 64438641 | &nbsp;&nbsp; 58163738 |
| 4.00%, 05/01/2055<sup>(j)</sup> <br>|  | 61557842 | &nbsp;&nbsp; 57376731 |
| 4.50%, 05/01/2055<sup>(j)</sup> <br>|  | 74662202 | &nbsp;&nbsp; 71413252 |
| 5.50%, 05/01/2055<sup>(j)</sup> <br>|  | 116241884 | &nbsp;&nbsp; 116009106 |
| 6.00%, 05/01/2055<sup>(j)</sup> <br>|  | 30177180 | &nbsp;&nbsp; 30616784 |
| 6.50%, 05/01/2055<sup>(j)</sup> <br>|  | 650000 | &nbsp;&nbsp; 669452 |
|  |  |  | &nbsp;&nbsp; 642572341 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $885,580,473) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $885,580,473) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $885,580,473) | &nbsp;&nbsp; 879358615 |
| **Asset-Backed Securities–18.15%** | **Asset-Backed Securities–18.15%** | **Asset-Backed Securities–18.15%** | **Asset-Backed Securities–18.15%** |
| AGL CLO 17 Ltd., Series 2022-<br> 17A, Class AR, 5.22% (3 mo. <br> Term SOFR + 0.95%), <br> 01/21/2035<sup>(b)(d)</sup> <br>|  | 6576000 | &nbsp;&nbsp; 6510306 |
| AGL CLO 29 Ltd., Series 2024-<br> 29A, Class A1, 5.84% (3 mo. <br> Term SOFR + 1.57%), <br> 04/21/2037<sup>(b)(d)</sup> <br>|  | 9655000 | &nbsp;&nbsp; 9655087 |
| Alternative Loan Trust, | Alternative Loan Trust, |  |  |
| Series 2005-21CB, Class A7, <br> 5.50%, 06/25/2035<br>|  | 446237 | &nbsp;&nbsp; 336612 |
| Series 2005-29CB, Class A4, <br> 5.00%, 07/25/2035<br>|  | 214796 | &nbsp;&nbsp; 120444 |
| AMSR Trust, Series 2021-SFR3, <br> Class B, 1.73%, 10/17/2038<sup>(b)</sup> <br>|  | 4415000 | &nbsp;&nbsp; 4222110 |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| Series 2020-1, Class A1, <br> 2.16%, 12/25/2059<sup>(b)(k)</sup> <br>|  | 260574 | &nbsp;&nbsp; 252453 |
| Series 2020-3, Class A1, <br> 1.69%, 04/25/2065<sup>(b)(k)</sup> <br>|  | 1018735 | &nbsp;&nbsp; 960568 |
| Series 2021-3, Class A1, <br> 1.07%, 05/25/2066<sup>(b)(k)</sup> <br>|  | 762161 | &nbsp;&nbsp; 659324 |
| Series 2021-7, Class A1, <br> 1.98%, 10/25/2066<sup>(b)(k)</sup> <br>|  | 2055100 | &nbsp;&nbsp; 1751233 |
| Series 2022-1, Class A1, <br> 2.88%, 12/25/2066<sup>(b)</sup> <br>|  | 3675251 | &nbsp;&nbsp; 3400837 |
| Series 2023-6, Class A1, <br> 6.50%, 12/25/2067<sup>(b)</sup> <br>|  | 1276757 | &nbsp;&nbsp; 1288595 |
| Series 2024-10, Class A1, <br> 5.35%, 10/25/2069<sup>(b)</sup> <br>|  | 5010801 | &nbsp;&nbsp; 5003154 |
| Series 2024-2, Class A1, <br> 5.99%, 01/25/2069<sup>(b)</sup> <br>|  | 4533870 | &nbsp;&nbsp; 4562312 |
| Series 2025-HB1, Class A1, <br> 6.15% (30 Day Average SOFR + <br> 1.80%), 02/25/2055<sup>(b)(d)</sup> <br>|  | 1535000 | &nbsp;&nbsp; 1535959 |

---

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** |
| Apidos CLO XII, Series 2013-12A, <br> Class ARR, 5.34% (3 mo. Term <br> SOFR + 1.08%), <br> 04/15/2031<sup>(b)(d)</sup> <br>|  | $3496871 | &nbsp;&nbsp; $3495053 |
| Apidos CLO XXV, Series 2016-25A, <br> Class A1R3, 5.41% (3 mo. <br> Term SOFR + 1.14%), <br> 01/20/2037<sup>(b)(d)</sup> <br>|  | 6073000 | &nbsp;&nbsp; 6030471 |
| 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; 6527456 |
| Series 2023-1A, Class A, <br> 5.25%, 04/20/2029<sup>(b)</sup> <br>|  | 1463000 | &nbsp;&nbsp; 1488184 |
| Series 2023-4A, Class A, <br> 5.49%, 06/20/2029<sup>(b)</sup> <br>|  | 5238000 | &nbsp;&nbsp; 5360678 |
| Bain Capital Credit CLO Ltd. (Cayman <br> Islands), | Bain Capital Credit CLO Ltd. (Cayman <br> Islands), |  |  |
| Series 2021-1A, Class AR, <br> 5.21% (3 mo. Term SOFR + <br> 0.94%), 04/18/2034<sup>(b)(d)</sup> <br>|  | 3604000 | &nbsp;&nbsp; 3577078 |
| Series 2022-1A, Class A1, <br> 5.59% (3 mo. Term SOFR + <br> 1.32%), 04/18/2035<sup>(b)(d)</sup> <br>|  | 2354000 | &nbsp;&nbsp; 2346926 |
| Banc of America Funding Trust, | Banc of America Funding Trust, |  |  |
| Series 2007-1, Class 1A3, <br> 6.00%, 01/25/2037<br>|  | 148777 | &nbsp;&nbsp; 127371 |
| Series 2007-C, Class 1A4, <br> 4.38%, 05/20/2036<sup>(k)</sup> <br>|  | 45718 | &nbsp;&nbsp; 39104 |
| Banc of America Mortgage Trust, <br> Series 2007-1, Class 1A24, <br> 6.00%, 03/25/2037<br>|  | 176701 | &nbsp;&nbsp; 149201 |
| Bank, Series 2019-BNK16, <br> Class XA, IO, 1.09%, <br> 02/15/2052<sup>(h)</sup> <br>|  | 22247932 | &nbsp;&nbsp; 611478 |
| Bank5, Series 2024-5YR10, <br> Class A, 5.64%, 10/15/2057<br>|  | 1705000 | &nbsp;&nbsp; 1727956 |
| 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)(k)</sup> <br>|  | 3209630 | &nbsp;&nbsp; 2732336 |
| Series 2021-4, Class A4, <br> 2.50%, 10/25/2051<sup>(b)(k)</sup> <br>|  | 3210376 | &nbsp;&nbsp; 2621715 |
| Series 2021-4, Class A8, <br> 2.50%, 10/25/2051<sup>(b)(k)</sup> <br>|  | 2846836 | &nbsp;&nbsp; 2534269 |
| Series 2021-5, Class A1, <br> 3.00%, 11/25/2051<sup>(b)(k)</sup> <br>|  | 3345054 | &nbsp;&nbsp; 2850752 |
| Series 2021-5, Class A2, <br> 2.50%, 11/25/2051<sup>(b)(k)</sup> <br>|  | 4081111 | &nbsp;&nbsp; 3332790 |
| 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>(d)</sup> <br>|  | 108674 | &nbsp;&nbsp; 101190 |
| Series 2006-1, Class A1, <br> 0.65% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.25%), <br> 02/25/2036<sup>(d)</sup> <br>|  | 280399 | &nbsp;&nbsp; 261579 |
| Benchmark Mortgage Trust, <br> Series 2018-B1, Class XA, IO, <br> 0.67%, 01/15/2051<sup>(h)</sup> <br>|  | 22368506 | &nbsp;&nbsp; 261852 |
| Benefit Street Partners CLO XXV <br> Ltd., Series 2021-25A, <br> Class A1R, 5.26% (3 mo. Term <br> SOFR + 1.00%), <br> 01/15/2035<sup>(b)(d)</sup> <br>|  | 5519000 | &nbsp;&nbsp; 5476548 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| BMO Mortgage Trust, <br> Series 2024-5C5, Class AS, <br> 6.36%, 02/15/2057<sup>(k)</sup> <br>|  | $1400000 | &nbsp;&nbsp; $1467891 |
| BRAVO Residential Funding Trust, <br> Series 2021-NQM2, Class A1, <br> 0.97%, 03/25/2060<sup>(b)(k)</sup> <br>|  | 456857 | &nbsp;&nbsp; 441312 |
| Buckhorn Park CLO Ltd., <br> Series 2019-1A, Class ARR, <br> 5.34% (3 mo. Term SOFR + <br> 1.07%), 07/18/2034<sup>(b)(d)</sup> <br>|  | 2250000 | &nbsp;&nbsp; 2238786 |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| Series 2021-ACNT, Class A, <br> 5.29% (1 mo. Term SOFR + <br> 0.96%), 11/15/2038<sup>(b)(d)</sup> <br>|  | 1903203 | &nbsp;&nbsp; 1896917 |
| Series 2021-VOLT, Class A, <br> 5.14% (1 mo. Term SOFR + <br> 0.81%), 09/15/2036<sup>(b)(d)</sup> <br>|  | 4080000 | &nbsp;&nbsp; 4043770 |
| Series 2021-VOLT, Class B, <br> 5.39% (1 mo. Term SOFR + <br> 1.06%), 09/15/2036<sup>(b)(d)</sup> <br>|  | 3595000 | &nbsp;&nbsp; 3558982 |
| Series 2024-VLT5, Class A, <br> 5.59%, 11/13/2046<sup>(b)(k)</sup> <br>|  | 3530000 | &nbsp;&nbsp; 3516557 |
| Series 2024-VLT5, Class B, <br> 6.00%, 11/13/2046<sup>(b)(k)</sup> <br>|  | 2495000 | &nbsp;&nbsp; 2488171 |
| BX Trust, | BX Trust, |  |  |
| Series 2022-LBA6, Class A, <br> 5.32% (1 mo. Term SOFR + <br> 1.00%), 01/15/2039<sup>(b)(d)</sup> <br>|  | 3670000 | &nbsp;&nbsp; 3654416 |
| Series 2022-LBA6, Class B, <br> 5.62% (1 mo. Term SOFR + <br> 1.30%), 01/15/2039<sup>(b)(d)</sup> <br>|  | 2265000 | &nbsp;&nbsp; 2253036 |
| Series 2022-LBA6, Class C, <br> 5.92% (1 mo. Term SOFR + <br> 1.60%), 01/15/2039<sup>(b)(d)</sup> <br>|  | 1215000 | &nbsp;&nbsp; 1208062 |
| Series 2025-VLT6, Class A, <br> 5.77% (1 mo. Term SOFR + <br> 1.44%), 03/15/2042<sup>(b)(d)</sup> <br>|  | 3865000 | &nbsp;&nbsp; 3833245 |
| Carlyle Global Market Strategies CLO <br> Ltd. (Cayman Islands), | Carlyle Global Market Strategies CLO <br> Ltd. (Cayman Islands), |  |  |
| Series 2015-4A, Class A1RR, <br> 5.49% (3 mo. Term SOFR + <br> 1.22%), 07/20/2032<sup>(b)(d)</sup> <br>|  | 3159981 | &nbsp;&nbsp; 3161738 |
| Series 2015-5A, Class A1R3, <br> 5.37% (3 mo. Term SOFR + <br> 1.10%), 01/20/2032<sup>(b)(d)</sup> <br>|  | 1941396 | &nbsp;&nbsp; 1939915 |
| CarMax Auto Owner Trust, | CarMax Auto Owner Trust, |  |  |
| Series 2022-4, Class A4, <br> 5.70%, 07/17/2028<br>|  | 7031000 | &nbsp;&nbsp; 7155820 |
| Series 2024-1, Class A3, <br> 4.92%, 10/16/2028<br>|  | 5840000 | &nbsp;&nbsp; 5879894 |
| CD Mortgage Trust, Series 2017-<br> CD6, Class XA, IO, 1.03%, <br> 11/13/2050<sup>(h)</sup> <br>|  | 8782867 | &nbsp;&nbsp; 141866 |
| Cedar Funding XI CLO Ltd., <br> Series 2019-11A, Class A1R2, <br> 5.38% (3 mo. Term SOFR + <br> 1.06%), 05/29/2032<sup>(b)(d)</sup> <br>|  | 4191986 | &nbsp;&nbsp; 4183443 |
| Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |  |  |
| Series 2019-ATR1, Class A15, <br> 4.00%, 04/25/2049<sup>(b)(k)</sup> <br>|  | 54516 | &nbsp;&nbsp; 52034 |
| Series 2024-9, Class A4, <br> 5.50%, 09/25/2055<sup>(b)(k)</sup> <br>|  | 4652203 | &nbsp;&nbsp; 4662153 |
| Series 2024-9, Class A6, <br> 5.50%, 09/25/2055<sup>(b)(k)</sup> <br>|  | 807753 | &nbsp;&nbsp; 808397 |
| Chase Mortgage Finance Trust, <br> Series 2005-A2, Class 1A3, <br> 4.93%, 01/25/2036<sup>(k)</sup> <br>|  | 294003 | &nbsp;&nbsp; 267763 |

---

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** |
| CIFC Funding Ltd., Series 2016-<br> 1A, Class AR3, 5.27% (3 mo. <br> Term SOFR + 1.00%), <br> 10/21/2031<sup>(b)(d)</sup> <br>|  | $2591803 | &nbsp;&nbsp; $2586624 |
| Citigroup Commercial Mortgage <br> Trust, Series 2017-C4, <br> Class XA, IO, 1.12%, <br> 10/12/2050<sup>(h)</sup> <br>|  | 23293931 | &nbsp;&nbsp; 473568 |
| Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |  |  |
| Series 2006-AR1, Class 1A1, <br> 6.56% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.40%), <br> 10/25/2035<sup>(d)</sup> <br>|  | 460978 | &nbsp;&nbsp; 434556 |
| Series 2021-INV3, Class A3, <br> 2.50%, 05/25/2051<sup>(b)(k)</sup> <br>|  | 3219630 | &nbsp;&nbsp; 2627263 |
| Series 2024-1, Class A3A, <br> 6.00%, 07/25/2054<sup>(b)(k)</sup> <br>|  | 4811416 | &nbsp;&nbsp; 4843027 |
| Clover CLO LLC, Series 2021-3A, <br> Class AR, 5.35% (3 mo. Term <br> SOFR + 1.07%), <br> 01/25/2035<sup>(b)(d)</sup> <br>|  | 5674000 | &nbsp;&nbsp; 5630407 |
| COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |  |  |
| Series 2021-5, Class A1, <br> 1.73%, 11/26/2066<sup>(b)(k)</sup> <br>|  | 1018784 | &nbsp;&nbsp; 911580 |
| Series 2022-1, Class A1, <br> 2.28%, 12/27/2066<sup>(b)(k)</sup> <br>|  | 2143296 | &nbsp;&nbsp; 1931223 |
| Series 2022-2, Class A1, <br> 2.99%, 02/25/2067<sup>(b)</sup> <br>|  | 2100016 | &nbsp;&nbsp; 1978590 |
| Series 2022-3, Class A1, <br> 3.90%, 02/25/2067<sup>(b)(k)</sup> <br>|  | 2916403 | &nbsp;&nbsp; 2817313 |
| Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |  |
| Series 2021-NQM1, Class A1, <br> 0.81%, 05/25/2065<sup>(b)(k)</sup> <br>|  | 418240 | &nbsp;&nbsp; 382381 |
| Series 2021-NQM2, Class A1, <br> 1.18%, 02/25/2066<sup>(b)(k)</sup> <br>|  | 652592 | &nbsp;&nbsp; 589973 |
| Series 2022-ATH1, Class A1A, <br> 2.87%, 01/25/2067<sup>(b)(k)</sup> <br>|  | 2544881 | &nbsp;&nbsp; 2458766 |
| Series 2022-ATH1, Class A1B, <br> 3.35%, 01/25/2067<sup>(b)(k)</sup> <br>|  | 1890000 | &nbsp;&nbsp; 1713463 |
| Series 2022-ATH2, Class A1, <br> 4.55%, 05/25/2067<sup>(b)(k)</sup> <br>|  | 2957790 | &nbsp;&nbsp; 2945863 |
| Cross Mortgage Trust, | Cross Mortgage Trust, |  |  |
| Series 2024-H2, Class A1, <br> 6.09%, 04/25/2069<sup>(b)</sup> <br>|  | 3223490 | &nbsp;&nbsp; 3244947 |
| Series 2024-H8, Class A1, <br> 5.55%, 12/25/2069<sup>(b)(k)</sup> <br>|  | 3128322 | &nbsp;&nbsp; 3138660 |
| CSAIL Commercial Mortgage Trust, <br> Series 2020-C19, Class A3, <br> 2.56%, 03/15/2053<br>|  | 10613000 | &nbsp;&nbsp; 9548571 |
| CSMC Mortgage-Backed Trust, <br> Series 2006-6, Class 1A4, <br> 6.00%, 07/25/2036<br>|  | 565334 | &nbsp;&nbsp; 267472 |
| DLLST LLC, Series 2024-1A, <br> Class A3, 5.05%, <br> 08/20/2027<sup>(b)</sup> <br>|  | 3230000 | &nbsp;&nbsp; 3246433 |
| Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |  |  |
| Series 2020-1, Class A1, <br> 2.01%, 05/25/2065<sup>(b)(k)</sup> <br>|  | 60120 | &nbsp;&nbsp; 59379 |
| Series 2021-1, Class A1, <br> 0.80%, 02/25/2066<sup>(b)(k)</sup> <br>|  | 232382 | &nbsp;&nbsp; 197678 |
| Series 2022-1, Class A1, <br> 2.21%, 01/25/2067<sup>(b)(k)</sup> <br>|  | 2140107 | &nbsp;&nbsp; 1868011 |
| Series 2022-3, Class A1, <br> 5.00%, 08/25/2067<sup>(b)</sup> <br>|  | 2865631 | &nbsp;&nbsp; 2853844 |
| Series 2024-INV2, Class A1, <br> 5.04%, 10/25/2069<sup>(b)</sup> <br>|  | 2873169 | &nbsp;&nbsp; 2854147 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Empower CLO Ltd., Series 2024-<br> 1A, Class A1, 5.88% (3 mo. <br> Term SOFR + 1.60%), <br> 04/25/2037<sup>(b)(d)</sup> <br>|  | $3895000 | &nbsp;&nbsp; $3898755 |
| Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |  |  |
| Series 2024-2, Class A2, <br> 5.74%, 12/20/2026<sup>(b)</sup> <br>|  | 1606533 | &nbsp;&nbsp; 1614794 |
| Series 2024-2, Class A3, <br> 5.61%, 04/20/2028<sup>(b)</sup> <br>|  | 970000 | &nbsp;&nbsp; 989459 |
| Series 2024-2, Class A4, <br> 5.69%, 12/20/2030<sup>(b)</sup> <br>|  | 1133000 | &nbsp;&nbsp; 1171152 |
| Series 2024-4, Class A3, <br> 4.56%, 11/20/2028<sup>(b)</sup> <br>|  | 2160000 | &nbsp;&nbsp; 2176481 |
| Extended Stay America Trust, <br> Series 2021-ESH, Class B, <br> 5.82% (1 mo. Term SOFR + <br> 1.49%), 07/15/2038<sup>(b)(d)</sup> <br>|  | 3498087 | &nbsp;&nbsp; 3487988 |
| First Horizon Alternative Mortgage <br> Securities Trust, Series 2005-<br> FA8, Class 1A6, 5.09% (1 mo. <br> Term SOFR + 0.76%), <br> 11/25/2035<sup>(d)</sup> <br>|  | 336426 | &nbsp;&nbsp; 136233 |
| Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |  |  |
| Series 2021-11IN, Class A6, <br> 3.70%, 11/25/2051<sup>(b)(k)</sup> <br>|  | 4837379 | &nbsp;&nbsp; 4322044 |
| Series 2021-8INV, Class A6, <br> 2.50%, 09/25/2051<sup>(b)(k)</sup> <br>|  | 1009710 | &nbsp;&nbsp; 905378 |
| Ford Credit Auto Owner Trust, <br> Series 2024-A, Class A3, <br> 5.09%, 12/15/2028<br>|  | 9250000 | &nbsp;&nbsp; 9364929 |
| Fort Greene Park CLO LLC, <br> Series 2025-2A, Class AR, <br> 5.22% (3 mo. Term SOFR + <br> 0.95%), 04/22/2034<sup>(b)(d)</sup> <br>|  | 3920000 | &nbsp;&nbsp; 3893387 |
| FREMF Mortgage Trust, <br> Series 2017-K62, Class B, <br> 4.01%, 01/25/2050<sup>(b)(k)</sup> <br>|  | 1040000 | &nbsp;&nbsp; 1027247 |
| Frontier Issuer LLC, <br> Series 2023-1, Class A2, <br> 6.60%, 08/20/2053<sup>(b)</sup> <br>|  | 4952710 | &nbsp;&nbsp; 5034108 |
| Goldentree Loan Management US <br> CLO 1 Ltd., Series 2017-1A, <br> Class A1R3, 5.24% (3 mo. <br> Term SOFR + 0.97%), <br> 04/20/2034<sup>(b)(d)</sup> <br>|  | 2434000 | &nbsp;&nbsp; 2418992 |
| GoldenTree Loan Management US <br> CLO 5 Ltd., Series 2019-5A, <br> Class ARR, 5.34% (3 mo. Term <br> SOFR + 1.07%), <br> 10/20/2032<sup>(b)(d)</sup> <br>|  | 1807116 | &nbsp;&nbsp; 1806065 |
| GoldenTree Loan Management US <br> CLO 8 Ltd., Series 2020-8A, <br> Class ARR, 5.42% (3 mo. Term <br> SOFR + 1.15%), <br> 10/20/2034<sup>(b)(d)</sup> <br>|  | 3323000 | &nbsp;&nbsp; 3306824 |
| Golub Capital Partners CLO 53(B) <br> Ltd., Series 2021-53A, <br> Class AR, 5.29% (3 mo. Term <br> SOFR + 0.98%), <br> 07/20/2034<sup>(b)(d)</sup> <br>|  | 9311000 | &nbsp;&nbsp; 9229529 |
| GS Mortgage Securities Trust, <br> Series 2020-GC47, Class A5, <br> 2.38%, 05/12/2053<br>|  | 3780000 | &nbsp;&nbsp; 3395994 |

---

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** |
| GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |  |  |
| Series 2021-INV1, Class A6, <br> 2.50%, 12/25/2051<sup>(b)(k)</sup> <br>|  | $2608460 | &nbsp;&nbsp; $2321739 |
| Series 2025-PJ4, Class A4, <br> 6.00%, 09/25/2055<sup>(b)(k)</sup> <br>|  | 500000 | &nbsp;&nbsp; 505742 |
| GSR Mortgage Loan Trust, <br> Series 2005-AR4, Class 6A1, <br> 5.50%, 07/25/2035<sup>(k)</sup> <br>|  | 24010 | &nbsp;&nbsp; 22141 |
| 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; 1264369 |
| Series 2021-2A, Class B, <br> 2.12%, 12/27/2027<sup>(b)</sup> <br>|  | 705000 | &nbsp;&nbsp; 671368 |
| HPEFS Equipment Trust, <br> Series 2023-2A, Class A2, <br> 6.04%, 01/21/2031<sup>(b)</sup> <br>|  | 364374 | &nbsp;&nbsp; 365043 |
| Invitation Homes Trust, <br> Series 2024-SFR1, Class A, <br> 4.00%, 09/17/2041<sup>(b)</sup> <br>|  | 1876785 | &nbsp;&nbsp; 1818554 |
| JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |  |  |
| Series 2007-A1, Class 5A1, <br> 5.04%, 07/25/2035<sup>(k)</sup> <br>|  | 122604 | &nbsp;&nbsp; 123151 |
| Series 2021-LTV2, Class A1, <br> 2.52%, 05/25/2052<sup>(b)(k)</sup> <br>|  | 3654128 | &nbsp;&nbsp; 3148812 |
| Series 2024-8, Class A3, <br> 5.50%, 01/25/2055<sup>(b)(k)</sup> <br>|  | 1223177 | &nbsp;&nbsp; 1216450 |
| Series 2024-VIS1, Class A1, <br> 5.99%, 07/25/2064<sup>(b)(k)</sup> <br>|  | 4527748 | &nbsp;&nbsp; 4564033 |
| JPMBB Commercial Mortgage <br> Securities Trust, | JPMBB Commercial Mortgage <br> Securities Trust, |  |  |
| Series 2014-C25, Class AS, <br> 4.07%, 11/15/2047<br>|  | 6036000 | &nbsp;&nbsp; 5841580 |
| Series 2015-C27, Class XA, IO, <br> 0.99%, 02/15/2048<sup>(h)</sup> <br>|  | 5243770 | &nbsp;&nbsp; 120 |
| KKR CLO 15 Ltd., Series 15, <br> Class A1R2, 5.37% (3 mo. <br> Term SOFR + 1.10%), <br> 01/18/2032<sup>(b)(d)</sup> <br>|  | 3781271 | &nbsp;&nbsp; 3778567 |
| KKR Financial CLO Ltd., <br> Series 2013-1A, Class A1R2, <br> 5.36% (3 mo. Term SOFR + <br> 1.10%), 04/15/2029<sup>(b)(d)</sup> <br>|  | 321574 | &nbsp;&nbsp; 321680 |
| Life Mortgage Trust, <br> Series 2021-BMR, Class C, <br> 5.54% (1 mo. Term SOFR + <br> 1.21%), 03/15/2038<sup>(b)(d)</sup> <br>|  | 167676 | &nbsp;&nbsp; 165671 |
| Madison Park Funding XLVIII Ltd., <br> Series 2021-48A, Class A, <br> 5.68% (3 mo. Term SOFR + <br> 1.41%), 04/19/2033<sup>(b)(d)</sup> <br>|  | 9765223 | &nbsp;&nbsp; 9773484 |
| Madison Park Funding XXXIII Ltd., <br> Series 2019-33A, Class AR, <br> 5.55% (3 mo. Term SOFR + <br> 1.29%), 10/15/2032<sup>(b)(d)</sup> <br>|  | 3713643 | &nbsp;&nbsp; 3715756 |
| 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)(k)</sup> <br>|  | 1990896 | &nbsp;&nbsp; 1765693 |
| Series 2021-INV3, Class A4, <br> 2.50%, 10/25/2051<sup>(b)(k)</sup> <br>|  | 1995477 | &nbsp;&nbsp; 1779739 |
| MFA Trust, Series 2021-INV2, <br> Class A1, 1.91%, <br> 11/25/2056<sup>(b)(k)</sup> <br>|  | 2392094 | &nbsp;&nbsp; 2128479 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| MHP Commercial Mortgage Trust, | MHP Commercial Mortgage Trust, |  |  |
| Series 2021-STOR, Class A, <br> 5.14% (1 mo. Term SOFR + <br> 0.81%), 07/15/2038<sup>(b)(d)</sup> <br>|  | $1945000 | &nbsp;&nbsp; $1937158 |
| Series 2021-STOR, Class B, <br> 5.34% (1 mo. Term SOFR + <br> 1.01%), 07/15/2038<sup>(b)(d)</sup> <br>|  | 1460000 | &nbsp;&nbsp; 1451525 |
| Morgan Stanley Capital I Trust, <br> Series 2017-HR2, Class XA, IO, <br> 0.99%, 12/15/2050<sup>(h)</sup> <br>|  | 10422667 | &nbsp;&nbsp; 195557 |
| 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)(k)</sup> <br>|  | 3534597 | &nbsp;&nbsp; 3551192 |
| Series 2024-NQM5, Class A1, <br> 5.65%, 10/25/2069<sup>(b)(k)</sup> <br>|  | 4824749 | &nbsp;&nbsp; 4848225 |
| Series 2025-NQM1, Class A1, <br> 5.74%, 11/25/2069<sup>(b)(k)</sup> <br>|  | 3742943 | &nbsp;&nbsp; 3769177 |
| Navient Refinance Loan Trust, <br> Series 2025-A, Class A, 5.15%, <br> 02/16/2055<sup>(b)</sup> <br>|  | 3927000 | &nbsp;&nbsp; 3965770 |
| Neuberger Berman Loan Advisers <br> CLO 40 Ltd., Series 2021-40A, <br> Class A, 5.58% (3 mo. Term <br> SOFR + 1.32%), <br> 04/16/2033<sup>(b)(d)</sup> <br>|  | 3184205 | &nbsp;&nbsp; 3186896 |
| Neuberger Berman Loan Advisers <br> CLO 49 Ltd., Series 2022-49A, <br> Class AR, 5.43% (3 mo. Term <br> SOFR + 1.15%), <br> 07/25/2035<sup>(b)(d)</sup> <br>|  | 5387000 | &nbsp;&nbsp; 5376059 |
| New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |  |  |
| Series 2022-NQM2, Class A1, <br> 3.08%, 03/27/2062<sup>(b)(k)</sup> <br>|  | 2027282 | &nbsp;&nbsp; 1908057 |
| Series 2024-NQM3, Class A1, <br> 5.47%, 11/25/2064<sup>(b)</sup> <br>|  | 1638919 | &nbsp;&nbsp; 1643416 |
| Oaktree CLO Ltd., Series 2021-2A, <br> Class AR, 5.23% (3 mo. Term <br> SOFR + 0.97%), <br> 01/15/2035<sup>(b)(d)</sup> <br>|  | 3920000 | &nbsp;&nbsp; 3876519 |
| OBX Trust, | OBX Trust, |  |  |
| Series 2021-NQM4, Class A1, <br> 1.96%, 10/25/2061<sup>(b)(k)</sup> <br>|  | 3124246 | &nbsp;&nbsp; 2638169 |
| Series 2022-NQM1, Class A1, <br> 2.31%, 11/25/2061<sup>(b)(k)</sup> <br>|  | 2604778 | &nbsp;&nbsp; 2318428 |
| Series 2022-NQM2, Class A1B, <br> 3.38%, 01/25/2062<sup>(b)</sup> <br>|  | 2305000 | &nbsp;&nbsp; 2061554 |
| Series 2022-NQM8, Class A1, <br> 6.10%, 09/25/2062<sup>(b)</sup> <br>|  | 3971227 | &nbsp;&nbsp; 3970708 |
| Series 2024-NQM14, Class A1, <br> 4.94%, 09/25/2064<sup>(b)</sup> <br>|  | 3412238 | &nbsp;&nbsp; 3392065 |
| Series 2024-NQM18, Class A1, <br> 5.41%, 10/25/2064<sup>(b)(k)</sup> <br>|  | 2184305 | &nbsp;&nbsp; 2188530 |
| Oceanview Mortgage Trust, <br> Series 2021-3, Class A5, <br> 2.50%, 07/25/2051<sup>(b)(k)</sup> <br>|  | 2275765 | &nbsp;&nbsp; 2040735 |
| OCP CLO Ltd., Series 2020-8RA, <br> Class AR, 5.53% (3 mo. Term <br> SOFR + 1.25%), <br> 10/17/2036<sup>(b)(d)</sup> <br>|  | 10099000 | &nbsp;&nbsp; 10058604 |
| Pikes Peak CLO 6, Series 2020-6A, <br> Class ARR, 5.26% (3 mo. Term <br> SOFR + 0.94%), <br> 05/18/2034<sup>(b)(d)</sup> <br>|  | 4390000 | &nbsp;&nbsp; 4353102 |
| PMT Loan Trust, Series 2025-INV1, <br> Class A7, 6.00%, <br> 01/25/2060<sup>(b)(k)</sup> <br>|  | 2628443 | &nbsp;&nbsp; 2666121 |

---

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** |
| PRKCM Trust, Series 2023-AFC4, <br> Class A1, 7.23%, <br> 11/25/2058<sup>(b)</sup> <br>|  | $4341430 | &nbsp;&nbsp; $4421546 |
| Progress Residential Trust, | Progress Residential Trust, |  |  |
| Series 2021-SFR10, Class A, <br> 2.39%, 12/17/2040<sup>(b)</sup> <br>|  | 2077590 | &nbsp;&nbsp; 1931593 |
| Series 2022-SFR5, Class A, <br> 4.45%, 06/17/2039<sup>(b)</sup> <br>|  | 3091079 | &nbsp;&nbsp; 3092266 |
| Qdoba Funding LLC, <br> Series 2023-1A, Class A2, <br> 8.50%, 09/14/2053<sup>(b)</sup> <br>|  | 5742607 | &nbsp;&nbsp; 6037852 |
| Rate Mortgage Trust, | Rate Mortgage Trust, |  |  |
| Series 2024-J4, Class A1, <br> 6.00%, 12/25/2054<sup>(b)(k)</sup> <br>|  | 3793832 | &nbsp;&nbsp; 3820507 |
| Series 2025-J1, Class A4, <br> 6.00%, 03/25/2055<sup>(b)(k)</sup> <br>|  | 3474377 | &nbsp;&nbsp; 3511501 |
| Regatta XIII Funding Ltd., <br> Series 2018-2A, Class A1R, <br> 5.36% (3 mo. Term SOFR + <br> 1.10%), 07/15/2031<sup>(b)(d)</sup> <br>|  | 2821169 | &nbsp;&nbsp; 2820320 |
| Residential Accredit Loans, Inc. Trust, | Residential Accredit Loans, Inc. Trust, |  |  |
| Series 2006-QS13, Class 1A8, <br> 6.00%, 09/25/2036<br>|  | 38849 | &nbsp;&nbsp; 31037 |
| Series 2007-QS6, Class A28, <br> 5.75%, 04/25/2037<br>|  | 210284 | &nbsp;&nbsp; 171860 |
| Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, <br> 2.38%, 01/26/2060<sup>(b)(k)</sup> <br>|  | 88630 | &nbsp;&nbsp; 87604 |
| RUN Trust, Series 2022-NQM1, <br> Class A1, 4.00%, <br> 03/25/2067<sup>(b)</sup> <br>|  | 1737916 | &nbsp;&nbsp; 1693054 |
| SG Residential Mortgage Trust, | SG Residential Mortgage Trust, |  |  |
| Series 2022-1, Class A1, <br> 3.17%, 03/27/2062<sup>(b)(k)</sup> <br>|  | 3723909 | &nbsp;&nbsp; 3438830 |
| Series 2022-1, Class A2, <br> 3.58%, 03/27/2062<sup>(b)(k)</sup> <br>|  | 1571019 | &nbsp;&nbsp; 1429197 |
| Shackleton CLO Ltd., <br> Series 2015-7RA, Class ARR, <br> 5.36% (3 mo. Term SOFR + <br> 1.10%), 07/15/2031<sup>(b)(d)</sup> <br>|  | 1656674 | &nbsp;&nbsp; 1653630 |
| Signal Peak CLO 1 Ltd., <br> Series 2014-1A, Class AR4, <br> 5.36% (3 mo. Term SOFR + <br> 1.08%), 04/17/2034<sup>(b)(d)</sup> <br>|  | 7532000 | &nbsp;&nbsp; 7486831 |
| Sonic Capital LLC, | Sonic Capital LLC, |  |  |
| Series 2021-1A, Class A2I, <br> 2.19%, 08/20/2051<sup>(b)</sup> <br>|  | 1793350 | &nbsp;&nbsp; 1634497 |
| Series 2021-1A, Class A2II, <br> 2.64%, 08/20/2051<sup>(b)</sup> <br>|  | 1754783 | &nbsp;&nbsp; 1481049 |
| STAR Trust, Series 2021-1, <br> Class A1, 1.22%, <br> 05/25/2065<sup>(b)(k)</sup> <br>|  | 1136151 | &nbsp;&nbsp; 1062919 |
| Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |  |  |
| Series 2020-1, Class A1, <br> 2.28%, 02/25/2050<sup>(b)(k)</sup> <br>|  | 94717 | &nbsp;&nbsp; 90523 |
| Series 2021-6, Class A1, <br> 1.92%, 11/25/2066<sup>(b)(k)</sup> <br>|  | 3617968 | &nbsp;&nbsp; 3203225 |
| Series 2022-1, Class A1, <br> 2.45%, 12/25/2066<sup>(b)(k)</sup> <br>|  | 2687377 | &nbsp;&nbsp; 2386376 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Subway Funding LLC, | Subway Funding LLC, |  |  |
| Series 2024-1A, Class A23, <br> 6.51%, 07/30/2054<sup>(b)</sup> <br>|  | $3905375 | &nbsp;&nbsp; $3967461 |
| Series 2024-1A, Class A2I, <br> 6.03%, 07/30/2054<sup>(b)</sup> <br>|  | 4286460 | &nbsp;&nbsp; 4344411 |
| Series 2024-1A, Class A2I, <br> 6.27%, 07/30/2054<sup>(b)</sup> <br>|  | 4250640 | &nbsp;&nbsp; 4334576 |
| Series 2024-3A, Class A23, <br> 5.91%, 07/30/2054<sup>(b)</sup> <br>|  | 4283475 | &nbsp;&nbsp; 4265974 |
| Series 2024-3A, Class A2I, <br> 5.25%, 07/30/2054<sup>(b)</sup> <br>|  | 3960100 | &nbsp;&nbsp; 3934802 |
| Series 2024-3A, Class A2I, <br> 5.57%, 07/30/2054<sup>(b)</sup> <br>|  | 4059600 | &nbsp;&nbsp; 4035825 |
| Symphony CLO XVI Ltd., <br> Series 2015-16A, Class ARR, <br> 5.46% (3 mo. Term SOFR + <br> 1.20%), 10/15/2031<sup>(b)(d)</sup> <br>|  | 2400670 | &nbsp;&nbsp; 2399822 |
| Symphony CLO XX Ltd., <br> Series 2018-20A, Class AR2, <br> 5.36% (3 mo. Term SOFR + <br> 1.10%), 01/16/2032<sup>(b)(d)</sup> <br>|  | 4470491 | &nbsp;&nbsp; 4466021 |
| Symphony CLO XXI Ltd., <br> Series 2019-21A, Class AR2, <br> 5.16% (3 mo. Term SOFR + <br> 0.90%), 07/15/2032<sup>(b)(d)</sup> <br>|  | 6577991 | &nbsp;&nbsp; 6559217 |
| Symphony CLO XXII Ltd., <br> Series 2020-22A, Class A1AR, <br> 5.45% (3 mo. Term SOFR + <br> 1.18%), 04/18/2033<sup>(b)(d)</sup> <br>|  | 3189000 | &nbsp;&nbsp; 3185336 |
| Synchrony Card Funding LLC, <br> Series 2024-A2, Class A, <br> 4.93%, 07/15/2030<br>|  | 2805000 | &nbsp;&nbsp; 2853897 |
| Textainer Marine Containers VII <br> Ltd., Series 2021-2A, Class A, <br> 2.23%, 04/20/2046<sup>(b)</sup> <br>|  | 2862120 | &nbsp;&nbsp; 2641052 |
| TierPoint Issuer LLC, | TierPoint Issuer LLC, |  |  |
| Series 2025-1A, Class A2, <br> 6.15%, 04/26/2055<sup>(b)</sup> <br>|  | 6566000 | &nbsp;&nbsp; 6614495 |
| Series 2025-2A, Class A2, <br> 6.40%, 04/26/2055<sup>(b)</sup> <br>|  | 5131000 | &nbsp;&nbsp; 5117330 |
| Tricon American Homes Trust, <br> Series 2020-SFR2, Class A, <br> 1.48%, 11/17/2039<sup>(b)</sup> <br>|  | 3680093 | &nbsp;&nbsp; 3431133 |
| Tricon Residential Trust, <br> Series 2025-SFR1, Class A, <br> 5.42% (1 mo. Term SOFR + <br> 1.10%), 03/17/2042<sup>(b)(d)</sup> <br>|  | 4010000 | &nbsp;&nbsp; 4004455 |
| UBS Commercial Mortgage Trust, <br> Series 2017-C5, Class XA, IO, <br> 1.28%, 11/15/2050<sup>(h)</sup> <br>|  | 13465441 | &nbsp;&nbsp; 247682 |

---

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** |
| Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| Series 2020-1, Class A1, <br> 3.42%, 01/25/2060<sup>(b)</sup> <br>|  | $394135 | &nbsp;&nbsp; $386732 |
| Series 2020-1, Class A2, <br> 3.64%, 01/25/2060<sup>(b)</sup> <br>|  | 520996 | &nbsp;&nbsp; 511731 |
| Series 2021-1, Class A1B, <br> 0.82%, 01/25/2066<sup>(b)(k)</sup> <br>|  | 556532 | &nbsp;&nbsp; 493323 |
| Series 2021-7, Class A1, <br> 1.83%, 10/25/2066<sup>(b)</sup> <br>|  | 3026075 | &nbsp;&nbsp; 2721481 |
| Series 2021-R1, Class A1, <br> 0.82%, 10/25/2063<sup>(b)(k)</sup> <br>|  | 553029 | &nbsp;&nbsp; 532773 |
| Series 2022-1, Class A1, <br> 2.72%, 01/25/2067<sup>(b)</sup> <br>|  | 2098037 | &nbsp;&nbsp; 1950149 |
| Series 2022-3, Class A1, <br> 4.13%, 02/25/2067<sup>(b)</sup> <br>|  | 2430441 | &nbsp;&nbsp; 2323913 |
| Series 2022-7, Class A1, <br> 5.15%, 07/25/2067<sup>(b)</sup> <br>|  | 1017777 | &nbsp;&nbsp; 1022234 |
| Series 2022-INV2, Class A1, <br> 6.79%, 10/25/2067<sup>(b)</sup> <br>|  | 1349981 | &nbsp;&nbsp; 1352219 |
| Series 2024-7, Class A1, <br> 5.10%, 09/25/2069<sup>(b)(k)</sup> <br>|  | 2663955 | &nbsp;&nbsp; 2651456 |
| Visio Trust, Series 2020-1R, <br> Class A1, 1.31%, <br> 11/25/2055<sup>(b)</sup> <br>|  | 400511 | &nbsp;&nbsp; 383369 |
| WaMu Mortgage Pass-Through Ctfs. <br> Trust, | WaMu Mortgage Pass-Through Ctfs. <br> Trust, |  |  |
| Series 2003-AR10, Class A7, <br> 6.51%, 10/25/2033<sup>(k)</sup> <br>|  | 138891 | &nbsp;&nbsp; 132218 |
| Series 2005-AR14, Class 1A4, <br> 4.92%, 12/25/2035<sup>(k)</sup> <br>|  | 235057 | &nbsp;&nbsp; 215486 |
| Series 2005-AR16, Class 1A1, <br> 4.72%, 12/25/2035<sup>(k)</sup> <br>|  | 217804 | &nbsp;&nbsp; 194959 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, <br> Class XA, IO, 1.00%, <br> 12/15/2050<sup>(h)</sup> <br>|  | 17063851 | &nbsp;&nbsp; 320292 |
| WEST Trust 2025-ROSE, <br> Series 2025-ROSE, Class A, <br> 5.45%, 04/10/2030<sup>(b)(k)</sup> <br>|  | 9000000 | &nbsp;&nbsp; 9079195 |
| WF Card Issuance Trust, <br> Series 2024-A1, Class A, <br> 4.94%, 02/15/2029<br>|  | 7253000 | &nbsp;&nbsp; 7356920 |
| WFRBS Commercial Mortgage Trust, <br> Series 2013-C14, Class AS, <br> 3.49%, 06/15/2046<br>|  | 339869 | &nbsp;&nbsp; 331076 |
| Zaxby's Funding LLC, | Zaxby's Funding LLC, |  |  |
| Series 2021-1A, Class A2, <br> 3.24%, 07/30/2051<sup>(b)</sup> <br>|  | 5635437 | &nbsp;&nbsp; 5179359 |
| Series 2024-1A, Class A2I, <br> 6.59%, 04/30/2054<sup>(b)</sup> <br>|  | 2570575 | &nbsp;&nbsp; 2668816 |
| Ziply Fiber Issuer LLC, <br> Series 2024-1A, Class A2, <br> 6.64%, 04/20/2054<sup>(b)</sup> <br>|  | 3920000 | &nbsp;&nbsp; 4020804 |
| Total Asset-Backed Securities <br> (Cost $563,539,641) | Total Asset-Backed Securities <br> (Cost $563,539,641) | Total Asset-Backed Securities <br> (Cost $563,539,641) | &nbsp;&nbsp; 546958196 |
| **U.S. Treasury Securities–17.15%** | **U.S. Treasury Securities–17.15%** | **U.S. Treasury Securities–17.15%** | **U.S. Treasury Securities–17.15%** |
| **U.S. Treasury Bills–0.01%** | **U.S. Treasury Bills–0.01%** | **U.S. Treasury Bills–0.01%** | **U.S. Treasury Bills–0.01%** |
| 4.23% - 4.25%, <br> 05/29/2025<sup>(l)(m)</sup> <br>|  | 249000 | &nbsp;&nbsp; 248183 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Bonds–6.26%** | **U.S. Treasury Bonds–6.26%** | **U.S. Treasury Bonds–6.26%** | **U.S. Treasury Bonds–6.26%** |
| 6.00%, 02/15/2026 |  | $1000000 | &nbsp;&nbsp; $1016016 |
| 5.25%, 02/15/2029 |  | 1000000 | &nbsp;&nbsp; 1060156 |
| 4.75%, 02/15/2045 |  | 35208500 | &nbsp;&nbsp; 35458811 |
| 2.88%, 11/15/2046 |  | 4000000 | &nbsp;&nbsp; 2977266 |
| 2.00%, 08/15/2051 |  | 1400000 | &nbsp;&nbsp; 817250 |
| 4.50%, 11/15/2054 |  | 152155200 | &nbsp;&nbsp; 147329027 |
|  |  |  | &nbsp;&nbsp; 188658526 |
| **U.S. Treasury Notes–10.88%** | **U.S. Treasury Notes–10.88%** | **U.S. Treasury Notes–10.88%** | **U.S. Treasury Notes–10.88%** |
| 4.88%, 05/31/2026 |  | 11000000 | &nbsp;&nbsp; 11114727 |
| 4.63%, 11/15/2026 |  | 6000000 | &nbsp;&nbsp; 6081445 |
| 2.25%, 02/15/2027 |  | 15000000 | &nbsp;&nbsp; 14640820 |
| 3.75%, 04/30/2027 |  | 170183200 | &nbsp;&nbsp; 170688431 |
| 4.38%, 07/15/2027 |  | 7500000 | &nbsp;&nbsp; 7622461 |
| 3.75%, 04/15/2028 |  | 5044200 | &nbsp;&nbsp; 5067648 |
| 4.13%, 10/31/2029 |  | 1500000 | &nbsp;&nbsp; 1526807 |
| 3.88%, 04/30/2030 |  | 58711400 | &nbsp;&nbsp; 59133388 |
| 0.63%, 08/15/2030 |  | 5000000 | &nbsp;&nbsp; 4253320 |
| 4.13%, 11/30/2031 |  | 1500000 | &nbsp;&nbsp; 1518955 |
| 4.00%, 04/30/2032 |  | 6398600 | &nbsp;&nbsp; 6427094 |
| 3.88%, 08/15/2033 |  | 1500000 | &nbsp;&nbsp; 1481397 |
| 4.63%, 02/15/2035 |  | 36931500 | &nbsp;&nbsp; 38319316 |
|  |  |  | &nbsp;&nbsp; 327875809 |
| Total U.S. Treasury Securities <br> (Cost $513,999,093) | Total U.S. Treasury Securities <br> (Cost $513,999,093) | Total U.S. Treasury Securities <br> (Cost $513,999,093) | &nbsp;&nbsp; 516782518 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–0.37%** | **Preferred Stocks–0.37%** | **Preferred Stocks–0.37%** | **Preferred Stocks–0.37%** |
| **Diversified Financial Services–0.19%** | **Diversified Financial Services–0.19%** | **Diversified Financial Services–0.19%** | **Diversified Financial Services–0.19%** |
| Apollo Global Management, Inc., <br> 7.63%, Pfd.<sup>(c)</sup>  | Apollo Global Management, Inc., <br> 7.63%, Pfd.<sup>(c)</sup>  | 215375 | &nbsp;&nbsp; 5718206 |
| **Regional Banks–0.18%** | **Regional Banks–0.18%** | **Regional Banks–0.18%** | **Regional Banks–0.18%** |
| M&T Bank Corp., 7.50%, Series J, Pfd. | M&T Bank Corp., 7.50%, Series J, Pfd. | 198205 | &nbsp;&nbsp; 5290092 |
| Total Preferred Stocks (Cost $10,339,500) | Total Preferred Stocks (Cost $10,339,500) | Total Preferred Stocks (Cost $10,339,500) | &nbsp;&nbsp; 11008298 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Agency Credit Risk Transfer Notes–0.23%** | **Agency Credit Risk Transfer Notes–0.23%** | **Agency Credit Risk Transfer Notes–0.23%** | **Agency Credit Risk Transfer Notes–0.23%** |
| Fannie Mae Connecticut Avenue <br> Securities, | Fannie Mae Connecticut Avenue <br> Securities, |  |  |
| Series 2022-R03, Class 1M1, <br> 6.45% (30 Day Average SOFR + <br> 2.10%), 03/25/2042<sup>(b)(d)</sup> <br>|  | $2206284 | &nbsp;&nbsp; 2226239 |
| Series 2022-R04, Class 1M1, <br> 6.35% (30 Day Average SOFR + <br> 2.00%), 03/25/2042<sup>(b)(d)</sup> <br>|  | 1112138 | &nbsp;&nbsp; 1120792 |
| Series 2023-R02, Class 1M1, <br> 6.65% (30 Day Average SOFR + <br> 2.30%), 01/25/2043<sup>(b)(d)</sup> <br>|  | 971042 | &nbsp;&nbsp; 990390 |

---

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** |
| Freddie Mac, | Freddie Mac, |  |  |
| Series 2022-DNA3, Class M1A, <br> STACR<sup>®</sup>, 6.35% (30 Day <br> Average SOFR + 2.00%), <br> 04/25/2042<sup>(b)(d)</sup> <br>|  | $1435030 | &nbsp;&nbsp; $1452682 |
| Series 2022-DNA6, Class M1, <br> STACR<sup>®</sup>, 6.50% (30 Day <br> Average SOFR + 2.15%), <br> 09/25/2042<sup>(b)(d)</sup> <br>|  | 381957 | &nbsp;&nbsp; 384655 |
| Series 2023-DNA1, Class M1, <br> STACR<sup>®</sup>, 6.45% (30 Day <br> Average SOFR + 2.10%), <br> 03/25/2043<sup>(b)(d)</sup> <br>|  | 753922 | &nbsp;&nbsp; 766757 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $6,860,374) | Total Agency Credit Risk Transfer Notes <br> (Cost $6,860,374) | Total Agency Credit Risk Transfer Notes <br> (Cost $6,860,374) | &nbsp;&nbsp; 6941515 |
| **Municipal Obligations–0.12%** | **Municipal Obligations–0.12%** | **Municipal Obligations–0.12%** | **Municipal Obligations–0.12%** |
| New Jersey (State of) <br> Transportation Trust Fund <br> Authority, Series 2024 BB, Ref. <br> RB, 5.09%, 06/15/2025 <br>(Cost $3,580,000)<br>|  | 3580000 | &nbsp;&nbsp; 3581060 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Money Market Funds–20.66%** | **Money Market Funds–20.66%** | **Money Market Funds–20.66%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(n)(o)</sup>  | 218671436 | &nbsp;&nbsp; $218671436 |
| Invesco Treasury Portfolio, <br> Institutional Class, 4.23%<sup>(n)(o)</sup>  | 404013061 | &nbsp;&nbsp; 404013061 |
| Total Money Market Funds (Cost $622,684,497) | Total Money Market Funds (Cost $622,684,497) | &nbsp;&nbsp; 622684497 |
| TOTAL INVESTMENTS IN SECURITIES–125.38% <br> (Cost $3,795,134,949) | TOTAL INVESTMENTS IN SECURITIES–125.38% <br> (Cost $3,795,134,949) | &nbsp;&nbsp; 3778058077 |
| OTHER ASSETS LESS LIABILITIES—(25.38)% | OTHER ASSETS LESS LIABILITIES—(25.38)% | &nbsp;&nbsp; (764780269)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $3013277808 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ARM | – Adjustable Rate Mortgage |
| Ctfs. | – Certificates |
| IO | – Interest Only |
| Pfd. | – Preferred |
| PO | – Principal Only |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| REIT | – Real Estate Investment Trust |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| STACR<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.

**25**

**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 April 30, 2025 was $821,098,741, which represented 27.25% of the Fund's Net Assets. 

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

<sup>(d)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2025.

<sup>(e)</sup> Perpetual bond with no specified maturity date.

<sup>(f)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(g)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

<sup>(h)</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 April 30, 2025. 

<sup>(i)</sup> Zero coupon bond issued at a discount.

<sup>(j)</sup> Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1L.

<sup>(k)</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 April 30, 2025. 

<sup>(l)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K.

<sup>(m)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(n)</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 six months ended April 30, 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>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $202470270 | &nbsp;&nbsp; $298301385 | &nbsp;&nbsp; $(282100219) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $218671436 | &nbsp;&nbsp; $4888808 |
| Invesco Treasury Portfolio, Institutional Class | 373925183 | &nbsp;&nbsp; 553988286 | &nbsp;&nbsp; (523900408) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 404013061 | &nbsp;&nbsp; 8954919 |
| Total | $576395453 | &nbsp;&nbsp; $852289671 | &nbsp;&nbsp; $(806000627) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $622684497 | &nbsp;&nbsp; $13843727 |

---

<sup>(o)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 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>  |
| **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; 2092 | June-2025 | &nbsp;&nbsp;&nbsp; $435446532 | &nbsp;&nbsp;&nbsp; $(172868)<br>| &nbsp;&nbsp;&nbsp; $(172868)<br>|
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 685 | June-2025 | &nbsp;&nbsp;&nbsp; 74798789 | &nbsp;&nbsp;&nbsp; 361718 | &nbsp;&nbsp;&nbsp; 361718 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 2548 | June-2025 | &nbsp;&nbsp;&nbsp; 285933375 | &nbsp;&nbsp;&nbsp; 2781280 | &nbsp;&nbsp;&nbsp; 2781280 |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 738 | June-2025 | &nbsp;&nbsp;&nbsp; 86069250 | &nbsp;&nbsp;&nbsp; 343373 | &nbsp;&nbsp;&nbsp; 343373 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 28 | June-2025 | &nbsp;&nbsp;&nbsp; 3388875 | &nbsp;&nbsp;&nbsp; 32321 | &nbsp;&nbsp;&nbsp; 32321 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 3345824 | &nbsp;&nbsp;&nbsp; 3345824 |
| **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; 2470 | June-2025 | &nbsp;&nbsp;&nbsp; (283393906)<br>| &nbsp;&nbsp;&nbsp; (4944469)<br>| &nbsp;&nbsp;&nbsp; (4944469)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(1598645)<br>| &nbsp;&nbsp;&nbsp; $(1598645)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $7,631,523 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.

**26**

**Invesco Core Bond Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $3,172,450,452)<br>| &nbsp;&nbsp; $3155373580 |
| Investments in affiliated money market funds, at value <br> (Cost $622,684,497)<br>| &nbsp;&nbsp; 622684497 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 7631523 |
| Cash collateral — TBA commitments | &nbsp;&nbsp; 8377254 |
| Receivable for: |  |
| TBA sales commitment | &nbsp;&nbsp; 405274152 |
| Fund shares sold | &nbsp;&nbsp; 2385244 |
| Dividends | &nbsp;&nbsp; 2283227 |
| Interest | &nbsp;&nbsp; 19610515 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 124888 |
| Other assets | &nbsp;&nbsp; 67404 |
| Total assets | &nbsp;&nbsp; 4223812284 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 755594 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 49362174 |
| TBA sales commitment | &nbsp;&nbsp; 1150468422 |
| Dividends | &nbsp;&nbsp; 1573879 |
| Fund shares reacquired | &nbsp;&nbsp; 2509986 |
| Amount due custodian | &nbsp;&nbsp; 4943522 |
| Accrued fees to affiliates | &nbsp;&nbsp; 671842 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 493 |
| Accrued other operating expenses | &nbsp;&nbsp; 123676 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 124888 |
| Total liabilities | &nbsp;&nbsp; 1210534476 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $3013277808 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $3332315691 |
| Distributable earnings (loss) | &nbsp;&nbsp; (319037883)<br>|
|  | &nbsp;&nbsp; $3013277808 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $650349372 |
| Class C | &nbsp;&nbsp; $40840717 |
| Class R | &nbsp;&nbsp; $91588592 |
| Class Y | &nbsp;&nbsp; $1114312144 |
| Class R5 | &nbsp;&nbsp; $8298 |
| Class R6 | &nbsp;&nbsp; $1116178685 |
| **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; 115055070 |
| Class C | &nbsp;&nbsp; 7219554 |
| Class R | &nbsp;&nbsp; 16207449 |
| Class Y | &nbsp;&nbsp; 198243529 |
| Class R5 | &nbsp;&nbsp; 1468 |
| Class R6 | &nbsp;&nbsp; 197699576 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $5.65 |
| Maximum offering price per share <br>(Net asset value of $5.65 ÷ 95.75%)<br>| &nbsp;&nbsp; $5.90 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.66 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.65 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.62 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.65 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.65 |

---

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

**27**

**Invesco Core Bond Fund**

------

**Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $59515479 |
| Dividends | &nbsp;&nbsp; 391097 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 13843727 |
| Total investment income | &nbsp;&nbsp; 73750303 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 4936851 |
| Administrative services fees | &nbsp;&nbsp; 214170 |
| Custodian fees | &nbsp;&nbsp; 46671 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 784072 |
| Class C | &nbsp;&nbsp; 204109 |
| Class R | &nbsp;&nbsp; 206916 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1230990 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 183899 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 20155 |
| Registration and filing fees | &nbsp;&nbsp; 59835 |
| Reports to shareholders | &nbsp;&nbsp; 59251 |
| Professional services fees | &nbsp;&nbsp; 55721 |
| Other | &nbsp;&nbsp; 21210 |
| Total expenses | &nbsp;&nbsp; 8023852 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (785737)<br>|
| Net expenses | &nbsp;&nbsp; 7238115 |
| Net investment income | &nbsp;&nbsp; 66512188 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (34292782)<br>|
| Futures contracts | &nbsp;&nbsp; (4167013)<br>|
|  | &nbsp;&nbsp; (38459795)<br>|
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 33153605 |
| Futures contracts | &nbsp;&nbsp; 1854391 |
|  | &nbsp;&nbsp; 35007996 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (3451799)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $63060389 |

---

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

**28**

**Invesco Core Bond Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $66512188 | &nbsp;&nbsp; $114125007 |
| Net realized gain (loss) | &nbsp;&nbsp; (38459795)<br>| &nbsp;&nbsp; 71947724 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 35007996 | &nbsp;&nbsp; 64185042 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 63060389 | &nbsp;&nbsp; 250257773 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (14127978)<br>| &nbsp;&nbsp; (27980733)<br>|
| Class C | &nbsp;&nbsp; (748408)<br>| &nbsp;&nbsp; (1534412)<br>|
| Class R | &nbsp;&nbsp; (1727919)<br>| &nbsp;&nbsp; (3109629)<br>|
| Class Y | &nbsp;&nbsp; (24107256)<br>| &nbsp;&nbsp; (40902740)<br>|
| Class R5 | &nbsp;&nbsp; (194)<br>| &nbsp;&nbsp; (576)<br>|
| Class R6 | &nbsp;&nbsp; (28397926)<br>| &nbsp;&nbsp; (41359598)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (69109681)<br>| &nbsp;&nbsp; (114887688)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 9428432 | &nbsp;&nbsp; 36524956 |
| Class C | &nbsp;&nbsp; (349247)<br>| &nbsp;&nbsp; (915476)<br>|
| Class R | &nbsp;&nbsp; 17682047 | &nbsp;&nbsp; 4050992 |
| Class Y | &nbsp;&nbsp; 196083195 | &nbsp;&nbsp; (10886499)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5630)<br>|
| Class R6 | &nbsp;&nbsp; (80419204)<br>| &nbsp;&nbsp; 838109938 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 142425223 | &nbsp;&nbsp; 866878281 |
| Net increase in net assets | &nbsp;&nbsp; 136375931 | &nbsp;&nbsp; 1002248366 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2876901877 | &nbsp;&nbsp; 1874653511 |
| End of period | &nbsp;&nbsp; $3013277808 | &nbsp;&nbsp; $2876901877 |

---

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

**29**

**Invesco Core Bond Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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** |
| Six months ended 04/30/25 | $5.66 | $0.12 | $(0.01)<br>| $0.11 | $(0.12)<br>| $— | $(0.12)<br>| $5.65 | 2.03<br> %<br>| &nbsp;&nbsp; $650349 | 0.68 %<sup>(d)</sup><br>| 0.75 %<sup>(d)</sup><br>| 4.26 %<sup>(d)</sup><br>| 293<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 |
| Year ended 10/31/20 | 7.03 | 0.14 | 0.37 | 0.51 | (0.15)<br>| (0.34)<br>| (0.49)<br>| 7.05 | 7.36 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 763731 | 0.74 <br><sup>(e)</sup><br>| 0.80 <br><sup>(e)</sup><br>| 1.98 <br><sup>(e)</sup><br>| 397 |
| **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** |
| Six months ended 04/30/25 | 5.67 | 0.10 | (0.01)<br>| 0.09 | (0.10)<br>|  | (0.10)<br>| 5.66 | 1.65 | &nbsp;&nbsp; 40841 | 1.43 <br><sup>(d)</sup><br>| 1.50 <br><sup>(d)</sup><br>| 3.51 <br><sup>(d)</sup><br>| 293 |
| 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>| - | (0.20)<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 |
| Year ended 10/31/20 | 7.03 | 0.08 | 0.37 | 0.45 | (0.09)<br>| (0.34)<br>| (0.43)<br>| 7.05 | 6.51 | &nbsp;&nbsp; 94978 | 1.55 | 1.56 | 1.17 | 397 |
| **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** |
| Six months ended 04/30/25 | 5.66 | 0.11 | (0.00)<br>| 0.11 | (0.12)<br>|  | (0.12)<br>| 5.65 | 1.90 | &nbsp;&nbsp; 91589 | 0.93 <br><sup>(d)</sup><br>| 1.00 <br><sup>(d)</sup><br>| 4.01 <br><sup>(d)</sup><br>| 293 |
| 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 |
| Year ended 10/31/20 | 7.03 | 0.12 | 0.36 | 0.48 | (0.13)<br>| (0.34)<br>| (0.47)<br>| 7.04 | 6.90 | &nbsp;&nbsp; 78849 | 1.04 | 1.06 | 1.68 | 397 |
| **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** |
| Six months ended 04/30/25 | 5.63 | 0.13 | (0.01)<br>| 0.12 | (0.13)<br>|  | (0.13)<br>| 5.62 | 2.16 | &nbsp;&nbsp; 1114312 | 0.43 <br><sup>(d)</sup><br>| 0.50 <br><sup>(d)</sup><br>| 4.51 <br><sup>(d)</sup><br>| 293 |
| 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 |
| Year ended 10/31/20 | 6.99 | 0.16 | 0.36 | 0.52 | (0.17)<br>| (0.34)<br>| (0.51)<br>| 7.00 | 7.56 | &nbsp;&nbsp; 622504 | 0.44 | 0.56 | 2.28 | 397 |
| **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** |
| Six months ended 04/30/25 | 5.66 | 0.13 | (0.01)<br>| 0.12 | (0.13)<br>|  | (0.13)<br>| 5.65 | 2.18 | &nbsp;&nbsp; 8 | 0.38 <br><sup>(d)</sup><br>| 0.40 <br><sup>(d)</sup><br>| 4.56 <br><sup>(d)</sup><br>| 293 |
| 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 |
| Year ended 10/31/20 | 7.03 | 0.16 | 0.37 | 0.53 | (0.17)<br>| (0.34)<br>| (0.51)<br>| 7.05 | 7.71 | &nbsp;&nbsp; 17 | 0.43 | 0.44 | 2.29 | 397 |
| **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** |
| Six months ended 04/30/25 | 5.66 | 0.13 | (0.01)<br>| 0.12 | (0.13)<br>|  | (0.13)<br>| 5.65 | 2.19 | &nbsp;&nbsp; 1116179 | 0.37 <br><sup>(d)</sup><br>| 0.39 <br><sup>(d)</sup><br>| 4.57 <br><sup>(d)</sup><br>| 293 |
| 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 |
| Year ended 10/31/20 | 7.02 | 0.17 | 0.36 | 0.53 | (0.17)<br>| (0.34)<br>| (0.51)<br>| 7.04 | 7.76 | &nbsp;&nbsp; 263690 | 0.38 | 0.39 | 2.34 | 397 |

---

<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> Annualized.

<sup>(e)</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 year ended October 31, 2020. 

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

**30**

**Invesco Core Bond Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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

**31**

**Invesco Core Bond Fund**

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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.

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 note 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

**32**

**Invesco Core Bond Fund**

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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.** **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.

**L.** **Dollar Rolls and Forward Commitment Transactions** - The Fund may enter into dollar roll transactions to enhance the Fund's performance. The Fund executes its dollar roll 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.

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

**N.** **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, when rates increase. 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.

**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 six months ended April 30, 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 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 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 at least 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"). 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

**33**

**Invesco Core Bond Fund**

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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, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned 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 six months ended April 30, 2025, the Adviser waived advisory fees of $350,318 and reimbursed class level expenses of $137,020, $9,611, $19,540, $242,808, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 2025, IDI advised the Fund that IDI retained $26,388 in front-end sales commissions from the sale of Class A shares and $1,155 and $1,418 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 April 30, 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; $1182442272 | &nbsp;&nbsp;&nbsp;&nbsp; $8301106 | &nbsp;&nbsp;&nbsp;&nbsp; $1190743378 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 879358615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 879358615 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 546958196 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 546958196 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 516782518 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 516782518 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 11008298 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11008298 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6941515 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6941515 |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3581060 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3581060 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 622684497 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 622684497 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 633692795 | &nbsp;&nbsp;&nbsp;&nbsp; 3136064176 | &nbsp;&nbsp;&nbsp;&nbsp; 8301106 | &nbsp;&nbsp;&nbsp;&nbsp; 3778058077 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3518692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3518692 |

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**Invesco Core Bond Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(5117337)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(5117337)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (1598645)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1598645)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $632094150 | &nbsp;&nbsp;&nbsp;&nbsp; $3136064176 | &nbsp;&nbsp;&nbsp;&nbsp; $8301106 | &nbsp;&nbsp;&nbsp;&nbsp; $3776459432 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 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; $3518692 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (3518692)<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; $(5117337)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 5117337 |
| 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.

**Effect of Derivative Investments for the six months ended April 30, 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; $(4167013)<br>|
| Change in Net Unrealized Appreciation: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1854391 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(2312622)<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; $819313405 |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $26,440.

**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

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**Invesco Core Bond Fund**

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such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

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

**NOTE 8—Tax Information**

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

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

The Fund had a capital loss carryforward as of October 31, 2024, 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; $152747250 | &nbsp;&nbsp;&nbsp;&nbsp; $109910482 | &nbsp;&nbsp;&nbsp;&nbsp; $262657732 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $1,207,733,449 and $1,219,118,260, respectively. As of April 30, 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; $25820926 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (44064130)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(18243204)<br>|

---

Cost of investments for tax purposes is $3,794,702,636.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 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; 12760112 | &nbsp;&nbsp;&nbsp; $71841351 | &nbsp;&nbsp;&nbsp; 24930232 | &nbsp;&nbsp;&nbsp; $141224419 |
| Class C | &nbsp;&nbsp;&nbsp; 1227967 | &nbsp;&nbsp;&nbsp; 6903378 | &nbsp;&nbsp;&nbsp; 2160605 | &nbsp;&nbsp;&nbsp; 12253209 |
| Class R | &nbsp;&nbsp;&nbsp; 4837983 | &nbsp;&nbsp;&nbsp; 27172579 | &nbsp;&nbsp;&nbsp; 3987237 | &nbsp;&nbsp;&nbsp; 22441345 |
| Class Y | &nbsp;&nbsp;&nbsp; 69768989 | &nbsp;&nbsp;&nbsp; 390950568 | &nbsp;&nbsp;&nbsp; 93528922 | &nbsp;&nbsp;&nbsp; 526025194 |
| Class R6 | &nbsp;&nbsp;&nbsp; 14369125 | &nbsp;&nbsp;&nbsp; 81160373 | &nbsp;&nbsp;&nbsp; 184394725 | &nbsp;&nbsp;&nbsp; 1031928286 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2252010 | &nbsp;&nbsp;&nbsp; 12728258 | &nbsp;&nbsp;&nbsp; 4473984 | &nbsp;&nbsp;&nbsp; 25284329 |
| Class C | &nbsp;&nbsp;&nbsp; 120413 | &nbsp;&nbsp;&nbsp; 681170 | &nbsp;&nbsp;&nbsp; 243790 | &nbsp;&nbsp;&nbsp; 1379060 |
| Class R | &nbsp;&nbsp;&nbsp; 302527 | &nbsp;&nbsp;&nbsp; 1709918 | &nbsp;&nbsp;&nbsp; 545821 | &nbsp;&nbsp;&nbsp; 3084225 |
| Class Y | &nbsp;&nbsp;&nbsp; 3020887 | &nbsp;&nbsp;&nbsp; 16980518 | &nbsp;&nbsp;&nbsp; 5063477 | &nbsp;&nbsp;&nbsp; 28462763 |
| Class R6 | &nbsp;&nbsp;&nbsp; 4925256 | &nbsp;&nbsp;&nbsp; 27812590 | &nbsp;&nbsp;&nbsp; 7029257 | &nbsp;&nbsp;&nbsp; 39701570 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 466429 | &nbsp;&nbsp;&nbsp; 2623625 | &nbsp;&nbsp;&nbsp; 949609 | &nbsp;&nbsp;&nbsp; 5348113 |
| Class C | &nbsp;&nbsp;&nbsp; (466086)<br>| &nbsp;&nbsp;&nbsp; (2623625)<br>| &nbsp;&nbsp;&nbsp; (948992)<br>| &nbsp;&nbsp;&nbsp; (5348113)<br>|

---

**36**

**Invesco Core Bond Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 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; (13805443)<br>| &nbsp;&nbsp;&nbsp; $(77764802)<br>| &nbsp;&nbsp;&nbsp; (23963676)<br>| &nbsp;&nbsp;&nbsp; $(135331905)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (941927)<br>| &nbsp;&nbsp;&nbsp; (5310170)<br>| &nbsp;&nbsp;&nbsp; (1634033)<br>| &nbsp;&nbsp;&nbsp; (9199632)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1993803)<br>| &nbsp;&nbsp;&nbsp; (11200450)<br>| &nbsp;&nbsp;&nbsp; (3799507)<br>| &nbsp;&nbsp;&nbsp; (21474578)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (37927480)<br>| &nbsp;&nbsp;&nbsp; (211847891)<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; (33780450)<br>| &nbsp;&nbsp;&nbsp; (189392167)<br>| &nbsp;&nbsp;&nbsp; (41327092)<br>| &nbsp;&nbsp;&nbsp; (233519918)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 25136509 | &nbsp;&nbsp;&nbsp; $142425223 | &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 27% 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, 18% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |

---

**37**

**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>**

Not applicable.

**38**

**Invesco Core Bond Fund**

------

![](img058165291.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-TRB-NCSRS

------

![](imgcb6f0d021.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Developing Markets Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_18e61660-2517-4164-ba9a-c359d8ec62fc_SOI-Continued-679_1) | Consolidated Schedule of Investments |
| [4](#xx_18e61660-2517-4164-ba9a-c359d8ec62fc_FS-Continued-679_1) | Consolidated Financial Statements |
| [7](#xx_18e61660-2517-4164-ba9a-c359d8ec62fc_FS-Continued-679_4) | Consolidated Financial Highlights |
| [8](#xx_18e61660-2517-4164-ba9a-c359d8ec62fc_NTF-Continued-679_1) | Notes to Consolidated Financial Statements |
| [16](#xx_18e61660-2517-4164-ba9a-c359d8ec62fc_OIRSR-Continued-679_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments** 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.91%** | **Common Stocks & Other Equity Interests–98.91%** | **Common Stocks & Other Equity Interests–98.91%** |
| **Brazil–7.17%** | **Brazil–7.17%** | **Brazil–7.17%** |
| Banco BTG Pactual S.A., Series CPO | 13956800 | &nbsp;&nbsp; $93723276 |
| Itau Unibanco Holding S.A., Preference <br> Shares | 30883685 | &nbsp;&nbsp; 193623342 |
| Localiza Rent a Car S.A. | 17196965 | &nbsp;&nbsp; 130178342 |
| MercadoLibre, Inc.<sup>(a)</sup>  | 107228 | &nbsp;&nbsp; 249932384 |
| NU Holdings Ltd., Class A<sup>(a)</sup>  | 4767446 | &nbsp;&nbsp; 59259354 |
| Petroleo Brasileiro S.A., ADR | 7200842 | &nbsp;&nbsp; 81297506 |
| Raia Drogasil S.A. | 22904700 | &nbsp;&nbsp; 80073522 |
| WEG S.A. | 16939878 | &nbsp;&nbsp; 133246901 |
|  |  | &nbsp;&nbsp; 1021334627 |
| **Chile–1.29%** | **Chile–1.29%** | **Chile–1.29%** |
| Antofagasta PLC | 5373817 | &nbsp;&nbsp; 117931254 |
| Banco de Chile | 443679882 | &nbsp;&nbsp; 65130589 |
|  |  | &nbsp;&nbsp; 183061843 |
| **China–27.45%** | **China–27.45%** | **China–27.45%** |
| Airtac International Group | 2932000 | &nbsp;&nbsp; 80530954 |
| Alibaba Group Holding Ltd., ADR | 1514893 | &nbsp;&nbsp; 180923671 |
| BYD Co. Ltd., H Shares | 1536500 | &nbsp;&nbsp; 72977923 |
| Contemporary Amperex Technology <br> Co. Ltd., A Shares | 5575779 | &nbsp;&nbsp; 178277742 |
| H World Group Ltd. | 1984000 | &nbsp;&nbsp; 6960186 |
| H World Group Ltd., ADR<sup>(b)</sup>  | 20942133 | &nbsp;&nbsp; 717058634 |
| Meituan, B Shares<sup>(a)(c)</sup>  | 33850500 | &nbsp;&nbsp; 560477550 |
| NetEase, Inc., ADR | 1615090 | &nbsp;&nbsp; 172911535 |
| New Horizon Health Ltd.<sup>(a)(b)(c)(d)</sup>  | 27463500 | &nbsp;&nbsp; 7082237 |
| PDD Holdings, Inc., ADR<sup>(a)</sup>  | 1711206 | &nbsp;&nbsp; 180652017 |
| Tencent Holdings Ltd. | 20703058 | &nbsp;&nbsp; 1268081805 |
| Trip.com Group Ltd., ADR | 2046662 | &nbsp;&nbsp; 120732591 |
| WuXi AppTec Co. Ltd., H Shares<sup>(c)</sup>  | 16804500 | &nbsp;&nbsp; 129875185 |
| Wuxi Biologics (Cayman), Inc.<sup>(a)(c)</sup>  | 51359500 | &nbsp;&nbsp; 149169951 |
| WuXi XDC Cayman, Inc.<sup>(a)</sup>  | 5234000 | &nbsp;&nbsp; 24661241 |
| Yum China Holdings, Inc. | 692954 | &nbsp;&nbsp; 30011838 |
| ZTO Express (Cayman), Inc., ADR | 1606041 | &nbsp;&nbsp; 29711759 |
|  |  | &nbsp;&nbsp; 3910096819 |
| **Denmark–0.45%** | **Denmark–0.45%** | **Denmark–0.45%** |
| Zealand Pharma A/S<sup>(a)</sup>  | 911844 | &nbsp;&nbsp; 64491171 |
| **France–1.59%** | **France–1.59%** | **France–1.59%** |
| Kering S.A. | 383600 | &nbsp;&nbsp; 78044435 |
| TotalEnergies SE | 2593497 | &nbsp;&nbsp; 147713138 |
|  |  | &nbsp;&nbsp; 225757573 |
| **Germany–0.48%** | **Germany–0.48%** | **Germany–0.48%** |
| BioNTech SE, ADR<sup>(a)</sup>  | 652562 | &nbsp;&nbsp; 67964332 |
| **Hong Kong–1.28%** | **Hong Kong–1.28%** | **Hong Kong–1.28%** |
| AIA Group Ltd. | 24258000 | &nbsp;&nbsp; 181763052 |
| **India–18.73%** | **India–18.73%** | **India–18.73%** |
| Bajaj Finance Ltd. | 318759 | &nbsp;&nbsp; 32525051 |
| Bajaj Finserv Ltd. | 1663227 | &nbsp;&nbsp; 38416855 |
| Cholamandalam Investment and <br> Finance Co. Ltd. | 1681658 | &nbsp;&nbsp; 29744072 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **India–(continued)** | **India–(continued)** | **India–(continued)** |
| DLF Ltd. | 1910255 | &nbsp;&nbsp; $15236936 |
| Havells India Ltd. | 3648594 | &nbsp;&nbsp; 69089178 |
| HCL Technologies Ltd. | 3822623 | &nbsp;&nbsp; 70901660 |
| HDFC Bank Ltd. | 19749496 | &nbsp;&nbsp; 448588989 |
| ICICI Bank Ltd. | 7410082 | &nbsp;&nbsp; 124558094 |
| Infosys Ltd. | 5655127 | &nbsp;&nbsp; 99970955 |
| Kotak Mahindra Bank Ltd. | 28345566 | &nbsp;&nbsp; 740834389 |
| Macrotech Developers Ltd.<sup>(c)</sup>  | 9980041 | &nbsp;&nbsp; 157026214 |
| Mahindra & Mahindra Ltd. | 2360086 | &nbsp;&nbsp; 81770353 |
| Oberoi Realty Ltd. | 10989799 | &nbsp;&nbsp; 213341354 |
| Pine Labs Pvt. Ltd.<sup>(d)</sup>  | 134098 | &nbsp;&nbsp; 74694159 |
| Swiggy Ltd.<sup>(a)</sup>  | 39689344 | &nbsp;&nbsp; 147736338 |
| Tata Consultancy Services Ltd. | 7925415 | &nbsp;&nbsp; 323514453 |
|  |  | &nbsp;&nbsp; 2667949050 |
| **Indonesia–1.96%** | **Indonesia–1.96%** | **Indonesia–1.96%** |
| PT Bank Central Asia Tbk | 525076200 | &nbsp;&nbsp; 279177923 |
| **Italy–1.58%** | **Italy–1.58%** | **Italy–1.58%** |
| Ermenegildo Zegna N.V. | 4479955 | &nbsp;&nbsp; 35615642 |
| Prada S.p.A. | 30268110 | &nbsp;&nbsp; 188989625 |
|  |  | &nbsp;&nbsp; 224605267 |
| **Japan–2.50%** | **Japan–2.50%** | **Japan–2.50%** |
| ASICS Corp. | 630000 | &nbsp;&nbsp; 13541248 |
| Chugai Pharmaceutical Co. Ltd. | 2661900 | &nbsp;&nbsp; 153350756 |
| Daiichi Sankyo Co. Ltd. | 7382100 | &nbsp;&nbsp; 188838620 |
|  |  | &nbsp;&nbsp; 355730624 |
| **Luxembourg–0.63%** | **Luxembourg–0.63%** | **Luxembourg–0.63%** |
| Zabka Group S.A.<sup>(a)</sup>  | 15825312 | &nbsp;&nbsp; 90321864 |
| **Mexico–4.87%** | **Mexico–4.87%** | **Mexico–4.87%** |
| Fomento Economico Mexicano S.A.B. <br> de C.V., Series CPO | 28839859 | &nbsp;&nbsp; 303494643 |
| Grupo Mexico S.A.B. de C.V., Class B | 74961913 | &nbsp;&nbsp; 389516786 |
|  |  | &nbsp;&nbsp; 693011429 |
| **Netherlands–1.52%** | **Netherlands–1.52%** | **Netherlands–1.52%** |
| argenx SE, ADR<sup>(a)</sup>  | 281108 | &nbsp;&nbsp; 181354015 |
| ASML Holding N.V., New York Shares | 51929 | &nbsp;&nbsp; 34692727 |
|  |  | &nbsp;&nbsp; 216046742 |
| **Peru–0.97%** | **Peru–0.97%** | **Peru–0.97%** |
| Credicorp Ltd. | 682938 | &nbsp;&nbsp; 138083234 |
| **Philippines–2.33%** | **Philippines–2.33%** | **Philippines–2.33%** |
| SM Investments Corp. | 17512382 | &nbsp;&nbsp; 272605897 |
| SM Prime Holdings, Inc. | 137022800 | &nbsp;&nbsp; 59814209 |
|  |  | &nbsp;&nbsp; 332420106 |
| **Poland–0.84%** | **Poland–0.84%** | **Poland–0.84%** |
| Allegro.eu S.A.<sup>(a)(c)</sup>  | 13712913 | &nbsp;&nbsp; 120322842 |
| **Portugal–2.27%** | **Portugal–2.27%** | **Portugal–2.27%** |
| Galp Energia SGPS S.A. | 20840993 | &nbsp;&nbsp; 322905644 |

---

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

**2**

**Invesco Developing Markets Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** |
| Sberbank of Russia PJSC<sup>(d)</sup>  | 4942538 | &nbsp;&nbsp; $5 |
| **South Africa–1.78%** | **South Africa–1.78%** | **South Africa–1.78%** |
| Capitec Bank Holdings Ltd. | 142292 | &nbsp;&nbsp; 26410274 |
| FirstRand Ltd. | 58040541 | &nbsp;&nbsp; 227248520 |
|  |  | &nbsp;&nbsp; 253658794 |
| **South Korea–4.17%** | **South Korea–4.17%** | **South Korea–4.17%** |
| NAVER Corp. | 833442 | &nbsp;&nbsp; 117269942 |
| Samsung Biologics Co. Ltd.<sup>(a)(c)</sup>  | 334838 | &nbsp;&nbsp; 247803054 |
| Samsung Electronics Co. Ltd. | 1888415 | &nbsp;&nbsp; 73681298 |
| SK hynix, Inc. | 1243120 | &nbsp;&nbsp; 155107902 |
|  |  | &nbsp;&nbsp; 593862196 |
| **Taiwan–12.57%** | **Taiwan–12.57%** | **Taiwan–12.57%** |
| Delta Electronics, Inc. | 6671000 | &nbsp;&nbsp; 69900046 |
| Hon Hai Precision Industry Co. Ltd. | 18908000 | &nbsp;&nbsp; 84240750 |
| MediaTek, Inc. | 5170000 | &nbsp;&nbsp; 219689162 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. | 47304429 | &nbsp;&nbsp; 1340349767 |
| Voltronic Power Technology Corp. | 1635919 | &nbsp;&nbsp; 76710269 |
|  |  | &nbsp;&nbsp; 1790889994 |
| **Turkey–0.10%** | **Turkey–0.10%** | **Turkey–0.10%** |
| Akbank T.A.S. | 11717383 | &nbsp;&nbsp; 14889508 |
| **United Arab Emirates–0.31%** | **United Arab Emirates–0.31%** | **United Arab Emirates–0.31%** |
| Americana Restaurants International <br> PLC | 74095976 | &nbsp;&nbsp; 44170739 |
| **United Kingdom–1.15%** | **United Kingdom–1.15%** | **United Kingdom–1.15%** |
| AstraZeneca PLC | 1142444 | &nbsp;&nbsp; 163674298 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **United States–0.92%** | **United States–0.92%** | **United States–0.92%** |
| Applied Materials, Inc. | 246286 | &nbsp;&nbsp; $37117763 |
| Legend Biotech Corp., ADR<sup>(a)</sup>  | 2686613 | &nbsp;&nbsp; 93897124 |
|  |  | &nbsp;&nbsp; 131014887 |
| Total Common Stocks & Other Equity Interests <br> (Cost $9,187,187,779) | Total Common Stocks & Other Equity Interests <br> (Cost $9,187,187,779) | &nbsp;&nbsp; 14087204563 |
| **Preferred Stocks–0.86%** | **Preferred Stocks–0.86%** | **Preferred Stocks–0.86%** |
| **China–0.45%** | **China–0.45%** | **China–0.45%** |
| Abogen Therapeutics Ltd., Series C, <br> Pfd.<sup>(d)</sup>  | 1436122 | &nbsp;&nbsp; 64338265 |
| **India–0.41%** | **India–0.41%** | **India–0.41%** |
| Pine Labs Pvt. Ltd., Series K, Pfd.<sup>(d)</sup>  | 103185 | &nbsp;&nbsp; 57475256 |
| Total Preferred Stocks (Cost $115,430,332) | Total Preferred Stocks (Cost $115,430,332) | &nbsp;&nbsp; 121813521 |
| **Money Market Funds–0.53%** | **Money Market Funds–0.53%** | **Money Market Funds–0.53%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(b)(e)</sup>  | 26356718 | &nbsp;&nbsp; 26356718 |
| Invesco Treasury Portfolio, <br> Institutional Class, 4.23%<sup>(b)(e)</sup>  | 48968495 | &nbsp;&nbsp; 48968495 |
| Total Money Market Funds (Cost $75,325,213) | Total Money Market Funds (Cost $75,325,213) | &nbsp;&nbsp; 75325213 |
| TOTAL INVESTMENTS IN SECURITIES—100.30% <br> (Cost $9,377,943,324) | TOTAL INVESTMENTS IN SECURITIES—100.30% <br> (Cost $9,377,943,324) | &nbsp;&nbsp; 14284343297 |
| OTHER ASSETS LESS LIABILITIES–(0.30)% | OTHER ASSETS LESS LIABILITIES–(0.30)% | &nbsp;&nbsp; (42544363)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $14241798934 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> CPO – Certificates of Ordinary Participation <br> Pfd. – Preferred

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<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 six months ended April 30, 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>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| $103111408 | &nbsp;&nbsp; $939669466 | &nbsp;&nbsp; $(1016424156) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $26356718 | &nbsp;&nbsp; $1710388 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 191550628 | &nbsp;&nbsp; 1745100437 | &nbsp;&nbsp; (1887682570) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 48968495 | &nbsp;&nbsp; 3149248 |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| H World Group Ltd., ADR | 905244592 | &nbsp;&nbsp; - | &nbsp;&nbsp; (139255554) | &nbsp;&nbsp; (71201829) | &nbsp;&nbsp; 22271425 | &nbsp;&nbsp; 717058634 | &nbsp;&nbsp; 19895027 |
| New Horizon Health Ltd. | 13130578 | &nbsp;&nbsp; - | &nbsp;&nbsp; (360716) | &nbsp;&nbsp; (33536) | &nbsp;&nbsp; (5654089) | &nbsp;&nbsp; 7082237 | &nbsp;&nbsp; - |
| Total | $1213037206 | &nbsp;&nbsp; $2684769903 | &nbsp;&nbsp; $(3043722996) | &nbsp;&nbsp; $(71235365) | &nbsp;&nbsp; $16617336 | &nbsp;&nbsp; $799466084 | &nbsp;&nbsp; $24754663 |

---

<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 April 30, 2025 was $1,371,757,033, which represented 9.63% of the Fund's Net Assets. 

<sup>(d)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 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**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $9,031,281,033)<br>| &nbsp;&nbsp; $13484877213 |
| Investments in affiliates, at value <br>(Cost $346,662,291)<br>| &nbsp;&nbsp; 799466084 |
| Cash | &nbsp;&nbsp; 58055207 |
| Foreign currencies, at value (Cost $37,599,273) | &nbsp;&nbsp; 37895653 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 9493524 |
| Fund shares sold | &nbsp;&nbsp; 5338581 |
| Dividends | &nbsp;&nbsp; 26336999 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 1242090 |
| Other assets | &nbsp;&nbsp; 132880 |
| Total assets | &nbsp;&nbsp; 14422838231 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 59065266 |
| Accrued foreign taxes | &nbsp;&nbsp; 110746706 |
| Accrued fees to affiliates | &nbsp;&nbsp; 7159490 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 190655 |
| Accrued other operating expenses | &nbsp;&nbsp; 2635090 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 1242090 |
| Total liabilities | &nbsp;&nbsp; 181039297 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $14241798934 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $9303068458 |
| Distributable earnings | &nbsp;&nbsp; 4938730476 |
|  | &nbsp;&nbsp; $14241798934 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1675490505 |
| Class C | &nbsp;&nbsp; $24055150 |
| Class R | &nbsp;&nbsp; $183008354 |
| Class Y | &nbsp;&nbsp; $7518907429 |
| Class R5 | &nbsp;&nbsp; $4353519 |
| Class R6 | &nbsp;&nbsp; $4835983977 |
| **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; 42139332 |
| Class C | &nbsp;&nbsp; 678644 |
| Class R | &nbsp;&nbsp; 4839490 |
| Class Y | &nbsp;&nbsp; 192492342 |
| Class R5 | &nbsp;&nbsp; 109619 |
| Class R6 | &nbsp;&nbsp; 123888809 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $39.76 |
| Maximum offering price per share <br>(Net asset value of $39.76 ÷ 94.50%)<br>| &nbsp;&nbsp; $42.07 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $35.45 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $37.82 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $39.06 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $39.72 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $39.03 |

---

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 six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $66853 |
| Dividends (net of foreign withholding taxes of $15,760,231) | &nbsp;&nbsp; 113501789 |
| Dividends from affiliates | &nbsp;&nbsp; 24754663 |
| Total investment income | &nbsp;&nbsp; 138323305 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 63403602 |
| Administrative services fees | &nbsp;&nbsp; 1142252 |
| Custodian fees | &nbsp;&nbsp; 1387971 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 2203487 |
| Class C | &nbsp;&nbsp; 132796 |
| Class R | &nbsp;&nbsp; 472002 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 11397128 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 9040 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 1080932 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 29564 |
| Registration and filing fees | &nbsp;&nbsp; 101409 |
| Reports to shareholders | &nbsp;&nbsp; 657028 |
| Professional services fees | &nbsp;&nbsp; 98553 |
| Other | &nbsp;&nbsp; 211846 |
| Total expenses | &nbsp;&nbsp; 82327610 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (164121)<br>|
| Net expenses | &nbsp;&nbsp; 82163489 |
| Net investment income | &nbsp;&nbsp; 56159816 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $42,826,936) | &nbsp;&nbsp; 962905578 |
| Affiliated investment securities | &nbsp;&nbsp; 16617336 |
| Foreign currencies | &nbsp;&nbsp; (6809580)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (400418)<br>|
|  | &nbsp;&nbsp; 972312916 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $24,292,223) | &nbsp;&nbsp; (1383684036)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (71235365)<br>|
| Foreign currencies | &nbsp;&nbsp; 2130452 |
|  | &nbsp;&nbsp; (1452788949)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (480476033)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(424316217)<br>|

---

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 six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $56159816 | &nbsp;&nbsp; $268204930 |
| Net realized gain | &nbsp;&nbsp; 972312916 | &nbsp;&nbsp; 1723080962 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1452788949)<br>| &nbsp;&nbsp; 803506696 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (424316217)<br>| &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; (22561947)<br>| &nbsp;&nbsp; (92573787)<br>|
| Class R5 | &nbsp;&nbsp; (92238)<br>| &nbsp;&nbsp; (151648)<br>|
| Class R6 | &nbsp;&nbsp; (25052449)<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; (270769551)<br>| &nbsp;&nbsp; (554364376)<br>|
| Class C | &nbsp;&nbsp; (5252648)<br>| &nbsp;&nbsp; (10441621)<br>|
| Class R | &nbsp;&nbsp; (13143027)<br>| &nbsp;&nbsp; (41584488)<br>|
| Class Y | &nbsp;&nbsp; (1699998825)<br>| &nbsp;&nbsp; (2556147051)<br>|
| Class R5 | &nbsp;&nbsp; (23432616)<br>| &nbsp;&nbsp; 9748862 |
| Class R6 | &nbsp;&nbsp; (1902192718)<br>| &nbsp;&nbsp; (2662747530)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (3914789385)<br>| &nbsp;&nbsp; (5815536204)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (4386912103)<br>| &nbsp;&nbsp; (3214298056)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 18628711037 | &nbsp;&nbsp; 21843009093 |
| End of period | &nbsp;&nbsp; $14241798934 | &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**

*(Unaudited)*

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** |
| Six months ended 04/30/25 | $40.70 | $0.08 | $(1.02)<br>| $(0.94)<br>| $(0.00)<br>| $— | $(0.00)<br>| $39.76 | (2.31)%<br>| &nbsp;&nbsp; $1675491 | 1.31 %<sup>(d)</sup><br>| 1.31 %<sup>(d)</sup><br>| 0.42 %<sup>(d)</sup><br>| 25<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 |
| Year ended 10/31/20 | 44.28 | 0.04 | 2.50 | 2.54 | (0.11)<br>| (0.87)<br>| (0.98)<br>| 45.84 | 5.75 | &nbsp;&nbsp; 4130292 | 1.22 | 1.22 | 0.08 | 30 |
| **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** |
| Six months ended 04/30/25 | 36.41 | (0.06)<br>| (0.90)<br>| (0.96)<br>|  |  |  | 35.45 | (2.64)<br>| &nbsp;&nbsp; 24055 | 2.06 <br><sup>(d)</sup><br>| 2.06 <br><sup>(d)</sup><br>| (0.33 )<sup>(d)</sup><br>| 25 |
| 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 |
| Year ended 10/31/20 | 40.96 | (0.27)<br>| 2.29 | 2.02 |  | (0.87)<br>| (0.87)<br>| 42.11 | 4.93 | &nbsp;&nbsp; 225906 | 1.97 | 1.97 | (0.67)<br>| 30 |
| **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** |
| Six months ended 04/30/25 | 38.75 | 0.03 | (0.96)<br>| (0.93)<br>|  |  |  | 37.82 | (2.40)<br>| &nbsp;&nbsp; 183008 | 1.56 <br><sup>(d)</sup><br>| 1.56 <br><sup>(d)</sup><br>| 0.17 <br><sup>(d)</sup><br>| 25 |
| 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 |
| Year ended 10/31/20 | 42.48 | (0.07)<br>| 2.40 | 2.33 | (0.03)<br>| (0.87)<br>| (0.90)<br>| 43.91 | 5.49 | &nbsp;&nbsp; 387506 | 1.47 | 1.47 | (0.17)<br>| 30 |
| **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** |
| Six months ended 04/30/25 | 40.03 | 0.13 | (1.00)<br>| (0.87)<br>| (0.10)<br>|  | (0.10)<br>| 39.06 | (2.18)<br>| &nbsp;&nbsp; 7518907 | 1.06 <br><sup>(d)</sup><br>| 1.06 <br><sup>(d)</sup><br>| 0.67 <br><sup>(d)</sup><br>| 25 |
| 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 |
| Year ended 10/31/20 | 43.70 | 0.14 | 2.48 | 2.62 | (0.24)<br>| (0.87)<br>| (1.11)<br>| 45.21 | 6.01 | &nbsp;&nbsp; 18432202 | 0.97 | 0.97 | 0.33 | 30 |
| **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** |
| Six months ended 04/30/25 | 40.70 | 0.16 | (1.01)<br>| (0.85)<br>| (0.13)<br>|  | (0.13)<br>| 39.72 | (2.09)<br>| &nbsp;&nbsp; 4354 | 0.94 <br><sup>(d)</sup><br>| 0.94 <br><sup>(d)</sup><br>| 0.79 <br><sup>(d)</sup><br>| 25 |
| 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 |
| Year ended 10/31/20 | 44.33 | 0.17 | 2.52 | 2.69 | (0.30)<br>| (0.87)<br>| (1.17)<br>| 45.85 | 6.10 | &nbsp;&nbsp; 13560 | 0.89 | 0.89 | 0.41 | 30 |
| **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** |
| Six months ended 04/30/25 | 40.03 | 0.17 | (1.01)<br>| (0.84)<br>| (0.16)<br>|  | (0.16)<br>| 39.03 | (2.10)<br>| &nbsp;&nbsp; 4835984 | 0.88 <br><sup>(d)</sup><br>| 0.88 <br><sup>(d)</sup><br>| 0.85 <br><sup>(d)</sup><br>| 25 |
| 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 |
| Year ended 10/31/20 | 43.75 | 0.21 | 2.48 | 2.69 | (0.32)<br>| (0.87)<br>| (1.19)<br>| 45.25 | 6.17 | &nbsp;&nbsp; 17009325 | 0.82 | 0.82 | 0.48 | 30 |

---

<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. 

<sup>(d)</sup> Annualized.

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

**7**

**Invesco Developing Markets Fund**

------

**Notes to Consolidated Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Developing Markets Fund (the "Fund") is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the "Trust"). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the OFI Global China Fund, LLC (the "Subsidiary"), a 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**

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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.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Consolidated Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Consolidated Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Consolidated Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the six months ended April 30, 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**

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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 financial statements. Adoption of the new standard impacted the Fund's financial statement note 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**

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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:

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| | |
|:---|:---|
| **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 six months ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.79%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned 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 six months ended April 30, 2025, the Adviser waived advisory fees of $126,243.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 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

**11**

**Invesco Developing Markets 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 six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 2025, IDI advised the Fund that IDI retained $22,544 in front-end sales commissions from the sale of Class A shares and $628 and $612 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2025, the Fund incurred $237 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 April 30, 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; $1021334627 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1021334627 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; 65130589 | &nbsp;&nbsp;&nbsp;&nbsp; 117931254 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 183061843 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 1432002045 | &nbsp;&nbsp;&nbsp;&nbsp; 2471012537 | &nbsp;&nbsp;&nbsp;&nbsp; 71420502 | &nbsp;&nbsp;&nbsp;&nbsp; 3974435084 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64491171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64491171 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 225757573 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 225757573 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; 67964332 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67964332 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 181763052 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 181763052 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2593254891 | &nbsp;&nbsp;&nbsp;&nbsp; 132169415 | &nbsp;&nbsp;&nbsp;&nbsp; 2725424306 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 279177923 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 279177923 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; 35615642 | &nbsp;&nbsp;&nbsp;&nbsp; 188989625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224605267 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 355730624 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 355730624 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90321864 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90321864 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 693011429 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 693011429 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 216046742 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216046742 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 138083234 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 138083234 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 332420106 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 332420106 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120322842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120322842 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 322905644 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 322905644 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 253658794 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 253658794 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 593862196 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 593862196 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1790889994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1790889994 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14889508 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14889508 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44170739 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44170739 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163674298 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163674298 |

---

**12**

**Invesco Developing Markets Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; $131014887 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $131014887 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 75325213 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75325213 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $3875528740 | &nbsp;&nbsp;&nbsp;&nbsp; $10205224635 | &nbsp;&nbsp;&nbsp;&nbsp; $203589922 | &nbsp;&nbsp;&nbsp;&nbsp; $14284343297 |

---

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

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended April 30, 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>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Value** <br>**04/30/25**<br>|
| Preferred Stocks | $107560291 | $— | $— | $— | $— | $14253230 | $— | $— | $121813521 |
| Common Stocks & Other Equity Interests | 82309993 |  | (360558)<br>|  | (5654247)<br>| 5481213 |  |  | 81776401 |
| Total | $189870284 | $— | $(360558)<br>| $— | $(5654247)<br>| $19734443 | $— | $— | $203589922 |

---

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 04/30/25**<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>|
| Preferred Stocks | $121813521 | Expected Recovery | Anticipated Proceeds | $44.80 per share | - |
| Common Stocks & Other Equity Interests | 81776401 | Comparable Companies | Revenue Multiple | 20x | - |
| Total | $203589922 |  |  |  |  |

---

**NOTE 4—Derivative Investments**

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

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

**Effect of Derivative Investments for the six months ended April 30, 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**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(400418)<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>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $13325800 |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $37,878.

**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

**13**

**Invesco Developing Markets Fund**

------

overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Tax Information**

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

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

The Fund had a capital loss carryforward as of October 31, 2024, 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; $818621723 | &nbsp;&nbsp;&nbsp;&nbsp; $3805435 | &nbsp;&nbsp;&nbsp;&nbsp; $822427158 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $3,900,817,531 and $7,627,660,870, respectively. As of April 30, 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; $5235543389 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (502849153)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $4732694236 |

---

Cost of investments for tax purposes is $9,551,649,061.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 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; 1977502 | &nbsp;&nbsp;&nbsp; $78462959 | &nbsp;&nbsp;&nbsp; 5328855 | &nbsp;&nbsp;&nbsp; $209984871 |
| Class C | &nbsp;&nbsp;&nbsp; 42776 | &nbsp;&nbsp;&nbsp; 1510870 | &nbsp;&nbsp;&nbsp; 122228 | &nbsp;&nbsp;&nbsp; 4346117 |
| Class R | &nbsp;&nbsp;&nbsp; 285997 | &nbsp;&nbsp;&nbsp; 10731033 | &nbsp;&nbsp;&nbsp; 570733 | &nbsp;&nbsp;&nbsp; 21498256 |
| Class Y | &nbsp;&nbsp;&nbsp; 14437742 | &nbsp;&nbsp;&nbsp; 560402222 | &nbsp;&nbsp;&nbsp; 48735422 | &nbsp;&nbsp;&nbsp; 1886738151 |
| Class R5 | &nbsp;&nbsp;&nbsp; 55478 | &nbsp;&nbsp;&nbsp; 2181791 | &nbsp;&nbsp;&nbsp; 334136 | &nbsp;&nbsp;&nbsp; 13173729 |
| Class R6 | &nbsp;&nbsp;&nbsp; 11168158 | &nbsp;&nbsp;&nbsp; 436217362 | &nbsp;&nbsp;&nbsp; 33683986 | &nbsp;&nbsp;&nbsp; 1304198481 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2010 | &nbsp;&nbsp;&nbsp; 80587 | &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 shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 58881 | &nbsp;&nbsp;&nbsp; 2343816 | &nbsp;&nbsp;&nbsp; 133270 | &nbsp;&nbsp;&nbsp; 5290203 |
| Class C | &nbsp;&nbsp;&nbsp; (65939)<br>| &nbsp;&nbsp;&nbsp; (2343816)<br>| &nbsp;&nbsp;&nbsp; (148359)<br>| &nbsp;&nbsp;&nbsp; (5290203)<br>|

---

**14**

**Invesco Developing Markets Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 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; (8881333)<br>| &nbsp;&nbsp;&nbsp; $(351656913)<br>| &nbsp;&nbsp;&nbsp; (19718498)<br>| &nbsp;&nbsp;&nbsp; $(781029381)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (125696)<br>| &nbsp;&nbsp;&nbsp; (4419702)<br>| &nbsp;&nbsp;&nbsp; (269297)<br>| &nbsp;&nbsp;&nbsp; (9578338)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (633461)<br>| &nbsp;&nbsp;&nbsp; (23874060)<br>| &nbsp;&nbsp;&nbsp; (1685433)<br>| &nbsp;&nbsp;&nbsp; (63755429)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (58560623)<br>| &nbsp;&nbsp;&nbsp; (2278712292)<br>| &nbsp;&nbsp;&nbsp; (115293702)<br>| &nbsp;&nbsp;&nbsp; (4519945970)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (641827)<br>| &nbsp;&nbsp;&nbsp; (25706602)<br>| &nbsp;&nbsp;&nbsp; (89650)<br>| &nbsp;&nbsp;&nbsp; (3576362)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (60703739)<br>| &nbsp;&nbsp;&nbsp; (2356379362)<br>| &nbsp;&nbsp;&nbsp; (102650102)<br>| &nbsp;&nbsp;&nbsp; (4033292928)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (100658250)<br>| &nbsp;&nbsp;&nbsp; $(3914789385)<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 46% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**15**

**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>**

Not applicable.

**16**

**Invesco Developing Markets Fund**

------

![](imgcb6f0d021.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-DVM-NCSRS

------

![](imgcb2594931.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Discovery Mid Cap Growth Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_c543a5fd-4e2d-46d2-91db-ac8d5020378e_SOI-Continued-686_1) | Schedule of Investments |
| [5](#xx_c543a5fd-4e2d-46d2-91db-ac8d5020378e_FS-Continued-686_1) | Financial Statements |
| [8](#xx_c543a5fd-4e2d-46d2-91db-ac8d5020378e_FS-Continued-686_4) | Financial Highlights |
| [9](#xx_c543a5fd-4e2d-46d2-91db-ac8d5020378e_NTF-Continued-686_1) | Notes to Financial Statements |
| [15](#xx_c543a5fd-4e2d-46d2-91db-ac8d5020378e_OIRSR-Continued-686_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–95.98%** | **Common Stocks & Other Equity Interests–95.98%** | **Common Stocks & Other Equity Interests–95.98%** |
| **Aerospace & Defense–7.66%** | **Aerospace & Defense–7.66%** | **Aerospace & Defense–7.66%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 234019 | &nbsp;&nbsp; $143523853 |
| Curtiss-Wright Corp. | 183853 | &nbsp;&nbsp; 63409061 |
| Embraer S.A., ADR (Brazil)<sup>(b)</sup>  | 836011 | &nbsp;&nbsp; 38406345 |
| HEICO Corp.<sup>(c)</sup>  | 187448 | &nbsp;&nbsp; 47004460 |
| Howmet Aerospace, Inc. | 1024125 | &nbsp;&nbsp; 141923243 |
|  |  | &nbsp;&nbsp; 434266962 |
| **Apparel Retail–0.99%** | **Apparel Retail–0.99%** | **Apparel Retail–0.99%** |
| Burlington Stores, Inc.<sup>(b)</sup>  | 249110 | &nbsp;&nbsp; 56059714 |
| **Application Software–11.02%** | **Application Software–11.02%** | **Application Software–11.02%** |
| AppLovin Corp., Class A<sup>(b)</sup>  | 306322 | &nbsp;&nbsp; 82495578 |
| Datadog, Inc., Class A<sup>(b)</sup>  | 395063 | &nbsp;&nbsp; 40359636 |
| Guidewire Software, Inc.<sup>(b)</sup>  | 394034 | &nbsp;&nbsp; 80686342 |
| HubSpot, Inc.<sup>(b)</sup>  | 166205 | &nbsp;&nbsp; 101634358 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 1161583 | &nbsp;&nbsp; 137577891 |
| Procore Technologies, Inc.<sup>(b)</sup>  | 312146 | &nbsp;&nbsp; 20005437 |
| Q2 Holdings, Inc.<sup>(b)</sup>  | 365336 | &nbsp;&nbsp; 28952878 |
| Samsara, Inc., Class A<sup>(b)</sup>  | 1157731 | &nbsp;&nbsp; 45915611 |
| Tyler Technologies, Inc.<sup>(b)</sup>  | 160111 | &nbsp;&nbsp; 86988306 |
|  |  | &nbsp;&nbsp; 624616037 |
| **Asset Management & Custody Banks–2.78%** | **Asset Management & Custody Banks–2.78%** | **Asset Management & Custody Banks–2.78%** |
| Ares Management Corp., Class A<sup>(c)</sup>  | 682291 | &nbsp;&nbsp; 104069846 |
| Blue Owl Capital, Inc.<sup>(c)</sup>  | 1187777 | &nbsp;&nbsp; 22009508 |
| Hamilton Lane, Inc., Class A<sup>(c)</sup>  | 203697 | &nbsp;&nbsp; 31469150 |
|  |  | &nbsp;&nbsp; 157548504 |
| **Automotive Retail–1.62%** | **Automotive Retail–1.62%** | **Automotive Retail–1.62%** |
| AutoZone, Inc.<sup>(b)</sup>  | 24334 | &nbsp;&nbsp; 91559108 |
| **Biotechnology–2.73%** | **Biotechnology–2.73%** | **Biotechnology–2.73%** |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup>  | 235412 | &nbsp;&nbsp; 61969855 |
| Natera, Inc.<sup>(b)</sup>  | 614156 | &nbsp;&nbsp; 92694565 |
|  |  | &nbsp;&nbsp; 154664420 |
| **Broadline Retail–0.44%** | **Broadline Retail–0.44%** | **Broadline Retail–0.44%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup>  | 237407 | &nbsp;&nbsp; 25191257 |
| **Building Products–1.82%** | **Building Products–1.82%** | **Building Products–1.82%** |
| Builders FirstSource, Inc.<sup>(b)</sup>  | 314874 | &nbsp;&nbsp; 37668377 |
| Lennox International, Inc. | 119831 | &nbsp;&nbsp; 65517599 |
|  |  | &nbsp;&nbsp; 103185976 |
| **Cargo Ground Transportation–0.81%** | **Cargo Ground Transportation–0.81%** | **Cargo Ground Transportation–0.81%** |
| XPO, Inc.<sup>(b)(c)</sup>  | 431154 | &nbsp;&nbsp; 45754062 |
| **Communications Equipment–1.14%** | **Communications Equipment–1.14%** | **Communications Equipment–1.14%** |
| Motorola Solutions, Inc. | 146589 | &nbsp;&nbsp; 64556330 |
| **Construction & Engineering–3.25%** | **Construction & Engineering–3.25%** | **Construction & Engineering–3.25%** |
| Comfort Systems USA, Inc. | 105124 | &nbsp;&nbsp; 41792046 |
| EMCOR Group, Inc. | 111252 | &nbsp;&nbsp; 44578676 |
| Quanta Services, Inc. | 335056 | &nbsp;&nbsp; 98067541 |
|  |  | &nbsp;&nbsp; 184438263 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.73%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.73%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.73%** |
| Wabtec Corp. | 530837 | &nbsp;&nbsp; $98066827 |
| **Consumer Electronics–0.94%** | **Consumer Electronics–0.94%** | **Consumer Electronics–0.94%** |
| Garmin Ltd. | 284463 | &nbsp;&nbsp; 53157601 |
| **Consumer Staples Merchandise Retail–0.82%** | **Consumer Staples Merchandise Retail–0.82%** | **Consumer Staples Merchandise Retail–0.82%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup>  | 396356 | &nbsp;&nbsp; 46595611 |
| **Education Services–1.55%** | **Education Services–1.55%** | **Education Services–1.55%** |
| Duolingo, Inc.<sup>(b)</sup>  | 225752 | &nbsp;&nbsp; 87925889 |
| **Electrical Components & Equipment–0.77%** | **Electrical Components & Equipment–0.77%** | **Electrical Components & Equipment–0.77%** |
| Vertiv Holdings Co., Class A | 509653 | &nbsp;&nbsp; 43514173 |
| **Electronic Manufacturing Services–1.61%** | **Electronic Manufacturing Services–1.61%** | **Electronic Manufacturing Services–1.61%** |
| Flex Ltd.<sup>(b)</sup>  | 2663542 | &nbsp;&nbsp; 91466032 |
| **Environmental & Facilities Services–1.13%** | **Environmental & Facilities Services–1.13%** | **Environmental & Facilities Services–1.13%** |
| Republic Services, Inc. | 254850 | &nbsp;&nbsp; 63903638 |
| **Financial Exchanges & Data–3.30%** | **Financial Exchanges & Data–3.30%** | **Financial Exchanges & Data–3.30%** |
| Nasdaq, Inc. | 898617 | &nbsp;&nbsp; 68483602 |
| Tradeweb Markets, Inc., Class A | 857181 | &nbsp;&nbsp; 118548132 |
|  |  | &nbsp;&nbsp; 187031734 |
| **Food Retail–0.61%** | **Food Retail–0.61%** | **Food Retail–0.61%** |
| Casey's General Stores, Inc. | 74605 | &nbsp;&nbsp; 34511527 |
| **Health Care Distributors–2.77%** | **Health Care Distributors–2.77%** | **Health Care Distributors–2.77%** |
| Cencora, Inc. | 535884 | &nbsp;&nbsp; 156837170 |
| **Health Care Equipment–3.02%** | **Health Care Equipment–3.02%** | **Health Care Equipment–3.02%** |
| Globus Medical, Inc., Class A<sup>(b)(c)</sup>  | 734208 | &nbsp;&nbsp; 52694108 |
| Insulet Corp.<sup>(b)</sup>  | 300857 | &nbsp;&nbsp; 75903213 |
| Penumbra, Inc.<sup>(b)</sup>  | 146187 | &nbsp;&nbsp; 42809401 |
|  |  | &nbsp;&nbsp; 171406722 |
| **Health Care Facilities–3.84%** | **Health Care Facilities–3.84%** | **Health Care Facilities–3.84%** |
| Encompass Health Corp. | 1286090 | &nbsp;&nbsp; 150459669 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 468547 | &nbsp;&nbsp; 66978794 |
|  |  | &nbsp;&nbsp; 217438463 |
| **Health Care Services–1.01%** | **Health Care Services–1.01%** | **Health Care Services–1.01%** |
| Labcorp Holdings, Inc. | 237101 | &nbsp;&nbsp; 57143712 |
| **Hotels, Resorts & Cruise Lines–2.60%** | **Hotels, Resorts & Cruise Lines–2.60%** | **Hotels, Resorts & Cruise Lines–2.60%** |
| Hilton Worldwide Holdings, Inc. | 346170 | &nbsp;&nbsp; 78054412 |
| Viking Holdings Ltd.<sup>(b)(c)</sup>  | 1376810 | &nbsp;&nbsp; 56490514 |
| Wyndham Hotels & Resorts, Inc. | 151836 | &nbsp;&nbsp; 12951611 |
|  |  | &nbsp;&nbsp; 147496537 |
| **Independent Power Producers & Energy Traders–0.82%** | **Independent Power Producers & Energy Traders–0.82%** | **Independent Power Producers & Energy Traders–0.82%** |
| Vistra Corp. | 357444 | &nbsp;&nbsp; 46335466 |
| **Industrial Machinery & Supplies & Components–0.55%** | **Industrial Machinery & Supplies & Components–0.55%** | **Industrial Machinery & Supplies & Components–0.55%** |
| ITT, Inc. | 226932 | &nbsp;&nbsp; 31094224 |
| **Insurance Brokers–2.56%** | **Insurance Brokers–2.56%** | **Insurance Brokers–2.56%** |
| Brown & Brown, Inc. | 834986 | &nbsp;&nbsp; 92349451 |

---

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** |
| **Insurance Brokers–(continued)** | **Insurance Brokers–(continued)** | **Insurance Brokers–(continued)** |
| Ryan Specialty Holdings, Inc., Class A<sup>(c)</sup>  | 800737 | &nbsp;&nbsp; $52456281 |
|  |  | &nbsp;&nbsp; 144805732 |
| **Interactive Home Entertainment–0.55%** | **Interactive Home Entertainment–0.55%** | **Interactive Home Entertainment–0.55%** |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 133246 | &nbsp;&nbsp; 31088957 |
| **Interactive Media & Services–0.44%** | **Interactive Media & Services–0.44%** | **Interactive Media & Services–0.44%** |
| Reddit, Inc., Class A<sup>(b)(c)</sup>  | 213652 | &nbsp;&nbsp; 24905414 |
| **Internet Services & Infrastructure–4.00%** | **Internet Services & Infrastructure–4.00%** | **Internet Services & Infrastructure–4.00%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 655936 | &nbsp;&nbsp; 79223950 |
| GoDaddy, Inc., Class A<sup>(b)</sup>  | 782031 | &nbsp;&nbsp; 147279898 |
|  |  | &nbsp;&nbsp; 226503848 |
| **Investment Banking & Brokerage–2.72%** | **Investment Banking & Brokerage–2.72%** | **Investment Banking & Brokerage–2.72%** |
| Evercore, Inc., Class A | 148359 | &nbsp;&nbsp; 30456619 |
| LPL Financial Holdings, Inc. | 167649 | &nbsp;&nbsp; 53612474 |
| Raymond James Financial, Inc. | 199792 | &nbsp;&nbsp; 27379495 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup>  | 873589 | &nbsp;&nbsp; 42901956 |
|  |  | &nbsp;&nbsp; 154350544 |
| **Leisure Facilities–0.84%** | **Leisure Facilities–0.84%** | **Leisure Facilities–0.84%** |
| Planet Fitness, Inc., Class A<sup>(b)</sup>  | 501665 | &nbsp;&nbsp; 47452492 |
| **Life Sciences Tools & Services–0.46%** | **Life Sciences Tools & Services–0.46%** | **Life Sciences Tools & Services–0.46%** |
| Repligen Corp.<sup>(b)(c)</sup>  | 190001 | &nbsp;&nbsp; 26218238 |
| **Managed Health Care–0.45%** | **Managed Health Care–0.45%** | **Managed Health Care–0.45%** |
| HealthEquity, Inc.<sup>(b)</sup>  | 294725 | &nbsp;&nbsp; 25263827 |
| **Movies & Entertainment–1.90%** | **Movies & Entertainment–1.90%** | **Movies & Entertainment–1.90%** |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup>  | 117240 | &nbsp;&nbsp; 71983015 |
| TKO Group Holdings, Inc.<sup>(c)</sup>  | 218946 | &nbsp;&nbsp; 35668493 |
|  |  | &nbsp;&nbsp; 107651508 |
| **Oil & Gas Equipment & Services–0.77%** | **Oil & Gas Equipment & Services–0.77%** | **Oil & Gas Equipment & Services–0.77%** |
| TechnipFMC PLC (United Kingdom) | 1557894 | &nbsp;&nbsp; 43885874 |
| **Oil & Gas Exploration & Production–0.56%** | **Oil & Gas Exploration & Production–0.56%** | **Oil & Gas Exploration & Production–0.56%** |
| Coterra Energy, Inc.<sup>(c)</sup>  | 1282506 | &nbsp;&nbsp; 31498347 |
| **Oil & Gas Storage & Transportation–3.41%** | **Oil & Gas Storage & Transportation–3.41%** | **Oil & Gas Storage & Transportation–3.41%** |
| Cheniere Energy, Inc. | 353217 | &nbsp;&nbsp; 81631981 |
| Targa Resources Corp. | 653095 | &nbsp;&nbsp; 111613935 |
|  |  | &nbsp;&nbsp; 193245916 |
| **Other Specialty Retail–1.42%** | **Other Specialty Retail–1.42%** | **Other Specialty Retail–1.42%** |
| Chewy, Inc., Class A<sup>(b)</sup>  | 2140107 | &nbsp;&nbsp; 80254013 |
| **Paper & Plastic Packaging Products & Materials–0.44%** | **Paper & Plastic Packaging Products & Materials–0.44%** | **Paper & Plastic Packaging Products & Materials–0.44%** |
| Packaging Corp. of America | 133118 | &nbsp;&nbsp; 24708032 |
| **Real Estate Services–2.01%** | **Real Estate Services–2.01%** | **Real Estate Services–2.01%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 307486 | &nbsp;&nbsp; 37568640 |
| Jones Lang LaSalle, Inc.<sup>(b)</sup>  | 334596 | &nbsp;&nbsp; 76090476 |
|  |  | &nbsp;&nbsp; 113659116 |
| **Research & Consulting Services–1.49%** | **Research & Consulting Services–1.49%** | **Research & Consulting Services–1.49%** |
| Verisk Analytics, Inc. | 284128 | &nbsp;&nbsp; 84224063 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Restaurants–2.33%** | **Restaurants–2.33%** | **Restaurants–2.33%** | **Restaurants–2.33%** |
| Cava Group, Inc.<sup>(b)</sup>  | Cava Group, Inc.<sup>(b)</sup>  | 307301 | &nbsp;&nbsp; $28403832 |
| Dutch Bros, Inc., Class A<sup>(b)</sup>  | Dutch Bros, Inc., Class A<sup>(b)</sup>  | 568858 | &nbsp;&nbsp; 33983577 |
| Texas Roadhouse, Inc. | Texas Roadhouse, Inc. | 419345 | &nbsp;&nbsp; 69594496 |
|  |  |  | &nbsp;&nbsp; 131981905 |
| **Semiconductors–2.54%** | **Semiconductors–2.54%** | **Semiconductors–2.54%** | **Semiconductors–2.54%** |
| Astera Labs, Inc.<sup>(b)(c)</sup>  | Astera Labs, Inc.<sup>(b)(c)</sup>  | 456652 | &nbsp;&nbsp; 29823942 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 648087 | &nbsp;&nbsp; 67239026 |
| Monolithic Power Systems, Inc. | Monolithic Power Systems, Inc. | 78951 | &nbsp;&nbsp; 46825838 |
|  |  |  | &nbsp;&nbsp; 143888806 |
| **Steel–1.06%** | **Steel–1.06%** | **Steel–1.06%** | **Steel–1.06%** |
| Carpenter Technology Corp.<sup>(c)</sup>  | Carpenter Technology Corp.<sup>(c)</sup>  | 306196 | &nbsp;&nbsp; 59895000 |
| **Systems Software–3.32%** | **Systems Software–3.32%** | **Systems Software–3.32%** | **Systems Software–3.32%** |
| Check Point Software Technologies Ltd. <br> (Israel)<sup>(b)</sup>  | Check Point Software Technologies Ltd. <br> (Israel)<sup>(b)</sup>  | 303747 | &nbsp;&nbsp; 66690691 |
| CyberArk Software Ltd.<sup>(b)</sup>  | CyberArk Software Ltd.<sup>(b)</sup>  | 345379 | &nbsp;&nbsp; 121628669 |
|  |  |  | &nbsp;&nbsp; 188319360 |
| **Trading Companies & Distributors–0.73%** | **Trading Companies & Distributors–0.73%** | **Trading Companies & Distributors–0.73%** | **Trading Companies & Distributors–0.73%** |
| Fastenal Co. | Fastenal Co. | 508202 | &nbsp;&nbsp; 41149116 |
| **Transaction & Payment Processing Services–0.65%** | **Transaction & Payment Processing Services–0.65%** | **Transaction & Payment Processing Services–0.65%** | **Transaction & Payment Processing Services–0.65%** |
| Toast, Inc., Class A<sup>(b)(c)</sup>  | Toast, Inc., Class A<sup>(b)(c)</sup>  | 1036354 | &nbsp;&nbsp; 36873475 |
| Total Common Stocks & Other Equity Interests <br> (Cost $4,417,309,065) | Total Common Stocks & Other Equity Interests <br> (Cost $4,417,309,065) | Total Common Stocks & Other Equity Interests <br> (Cost $4,417,309,065) | &nbsp;&nbsp; 5437589542 |
| **Money Market Funds–3.99%** | **Money Market Funds–3.99%** | **Money Market Funds–3.99%** | **Money Market Funds–3.99%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 79013810 | &nbsp;&nbsp; 79013810 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 146740428 | &nbsp;&nbsp; 146740428 |
| Total Money Market Funds (Cost $225,754,238) | Total Money Market Funds (Cost $225,754,238) | Total Money Market Funds (Cost $225,754,238) | &nbsp;&nbsp; 225754238 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.97% <br> (Cost $4,643,063,303)<br>|  |  | &nbsp;&nbsp; 5663343780 |
| **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–4.65%** | **Money Market Funds–4.65%** | **Money Market Funds–4.65%** | **Money Market Funds–4.65%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | 73211065 | &nbsp;&nbsp; 73211065 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | 190285790 | &nbsp;&nbsp; 190323847 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $263,535,380) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $263,535,380) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $263,535,380) | &nbsp;&nbsp; 263534912 |
| TOTAL INVESTMENTS IN SECURITIES–104.62% <br> (Cost $4,906,598,683) | TOTAL INVESTMENTS IN SECURITIES–104.62% <br> (Cost $4,906,598,683) | TOTAL INVESTMENTS IN SECURITIES–104.62% <br> (Cost $4,906,598,683) | &nbsp;&nbsp; 5926878692 |
| OTHER ASSETS LESS LIABILITIES—(4.62)% | OTHER ASSETS LESS LIABILITIES—(4.62)% | OTHER ASSETS LESS LIABILITIES—(4.62)% | &nbsp;&nbsp; (261680880)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $5665197812 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

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 April 30, 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 six months ended April 30, 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>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $66573046 | &nbsp;&nbsp; $466645278 | &nbsp;&nbsp; $(454204514) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $79013810 | &nbsp;&nbsp; $1444457 |
| Invesco Liquid Assets Portfolio, Institutional <br> Class<br>| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5655 |
| Invesco Treasury Portfolio, Institutional Class | 123636150 | &nbsp;&nbsp; 866626945 | &nbsp;&nbsp; (843522667) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 146740428 | &nbsp;&nbsp; 2653634 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 61523131 | &nbsp;&nbsp; 559630039 | &nbsp;&nbsp; (547942105) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 73211065 | &nbsp;&nbsp; 1,250,770\* |
| Invesco Private Prime Fund | 194247109 | &nbsp;&nbsp; 1149971917 | &nbsp;&nbsp; (1153890135) | (468) | &nbsp;&nbsp; (4576) | &nbsp;&nbsp; 190323847 | &nbsp;&nbsp; 3,357,869\* |
| Total | $445979436 | &nbsp;&nbsp; $3042874179 | &nbsp;&nbsp; $(2999559421) | &nbsp;&nbsp; $(468) | &nbsp;&nbsp; $(4576) | &nbsp;&nbsp; $489289150 | &nbsp;&nbsp; $8712385 |

---

\* 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 April 30, 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**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $4,417,309,065)\*<br>| &nbsp;&nbsp; $5437589542 |
| Investments in affiliated money market funds, at value <br> (Cost $489,289,618)<br>| &nbsp;&nbsp; 489289150 |
| Cash | &nbsp;&nbsp; 200000 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 4787021 |
| Dividends | &nbsp;&nbsp; 2081566 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 507953 |
| Other assets | &nbsp;&nbsp; 85974 |
| Total assets | &nbsp;&nbsp; 5934541206 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 3041370 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 263535380 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1995258 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 3398 |
| Accrued other operating expenses | &nbsp;&nbsp; 228202 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 539786 |
| Total liabilities | &nbsp;&nbsp; 269343394 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $5665197812 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $4568979689 |
| Distributable earnings | &nbsp;&nbsp; 1096218123 |
|  | &nbsp;&nbsp; $5665197812 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $3356077286 |
| Class C | &nbsp;&nbsp; $76484397 |
| Class R | &nbsp;&nbsp; $133175225 |
| Class Y | &nbsp;&nbsp; $603755168 |
| Class R5 | &nbsp;&nbsp; $94932690 |
| Class R6 | &nbsp;&nbsp; $1400773046 |
| **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; 134586681 |
| Class C | &nbsp;&nbsp; 4443698 |
| Class R | &nbsp;&nbsp; 6036489 |
| Class Y | &nbsp;&nbsp; 20158951 |
| Class R5 | &nbsp;&nbsp; 3723281 |
| Class R6 | &nbsp;&nbsp; 45447657 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $24.94 |
| Maximum offering price per share <br>(Net asset value of $24.94 ÷ 94.50%)<br>| &nbsp;&nbsp; $26.39 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.21 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $22.06 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $29.95 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.50 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $30.82 |

---

\* At April 30, 2025, securities with an aggregate value of $259,557,266 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 six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends | &nbsp;&nbsp; $16193423 |
| Dividends from affiliated money market funds (includes net securities lending income of $127,969) | &nbsp;&nbsp; 4231715 |
| Total investment income | &nbsp;&nbsp; 20425138 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 18831859 |
| Administrative services fees | &nbsp;&nbsp; 443075 |
| Custodian fees | &nbsp;&nbsp; 16402 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 4623388 |
| Class C | &nbsp;&nbsp; 440966 |
| Class R | &nbsp;&nbsp; 362686 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 3600191 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 59509 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 209783 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 31268 |
| Registration and filing fees | &nbsp;&nbsp; 73628 |
| Reports to shareholders | &nbsp;&nbsp; 166695 |
| Professional services fees | &nbsp;&nbsp; 45685 |
| Other | &nbsp;&nbsp; 43787 |
| Total expenses | &nbsp;&nbsp; 28948922 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (190033)<br>|
| Net expenses | &nbsp;&nbsp; 28758889 |
| Net investment income (loss) | &nbsp;&nbsp; (8333751)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 115349179 |
| Affiliated investment securities | &nbsp;&nbsp; (4576)<br>|
|  | &nbsp;&nbsp; 115344603 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (558965773)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (468)<br>|
|  | &nbsp;&nbsp; (558966241)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (443621638)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(451955389)<br>|

---

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 six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(8333751)<br>| &nbsp;&nbsp; $(13748078)<br>|
| Net realized gain | &nbsp;&nbsp; 115344603 | &nbsp;&nbsp; 701602894 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (558966241)<br>| &nbsp;&nbsp; 1198143003 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (451955389)<br>| &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; 48572890 | &nbsp;&nbsp; (307475727)<br>|
| Class C | &nbsp;&nbsp; (3813586)<br>| &nbsp;&nbsp; (22138664)<br>|
| Class R | &nbsp;&nbsp; 6648182 | &nbsp;&nbsp; (11129996)<br>|
| Class Y | &nbsp;&nbsp; 30935739 | &nbsp;&nbsp; (70773996)<br>|
| Class R5 | &nbsp;&nbsp; (12866608)<br>| &nbsp;&nbsp; (11506134)<br>|
| Class R6 | &nbsp;&nbsp; 160230901 | &nbsp;&nbsp; (66118304)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 229707518 | &nbsp;&nbsp; (489142821)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (508561394)<br>| &nbsp;&nbsp; 1396854998 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 6173759206 | &nbsp;&nbsp; 4776904208 |
| End of period | &nbsp;&nbsp; $5665197812 | &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**

*(Unaudited)*

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

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
| Six months ended 04/30/25 | $28.21 | $(0.05)<br>| $(1.84)<br>| $(1.89)<br>| $(1.38)<br>| $24.94 | (7.46)%<br>| $3356077 | 1.05 %<sup>(d)</sup><br>| 1.05 %<sup>(d)</sup><br>| (0.39 )%<sup>(d)</sup><br>| 53<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 |
| Year ended 10/31/20 | 22.17 | (0.13)<br>| 5.60 | 5.47 | (0.99)<br>| 26.65 | 25.60 <br><sup>(e)</sup><br>| 3787636 | 1.05 <br><sup>(e)</sup><br>| 1.05 <br><sup>(e)</sup><br>| (0.54 )<sup>(e)</sup><br>| 131 |
| **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** |
| Six months ended 04/30/25 | 19.93 | (0.11)<br>| (1.23)<br>| (1.34)<br>| (1.38)<br>| 17.21 | (7.81 )<sup>(f)</sup><br>| 76484 | 1.78 <br><sup>(d)(f)</sup><br>| 1.78 <br><sup>(d)(f)</sup><br>| (1.12 )<sup>(d)(f)</sup><br>| 53 |
| Year ended 10/31/24 | 14.27 | (0.19)<br>| 5.85 | 5.66 |  | 19.93 | 39.66 <br><sup>(f)</sup><br>| 93255 | 1.78 <br><sup>(f)</sup><br>| 1.78 <br><sup>(f)</sup><br>| (1.07 )<sup>(f)</sup><br>| 102 |
| Year ended 10/31/23 | 15.41 | (0.17)<br>| (0.97)<br>| (1.14)<br>|  | 14.27 | (7.40 )<sup>(f)</sup><br>| 84404 | 1.77 <br><sup>(f)</sup><br>| 1.77 <br><sup>(f)</sup><br>| (1.10 )<sup>(f)</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>(f)</sup><br>| 115662 | 1.78 <br><sup>(f)</sup><br>| 1.78 <br><sup>(f)</sup><br>| (1.18 )<sup>(f)</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>(f)</sup><br>| 206799 | 1.73 <br><sup>(f)</sup><br>| 1.73 <br><sup>(f)</sup><br>| (1.46 )<sup>(f)</sup><br>| 92 |
| Year ended 10/31/20 | 17.65 | (0.24)<br>| 4.41 | 4.17 | (0.99)<br>| 20.83 | 24.74 | 190420 | 1.82 | 1.82 | (1.31)<br>| 131 |
| **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** |
| Six months ended 04/30/25 | 25.13 | (0.08)<br>| (1.61)<br>| (1.69)<br>| (1.38)<br>| 22.06 | (7.58)<br>| 133175 | 1.30 <br><sup>(d)</sup><br>| 1.30 <br><sup>(d)</sup><br>| (0.64 )<sup>(d)</sup><br>| 53 |
| 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 |
| Year ended 10/31/20 | 20.51 | (0.18)<br>| 5.17 | 4.99 | (0.99)<br>| 24.51 | 25.31 | 121009 | 1.32 | 1.32 | (0.81)<br>| 131 |
| **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** |
| Six months ended 04/30/25 | 33.59 | (0.02)<br>| (2.24)<br>| (2.26)<br>| (1.38)<br>| 29.95 | (7.36)<br>| 603755 | 0.80 <br><sup>(d)</sup><br>| 0.80 <br><sup>(d)</sup><br>| (0.14 )<sup>(d)</sup><br>| 53 |
| 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 |
| Year ended 10/31/20 | 25.15 | (0.08)<br>| 6.40 | 6.32 | (0.99)<br>| 30.48 | 25.95 | 538205 | 0.82 | 0.82 | (0.31)<br>| 131 |
| **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** |
| Six months ended 04/30/25 | 28.77 | (0.01)<br>| (1.88)<br>| (1.89)<br>| (1.38)<br>| 25.50 | (7.30)<br>| 94933 | 0.74 <br><sup>(d)</sup><br>| 0.74 <br><sup>(d)</sup><br>| (0.08 )<sup>(d)</sup><br>| 53 |
| 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 |
| Year ended 10/31/20 | 22.20 | (0.05)<br>| 5.64 | 5.59 | (0.99)<br>| 26.80 | 26.12 | 110206 | 0.71 | 0.71 | (0.20)<br>| 131 |
| **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** |
| Six months ended 04/30/25 | 34.51 | (0.00)<br>| (2.31)<br>| (2.31)<br>| (1.38)<br>| 30.82 | (7.31)<br>| 1400773 | 0.67 <br><sup>(d)</sup><br>| 0.67 <br><sup>(d)</sup><br>| (0.01 )<sup>(d)</sup><br>| 53 |
| 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 |
| Year ended 10/31/20 | 25.55 | (0.04)<br>| 6.51 | 6.47 | (0.99)<br>| 31.03 | 26.14 | 904245 | 0.65 | 0.65 | (0.14)<br>| 131 |

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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, 2020, the portfolio turnover calculation excludes the value of securities purchased of $2,263,197,717 in connection with the acquisition of Invesco Mid Cap Growth Fund into the Fund. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.23% for the year ended October 31, 2020. 

<sup>(f)</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 six months ended April 30, 2025 and the years ended October 31, 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**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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 note 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 six months ended April 30, 2025, the Fund paid the Adviser $6,502 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 six months ended April 30, 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 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 agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to

**11**

**Invesco Discovery Mid Cap Growth Fund**

------

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, 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned 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 six months ended April 30, 2025, the Adviser waived advisory fees of $104,882.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 2025, IDI advised the Fund that IDI retained $250,480 in front-end sales commissions from the sale of Class A shares and $2,010 and $3,519 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2025, the Fund incurred $40,708 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 April 30, 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; $5437589542 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5437589542 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 225754238 | &nbsp;&nbsp;&nbsp;&nbsp; 263534912 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 489289150 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $5663343780 | &nbsp;&nbsp;&nbsp;&nbsp; $263534912 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5926878692 |

---

**12**

**Invesco Discovery Mid Cap Growth Fund**

------

**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 six months ended April 30, 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 six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $85,151.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of October 31, 2024.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $3,158,978,827 and $3,235,864,112, respectively. As of April 30, 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; $1151779475 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (144701927)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1007077548 |

---

Cost of investments for tax purposes is $4,919,801,144.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 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; 4807384 | &nbsp;&nbsp;&nbsp; $132324190 | &nbsp;&nbsp;&nbsp; 7757806 | &nbsp;&nbsp;&nbsp; $199195683 |
| Class C | &nbsp;&nbsp;&nbsp; 403407 | &nbsp;&nbsp;&nbsp; 7682756 | &nbsp;&nbsp;&nbsp; 686124 | &nbsp;&nbsp;&nbsp; 12482409 |
| Class R | &nbsp;&nbsp;&nbsp; 621968 | &nbsp;&nbsp;&nbsp; 14912506 | &nbsp;&nbsp;&nbsp; 1014616 | &nbsp;&nbsp;&nbsp; 23273300 |
| Class Y | &nbsp;&nbsp;&nbsp; 4611654 | &nbsp;&nbsp;&nbsp; 151550383 | &nbsp;&nbsp;&nbsp; 6538983 | &nbsp;&nbsp;&nbsp; 200346452 |
| Class R5 | &nbsp;&nbsp;&nbsp; 239603 | &nbsp;&nbsp;&nbsp; 6859690 | &nbsp;&nbsp;&nbsp; 542041 | &nbsp;&nbsp;&nbsp; 13901440 |
| Class R6 | &nbsp;&nbsp;&nbsp; 8717184 | &nbsp;&nbsp;&nbsp; 290938186 | &nbsp;&nbsp;&nbsp; 9586924 | &nbsp;&nbsp;&nbsp; 305426038 |

---

**13**

**Invesco Discovery Mid Cap Growth Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 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; 5883606 | &nbsp;&nbsp;&nbsp; $173742874 | &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; 303707 | &nbsp;&nbsp;&nbsp; 7941944 | &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; 269443 | &nbsp;&nbsp;&nbsp; 7366900 | &nbsp;&nbsp;&nbsp; 579842 | &nbsp;&nbsp;&nbsp; 14798430 |
| Class C | &nbsp;&nbsp;&nbsp; (388825)<br>| &nbsp;&nbsp;&nbsp; (7366900)<br>| &nbsp;&nbsp;&nbsp; (817385)<br>| &nbsp;&nbsp;&nbsp; (14798430)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (9728193)<br>| &nbsp;&nbsp;&nbsp; (264861074)<br>| &nbsp;&nbsp;&nbsp; (20500462)<br>| &nbsp;&nbsp;&nbsp; (521469840)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (553438)<br>| &nbsp;&nbsp;&nbsp; (10331634)<br>| &nbsp;&nbsp;&nbsp; (1104157)<br>| &nbsp;&nbsp;&nbsp; (19822643)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (665930)<br>| &nbsp;&nbsp;&nbsp; (16206268)<br>| &nbsp;&nbsp;&nbsp; (1510514)<br>| &nbsp;&nbsp;&nbsp; (34403296)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (4374314)<br>| &nbsp;&nbsp;&nbsp; (142203177)<br>| &nbsp;&nbsp;&nbsp; (9017849)<br>| &nbsp;&nbsp;&nbsp; (271120448)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (968639)<br>| &nbsp;&nbsp;&nbsp; (25610192)<br>| &nbsp;&nbsp;&nbsp; (976551)<br>| &nbsp;&nbsp;&nbsp; (25407574)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (5375227)<br>| &nbsp;&nbsp;&nbsp; (184017187)<br>| &nbsp;&nbsp;&nbsp; (11802021)<br>| &nbsp;&nbsp;&nbsp; (371544342)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 6374192 | &nbsp;&nbsp;&nbsp; $229707518 | &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 24% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**14**

**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>**

Not applicable.

**15**

**Invesco Discovery Mid Cap Growth Fund**

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![](imgcb2594931.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-DMCG-NCSRS

------

![](imgf42484491.jpg)

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**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Emerging Markets Local Debt Fund**

Nasdaq:

A: OEMAX ■ C: OEMCX ■ R: OEMNX ■ Y: OEMYX ■ R5: EMLDX ■ R6: OEMIX

------

---

| | |
|:---|:---|
| [2](#xx_ba8ad93c-a294-4360-bbd9-54d3d7797200_SOI-Continued-763_1) | Schedule of Investments |
| [11](#xx_ba8ad93c-a294-4360-bbd9-54d3d7797200_FS-Continued-763_1) | Financial Statements |
| [14](#xx_ba8ad93c-a294-4360-bbd9-54d3d7797200_FS-Continued-763_4) | Financial Highlights |
| [15](#xx_ba8ad93c-a294-4360-bbd9-54d3d7797200_NTF-Continued-763_1) | Notes to Financial Statements |
| [25](#xx_ba8ad93c-a294-4360-bbd9-54d3d7797200_OIRSR-Continued-763_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*April 30, 2025*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Non-U.S. Dollar Denominated Bonds & Notes–74.88%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–74.88%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–74.88%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–74.88%**<sup>(a)</sup>  |
| **Brazil–2.38%** | **Brazil–2.38%** | **Brazil–2.38%** | **Brazil–2.38%** |
| Brazil Notas do Tesouro Nacional, | Brazil Notas do Tesouro Nacional, |  |  |
| Series B, 6.00%, <br> 05/15/2035<br>| BRL | 1600000 | &nbsp;&nbsp; $1180092 |
| Series B, 6.00%, <br> 08/15/2050<br>| BRL | 1100000 | &nbsp;&nbsp; 756587 |
|  |  |  | &nbsp;&nbsp; 1936679 |
| **Chile–2.61%** | **Chile–2.61%** | **Chile–2.61%** | **Chile–2.61%** |
| 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>(b)</sup> <br>| CLP | 1500000000 | &nbsp;&nbsp; 1442967 |
| 5.00%, 10/01/2028<sup>(b)</sup> <br>| CLP | 650000000 | &nbsp;&nbsp; 681241 |
|  |  |  | &nbsp;&nbsp; 2124208 |
| **China–1.81%** | **China–1.81%** | **China–1.81%** | **China–1.81%** |
| China Development Bank, <br> Series 2315, 2.69%, <br> 09/11/2033<br>| CNY | 10000000 | &nbsp;&nbsp; 1472101 |
| **Colombia–6.20%** | **Colombia–6.20%** | **Colombia–6.20%** | **Colombia–6.20%** |
| Colombian TES, | Colombian TES, |  |  |
| Series B, 7.00%, <br> 03/26/2031<br>| COP | 7000000000 | &nbsp;&nbsp; 1351989 |
| Series B, 11.50%, <br> 07/25/2046<br>| COP | 7500000000 | &nbsp;&nbsp; 1600295 |
| Series B, 7.25%, <br> 10/26/2050<br>| COP | 5800000000 | &nbsp;&nbsp; 808547 |
| PA Autopista Rio Magdalena, <br> 6.05%, 06/15/2036<sup>(b)</sup> <br>| COP | 6500000000 | &nbsp;&nbsp; 1295979 |
|  |  |  | &nbsp;&nbsp; 5056810 |
| **Czech Republic–1.03%** | **Czech Republic–1.03%** | **Czech Republic–1.03%** | **Czech Republic–1.03%** |
| Czech Republic Government <br> Bond, Series 125, 1.50%, <br> 04/24/2040<br>| CZK | 27000000 | &nbsp;&nbsp; 844025 |
| **Egypt–2.07%** | **Egypt–2.07%** | **Egypt–2.07%** | **Egypt–2.07%** |
| Egypt Government Bond, | Egypt Government Bond, |  |  |
| 0.00%, 09/30/2025<sup>(c)</sup> <br>| EGP | 55000000 | &nbsp;&nbsp; 975699 |
| 25.32%, 08/13/2027 | EGP | 28400000 | &nbsp;&nbsp; 579135 |
| 24.46%, 10/01/2027 | EGP | 6600000 | &nbsp;&nbsp; 132858 |
|  |  |  | &nbsp;&nbsp; 1687692 |
| **India–3.11%** | **India–3.11%** | **India–3.11%** | **India–3.11%** |
| India Government Bond, <br> 7.30%, 06/19/2053<br>| INR | 200000000 | &nbsp;&nbsp; 2531798 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Indonesia–10.80%** | **Indonesia–10.80%** | **Indonesia–10.80%** | **Indonesia–10.80%** |
| Indonesia Treasury Bond, | Indonesia Treasury Bond, |  |  |
| Series 103, 6.75%, <br> 07/15/2035<br>| IDR | 4000000000 | &nbsp;&nbsp; $239193 |
| Series 104, 6.50%, <br> 07/15/2030<br>| IDR | 21000000000 | &nbsp;&nbsp; 1261031 |
| Series FR82, 7.00%, <br> 09/15/2030<br>| IDR | 15000000000 | &nbsp;&nbsp; 917521 |
| Series FR91, 6.38%, <br> 04/15/2032<br>| IDR | 23000000000 | &nbsp;&nbsp; 1359314 |
| Series FR92, 7.13%, <br> 06/15/2042<br>| IDR | 13000000000 | &nbsp;&nbsp; 786891 |
| Series FR95, 6.38%, <br> 08/15/2028<br>| IDR | 30000000000 | &nbsp;&nbsp; 1801988 |
| Series FR96, 7.00%, <br> 02/15/2033<br>| IDR | 40000000000 | &nbsp;&nbsp; 2433928 |
|  |  |  | &nbsp;&nbsp; 8799866 |
| **Malaysia–9.60%** | **Malaysia–9.60%** | **Malaysia–9.60%** | **Malaysia–9.60%** |
| Malaysia Government Bond, | Malaysia Government Bond, |  |  |
| Series 122, 3.58%, <br> 07/15/2032<br>| MYR | 5000000 | &nbsp;&nbsp; 1161960 |
| Series 123, 4.46%, <br> 03/31/2053<br>| MYR | 3500000 | &nbsp;&nbsp; 865638 |
| Series 219, 3.89%, <br> 08/15/2029<br>| MYR | 12000000 | &nbsp;&nbsp; 2840991 |
| Series 310, 4.50%, <br> 04/15/2030<br>| MYR | 4000000 | &nbsp;&nbsp; 972778 |
| Series 513, 3.73%, <br> 06/15/2028<br>| MYR | 6000000 | &nbsp;&nbsp; 1409651 |
| Series 519, 3.76%, <br> 05/22/2040<br>| MYR | 2500000 | &nbsp;&nbsp; 576299 |
|  |  |  | &nbsp;&nbsp; 7827317 |
| **Mexico–3.06%** | **Mexico–3.06%** | **Mexico–3.06%** | **Mexico–3.06%** |
| Mexican Bonos, | Mexican Bonos, |  |  |
| Series M, 8.50%, <br> 03/01/2029<br>| MXN | 30000000 | &nbsp;&nbsp; 1520492 |
| Series M, 7.75%, <br> 05/29/2031<br>| MXN | 19000000 | &nbsp;&nbsp; 916878 |
| Red de Carreteras de Occidente <br> S.A.B. de C.V., 9.00%, <br> 06/10/2028<sup>(b)</sup> <br>| MXN | 1081000 | &nbsp;&nbsp; 54624 |
|  |  |  | &nbsp;&nbsp; 2491994 |
| **Peru–1.71%** | **Peru–1.71%** | **Peru–1.71%** | **Peru–1.71%** |
| Peru Government Bond, <br> 7.60%, 08/12/2039<sup>(b)</sup> <br>| PEN | 3000000 | &nbsp;&nbsp; 852393 |
| Peruvian Government <br> International Bond, 6.90%, <br> 08/12/2037<sup>(b)</sup> <br>| PEN | 2000000 | &nbsp;&nbsp; 539985 |
|  |  |  | &nbsp;&nbsp; 1392378 |
| **Philippines–1.34%** | **Philippines–1.34%** | **Philippines–1.34%** | **Philippines–1.34%** |
| Philippine Government Bond, <br> Series R518, 6.25%, <br> 02/28/2029<br>| PHP | 60000000 | &nbsp;&nbsp; 1091215 |

---

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** |
| **Poland–4.24%** | **Poland–4.24%** | **Poland–4.24%** | **Poland–4.24%** |
| Republic of Poland Government <br> Bond, Series 432, 1.75%, <br> 04/25/2032<br>| PLN | 16000000 | &nbsp;&nbsp; $3455552 |
| **Romania–5.67%** | **Romania–5.67%** | **Romania–5.67%** | **Romania–5.67%** |
| Romania Government Bond, | Romania Government Bond, |  |  |
| 5.00%, 02/12/2029 | RON | 2600000 | &nbsp;&nbsp; 549312 |
| 6.30%, 04/25/2029 | RON | 6200000 | &nbsp;&nbsp; 1361075 |
| 4.85%, 07/25/2029 | RON | 6000000 | &nbsp;&nbsp; 1243297 |
| 8.00%, 04/29/2030 | RON | 6300000 | &nbsp;&nbsp; 1467220 |
|  |  |  | &nbsp;&nbsp; 4620904 |
| **South Africa–10.35%** | **South Africa–10.35%** | **South Africa–10.35%** | **South Africa–10.35%** |
| Republic of South Africa Government <br> Bond, | Republic of South Africa Government <br> Bond, |  |  |
| Series 2040, 9.00%, <br> 01/31/2040<br>| ZAR | 55000000 | &nbsp;&nbsp; 2422687 |
| Series 2044, 8.75%, <br> 01/31/2044<br>| ZAR | 79000000 | &nbsp;&nbsp; 3296291 |
| Series 2048, 8.75%, <br> 02/28/2048<br>| ZAR | 12000000 | &nbsp;&nbsp; 492209 |
| Series 2053, 11.63%, <br> 03/31/2053<br>| ZAR | 10000000 | &nbsp;&nbsp; 536349 |
| Series R209, 6.25%, <br> 03/31/2036<br>| ZAR | 10000000 | &nbsp;&nbsp; 380827 |
| Series R-213, 7.00%, <br> 02/28/2031<br>| ZAR | 27000000 | &nbsp;&nbsp; 1304710 |
|  |  |  | &nbsp;&nbsp; 8433073 |
| **Supranational–2.60%** | **Supranational–2.60%** | **Supranational–2.60%** | **Supranational–2.60%** |
| Corporacion Andina de <br> Fomento, 37.00%, <br> 10/21/2027<sup>(b)</sup> <br>| TRY | 7000000 | &nbsp;&nbsp; 162102 |
| European Bank for Reconstruction & <br> Development, | European Bank for Reconstruction & <br> Development, |  |  |
| 0.00%, 04/12/2027<sup>(c)</sup> <br>| TRY | 50000000 | &nbsp;&nbsp; 647374 |
| 0.00%, 05/17/2034<sup>(c)</sup> <br>| TRY | 47000000 | &nbsp;&nbsp; 125330 |
| International Bank for Reconstruction & <br> Development, | International Bank for Reconstruction & <br> Development, |  |  |
| 6.85%, 04/24/2028 | INR | 45000000 | &nbsp;&nbsp; 538240 |
| 6.50%, 04/17/2030 | INR | 50000000 | &nbsp;&nbsp; 588498 |
| International Finance Corp., <br> 0.00%, 02/15/2029<sup>(b)(c)</sup> <br>| TRY | 7300000 | &nbsp;&nbsp; 62521 |
|  |  |  | &nbsp;&nbsp; 2124065 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Thailand–1.68%** | **Thailand–1.68%** | **Thailand–1.68%** | **Thailand–1.68%** |
| Thailand Government Bond, <br> 3.45%, 06/17/2043<br>| THB | 40000000 | &nbsp;&nbsp; $1373140 |
| **Turkey–4.62%** | **Turkey–4.62%** | **Turkey–4.62%** | **Turkey–4.62%** |
| Turkiye Government Bond, | Turkiye Government Bond, |  |  |
| 37.00%, 02/18/2026 | TRY | 18000000 | &nbsp;&nbsp; 442630 |
| 36.00%, 08/12/2026 | TRY | 105800000 | &nbsp;&nbsp; 2517236 |
| 32.60%, 02/10/2027 | TRY | 35000000 | &nbsp;&nbsp; 805465 |
|  |  |  | &nbsp;&nbsp; 3765331 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $62,868,302) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $62,868,302) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $62,868,302) | &nbsp;&nbsp; 61028148 |
| **U.S. Treasury Securities–4.90%** | **U.S. Treasury Securities–4.90%** | **U.S. Treasury Securities–4.90%** | **U.S. Treasury Securities–4.90%** |
| **U.S. Treasury Bills–4.90%** | **U.S. Treasury Bills–4.90%** | **U.S. Treasury Bills–4.90%** | **U.S. Treasury Bills–4.90%** |
| 4.22%, 05/15/2025 <br> (Cost $3,993,444)<sup>(d)</sup> <br>|  | $3993444 | &nbsp;&nbsp; 3993451 |
| **U.S. Dollar Denominated Bonds & Notes–0.14%** | **U.S. Dollar Denominated Bonds & Notes–0.14%** | **U.S. Dollar Denominated Bonds & Notes–0.14%** | **U.S. Dollar Denominated Bonds & Notes–0.14%** |
| **United States–0.14%** | **United States–0.14%** | **United States–0.14%** | **United States–0.14%** |
| U.S. International Development <br> Finance Corp., Series 4, <br> 3.13%, 04/15/2028 <br> (Cost $120,000)<br>|  | 120000 | &nbsp;&nbsp; 117562 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–10.25%** | **Money Market Funds–10.25%** | **Money Market Funds–10.25%** | **Money Market Funds–10.25%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup>  | 2925146 | &nbsp;&nbsp; 2925146 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(e)(f)</sup>  | 5432353 | &nbsp;&nbsp; 5432353 |
| Total Money Market Funds (Cost $8,357,499) | Total Money Market Funds (Cost $8,357,499) | Total Money Market Funds (Cost $8,357,499) | &nbsp;&nbsp; 8357499 |
| **Options Purchased–0.68%** | **Options Purchased–0.68%** | **Options Purchased–0.68%** | **Options Purchased–0.68%** |
| (Cost $680,901)<sup>(g)</sup>  | (Cost $680,901)<sup>(g)</sup>  | (Cost $680,901)<sup>(g)</sup>  | &nbsp;&nbsp; 550537 |
| TOTAL INVESTMENTS IN SECURITIES—90.85% <br> (Cost $76,020,146) | TOTAL INVESTMENTS IN SECURITIES—90.85% <br> (Cost $76,020,146) | TOTAL INVESTMENTS IN SECURITIES—90.85% <br> (Cost $76,020,146) | &nbsp;&nbsp; 74047197 |
| OTHER ASSETS LESS LIABILITIES–9.15% | OTHER ASSETS LESS LIABILITIES–9.15% | OTHER ASSETS LESS LIABILITIES–9.15% | &nbsp;&nbsp; 7455205 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $81502402 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| BRL | – Brazilian Real |
| CLP | – Chile Peso |
| CNY | – Chinese Yuan Renminbi |
| COP | – Colombia Peso |
| CZK | – Czech Koruna |
| EGP | – Egypt Pound |
| IDR | – Indonesian Rupiah |
| INR | – Indian Rupee |
| MXN | – Mexican Peso |
| MYR | – Malaysian Ringgit |
| PEN | – Peruvian Sol |
| PHP | – Philippines Peso |
| PLN | – Polish Zloty |
| RON | – Romania New Leu |
| THB | – Thai Baht |
| TRY | – Turkish Lira |
| ZAR | – South African Rand |

---

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

**3**

**Invesco Emerging Markets Local Debt Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

<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 April 30, 2025 was $5,091,812, which represented 6.25% of the Fund's Net Assets. 

<sup>(c)</sup> Zero coupon bond issued at a discount.

<sup>(d)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<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 six months ended April 30, 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>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $3242562 | &nbsp;&nbsp; $11033276 | &nbsp;&nbsp; $(11350692) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2925146 | &nbsp;&nbsp; $35694 |
| Invesco Treasury Portfolio, Institutional Class | 6021841 | &nbsp;&nbsp; 20490370 | &nbsp;&nbsp; (21079858) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5432353 | &nbsp;&nbsp; 65727 |
| Total | $9264403 | &nbsp;&nbsp; $31523646 | &nbsp;&nbsp; $(32430550) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8357499 | &nbsp;&nbsp; $101421 |

---

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025. <br> <sup>(g)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** |
| **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** |
| USD versus INR | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/19/2025 | INR | 90.00 | USD | 190000 | &nbsp;&nbsp;&nbsp; $507 |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| EUR versus MXN | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 06/04/2025 | MXN | 21.50 | EUR | 1900000 | &nbsp;&nbsp;&nbsp; 4128 |
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 07/01/2025 | BRL | 5.63 | USD | 3750000 | &nbsp;&nbsp;&nbsp; 47940 |
| USD versus CLP | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 07/14/2025 | CLP | 945.00 | USD | 3700000 | &nbsp;&nbsp;&nbsp; 89126 |
| USD versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 06/05/2025 | HUF | 350.00 | USD | 260000 | &nbsp;&nbsp;&nbsp; 72048 |
| USD versus HUF | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 10/21/2025 | HUF | 335.00 | USD | 200000 | &nbsp;&nbsp;&nbsp; 33864 |
| USD versus IDR | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 10/08/2025 | IDR | 15350.00 | USD | 2700000 | &nbsp;&nbsp;&nbsp; 6075 |
| USD versus ILS | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 07/28/2025 | ILS | 3.50 | USD | 7500000 | &nbsp;&nbsp;&nbsp; 43088 |
| USD versus MXN | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 07/23/2025 | MXN | 19.30 | USD | 3800000 | &nbsp;&nbsp;&nbsp; 42195 |
| USD versus ZAR | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 06/24/2025 | ZAR | 17.90 | USD | 5700000 | &nbsp;&nbsp;&nbsp; 27662 |
| USD versus ZAR | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 08/14/2025 | ZAR | 18.20 | USD | 4000000 | &nbsp;&nbsp;&nbsp; 60784 |
| USD versus ZAR | Put | Standard Chartered Bank PLC | &nbsp;&nbsp;&nbsp; 07/28/2025 | ZAR | 18.35 | USD | 7500000 | &nbsp;&nbsp;&nbsp; 123120 |
| 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; 550030 |
| 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; $550537 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** |
| **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** |
| EUR versus MXN<br> Call | &nbsp;&nbsp; Morgan Stanley and Co. International <br> PLC<br>| &nbsp;&nbsp; 09/04/2025 | MXN | 24.20 | EUR | 950000 | &nbsp;&nbsp; $(13353)<br>|

---

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 Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(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** |
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp; 07/01/2025 | BRL | 5.45 | USD | 5625000 | &nbsp;&nbsp; $(25639)<br>|
| USD versus CLP | Put | Merrill Lynch International | &nbsp;&nbsp; 07/14/2025 | CLP | 910.00 | USD | 5550000 | &nbsp;&nbsp; (52786)<br>|
| USD versus IDR | Put | Deutsche Bank AG | &nbsp;&nbsp; 10/08/2025 | IDR | 14800.00 | USD | 3240000 | &nbsp;&nbsp; (2670)<br>|
| USD versus ILS | Put | Deutsche Bank AG | &nbsp;&nbsp; 07/28/2025 | ILS | 3.40 | USD | 11250000 | &nbsp;&nbsp; (20306)<br>|
| USD versus MXN | Put | Deutsche Bank AG | &nbsp;&nbsp; 05/22/2025 | MXN | 19.30 | USD | 3800000 | &nbsp;&nbsp; (13786)<br>|
| USD versus ZAR | Put | Deutsche Bank AG | &nbsp;&nbsp; 06/24/2025 | ZAR | 17.40 | USD | 7600000 | &nbsp;&nbsp; (11734)<br>|
| USD versus ZAR | Put | Deutsche Bank AG | &nbsp;&nbsp; 08/14/2025 | ZAR | 17.60 | USD | 6000000 | &nbsp;&nbsp; (39162)<br>|
| USD versus ZAR | Put | Standard Chartered Bank PLC | &nbsp;&nbsp; 07/28/2025 | ZAR | 17.35 | USD | 11250000 | &nbsp;&nbsp; (37384)<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; (203467)<br>|
| Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written |  |  |  |  | &nbsp;&nbsp; $(216820)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |
| 06/18/2025 | BNP Paribas S.A. | USD | 67036 | PLN | 260000 | &nbsp;&nbsp;&nbsp; $1668 |
| 06/18/2025 | Citibank, N.A. | USD | 658801 | MXN | 13690000 | &nbsp;&nbsp;&nbsp; 35179 |
| 05/06/2025 | Deutsche Bank AG | USD | 160000 | ZAR | 3019280 | &nbsp;&nbsp;&nbsp; 2303 |
| 05/21/2025 | Deutsche Bank AG | USD | 1140000 | INR | 99750000 | &nbsp;&nbsp;&nbsp; 37677 |
| 06/18/2025 | Deutsche Bank AG | EUR | 1446000 | USD | 1650316 | &nbsp;&nbsp;&nbsp; 7790 |
| 06/18/2025 | Deutsche Bank AG | HUF | 120714000 | USD | 340481 | &nbsp;&nbsp;&nbsp; 3100 |
| 06/18/2025 | Deutsche Bank AG | TRY | 156794000 | USD | 3961445 | &nbsp;&nbsp;&nbsp; 89901 |
| 06/18/2025 | Deutsche Bank AG | USD | 274293 | EGP | 14438000 | &nbsp;&nbsp;&nbsp; 3974 |
| 06/18/2025 | Deutsche Bank AG | USD | 3067237 | HUF | 1134248863 | &nbsp;&nbsp;&nbsp; 102854 |
| 06/18/2025 | Deutsche Bank AG | USD | 647416 | INR | 55766000 | &nbsp;&nbsp;&nbsp; 9550 |
| 06/18/2025 | Deutsche Bank AG | USD | 1685698 | JPY | 245436000 | &nbsp;&nbsp;&nbsp; 39968 |
| 06/18/2025 | Deutsche Bank AG | USD | 226716 | MXN | 4747000 | &nbsp;&nbsp;&nbsp; 13922 |
| 06/18/2025 | Deutsche Bank AG | USD | 825627 | ZAR | 15419000 | &nbsp;&nbsp;&nbsp; 448 |
| 06/18/2025 | Deutsche Bank AG | ZAR | 14138000 | USD | 765981 | &nbsp;&nbsp;&nbsp; 8534 |
| 06/26/2025 | Deutsche Bank AG | ZAR | 8456292 | USD | 456000 | &nbsp;&nbsp;&nbsp; 3235 |
| 07/25/2025 | Deutsche Bank AG | MXN | 1800000 | USD | 91041 | &nbsp;&nbsp;&nbsp; 225 |
| 07/30/2025 | Deutsche Bank AG | ILS | 2164800 | USD | 600000 | &nbsp;&nbsp;&nbsp; 3580 |
| 07/30/2025 | Deutsche Bank AG | USD | 824895 | ZAR | 15966000 | &nbsp;&nbsp;&nbsp; 27669 |
| 05/15/2025 | Goldman Sachs International | USD | 396000 | INR | 34226280 | &nbsp;&nbsp;&nbsp; 8284 |
| 06/18/2025 | Goldman Sachs International | USD | 297352 | PEN | 1095000 | &nbsp;&nbsp;&nbsp; 901 |
| 06/18/2025 | HSBC Bank USA | USD | 110366 | MXN | 2177800 | &nbsp;&nbsp;&nbsp; 32 |
| 05/05/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 27584000 | USD | 4872809 | &nbsp;&nbsp;&nbsp; 12321 |
| 05/05/2025 | J.P. Morgan Chase Bank, N.A. | USD | 4786355 | BRL | 27584000 | &nbsp;&nbsp;&nbsp; 74134 |
| 06/03/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 6680000 | USD | 1178089 | &nbsp;&nbsp;&nbsp; 9693 |
| 06/10/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 237000 | USD | 270654 | &nbsp;&nbsp;&nbsp; 1580 |
| 06/10/2025 | J.P. Morgan Chase Bank, N.A. | USD | 153882 | EUR | 143000 | &nbsp;&nbsp;&nbsp; 8470 |
| 06/10/2025 | J.P. Morgan Chase Bank, N.A. | USD | 270653 | HUF | 97120000 | &nbsp;&nbsp;&nbsp; 893 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | CLP | 642478000 | USD | 678313 | &nbsp;&nbsp;&nbsp; 11 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | COP | 4781212000 | USD | 1138987 | &nbsp;&nbsp;&nbsp; 14605 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | IDR | 24804311618 | USD | 1502199 | &nbsp;&nbsp;&nbsp; 6078 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | JPY | 15408000 | USD | 110094 | &nbsp;&nbsp;&nbsp; 1760 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 884897 | CLP | 868170000 | &nbsp;&nbsp;&nbsp; 31682 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 3803151 | COP | 16172900000 | &nbsp;&nbsp;&nbsp; 178 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 3585484 | CZK | 81833650 | &nbsp;&nbsp;&nbsp; 133478 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 155188 | EGP | 8203250 | &nbsp;&nbsp;&nbsp; 2915 |

---

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

**5**

**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)** |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 797158 | EUR | 731700 | &nbsp;&nbsp;&nbsp; $33987 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 543446 | INR | 47698250 | &nbsp;&nbsp;&nbsp; 18475 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 797644 | JPY | 116325600 | &nbsp;&nbsp;&nbsp; 20244 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 1198231 | MXN | 24548000 | &nbsp;&nbsp;&nbsp; 46168 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 245299 | PEN | 908000 | &nbsp;&nbsp;&nbsp; 2019 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 1645442 | PLN | 6349908 | &nbsp;&nbsp;&nbsp; 32479 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | ZAR | 15092000 | USD | 822062 | &nbsp;&nbsp;&nbsp; 13505 |
| 07/03/2025 | J.P. Morgan Chase Bank, N.A. | USD | 74918 | BRL | 447000 | &nbsp;&nbsp;&nbsp; 2772 |
| 07/09/2025 | J.P. Morgan Chase Bank, N.A. | USD | 89093 | CNY | 645000 | &nbsp;&nbsp;&nbsp; 475 |
| 07/25/2025 | J.P. Morgan Chase Bank, N.A. | USD | 75805 | MXN | 1560000 | &nbsp;&nbsp;&nbsp; 2902 |
| 06/18/2025 | Merrill Lynch International | USD | 118726 | CNY | 862000 | &nbsp;&nbsp;&nbsp; 943 |
| 06/18/2025 | Merrill Lynch International | USD | 49672 | COP | 214110000 | &nbsp;&nbsp;&nbsp; 680 |
| 06/18/2025 | Merrill Lynch International | USD | 517817 | CZK | 11643000 | &nbsp;&nbsp;&nbsp; 11303 |
| 06/18/2025 | Merrill Lynch International | USD | 220177 | MXN | 4385000 | &nbsp;&nbsp;&nbsp; 2110 |
| 06/18/2025 | Merrill Lynch International | USD | 1026204 | MYR | 4534900 | &nbsp;&nbsp;&nbsp; 26592 |
| 06/18/2025 | Merrill Lynch International | ZAR | 30150000 | USD | 1635606 | &nbsp;&nbsp;&nbsp; 20314 |
| 07/09/2025 | Merrill Lynch International | USD | 231522 | CNY | 1684000 | &nbsp;&nbsp;&nbsp; 2328 |
| 05/05/2025 | Morgan Stanley and Co. International PLC | BRL | 33065000 | USD | 5838056 | &nbsp;&nbsp;&nbsp; 11779 |
| 05/05/2025 | Morgan Stanley and Co. International PLC | USD | 822015 | BRL | 4860000 | &nbsp;&nbsp;&nbsp; 34350 |
| 05/15/2025 | Morgan Stanley and Co. International PLC | USD | 384000 | INR | 33202944 | &nbsp;&nbsp;&nbsp; 8197 |
| 06/06/2025 | Morgan Stanley and Co. International PLC | USD | 748064 | EUR | 703000 | &nbsp;&nbsp;&nbsp; 49872 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | CLP | 542136029 | USD | 577933 | &nbsp;&nbsp;&nbsp; 5568 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | COP | 31649000300 | USD | 7568725 | &nbsp;&nbsp;&nbsp; 125931 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | CZK | 1058000 | USD | 48190 | &nbsp;&nbsp;&nbsp; 109 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | MXN | 10063000 | USD | 511548 | &nbsp;&nbsp;&nbsp; 1429 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | PEN | 6847923 | USD | 1866784 | &nbsp;&nbsp;&nbsp; 1567 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 86223 | HUF | 31197000 | &nbsp;&nbsp;&nbsp; 969 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 791563 | IDR | 13248154000 | &nbsp;&nbsp;&nbsp; 7526 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 261015 | MXN | 5370000 | &nbsp;&nbsp;&nbsp; 11204 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 5113224 | THB | 171789000 | &nbsp;&nbsp;&nbsp; 45794 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 35975 | ZAR | 688000 | &nbsp;&nbsp;&nbsp; 885 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | ZAR | 35403224 | USD | 1930341 | &nbsp;&nbsp;&nbsp; 33606 |
| 07/30/2025 | Morgan Stanley and Co. International PLC | ZAR | 815000 | USD | 43887 | &nbsp;&nbsp;&nbsp; 367 |
| 06/18/2025 | Royal Bank of Canada | USD | 62280 | HUF | 22338000 | &nbsp;&nbsp;&nbsp; 152 |
| 09/17/2025 | Royal Bank of Canada | USD | 131440 | TRY | 5908000 | &nbsp;&nbsp;&nbsp; 153 |
| 06/18/2025 | Standard Chartered Bank PLC | MXN | 7024000 | USD | 356326 | &nbsp;&nbsp;&nbsp; 262 |
| 06/18/2025 | Standard Chartered Bank PLC | USD | 6263848 | CNY | 45183955 | &nbsp;&nbsp;&nbsp; 8916 |
| 06/18/2025 | Standard Chartered Bank PLC | USD | 916637 | MYR | 3963000 | &nbsp;&nbsp;&nbsp; 3390 |
| 06/18/2025 | Standard Chartered Bank PLC | USD | 3915430 | TRY | 159407000 | &nbsp;&nbsp;&nbsp; 20634 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 1308548 |
| **Currency Risk** |  |  |  |  |  |  |
| 06/18/2025 | Citibank, N.A. | MXN | 2120000 | USD | 104827 | &nbsp;&nbsp;&nbsp; (2641)<br>|
| 07/25/2025 | Citibank, N.A. | MXN | 1162000 | USD | 55923 | &nbsp;&nbsp;&nbsp; (2703)<br>|
| 05/06/2025 | Deutsche Bank AG | USD | 209301 | ZAR | 3882000 | &nbsp;&nbsp;&nbsp; (622)<br>|
| 05/06/2025 | Deutsche Bank AG | ZAR | 7574120 | USD | 400000 | &nbsp;&nbsp;&nbsp; (7151)<br>|
| 05/12/2025 | Deutsche Bank AG | HUF | 330220000 | USD | 836000 | &nbsp;&nbsp;&nbsp; (88655)<br>|
| 06/18/2025 | Deutsche Bank AG | HUF | 255593000 | USD | 686923 | &nbsp;&nbsp;&nbsp; (27429)<br>|
| 06/18/2025 | Deutsche Bank AG | ILS | 4550000 | USD | 1227012 | &nbsp;&nbsp;&nbsp; (24746)<br>|
| 06/18/2025 | Deutsche Bank AG | INR | 34208000 | USD | 394357 | &nbsp;&nbsp;&nbsp; (8639)<br>|
| 06/18/2025 | Deutsche Bank AG | JPY | 109759000 | USD | 769603 | &nbsp;&nbsp;&nbsp; (2115)<br>|

---

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)** |
| 06/18/2025 | Deutsche Bank AG | PHP | 61074000 | USD | 1063785 | &nbsp;&nbsp;&nbsp; $(30026)<br>|
| 06/18/2025 | Deutsche Bank AG | RON | 8397129 | USD | 1828849 | &nbsp;&nbsp;&nbsp; (78243)<br>|
| 06/18/2025 | Deutsche Bank AG | TRY | 9005000 | USD | 220926 | &nbsp;&nbsp;&nbsp; (1424)<br>|
| 06/18/2025 | Deutsche Bank AG | USD | 729551 | ILS | 2649000 | &nbsp;&nbsp;&nbsp; (780)<br>|
| 06/18/2025 | Deutsche Bank AG | USD | 139008 | MXN | 2700000 | &nbsp;&nbsp;&nbsp; (2139)<br>|
| 06/18/2025 | Deutsche Bank AG | USD | 896846 | PLN | 3359000 | &nbsp;&nbsp;&nbsp; (9252)<br>|
| 06/18/2025 | Deutsche Bank AG | USD | 204151 | RON | 895000 | &nbsp;&nbsp;&nbsp; (886)<br>|
| 06/18/2025 | Deutsche Bank AG | USD | 79959 | ZAR | 1475000 | &nbsp;&nbsp;&nbsp; (936)<br>|
| 06/26/2025 | Deutsche Bank AG | USD | 456000 | ZAR | 8492772 | &nbsp;&nbsp;&nbsp; (1282)<br>|
| 07/09/2025 | Deutsche Bank AG | CNY | 11020760 | USD | 1520000 | &nbsp;&nbsp;&nbsp; (10404)<br>|
| 07/25/2025 | Deutsche Bank AG | MXN | 5476940 | USD | 266000 | &nbsp;&nbsp;&nbsp; (10329)<br>|
| 07/30/2025 | Deutsche Bank AG | USD | 1422901 | ILS | 5077800 | &nbsp;&nbsp;&nbsp; (23926)<br>|
| 09/17/2025 | Deutsche Bank AG | TRY | 76096000 | USD | 1657491 | &nbsp;&nbsp;&nbsp; (37448)<br>|
| 09/17/2025 | Deutsche Bank AG | USD | 4184749 | TRY | 178787000 | &nbsp;&nbsp;&nbsp; (202501)<br>|
| 10/27/2025 | Deutsche Bank AG | HUF | 217680000 | USD | 600000 | &nbsp;&nbsp;&nbsp; (3969)<br>|
| 06/18/2025 | HSBC Bank USA | CNY | 28967000 | USD | 3989912 | &nbsp;&nbsp;&nbsp; (31497)<br>|
| 06/18/2025 | HSBC Bank USA | USD | 61362 | COP | 257102000 | &nbsp;&nbsp;&nbsp; (900)<br>|
| 05/05/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 4239000 | USD | 740903 | &nbsp;&nbsp;&nbsp; (6038)<br>|
| 05/05/2025 | J.P. Morgan Chase Bank, N.A. | USD | 748834 | BRL | 4239000 | &nbsp;&nbsp;&nbsp; (1893)<br>|
| 06/10/2025 | J.P. Morgan Chase Bank, N.A. | HUF | 57596800 | USD | 153882 | &nbsp;&nbsp;&nbsp; (7157)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | CLP | 765255000 | USD | 798840 | &nbsp;&nbsp;&nbsp; (9085)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | IDR | 5460812500 | USD | 328095 | &nbsp;&nbsp;&nbsp; (1285)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | MXN | 53357067 | USD | 2586721 | &nbsp;&nbsp;&nbsp; (118081)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | RON | 735000 | USD | 159203 | &nbsp;&nbsp;&nbsp; (7724)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | TRY | 29366500 | USD | 708138 | &nbsp;&nbsp;&nbsp; (16977)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 847333 | CLP | 777970000 | &nbsp;&nbsp;&nbsp; (25983)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 2441957 | MXN | 45842000 | &nbsp;&nbsp;&nbsp; (118112)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 241556 | PEN | 879000 | &nbsp;&nbsp;&nbsp; (2137)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 74360 | PLN | 280000 | &nbsp;&nbsp;&nbsp; (372)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 722419 | TRY | 28615000 | &nbsp;&nbsp;&nbsp; (15859)<br>|
| 06/24/2025 | J.P. Morgan Chase Bank, N.A. | TRY | 37441000 | USD | 859922 | &nbsp;&nbsp;&nbsp; (58645)<br>|
| 07/03/2025 | J.P. Morgan Chase Bank, N.A. | USD | 1019529 | BRL | 5847000 | &nbsp;&nbsp;&nbsp; (3300)<br>|
| 09/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 483939 | TRY | 20520000 | &nbsp;&nbsp;&nbsp; (26882)<br>|
| 06/18/2025 | Merrill Lynch International | CLP | 737898000 | USD | 778866 | &nbsp;&nbsp;&nbsp; (177)<br>|
| 06/18/2025 | Merrill Lynch International | INR | 2849000 | USD | 33559 | &nbsp;&nbsp;&nbsp; (5)<br>|
| 06/18/2025 | Merrill Lynch International | PLN | 3170000 | USD | 816810 | &nbsp;&nbsp;&nbsp; (20841)<br>|
| 06/18/2025 | Merrill Lynch International | THB | 4082000 | USD | 119737 | &nbsp;&nbsp;&nbsp; (2850)<br>|
| 06/18/2025 | Merrill Lynch International | USD | 5287151 | MXN | 104218000 | &nbsp;&nbsp;&nbsp; (4082)<br>|
| 07/03/2025 | Merrill Lynch International | BRL | 2120970 | USD | 366000 | &nbsp;&nbsp;&nbsp; (2632)<br>|
| 07/17/2025 | Merrill Lynch International | CLP | 465792000 | USD | 480000 | &nbsp;&nbsp;&nbsp; (11687)<br>|
| 07/30/2025 | Merrill Lynch International | ILS | 2826000 | USD | 759373 | &nbsp;&nbsp;&nbsp; (19213)<br>|
| 07/30/2025 | Merrill Lynch International | ZAR | 1403000 | USD | 73642 | &nbsp;&nbsp;&nbsp; (1277)<br>|
| 05/05/2025 | Morgan Stanley and Co. International PLC | USD | 4982511 | BRL | 28205000 | &nbsp;&nbsp;&nbsp; (12599)<br>|
| 06/03/2025 | Morgan Stanley and Co. International PLC | USD | 4944862 | BRL | 28205000 | &nbsp;&nbsp;&nbsp; (11539)<br>|
| 06/06/2025 | Morgan Stanley and Co. International PLC | MXN | 15777640 | USD | 748064 | &nbsp;&nbsp;&nbsp; (52988)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | EUR | 182000 | USD | 197587 | &nbsp;&nbsp;&nbsp; (9149)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | HUF | 156425001 | USD | 429166 | &nbsp;&nbsp;&nbsp; (8025)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | MXN | 41270000 | USD | 2017054 | &nbsp;&nbsp;&nbsp; (75025)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | PEN | 213000 | USD | 57887 | &nbsp;&nbsp;&nbsp; (129)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | THB | 2792000 | USD | 83802 | &nbsp;&nbsp;&nbsp; (45)<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)** |
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 65131 | IDR | 1079645000 | &nbsp;&nbsp;&nbsp; $(10)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 1534288 | MXN | 30263000 | &nbsp;&nbsp;&nbsp; (182)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 914683 | TRY | 36864000 | &nbsp;&nbsp;&nbsp; (4440)<br>|
| 07/03/2025 | Morgan Stanley and Co. International PLC | BRL | 703000 | USD | 120856 | &nbsp;&nbsp;&nbsp; (1328)<br>|
| 07/30/2025 | Morgan Stanley and Co. International PLC | ZAR | 3520000 | USD | 187667 | &nbsp;&nbsp;&nbsp; (296)<br>|
| 06/18/2025 | Standard Chartered Bank PLC | CLP | 189681000 | USD | 195145 | &nbsp;&nbsp;&nbsp; (5112)<br>|
| 06/18/2025 | Standard Chartered Bank PLC | MYR | 1541000 | USD | 350130 | &nbsp;&nbsp;&nbsp; (7620)<br>|
| 06/18/2025 | Standard Chartered Bank PLC | PEN | 264000 | USD | 71835 | &nbsp;&nbsp;&nbsp; (73)<br>|
| 06/18/2025 | Standard Chartered Bank PLC | TRY | 95761300 | USD | 2346228 | &nbsp;&nbsp;&nbsp; (18302)<br>|
| 06/18/2025 | Standard Chartered Bank PLC | USD | 818080 | JPY | 115858000 | &nbsp;&nbsp;&nbsp; (3480)<br>|
| 06/18/2025 | Standard Chartered Bank PLC | USD | 460231 | PEN | 1675000 | &nbsp;&nbsp;&nbsp; (3999)<br>|
| 06/18/2025 | Standard Chartered Bank PLC | USD | 1013996 | TRY | 40496000 | &nbsp;&nbsp;&nbsp; (14071)<br>|
| 07/30/2025 | Standard Chartered Bank PLC | ZAR | 18516713 | USD | 975000 | &nbsp;&nbsp;&nbsp; (13769)<br>|
| 09/17/2025 | Standard Chartered Bank PLC | TRY | 101218000 | USD | 2214851 | &nbsp;&nbsp;&nbsp; (39648)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (1374766)<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; $(66218)<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 | 6 Month WIBOR | Semi-Annually | 3.91% | Annually | &nbsp;&nbsp; 06/18/2030 | PLN | 3800000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $593 | &nbsp;&nbsp; $593 |
| Pay | 28 Day MXN TIEF | 28 days | 7.70 | 28 days | &nbsp;&nbsp; 06/12/2030 | MXN | 23000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1361 | &nbsp;&nbsp; 1361 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.78) | Annually | &nbsp;&nbsp; 05/17/2054 | USD | 260000 | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 1738 |
| Pay | FBIL Overnight MIBOR | Semi-Annually | 5.51 | Semi-Annually | &nbsp;&nbsp; 06/18/2027 | INR | 390000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3445 | &nbsp;&nbsp; 3445 |
| Pay | 3 Month CNRR007 | Quarterly | 2.08 | Quarterly | &nbsp;&nbsp; 07/19/2025 | CNY | 40000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4803 | &nbsp;&nbsp; 4803 |
| Pay | FBIL Overnight MIBOR | Semi-Annually | 5.94 | Semi-Annually | &nbsp;&nbsp; 06/18/2030 | INR | 30000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5027 | &nbsp;&nbsp; 5027 |
| Pay | 6 Month CZK PRIBOR | Semi-Annually | 3.71 | Annually | &nbsp;&nbsp; 03/22/2027 | CZK | 20000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7798 | &nbsp;&nbsp; 7798 |
| Pay | 6 Month CZK PRIBOR | Semi-Annually | 3.75 | Annually | &nbsp;&nbsp; 04/05/2029 | CZK | 10000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8621 | &nbsp;&nbsp; 8621 |
| Pay | 28 Day MXN TIEF | 28 days | 7.73 | 28 days | &nbsp;&nbsp; 06/12/2030 | MXN | 86000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10530 | &nbsp;&nbsp; 10530 |
| Receive | COOVIBR | Quarterly | &nbsp;&nbsp; (8.80) | Quarterly | &nbsp;&nbsp; 06/18/2035 | COP | 9000000000 | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 13928 | &nbsp;&nbsp; 12178 |
| Pay | 6 Month WIBOR | Semi-Annually | 4.55 | Annually | &nbsp;&nbsp; 04/07/2027 | PLN | 7200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12806 | &nbsp;&nbsp; 12806 |
| Pay | 3 Month CNRR007 | Quarterly | 2.44 | Quarterly | &nbsp;&nbsp; 04/27/2027 | CNY | 5000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13653 | &nbsp;&nbsp; 13653 |
| Pay | TTHORON | Quarterly | 1.64 | Quarterly | &nbsp;&nbsp; 06/18/2028 | THB | 50000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14690 | &nbsp;&nbsp; 14690 |
| Pay | 3 Month CNRR007 | Quarterly | 2.51 | Quarterly | &nbsp;&nbsp; 07/18/2027 | CNY | 5000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16464 | &nbsp;&nbsp; 16464 |
| Pay | BZDIOVRA | At Maturity | 13.76 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 6939676 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17325 | &nbsp;&nbsp; 17325 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (2.13) | Annually | &nbsp;&nbsp; 12/10/2034 | EUR | 950000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26880 | &nbsp;&nbsp; 26880 |
| Pay | SOFR | Annually | 4.07 | Annually | &nbsp;&nbsp; 02/13/2030 | USD | 893000 | &nbsp;&nbsp; (228)<br>| &nbsp;&nbsp; 27716 | &nbsp;&nbsp; 27944 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.44) | Annually | &nbsp;&nbsp; 01/09/2054 | USD | 420000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28140 | &nbsp;&nbsp; 28140 |
| Pay | 28 Day MXN TIIE | 28 days | 9.42 | 28 days | &nbsp;&nbsp; 12/24/2025 | MXN | 86000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31300 | &nbsp;&nbsp; 31300 |
| Pay | 3 Month CNRR007 | Quarterly | 2.36 | Quarterly | &nbsp;&nbsp; 04/12/2027 | CNY | 15000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36991 | &nbsp;&nbsp; 36991 |
| Pay | 6 Month WIBOR | Semi-Annually | 4.80 | Annually | &nbsp;&nbsp; 06/18/2028 | PLN | 5000000 | &nbsp;&nbsp; (2640)<br>| &nbsp;&nbsp; 35704 | &nbsp;&nbsp; 38344 |
| Pay | BZDIOVRA | At Maturity | 14.50 | At Maturity | &nbsp;&nbsp; 01/04/2027 | BRL | 20998525 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40236 | &nbsp;&nbsp; 40236 |
| Pay | TTHORON | Quarterly | 1.73 | Quarterly | &nbsp;&nbsp; 06/18/2030 | THB | 95200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44885 | &nbsp;&nbsp; 44885 |
| Pay | CLICP | Semi-Annually | 5.16 | Semi-Annually | &nbsp;&nbsp; 06/18/2030 | CLP | 1760000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49898 | &nbsp;&nbsp; 49898 |
| Pay | BZDIOVRA | At Maturity | 14.77 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 6151140 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49976 | &nbsp;&nbsp; 49976 |
| Pay | 6 Month WIBOR | Semi-Annually | 4.90 | Annually | &nbsp;&nbsp; 06/18/2027 | PLN | 13000000 | &nbsp;&nbsp; (6026)<br>| &nbsp;&nbsp; 63807 | &nbsp;&nbsp; 69833 |
| Pay | BZDIOVRA | At Maturity | 15.13 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 6296030 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72817 | &nbsp;&nbsp; 72817 |
| Pay | 28 Day MXN TIIE | 28 days | 9.06 | 28 days | &nbsp;&nbsp; 12/24/2025 | MXN | 303000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74177 | &nbsp;&nbsp; 74177 |

---

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

**8**

**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>|
| Pay | 6 Month CZK PRIBOR | Semi-Annually | 3.68% | Annually | &nbsp;&nbsp; 06/18/2030 | CZK | 95000000 | &nbsp;&nbsp; $(7235)<br>| &nbsp;&nbsp; $85517 | &nbsp;&nbsp; $92752 |
| Pay | 28 Day MXN TIEF | 28 days | 8.12 | 28 days | &nbsp;&nbsp; 06/12/2030 | MXN | 106000000 | &nbsp;&nbsp; 7109 | &nbsp;&nbsp; 100206 | &nbsp;&nbsp; 93097 |
| Pay | FBIL Overnight MIBOR | Semi-Annually | 5.96 | Semi-Annually | &nbsp;&nbsp; 06/18/2030 | INR | 530000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 94095 | &nbsp;&nbsp; 94095 |
| Pay | BZDIOVRA | At Maturity | 15.18 | At Maturity | &nbsp;&nbsp; 01/04/2027 | BRL | 26421618 | &nbsp;&nbsp; — | &nbsp;&nbsp; 113345 | &nbsp;&nbsp; 113345 |
| Pay | 6 Month BUBOR | Semi-Annually | 6.40 | Annually | &nbsp;&nbsp; 06/18/2028 | HUF | 2100000000 | &nbsp;&nbsp; (14994)<br>| &nbsp;&nbsp; 102807 | &nbsp;&nbsp; 117801 |
| Pay | 6 Month WIBOR | Semi-Annually | 4.80 | Annually | &nbsp;&nbsp; 06/18/2030 | PLN | 20000000 | &nbsp;&nbsp; (20211)<br>| &nbsp;&nbsp; 210955 | &nbsp;&nbsp; 231166 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  | &nbsp;&nbsp; (42177)<br>| &nbsp;&nbsp; 1422532 | &nbsp;&nbsp; 1464709 |
| **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 | 6 Month WIBOR | Semi-Annually | &nbsp;&nbsp; (5.05) | Annually | &nbsp;&nbsp; 06/18/2035 | PLN | 10000000 | &nbsp;&nbsp; 18960 | &nbsp;&nbsp; (162540)<br>| &nbsp;&nbsp; (181500)<br>|
| Receive | 6 Month CZK PRIBOR | Semi-Annually | &nbsp;&nbsp; (3.90) | Annually | &nbsp;&nbsp; 06/18/2035 | CZK | 42000000 | &nbsp;&nbsp; 6093 | &nbsp;&nbsp; (61204)<br>| &nbsp;&nbsp; (67297)<br>|
| Receive | 3 Month CNRR007 | Quarterly | &nbsp;&nbsp; (2.82) | Quarterly | &nbsp;&nbsp; 03/23/2028 | CNY | 10000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (55999)<br>| &nbsp;&nbsp; (55999)<br>|
| Receive | 28 Day MXN TIEF | 28 days | &nbsp;&nbsp; (8.46) | 28 days | &nbsp;&nbsp; 06/06/2035 | MXN | 54000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (55957)<br>| &nbsp;&nbsp; (55957)<br>|
| Receive | CLICP | Semi-Annually | &nbsp;&nbsp; (4.94) | Semi-Annually | &nbsp;&nbsp; 06/18/2027 | CLP | 3600000000 | &nbsp;&nbsp; (1185)<br>| &nbsp;&nbsp; (45894)<br>| &nbsp;&nbsp; (44709)<br>|
| Receive | 28 Day MXN TIEF | 28 days | &nbsp;&nbsp; (8.45) | 28 days | &nbsp;&nbsp; 06/06/2035 | MXN | 33000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (32975)<br>| &nbsp;&nbsp; (32975)<br>|
| Receive | CLICP | Semi-Annually | &nbsp;&nbsp; (5.36) | Semi-Annually | &nbsp;&nbsp; 06/18/2035 | CLP | 660000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (20420)<br>| &nbsp;&nbsp; (20420)<br>|
| Receive | 3 Month JIBAR | Quarterly | &nbsp;&nbsp; (8.99) | Quarterly | &nbsp;&nbsp; 06/18/2035 | ZAR | 23500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (19877)<br>| &nbsp;&nbsp; (19877)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (4.01) | Annually | &nbsp;&nbsp; 11/13/2053 | USD | 560000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (16803)<br>| &nbsp;&nbsp; (16803)<br>|
| Receive | 6 Month WIBOR | Semi-Annually | &nbsp;&nbsp; (4.63) | Annually | &nbsp;&nbsp; 04/07/2035 | PLN | 1750000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (11474)<br>| &nbsp;&nbsp; (11474)<br>|
| Receive | 28 Day MXN TIEF | 28 days | &nbsp;&nbsp; (7.86) | 28 days | &nbsp;&nbsp; 06/12/2030 | MXN | 21700000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8609)<br>| &nbsp;&nbsp; (8609)<br>|
| Pay | BZDIOVRA | At Maturity | 13.21 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 6617922 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7708)<br>| &nbsp;&nbsp; (7708)<br>|
| Receive | 28 Day MXN TIEF | 28 days | &nbsp;&nbsp; (7.85) | 28 days | &nbsp;&nbsp; 06/12/2030 | MXN | 17350000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6517)<br>| &nbsp;&nbsp; (6517)<br>|
| Pay | COOVIBR | Quarterly | 8.08 | Quarterly | &nbsp;&nbsp; 06/18/2028 | COP | 22000000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2982)<br>| &nbsp;&nbsp; (2982)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  | &nbsp;&nbsp; 23868 | &nbsp;&nbsp; (508959)<br>| &nbsp;&nbsp; (532827)<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; $(18309)<br>| &nbsp;&nbsp; $913573 | &nbsp;&nbsp; $931882 |

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $1,123,635 cash held with Counterparties.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swap Agreements** | **Open Over-The-Counter Interest Rate Swap Agreements** | **Open Over-The-Counter Interest Rate Swap Agreements** | **Open Over-The-Counter Interest Rate Swap Agreements** | **Open Over-The-Counter Interest Rate Swap Agreements** | **Open Over-The-Counter Interest Rate Swap Agreements** | **Open Over-The-Counter Interest Rate Swap Agreements** | **Open Over-The-Counter Interest Rate Swap Agreements** | **Open Over-The-Counter Interest Rate Swap Agreements** | **Open Over-The-Counter Interest Rate Swap Agreements** | **Open Over-The-Counter Interest Rate Swap Agreements** | **Open Over-The-Counter Interest Rate Swap Agreements** |
| **Counterparty** | &nbsp;&nbsp; **Pay/** <br>**Receive** <br>**Floating** <br>**Rate**<br>| &nbsp;&nbsp; **Floating Rate** <br>**Index**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **(Pay)/** <br>**Received** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp; **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 <br> Bank PLC<br>| Pay | 3 Month KLIBOR | Quarterly | 3.58% | Quarterly | &nbsp;&nbsp; 05/19/2028 | MYR | 6000000 | $— | &nbsp;&nbsp; $13725 | &nbsp;&nbsp; $13725 |
| Goldman Sachs <br> International<br>| Receive | TLREF | Quarterly | &nbsp;&nbsp; (45.46) | Quarterly | &nbsp;&nbsp; 07/02/2025 | TRY | 51400000 |  | &nbsp;&nbsp; 10731 | &nbsp;&nbsp; 10731 |
| 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 |  |  |  |  |  | $— | &nbsp;&nbsp; $24456 | &nbsp;&nbsp; $24456 |

---

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

**9**

**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 |
| EURIBOR | —Euro Interbank Offered Rate |
| 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 |
| 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 |
| TIIE | —Interbank Equilibrium Interest Rate |
| 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.

**10**

**Invesco Emerging Markets Local Debt Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $67,662,647)<br>| &nbsp;&nbsp; $65689698 |
| Investments in affiliated money market funds, at value <br> (Cost $8,357,499)<br>| &nbsp;&nbsp; 8357499 |
| Other investments: |  |
| Swaps receivable — OTC | &nbsp;&nbsp; 1883 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 24456 |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 1308548 |
| Deposits with brokers: |  |
| Cash collateral — centrally cleared swap agreements | &nbsp;&nbsp; 1123635 |
| Cash | &nbsp;&nbsp; 499915 |
| Foreign currencies, at value (Cost $603,647) | &nbsp;&nbsp; 604400 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 5461086 |
| Fund shares sold | &nbsp;&nbsp; 24651 |
| Dividends | &nbsp;&nbsp; 16382 |
| Interest | &nbsp;&nbsp; 1460893 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 30529 |
| Other assets | &nbsp;&nbsp; 36491 |
| Total assets | &nbsp;&nbsp; 84640066 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $334,469)<br>| &nbsp;&nbsp; 216820 |
| Variation margin payable — centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 17875 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 1374766 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1177110 |
| Dividends | &nbsp;&nbsp; 107699 |
| Fund shares reacquired | &nbsp;&nbsp; 87916 |
| Accrued foreign taxes | &nbsp;&nbsp; 3054 |
| Accrued fees to affiliates | &nbsp;&nbsp; 56867 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 241 |
| Accrued other operating expenses | &nbsp;&nbsp; 64787 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 30529 |
| Total liabilities | &nbsp;&nbsp; 3137664 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $81502402 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $97548355 |
| Distributable earnings (loss) | &nbsp;&nbsp; (16045953)<br>|
|  | &nbsp;&nbsp; $81502402 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $20893899 |
| Class C | &nbsp;&nbsp; $2644514 |
| Class R | &nbsp;&nbsp; $1488599 |
| Class Y | &nbsp;&nbsp; $52533757 |
| Class R5 | &nbsp;&nbsp; $7952 |
| Class R6 | &nbsp;&nbsp; $3933681 |
| **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; 3966040 |
| Class C | &nbsp;&nbsp; 501696 |
| Class R | &nbsp;&nbsp; 282422 |
| Class Y | &nbsp;&nbsp; 9964075 |
| Class R5 | &nbsp;&nbsp; 1508 |
| Class R6 | &nbsp;&nbsp; 746490 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $5.27 |
| Maximum offering price per share <br>(Net asset value of $5.27 ÷ 95.75%)<br>| &nbsp;&nbsp; $5.50 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.27 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.27 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.27 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.27 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $5.27 |

---

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

**11**

**Invesco Emerging Markets Local Debt Fund**

------

**Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $93,855) | &nbsp;&nbsp; $3845899 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 101421 |
| Total investment income | &nbsp;&nbsp; 3947320 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 281152 |
| Administrative services fees | &nbsp;&nbsp; 5875 |
| Custodian fees | &nbsp;&nbsp; 44120 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 24818 |
| Class C | &nbsp;&nbsp; 14566 |
| Class R | &nbsp;&nbsp; 3654 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 98476 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 1 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 471 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10018 |
| Registration and filing fees | &nbsp;&nbsp; 39318 |
| Reports to shareholders | &nbsp;&nbsp; 12942 |
| Professional services fees | &nbsp;&nbsp; 35103 |
| Other | &nbsp;&nbsp; 5811 |
| Total expenses | &nbsp;&nbsp; 576325 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (145668)<br>|
| Net expenses | &nbsp;&nbsp; 430657 |
| Net investment income | &nbsp;&nbsp; 3516663 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $9,606) | &nbsp;&nbsp; (2088143)<br>|
| Foreign currencies | &nbsp;&nbsp; (116080)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (692529)<br>|
| Option contracts written | &nbsp;&nbsp; 562301 |
| Swap agreements | &nbsp;&nbsp; (1337858)<br>|
|  | &nbsp;&nbsp; (3672309)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $1,968) | &nbsp;&nbsp; 748079 |
| Foreign currencies | &nbsp;&nbsp; 58659 |
| Forward foreign currency contracts | &nbsp;&nbsp; 421788 |
| Option contracts written | &nbsp;&nbsp; (67090)<br>|
| Swap agreements | &nbsp;&nbsp; 2367477 |
|  | &nbsp;&nbsp; 3528913 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (143396)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $3373267 |

---

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

**12**

**Invesco Emerging Markets Local Debt Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $3516663 | &nbsp;&nbsp; $5998504 |
| Net realized gain (loss) | &nbsp;&nbsp; (3672309)<br>| &nbsp;&nbsp; (1509396)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 3528913 | &nbsp;&nbsp; 2011459 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 3373267 | &nbsp;&nbsp; 6500567 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (744142)<br>| &nbsp;&nbsp; (876114)<br>|
| Class C | &nbsp;&nbsp; (94631)<br>| &nbsp;&nbsp; (127296)<br>|
| Class R | &nbsp;&nbsp; (51515)<br>| &nbsp;&nbsp; (65228)<br>|
| Class Y | &nbsp;&nbsp; (2016306)<br>| &nbsp;&nbsp; (2527309)<br>|
| Class R5 | &nbsp;&nbsp; (292)<br>| &nbsp;&nbsp; (328)<br>|
| Class R6 | &nbsp;&nbsp; (143439)<br>| &nbsp;&nbsp; (124065)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (3050325)<br>| &nbsp;&nbsp; (3720340)<br>|
| **Return of capital:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (541821)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (78725)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (40339)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (1562983)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (203)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (76727)<br>|
| Total return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (2300798)<br>|
| Total distributions | &nbsp;&nbsp; (3050325)<br>| &nbsp;&nbsp; (6021138)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (415098)<br>| &nbsp;&nbsp; (2219095)<br>|
| Class C | &nbsp;&nbsp; (686258)<br>| &nbsp;&nbsp; (832548)<br>|
| Class R | &nbsp;&nbsp; 34153 | &nbsp;&nbsp; (306211)<br>|
| Class Y | &nbsp;&nbsp; (7175005)<br>| &nbsp;&nbsp; (7202209)<br>|
| Class R6 | &nbsp;&nbsp; 584975 | &nbsp;&nbsp; 355671 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (7657233)<br>| &nbsp;&nbsp; (10204392)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (7334291)<br>| &nbsp;&nbsp; (9724963)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 88836693 | &nbsp;&nbsp; 98561656 |
| End of period | &nbsp;&nbsp; $81502402 | &nbsp;&nbsp; $88836693 |

---

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

**13**

**Invesco Emerging Markets Local Debt Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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** |
| Six months ended 04/30/25 | $5.24 | $0.22 | $(0.00)<br>| $0.22 | $(0.19)<br>| $— | $(0.19)<br>| $5.27 | 4.28<br> %<br>| &nbsp;&nbsp; $20894 | 1.19 %<sup>(d)</sup><br>| 1.56 %<sup>(d)</sup><br>| 8.44 %<sup>(d)</sup><br>| 47<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>(e)</sup><br>| &nbsp;&nbsp; 21201 | 1.21 <br><sup>(e)</sup><br>| 1.52 <br><sup>(e)</sup><br>| 6.21 <br><sup>(e)</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>(e)</sup><br>| &nbsp;&nbsp; 23309 | 1.32 <br><sup>(e)</sup><br>| 1.49 <br><sup>(e)</sup><br>| 5.79 <br><sup>(e)</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>(e)</sup><br>| &nbsp;&nbsp; 20621 | 1.45 <br><sup>(e)(f)</sup><br>| 1.45 <br><sup>(e)(f)</sup><br>| 4.47 <br><sup>(e)(f)</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 |
| Year ended 10/31/20 | 6.99 | 0.24 | (0.45)<br>| (0.21)<br>| (0.07)<br>| (0.18)<br>| (0.25)<br>| 6.53 | (3.01 )<sup>(e)</sup><br>| &nbsp;&nbsp; 36680 | 1.15 <br><sup>(e)</sup><br>| 1.28 <br><sup>(e)</sup><br>| 3.57 <br><sup>(e)</sup><br>| 50 |
| **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** |
| Six months ended 04/30/25 | 5.24 | 0.20 | (0.00)<br>| 0.20 | (0.17)<br>|  | (0.17)<br>| 5.27 | 3.88 | &nbsp;&nbsp; 2645 | 1.94 <br><sup>(d)</sup><br>| 2.31 <br><sup>(d)</sup><br>| 7.69 <br><sup>(d)</sup><br>| 47 |
| 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>(f)</sup><br>| 2.21 <br><sup>(f)</sup><br>| 3.71 <br><sup>(f)</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 |
| Year ended 10/31/20 | 6.99 | 0.18 | (0.45)<br>| (0.27)<br>| (0.05)<br>| (0.14)<br>| (0.19)<br>| 6.53 | (3.83)<br>| &nbsp;&nbsp; 11457 | 2.00 | 2.04 | 2.72 | 50 |
| **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** |
| Six months ended 04/30/25 | 5.24 | 0.21 | (0.00)<br>| 0.21 | (0.18)<br>|  | (0.18)<br>| 5.27 | 4.15 | &nbsp;&nbsp; 1489 | 1.44 <br><sup>(d)</sup><br>| 1.81 <br><sup>(d)</sup><br>| 8.19 <br><sup>(d)</sup><br>| 47 |
| 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>(f)</sup><br>| 1.71 <br><sup>(f)</sup><br>| 4.21 <br><sup>(f)</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 |
| Year ended 10/31/20 | 6.99 | 0.21 | (0.45)<br>| (0.24)<br>| (0.06)<br>| (0.16)<br>| (0.22)<br>| 6.53 | (3.35)<br>| &nbsp;&nbsp; 2195 | 1.50 | 1.54 | 3.22 | 50 |
| **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** |
| Six months ended 04/30/25 | 5.24 | 0.22 | (0.00)<br>| 0.22 | (0.19)<br>|  | (0.19)<br>| 5.27 | 4.41 | &nbsp;&nbsp; 52534 | 0.94 <br><sup>(d)</sup><br>| 1.31 <br><sup>(d)</sup><br>| 8.69 <br><sup>(d)</sup><br>| 47 |
| Year ended 10/31/24 | 5.24 | 0.35 | 0.00 | 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>(f)</sup><br>| 1.21 <br><sup>(f)</sup><br>| 4.71 <br><sup>(f)</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 |
| Year ended 10/31/20 | 7.00 | 0.25 | (0.45)<br>| (0.20)<br>| (0.07)<br>| (0.19)<br>| (0.26)<br>| 6.54 | (2.80)<br>| &nbsp;&nbsp; 92205 | 0.95 | 1.04 | 3.77 | 50 |
| **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** |
| Six months ended 04/30/25 | 5.24 | 0.22 | (0.00)<br>| 0.22 | (0.19)<br>|  | (0.19)<br>| 5.27 | 4.41 | &nbsp;&nbsp; 8 | 0.94 <br><sup>(d)</sup><br>| 1.09 <br><sup>(d)</sup><br>| 8.69 <br><sup>(d)</sup><br>| 47 |
| Year ended 10/31/24 | 5.24 | 0.35 | 0.00 | 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>(f)</sup><br>| 1.05 <br><sup>(f)</sup><br>| 4.87 <br><sup>(f)</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 |
| Year ended 10/31/20 | 6.99 | 0.25 | (0.45)<br>| (0.20)<br>| (0.07)<br>| (0.19)<br>| (0.26)<br>| 6.53 | (2.74)<br>| &nbsp;&nbsp; 10 | 0.90 | 0.93 | 3.82 | 50 |
| **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** |
| Six months ended 04/30/25 | 5.24 | 0.22 | (0.00)<br>| 0.22 | (0.19)<br>|  | (0.19)<br>| 5.27 | 4.41 | &nbsp;&nbsp; 3934 | 0.94 <br><sup>(d)</sup><br>| 1.09 <br><sup>(d)</sup><br>| 8.69 <br><sup>(d)</sup><br>| 47 |
| 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>(f)</sup><br>| 1.05 <br><sup>(f)</sup><br>| 4.87 <br><sup>(f)</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 |
| Year ended 10/31/20 | 6.99 | 0.26 | (0.45)<br>| (0.19)<br>| (0.07)<br>| (0.20)<br>| (0.27)<br>| 6.53 | (2.72)<br>| &nbsp;&nbsp; 4222 | 0.85 | 0.93 | 3.87 | 50 |

---

<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> Annualized.

<sup>(e)</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, 2024, 2023, 2022 and 2020. 

<sup>(f)</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.

**14**

**Invesco Emerging Markets Local Debt Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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

**15**

**Invesco Emerging Markets Local Debt Fund**

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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.

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 note 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

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**Invesco Emerging Markets Local Debt Fund**

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

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

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

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

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

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

**L.** **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

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**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

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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 April 30, 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.** **Leverage Risk** — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

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

**R.** **Other Risks** – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund's shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

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

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, when rates increase. 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.

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

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $500 million | &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 six months ended April 30, 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 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 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 at least 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"). 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, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.To the extent

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**Invesco Emerging Markets Local Debt Fund**

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that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned 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 six months ended April 30, 2025, the Adviser waived advisory fees of $44,325 and reimbursed class level expenses of $25,642, $3,667, $1,840, $67,327, $1 and $471 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 2025, IDI advised the Fund that IDI retained $3,071 in front-end sales commissions from the sale of Class A shares and $0 and $244 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 April 30, 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** |  |  |  |  |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $61028148 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $61028148 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3993451 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3993451 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117562 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117562 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 8357499 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8357499 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 550537 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 550537 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 8357499 | &nbsp;&nbsp;&nbsp;&nbsp; 65689698 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74047197 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1308548 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1308548 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1489165 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1489165 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2797713 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2797713 |

---

**20**

**Invesco Emerging Markets Local Debt Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1374766)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1374766)<br>|
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (216820)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (216820)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (532827)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (532827)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2124413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2124413)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 673300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 673300 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $8357499 | &nbsp;&nbsp;&nbsp;&nbsp; $66362998 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $74720497 |

---

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

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **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; $1464709 | &nbsp;&nbsp;&nbsp;&nbsp; $1464709 |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 1308548 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1308548 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24456 | &nbsp;&nbsp;&nbsp;&nbsp; 24456 |
| Options purchased, at value — OTC<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 550537 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 550537 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 1859085 | &nbsp;&nbsp;&nbsp;&nbsp; 1489165 | &nbsp;&nbsp;&nbsp;&nbsp; 3348250 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1464709)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1464709)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $1859085 | &nbsp;&nbsp;&nbsp;&nbsp; $24456 | &nbsp;&nbsp;&nbsp;&nbsp; $1883541 |
|  | **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; $(532827)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(532827)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (1374766)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1374766)<br>|
| Options written, at value — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (216820)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (216820)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (1591586)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (532827)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2124413)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 532827 | &nbsp;&nbsp;&nbsp;&nbsp; 532827 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(1591586)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1591586)<br>|

---

<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.

**21**

**Invesco Emerging Markets Local Debt Fund**

------

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2025.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>|
| BNP Paribas S.A. | $1668 | $— | $— | $1668 | $- | $— | $— | $1668 | $— | $— | $1668 |
| Citibank, N.A. | 35179 |  |  | 35179 | (5344)<br>|  | (5344)<br>| 29835 |  |  | 29835 |
| Deutsche Bank AG | 354730 | 286223 |  | 640953 | (572902)<br>| (87658)<br>| (660560)<br>| (19607)<br>|  |  | (19607)<br>|
| Goldman Sachs International | 9185 |  | 12600 | 21785 | - |  |  | 21785 |  |  | 21785 |
| HSBC Bank USA | 32 |  |  | 32 | (32397)<br>|  | (32397)<br>| (32365)<br>|  |  | (32365)<br>|
| J.P. Morgan Chase Bank, N.A. | 470824 |  |  | 470824 | (419530)<br>|  | (419530)<br>| 51294 |  |  | 51294 |
| Merrill Lynch International | 64270 | 137066 |  | 201336 | (62764)<br>| (78425)<br>| (141189)<br>| 60147 |  |  | 60147 |
| Morgan Stanley and Co. International PLC | 339153 | 4128 |  | 343281 | (175755)<br>| (13353)<br>| (189108)<br>| 154173 | (118195)<br>|  | 35978 |
| Royal Bank of Canada | 305 |  |  | 305 | - |  |  | 305 |  |  | 305 |
| Standard Chartered Bank PLC | 33202 | 123120 | 13739 | 170061 | (106074)<br>| (37384)<br>| (143458)<br>| 26603 |  |  | 26603 |
| Total | $1308548 | $550537 | $26339 | $1885424 | $(1374766)<br>| $(216820)<br>| $(1591586)<br>| $293838 | $(118195)<br>| $— | $175643 |

---

**Effect of Derivative Investments for the six months ended April 30, 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; $(692529)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(692529)<br>|
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (512002)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (512002)<br>|
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 562301 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 562301 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1337858)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1337858)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 421788 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 421788 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 147518 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 147518 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; (67090)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (67090)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 2367477 | &nbsp;&nbsp;&nbsp;&nbsp; 2367477 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(140014)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1029619 | &nbsp;&nbsp;&nbsp;&nbsp; $889605 |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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; **Foreign** <br>**Currency** <br>**Options** <br>**Written**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $129998747 | &nbsp;&nbsp;&nbsp;&nbsp; $36183365 | &nbsp;&nbsp;&nbsp;&nbsp; $52929285 | &nbsp;&nbsp;&nbsp;&nbsp; $141833820 |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $2,395.

**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

**22**

**Invesco Emerging Markets Local Debt Fund**

------

such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

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

**NOTE 8—Tax Information**

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

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

The Fund had a capital loss carryforward as of October 31, 2024, 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; $6261478 | &nbsp;&nbsp;&nbsp;&nbsp; $5213068 | &nbsp;&nbsp;&nbsp;&nbsp; $11474546 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $33,414,110 and $46,746,840, respectively. As of April 30, 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; $4768267 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (6075971)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(1307704)<br>|

---

Cost of investments for tax purposes is $76,028,201.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 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; 312567 | &nbsp;&nbsp;&nbsp; $1603039 | &nbsp;&nbsp;&nbsp; 546684 | &nbsp;&nbsp;&nbsp; $2980703 |
| Class C | &nbsp;&nbsp;&nbsp; 38969 | &nbsp;&nbsp;&nbsp; 201026 | &nbsp;&nbsp;&nbsp; 66988 | &nbsp;&nbsp;&nbsp; 363847 |
| Class R | &nbsp;&nbsp;&nbsp; 38606 | &nbsp;&nbsp;&nbsp; 199016 | &nbsp;&nbsp;&nbsp; 60997 | &nbsp;&nbsp;&nbsp; 333526 |
| Class Y | &nbsp;&nbsp;&nbsp; 1189282 | &nbsp;&nbsp;&nbsp; 6137213 | &nbsp;&nbsp;&nbsp; 2967699 | &nbsp;&nbsp;&nbsp; 16080138 |
| Class R6 | &nbsp;&nbsp;&nbsp; 225781 | &nbsp;&nbsp;&nbsp; 1150536 | &nbsp;&nbsp;&nbsp; 205834 | &nbsp;&nbsp;&nbsp; 1101882 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 104686 | &nbsp;&nbsp;&nbsp; 539105 | &nbsp;&nbsp;&nbsp; 193805 | &nbsp;&nbsp;&nbsp; 1046756 |
| Class C | &nbsp;&nbsp;&nbsp; 13416 | &nbsp;&nbsp;&nbsp; 69101 | &nbsp;&nbsp;&nbsp; 26602 | &nbsp;&nbsp;&nbsp; 143879 |
| Class R | &nbsp;&nbsp;&nbsp; 9894 | &nbsp;&nbsp;&nbsp; 50966 | &nbsp;&nbsp;&nbsp; 19327 | &nbsp;&nbsp;&nbsp; 104478 |
| Class Y | &nbsp;&nbsp;&nbsp; 317198 | &nbsp;&nbsp;&nbsp; 1634578 | &nbsp;&nbsp;&nbsp; 602270 | &nbsp;&nbsp;&nbsp; 3257619 |
| Class R6 | &nbsp;&nbsp;&nbsp; 20978 | &nbsp;&nbsp;&nbsp; 108037 | &nbsp;&nbsp;&nbsp; 25744 | &nbsp;&nbsp;&nbsp; 139065 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 106233 | &nbsp;&nbsp;&nbsp; 550903 | &nbsp;&nbsp;&nbsp; 67236 | &nbsp;&nbsp;&nbsp; 364848 |
| Class C | &nbsp;&nbsp;&nbsp; (106189)<br>| &nbsp;&nbsp;&nbsp; (550903)<br>| &nbsp;&nbsp;&nbsp; (67224)<br>| &nbsp;&nbsp;&nbsp; (364848)<br>|

---

**23**

**Invesco Emerging Markets Local Debt Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 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; (604421)<br>| &nbsp;&nbsp;&nbsp; $(3108145)<br>| &nbsp;&nbsp;&nbsp; (1215210)<br>| &nbsp;&nbsp;&nbsp; $(6611402)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (78921)<br>| &nbsp;&nbsp;&nbsp; (405482)<br>| &nbsp;&nbsp;&nbsp; (179423)<br>| &nbsp;&nbsp;&nbsp; (975426)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (42095)<br>| &nbsp;&nbsp;&nbsp; (215829)<br>| &nbsp;&nbsp;&nbsp; (137257)<br>| &nbsp;&nbsp;&nbsp; (744215)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (2901568)<br>| &nbsp;&nbsp;&nbsp; (14946796)<br>| &nbsp;&nbsp;&nbsp; (4897185)<br>| &nbsp;&nbsp;&nbsp; (26539966)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (130015)<br>| &nbsp;&nbsp;&nbsp; (673598)<br>| &nbsp;&nbsp;&nbsp; (163593)<br>| &nbsp;&nbsp;&nbsp; (885276)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1485599)<br>| &nbsp;&nbsp;&nbsp; $(7657233)<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 62% 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.

**24**

**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>**

Not applicable.

**25**

**Invesco Emerging Markets Local Debt Fund**

------

![](imgf42484491.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-EMLD-NCSRS

------

![](img59b03b221.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco EQV Emerging Markets All Cap Fund**

Nasdaq:

A: GTDDX ■ C: GTDCX ■ Y: GTDYX ■ R5: GTDIX ■ R6: GTDFX

------

---

| | |
|:---|:---|
| [2](#xx_ad970bd8-b2f7-4d65-8570-f15d1397c804_SOI-Continued-11_1) | Schedule of Investments |
| [4](#xx_ad970bd8-b2f7-4d65-8570-f15d1397c804_FS-Continued-11_1) | Financial Statements |
| [7](#xx_ad970bd8-b2f7-4d65-8570-f15d1397c804_FS-Continued-11_4) | Financial Highlights |
| [8](#xx_ad970bd8-b2f7-4d65-8570-f15d1397c804_NTF-Continued-11_1) | Notes to Financial Statements |
| [15](#xx_ad970bd8-b2f7-4d65-8570-f15d1397c804_OIRSR-Continued-11_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.91%** | **Common Stocks & Other Equity Interests–97.91%** | **Common Stocks & Other Equity Interests–97.91%** |
| **Brazil–6.66%** | **Brazil–6.66%** | **Brazil–6.66%** |
| Arcos Dorados Holdings, Inc., Class A | 2632065 | &nbsp;&nbsp; $20135297 |
| MercadoLibre, Inc.<sup>(a)</sup>  | 6117 | &nbsp;&nbsp; 14257810 |
| Multiplan Empreendimentos <br> Imobiliarios S.A. | 2134529 | &nbsp;&nbsp; 9681291 |
| PRIO S.A.<sup>(a)</sup>  | 726400 | &nbsp;&nbsp; 4314766 |
| Raia Drogasil S.A. | 2935236 | &nbsp;&nbsp; 10261417 |
| TOTVS S.A. | 3812400 | &nbsp;&nbsp; 25272017 |
|  |  | &nbsp;&nbsp; 83922598 |
| **China–24.99%** | **China–24.99%** | **China–24.99%** |
| Airtac International Group | 1075000 | &nbsp;&nbsp; 29526185 |
| Alibaba Group Holding Ltd. | 1164600 | &nbsp;&nbsp; 17387509 |
| China Mengniu Dairy Co. Ltd. | 5179000 | &nbsp;&nbsp; 12899080 |
| China Resources Beer (Holdings) Co. <br> Ltd. | 2773500 | &nbsp;&nbsp; 9749415 |
| Fuyao Glass Industry Group Co. Ltd., H <br> Shares<sup>(b)</sup>  | 3563600 | &nbsp;&nbsp; 25201822 |
| Kanzhun Ltd., ADR<sup>(a)</sup>  | 1133200 | &nbsp;&nbsp; 17337960 |
| Meituan, B Shares<sup>(a)(b)</sup>  | 1324000 | &nbsp;&nbsp; 21922048 |
| Shenzhen Inovance Technology Co. <br> Ltd., A Shares | 2834503 | &nbsp;&nbsp; 27900778 |
| Sunresin New Materials Co. Ltd., A <br> Shares | 2224250 | &nbsp;&nbsp; 13322736 |
| Tencent Holdings Ltd. | 1084000 | &nbsp;&nbsp; 66396021 |
| Tongcheng Travel Holdings Ltd.<sup>(b)</sup>  | 9626000 | &nbsp;&nbsp; 25249163 |
| Trip.com Group Ltd. | 501400 | &nbsp;&nbsp; 30204732 |
| Wuliangye Yibin Co. Ltd., A Shares | 1017560 | &nbsp;&nbsp; 18034278 |
|  |  | &nbsp;&nbsp; 315131727 |
| **Egypt–2.56%** | **Egypt–2.56%** | **Egypt–2.56%** |
| Eastern Co. S.A.E. | 19178757 | &nbsp;&nbsp; 13205912 |
| EFG Holding S.A.E.<sup>(a)</sup>  | 33940428 | &nbsp;&nbsp; 19036821 |
|  |  | &nbsp;&nbsp; 32242733 |
| **France–2.40%** | **France–2.40%** | **France–2.40%** |
| Bollore SE | 4898399 | &nbsp;&nbsp; 30298663 |
| **Hong Kong–1.90%** | **Hong Kong–1.90%** | **Hong Kong–1.90%** |
| AIA Group Ltd. | 3198800 | &nbsp;&nbsp; 23968326 |
| **Hungary–3.19%** | **Hungary–3.19%** | **Hungary–3.19%** |
| Richter Gedeon Nyrt | 1324199 | &nbsp;&nbsp; 40161114 |
| **India–12.72%** | **India–12.72%** | **India–12.72%** |
| Cyient Ltd. | 621505 | &nbsp;&nbsp; 8748381 |
| Emami Ltd. | 2073758 | &nbsp;&nbsp; 15308226 |
| HDFC Bank Ltd., ADR<sup>(c)</sup>  | 805712 | &nbsp;&nbsp; 58567205 |
| MakeMyTrip Ltd.<sup>(a)(c)</sup>  | 117582 | &nbsp;&nbsp; 12324945 |
| Reliance Industries Ltd. | 2210432 | &nbsp;&nbsp; 36702729 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup>  | 1371328 | &nbsp;&nbsp; 28680067 |
|  |  | &nbsp;&nbsp; 160331553 |
| **Indonesia–5.19%** | **Indonesia–5.19%** | **Indonesia–5.19%** |
| PT Bank Central Asia Tbk | 58099400 | &nbsp;&nbsp; 30890887 |
| PT Bank Rakyat Indonesia (Persero) Tbk | 57173500 | &nbsp;&nbsp; 13241939 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Indonesia–(continued)** | **Indonesia–(continued)** | **Indonesia–(continued)** |
| PT Kalbe Farma Tbk | 258776700 | &nbsp;&nbsp; $21329678 |
|  |  | &nbsp;&nbsp; 65462504 |
| **Macau–0.55%** | **Macau–0.55%** | **Macau–0.55%** |
| Galaxy Entertainment Group Ltd. | 1928000 | &nbsp;&nbsp; 6963159 |
| **Malaysia–0.89%** | **Malaysia–0.89%** | **Malaysia–0.89%** |
| KPJ Healthcare Bhd. | 16898000 | &nbsp;&nbsp; 11264661 |
| **Mexico–3.36%** | **Mexico–3.36%** | **Mexico–3.36%** |
| Bolsa Mexicana de Valores S.A.B. de C.V. | 11818677 | &nbsp;&nbsp; 24799906 |
| Wal-Mart de Mexico S.A.B. de C.V., <br> Series V | 5546410 | &nbsp;&nbsp; 17577797 |
|  |  | &nbsp;&nbsp; 42377703 |
| **Netherlands–1.64%** | **Netherlands–1.64%** | **Netherlands–1.64%** |
| Prosus N.V.<sup>(a)</sup>  | 440385 | &nbsp;&nbsp; 20647271 |
| **Nigeria–1.03%** | **Nigeria–1.03%** | **Nigeria–1.03%** |
| Zenith Bank PLC | 435547283 | &nbsp;&nbsp; 13022474 |
| **Philippines–4.48%** | **Philippines–4.48%** | **Philippines–4.48%** |
| BDO Unibank, Inc. | 10043152 | &nbsp;&nbsp; 28824435 |
| SM Investments Corp. | 584420 | &nbsp;&nbsp; 9097354 |
| SM Prime Holdings, Inc. | 42603800 | &nbsp;&nbsp; 18597727 |
|  |  | &nbsp;&nbsp; 56519516 |
| **Poland–1.22%** | **Poland–1.22%** | **Poland–1.22%** |
| Allegro.eu S.A.<sup>(a)(b)</sup>  | 1758588 | &nbsp;&nbsp; 15430588 |
| **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** |
| Moscow Exchange MICEX-RTS PJSC<sup>(d)</sup>  | 11806000 | &nbsp;&nbsp; 12 |
| Sberbank of Russia PJSC<sup>(d)</sup>  | 11900044 | &nbsp;&nbsp; 12 |
| Sberbank of Russia PJSC, Preference <br> Shares<sup>(d)</sup>  | 15636015 | &nbsp;&nbsp; 15 |
|  |  | &nbsp;&nbsp; 39 |
| **South Africa–1.62%** | **South Africa–1.62%** | **South Africa–1.62%** |
| Naspers Ltd. | 77491 | &nbsp;&nbsp; 20375648 |
| **South Korea–2.64%** | **South Korea–2.64%** | **South Korea–2.64%** |
| KB Financial Group, Inc. | 79515 | &nbsp;&nbsp; 5045553 |
| LEENO Industrial, Inc. | 355455 | &nbsp;&nbsp; 9027320 |
| Samsung Electronics Co. Ltd. | 492712 | &nbsp;&nbsp; 19224408 |
|  |  | &nbsp;&nbsp; 33297281 |
| **Taiwan–12.91%** | **Taiwan–12.91%** | **Taiwan–12.91%** |
| ASPEED Technology, Inc. | 103000 | &nbsp;&nbsp; 9689864 |
| MediaTek, Inc. | 1012000 | &nbsp;&nbsp; 43002985 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. | 3505000 | &nbsp;&nbsp; 99312602 |
| Visual Photonics Epitaxy Co. Ltd. | 3458000 | &nbsp;&nbsp; 10796534 |
|  |  | &nbsp;&nbsp; 162801985 |
| **Thailand–3.61%** | **Thailand–3.61%** | **Thailand–3.61%** |
| Bangkok Dusit Medical Services PCL, <br> Foreign Shares | 39136300 | &nbsp;&nbsp; 28066059 |
| Central Pattana PCL, Foreign Shares | 11504700 | &nbsp;&nbsp; 17393278 |
|  |  | &nbsp;&nbsp; 45459337 |

---

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

**2**

**Invesco EQV Emerging Markets All Cap Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Turkey–0.68%** | **Turkey–0.68%** | **Turkey–0.68%** | **Turkey–0.68%** |
| KOC Holding A.S. | KOC Holding A.S. | 2374979 | &nbsp;&nbsp; $8550963 |
| **United Arab Emirates–3.67%** | **United Arab Emirates–3.67%** | **United Arab Emirates–3.67%** | **United Arab Emirates–3.67%** |
| Emaar Properties PJSC | Emaar Properties PJSC | 12959736 | &nbsp;&nbsp; 46308398 |
| Total Common Stocks & Other Equity Interests <br> (Cost $982,133,278) | Total Common Stocks & Other Equity Interests <br> (Cost $982,133,278) | Total Common Stocks & Other Equity Interests <br> (Cost $982,133,278) | &nbsp;&nbsp; 1234538241 |
| **Money Market Funds–2.19%** | **Money Market Funds–2.19%** | **Money Market Funds–2.19%** | **Money Market Funds–2.19%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup>  | 9663976 | &nbsp;&nbsp; 9663976 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(e)(f)</sup>  | 17949368 | &nbsp;&nbsp; 17949368 |
| Total Money Market Funds (Cost $27,613,344) | Total Money Market Funds (Cost $27,613,344) | Total Money Market Funds (Cost $27,613,344) | &nbsp;&nbsp; 27613344 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from <br> securities on loan)-100.10% <br> (Cost $1,009,746,622)<br>|  |  | &nbsp;&nbsp; 1262151585 |

---

---

| | | |
|:---|:---|:---|
| **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–2.96%** | **Money Market Funds–2.96%** | **Money Market Funds–2.96%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup>  | 10360898 | &nbsp;&nbsp; $10360898 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(e)(f)(g)</sup>  | 26959369 | &nbsp;&nbsp; 26964761 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $37,325,659) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $37,325,659) | &nbsp;&nbsp; 37325659 |
| TOTAL INVESTMENTS IN SECURITIES—103.06% <br> (Cost $1,047,072,281) | TOTAL INVESTMENTS IN SECURITIES—103.06% <br> (Cost $1,047,072,281) | &nbsp;&nbsp; 1299477244 |
| OTHER ASSETS LESS LIABILITIES–(3.06)% | OTHER ASSETS LESS LIABILITIES–(3.06)% | &nbsp;&nbsp; (38593976)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1260883268 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<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 April 30, 2025 was $116,483,688, which represented 9.24% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at April 30, 2025.

<sup>(d)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<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 six months ended April 30, 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>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $9599069 | &nbsp;&nbsp; $86232065 | &nbsp;&nbsp; $(86167158) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9663976 | &nbsp;&nbsp; $220835 |
| Invesco Treasury Portfolio, Institutional Class | 17828826 | &nbsp;&nbsp; 160145264 | &nbsp;&nbsp; (160024722) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 17949368 | &nbsp;&nbsp; 406604 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 4448559 | &nbsp;&nbsp; 41800449 | &nbsp;&nbsp; (35888110) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10360898 | &nbsp;&nbsp; 128,181\* |
| Invesco Private Prime Fund | 11604321 | &nbsp;&nbsp; 107269982 | &nbsp;&nbsp; (91908021) | &nbsp;&nbsp; 954 | &nbsp;&nbsp; (2475) | &nbsp;&nbsp; 26964761 | &nbsp;&nbsp; 341,083\* |
| Total | $43480775 | &nbsp;&nbsp; $395447760 | &nbsp;&nbsp; $(373988011) | &nbsp;&nbsp; $954 | &nbsp;&nbsp; $(2475) | &nbsp;&nbsp; $64939003 | &nbsp;&nbsp; $1096703 |

---

\* 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>(f)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(g)</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 EQV Emerging Markets All Cap Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $982,133,278)\*<br>| &nbsp;&nbsp; $1234538241 |
| Investments in affiliated money market funds, at value <br> (Cost $64,939,003)<br>| &nbsp;&nbsp; 64939003 |
| Foreign currencies, at value (Cost $665,020) | &nbsp;&nbsp; 660733 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 3101277 |
| Fund shares sold | &nbsp;&nbsp; 237296 |
| Dividends | &nbsp;&nbsp; 3011666 |
| Foreign withholding tax claims | &nbsp;&nbsp; 69990 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 287850 |
| Other assets | &nbsp;&nbsp; 56892 |
| Total assets | &nbsp;&nbsp; 1306902948 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 4997004 |
| Fund shares reacquired | &nbsp;&nbsp; 1755878 |
| Accrued foreign taxes | &nbsp;&nbsp; 874352 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 37325659 |
| Accrued fees to affiliates | &nbsp;&nbsp; 512759 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 764 |
| Accrued other operating expenses | &nbsp;&nbsp; 248356 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 304908 |
| Total liabilities | &nbsp;&nbsp; 46019680 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1260883268 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1011499649 |
| Distributable earnings | &nbsp;&nbsp; 249383619 |
|  | &nbsp;&nbsp; $1260883268 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $371385894 |
| Class C | &nbsp;&nbsp; $4340091 |
| Class Y | &nbsp;&nbsp; $363079612 |
| Class R5 | &nbsp;&nbsp; $146802993 |
| Class R6 | &nbsp;&nbsp; $375274678 |
| **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; 10851499 |
| Class C | &nbsp;&nbsp; 129216 |
| Class Y | &nbsp;&nbsp; 10616984 |
| Class R5 | &nbsp;&nbsp; 4307707 |
| Class R6 | &nbsp;&nbsp; 11021765 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $34.22 |
| Maximum offering price per share <br>(Net asset value of $34.22 ÷ 94.50%)<br>| &nbsp;&nbsp; $36.21 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $33.59 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.20 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.08 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.05 |

---

\* At April 30, 2025, securities with an aggregate value of $36,616,837 were on loan to brokers. 

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

**4**

**Invesco EQV Emerging Markets All Cap Fund**

------

**Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $1,698,593) | &nbsp;&nbsp; $13679901 |
| Dividends from affiliates (includes net securities lending income of $12,516) | &nbsp;&nbsp; 639955 |
| Foreign withholding tax claims | &nbsp;&nbsp; 69990 |
| Total investment income | &nbsp;&nbsp; 14389846 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 6074089 |
| Administrative services fees | &nbsp;&nbsp; 102596 |
| Custodian fees | &nbsp;&nbsp; 174243 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 460711 |
| Class C | &nbsp;&nbsp; 23434 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 790974 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 77630 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 58676 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 15069 |
| Registration and filing fees | &nbsp;&nbsp; 40529 |
| Reports to shareholders | &nbsp;&nbsp; 99270 |
| Professional services fees | &nbsp;&nbsp; 39638 |
| Other | &nbsp;&nbsp; 16212 |
| Total expenses | &nbsp;&nbsp; 7973071 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (26280)<br>|
| Net expenses | &nbsp;&nbsp; 7946791 |
| Net investment income | &nbsp;&nbsp; 6443055 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $258,432) | &nbsp;&nbsp; 21710218 |
| Affiliated investment securities | &nbsp;&nbsp; (2475)<br>|
| Foreign currencies | &nbsp;&nbsp; (685833)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; 114205 |
|  | &nbsp;&nbsp; 21136115 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $974,462) | &nbsp;&nbsp; (15605270)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 954 |
| Foreign currencies | &nbsp;&nbsp; 2859823 |
|  | &nbsp;&nbsp; (12744493)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 8391622 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $14834677 |

---

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

**5**

**Invesco EQV Emerging Markets All Cap Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $6443055 | &nbsp;&nbsp; $18048852 |
| Net realized gain | &nbsp;&nbsp; 21136115 | &nbsp;&nbsp; 32441473 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (12744493)<br>| &nbsp;&nbsp; 129553568 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 14834677 | &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; (7123566)<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; (19602556)<br>| &nbsp;&nbsp; (28403180)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (22507504)<br>| &nbsp;&nbsp; (44260953)<br>|
| Class C | &nbsp;&nbsp; (934420)<br>| &nbsp;&nbsp; (2726488)<br>|
| Class Y | &nbsp;&nbsp; (154064406)<br>| &nbsp;&nbsp; (68412954)<br>|
| Class R5 | &nbsp;&nbsp; (14329669)<br>| &nbsp;&nbsp; 9322743 |
| Class R6 | &nbsp;&nbsp; (18611270)<br>| &nbsp;&nbsp; (103572829)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (210447269)<br>| &nbsp;&nbsp; (209650481)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (215215148)<br>| &nbsp;&nbsp; (58009768)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1476098416 | &nbsp;&nbsp; 1534108184 |
| End of period | &nbsp;&nbsp; $1260883268 | &nbsp;&nbsp; $1476098416 |

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

**6**

**Invesco EQV Emerging Markets All Cap Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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** |
| Six months ended 04/30/25 | $34.17 | $0.12 | $0.31 | $0.43 | $(0.38)<br>| $— | $(0.38)<br>| $34.22 | 1.28<br> %<br>| &nbsp;&nbsp; $371386 | 1.40 %<sup>(d)</sup><br>| 1.40 %<sup>(d)</sup><br>| 0.71 %<sup>(d)</sup><br>| 11<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 |
| Year ended 10/31/20 | 36.81 | 0.27 | 1.76 | 2.03 | (0.57)<br>|  | (0.57)<br>| 38.27 | 5.54 | &nbsp;&nbsp; 552262 | 1.37 | 1.38 | 0.76 | 33 |
| **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** |
| Six months ended 04/30/25 | 33.34 | (0.01)<br>| 0.32 | 0.31 | (0.06)<br>|  | (0.06)<br>| 33.59 | 0.95 | &nbsp;&nbsp; 4340 | 2.15 <br><sup>(d)</sup><br>| 2.15 <br><sup>(d)</sup><br>| (0.04 )<sup>(d)</sup><br>| 11 |
| 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 |
| Year ended 10/31/20 | 35.83 | 0.00 | 1.71 | 1.71 | (0.16)<br>|  | (0.16)<br>| 37.38 | 4.78 | &nbsp;&nbsp; 16812 | 2.12 | 2.13 | 0.01 | 33 |
| **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** |
| Six months ended 04/30/25 | 34.19 | 0.16 | 0.32 | 0.48 | (0.47)<br>|  | (0.47)<br>| 34.20 | 1.44 | &nbsp;&nbsp; 363080 | 1.15 <br><sup>(d)</sup><br>| 1.15 <br><sup>(d)</sup><br>| 0.96 <br><sup>(d)</sup><br>| 11 |
| 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 |
| Year ended 10/31/20 | 36.85 | 0.36 | 1.78 | 2.14 | (0.67)<br>|  | (0.67)<br>| 38.32 | 5.82 | &nbsp;&nbsp; 1015412 | 1.12 | 1.13 | 1.01 | 33 |
| **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** |
| Six months ended 04/30/25 | 34.08 | 0.17 | 0.32 | 0.49 | (0.49)<br>|  | (0.49)<br>| 34.08 | 1.48 | &nbsp;&nbsp; 146803 | 1.06 <br><sup>(d)</sup><br>| 1.06 <br><sup>(d)</sup><br>| 1.05 <br><sup>(d)</sup><br>| 11 |
| 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 |
| Year ended 10/31/20 | 36.76 | 0.39 | 1.77 | 2.16 | (0.70)<br>|  | (0.70)<br>| 38.22 | 5.90 | &nbsp;&nbsp; 182631 | 1.05 | 1.06 | 1.08 | 33 |
| **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** |
| Six months ended 04/30/25 | 34.06 | 0.18 | 0.33 | 0.51 | (0.52)<br>|  | (0.52)<br>| 34.05 | 1.52 | &nbsp;&nbsp; 375275 | 0.99 <br><sup>(d)</sup><br>| 0.99 <br><sup>(d)</sup><br>| 1.12 <br><sup>(d)</sup><br>| 11 |
| 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 |
| Year ended 10/31/20 | 36.76 | 0.42 | 1.76 | 2.18 | (0.72)<br>|  | (0.72)<br>| 38.22 | 5.96 | &nbsp;&nbsp; 497383 | 0.96 | 0.97 | 1.17 | 33 |

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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> Annualized.

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

**7**

**Invesco EQV Emerging Markets All Cap Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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.

**8**

**Invesco EQV Emerging Markets All Cap Fund**

------

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

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

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

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

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

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

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

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

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

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

**F.** **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 six months ended April 30, 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

**9**

**Invesco EQV Emerging Markets All Cap Fund**

------

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 note 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 six months ended April 30, 2025, the Fund paid the Adviser $836 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,

**10**

**Invesco EQV Emerging Markets All Cap Fund**

------

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 companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; lack of publicly available information; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China's dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.

The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. In addition, export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has recently imposed tariffs on the other country's products. Further, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

**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; 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% |

---

For the six months ended April 30, 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 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 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned 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 six months ended April 30, 2025, the Adviser waived advisory fees of $15,268.

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 six months ended April 30, 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 six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

**11**

**Invesco EQV Emerging Markets All Cap Fund**

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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 six months ended April 30, 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 six months ended April 30, 2025, IDI advised the Fund that IDI retained $9,773 in front-end sales commissions from the sale of Class A shares and $519 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2025, the Fund incurred $1,991 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 April 30, 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; $83922598 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $83922598 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 17337960 | &nbsp;&nbsp;&nbsp;&nbsp; 297793767 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 315131727 |
| Egypt | &nbsp;&nbsp;&nbsp;&nbsp; 32242733 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32242733 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30298663 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30298663 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23968326 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23968326 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40161114 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40161114 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 70892150 | &nbsp;&nbsp;&nbsp;&nbsp; 89439403 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 160331553 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65462504 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65462504 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6963159 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6963159 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11264661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11264661 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 42377703 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42377703 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20647271 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20647271 |
| Nigeria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13022474 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13022474 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56519516 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56519516 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15430588 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15430588 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 39 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20375648 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20375648 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33297281 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33297281 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 162801985 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 162801985 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45459337 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45459337 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8550963 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8550963 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46308398 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46308398 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 27613344 | &nbsp;&nbsp;&nbsp;&nbsp; 37325659 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64939003 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $274386488 | &nbsp;&nbsp;&nbsp;&nbsp; $1025090717 | &nbsp;&nbsp;&nbsp;&nbsp; $39 | &nbsp;&nbsp;&nbsp;&nbsp; $1299477244 |

---

**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

**12**

**Invesco EQV Emerging Markets All Cap Fund**

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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 six months ended April 30, 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 |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $11,012.

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund had a capital loss carryforward as of October 31, 2024, 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; $19854848 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $19854848 |

---

\*

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $152,364,779 and $374,779,575, respectively. As of April 30, 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; $380361205 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (138444543)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $241916662 |

---

Cost of investments for tax purposes is $1,057,560,582.

**13**

**Invesco EQV Emerging Markets All Cap Fund**

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**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 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; 334225 | &nbsp;&nbsp;&nbsp; $11092436 | &nbsp;&nbsp;&nbsp; 869002 | &nbsp;&nbsp;&nbsp; $28631953 |
| Class C | &nbsp;&nbsp;&nbsp; 14723 | &nbsp;&nbsp;&nbsp; 475776 | &nbsp;&nbsp;&nbsp; 23914 | &nbsp;&nbsp;&nbsp; 771463 |
| Class Y | &nbsp;&nbsp;&nbsp; 1157719 | &nbsp;&nbsp;&nbsp; 38313597 | &nbsp;&nbsp;&nbsp; 3628693 | &nbsp;&nbsp;&nbsp; 120597653 |
| Class R5 | &nbsp;&nbsp;&nbsp; 641907 | &nbsp;&nbsp;&nbsp; 21232110 | &nbsp;&nbsp;&nbsp; 1140087 | &nbsp;&nbsp;&nbsp; 37301867 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1108884 | &nbsp;&nbsp;&nbsp; 36420262 | &nbsp;&nbsp;&nbsp; 1942602 | &nbsp;&nbsp;&nbsp; 63740201 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 106823 | &nbsp;&nbsp;&nbsp; 3571096 | &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; 14532 | &nbsp;&nbsp;&nbsp; 485128 | &nbsp;&nbsp;&nbsp; 34052 | &nbsp;&nbsp;&nbsp; 1123015 |
| Class C | &nbsp;&nbsp;&nbsp; (14802)<br>| &nbsp;&nbsp;&nbsp; (485128)<br>| &nbsp;&nbsp;&nbsp; (34783)<br>| &nbsp;&nbsp;&nbsp; (1123015)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1134830)<br>| &nbsp;&nbsp;&nbsp; (37656164)<br>| &nbsp;&nbsp;&nbsp; (2419614)<br>| &nbsp;&nbsp;&nbsp; (80071810)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (28804)<br>| &nbsp;&nbsp;&nbsp; (933590)<br>| &nbsp;&nbsp;&nbsp; (74945)<br>| &nbsp;&nbsp;&nbsp; (2425755)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (5872205)<br>| &nbsp;&nbsp;&nbsp; (195486737)<br>| &nbsp;&nbsp;&nbsp; (5955908)<br>| &nbsp;&nbsp;&nbsp; (197308380)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (1139874)<br>| &nbsp;&nbsp;&nbsp; (37828616)<br>| &nbsp;&nbsp;&nbsp; (916736)<br>| &nbsp;&nbsp;&nbsp; (30522000)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1820092)<br>| &nbsp;&nbsp;&nbsp; (60085133)<br>| &nbsp;&nbsp;&nbsp; (5299925)<br>| &nbsp;&nbsp;&nbsp; (175635300)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (6317962)<br>| &nbsp;&nbsp;&nbsp; $(210447269)<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 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.

**14**

**Invesco EQV Emerging Markets All Cap 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>**

Not applicable.

**15**

**Invesco EQV Emerging Markets All Cap Fund**

------

![](img59b03b221.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

DVM-NCSRS

------

![](imga90cdb1f1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Global Allocation Fund**

Nasdaq:

A: QVGIX ■ C: QGRCX ■ R: QGRNX ■ Y: QGRYX ■ R5: GLALX ■ R6: QGRIX

------

---

| | |
|:---|:---|
| [2](#xx_51956833-8bdc-4313-ab02-11112e19ac1b_SOI-Continued-737_1) | Consolidated Schedule of Investments |
| [10](#xx_51956833-8bdc-4313-ab02-11112e19ac1b_FS-Continued-737_1) | Consolidated Financial Statements |
| [13](#xx_51956833-8bdc-4313-ab02-11112e19ac1b_FS-Continued-737_4) | Consolidated Financial Highlights |
| [14](#xx_51956833-8bdc-4313-ab02-11112e19ac1b_NTF-Continued-737_1) | Notes to Consolidated Financial Statements |
| [24](#xx_51956833-8bdc-4313-ab02-11112e19ac1b_OIRSR-Continued-737_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments**<sup>(a)</sup> 

*April 30, 2025*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Exchange-Traded Funds–46.90%** | **Exchange-Traded Funds–46.90%** | **Exchange-Traded Funds–46.90%** | **Exchange-Traded Funds–46.90%** |
| Invesco Emerging Markets Sovereign <br> Debt ETF<sup>(b)</sup>  | Invesco Emerging Markets Sovereign <br> Debt ETF<sup>(b)</sup>  | 383000 | &nbsp;&nbsp; $7529780 |
| Invesco High Yield Bond Factor ETF<sup>(b)</sup>  | Invesco High Yield Bond Factor ETF<sup>(b)</sup>  | 1076000 | &nbsp;&nbsp; 23591300 |
| 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; 150493551 |
| Invesco Russell 1000<sup>®</sup> Dynamic <br> Multifactor ETF<sup>(b)</sup>  | Invesco Russell 1000<sup>®</sup> Dynamic <br> Multifactor ETF<sup>(b)</sup>  | 4151760 | &nbsp;&nbsp; 222409783 |
| Invesco Russell 2000<sup>®</sup> Dynamic <br> Multifactor ETF<sup>(b)</sup>  | Invesco Russell 2000<sup>®</sup> Dynamic <br> Multifactor ETF<sup>(b)</sup>  | 1607300 | &nbsp;&nbsp; 60161239 |
| Total Exchange-Traded Funds <br> (Cost $348,600,683) | Total Exchange-Traded Funds <br> (Cost $348,600,683) | Total Exchange-Traded Funds <br> (Cost $348,600,683) | &nbsp;&nbsp; 464185653 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **U.S. Treasury Securities–32.90%** | **U.S. Treasury Securities–32.90%** | **U.S. Treasury Securities–32.90%** | **U.S. Treasury Securities–32.90%** |
| **U.S. Treasury Bills–0.01%** | **U.S. Treasury Bills–0.01%** | **U.S. Treasury Bills–0.01%** | **U.S. Treasury Bills–0.01%** |
| 4.24%, 05/29/2025<sup>(d)</sup> <br>|  | $162000 | &nbsp;&nbsp; 161469 |
| **U.S. Treasury Notes–32.89%** | **U.S. Treasury Notes–32.89%** | **U.S. Treasury Notes–32.89%** | **U.S. Treasury Notes–32.89%** |
| 3.88%, 12/31/2029<sup>(e)</sup> <br>|  | 68550000 | &nbsp;&nbsp; 69052076 |
| 1.88%, 02/15/2032<sup>(e)</sup> <br>|  | 171525000 | &nbsp;&nbsp; 150630440 |
| 4.63%, 02/15/2035 |  | 102000000 | &nbsp;&nbsp; 105832968 |
|  |  |  | &nbsp;&nbsp; 325515484 |
| Total U.S. Treasury Securities <br> (Cost $323,907,956) | Total U.S. Treasury Securities <br> (Cost $323,907,956) | Total U.S. Treasury Securities <br> (Cost $323,907,956) | &nbsp;&nbsp; 325676953 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Common Stocks & Other Equity Interests–16.39%** | **Common Stocks & Other Equity Interests–16.39%** | **Common Stocks & Other Equity Interests–16.39%** | **Common Stocks & Other Equity Interests–16.39%** |
| **Aerospace & Defense–0.61%** | **Aerospace & Defense–0.61%** | **Aerospace & Defense–0.61%** | **Aerospace & Defense–0.61%** |
| Airbus SE (France) | Airbus SE (France) | 10261 | &nbsp;&nbsp; 1741194 |
| Axon Enterprise, Inc.<sup>(f)</sup>  | Axon Enterprise, Inc.<sup>(f)</sup>  | 1857 | &nbsp;&nbsp; 1138898 |
| BAE Systems PLC (United Kingdom) | BAE Systems PLC (United Kingdom) | 37431 | &nbsp;&nbsp; 867749 |
| Curtiss-Wright Corp. | Curtiss-Wright Corp. | 1457 | &nbsp;&nbsp; 502505 |
| Embraer S.A., ADR (Brazil)<sup>(f)</sup>  | Embraer S.A., ADR (Brazil)<sup>(f)</sup>  | 6660 | &nbsp;&nbsp; 305961 |
| HEICO Corp. | HEICO Corp. | 1483 | &nbsp;&nbsp; 371877 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | 8128 | &nbsp;&nbsp; 1126378 |
|  |  |  | &nbsp;&nbsp; 6054562 |
| **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** |
| ZTO Express (Cayman), Inc., ADR <br> (China) | ZTO Express (Cayman), Inc., ADR <br> (China) | 5161 | &nbsp;&nbsp; 95478 |
| **Apparel Retail–0.07%** | **Apparel Retail–0.07%** | **Apparel Retail–0.07%** | **Apparel Retail–0.07%** |
| Burlington Stores, Inc.<sup>(f)</sup>  | Burlington Stores, Inc.<sup>(f)</sup>  | 1961 | &nbsp;&nbsp; 441303 |
| TJX Cos., Inc. (The) | TJX Cos., Inc. (The) | 2014 | &nbsp;&nbsp; 259162 |
|  |  |  | &nbsp;&nbsp; 700465 |
| **Apparel, Accessories & Luxury Goods–0.38%** | **Apparel, Accessories & Luxury Goods–0.38%** | **Apparel, Accessories & Luxury Goods–0.38%** | **Apparel, Accessories & Luxury Goods–0.38%** |
| Brunello Cucinelli S.p.A. (Italy) | Brunello Cucinelli S.p.A. (Italy) | 4298 | &nbsp;&nbsp; 485243 |
| Ermenegildo Zegna N.V. (Italy) | Ermenegildo Zegna N.V. (Italy) | 13007 | &nbsp;&nbsp; 103406 |
| Hermes International S.C.A. (France) | Hermes International S.C.A. (France) | 265 | &nbsp;&nbsp; 728798 |
| Kering S.A. (France) | Kering S.A. (France) | 1232 | &nbsp;&nbsp; 250653 |
| LVMH Moet Hennessy Louis Vuitton SE <br> (France) | LVMH Moet Hennessy Louis Vuitton SE <br> (France) | 2683 | &nbsp;&nbsp; 1486192 |
| Moncler S.p.A. (Italy) | Moncler S.p.A. (Italy) | 1731 | &nbsp;&nbsp; 106839 |
| Prada S.p.A. (Italy) | Prada S.p.A. (Italy) | 92900 | &nbsp;&nbsp; 580054 |
|  |  |  | &nbsp;&nbsp; 3741185 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Application Software–1.08%** | **Application Software–1.08%** | **Application Software–1.08%** |
| AppLovin Corp., Class A<sup>(f)</sup>  | 2456 | &nbsp;&nbsp; $661425 |
| Dassault Systemes SE (France) | 14914 | &nbsp;&nbsp; 558919 |
| Datadog, Inc., Class A<sup>(f)</sup>  | 3132 | &nbsp;&nbsp; 319965 |
| Guidewire Software, Inc.<sup>(f)</sup>  | 3112 | &nbsp;&nbsp; 637244 |
| HubSpot, Inc.<sup>(f)</sup>  | 1321 | &nbsp;&nbsp; 807792 |
| Intuit, Inc. | 2259 | &nbsp;&nbsp; 1417455 |
| Nice Ltd., ADR (Israel)<sup>(f)</sup>  | 2909 | &nbsp;&nbsp; 453382 |
| OBIC Business Consultants Co. Ltd. <br> (Japan) | 5200 | &nbsp;&nbsp; 249972 |
| Palantir Technologies, Inc., Class A<sup>(f)</sup>  | 9084 | &nbsp;&nbsp; 1075909 |
| Procore Technologies, Inc.<sup>(f)</sup>  | 2418 | &nbsp;&nbsp; 154970 |
| Q2 Holdings, Inc.<sup>(f)</sup>  | 2842 | &nbsp;&nbsp; 225229 |
| Samsara, Inc., Class A<sup>(f)</sup>  | 9206 | &nbsp;&nbsp; 365110 |
| SAP SE (Germany) | 9744 | &nbsp;&nbsp; 2850984 |
| Synopsys, Inc.<sup>(f)</sup>  | 409 | &nbsp;&nbsp; 187735 |
| Tyler Technologies, Inc.<sup>(f)</sup>  | 1248 | &nbsp;&nbsp; 678038 |
|  |  | &nbsp;&nbsp; 10644129 |
| **Asset Management & Custody Banks–0.13%** | **Asset Management & Custody Banks–0.13%** | **Asset Management & Custody Banks–0.13%** |
| Ares Management Corp., Class A | 5426 | &nbsp;&nbsp; 827628 |
| Blue Owl Capital, Inc. | 9359 | &nbsp;&nbsp; 173422 |
| Hamilton Lane, Inc., Class A | 1634 | &nbsp;&nbsp; 252437 |
|  |  | &nbsp;&nbsp; 1253487 |
| **Automobile Manufacturers–0.07%** | **Automobile Manufacturers–0.07%** | **Automobile Manufacturers–0.07%** |
| BYD Co. Ltd., H Shares (China) | 5000 | &nbsp;&nbsp; 237481 |
| Ferrari N.V. (Italy) | 415 | &nbsp;&nbsp; 189979 |
| Mahindra & Mahindra Ltd. (India) | 7346 | &nbsp;&nbsp; 254518 |
|  |  | &nbsp;&nbsp; 681978 |
| **Automotive Retail–0.07%** | **Automotive Retail–0.07%** | **Automotive Retail–0.07%** |
| AutoZone, Inc.<sup>(f)</sup>  | 191 | &nbsp;&nbsp; 718657 |
| **Biotechnology–0.25%** | **Biotechnology–0.25%** | **Biotechnology–0.25%** |
| Alnylam Pharmaceuticals, Inc.<sup>(f)</sup>  | 1873 | &nbsp;&nbsp; 493049 |
| argenx SE, ADR (Netherlands)<sup>(f)</sup>  | 858 | &nbsp;&nbsp; 553530 |
| BioNTech SE, ADR (Germany)<sup>(f)</sup>  | 2101 | &nbsp;&nbsp; 218819 |
| Legend Biotech Corp., ADR<sup>(f)</sup>  | 7901 | &nbsp;&nbsp; 276140 |
| Natera, Inc.<sup>(f)</sup>  | 4851 | &nbsp;&nbsp; 732161 |
| Zealand Pharma A/S (Denmark)<sup>(f)</sup>  | 2846 | &nbsp;&nbsp; 201287 |
|  |  | &nbsp;&nbsp; 2474986 |
| **Broadline Retail–0.62%** | **Broadline Retail–0.62%** | **Broadline Retail–0.62%** |
| Alibaba Group Holding Ltd., ADR (China)<sup>(c)</sup>  | 10764 | &nbsp;&nbsp; 1285545 |
| Allegro.eu S.A. (Poland)<sup>(f)(g)</sup>  | 39427 | &nbsp;&nbsp; 345949 |
| Amazon.com, Inc.<sup>(f)</sup>  | 4079 | &nbsp;&nbsp; 752249 |
| Dollarama, Inc. (Canada) | 7945 | &nbsp;&nbsp; 980302 |
| JD.com, Inc., ADR (China) | 36233 | &nbsp;&nbsp; 1181921 |
| MercadoLibre, Inc. (Brazil)<sup>(f)</sup>  | 351 | &nbsp;&nbsp; 818128 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(f)</sup>  | 1869 | &nbsp;&nbsp; 198320 |
| PDD Holdings, Inc., ADR (China)<sup>(f)</sup>  | 5497 | &nbsp;&nbsp; 580318 |
|  |  | &nbsp;&nbsp; 6142732 |
| **Building Products–0.20%** | **Building Products–0.20%** | **Building Products–0.20%** |
| Assa Abloy AB, Class B (Sweden) | 20029 | &nbsp;&nbsp; 607960 |
| Builders FirstSource, Inc.<sup>(f)</sup>  | 2465 | &nbsp;&nbsp; 294888 |

---

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

**2**

**Invesco Global Allocation Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Building Products–(continued)** | **Building Products–(continued)** | **Building Products–(continued)** |
| Daikin Industries Ltd. (Japan) | 4500 | &nbsp;&nbsp; $512654 |
| Lennox International, Inc. | 953 | &nbsp;&nbsp; 521053 |
|  |  | &nbsp;&nbsp; 1936555 |
| **Cargo Ground Transportation–0.04%** | **Cargo Ground Transportation–0.04%** | **Cargo Ground Transportation–0.04%** |
| XPO, Inc.<sup>(f)</sup>  | 3426 | &nbsp;&nbsp; 363567 |
| **Casinos & Gaming–0.07%** | **Casinos & Gaming–0.07%** | **Casinos & Gaming–0.07%** |
| Flutter Entertainment PLC (Ireland)<sup>(f)</sup>  | 2934 | &nbsp;&nbsp; 712131 |
| **Communications Equipment–0.05%** | **Communications Equipment–0.05%** | **Communications Equipment–0.05%** |
| Motorola Solutions, Inc. | 1153 | &nbsp;&nbsp; 507770 |
| **Construction & Engineering–0.14%** | **Construction & Engineering–0.14%** | **Construction & Engineering–0.14%** |
| Comfort Systems USA, Inc. | 832 | &nbsp;&nbsp; 330762 |
| EMCOR Group, Inc. | 875 | &nbsp;&nbsp; 350612 |
| Quanta Services, Inc. | 2378 | &nbsp;&nbsp; 696017 |
|  |  | &nbsp;&nbsp; 1377391 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.12%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.12%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.12%** |
| Epiroc AB, Class A (Sweden) | 21357 | &nbsp;&nbsp; 462053 |
| Wabtec Corp. | 3707 | &nbsp;&nbsp; 684831 |
|  |  | &nbsp;&nbsp; 1146884 |
| **Consumer Electronics–0.04%** | **Consumer Electronics–0.04%** | **Consumer Electronics–0.04%** |
| Garmin Ltd. | 2251 | &nbsp;&nbsp; 420644 |
| **Consumer Finance–0.02%** | **Consumer Finance–0.02%** | **Consumer Finance–0.02%** |
| Bajaj Finance Ltd. (India) | 860 | &nbsp;&nbsp; 87751 |
| Cholamandalam Investment and Finance <br> Co. Ltd. (India) | 4818 | &nbsp;&nbsp; 85218 |
|  |  | &nbsp;&nbsp; 172969 |
| **Consumer Staples Merchandise Retail–0.04%** | **Consumer Staples Merchandise Retail–0.04%** | **Consumer Staples Merchandise Retail–0.04%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(f)</sup>  | 3137 | &nbsp;&nbsp; 368786 |
| **Copper–0.04%** | **Copper–0.04%** | **Copper–0.04%** |
| Antofagasta PLC (Chile) | 17287 | &nbsp;&nbsp; 379372 |
| **Distillers & Vintners–0.03%** | **Distillers & Vintners–0.03%** | **Distillers & Vintners–0.03%** |
| Diageo PLC (United Kingdom) | 11980 | &nbsp;&nbsp; 336403 |
| **Diversified Banks–1.04%** | **Diversified Banks–1.04%** | **Diversified Banks–1.04%** |
| Akbank T.A.S. (Turkey) | 35755 | &nbsp;&nbsp; 45434 |
| Banco de Chile (Chile) | 1425439 | &nbsp;&nbsp; 209249 |
| CaixaBank S.A. (Spain) | 47467 | &nbsp;&nbsp; 363797 |
| Capitec Bank Holdings Ltd. (South Africa) | 444 | &nbsp;&nbsp; 82409 |
| Credicorp Ltd. (Peru) | 2093 | &nbsp;&nbsp; 423184 |
| FinecoBank Banca Fineco S.p.A. (Italy) | 19368 | &nbsp;&nbsp; 387571 |
| HDFC Bank Ltd. (India) | 75515 | &nbsp;&nbsp; 1715244 |
| ICICI Bank Ltd. (India) | 61162 | &nbsp;&nbsp; 1028089 |
| ICICI Bank Ltd., ADR (India) | 28055 | &nbsp;&nbsp; 941526 |
| Itau Unibanco Holding S.A., Preference <br> Shares (Brazil) | 95591 | &nbsp;&nbsp; 599302 |
| Kotak Mahindra Bank Ltd. (India) | 89872 | &nbsp;&nbsp; 2348878 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan) | 36600 | &nbsp;&nbsp; 461128 |
| NU Holdings Ltd., Class A (Brazil)<sup>(f)</sup>  | 15100 | &nbsp;&nbsp; 187693 |
| PT Bank Central Asia Tbk (Indonesia) | 1650000 | &nbsp;&nbsp; 877289 |
| Sberbank of Russia PJSC (Russia)<sup>(h)</sup>  | 11951 | &nbsp;&nbsp; 0 |
| Societe Generale S.A. (France) | 4030 | &nbsp;&nbsp; 210120 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Svenska Handelsbanken AB, Class A <br> (Sweden) | 32921 | &nbsp;&nbsp; $430929 |
|  |  | &nbsp;&nbsp; 10311842 |
| **Diversified Capital Markets–0.03%** | **Diversified Capital Markets–0.03%** | **Diversified Capital Markets–0.03%** |
| Banco BTG Pactual S.A., Series CPO <br> (Brazil) | 42600 | &nbsp;&nbsp; 286069 |
| **Diversified Financial Services–0.07%** | **Diversified Financial Services–0.07%** | **Diversified Financial Services–0.07%** |
| Bajaj Finserv Ltd. (India) | 4883 | &nbsp;&nbsp; 112787 |
| FirstRand Ltd. (South Africa) | 157275 | &nbsp;&nbsp; 615785 |
|  |  | &nbsp;&nbsp; 728572 |
| **Diversified Metals & Mining–0.12%** | **Diversified Metals & Mining–0.12%** | **Diversified Metals & Mining–0.12%** |
| Grupo Mexico S.A.B. de C.V., Class B <br> (Mexico) | 225682 | &nbsp;&nbsp; 1172688 |
| **Diversified Real Estate Activities–0.19%** | **Diversified Real Estate Activities–0.19%** | **Diversified Real Estate Activities–0.19%** |
| DLF Ltd. (India) | 232693 | &nbsp;&nbsp; 1856050 |
| **Drug Retail–0.02%** | **Drug Retail–0.02%** | **Drug Retail–0.02%** |
| Raia Drogasil S.A. (Brazil) | 64100 | &nbsp;&nbsp; 224090 |
| **Education Services–0.07%** | **Education Services–0.07%** | **Education Services–0.07%** |
| Duolingo, Inc.<sup>(f)</sup>  | 1776 | &nbsp;&nbsp; 691716 |
| **Electrical Components & Equipment–0.21%** | **Electrical Components & Equipment–0.21%** | **Electrical Components & Equipment–0.21%** |
| Contemporary Amperex Technology Co. <br> Ltd., A Shares (China) | 15400 | &nbsp;&nbsp; 492393 |
| Havells India Ltd. (India) | 11050 | &nbsp;&nbsp; 209241 |
| Schneider Electric SE (France) | 1836 | &nbsp;&nbsp; 428974 |
| Vertiv Holdings Co., Class A | 4011 | &nbsp;&nbsp; 342459 |
| Voltronic Power Technology Corp. <br> (Taiwan) | 4000 | &nbsp;&nbsp; 187565 |
| WEG S.A. (Brazil) | 54436 | &nbsp;&nbsp; 428187 |
|  |  | &nbsp;&nbsp; 2088819 |
| **Electronic Components–0.06%** | **Electronic Components–0.06%** | **Electronic Components–0.06%** |
| Delta Electronics, Inc. (Taiwan) | 21000 | &nbsp;&nbsp; 220042 |
| TDK Corp. (Japan) | 32300 | &nbsp;&nbsp; 344688 |
|  |  | &nbsp;&nbsp; 564730 |
| **Electronic Equipment & Instruments–0.12%** | **Electronic Equipment & Instruments–0.12%** | **Electronic Equipment & Instruments–0.12%** |
| Keyence Corp. (Japan) | 2800 | &nbsp;&nbsp; 1170656 |
| **Electronic Manufacturing Services–0.10%** | **Electronic Manufacturing Services–0.10%** | **Electronic Manufacturing Services–0.10%** |
| Flex Ltd.<sup>(f)</sup>  | 20826 | &nbsp;&nbsp; 715165 |
| Hon Hai Precision Industry Co. Ltd. <br> (Taiwan) | 60000 | &nbsp;&nbsp; 267318 |
|  |  | &nbsp;&nbsp; 982483 |
| **Environmental & Facilities Services–0.05%** | **Environmental & Facilities Services–0.05%** | **Environmental & Facilities Services–0.05%** |
| Republic Services, Inc. | 2015 | &nbsp;&nbsp; 505261 |
| **Financial Exchanges & Data–0.45%** | **Financial Exchanges & Data–0.45%** | **Financial Exchanges & Data–0.45%** |
| London Stock Exchange Group PLC <br> (United Kingdom) | 6087 | &nbsp;&nbsp; 947816 |
| Nasdaq, Inc. | 7007 | &nbsp;&nbsp; 534004 |
| S&P Global, Inc. | 4082 | &nbsp;&nbsp; 2041204 |
| Tradeweb Markets, Inc., Class A | 6828 | &nbsp;&nbsp; 944312 |
|  |  | &nbsp;&nbsp; 4467336 |
| **Food Retail–0.14%** | **Food Retail–0.14%** | **Food Retail–0.14%** |
| Alimentation Couche-Tard, Inc. (Canada) | 8880 | &nbsp;&nbsp; 463517 |

---

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

**3**

**Invesco Global Allocation Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Food Retail–(continued)** | **Food Retail–(continued)** | **Food Retail–(continued)** |
| Casey's General Stores, Inc. | 587 | &nbsp;&nbsp; $271540 |
| Kobe Bussan Co. Ltd. (Japan) | 12200 | &nbsp;&nbsp; 372834 |
| Zabka Group S.A. (Luxembourg)<sup>(f)</sup>  | 42001 | &nbsp;&nbsp; 239718 |
|  |  | &nbsp;&nbsp; 1347609 |
| **Footwear–0.00%** | **Footwear–0.00%** | **Footwear–0.00%** |
| ASICS Corp. (Japan) | 2000 | &nbsp;&nbsp; 42988 |
| **Health Care Distributors–0.13%** | **Health Care Distributors–0.13%** | **Health Care Distributors–0.13%** |
| Cencora, Inc. | 4249 | &nbsp;&nbsp; 1243555 |
| **Health Care Equipment–0.37%** | **Health Care Equipment–0.37%** | **Health Care Equipment–0.37%** |
| Boston Scientific Corp.<sup>(f)</sup>  | 4295 | &nbsp;&nbsp; 441827 |
| Globus Medical, Inc., Class A<sup>(f)</sup>  | 5817 | &nbsp;&nbsp; 417486 |
| IDEXX Laboratories, Inc.<sup>(f)</sup>  | 401 | &nbsp;&nbsp; 173493 |
| Insulet Corp.<sup>(f)</sup>  | 2380 | &nbsp;&nbsp; 600450 |
| Intuitive Surgical, Inc.<sup>(f)</sup>  | 1461 | &nbsp;&nbsp; 753584 |
| Penumbra, Inc.<sup>(f)</sup>  | 1150 | &nbsp;&nbsp; 336766 |
| ResMed, Inc. | 3539 | &nbsp;&nbsp; 837292 |
| Stryker Corp. | 323 | &nbsp;&nbsp; 120776 |
|  |  | &nbsp;&nbsp; 3681674 |
| **Health Care Facilities–0.16%** | **Health Care Facilities–0.16%** | **Health Care Facilities–0.16%** |
| Encompass Health Corp. | 9216 | &nbsp;&nbsp; 1078180 |
| Tenet Healthcare Corp.<sup>(f)</sup>  | 3664 | &nbsp;&nbsp; 523769 |
|  |  | &nbsp;&nbsp; 1601949 |
| **Health Care Services–0.11%** | **Health Care Services–0.11%** | **Health Care Services–0.11%** |
| Dr Lal PathLabs Ltd. (India)<sup>(g)</sup>  | 18965 | &nbsp;&nbsp; 622380 |
| Labcorp Holdings, Inc. | 1880 | &nbsp;&nbsp; 453099 |
| New Horizon Health Ltd. (China)<sup>(f)(g)(h)</sup>  | 77000 | &nbsp;&nbsp; 19857 |
|  |  | &nbsp;&nbsp; 1095336 |
| **Health Care Supplies–0.20%** | **Health Care Supplies–0.20%** | **Health Care Supplies–0.20%** |
| ConvaTec Group PLC (United Kingdom)<sup>(g)</sup>  | 117796 | &nbsp;&nbsp; 409537 |
| EssilorLuxottica S.A. (France) | 3344 | &nbsp;&nbsp; 963584 |
| Hoya Corp. (Japan) | 5000 | &nbsp;&nbsp; 588330 |
|  |  | &nbsp;&nbsp; 1961451 |
| **Hotels, Resorts & Cruise Lines–0.58%** | **Hotels, Resorts & Cruise Lines–0.58%** | **Hotels, Resorts & Cruise Lines–0.58%** |
| Amadeus IT Group S.A. (Spain) | 14481 | &nbsp;&nbsp; 1139843 |
| H World Group Ltd. (China) | 4900 | &nbsp;&nbsp; 17190 |
| H World Group Ltd., ADR (China)<sup>(c)</sup>  | 64435 | &nbsp;&nbsp; 2206254 |
| Hilton Worldwide Holdings, Inc. | 2726 | &nbsp;&nbsp; 614658 |
| Marriott International, Inc., Class A | 1894 | &nbsp;&nbsp; 451871 |
| Trainline PLC (United Kingdom)<sup>(f)(g)</sup>  | 90167 | &nbsp;&nbsp; 353188 |
| Trip.com Group Ltd., ADR (China) | 6575 | &nbsp;&nbsp; 387859 |
| Viking Holdings Ltd.<sup>(f)</sup>  | 10813 | &nbsp;&nbsp; 443657 |
| Wyndham Hotels & Resorts, Inc. | 1172 | &nbsp;&nbsp; 99972 |
|  |  | &nbsp;&nbsp; 5714492 |
| **Independent Power Producers & Energy Traders–0.04%** | **Independent Power Producers & Energy Traders–0.04%** | **Independent Power Producers & Energy Traders–0.04%** |
| Vistra Corp. | 2841 | &nbsp;&nbsp; 368279 |
| **Industrial Conglomerates–0.19%** | **Industrial Conglomerates–0.19%** | **Industrial Conglomerates–0.19%** |
| Hitachi Ltd. (Japan) | 14900 | &nbsp;&nbsp; 368261 |
| Siemens AG (Germany) | 3784 | &nbsp;&nbsp; 871310 |
| SM Investments Corp. (Philippines) | 43514 | &nbsp;&nbsp; 677359 |
|  |  | &nbsp;&nbsp; 1916930 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Industrial Gases–0.02%** | **Industrial Gases–0.02%** | **Industrial Gases–0.02%** |
| Linde PLC | 356 | &nbsp;&nbsp; $161350 |
| **Industrial Machinery & Supplies & Components–0.18%** | **Industrial Machinery & Supplies & Components–0.18%** | **Industrial Machinery & Supplies & Components–0.18%** |
| Airtac International Group (China) | 9000 | &nbsp;&nbsp; 247196 |
| Atlas Copco AB, Class A (Sweden) | 81100 | &nbsp;&nbsp; 1255322 |
| ITT, Inc. | 1804 | &nbsp;&nbsp; 247184 |
|  |  | &nbsp;&nbsp; 1749702 |
| **Insurance Brokers–0.12%** | **Insurance Brokers–0.12%** | **Insurance Brokers–0.12%** |
| Brown & Brown, Inc. | 6648 | &nbsp;&nbsp; 735269 |
| Ryan Specialty Holdings, Inc., Class A | 6339 | &nbsp;&nbsp; 415268 |
|  |  | &nbsp;&nbsp; 1150537 |
| **Integrated Oil & Gas–0.16%** | **Integrated Oil & Gas–0.16%** | **Integrated Oil & Gas–0.16%** |
| Galp Energia SGPS S.A. (Portugal) | 59270 | &nbsp;&nbsp; 918316 |
| Petroleo Brasileiro S.A., ADR (Brazil) | 23131 | &nbsp;&nbsp; 261149 |
| TotalEnergies SE (France) | 7781 | &nbsp;&nbsp; 443168 |
|  |  | &nbsp;&nbsp; 1622633 |
| **Interactive Home Entertainment–0.11%** | **Interactive Home Entertainment–0.11%** | **Interactive Home Entertainment–0.11%** |
| Capcom Co. Ltd. (Japan) | 11400 | &nbsp;&nbsp; 330036 |
| NetEase, Inc., ADR (China) | 5162 | &nbsp;&nbsp; 552643 |
| Take-Two Interactive Software, Inc.<sup>(f)</sup>  | 1056 | &nbsp;&nbsp; 246386 |
|  |  | &nbsp;&nbsp; 1129065 |
| **Interactive Media & Services–1.43%** | **Interactive Media & Services–1.43%** | **Interactive Media & Services–1.43%** |
| Alphabet, Inc., Class A | 27180 | &nbsp;&nbsp; 4316184 |
| Auto Trader Group PLC (United <br> Kingdom)<sup>(g)</sup>  | 34307 | &nbsp;&nbsp; 385434 |
| Meta Platforms, Inc., Class A | 6630 | &nbsp;&nbsp; 3639870 |
| NAVER Corp. (South Korea) | 2648 | &nbsp;&nbsp; 372588 |
| Reddit, Inc., Class A<sup>(f)</sup>  | 1687 | &nbsp;&nbsp; 196654 |
| Rightmove PLC (United Kingdom) | 44541 | &nbsp;&nbsp; 439894 |
| Tencent Holdings Ltd. (China) | 78417 | &nbsp;&nbsp; 4803115 |
|  |  | &nbsp;&nbsp; 14153739 |
| **Internet Services & Infrastructure–0.26%** | **Internet Services & Infrastructure–0.26%** | **Internet Services & Infrastructure–0.26%** |
| Cloudflare, Inc., Class A<sup>(f)</sup>  | 5193 | &nbsp;&nbsp; 627210 |
| GoDaddy, Inc., Class A<sup>(f)</sup>  | 6084 | &nbsp;&nbsp; 1145800 |
| Shopify, Inc., Class A (Canada)<sup>(f)</sup>  | 8392 | &nbsp;&nbsp; 797240 |
|  |  | &nbsp;&nbsp; 2570250 |
| **Investment Banking & Brokerage–0.12%** | **Investment Banking & Brokerage–0.12%** | **Investment Banking & Brokerage–0.12%** |
| Evercore, Inc., Class A | 1175 | &nbsp;&nbsp; 241216 |
| LPL Financial Holdings, Inc. | 1321 | &nbsp;&nbsp; 422442 |
| Raymond James Financial, Inc. | 1573 | &nbsp;&nbsp; 215564 |
| Robinhood Markets, Inc., Class A<sup>(f)</sup>  | 6927 | &nbsp;&nbsp; 340185 |
|  |  | &nbsp;&nbsp; 1219407 |
| **IT Consulting & Other Services–0.25%** | **IT Consulting & Other Services–0.25%** | **IT Consulting & Other Services–0.25%** |
| Accenture PLC, Class A (Ireland) | 1338 | &nbsp;&nbsp; 400263 |
| EPAM Systems, Inc.<sup>(f)</sup>  | 3374 | &nbsp;&nbsp; 529414 |
| HCL Technologies Ltd. (India) | 11270 | &nbsp;&nbsp; 209035 |
| Infosys Ltd. (India) | 17385 | &nbsp;&nbsp; 307331 |
| Tata Consultancy Services Ltd. (India) | 24738 | &nbsp;&nbsp; 1009802 |
|  |  | &nbsp;&nbsp; 2455845 |
| **Leisure Facilities–0.04%** | **Leisure Facilities–0.04%** | **Leisure Facilities–0.04%** |
| Planet Fitness, Inc., Class A<sup>(f)</sup>  | 3951 | &nbsp;&nbsp; 373725 |

---

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

**4**

**Invesco Global Allocation Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Life & Health Insurance–0.06%** | **Life & Health Insurance–0.06%** | **Life & Health Insurance–0.06%** |
| AIA Group Ltd. (Hong Kong) | 76000 | &nbsp;&nbsp; $569461 |
| **Life Sciences Tools & Services–0.47%** | **Life Sciences Tools & Services–0.47%** | **Life Sciences Tools & Services–0.47%** |
| Illumina, Inc.<sup>(f)</sup>  | 3024 | &nbsp;&nbsp; 234662 |
| IQVIA Holdings, Inc.<sup>(f)</sup>  | 2238 | &nbsp;&nbsp; 347047 |
| Lonza Group AG (Switzerland) | 1740 | &nbsp;&nbsp; 1250206 |
| Repligen Corp.<sup>(f)</sup>  | 1491 | &nbsp;&nbsp; 205743 |
| Samsung Biologics Co. Ltd. (South <br> Korea)<sup>(f)(g)</sup>  | 1040 | &nbsp;&nbsp; 769671 |
| Sartorius Stedim Biotech (France) | 3188 | &nbsp;&nbsp; 752339 |
| Thermo Fisher Scientific, Inc. | 358 | &nbsp;&nbsp; 153582 |
| WuXi AppTec Co. Ltd., H Shares (China)<sup>(g)</sup>  | 53300 | &nbsp;&nbsp; 411934 |
| Wuxi Biologics (Cayman), Inc. (China)<sup>(f)(g)</sup>  | 165000 | &nbsp;&nbsp; 479231 |
| WuXi XDC Cayman, Inc. (China)<sup>(f)</sup>  | 16500 | &nbsp;&nbsp; 77744 |
|  |  | &nbsp;&nbsp; 4682159 |
| **Managed Health Care–0.02%** | **Managed Health Care–0.02%** | **Managed Health Care–0.02%** |
| HealthEquity, Inc.<sup>(f)</sup>  | 2337 | &nbsp;&nbsp; 200328 |
| **Movies & Entertainment–0.30%** | **Movies & Entertainment–0.30%** | **Movies & Entertainment–0.30%** |
| Netflix, Inc.<sup>(f)</sup>  | 770 | &nbsp;&nbsp; 871424 |
| Spotify Technology S.A. (Sweden)<sup>(f)</sup>  | 1455 | &nbsp;&nbsp; 893341 |
| TKO Group Holdings, Inc. | 1733 | &nbsp;&nbsp; 282323 |
| Universal Music Group N.V. (Netherlands) | 31419 | &nbsp;&nbsp; 923891 |
|  |  | &nbsp;&nbsp; 2970979 |
| **Multi-line Insurance–0.04%** | **Multi-line Insurance–0.04%** | **Multi-line Insurance–0.04%** |
| Allianz SE (Germany) | 1000 | &nbsp;&nbsp; 413577 |
| **Oil & Gas Equipment & Services–0.03%** | **Oil & Gas Equipment & Services–0.03%** | **Oil & Gas Equipment & Services–0.03%** |
| TechnipFMC PLC (United Kingdom) | 12371 | &nbsp;&nbsp; 348491 |
| **Oil & Gas Exploration & Production–0.03%** | **Oil & Gas Exploration & Production–0.03%** | **Oil & Gas Exploration & Production–0.03%** |
| Coterra Energy, Inc. | 10170 | &nbsp;&nbsp; 249775 |
| **Oil & Gas Refining & Marketing–0.10%** | **Oil & Gas Refining & Marketing–0.10%** | **Oil & Gas Refining & Marketing–0.10%** |
| Reliance Industries Ltd. (India) | 59133 | &nbsp;&nbsp; 981863 |
| **Oil & Gas Storage & Transportation–0.15%** | **Oil & Gas Storage & Transportation–0.15%** | **Oil & Gas Storage & Transportation–0.15%** |
| Cheniere Energy, Inc. | 2801 | &nbsp;&nbsp; 647339 |
| Targa Resources Corp. | 5143 | &nbsp;&nbsp; 878939 |
|  |  | &nbsp;&nbsp; 1526278 |
| **Other Specialty Retail–0.06%** | **Other Specialty Retail–0.06%** | **Other Specialty Retail–0.06%** |
| Chewy, Inc., Class A<sup>(f)</sup>  | 16843 | &nbsp;&nbsp; 631612 |
| **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** |
| Packaging Corp. of America | 1058 | &nbsp;&nbsp; 196375 |
| **Passenger Airlines–0.03%** | **Passenger Airlines–0.03%** | **Passenger Airlines–0.03%** |
| Ryanair Holdings PLC (Italy) | 13324 | &nbsp;&nbsp; 317171 |
| **Passenger Ground Transportation–0.04%** | **Passenger Ground Transportation–0.04%** | **Passenger Ground Transportation–0.04%** |
| Localiza Rent a Car S.A. (Brazil) | 55316 | &nbsp;&nbsp; 418733 |
| **Personal Care Products–0.07%** | **Personal Care Products–0.07%** | **Personal Care Products–0.07%** |
| L'Oreal S.A. (France) | 1548 | &nbsp;&nbsp; 684008 |
| **Pharmaceuticals–0.50%** | **Pharmaceuticals–0.50%** | **Pharmaceuticals–0.50%** |
| AstraZeneca PLC (United Kingdom) | 9047 | &nbsp;&nbsp; 1296135 |
| Chugai Pharmaceutical Co. Ltd. (Japan) | 8600 | &nbsp;&nbsp; 495442 |
| Daiichi Sankyo Co. Ltd. (Japan) | 23700 | &nbsp;&nbsp; 606260 |
| Eli Lilly and Co. | 1849 | &nbsp;&nbsp; 1662158 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** |
| Novo Nordisk A/S, Class B (Denmark) | 11390 | &nbsp;&nbsp; $761553 |
| Phathom Pharmaceuticals, Inc.<sup>(f)</sup>  | 11047 | &nbsp;&nbsp; 47392 |
| Zoetis, Inc. | 785 | &nbsp;&nbsp; 122774 |
|  |  | &nbsp;&nbsp; 4991714 |
| **Real Estate Development–0.11%** | **Real Estate Development–0.11%** | **Real Estate Development–0.11%** |
| Macrotech Developers Ltd. (India)<sup>(g)</sup>  | 29206 | &nbsp;&nbsp; 459528 |
| Oberoi Realty Ltd. (India) | 32786 | &nbsp;&nbsp; 636464 |
|  |  | &nbsp;&nbsp; 1095992 |
| **Real Estate Operating Companies–0.02%** | **Real Estate Operating Companies–0.02%** | **Real Estate Operating Companies–0.02%** |
| SM Prime Holdings, Inc. (Philippines) | 363800 | &nbsp;&nbsp; 158809 |
| **Real Estate Services–0.09%** | **Real Estate Services–0.09%** | **Real Estate Services–0.09%** |
| CBRE Group, Inc., Class A<sup>(f)</sup>  | 2445 | &nbsp;&nbsp; 298730 |
| Jones Lang LaSalle, Inc.<sup>(f)</sup>  | 2673 | &nbsp;&nbsp; 607867 |
|  |  | &nbsp;&nbsp; 906597 |
| **Research & Consulting Services–0.19%** | **Research & Consulting Services–0.19%** | **Research & Consulting Services–0.19%** |
| Equifax, Inc. | 2602 | &nbsp;&nbsp; 676858 |
| Experian PLC | 11477 | &nbsp;&nbsp; 570993 |
| Verisk Analytics, Inc. | 2200 | &nbsp;&nbsp; 652146 |
|  |  | &nbsp;&nbsp; 1899997 |
| **Restaurants–0.38%** | **Restaurants–0.38%** | **Restaurants–0.38%** |
| Americana Restaurants International PLC <br> (United Arab Emirates) | 184132 | &nbsp;&nbsp; 109767 |
| Cava Group, Inc.<sup>(f)</sup>  | 2419 | &nbsp;&nbsp; 223588 |
| Compass Group PLC (United Kingdom) | 22477 | &nbsp;&nbsp; 757808 |
| Dutch Bros, Inc., Class A<sup>(f)</sup>  | 4518 | &nbsp;&nbsp; 269905 |
| Meituan, B Shares (China)<sup>(f)(g)</sup>  | 108800 | &nbsp;&nbsp; 1801449 |
| Texas Roadhouse, Inc. | 3342 | &nbsp;&nbsp; 554639 |
| Yum China Holdings, Inc. (China) | 2004 | &nbsp;&nbsp; 86793 |
|  |  | &nbsp;&nbsp; 3803949 |
| **Semiconductor Materials & Equipment–0.17%** | **Semiconductor Materials & Equipment–0.17%** | **Semiconductor Materials & Equipment–0.17%** |
| Applied Materials, Inc. | 769 | &nbsp;&nbsp; 115896 |
| ASM International N.V. (Netherlands) | 748 | &nbsp;&nbsp; 365612 |
| ASML Holding N.V. (Netherlands) | 996 | &nbsp;&nbsp; 666764 |
| ASML Holding N.V., New York Shares <br> (Netherlands) | 162 | &nbsp;&nbsp; 108229 |
| BE Semiconductor Industries N.V. <br> (Netherlands) | 1563 | &nbsp;&nbsp; 169279 |
| Lam Research Corp. | 3400 | &nbsp;&nbsp; 243678 |
|  |  | &nbsp;&nbsp; 1669458 |
| **Semiconductors–1.25%** | **Semiconductors–1.25%** | **Semiconductors–1.25%** |
| Analog Devices, Inc. | 7627 | &nbsp;&nbsp; 1486655 |
| Astera Labs, Inc.<sup>(f)</sup>  | 3553 | &nbsp;&nbsp; 232046 |
| Broadcom, Inc. | 3691 | &nbsp;&nbsp; 710407 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(f)</sup>  | 5152 | &nbsp;&nbsp; 534520 |
| Marvell Technology, Inc. | 16443 | &nbsp;&nbsp; 959778 |
| MediaTek, Inc. (Taiwan) | 17000 | &nbsp;&nbsp; 722382 |
| Monolithic Power Systems, Inc. | 612 | &nbsp;&nbsp; 362977 |
| NVIDIA Corp. | 14180 | &nbsp;&nbsp; 1544486 |
| QUALCOMM, Inc. | 599 | &nbsp;&nbsp; 88928 |
| SK hynix, Inc. (South Korea) | 3978 | &nbsp;&nbsp; 496347 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd. (Taiwan) | 185000 | &nbsp;&nbsp; 5241892 |
|  |  | &nbsp;&nbsp; 12380418 |

---

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

**5**

**Invesco Global Allocation Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Soft Drinks & Non-alcoholic Beverages–0.10%** | **Soft Drinks & Non-alcoholic Beverages–0.10%** | **Soft Drinks & Non-alcoholic Beverages–0.10%** |
| Fomento Economico Mexicano S.A.B. de <br> C.V., Series CPO (Mexico) | 91706 | &nbsp;&nbsp; $965063 |
| **Specialty Chemicals–0.06%** | **Specialty Chemicals–0.06%** | **Specialty Chemicals–0.06%** |
| Ecolab, Inc. | 944 | &nbsp;&nbsp; 237350 |
| Sika AG (Switzerland) | 1252 | &nbsp;&nbsp; 312884 |
|  |  | &nbsp;&nbsp; 550234 |
| **Steel–0.05%** | **Steel–0.05%** | **Steel–0.05%** |
| Carpenter Technology Corp. | 2402 | &nbsp;&nbsp; 469855 |
| **Systems Software–0.27%** | **Systems Software–0.27%** | **Systems Software–0.27%** |
| Check Point Software Technologies Ltd. <br> (Israel)<sup>(f)</sup>  | 2418 | &nbsp;&nbsp; 530896 |
| CyberArk Software Ltd.<sup>(f)</sup>  | 2741 | &nbsp;&nbsp; 965270 |
| Microsoft Corp. | 2872 | &nbsp;&nbsp; 1135187 |
|  |  | &nbsp;&nbsp; 2631353 |
| **Technology Hardware, Storage & Peripherals–0.02%** | **Technology Hardware, Storage & Peripherals–0.02%** | **Technology Hardware, Storage & Peripherals–0.02%** |
| Samsung Electronics Co. Ltd. (South <br> Korea) | 6045 | &nbsp;&nbsp; 235861 |
| **Trading Companies & Distributors–0.24%** | **Trading Companies & Distributors–0.24%** | **Trading Companies & Distributors–0.24%** |
| Ashtead Group PLC (United Kingdom) | 10245 | &nbsp;&nbsp; 548439 |
| Fastenal Co. | 4000 | &nbsp;&nbsp; 323880 |
| Ferguson Enterprises, Inc. | 3708 | &nbsp;&nbsp; 629651 |
| MonotaRO Co. Ltd. (Japan) | 32700 | &nbsp;&nbsp; 628915 |
| RS Group PLC (United Kingdom) | 42405 | &nbsp;&nbsp; 292383 |
|  |  | &nbsp;&nbsp; 2423268 |
| **Transaction & Payment Processing Services–0.30%** | **Transaction & Payment Processing Services–0.30%** | **Transaction & Payment Processing Services–0.30%** |
| Adyen N.V. (Netherlands)<sup>(f)(g)</sup>  | 324 | &nbsp;&nbsp; 524301 |
| Edenred SE (France) | 11807 | &nbsp;&nbsp; 368224 |
| Mastercard, Inc., Class A | 395 | &nbsp;&nbsp; 216484 |
| Toast, Inc., Class A<sup>(f)</sup>  | 8248 | &nbsp;&nbsp; 293464 |
| Visa, Inc., Class A | 4619 | &nbsp;&nbsp; 1595864 |
|  |  | &nbsp;&nbsp; 2998337 |
| Total Common Stocks & Other Equity Interests <br> (Cost $135,165,641) | Total Common Stocks & Other Equity Interests <br> (Cost $135,165,641) | &nbsp;&nbsp; 162212674 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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%** |
| **Diversified Banks–0.00%** | **Diversified Banks–0.00%** | **Diversified Banks–0.00%** | **Diversified Banks–0.00%** |
| Socium Re Ltd., Series 2019-1, Pfd.<sup>(h)</sup>  | Socium Re Ltd., Series 2019-1, Pfd.<sup>(h)</sup>  | 9884 | &nbsp;&nbsp; $8832 |
| **Diversified Support Services–0.00%** | **Diversified Support Services–0.00%** | **Diversified Support Services–0.00%** | **Diversified Support Services–0.00%** |
| Harambee Re Ltd., Pfd.<sup>(h)</sup>  | Harambee Re Ltd., Pfd.<sup>(h)</sup>  | 42 | &nbsp;&nbsp; 8717 |
| Kinesis Reinsurance I Ltd., <br> Series 2019-1, Pfd.<sup>(h)</sup>  | Kinesis Reinsurance I Ltd., <br> Series 2019-1, Pfd.<sup>(h)</sup>  | 19423 | &nbsp;&nbsp; 9730 |
| Viribus Re Ltd., Pfd.<sup>(h)</sup>  | Viribus Re Ltd., Pfd.<sup>(h)</sup>  | 351641 | &nbsp;&nbsp; 26135 |
|  |  |  | &nbsp;&nbsp; 44582 |
| Total Preferred Stocks (Cost $567,763) | Total Preferred Stocks (Cost $567,763) | Total Preferred Stocks (Cost $567,763) | &nbsp;&nbsp; 53414 |
| **Money Market Funds–2.54%** | **Money Market Funds–2.54%** | **Money Market Funds–2.54%** | **Money Market Funds–2.54%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(b)(i)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(b)(i)</sup>  | 8785118 | &nbsp;&nbsp; 8785118 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(b)(i)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(b)(i)</sup>  | 16315223 | &nbsp;&nbsp; 16315223 |
| Total Money Market Funds (Cost $25,100,341) | Total Money Market Funds (Cost $25,100,341) | Total Money Market Funds (Cost $25,100,341) | &nbsp;&nbsp; 25100341 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-98.73% <br> (Cost $833,342,384)<br>|  |  | &nbsp;&nbsp; 977229035 |
| **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–0.32%** | **Money Market Funds–0.32%** | **Money Market Funds–0.32%** | **Money Market Funds–0.32%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(b)(i)(j)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(b)(i)(j)</sup>  | 867909 | &nbsp;&nbsp; 867909 |
| Invesco Private Prime Fund, 4.46%<sup>(b)(i)(j)</sup>  | Invesco Private Prime Fund, 4.46%<sup>(b)(i)(j)</sup>  | 2257800 | &nbsp;&nbsp; 2258252 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,126,161) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,126,161) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,126,161) | &nbsp;&nbsp; 3126161 |
| TOTAL INVESTMENTS IN SECURITIES–99.05% <br> (Cost $836,468,545) | TOTAL INVESTMENTS IN SECURITIES–99.05% <br> (Cost $836,468,545) | TOTAL INVESTMENTS IN SECURITIES–99.05% <br> (Cost $836,468,545) | &nbsp;&nbsp; 980355196 |
| OTHER ASSETS LESS LIABILITIES—0.95% | OTHER ASSETS LESS LIABILITIES—0.95% | OTHER ASSETS LESS LIABILITIES—0.95% | &nbsp;&nbsp; 9431553 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $989786749 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ADR | – American Depositary Receipt |
| CPO | – Certificates of Ordinary Participation |
| ETF | – Exchange-Traded Fund |
| Pfd. | – Preferred |

---

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 six months ended April 30, 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>**April 30, 2025**<br>| **Dividend Income** |
| Invesco Emerging Markets Sovereign Debt ETF | $7847670 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(317890) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7529780 | &nbsp;&nbsp; $253362 |
| Invesco High Yield Bond Factor ETF | 24226140 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (634840) | &nbsp;&nbsp; - | &nbsp;&nbsp; 23591300 | &nbsp;&nbsp; 866847 |
| Invesco International Developed Dynamic Multifactor <br> ETF<br>| 141476736 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9016815 | &nbsp;&nbsp; - | &nbsp;&nbsp; 150493551 | &nbsp;&nbsp; 1086730 |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | 218091953 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4317830 | &nbsp;&nbsp; - | &nbsp;&nbsp; 222409783 | &nbsp;&nbsp; 803283 |
| Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF | 63118671 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (2957432) | &nbsp;&nbsp; - | &nbsp;&nbsp; 60161239 | &nbsp;&nbsp; 390124 |

---

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

**6**

**Invesco Global Allocation 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> **April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $8017675 | &nbsp;&nbsp; $35027735 | &nbsp;&nbsp; $(34260292) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8785118 | &nbsp;&nbsp; $133881 |
| Invesco Treasury Portfolio, Institutional Class | 14891654 | &nbsp;&nbsp; 65051509 | &nbsp;&nbsp; (63627940) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16315223 | &nbsp;&nbsp; 246371 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1606200 | &nbsp;&nbsp; 14701380 | &nbsp;&nbsp; (15439671) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 867909 | &nbsp;&nbsp; 19,933\* |
| Invesco Private Prime Fund | 4200596 | &nbsp;&nbsp; 31663206 | &nbsp;&nbsp; (33605206) | &nbsp;&nbsp; 13 | (357) | &nbsp;&nbsp; 2258252 | &nbsp;&nbsp; 53,334\* |
| Total | $483477295 | &nbsp;&nbsp; $146443830 | &nbsp;&nbsp; $(146933109) | &nbsp;&nbsp; $9424496 | &nbsp;&nbsp; $(357) | &nbsp;&nbsp; $492412155 | &nbsp;&nbsp; $3853865 |

---

\* 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 April 30, 2025.

<sup>(d)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(e)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1M.

<sup>(f)</sup> Non-income producing security.

<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 April 30, 2025 was $6,582,459, which represented less than 1% of the Fund's Net Assets. 

<sup>(h)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(i)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 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 1J. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; 397 | June-2025 | &nbsp;&nbsp;&nbsp; $110901950 | &nbsp;&nbsp;&nbsp; $(2167210)<br>| &nbsp;&nbsp;&nbsp; $(2167210)<br>|
| **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; 1769 | June-2025 | &nbsp;&nbsp;&nbsp; 193166509 | &nbsp;&nbsp;&nbsp; 4017828 | &nbsp;&nbsp;&nbsp; 4017828 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 359 | June-2025 | &nbsp;&nbsp;&nbsp; 40286531 | &nbsp;&nbsp;&nbsp; 905135 | &nbsp;&nbsp;&nbsp; 905135 |
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; 4922963 | &nbsp;&nbsp;&nbsp; 4922963 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 2755753 | &nbsp;&nbsp;&nbsp; 2755753 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-Mini Russell 2000 Index | &nbsp;&nbsp;&nbsp; 613 | June-2025 | &nbsp;&nbsp;&nbsp; (60374370)<br>| &nbsp;&nbsp;&nbsp; 3557777 | &nbsp;&nbsp;&nbsp; 3557777 |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 164 | June-2025 | &nbsp;&nbsp;&nbsp; (9102000)<br>| &nbsp;&nbsp;&nbsp; 360549 | &nbsp;&nbsp;&nbsp; 360549 |
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp; 44 | June-2025 | &nbsp;&nbsp;&nbsp; (11087705)<br>| &nbsp;&nbsp;&nbsp; 122472 | &nbsp;&nbsp;&nbsp; 122472 |
| S&P/TSX 60 Index | &nbsp;&nbsp;&nbsp; 9 | June-2025 | &nbsp;&nbsp;&nbsp; (1951980)<br>| &nbsp;&nbsp;&nbsp; (25433)<br>| &nbsp;&nbsp;&nbsp; (25433)<br>|
| SPI 200 Index | &nbsp;&nbsp;&nbsp; 16 | June-2025 | &nbsp;&nbsp;&nbsp; (2086144)<br>| &nbsp;&nbsp;&nbsp; (57015)<br>| &nbsp;&nbsp;&nbsp; (57015)<br>|
| STOXX Europe 600 Index | &nbsp;&nbsp;&nbsp; 902 | June-2025 | &nbsp;&nbsp;&nbsp; (26741321)<br>| &nbsp;&nbsp;&nbsp; 1317345 | &nbsp;&nbsp;&nbsp; 1317345 |
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; 5275695 | &nbsp;&nbsp;&nbsp; 5275695 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $8031448 | &nbsp;&nbsp;&nbsp; $8031448 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |
| 06/18/2025 | Barclays Bank PLC | USD | 15261939 | NOK | 164385000 | &nbsp;&nbsp;&nbsp; $539394 |
| 06/18/2025 | BNP Paribas S.A. | USD | 9658090 | SEK | 97120000 | &nbsp;&nbsp;&nbsp; 416890 |
| 06/18/2025 | Deutsche Bank AG | ILS | 1470000 | USD | 404847 | &nbsp;&nbsp;&nbsp; 433 |
| 06/18/2025 | Deutsche Bank AG | USD | 240052 | HUF | 88770000 | &nbsp;&nbsp;&nbsp; 8050 |
| 06/18/2025 | Deutsche Bank AG | USD | 8677809 | TWD | 283235000 | &nbsp;&nbsp;&nbsp; 228698 |

---

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

**7**

**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)** |
| 06/18/2025 | Goldman Sachs International | USD | 1184721 | MYR | 5220000 | &nbsp;&nbsp;&nbsp; $27124 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 4602971 | EUR | 4225000 | &nbsp;&nbsp;&nbsp; 196251 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 2629425 | GBP | 2040000 | &nbsp;&nbsp;&nbsp; 89769 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 18639171 | INR | 1635960000 | &nbsp;&nbsp;&nbsp; 633670 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 12825236 | MXN | 264550000 | &nbsp;&nbsp;&nbsp; 585460 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 463535 | PLN | 1790000 | &nbsp;&nbsp;&nbsp; 9460 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 15116597 | SGD | 20025000 | &nbsp;&nbsp;&nbsp; 253040 |
| 06/03/2025 | Morgan Stanley and Co. International PLC | USD | 16435208 | BRL | 98345000 | &nbsp;&nbsp;&nbsp; 766268 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | CLP | 432460000 | USD | 461015 | &nbsp;&nbsp;&nbsp; 4441 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 3758948 |
| **Currency Risk** |  |  |  |  |  |  |
| 06/18/2025 | BNP Paribas S.A. | CHF | 13320000 | USD | 15313707 | &nbsp;&nbsp;&nbsp; (910936)<br>|
| 06/18/2025 | BNP Paribas S.A. | JPY | 1663970000 | USD | 11434083 | &nbsp;&nbsp;&nbsp; (265328)<br>|
| 06/18/2025 | Deutsche Bank AG | PHP | 841900000 | USD | 14664182 | &nbsp;&nbsp;&nbsp; (413904)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | AUD | 21940000 | USD | 13862142 | &nbsp;&nbsp;&nbsp; (198773)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | CZK | 337450000 | USD | 14785135 | &nbsp;&nbsp;&nbsp; (550409)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 14914262 | IDR | 246264300000 | &nbsp;&nbsp;&nbsp; (60342)<br>|
| 06/18/2025 | Merrill Lynch International | HKD | 1420000 | USD | 183074 | &nbsp;&nbsp;&nbsp; (129)<br>|
| 06/18/2025 | Merrill Lynch International | KRW | 26671780000 | USD | 18428774 | &nbsp;&nbsp;&nbsp; (344750)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | CAD | 2850000 | USD | 1984658 | &nbsp;&nbsp;&nbsp; (87650)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | THB | 457340000 | USD | 13612525 | &nbsp;&nbsp;&nbsp; (121915)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 14292978 | COP | 59766800000 | &nbsp;&nbsp;&nbsp; (237811)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 441622 | PEN | 1620000 | &nbsp;&nbsp;&nbsp; (371)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 1790261 | ZAR | 32835000 | &nbsp;&nbsp;&nbsp; (31120)<br>|
| 06/18/2025 | Standard Chartered Bank PLC | CNY | 20855000 | USD | 2891127 | &nbsp;&nbsp;&nbsp; (4115)<br>|
| 06/18/2025 | UBS AG | DKK | 20810000 | USD | 3042304 | &nbsp;&nbsp;&nbsp; (126283)<br>|
| 06/18/2025 | UBS AG | NZD | 25915000 | USD | 14882388 | &nbsp;&nbsp;&nbsp; (533030)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (3886866)<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; $(127918)<br>|

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |  |  |  |
| Goldman Sachs <br> International<br>| Pay | MSCI ACWI ex USA <br> Growth Net Total <br> Return Index<br>| SOFR - <br> 0.060%<br>| Quarterly | 272000 | May—2025 | USD | 84466880 | $— | $443360 | $443360 |
| Goldman Sachs <br> International<br>| Receive | MSCI ACWI Daily <br> Total Return Net <br> ex USA<br>| SOFR + <br> 0.315%<br>| Quarterly | 261000 | May—2025 | USD | 85655763 |  | 1531812 | 1531812 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  |  |  | 1975172 | 1975172 |
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Goldman Sachs <br> International<br>| Pay | Russell Midcap <br> Growth Total <br> Return Index<br>| SOFR + <br> 0.620%<br>| Monthly | 8300 | September—2025 | USD | 46468056 |  | (3658937)<br>| (3658937)<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 |  |  |  |  | $— | $(1683765)<br>| $(1683765)<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 $3,260,000.

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

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

**8**

**Invesco Global Allocation Fund**

------

---

| | |
|:---|:---|
| 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 |
| SOFR | —Secured Overnight Financing Rate |
| THB | —Thai Baht |
| TWD | —New Taiwan Dollar |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |

---

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

**9**

**Invesco Global Allocation Fund**

------

**Consolidated Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $459,641,360)\*<br>| &nbsp;&nbsp; $487943041 |
| Investments in affiliates, at value <br>(Cost $376,827,185)<br>| &nbsp;&nbsp; 492412155 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 820836 |
| Swaps receivable — OTC | &nbsp;&nbsp; 748858 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 1975172 |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 3758948 |
| Deposits with brokers: |  |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 3260000 |
| Cash | &nbsp;&nbsp; 8137974 |
| Foreign currencies, at value (Cost $1,145,643) | &nbsp;&nbsp; 1142405 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 150981 |
| Fund shares sold | &nbsp;&nbsp; 69398 |
| Dividends | &nbsp;&nbsp; 356759 |
| Interest | &nbsp;&nbsp; 2531584 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 221082 |
| Other assets | &nbsp;&nbsp; 40629 |
| Total assets | &nbsp;&nbsp; 1003569822 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 3886866 |
| Swaps payable — OTC | &nbsp;&nbsp; 708849 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 3658937 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 143172 |
| Fund shares reacquired | &nbsp;&nbsp; 761886 |
| Accrued foreign taxes | &nbsp;&nbsp; 565651 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 3126161 |
| Accrued fees to affiliates | &nbsp;&nbsp; 462931 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 508 |
| Accrued other operating expenses | &nbsp;&nbsp; 119798 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 348314 |
| Total liabilities | &nbsp;&nbsp; 13783073 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $989786749 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $844296256 |
| Distributable earnings | &nbsp;&nbsp; 145490493 |
|  | &nbsp;&nbsp; $989786749 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $862844501 |
| Class C | &nbsp;&nbsp; $32100022 |
| Class R | &nbsp;&nbsp; $32992552 |
| Class Y | &nbsp;&nbsp; $44032811 |
| Class R5 | &nbsp;&nbsp; $11482 |
| Class R6 | &nbsp;&nbsp; $17805381 |
| **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; 43656773 |
| Class C | &nbsp;&nbsp; 1753497 |
| Class R | &nbsp;&nbsp; 1724902 |
| Class Y | &nbsp;&nbsp; 2220675 |
| Class R5 | &nbsp;&nbsp; 576 |
| Class R6 | &nbsp;&nbsp; 894753 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $19.76 |
| Maximum offering price per share <br>(Net asset value of $19.76 ÷ 94.50%)<br>| &nbsp;&nbsp; $20.91 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $18.31 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $19.13 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $19.83 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $19.93 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $19.90 |

---

\* At April 30, 2025, securities with an aggregate value of $3,068,486 were on loan to brokers. 

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

**10**

**Invesco Global Allocation Fund**

------

**Consolidated Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $7439837 |
| Dividends (net of foreign withholding taxes of $89,873) | &nbsp;&nbsp; 461433 |
| Dividends from affiliates (includes net securities lending income of $5,819) | &nbsp;&nbsp; 3786417 |
| Total investment income | &nbsp;&nbsp; 11687687 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3925152 |
| Administrative services fees | &nbsp;&nbsp; 71629 |
| Custodian fees | &nbsp;&nbsp; 55829 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1085942 |
| Class C | &nbsp;&nbsp; 172874 |
| Class R | &nbsp;&nbsp; 82722 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 762417 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 2622 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 13460 |
| Registration and filing fees | &nbsp;&nbsp; 43936 |
| Reports to shareholders | &nbsp;&nbsp; 50478 |
| Professional services fees | &nbsp;&nbsp; 73318 |
| Other | &nbsp;&nbsp; 36856 |
| Total expenses | &nbsp;&nbsp; 6377237 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (809386)<br>|
| Net expenses | &nbsp;&nbsp; 5567851 |
| Net investment income | &nbsp;&nbsp; 6119836 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $86,148) | &nbsp;&nbsp; 4906485 |
| Affiliated investment securities | &nbsp;&nbsp; (357)<br>|
| Foreign currencies | &nbsp;&nbsp; 47161 |
| Forward foreign currency contracts | &nbsp;&nbsp; 9265937 |
| Futures contracts | &nbsp;&nbsp; (6529992)<br>|
| Swap agreements | &nbsp;&nbsp; 5451720 |
|  | &nbsp;&nbsp; 13140954 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $123,658) | &nbsp;&nbsp; (6598312)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 9424496 |
| Foreign currencies | &nbsp;&nbsp; 39205 |
| Forward foreign currency contracts | &nbsp;&nbsp; (4251474)<br>|
| Futures contracts | &nbsp;&nbsp; 12933562 |
| Swap agreements | &nbsp;&nbsp; (2837275)<br>|
|  | &nbsp;&nbsp; 8710202 |
| Net realized and unrealized gain | &nbsp;&nbsp; 21851156 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $27970992 |

---

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

**11**

**Invesco Global Allocation Fund**

------

**Consolidated Statement of Changes in Net Assets**

*For the six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $6119836 | &nbsp;&nbsp; $21456456 |
| Net realized gain | &nbsp;&nbsp; 13140954 | &nbsp;&nbsp; 45984555 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 8710202 | &nbsp;&nbsp; 107068248 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 27970992 | &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; (39288944)<br>| &nbsp;&nbsp; (76413006)<br>|
| Class C | &nbsp;&nbsp; (4864954)<br>| &nbsp;&nbsp; (10207978)<br>|
| Class R | &nbsp;&nbsp; (1131061)<br>| &nbsp;&nbsp; (2952074)<br>|
| Class Y | &nbsp;&nbsp; (4595411)<br>| &nbsp;&nbsp; (7432865)<br>|
| Class R6 | &nbsp;&nbsp; 136942 | &nbsp;&nbsp; 1577195 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (49743428)<br>| &nbsp;&nbsp; (95428728)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (30923656)<br>| &nbsp;&nbsp; 55581683 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1020710405 | &nbsp;&nbsp; 965128722 |
| End of period | &nbsp;&nbsp; $989786749 | &nbsp;&nbsp; $1020710405 |

---

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

**12**

**Invesco Global Allocation Fund**

------

**Consolidated Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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(c)**<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** |
| Six months ended 04/30/25 | $19.40 | $0.12 | $0.42 | $0.54 | $(0.18)<br>| $— | $(0.18)<br>| $19.76 | 2.78<br> %<br>| &nbsp;&nbsp; $862845 | 1.10 %<sup>(e)</sup><br>| 1.26 %<sup>(e)</sup><br>| 1.24 %<sup>(e)</sup><br>| 26<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 |
| Year ended 10/31/20 | 18.21 | 0.15 | 0.39 | 0.54 |  |  |  | 18.75 | 2.97 | &nbsp;&nbsp; 999336 | 1.20 | 1.32 | 0.85 | 82 |
| **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** |
| Six months ended 04/30/25 | 17.92 | 0.04 | 0.40 | 0.44 | (0.05)<br>|  | (0.05)<br>| 18.31 | 2.46 | &nbsp;&nbsp; 32100 | 1.85 <br><sup>(e)</sup><br>| 2.01 <br><sup>(e)</sup><br>| 0.49 <br><sup>(e)</sup><br>| 26 |
| 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 |
| Year ended 10/31/20 | 17.28 | 0.02 | 0.36 | 0.38 |  |  |  | 17.66 | 2.20 | &nbsp;&nbsp; 77710 | 1.95 | 2.07 | 0.10 | 82 |
| **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** |
| Six months ended 04/30/25 | 18.76 | 0.09 | 0.42 | 0.51 | (0.14)<br>|  | (0.14)<br>| 19.13 | 2.70 | &nbsp;&nbsp; 32993 | 1.35 <br><sup>(e)</sup><br>| 1.51 <br><sup>(e)</sup><br>| 0.99 <br><sup>(e)</sup><br>| 26 |
| 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 |
| Year ended 10/31/20 | 17.79 | 0.11 | 0.38 | 0.49 |  |  |  | 18.28 | 2.75 | &nbsp;&nbsp; 34012 | 1.45 | 1.57 | 0.60 | 82 |
| **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** |
| Six months ended 04/30/25 | 19.47 | 0.15 | 0.43 | 0.58 | (0.22)<br>|  | (0.22)<br>| 19.83 | 2.98 | &nbsp;&nbsp; 44033 | 0.85 <br><sup>(e)</sup><br>| 1.01 <br><sup>(e)</sup><br>| 1.49 <br><sup>(e)</sup><br>| 26 |
| 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 |
| Year ended 10/31/20 | 18.21 | 0.20 | 0.38 | 0.58 | (0.01)<br>|  | (0.01)<br>| 18.78 | 3.27 | &nbsp;&nbsp; 65397 | 0.95 | 1.07 | 1.10 | 82 |
| **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** |
| Six months ended 04/30/25 | 19.58 | 0.16 | 0.43 | 0.59 | (0.24)<br>|  | (0.24)<br>| 19.93 | 3.01 | &nbsp;&nbsp; 11 | 0.73 <br><sup>(e)</sup><br>| 0.88 <br><sup>(e)</sup><br>| 1.61 <br><sup>(e)</sup><br>| 26 |
| 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 |
| Year ended 10/31/20 | 18.24 | 0.24 | 0.39 | 0.63 | (0.02)<br>|  | (0.02)<br>| 18.85 | 3.45 | &nbsp;&nbsp; 11 | 0.76 | 0.87 | 1.29 | 82 |
| **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** |
| Six months ended 04/30/25 | 19.55 | 0.16 | 0.43 | 0.59 | (0.24)<br>|  | (0.24)<br>| 19.90 | 3.01 | &nbsp;&nbsp; 17805 | 0.73 <br><sup>(e)</sup><br>| 0.88 <br><sup>(e)</sup><br>| 1.61 <br><sup>(e)</sup><br>| 26 |
| 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 |
| Year ended 10/31/20 | 18.22 | 0.24 | 0.39 | 0.63 | (0.02)<br>|  | (0.02)<br>| 18.83 | 3.46 | &nbsp;&nbsp; 36260 | 0.76 | 0.87 | 1.29 | 82 |

---

<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 0.18%, 0.18%, 0.20%, 0.15%, 0.17% and 0.14% for the six months ended April 30, 2025 and for the years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>(d)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(e)</sup> Annualized.

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

**13**

**Invesco Global Allocation Fund**

------

**Notes to Consolidated Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

The Fund will seek to gain exposure to commodity-linked derivatives primarily through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts), and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions. The Fund may invest up to 25% of its total assets in the Subsidiary.

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

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

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.

**14**

**Invesco Global Allocation Fund**

------

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general 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

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**Invesco Global Allocation Fund**

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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 note 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 Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliates* on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid the Adviser $1,628 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliates* on the Consolidated Statement of Operations.

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

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

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

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

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

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

**M.** **Futures Contracts** — The Fund may enter into futures contracts to equitize the Fund's cash holdings or to manage exposure to interest rate, equity, commodity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits

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**Invesco Global Allocation Fund**

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

**N.** **Swap Agreements** – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts ("CDS") for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter ("OTC") between two parties ("uncleared/OTC") or, in some instances, must be transacted through a future commission merchant ("FCM") and cleared through a clearinghouse that serves as a central Counterparty ("centrally cleared swap"). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund's net asset value ("NAV") per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

In a centrally cleared swap, the Fund's ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as "initial margin." Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a "variation margin" amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the "par value", of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer "par value" or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund's maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund's exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to

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**Invesco Global Allocation Fund**

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terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund's exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 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.

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

**P.** **Collateral** —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

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

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, when rates increase. 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 six months ended April 30, 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 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 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 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

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**Invesco Global Allocation Fund**

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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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned 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 six months ended April 30, 2025, the Adviser waived advisory fees of $765,449.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 2025, IDI advised the Fund that IDI retained $29,599 in front-end sales commissions from the sale of Class A shares and $1,603 and $300 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 April 30, 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; $464185653 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $464185653 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 325676953 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 325676953 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 89193264 | &nbsp;&nbsp;&nbsp;&nbsp; 72999553 | &nbsp;&nbsp;&nbsp;&nbsp; 19857 | &nbsp;&nbsp;&nbsp;&nbsp; 162212674 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53414 | &nbsp;&nbsp;&nbsp;&nbsp; 53414 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 25100341 | &nbsp;&nbsp;&nbsp;&nbsp; 3126161 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28226502 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 578479258 | &nbsp;&nbsp;&nbsp;&nbsp; 401802667 | &nbsp;&nbsp;&nbsp;&nbsp; 73271 | &nbsp;&nbsp;&nbsp;&nbsp; 980355196 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 10281106 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10281106 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3758948 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3758948 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1975172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1975172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 10281106 | &nbsp;&nbsp;&nbsp;&nbsp; 5734120 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16015226 |

---

**19**

**Invesco Global Allocation Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(2249658)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2249658)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3886866)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3886866)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3658937)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3658937)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (2249658)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7545803)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9795461)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 8031448 | &nbsp;&nbsp;&nbsp;&nbsp; (1811683)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6219765 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $586510706 | &nbsp;&nbsp;&nbsp;&nbsp; $399990984 | &nbsp;&nbsp;&nbsp;&nbsp; $73271 | &nbsp;&nbsp;&nbsp;&nbsp; $986574961 |

---

\* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 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; $5358143 | &nbsp;&nbsp;&nbsp;&nbsp; $4922963 | &nbsp;&nbsp;&nbsp;&nbsp; $10281106 |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 3758948 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3758948 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1975172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1975172 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 3758948 | &nbsp;&nbsp;&nbsp;&nbsp; 7333315 | &nbsp;&nbsp;&nbsp;&nbsp; 4922963 | &nbsp;&nbsp;&nbsp;&nbsp; 16015226 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5358143)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4922963)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10281106)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $3758948 | &nbsp;&nbsp;&nbsp;&nbsp; $1975172 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5734120 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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; $(2249658)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2249658)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (3886866)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3886866)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3658937)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3658937)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (3886866)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5908595)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9795461)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2249658 | &nbsp;&nbsp;&nbsp;&nbsp; 2249658 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(3886866)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3658937)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(7545803)<br>|

---

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

**20**

**Invesco Global Allocation Fund**

------

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 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**<br>|
| Barclays Bank PLC | $539394 | $— | $539394 | $- | $— | $— | $539394 | $(539394)<br>| $— | $— |
| BNP Paribas S.A. | 416890 |  | 416890 | (1176264)<br>|  | (1176264)<br>| (759374)<br>|  | 720000 | (39374)<br>|
| Deutsche Bank AG | 237181 |  | 237181 | (413904)<br>|  | (413904)<br>| (176723)<br>|  |  | (176723)<br>|
| Goldman Sachs International | 27124 | 2724030 | 2751154 | - | (4367786)<br>| (4367786)<br>| (1616632)<br>|  | 1520000 | (96632)<br>|
| J.P. Morgan Chase Bank, N.A. | 1767650 |  | 1767650 | (809524)<br>|  | (809524)<br>| 958126 | (418780)<br>|  | 539346 |
| Merrill Lynch International | - |  |  | (344879)<br>|  | (344879)<br>| (344879)<br>|  | 344879 |  |
| Morgan Stanley and Co. <br> International PLC<br>| 770709 |  | 770709 | (478867)<br>|  | (478867)<br>| 291842 | (291842)<br>|  |  |
| Standard Chartered Bank PLC | - |  |  | (4115)<br>|  | (4115)<br>| (4115)<br>|  |  | (4115)<br>|
| UBS AG | - |  |  | (659313)<br>|  | (659313)<br>| (659313)<br>|  | 650000 | (9313)<br>|
| Total | $3758948 | $2724030 | $6482978 | $(3886866)<br>| $(4367786)<br>| $(8254652)<br>| $(1771674)<br>| $(1250016)<br>| $3234879 | $213189 |

---

**Effect of Derivative Investments for the six months ended April 30, 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; $9265937 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $9265937 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1980101 | &nbsp;&nbsp;&nbsp;&nbsp; (8510093)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6529992)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (245050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5696770 | &nbsp;&nbsp;&nbsp;&nbsp; 5451720 |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; (4251474)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (4251474)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1789026 | &nbsp;&nbsp;&nbsp;&nbsp; 11144536 | &nbsp;&nbsp;&nbsp;&nbsp; 12933562 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (2837275)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (2837275)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $5014463 | &nbsp;&nbsp;&nbsp;&nbsp; $686802 | &nbsp;&nbsp;&nbsp;&nbsp; $8331213 | &nbsp;&nbsp;&nbsp;&nbsp; $14032478 |

---

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; $308271994 | &nbsp;&nbsp;&nbsp;&nbsp; $577004018 | &nbsp;&nbsp;&nbsp;&nbsp; $218237794 |

---

**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 six months ended April 30, 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 six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $43,937.

**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

**21**

**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—Tax Information**

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

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

The Fund had a capital loss carryforward as of October 31, 2024, 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; $21579818 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21579818 |

---

\*

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 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 six months ended April 30, 2025 was $47,027,970 and $63,600,444, respectively. As of April 30, 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; $171574042 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (23301645)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $148272397 |

---

Cost of investments for tax purposes is $838,302,564.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 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; 628371 | &nbsp;&nbsp;&nbsp; $12283034 | &nbsp;&nbsp;&nbsp; 1586906 | &nbsp;&nbsp;&nbsp; $29772699 |
| Class C | &nbsp;&nbsp;&nbsp; 114994 | &nbsp;&nbsp;&nbsp; 2081587 | &nbsp;&nbsp;&nbsp; 252320 | &nbsp;&nbsp;&nbsp; 4387981 |
| Class R | &nbsp;&nbsp;&nbsp; 100947 | &nbsp;&nbsp;&nbsp; 1906091 | &nbsp;&nbsp;&nbsp; 229618 | &nbsp;&nbsp;&nbsp; 4152877 |
| Class Y | &nbsp;&nbsp;&nbsp; 190975 | &nbsp;&nbsp;&nbsp; 3734758 | &nbsp;&nbsp;&nbsp; 497495 | &nbsp;&nbsp;&nbsp; 9383583 |
| Class R6 | &nbsp;&nbsp;&nbsp; 156639 | &nbsp;&nbsp;&nbsp; 3095391 | &nbsp;&nbsp;&nbsp; 322542 | &nbsp;&nbsp;&nbsp; 6131641 |
| **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; 178966 | &nbsp;&nbsp;&nbsp; 3514027 | &nbsp;&nbsp;&nbsp; 421665 | &nbsp;&nbsp;&nbsp; 7914243 |
| Class C | &nbsp;&nbsp;&nbsp; (193124)<br>| &nbsp;&nbsp;&nbsp; (3514027)<br>| &nbsp;&nbsp;&nbsp; (454843)<br>| &nbsp;&nbsp;&nbsp; (7914243)<br>|

---

**22**

**Invesco Global Allocation Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 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; (3208126)<br>| &nbsp;&nbsp;&nbsp; $(62691302)<br>| &nbsp;&nbsp;&nbsp; (7096804)<br>| &nbsp;&nbsp;&nbsp; $(133414057)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (195375)<br>| &nbsp;&nbsp;&nbsp; (3531872)<br>| &nbsp;&nbsp;&nbsp; (419436)<br>| &nbsp;&nbsp;&nbsp; (7321675)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (173758)<br>| &nbsp;&nbsp;&nbsp; (3279265)<br>| &nbsp;&nbsp;&nbsp; (428384)<br>| &nbsp;&nbsp;&nbsp; (7802805)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (445623)<br>| &nbsp;&nbsp;&nbsp; (8754032)<br>| &nbsp;&nbsp;&nbsp; (943880)<br>| &nbsp;&nbsp;&nbsp; (17879599)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (160630)<br>| &nbsp;&nbsp;&nbsp; (3162259)<br>| &nbsp;&nbsp;&nbsp; (259189)<br>| &nbsp;&nbsp;&nbsp; (4945727)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2571355)<br>| &nbsp;&nbsp;&nbsp; $(49743428)<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 13% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**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>**

Not applicable.

**24**

**Invesco Global Allocation Fund**

------

![](imga90cdb1f1.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-GLAL-NCSRS

------

![](imgcb79a5b91.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Global Strategic Income Fund**

Nasdaq:

A: OPSIX ■ C: OSICX ■ R: OSINX ■ Y: OSIYX ■ R5: GLSSX ■ R6: OSIIX

------

---

| | |
|:---|:---|
| [2](#xx_aba2fff3-b505-4c08-9be3-c2b018f9859f_SOI-Continued-761_1) | Consolidated Schedule of Investments |
| [27](#xx_aba2fff3-b505-4c08-9be3-c2b018f9859f_FS-Continued-761_1) | Consolidated Financial Statements |
| [30](#xx_aba2fff3-b505-4c08-9be3-c2b018f9859f_FS-Continued-761_4) | Consolidated Financial Highlights |
| [31](#xx_aba2fff3-b505-4c08-9be3-c2b018f9859f_NTF-Continued-761_1) | Notes to Consolidated Financial Statements |
| [42](#xx_aba2fff3-b505-4c08-9be3-c2b018f9859f_OIRSR-Continued-761_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments** 

*April 30, 2025*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–33.05%** | **U.S. Dollar Denominated Bonds & Notes–33.05%** | **U.S. Dollar Denominated Bonds & Notes–33.05%** | **U.S. Dollar Denominated Bonds & Notes–33.05%** |
| **Argentina–0.50%** | **Argentina–0.50%** | **Argentina–0.50%** | **Argentina–0.50%** |
| Argentine Republic Government <br> International Bond, | Argentine Republic Government <br> International Bond, |  |  |
| 0.75%, 07/09/2030<sup>(a)</sup> <br>|  | $3806000 | &nbsp;&nbsp; $2921105 |
| 3.50%, 07/09/2041<sup>(a)</sup> <br>|  | 5150000 | &nbsp;&nbsp; 3120975 |
| Vista Energy Argentina S.A.U., <br> 7.63%, 12/10/2035<sup>(b)</sup> <br>|  | 1725000 | &nbsp;&nbsp; 1650394 |
|  |  |  | &nbsp;&nbsp; 7692474 |
| **Belgium–0.27%** | **Belgium–0.27%** | **Belgium–0.27%** | **Belgium–0.27%** |
| Telenet Finance Luxembourg <br> Notes S.a.r.l., 5.50%, <br> 03/01/2028<sup>(b)</sup> <br>|  | 4200000 | &nbsp;&nbsp; 4116819 |
| **Brazil–0.60%** | **Brazil–0.60%** | **Brazil–0.60%** | **Brazil–0.60%** |
| Arcos Dorados B.V., 6.38%, <br> 01/29/2032<sup>(b)</sup> <br>|  | 3145000 | &nbsp;&nbsp; 3206390 |
| Sitios Latinoamerica S.A.B. de <br> C.V., 5.38%, <br> 04/04/2032<sup>(b)</sup> <br>|  | 4745000 | &nbsp;&nbsp; 4533559 |
| Suzano Austria GmbH, <br> 2.50%, 09/15/2028<br>|  | 1716000 | &nbsp;&nbsp; 1578221 |
|  |  |  | &nbsp;&nbsp; 9318170 |
| **Canada–2.40%** | **Canada–2.40%** | **Canada–2.40%** | **Canada–2.40%** |
| Bell Canada, 6.88%, <br> 09/15/2055<sup>(c)(d)</sup> <br>|  | 2078000 | &nbsp;&nbsp; 2080764 |
| Brookfield Finance, Inc., <br> 5.97%, 03/04/2054<br>|  | 1842000 | &nbsp;&nbsp; 1797023 |
| Brookfield Infrastructure <br> Finance ULC, 6.75%, <br> 03/15/2055<sup>(c)(d)</sup> <br>|  | 1652000 | &nbsp;&nbsp; 1593081 |
| Constellation Software, Inc., <br> 5.16%, 02/16/2029<sup>(b)(d)</sup> <br>|  | 1223000 | &nbsp;&nbsp; 1244923 |
| Element Fleet Management Corp., | Element Fleet Management Corp., |  |  |
| 5.64%, 03/13/2027<sup>(b)</sup> <br>|  | 6900000 | &nbsp;&nbsp; 7020579 |
| 6.32%, 12/04/2028<sup>(b)(d)</sup> <br>|  | 3603000 | &nbsp;&nbsp; 3791414 |
| Enbridge, Inc., 7.38%, <br> 01/15/2083<sup>(c)(d)</sup> <br>|  | 6974000 | &nbsp;&nbsp; 7011450 |
| New Gold, Inc., 6.88%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 1183000 | &nbsp;&nbsp; 1211198 |
| Northriver Midstream Finance <br> L.P., 6.75%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 576000 | &nbsp;&nbsp; 572990 |
| RB Global Holdings, Inc., | RB Global Holdings, Inc., |  |  |
| 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 850000 | &nbsp;&nbsp; 867728 |
| 7.75%, 03/15/2031<sup>(b)</sup> <br>|  | 823000 | &nbsp;&nbsp; 863931 |
| Rogers Communications, Inc., <br> 7.00%, 04/15/2055<sup>(c)(d)</sup> <br>|  | 2099000 | &nbsp;&nbsp; 2115946 |
| South Bow Canadian <br> Infrastructure Holdings <br> Ltd., 7.63%, <br> 03/01/2055<sup>(b)(c)</sup> <br>|  | 3450000 | &nbsp;&nbsp; 3450421 |
| Transcanada Trust, <br> Series 16-A, 5.88%, <br> 08/15/2076<sup>(c)</sup> <br>|  | 3545000 | &nbsp;&nbsp; 3502220 |
|  |  |  | &nbsp;&nbsp; 37123668 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Chile–0.57%** | **Chile–0.57%** | **Chile–0.57%** | **Chile–0.57%** |
| Banco de Credito e <br> Inversiones S.A., <br> 8.75%<sup>(b)(c)(e)</sup> <br>|  | $1725000 | &nbsp;&nbsp; $1789049 |
| Banco del Estado de Chile, <br> 7.95%<sup>(b)(c)(e)</sup> <br>|  | 1003000 | &nbsp;&nbsp; 1040540 |
| Chile Electricity Lux MPC II <br> S.a.r.l., 5.58%, <br> 10/20/2035<sup>(b)</sup> <br>|  | 1461370 | &nbsp;&nbsp; 1453698 |
| Sociedad Quimica y Minera de <br> Chile S.A., 5.50%, <br> 09/10/2034<sup>(b)</sup> <br>|  | 4685000 | &nbsp;&nbsp; 4536251 |
|  |  |  | &nbsp;&nbsp; 8819538 |
| **China–0.11%** | **China–0.11%** | **China–0.11%** | **China–0.11%** |
| Prosus N.V., 3.26%, <br> 01/19/2027<sup>(b)</sup> <br>|  | 1720000 | &nbsp;&nbsp; 1677722 |
| **Colombia–0.67%** | **Colombia–0.67%** | **Colombia–0.67%** | **Colombia–0.67%** |
| Ecopetrol S.A., | Ecopetrol S.A., |  |  |
| 8.63%, 01/19/2029 |  | 3450000 | &nbsp;&nbsp; 3609921 |
| 7.75%, 02/01/2032 |  | 1850000 | &nbsp;&nbsp; 1765053 |
| GeoPark Ltd., 8.75%, <br> 01/31/2030<sup>(b)</sup> <br>|  | 5727000 | &nbsp;&nbsp; 4957138 |
|  |  |  | &nbsp;&nbsp; 10332112 |
| **Dominican Republic–0.25%** | **Dominican Republic–0.25%** | **Dominican Republic–0.25%** | **Dominican Republic–0.25%** |
| Aeropuertos Dominicanos <br> Siglo XXI S.A., 7.00%, <br> 06/30/2034<sup>(b)(d)</sup> <br>|  | 2055000 | &nbsp;&nbsp; 2089031 |
| Dominican Republic International <br> Bond, | Dominican Republic International <br> Bond, |  |  |
| 4.50%, 01/30/2030<sup>(b)</sup> <br>|  | 720000 | &nbsp;&nbsp; 671868 |
| 4.88%, 09/23/2032<sup>(b)</sup> <br>|  | 1200000 | &nbsp;&nbsp; 1080300 |
|  |  |  | &nbsp;&nbsp; 3841199 |
| **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; 2307375 |
| **Finland–0.04%** | **Finland–0.04%** | **Finland–0.04%** | **Finland–0.04%** |
| Amer Sports Co., 6.75%, <br> 02/16/2031<sup>(b)(d)</sup> <br>|  | 578000 | &nbsp;&nbsp; 585388 |
| **France–0.35%** | **France–0.35%** | **France–0.35%** | **France–0.35%** |
| Electricite de France S.A., <br> 9.13%<sup>(b)(c)(e)</sup> <br>|  | 2334000 | &nbsp;&nbsp; 2616356 |
| Forvia SE, 8.00%, <br> 06/15/2030<sup>(b)(d)</sup> <br>|  | 444000 | &nbsp;&nbsp; 442592 |
| Iliad Holding S.A.S., | Iliad Holding S.A.S., |  |  |
| 7.00%, 10/15/2028<sup>(b)</sup> <br>|  | 143000 | &nbsp;&nbsp; 144870 |
| 7.00%, 04/15/2032<sup>(b)</sup> <br>|  | 82000 | &nbsp;&nbsp; 83220 |
| Iliad Holding S.A.S.U., 8.50%, <br> 04/15/2031<sup>(b)</sup> <br>|  | 1466000 | &nbsp;&nbsp; 1547916 |
| Opal Bidco SAS, 6.50%, <br> 03/31/2032<sup>(b)</sup> <br>|  | 585000 | &nbsp;&nbsp; 585615 |
|  |  |  | &nbsp;&nbsp; 5420569 |

---

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–0.46%** | **Germany–0.46%** | **Germany–0.46%** | **Germany–0.46%** |
| Bayer US Finance LLC, | Bayer US Finance LLC, |  |  |
| 6.13%, 11/21/2026<sup>(b)</sup> <br>|  | $4073000 | &nbsp;&nbsp; $4147631 |
| 6.88%, 11/21/2053<sup>(b)(d)</sup> <br>|  | 1443000 | &nbsp;&nbsp; 1464982 |
| Cerdia Finanz GmbH, 9.38%, <br> 10/03/2031<sup>(b)</sup> <br>|  | 1130000 | &nbsp;&nbsp; 1139888 |
| ZF North America Capital, Inc., <br> 6.88%, 04/14/2028<sup>(b)</sup> <br>|  | 435000 | &nbsp;&nbsp; 415950 |
|  |  |  | &nbsp;&nbsp; 7168451 |
| **Hong Kong–0.63%** | **Hong Kong–0.63%** | **Hong Kong–0.63%** | **Hong Kong–0.63%** |
| Melco Resorts Finance Ltd., | Melco Resorts Finance Ltd., |  |  |
| 4.88%, 06/06/2025<sup>(b)</sup> <br>|  | 9250000 | &nbsp;&nbsp; 9233197 |
| 5.38%, 12/04/2029<sup>(b)(d)</sup> <br>|  | 653000 | &nbsp;&nbsp; 592189 |
|  |  |  | &nbsp;&nbsp; 9825386 |
| **India–0.92%** | **India–0.92%** | **India–0.92%** | **India–0.92%** |
| JSW Steel Ltd., 3.95%, <br> 04/05/2027<sup>(b)</sup> <br>|  | 4260000 | &nbsp;&nbsp; 4071240 |
| Muthoot Finance Ltd., | Muthoot Finance Ltd., |  |  |
| 7.13%, 02/14/2028<sup>(b)</sup> <br>|  | 3450000 | &nbsp;&nbsp; 3428969 |
| 6.38%, 04/23/2029<sup>(b)</sup> <br>|  | 6900000 | &nbsp;&nbsp; 6676080 |
|  |  |  | &nbsp;&nbsp; 14176289 |
| **Indonesia–0.24%** | **Indonesia–0.24%** | **Indonesia–0.24%** | **Indonesia–0.24%** |
| PT Perusahaan Perseroan <br> (Persero) Perusahaan <br> Listrik Negara, 4.13%, <br> 05/15/2027<sup>(b)</sup> <br>|  | 3700000 | &nbsp;&nbsp; 3647826 |
| **Ireland–0.32%** | **Ireland–0.32%** | **Ireland–0.32%** | **Ireland–0.32%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust, 6.95%, <br> 03/10/2055<sup>(c)(d)</sup> <br>|  | 1149000 | &nbsp;&nbsp; 1154563 |
| BB Blue Financing DAC, <br> Series A1, 4.40%, <br> 09/20/2037<br>|  | 1750000 | &nbsp;&nbsp; 1717260 |
| GGAM Finance Ltd., 6.88%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 1162000 | &nbsp;&nbsp; 1189548 |
| TrueNoord Capital DAC, <br> 8.75%, 03/01/2030<sup>(b)</sup> <br>|  | 886000 | &nbsp;&nbsp; 906033 |
|  |  |  | &nbsp;&nbsp; 4967404 |
| **Italy–0.72%** | **Italy–0.72%** | **Italy–0.72%** | **Italy–0.72%** |
| Intesa Sanpaolo S.p.A., <br> 7.70%<sup>(b)(c)(e)</sup> <br>|  | 9900000 | &nbsp;&nbsp; 9955561 |
| Telecom Italia Capital S.A., | Telecom Italia Capital S.A., |  |  |
| 6.38%, 11/15/2033<sup>(d)</sup> <br>|  | 660000 | &nbsp;&nbsp; 660537 |
| 7.72%, 06/04/2038<sup>(d)</sup> <br>|  | 524000 | &nbsp;&nbsp; 546788 |
|  |  |  | &nbsp;&nbsp; 11162886 |
| **Ivory Coast–0.12%** | **Ivory Coast–0.12%** | **Ivory Coast–0.12%** | **Ivory Coast–0.12%** |
| Ivory Coast Government <br> International Bond, <br> 8.08%, 04/01/2036<sup>(b)</sup> <br>|  | 2055000 | &nbsp;&nbsp; 1900045 |
| **Macau–0.49%** | **Macau–0.49%** | **Macau–0.49%** | **Macau–0.49%** |
| MGM China Holdings Ltd., | MGM China Holdings Ltd., |  |  |
| 5.88%, 05/15/2026<sup>(b)</sup> <br>|  | 4250000 | &nbsp;&nbsp; 4231972 |
| 4.75%, 02/01/2027<sup>(b)</sup> <br>|  | 2760000 | &nbsp;&nbsp; 2695432 |
| Studio City Finance Ltd., <br> 5.00%, 01/15/2029<sup>(b)</sup> <br>|  | 684000 | &nbsp;&nbsp; 601366 |
|  |  |  | &nbsp;&nbsp; 7528770 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Mexico–1.55%** | **Mexico–1.55%** | **Mexico–1.55%** | **Mexico–1.55%** |
| Banco Mercantil del Norte <br> S.A., 8.38%<sup>(b)(c)(d)(e)</sup> <br>|  | $1850000 | &nbsp;&nbsp; $1872736 |
| Braskem Idesa S.A.P.I., <br> 7.45%, 11/15/2029<sup>(b)</sup> <br>|  | 2850000 | &nbsp;&nbsp; 2203906 |
| CEMEX Materials LLC, 7.70%, <br> 07/21/2025<sup>(b)</sup> <br>|  | 3500000 | &nbsp;&nbsp; 3523800 |
| CEMEX S.A.B. de C.V., <br> 5.13%<sup>(b)(c)(e)</sup> <br>|  | 2487000 | &nbsp;&nbsp; 2451280 |
| FIEMEX Energia - Banco <br> Actinver S.A. Institucion de <br> Banca Multiple, 7.25%, <br> 01/31/2041<sup>(b)</sup> <br>|  | 2073012 | &nbsp;&nbsp; 2060056 |
| Nemak S.A.B. de C.V., 3.63%, <br> 06/28/2031<sup>(b)(d)</sup> <br>|  | 3064000 | &nbsp;&nbsp; 2470082 |
| Petroleos Mexicanos, | Petroleos Mexicanos, |  |  |
| 6.50%, 03/13/2027 |  | 3500000 | &nbsp;&nbsp; 3421903 |
| 8.75%, 06/02/2029<sup>(d)</sup> <br>|  | 3500000 | &nbsp;&nbsp; 3444290 |
| 6.95%, 01/28/2060 |  | 3795000 | &nbsp;&nbsp; 2530581 |
|  |  |  | &nbsp;&nbsp; 23978634 |
| **Nigeria–0.21%** | **Nigeria–0.21%** | **Nigeria–0.21%** | **Nigeria–0.21%** |
| IHS Holding Ltd., 8.25%, <br> 11/29/2031<sup>(b)</sup> <br>|  | 3450000 | &nbsp;&nbsp; 3330802 |
| **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; 1586761 |
| **Peru–0.13%** | **Peru–0.13%** | **Peru–0.13%** | **Peru–0.13%** |
| Compania de Minas <br> Buenaventura S.A.A., <br> 6.80%, 02/04/2032<sup>(b)</sup> <br>|  | 1990000 | &nbsp;&nbsp; 1980070 |
| **Senegal–0.17%** | **Senegal–0.17%** | **Senegal–0.17%** | **Senegal–0.17%** |
| Senegal Government International <br> Bond, | Senegal Government International <br> Bond, |  |  |
| 7.75%, 06/10/2031<sup>(b)</sup> <br>|  | 1730000 | &nbsp;&nbsp; 1359633 |
| 6.25%, 05/23/2033<sup>(b)</sup> <br>|  | 1725000 | &nbsp;&nbsp; 1203416 |
|  |  |  | &nbsp;&nbsp; 2563049 |
| **Serbia–0.07%** | **Serbia–0.07%** | **Serbia–0.07%** | **Serbia–0.07%** |
| Telecommunications Co. <br> Telekom Srbija AD <br> Belgrade, 7.00%, <br> 10/28/2029<sup>(b)</sup> <br>|  | 1165000 | &nbsp;&nbsp; 1158803 |
| **Supranational–0.12%** | **Supranational–0.12%** | **Supranational–0.12%** | **Supranational–0.12%** |
| European Bank for <br> Reconstruction & <br> Development, 6.40%, <br> 08/27/2025<br>|  | 1800000 | &nbsp;&nbsp; 1810350 |
| **Switzerland–1.09%** | **Switzerland–1.09%** | **Switzerland–1.09%** | **Switzerland–1.09%** |
| Argentum Netherlands B.V. <br> for Swiss Re Ltd., 5.63%, <br> 08/15/2052<sup>(b)(c)</sup> <br>|  | 460000 | &nbsp;&nbsp; 458850 |
| Credit Suisse Group AG, <br> 6.25%<sup>(b)(c)(e)(f)(g)</sup> <br>|  | 7385000 | &nbsp;&nbsp; 443100 |
| UBS Group AG, | UBS Group AG, |  |  |
| 6.88%<sup>(b)(c)(e)</sup> <br>|  | 1725000 | &nbsp;&nbsp; 1727027 |
| 9.25%<sup>(b)(c)(e)</sup> <br>|  | 3450000 | &nbsp;&nbsp; 3736322 |

---

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** |
| **Switzerland–(continued)** | **Switzerland–(continued)** | **Switzerland–(continued)** | **Switzerland–(continued)** |
| Willow No 2 Ireland PLC for <br> Zurich Insurance Co. Ltd., <br> 4.25%, 10/01/2045<sup>(b)(c)</sup> <br>|  | $10500000 | &nbsp;&nbsp; $10442303 |
|  |  |  | &nbsp;&nbsp; 16807602 |
| **United Kingdom–1.85%** | **United Kingdom–1.85%** | **United Kingdom–1.85%** | **United Kingdom–1.85%** |
| Aberdeen Group PLC, 4.25%, <br> 06/30/2028<sup>(b)</sup> <br>|  | 1825000 | &nbsp;&nbsp; 1747520 |
| B.A.T Capital Corp., 6.00%, <br> 02/20/2034<sup>(d)</sup> <br>|  | 1917000 | &nbsp;&nbsp; 2004745 |
| British Telecommunications <br> PLC, 4.25%, <br> 11/23/2081<sup>(b)(c)(d)</sup> <br>|  | 10650000 | &nbsp;&nbsp; 10344309 |
| California Buyer Ltd./Atlantica <br> Sustainable Infrastructure <br> PLC, 6.38%, <br> 02/15/2032<sup>(b)(d)</sup> <br>|  | 585000 | &nbsp;&nbsp; 575125 |
| M&G PLC, 6.50%, <br> 10/20/2048<sup>(b)(c)</sup> <br>|  | 925000 | &nbsp;&nbsp; 943111 |
| NatWest Group PLC, <br> 6.00%<sup>(c)(e)</sup> <br>|  | 1650000 | &nbsp;&nbsp; 1643961 |
| Rolls-Royce PLC, 3.63%, <br> 10/14/2025<sup>(b)</sup> <br>|  | 930000 | &nbsp;&nbsp; 925874 |
| Virgin Media Secured Finance <br> PLC, 5.50%, <br> 05/15/2029<sup>(b)</sup> <br>|  | 1344000 | &nbsp;&nbsp; 1295728 |
| Vodafone Group PLC, | Vodafone Group PLC, |  |  |
| 3.25%, 06/04/2081<sup>(c)(d)</sup> <br>|  | 6876000 | &nbsp;&nbsp; 6642039 |
| 4.13%, 06/04/2081<sup>(c)</sup> <br>|  | 1348000 | &nbsp;&nbsp; 1199918 |
| Weir Group, Inc., 5.35%, <br> 05/06/2030<sup>(b)</sup> <br>|  | 1318000 | &nbsp;&nbsp; 1324628 |
|  |  |  | &nbsp;&nbsp; 28646958 |
| **United States–17.67%** | **United States–17.67%** | **United States–17.67%** | **United States–17.67%** |
| 1261229 BC Ltd., 10.00%, <br> 04/15/2032<sup>(b)(d)</sup> <br>|  | 420000 | &nbsp;&nbsp; 411530 |
| Acrisure LLC/Acrisure <br> Finance, Inc., 7.50%, <br> 11/06/2030<sup>(b)(d)</sup> <br>|  | 834000 | &nbsp;&nbsp; 850310 |
| AES Corp. (The), 7.60%, <br> 01/15/2055<sup>(c)</sup> <br>|  | 4929000 | &nbsp;&nbsp; 4882484 |
| Aethon United BR L.P./Aethon <br> United Finance Corp., <br> 7.50%, 10/01/2029<sup>(b)</sup> <br>|  | 853000 | &nbsp;&nbsp; 857383 |
| Air Lease Corp., Series B, <br> 4.65%<sup>(c)(d)(e)</sup> <br>|  | 912000 | &nbsp;&nbsp; 885529 |
| Aircastle Ltd., 5.25%<sup>(b)(c)(d)(e)</sup> <br>|  | 1542000 | &nbsp;&nbsp; 1502083 |
| Alliant Holdings <br> Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.00%, <br> 01/15/2031<sup>(b)</sup> <br>|  | 897000 | &nbsp;&nbsp; 911260 |
| Allison Transmission, Inc., | Allison Transmission, Inc., |  |  |
| 4.75%, 10/01/2027<sup>(b)</sup> <br>|  | 278000 | &nbsp;&nbsp; 273117 |
| 3.75%, 01/30/2031<sup>(b)</sup> <br>|  | 2356000 | &nbsp;&nbsp; 2118757 |
| 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>|  | 2366667 | &nbsp;&nbsp; 2352869 |
| 5.75%, 04/20/2029<sup>(b)</sup> <br>|  | 911000 | &nbsp;&nbsp; 884593 |
| American Express Co., <br> 6.34%, 10/30/2026<sup>(c)</sup> <br>|  | 4900000 | &nbsp;&nbsp; 4944424 |
| Antero Midstream Partners <br> L.P./Antero Midstream <br> Finance Corp., 6.63%, <br> 02/01/2032<sup>(b)</sup> <br>|  | 577000 | &nbsp;&nbsp; 583593 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Ares Capital Corp., 5.88%, <br> 03/01/2029<br>|  | $4461000 | &nbsp;&nbsp; $4493195 |
| Ashton Woods USA LLC/Ashton <br> Woods Finance Co., <br> 6.63%, 01/15/2028<sup>(b)</sup> <br>|  | 1198000 | &nbsp;&nbsp; 1196909 |
| Bain Capital Specialty Finance, <br> Inc., 5.95%, 03/15/2030<br>|  | 861000 | &nbsp;&nbsp; 844063 |
| Bausch Health Cos., Inc., <br> 11.00%, 09/30/2028<sup>(b)</sup> <br>|  | 176000 | &nbsp;&nbsp; 165642 |
| Becton, Dickinson and Co., <br> 3.79%, 05/20/2050<sup>(d)</sup> <br>|  | 3307000 | &nbsp;&nbsp; 2442494 |
| Berry Global, Inc., 5.65%, <br> 01/15/2034<br>|  | 1784000 | &nbsp;&nbsp; 1798910 |
| BlueLinx Holdings, Inc., <br> 6.00%, 11/15/2029<sup>(b)</sup> <br>|  | 652000 | &nbsp;&nbsp; 620717 |
| Boost Newco Borrower LLC, <br> 7.50%, 01/15/2031<sup>(b)</sup> <br>|  | 546000 | &nbsp;&nbsp; 576683 |
| BP Capital Markets PLC, <br> 4.88%<sup>(c)(e)</sup> <br>|  | 1295000 | &nbsp;&nbsp; 1233136 |
| Brink's Co. (The), 6.75%, <br> 06/15/2032<sup>(b)(d)</sup> <br>|  | 615000 | &nbsp;&nbsp; 630179 |
| Calpine Corp., 5.13%, <br> 03/15/2028<sup>(b)</sup> <br>|  | 892000 | &nbsp;&nbsp; 884314 |
| Camelot Finance S.A., 4.50%, <br> 11/01/2026<sup>(b)</sup> <br>|  | 591000 | &nbsp;&nbsp; 582868 |
| Carnival Corp., | Carnival Corp., |  |  |
| 7.63%, 03/01/2026<sup>(b)</sup> <br>|  | 364000 | &nbsp;&nbsp; 365301 |
| 5.75%, 03/01/2027<sup>(b)</sup> <br>|  | 373000 | &nbsp;&nbsp; 371962 |
| 6.13%, 02/15/2033<sup>(b)(d)</sup> <br>|  | 598000 | &nbsp;&nbsp; 593317 |
| Carriage Services, Inc., <br> 4.25%, 05/15/2029<sup>(b)(d)</sup> <br>|  | 959000 | &nbsp;&nbsp; 882677 |
| Carvana Co., 14.00% PIK <br> Rate, 9.00% Cash Rate, <br> 06/01/2031<sup>(b)(h)</sup> <br>|  | 537000 | &nbsp;&nbsp; 604828 |
| CCO Holdings LLC/CCO Holdings <br> Capital Corp., | CCO Holdings LLC/CCO Holdings <br> Capital Corp., |  |  |
| 5.13%, 05/01/2027<sup>(b)</sup> <br>|  | 729000 | &nbsp;&nbsp; 719640 |
| 5.38%, 06/01/2029<sup>(b)(d)</sup> <br>|  | 353000 | &nbsp;&nbsp; 345729 |
| 4.75%, 03/01/2030<sup>(b)</sup> <br>|  | 3650000 | &nbsp;&nbsp; 3449524 |
| 4.50%, 08/15/2030<sup>(b)(d)</sup> <br>|  | 3650000 | &nbsp;&nbsp; 3392709 |
| 4.75%, 02/01/2032<sup>(b)(d)</sup> <br>|  | 670000 | &nbsp;&nbsp; 606923 |
| 4.50%, 05/01/2032 |  | 736000 | &nbsp;&nbsp; 654402 |
| 4.25%, 01/15/2034<sup>(b)(d)</sup> <br>|  | 681000 | &nbsp;&nbsp; 574112 |
| Celanese US Holdings LLC, <br> 6.95%, 11/15/2033<sup>(d)</sup> <br>|  | 830000 | &nbsp;&nbsp; 832204 |
| CenterPoint Energy, Inc., <br> 6.70%, 05/15/2055<sup>(c)</sup> <br>|  | 573000 | &nbsp;&nbsp; 566886 |
| Charles Schwab Corp. (The), <br> 6.20%, 11/17/2029<sup>(c)</sup> <br>|  | 3889000 | &nbsp;&nbsp; 4129719 |
| Cheniere Energy, Inc., <br> 5.65%, 04/15/2034<br>|  | 1800000 | &nbsp;&nbsp; 1793743 |
| Clarios Global L.P./Clarios US <br> Finance Co., 6.75%, <br> 02/15/2030<sup>(b)(d)</sup> <br>|  | 35000 | &nbsp;&nbsp; 35641 |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 5.88%, 06/01/2027<sup>(d)</sup> <br>|  | 295000 | &nbsp;&nbsp; 291324 |
| 7.00%, 03/15/2032<sup>(b)(d)</sup> <br>|  | 459000 | &nbsp;&nbsp; 431798 |
| 6.25%, 10/01/2040 |  | 165000 | &nbsp;&nbsp; 130434 |
| Cloud Software Group, Inc., | Cloud Software Group, Inc., |  |  |
| 6.50%, 03/31/2029<sup>(b)</sup> <br>|  | 436000 | &nbsp;&nbsp; 436571 |
| 8.25%, 06/30/2032<sup>(b)</sup> <br>|  | 175000 | &nbsp;&nbsp; 182682 |

---

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)** |
| Clydesdale Acquisition <br> Holdings, Inc., 6.75%, <br> 04/15/2032<sup>(b)</sup> <br>|  | $1155000 | &nbsp;&nbsp; $1181931 |
| CMS Energy Corp., 6.50%, <br> 06/01/2055<sup>(c)</sup> <br>|  | 3787000 | &nbsp;&nbsp; 3701569 |
| Community Health Systems, Inc., | Community Health Systems, Inc., |  |  |
| 5.63%, 03/15/2027<sup>(b)</sup> <br>|  | 285000 | &nbsp;&nbsp; 278174 |
| 8.00%, 12/15/2027<sup>(b)</sup> <br>|  | 1627000 | &nbsp;&nbsp; 1628825 |
| 5.25%, 05/15/2030<sup>(b)(d)</sup> <br>|  | 532000 | &nbsp;&nbsp; 454377 |
| 4.75%, 02/15/2031<sup>(b)(d)</sup> <br>|  | 354000 | &nbsp;&nbsp; 292645 |
| Comstock Resources, Inc., <br> 6.75%, 03/01/2029<sup>(b)</sup> <br>|  | 607000 | &nbsp;&nbsp; 579448 |
| Cougar JV Subsidiary LLC, <br> 8.00%, 05/15/2032<sup>(b)</sup> <br>|  | 588000 | &nbsp;&nbsp; 610527 |
| Cox Communications, Inc., <br> 2.95%, 10/01/2050<sup>(b)</sup> <br>|  | 2720000 | &nbsp;&nbsp; 1538924 |
| CVS Health Corp., | CVS Health Corp., |  |  |
| 6.75%, 12/10/2054<sup>(c)</sup> <br>|  | 1335000 | &nbsp;&nbsp; 1329348 |
| 7.00%, 03/10/2055<sup>(c)</sup> <br>|  | 290000 | &nbsp;&nbsp; 294074 |
| DaVita, Inc., 6.88%, <br> 09/01/2032<sup>(b)</sup> <br>|  | 605000 | &nbsp;&nbsp; 611293 |
| Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp., | Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp., |  |  |
| 7.13%, 06/01/2028<sup>(b)</sup> <br>|  | 574000 | &nbsp;&nbsp; 567696 |
| 8.63%, 03/15/2029<sup>(b)</sup> <br>|  | 161000 | &nbsp;&nbsp; 165435 |
| Dell International LLC/EMC <br> Corp., 6.20%, <br> 07/15/2030<br>|  | 7400000 | &nbsp;&nbsp; 7842846 |
| Directv Financing LLC/Directv <br> Financing Co-Obligor, Inc., <br> 10.00%, 02/15/2031<sup>(b)</sup> <br>|  | 304000 | &nbsp;&nbsp; 288113 |
| Diversified Healthcare Trust, <br> 0.00%, 01/15/2026<sup>(b)(i)</sup> <br>|  | 665000 | &nbsp;&nbsp; 629521 |
| Duke Energy Corp., 6.45%, <br> 09/01/2054<sup>(c)(d)</sup> <br>|  | 623000 | &nbsp;&nbsp; 625867 |
| EchoStar Corp., 6.75% PIK <br> Rate, 2.00% Cash Rate, <br> 11/30/2030<sup>(h)</sup> <br>|  | 630000 | &nbsp;&nbsp; 587823 |
| Endo Finance Holdings, Inc., <br> 8.50%, 04/15/2031<sup>(b)</sup> <br>|  | 583000 | &nbsp;&nbsp; 606894 |
| Energizer Holdings, Inc., <br> 4.38%, 03/31/2029<sup>(b)</sup> <br>|  | 625000 | &nbsp;&nbsp; 583974 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 8.00%, 05/15/2054<sup>(c)(d)</sup> <br>|  | 1868000 | &nbsp;&nbsp; 1940945 |
| 7.13%, 10/01/2054<sup>(c)</sup> <br>|  | 9660000 | &nbsp;&nbsp; 9601895 |
| EnerSys, | EnerSys, |  |  |
| 4.38%, 12/15/2027<sup>(b)</sup> <br>|  | 605000 | &nbsp;&nbsp; 587293 |
| 6.63%, 01/15/2032<sup>(b)</sup> <br>|  | 286000 | &nbsp;&nbsp; 292357 |
| Entegris, Inc., 4.75%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 622000 | &nbsp;&nbsp; 606137 |
| Entergy Corp., 7.13%, <br> 12/01/2054<sup>(c)</sup> <br>|  | 4748000 | &nbsp;&nbsp; 4785675 |
| ESAB Corp., 6.25%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 628000 | &nbsp;&nbsp; 637973 |
| Excelerate Energy L.P., <br> 8.00%, 05/15/2030<sup>(b)</sup> <br>|  | 515000 | &nbsp;&nbsp; 523671 |
| EZCORP, Inc., 7.38%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 1128000 | &nbsp;&nbsp; 1183712 |
| FirstCash, Inc., 6.88%, <br> 03/01/2032<sup>(b)</sup> <br>|  | 936000 | &nbsp;&nbsp; 958812 |
| Ford Motor Credit Co. LLC, <br> 5.13%, 06/16/2025<br>|  | 7000000 | &nbsp;&nbsp; 6994880 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Freedom Mortgage <br> Holdings LLC, 8.38%, <br> 04/01/2032<sup>(b)(d)</sup> <br>|  | $300000 | &nbsp;&nbsp; $293704 |
| Freeport-McMoRan, Inc., <br> 4.63%, 08/01/2030<br>|  | 6290000 | &nbsp;&nbsp; 6191229 |
| General Motors Co., 6.80%, <br> 10/01/2027<sup>(d)</sup> <br>|  | 7000000 | &nbsp;&nbsp; 7276121 |
| Genesis Energy L.P./Genesis Energy <br> Finance Corp., | Genesis Energy L.P./Genesis Energy <br> Finance Corp., |  |  |
| 7.88%, 05/15/2032<sup>(d)</sup> <br>|  | 441000 | &nbsp;&nbsp; 429731 |
| 8.00%, 05/15/2033 |  | 427000 | &nbsp;&nbsp; 414763 |
| GFL Environmental, Inc., | GFL Environmental, Inc., |  |  |
| 4.00%, 08/01/2028<sup>(b)</sup> <br>|  | 1244000 | &nbsp;&nbsp; 1186172 |
| 3.50%, 09/01/2028<sup>(b)</sup> <br>|  | 636000 | &nbsp;&nbsp; 603648 |
| Global Atlantic (Fin) Co., <br> 4.70%, 10/15/2051<sup>(b)(c)</sup> <br>|  | 661000 | &nbsp;&nbsp; 628427 |
| Golub Capital Private Credit <br> Fund, 5.80%, <br> 09/12/2029<sup>(b)(d)</sup> <br>|  | 3137000 | &nbsp;&nbsp; 3088488 |
| Gray Media, Inc., 10.50%, <br> 07/15/2029<sup>(b)</sup> <br>|  | 103000 | &nbsp;&nbsp; 105837 |
| Greystar Real Estate <br> Partners LLC, 7.75%, <br> 09/01/2030<sup>(b)</sup> <br>|  | 236000 | &nbsp;&nbsp; 248042 |
| Group 1 Automotive, Inc., | Group 1 Automotive, Inc., |  |  |
| 4.00%, 08/15/2028<sup>(b)(d)</sup> <br>|  | 632000 | &nbsp;&nbsp; 601417 |
| 6.38%, 01/15/2030<sup>(b)(d)</sup> <br>|  | 589000 | &nbsp;&nbsp; 596122 |
| H&E Equipment Services, Inc., <br> 3.88%, 12/15/2028<sup>(b)</sup> <br>|  | 1165000 | &nbsp;&nbsp; 1161313 |
| Harley-Davidson Financial <br> Services, Inc., 3.35%, <br> 06/08/2025<sup>(b)</sup> <br>|  | 2390000 | &nbsp;&nbsp; 2383885 |
| Hertz Corp. (The), 12.63%, <br> 07/15/2029<sup>(b)</sup> <br>|  | 60000 | &nbsp;&nbsp; 58417 |
| Hilton Domestic Operating <br> Co., Inc., 5.88%, <br> 03/15/2033<sup>(b)</sup> <br>|  | 1170000 | &nbsp;&nbsp; 1170183 |
| Howard Midstream Energy <br> Partners LLC, 7.38%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 571000 | &nbsp;&nbsp; 585097 |
| HUB International Ltd., <br> 7.25%, 06/15/2030<sup>(b)</sup> <br>|  | 853000 | &nbsp;&nbsp; 885340 |
| Icahn Enterprises L.P./Icahn <br> Enterprises Finance Corp., <br> 9.00%, 06/15/2030<sup>(d)</sup> <br>|  | 590000 | &nbsp;&nbsp; 558068 |
| Iron Mountain Information <br> Management Services, Inc., <br> 5.00%, 07/15/2032<sup>(b)</sup> <br>|  | 627000 | &nbsp;&nbsp; 586498 |
| Iron Mountain, Inc., 4.50%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 658000 | &nbsp;&nbsp; 610237 |
| J.M. Smucker Co. (The), <br> 5.90%, 11/15/2028<sup>(d)</sup> <br>|  | 3424000 | &nbsp;&nbsp; 3595750 |
| Jabil, Inc., 3.00%, <br> 01/15/2031<sup>(d)</sup> <br>|  | 3700000 | &nbsp;&nbsp; 3311550 |
| Jane Street Group/JSG Finance, <br> Inc., | Jane Street Group/JSG Finance, <br> Inc., |  |  |
| 4.50%, 11/15/2029<sup>(b)</sup> <br>|  | 601000 | &nbsp;&nbsp; 572727 |
| 7.13%, 04/30/2031<sup>(b)</sup> <br>|  | 215000 | &nbsp;&nbsp; 221911 |
| 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | 1527000 | &nbsp;&nbsp; 1502216 |
| 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 267000 | &nbsp;&nbsp; 268458 |
| Jefferson Capital Holdings LLC, | Jefferson Capital Holdings LLC, |  |  |
| 9.50%, 02/15/2029<sup>(b)</sup> <br>|  | 592000 | &nbsp;&nbsp; 621119 |
| 8.25%, 05/15/2030<sup>(b)</sup> <br>|  | 252000 | &nbsp;&nbsp; 253917 |

---

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)** |
| Keurig Dr Pepper, Inc., <br> 4.35%, 05/15/2028<br>|  | $1630000 | &nbsp;&nbsp; $1633448 |
| Kimmeridge Texas Gas LLC, <br> 8.50%, 02/15/2030<sup>(b)</sup> <br>|  | 585000 | &nbsp;&nbsp; 562427 |
| Kohl's Corp., 5.13%, <br> 05/01/2031<sup>(d)</sup> <br>|  | 382000 | &nbsp;&nbsp; 243044 |
| L3Harris Technologies, Inc., <br> 5.40%, 01/15/2027<br>|  | 2917000 | &nbsp;&nbsp; 2964553 |
| Lamar Media Corp., 4.88%, <br> 01/15/2029<br>|  | 1861000 | &nbsp;&nbsp; 1808597 |
| Lamb Weston Holdings, Inc., <br> 4.38%, 01/31/2032<sup>(b)</sup> <br>|  | 654000 | &nbsp;&nbsp; 599802 |
| LCM Investments Holdings II LLC, | LCM Investments Holdings II LLC, |  |  |
| 4.88%, 05/01/2029<sup>(b)</sup> <br>|  | 311000 | &nbsp;&nbsp; 294356 |
| 8.25%, 08/01/2031<sup>(b)</sup> <br>|  | 566000 | &nbsp;&nbsp; 592550 |
| Level 3 Financing, Inc., | Level 3 Financing, Inc., |  |  |
| 10.50%, 04/15/2029<sup>(b)</sup> <br>|  | 109000 | &nbsp;&nbsp; 121234 |
| 11.00%, 11/15/2029<sup>(b)</sup> <br>|  | 212000 | &nbsp;&nbsp; 237175 |
| 10.50%, 05/15/2030<sup>(b)</sup> <br>|  | 213000 | &nbsp;&nbsp; 231333 |
| Lions Gate Capital Holdings 1, <br> Inc., 5.50%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 682000 | &nbsp;&nbsp; 617210 |
| Lithia Motors, Inc., 4.38%, <br> 01/15/2031<sup>(b)(d)</sup> <br>|  | 650000 | &nbsp;&nbsp; 597609 |
| Lumen Technologies, Inc., <br> 10.00%, 10/15/2032<sup>(b)</sup> <br>|  | 114000 | &nbsp;&nbsp; 113857 |
| Macy's Retail Holdings LLC, <br> 6.70%, 07/15/2034<sup>(b)</sup> <br>|  | 696000 | &nbsp;&nbsp; 583840 |
| Marriott International, Inc., <br> Series EE, 5.75%, <br> 05/01/2025<br>|  | 1867000 | &nbsp;&nbsp; 1867000 |
| Mars, Inc., 4.80%, <br> 03/01/2030<sup>(b)(d)</sup> <br>|  | 1190000 | &nbsp;&nbsp; 1204965 |
| Mattel, Inc., 6.20%, <br> 10/01/2040<br>|  | 1775000 | &nbsp;&nbsp; 1707846 |
| Nationstar Mortgage Holdings, <br> Inc., 7.13%, <br> 02/01/2032<sup>(b)</sup> <br>|  | 576000 | &nbsp;&nbsp; 598114 |
| Navient Corp., | Navient Corp., |  |  |
| 5.00%, 03/15/2027 |  | 460000 | &nbsp;&nbsp; 455788 |
| 9.38%, 07/25/2030 |  | 205000 | &nbsp;&nbsp; 218222 |
| NESCO Holdings II, Inc., <br> 5.50%, 04/15/2029<sup>(b)</sup> <br>|  | 920000 | &nbsp;&nbsp; 835363 |
| Newell Brands, Inc., 5.70%, <br> 04/01/2026<br>|  | 596000 | &nbsp;&nbsp; 588750 |
| NextEra Energy Capital <br> Holdings, Inc., 6.75%, <br> 06/15/2054<sup>(c)(d)</sup> <br>|  | 4181000 | &nbsp;&nbsp; 4234044 |
| NGL Energy Operating LLC/NGL <br> Energy Finance Corp., <br> 8.38%, 02/15/2032<sup>(b)(d)</sup> <br>|  | 253000 | &nbsp;&nbsp; 230941 |
| Office Properties Income <br> Trust, 9.00%, <br> 03/31/2029<sup>(b)</sup> <br>|  | 698000 | &nbsp;&nbsp; 670662 |
| OI European Group B.V., <br> 4.75%, 02/15/2030<sup>(b)(d)</sup> <br>|  | 657000 | &nbsp;&nbsp; 608962 |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| 6.63%, 05/15/2029 |  | 472000 | &nbsp;&nbsp; 473966 |
| 4.00%, 09/15/2030 |  | 457000 | &nbsp;&nbsp; 405743 |
| 6.75%, 03/15/2032 |  | 275000 | &nbsp;&nbsp; 270072 |
| ONEOK, Inc., | ONEOK, Inc., |  |  |
| 5.55%, 11/01/2026 |  | 2892000 | &nbsp;&nbsp; 2928395 |
| 6.63%, 09/01/2053 |  | 3629000 | &nbsp;&nbsp; 3617459 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Paramount Global, 2.90%, <br> 01/15/2027<br>|  | $3780000 | &nbsp;&nbsp; $3673556 |
| PennyMac Financial Services, <br> Inc., 4.25%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 310000 | &nbsp;&nbsp; 289699 |
| Penske Truck Leasing Co. <br> L.P./PTL Finance Corp., <br> 6.05%, 08/01/2028<sup>(b)(d)</sup> <br>|  | 7000000 | &nbsp;&nbsp; 7283745 |
| Pfizer Investment Enterprises <br> Pte. Ltd., 5.30%, <br> 05/19/2053<br>|  | 95000 | &nbsp;&nbsp; 88044 |
| PHINIA, Inc., | PHINIA, Inc., |  |  |
| 6.75%, 04/15/2029<sup>(b)</sup> <br>|  | 256000 | &nbsp;&nbsp; 259053 |
| 6.63%, 10/15/2032<sup>(b)</sup> <br>|  | 324000 | &nbsp;&nbsp; 318296 |
| Plains All American Pipeline <br> L.P./PAA Finance Corp., <br> 3.80%, 09/15/2030<br>|  | 2220000 | &nbsp;&nbsp; 2093459 |
| PNC Financial Services Group, <br> Inc. (The), 6.62%, <br> 10/20/2027<sup>(c)</sup> <br>|  | 5195000 | &nbsp;&nbsp; 5351888 |
| Prairie Acquiror L.P., 9.00%, <br> 08/01/2029<sup>(b)</sup> <br>|  | 173000 | &nbsp;&nbsp; 174573 |
| Provident Funding Associates <br> L.P./PFG Finance Corp., <br> 9.75%, 09/15/2029<sup>(b)</sup> <br>|  | 850000 | &nbsp;&nbsp; 873978 |
| Reinsurance Group of <br> America, Inc., 6.65%, <br> 09/15/2055<sup>(c)(d)</sup> <br>|  | 709000 | &nbsp;&nbsp; 688773 |
| RLJ Lodging Trust L.P., <br> 4.00%, 09/15/2029<sup>(b)(d)</sup> <br>|  | 683000 | &nbsp;&nbsp; 617940 |
| Roller Bearing Co. of America, <br> Inc., 4.38%, <br> 10/15/2029<sup>(b)</sup> <br>|  | 627000 | &nbsp;&nbsp; 595558 |
| Royal Caribbean Cruises Ltd., <br> 6.00%, 02/01/2033<sup>(b)</sup> <br>|  | 315000 | &nbsp;&nbsp; 316085 |
| Saks Global Enterprises LLC, <br> 11.00%, 12/15/2029<sup>(b)</sup> <br>|  | 643000 | &nbsp;&nbsp; 390724 |
| Seagate HDD Cayman, | Seagate HDD Cayman, |  |  |
| 4.13%, 01/15/2031 |  | 1069000 | &nbsp;&nbsp; 977538 |
| 9.63%, 12/01/2032 |  | 1512800 | &nbsp;&nbsp; 1708863 |
| Select Medical Corp., 6.25%, <br> 12/01/2032<sup>(b)(d)</sup> <br>|  | 580000 | &nbsp;&nbsp; 576296 |
| Sempra, 4.13%, <br> 04/01/2052<sup>(c)(d)</sup> <br>|  | 10650000 | &nbsp;&nbsp; 9785389 |
| Sensata Technologies, Inc., | Sensata Technologies, Inc., |  |  |
| 3.75%, 02/15/2031<sup>(b)</sup> <br>|  | 650000 | &nbsp;&nbsp; 569130 |
| 6.63%, 07/15/2032<sup>(b)(d)</sup> <br>|  | 374000 | &nbsp;&nbsp; 370939 |
| Service Properties Trust, | Service Properties Trust, |  |  |
| 5.50%, 12/15/2027 |  | 937000 | &nbsp;&nbsp; 893479 |
| 4.38%, 02/15/2030<sup>(d)</sup> <br>|  | 783000 | &nbsp;&nbsp; 584550 |
| 8.63%, 11/15/2031<sup>(b)</sup> <br>|  | 278000 | &nbsp;&nbsp; 295222 |
| Sirius XM Radio LLC, 5.00%, <br> 08/01/2027<sup>(b)</sup> <br>|  | 580000 | &nbsp;&nbsp; 573548 |
| Sixth Street Lending Partners, | Sixth Street Lending Partners, |  |  |
| 6.50%, 03/11/2029 |  | 544000 | &nbsp;&nbsp; 553388 |
| 6.13%, 07/15/2030<sup>(b)(d)</sup> <br>|  | 1552000 | &nbsp;&nbsp; 1558559 |
| Solventum Corp., | Solventum Corp., |  |  |
| 5.45%, 02/25/2027 |  | 4977000 | &nbsp;&nbsp; 5052303 |
| 5.90%, 04/30/2054<sup>(d)</sup> <br>|  | 1969000 | &nbsp;&nbsp; 1902947 |
| Southern Co. (The), | Southern Co. (The), |  |  |
| Series B, 4.00%, <br> 01/15/2051<sup>(c)</sup> <br>|  | 8100000 | &nbsp;&nbsp; 7992414 |
| Series 21-A, 3.75%, <br> 09/15/2051<sup>(c)(d)</sup> <br>|  | 5274000 | &nbsp;&nbsp; 5114283 |

---

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)** |
| SS&C Technologies, Inc., | SS&C Technologies, Inc., |  |  |
| 5.50%, 09/30/2027<sup>(b)</sup> <br>|  | $315000 | &nbsp;&nbsp; $313752 |
| 6.50%, 06/01/2032<sup>(b)(d)</sup> <br>|  | 295000 | &nbsp;&nbsp; 299384 |
| State Street Corp., Series I, <br> 6.70%<sup>(c)(d)(e)</sup> <br>|  | 2956000 | &nbsp;&nbsp; 2973825 |
| Summit Midstream <br> Holdings LLC, 8.63%, <br> 10/31/2029<sup>(b)</sup> <br>|  | 722000 | &nbsp;&nbsp; 712103 |
| Sunoco L.P., 6.25%, <br> 07/01/2033<sup>(b)(d)</sup> <br>|  | 625000 | &nbsp;&nbsp; 624677 |
| Tallgrass Energy Partners <br> L.P./Tallgrass Energy <br> Finance Corp., 7.38%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 614000 | &nbsp;&nbsp; 612369 |
| Taylor Morrison Communities, <br> Inc., 5.13%, <br> 08/01/2030<sup>(b)(d)</sup> <br>|  | 633000 | &nbsp;&nbsp; 613898 |
| Tenet Healthcare Corp., | Tenet Healthcare Corp., |  |  |
| 6.13%, 10/01/2028 |  | 505000 | &nbsp;&nbsp; 504158 |
| 4.25%, 06/01/2029 |  | 33000 | &nbsp;&nbsp; 31464 |
| 6.75%, 05/15/2031 |  | 1157000 | &nbsp;&nbsp; 1186867 |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | 3450000 | &nbsp;&nbsp; 3523637 |
| 6.38%, 03/01/2029<sup>(b)</sup> <br>|  | 982000 | &nbsp;&nbsp; 1001603 |
| Transocean Titan Financing <br> Ltd., 8.38%, <br> 02/01/2028<sup>(b)</sup> <br>|  | 478619 | &nbsp;&nbsp; 474568 |
| Transocean, Inc., 8.75%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 387200 | &nbsp;&nbsp; 378788 |
| U.S. International <br> Development Finance <br> Corp., Series 4, 3.13%, <br> 04/15/2028<br>|  | 1120000 | &nbsp;&nbsp; 1097243 |
| United AirLines, Inc., 4.38%, <br> 04/15/2026<sup>(b)</sup> <br>|  | 3600000 | &nbsp;&nbsp; 3551665 |
| Uniti Group L.P./Uniti Group <br> Finance 2019, Inc./CSL <br> Capital LLC, 10.50%, <br> 02/15/2028<sup>(b)</sup> <br>|  | 522000 | &nbsp;&nbsp; 554667 |
| Univision Communications, Inc., | Univision Communications, Inc., |  |  |
| 6.63%, 06/01/2027<sup>(b)</sup> <br>|  | 467000 | &nbsp;&nbsp; 452334 |
| 7.38%, 06/30/2030<sup>(b)</sup> <br>|  | 122000 | &nbsp;&nbsp; 111249 |
| Velocity Vehicle Group LLC, <br> 8.00%, 06/01/2029<sup>(b)</sup> <br>|  | 338000 | &nbsp;&nbsp; 341820 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| 9.88%, 02/01/2032<sup>(b)</sup> <br>|  | 806000 | &nbsp;&nbsp; 818887 |
| 9.00%<sup>(b)(c)(d)(e)</sup> <br>|  | 916000 | &nbsp;&nbsp; 788177 |
| Vertiv Group Corp., 4.13%, <br> 11/15/2028<sup>(b)</sup> <br>|  | 638000 | &nbsp;&nbsp; 616914 |
| Viatris, Inc., 3.85%, <br> 06/22/2040<br>|  | 2220000 | &nbsp;&nbsp; 1558037 |
| Victoria's Secret & Co., <br> 4.63%, 07/15/2029<sup>(b)(d)</sup> <br>|  | 331000 | &nbsp;&nbsp; 289063 |
| Vistra Corp., | Vistra Corp., |  |  |
| Series C, 8.88%<sup>(b)(c)(e)</sup> <br>|  | 915000 | &nbsp;&nbsp; 965075 |
| 8.00%<sup>(b)(c)(e)</sup> <br>|  | 296000 | &nbsp;&nbsp; 302800 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.63%, 02/15/2027<sup>(b)</sup> <br>|  | 817000 | &nbsp;&nbsp; 817174 |
| 5.00%, 07/31/2027<sup>(b)</sup> <br>|  | 233000 | &nbsp;&nbsp; 231172 |
| 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 795000 | &nbsp;&nbsp; 841151 |
| Walker & Dunlop, Inc., 6.63%, <br> 04/01/2033<sup>(b)</sup> <br>|  | 580000 | &nbsp;&nbsp; 590515 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| WEX, Inc., 6.50%, <br> 03/15/2033<sup>(b)(d)</sup> <br>|  | $604000 | &nbsp;&nbsp; $587918 |
| Windstream Services LLC/<br> Windstream Escrow Finance <br> Corp., 8.25%, <br> 10/01/2031<sup>(b)</sup> <br>|  | 564000 | &nbsp;&nbsp; 577891 |
| WMG Acquisition Corp., <br> 3.75%, 12/01/2029<sup>(b)</sup> <br>|  | 620000 | &nbsp;&nbsp; 573836 |
| Xerox Holdings Corp., 5.50%, <br> 08/15/2028<sup>(b)</sup> <br>|  | 78000 | &nbsp;&nbsp; 50163 |
|  |  |  | &nbsp;&nbsp; 273452599 |
| **Uzbekistan–0.18%** | **Uzbekistan–0.18%** | **Uzbekistan–0.18%** | **Uzbekistan–0.18%** |
| National Bank of Uzbekistan, <br> 8.50%, 07/05/2029<sup>(b)</sup> <br>|  | 1420000 | &nbsp;&nbsp; 1453528 |
| Navoi Mining & Metallurgical <br> Combinat, 6.70%, <br> 10/17/2028<sup>(b)</sup> <br>|  | 1380000 | &nbsp;&nbsp; 1408726 |
|  |  |  | &nbsp;&nbsp; 2862254 |
| **Zambia–0.10%** | **Zambia–0.10%** | **Zambia–0.10%** | **Zambia–0.10%** |
| First Quantum Minerals Ltd., <br> 6.88%, 10/15/2027<sup>(b)</sup> <br>|  | 1649000 | &nbsp;&nbsp; 1630416 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $529,250,256) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $529,250,256) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $529,250,256) | &nbsp;&nbsp; 511420389 |
| **Non-U.S. Dollar Denominated Bonds & Notes–23.77%**<sup>(j)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–23.77%**<sup>(j)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–23.77%**<sup>(j)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–23.77%**<sup>(j)</sup>  |
| **Australia–0.71%** | **Australia–0.71%** | **Australia–0.71%** | **Australia–0.71%** |
| Treasury Corporation of <br> Victoria, 5.50%, <br> 11/17/2026<br>| AUD | 16605000 | &nbsp;&nbsp; 10959786 |
| **Austria–0.26%** | **Austria–0.26%** | **Austria–0.26%** | **Austria–0.26%** |
| Republic of Austria <br> Government Bond, 0.70%, <br> 04/20/2071<sup>(b)</sup> <br>| EUR | 8980000 | &nbsp;&nbsp; 4035669 |
| **Brazil–5.59%** | **Brazil–5.59%** | **Brazil–5.59%** | **Brazil–5.59%** |
| Brazil Notas do Tesouro Nacional, | Brazil Notas do Tesouro Nacional, |  |  |
| Series B, 6.00%, <br> 05/15/2055<br>| BRL | 5700000 | &nbsp;&nbsp; 3832974 |
| Series F, 10.00%, <br> 01/01/2027<br>| BRL | 495000000 | &nbsp;&nbsp; 82675309 |
|  |  |  | &nbsp;&nbsp; 86508283 |
| **Canada–0.75%** | **Canada–0.75%** | **Canada–0.75%** | **Canada–0.75%** |
| Province of Ontario, 5.85%, <br> 03/08/2033<br>| CAD | 13800000 | &nbsp;&nbsp; 11609578 |
| **China–0.63%** | **China–0.63%** | **China–0.63%** | **China–0.63%** |
| China Government Bond, <br> 3.32%, 04/15/2052<br>| CNY | 55000000 | &nbsp;&nbsp; 9795960 |
| **Colombia–2.76%** | **Colombia–2.76%** | **Colombia–2.76%** | **Colombia–2.76%** |
| Colombian TES, | Colombian TES, |  |  |
| Series B, 6.00%, <br> 04/28/2028<br>| COP | 35050000000 | &nbsp;&nbsp; 7454933 |
| Series B, 7.75%, <br> 09/18/2030<br>| COP | 79000000000 | &nbsp;&nbsp; 16280456 |
| Series B, 7.00%, <br> 06/30/2032<br>| COP | 70000000000 | &nbsp;&nbsp; 12894152 |
| Series B, 9.25%, <br> 05/28/2042<br>| COP | 33400000000 | &nbsp;&nbsp; 6040934 |
|  |  |  | &nbsp;&nbsp; 42670475 |

---

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** |
| **Czech Republic–0.28%** | **Czech Republic–0.28%** | **Czech Republic–0.28%** | **Czech Republic–0.28%** |
| CPI Property Group S.A., <br> 4.88%<sup>(b)(c)(e)</sup> <br>| EUR | 4100000 | &nbsp;&nbsp; $4410711 |
| **Egypt–0.68%** | **Egypt–0.68%** | **Egypt–0.68%** | **Egypt–0.68%** |
| Egypt Government Bond, | Egypt Government Bond, |  |  |
| 0.00%, 09/30/2025<sup>(i)</sup> <br>| EGP | 170000000 | &nbsp;&nbsp; 3015797 |
| 23.85%, 07/02/2027 | EGP | 375000000 | &nbsp;&nbsp; 7502611 |
|  |  |  | &nbsp;&nbsp; 10518408 |
| **France–1.61%** | **France–1.61%** | **France–1.61%** | **France–1.61%** |
| BPCE S.A., Series NC5, <br> 1.50%, 01/13/2042<sup>(b)(c)</sup> <br>| EUR | 8400000 | &nbsp;&nbsp; 9236887 |
| Electricite de France S.A., | Electricite de France S.A., |  |  |
| 7.50%<sup>(b)(c)(e)</sup> <br>| EUR | 4800000 | &nbsp;&nbsp; 5998454 |
| 7.38%<sup>(b)(c)(e)</sup> <br>| GBP | 3500000 | &nbsp;&nbsp; 4717569 |
| Eutelsat S.A., 9.75%, <br> 04/13/2029<sup>(b)</sup> <br>| EUR | 525000 | &nbsp;&nbsp; 604400 |
| French Republic Government <br> Bond OAT, 0.50%, <br> 05/25/2072<sup>(b)</sup> <br>| EUR | 12620000 | &nbsp;&nbsp; 4383033 |
|  |  |  | &nbsp;&nbsp; 24940343 |
| **Germany–0.11%** | **Germany–0.11%** | **Germany–0.11%** | **Germany–0.11%** |
| Volkswagen International <br> Finance N.V., 4.63%<sup>(b)(c)(e)</sup> <br>| EUR | 1480000 | &nbsp;&nbsp; 1683422 |
| **Greece–0.15%** | **Greece–0.15%** | **Greece–0.15%** | **Greece–0.15%** |
| Eurobank S.A., 5.88%, <br> 11/28/2029<sup>(b)(c)</sup> <br>| EUR | 1725000 | &nbsp;&nbsp; 2120450 |
| Hellenic Republic Government <br> Bond, 0.00%, <br> 10/15/2042<sup>(i)</sup> <br>| EUR | 76770000 | &nbsp;&nbsp; 226119 |
|  |  |  | &nbsp;&nbsp; 2346569 |
| **India–0.54%** | **India–0.54%** | **India–0.54%** | **India–0.54%** |
| India Government Bond, <br> 7.09%, 08/05/2054<br>| INR | 675000000 | &nbsp;&nbsp; 8351236 |
| **Italy–0.51%** | **Italy–0.51%** | **Italy–0.51%** | **Italy–0.51%** |
| UniCredit S.p.A., <br> 5.38%<sup>(b)(c)(e)</sup> <br>| EUR | 6900000 | &nbsp;&nbsp; 7834617 |
| **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; 2441823 |
| **Japan–2.44%** | **Japan–2.44%** | **Japan–2.44%** | **Japan–2.44%** |
| Japan Government Forty Year <br> Bond, Series 13, 0.50%, <br> 03/20/2060<br>| JPY | 10914700000 | &nbsp;&nbsp; 37805914 |
| **Mexico–1.40%** | **Mexico–1.40%** | **Mexico–1.40%** | **Mexico–1.40%** |
| Mexican Bonos, | Mexican Bonos, |  |  |
| Series M, 7.75%, <br> 05/29/2031<br>| MXN | 199300000 | &nbsp;&nbsp; 9617569 |
| Series M, 8.00%, <br> 07/31/2053<br>| MXN | 290000000 | &nbsp;&nbsp; 12117124 |
|  |  |  | &nbsp;&nbsp; 21734693 |
| **Netherlands–0.20%** | **Netherlands–0.20%** | **Netherlands–0.20%** | **Netherlands–0.20%** |
| ABN AMRO Bank N.V., <br> 4.38%<sup>(b)(c)(e)</sup> <br>| EUR | 2700000 | &nbsp;&nbsp; 3064049 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Romania–0.16%** | **Romania–0.16%** | **Romania–0.16%** | **Romania–0.16%** |
| Romanian Government <br> International Bond, <br> 5.13%, 09/24/2031<sup>(b)</sup> <br>| EUR | 2225000 | &nbsp;&nbsp; $2415828 |
| **South Africa–2.28%** | **South Africa–2.28%** | **South Africa–2.28%** | **South Africa–2.28%** |
| 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; 21350495 |
| Series 2040, 9.00%, <br> 01/31/2040<br>| ZAR | 315000000 | &nbsp;&nbsp; 13875390 |
|  |  |  | &nbsp;&nbsp; 35225885 |
| **Spain–1.25%** | **Spain–1.25%** | **Spain–1.25%** | **Spain–1.25%** |
| Banco Bilbao Vizcaya <br> Argentaria S.A., <br> 6.00%<sup>(b)(c)(e)</sup> <br>| EUR | 4200000 | &nbsp;&nbsp; 4815068 |
| Spain Government Bond, <br> 1.45%, 10/31/2071<sup>(b)</sup> <br>| EUR | 11250000 | &nbsp;&nbsp; 6085563 |
| Telefonica Europe B.V., | Telefonica Europe B.V., |  |  |
| 2.88%<sup>(b)(c)(e)</sup> <br>| EUR | 3700000 | &nbsp;&nbsp; 4117419 |
| 7.13%<sup>(b)(c)(e)</sup> <br>| EUR | 3500000 | &nbsp;&nbsp; 4386256 |
|  |  |  | &nbsp;&nbsp; 19404306 |
| **Supranational–0.07%** | **Supranational–0.07%** | **Supranational–0.07%** | **Supranational–0.07%** |
| African Development Bank, <br> 0.00%, 01/17/2050<sup>(i)</sup> <br>| ZAR | 222000000 | &nbsp;&nbsp; 955528 |
| International Finance Corp., <br> 0.00%, 02/15/2029<sup>(b)(i)</sup> <br>| TRY | 10300000 | &nbsp;&nbsp; 88215 |
|  |  |  | &nbsp;&nbsp; 1043743 |
| **United Kingdom–1.23%** | **United Kingdom–1.23%** | **United Kingdom–1.23%** | **United Kingdom–1.23%** |
| Lloyds Banking Group PLC, | Lloyds Banking Group PLC, |  |  |
| 4.95%<sup>(b)(c)(e)</sup> <br>| EUR | 3450000 | &nbsp;&nbsp; 3916815 |
| 8.50%<sup>(c)(e)</sup> <br>| GBP | 2275000 | &nbsp;&nbsp; 3119107 |
| NGG Finance PLC, 5.63%, <br> 06/18/2073<sup>(b)(c)</sup> <br>| GBP | 9000000 | &nbsp;&nbsp; 11987470 |
|  |  |  | &nbsp;&nbsp; 19023392 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $380,520,419) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $380,520,419) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $380,520,419) | &nbsp;&nbsp; 367824690 |
| **Asset-Backed Securities–11.39%** | **Asset-Backed Securities–11.39%** | **Asset-Backed Securities–11.39%** | **Asset-Backed Securities–11.39%** |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| Series 2024-8, Class A3, <br> 5.75%, 05/27/2069<sup>(b)</sup> <br>|  | $2470108 | &nbsp;&nbsp; 2473084 |
| Series 2024-12, Class A2, <br> 5.86%, 10/25/2069<sup>(b)</sup> <br>|  | 790872 | &nbsp;&nbsp; 796003 |
| Series 2024-12, Class A3, <br> 6.01%, 10/25/2069<sup>(b)</sup> <br>|  | 1284003 | &nbsp;&nbsp; 1293298 |
| 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>(k)</sup> <br>|  | 9163 | &nbsp;&nbsp; 8548 |
| Benchmark Mortgage Trust, <br> Series 2018-B1, Class XA, <br> IO, 0.67%, 01/15/2051<sup>(l)</sup> <br>|  | 8348365 | &nbsp;&nbsp; 97728 |
| BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |  |  |
| Series 2023-NQM7, <br> Class A1, 7.13%, <br> 09/25/2063<sup>(b)</sup> <br>|  | 2678481 | &nbsp;&nbsp; 2719339 |
| Series 2023-NQM7, <br> Class A2, 7.38%, <br> 09/25/2063<sup>(b)</sup> <br>|  | 3766613 | &nbsp;&nbsp; 3827203 |

---

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** |
| CD Mortgage Trust, <br> Series 2017-CD6, <br> Class XA, IO, 1.03%, <br> 11/13/2050<sup>(l)</sup> <br>|  | $4118009 | &nbsp;&nbsp; $66517 |
| Citigroup Commercial <br> Mortgage Trust, <br> Series 2017-C4, Class XA, <br> IO, 1.12%, 10/12/2050<sup>(l)</sup> <br>|  | 11645846 | &nbsp;&nbsp; 236761 |
| Citigroup Mortgage Loan <br> Trust, Series 2025-2, <br> Class A10, 6.00%, <br> 02/25/2055<sup>(b)(m)</sup> <br>|  | 2023219 | &nbsp;&nbsp; 2045211 |
| Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |  |  |
| Series 2005-2, Class 1A3, <br> 2.82%, 05/25/2035<sup>(m)</sup> <br>|  | 323873 | &nbsp;&nbsp; 309322 |
| 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>(k)</sup> <br>|  | 67683 | &nbsp;&nbsp; 63804 |
| COLT Mortgage Loan Trust, <br> Series 2024-INV1, <br> Class A3, 6.48%, <br> 12/25/2068<sup>(b)</sup> <br>|  | 880703 | &nbsp;&nbsp; 886554 |
| 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>|  | 223885 | &nbsp;&nbsp; 219864 |
| Series 2005-J4, Class A7, <br> 5.50%, 11/25/2035<br>|  | 403009 | &nbsp;&nbsp; 333120 |
| CWHEQ Revolving Home Equity <br> Loan Trust, Series 2006-H, <br> Class 2A1A, 5.57% (1 mo. <br> Term SOFR + 0.26%), <br> 11/15/2036<sup>(k)</sup> <br>|  | 17055 | &nbsp;&nbsp; 15102 |
| FREMF Mortgage Trust, | FREMF Mortgage Trust, |  |  |
| Series 2017-K62, Class B, <br> 4.01%, 01/25/2050<sup>(b)(m)</sup> <br>|  | 840000 | &nbsp;&nbsp; 829700 |
| Series 2016-K54, Class C, <br> 4.21%, 04/25/2048<sup>(b)(m)</sup> <br>|  | 4190000 | &nbsp;&nbsp; 4142944 |
| Frontier Issuer LLC, <br> Series 2023-1, Class A2, <br> 6.60%, 08/20/2053<sup>(b)</sup> <br>|  | 724500 | &nbsp;&nbsp; 736407 |
| GCAT Trust, Series 2024-<br> INV3, Class A17, 6.50%, <br> 09/25/2054<sup>(b)(m)</sup> <br>|  | 398729 | &nbsp;&nbsp; 406448 |
| GSR Mortgage Loan Trust, <br> Series 2005-AR4, <br> Class 6A1, 5.50%, <br> 07/25/2035<sup>(m)</sup> <br>|  | 19991 | &nbsp;&nbsp; 18435 |
| JP Morgan Mortgage Trust, <br> Series 2007-A1, <br> Class 5A1, 5.04%, <br> 07/25/2035<sup>(m)</sup> <br>|  | 24091 | &nbsp;&nbsp; 24198 |
| JPMBB Commercial Mortgage <br> Securities Trust, <br> Series 2014-C24, Class B, <br> 4.12%, 11/15/2047<sup>(m)</sup> <br>|  | 1655000 | &nbsp;&nbsp; 1523881 |
| MASTR Asset Backed <br> Securities Trust, <br> Series 2006-WMC3, <br> Class A3, 4.64% (1 mo. <br> Term SOFR + 0.31%), <br> 08/25/2036<sup>(k)</sup> <br>|  | 2813220 | &nbsp;&nbsp; 936867 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Morgan Stanley Capital I Trust, <br> Series 2017-HR2, <br> Class XA, IO, 0.99%, <br> 12/15/2050<sup>(l)</sup> <br>|  | $3923644 | &nbsp;&nbsp; $73618 |
| Morgan Stanley Re-REMIC <br> Trust, Series 2012-R3, <br> Class 1B, 6.00%, <br> 11/26/2036<sup>(b)(m)</sup> <br>|  | 5071160 | &nbsp;&nbsp; 4372895 |
| 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>|  | 1956362 | &nbsp;&nbsp; 1966701 |
| Series 2025-NQM1, <br> Class A3, 6.14%, <br> 11/25/2069<sup>(b)</sup> <br>|  | 2642077 | &nbsp;&nbsp; 2663888 |
| Morgan Stanley Residential <br> Mortgage Loan Trust <br> 2024-NQM1, <br> Series 2024-NQM1, <br> Class A2, 6.41%, <br> 12/25/2068<sup>(b)</sup> <br>|  | 2056044 | &nbsp;&nbsp; 2074583 |
| Morgan Stanley Residential <br> Mortgage Loan Trust <br> 2024-NQM2, <br> Series 2024-NQM2, <br> Class A3, 6.79%, <br> 05/25/2069<sup>(b)</sup> <br>|  | 3427576 | &nbsp;&nbsp; 3470144 |
| OBX Trust, | OBX Trust, |  |  |
| Series 2022-NQM7, <br> Class A3, 5.70%, <br> 08/25/2062<sup>(b)</sup> <br>|  | 690878 | &nbsp;&nbsp; 690436 |
| Series 2022-NQM7, <br> Class A2, 5.70%, <br> 08/25/2062<sup>(b)</sup> <br>|  | 1328612 | &nbsp;&nbsp; 1329252 |
| Series 2024-NQM12, <br> Class A1, 5.48%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 558229 | &nbsp;&nbsp; 558693 |
| Series 2024-NQM12, <br> Class A2, 5.78%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 1191181 | &nbsp;&nbsp; 1197327 |
| Series 2024-NQM12, <br> Class A3, 5.83%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 593393 | &nbsp;&nbsp; 594681 |
| Series 2024-NQM12, <br> Class M1, 5.93%, <br> 07/25/2064<sup>(b)(m)</sup> <br>|  | 690000 | &nbsp;&nbsp; 684370 |
| Series 2024-NQM18, <br> Class A3, 5.87%, <br> 10/25/2064<sup>(b)</sup> <br>|  | 2538393 | &nbsp;&nbsp; 2555087 |
| PMT Loan Trust, <br> Series 2025-INV1, <br> Class A7, 6.00%, <br> 01/25/2060<sup>(b)(m)</sup> <br>|  | 958895 | &nbsp;&nbsp; 972641 |
| Rate Mortgage Trust, <br> Series 2024-J3, Class A2, <br> 5.50%, 10/25/2054<sup>(b)(m)</sup> <br>|  | 1098219 | &nbsp;&nbsp; 1088747 |
| Residential Accredit Loans, <br> Inc. Trust, Series 2006-<br> QS13, Class 1A8, 6.00%, <br> 09/25/2036<br>|  | 19370 | &nbsp;&nbsp; 15475 |
| UBS Commercial Mortgage <br> Trust, Series 2017-C5, <br> Class XA, IO, 1.28%, <br> 11/15/2050<sup>(l)</sup> <br>|  | 6523441 | &nbsp;&nbsp; 119992 |

---

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** |
| Vendee Mortgage Trust, | Vendee Mortgage Trust, |  |  |
| Series 1995-2B, Class 2, <br> IO, 0.79%, 06/15/2025<sup>(n)</sup> <br>|  | $27283 | &nbsp;&nbsp; $1 |
| Series 1995-3, Class 1, IO, <br> 0.00%, 09/15/2025<sup>(i)(l)</sup> <br>|  | 257407 | &nbsp;&nbsp; 0 |
| Verus Securitization Trust, <br> Series 2022-7, Class A3, <br> 5.35%, 07/25/2067<sup>(b)(m)</sup> <br>|  | 890561 | &nbsp;&nbsp; 894407 |
| WaMu Mortgage Pass-Through <br> Ctfs. Trust, Series 2003-<br> AR10, Class A7, 6.51%, <br> 10/25/2033<sup>(m)</sup> <br>|  | 21568 | &nbsp;&nbsp; 20532 |
| Wells Fargo Commercial <br> Mortgage Trust, <br> Series 2017-C42, <br> Class XA, IO, 1.00%, <br> 12/15/2050<sup>(l)</sup> <br>|  | 6063441 | &nbsp;&nbsp; 113812 |
| WFRBS Commercial Mortgage <br> Trust, Series 2013-C14, <br> Class AS, 3.49%, <br> 06/15/2046<br>|  | 262560 | &nbsp;&nbsp; 255767 |
| Alba PLC, | Alba PLC, |  |  |
| Series 2007-1, Class F, <br> 7.85% (SONIA + 3.37%), <br> 03/17/2039<sup>(b)(j)(k)</sup> <br>| GBP | 1513593 | &nbsp;&nbsp; 1902797 |
| Series 2006-2, Class F, <br> 7.85% (SONIA + 3.37%), <br> 12/15/2038<sup>(b)(j)(k)</sup> <br>| GBP | 937008 | &nbsp;&nbsp; 1134861 |
| Auburn 15 PLC, | Auburn 15 PLC, |  |  |
| Series E, 6.47% (SONIA + <br> 2.00%), <br> 07/20/2045<sup>(b)(j)(k)</sup> <br>| GBP | 1401000 | &nbsp;&nbsp; 1810120 |
| Series F, 6.97% (SONIA + <br> 2.50%), <br> 07/20/2045<sup>(b)(j)(k)</sup> <br>| GBP | 1666000 | &nbsp;&nbsp; 2154923 |
| Eurosail PLC, | Eurosail PLC, |  |  |
| Series 2006-2X, <br> Class E1C, 7.85% (SONIA + <br> 3.37%), <br> 12/15/2044<sup>(b)(j)(k)</sup> <br>| GBP | 5550000 | &nbsp;&nbsp; 6571855 |
| Series 2006-4X, <br> Class E1C, 7.60% (SONIA + <br> 3.12%), <br> 12/10/2044<sup>(b)(j)(k)</sup> <br>| GBP | 4135722 | &nbsp;&nbsp; 5141907 |
| Series 2006-2X, <br> Class D1A, 3.30% (3 mo. <br> EURIBOR + 0.80%), <br> 12/15/2044<sup>(b)(j)(k)</sup> <br>| EUR | 6300000 | &nbsp;&nbsp; 6535234 |
| Eurosail-UK NC PLC, <br> Series 2007-1X, <br> Class D1C, 5.49% (SONIA + <br> 1.01%), <br> 03/13/2045<sup>(b)(j)(k)</sup> <br>| GBP | 1750000 | &nbsp;&nbsp; 1995346 |
| Eurosail-UK NP PLC, <br> Series 2007-2X, <br> Class D1A, 3.35% (3 mo. <br> EURIBOR + 0.80%), <br> 03/13/2045<sup>(b)(j)(k)</sup> <br>| EUR | 8400000 | &nbsp;&nbsp; 8279138 |
| Great Hall Mortgages No. 1 <br> PLC, Series 2007-2X, <br> Class EB, 6.23% (3 mo. <br> EURIBOR + 3.75%), <br> 06/18/2039<sup>(b)(j)(k)</sup> <br>| EUR | 4570000 | &nbsp;&nbsp; 5086770 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Jupiter Mortgage No.1 PLC, | Jupiter Mortgage No.1 PLC, |  |  |
| Series 1A, Class ER, 8.48% <br> (SONIA + 4.00%), <br> 07/20/2055<sup>(b)(j)(k)</sup> <br>| GBP | 3070000 | &nbsp;&nbsp; $4072060 |
| Series 1A, Class FR, 9.48% <br> (SONIA + 5.00%), <br> 07/20/2055<sup>(b)(j)(k)</sup> <br>| GBP | 1897000 | &nbsp;&nbsp; 2516367 |
| Ludgate Funding PLC, | Ludgate Funding PLC, |  |  |
| Series 2007-1, Class MA, <br> 4.84% (SONIA + 0.36%), <br> 01/01/2061<sup>(b)(j)(k)</sup> <br>| GBP | 2155102 | &nbsp;&nbsp; 2694851 |
| Series 2006-1X, <br> Class A2A, 4.79% (SONIA <br> + 0.31%), <br> 12/01/2060<sup>(b)(j)(k)</sup> <br>| GBP | 5473332 | &nbsp;&nbsp; 7174600 |
| Mortgage Funding PLC, <br> Series 2008-1, Class B2, <br> 7.80% (SONIA + 3.32%), <br> 03/13/2046<sup>(b)(j)(k)</sup> <br>| GBP | 14462095 | &nbsp;&nbsp; 18302292 |
| Newgate Funding PLC, | Newgate Funding PLC, |  |  |
| Series 2006-2, Class CB, <br> 2.76% (3 mo. EURIBOR + <br> 0.43%), <br> 12/01/2050<sup>(b)(j)(k)</sup> <br>| EUR | 1009107 | &nbsp;&nbsp; 1029848 |
| Series 2007-3X, Class CB, <br> 3.98% (3 mo. EURIBOR + <br> 1.50%), <br> 12/15/2050<sup>(b)(j)(k)</sup> <br>| EUR | 683201 | &nbsp;&nbsp; 729949 |
| Towd Point Mortgage Funding 2024 <br> - Granite 6 PLC, | Towd Point Mortgage Funding 2024 <br> - Granite 6 PLC, |  |  |
| Series 2024-GR6X, Class F, <br> 8.98% (SONIA + 4.50%), <br> 07/20/2053<sup>(b)(j)(k)</sup> <br>| GBP | 1380000 | &nbsp;&nbsp; 1840416 |
| Series 2024-GR6A, <br> Class F, 8.98% (SONIA + <br> 4.50%), <br> 07/20/2053<sup>(b)(j)(k)</sup> <br>| GBP | 2126000 | &nbsp;&nbsp; 2835308 |
| Series 2024-GR6X, Class E, <br> 7.98% (SONIA + 3.50%), <br> 07/20/2053<sup>(b)(j)(k)</sup> <br>| GBP | 1980000 | &nbsp;&nbsp; 2640587 |
| Towd Point Mortgage Funding <br> 2024 - Granite 7 PLC, <br> Series 2024-GR7X, Class E, <br> 7.72% (SONIA + 3.25%), <br> 04/20/2051<sup>(b)(j)(k)</sup> <br>| GBP | 1555000 | &nbsp;&nbsp; 2073983 |
| Prosil Acquisition S.A., <br> Series 2019-1, Class A, <br> 4.19% (3 mo. EURIBOR + <br> 2.00%), <br> 10/31/2039<sup>(b)(j)(k)</sup> <br>| EUR | 2937361 | &nbsp;&nbsp; 2678115 |
| SC Germany S.A. <br> Compartment Consumer, <br> Series 2021-1, Class E, <br> 5.15% (1 mo. EURIBOR + <br> 2.80%), <br> 11/14/2035<sup>(b)(j)(k)</sup> <br>| EUR | 7047113 | &nbsp;&nbsp; 7924265 |
| Alhambra SME Funding DAC, <br> Series 2019-1, Class D, <br> 11.40% (1 mo. EURIBOR + <br> 9.25%), <br> 11/30/2028<sup>(b)(j)(k)</sup> <br>| EUR | 218562 | &nbsp;&nbsp; 228171 |

---

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** |
| Hera Financing DAC, | Hera Financing DAC, |  |  |
| Series 2024-1A, Class B, <br> 7.43% (SONIA + 2.95%), <br> 11/17/2034<sup>(b)(j)(k)</sup> <br>| GBP | 3216594 | &nbsp;&nbsp; $4284940 |
| Series 2024-1A, Class C, <br> 8.23% (SONIA + 3.75%), <br> 11/17/2034<sup>(b)(j)(k)</sup> <br>| GBP | 1838054 | &nbsp;&nbsp; 2444192 |
| Series 2024-1A, Class A, <br> 6.38% (SONIA + 1.90%), <br> 11/17/2034<sup>(b)(j)(k)</sup> <br>| GBP | 2297567 | &nbsp;&nbsp; 3064826 |
| Last Mile Logistics Pan Euro <br> Finance DAC, Series E, <br> 5.26% (3 mo. EURIBOR + <br> 2.70%), <br> 08/17/2033<sup>(b)(j)(k)</sup> <br>| EUR | 5386463 | &nbsp;&nbsp; 6031390 |
| IM Pastor 4, FTA, Series B, <br> 2.58% (3 mo. EURIBOR + <br> 0.19%), <br> 03/22/2044<sup>(b)(j)(k)</sup> <br>| EUR | 2300000 | &nbsp;&nbsp; 1843580 |
| Fideicomiso Dorrego Y Libertador, | Fideicomiso Dorrego Y Libertador, |  |  |
| 2.00%, 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; 67419 |
| Fideicomiso Financiero <br> Invernea Proteina 2, Serie <br> II, 0.00%, <br> 08/25/2032<sup>(g)(i)(j)(m)</sup> <br>| ARS | 311500000 | &nbsp;&nbsp; 1792096 |
| Ares XXXVII CLO Ltd., <br> Series 2015-4A, Class DR, <br> 10.67% (3 mo. Term SOFR <br> + 6.41%), <br> 10/15/2030<sup>(b)(k)</sup> <br>|  | $2240000 | &nbsp;&nbsp; 2234951 |
| Total Asset-Backed Securities <br> (Cost $178,582,591) | Total Asset-Backed Securities <br> (Cost $178,582,591) | Total Asset-Backed Securities <br> (Cost $178,582,591) | &nbsp;&nbsp; 176154564 |
| **U.S. Treasury Securities–8.15%** | **U.S. Treasury Securities–8.15%** | **U.S. Treasury Securities–8.15%** | **U.S. Treasury Securities–8.15%** |
| **U.S. Treasury Bills–4.06%** | **U.S. Treasury Bills–4.06%** | **U.S. Treasury Bills–4.06%** | **U.S. Treasury Bills–4.06%** |
| 4.23 - 4.27%, <br> 05/29/2025<sup>(o)</sup> <br>|  | 62759939 | &nbsp;&nbsp; 62759586 |
| **U.S. Treasury Inflation — Indexed Bonds–4.09%** | **U.S. Treasury Inflation — Indexed Bonds–4.09%** | **U.S. Treasury Inflation — Indexed Bonds–4.09%** | **U.S. Treasury Inflation — Indexed Bonds–4.09%** |
| 1.50%, 02/15/2053<sup>(p)</sup> <br>|  | 29015719 | &nbsp;&nbsp; 29930424 |
| 2.13%, 02/15/2054<sup>(p)</sup> <br>|  | 32439655 | &nbsp;&nbsp; 33426226 |
|  |  |  | &nbsp;&nbsp; 63356650 |
| Total U.S. Treasury Securities <br> (Cost $124,215,313) | Total U.S. Treasury Securities <br> (Cost $124,215,313) | Total U.S. Treasury Securities <br> (Cost $124,215,313) | &nbsp;&nbsp; 126116236 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–5.96%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–5.96%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–5.96%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–5.96%** |
| Fannie Mae Grantor Trust, | Fannie Mae Grantor Trust, |  |  |
| IO, <br>0.63%, 11/25/2040<sup>(l)</sup> <br>|  | 1443007 | &nbsp;&nbsp; 1704 |
| 0.37%, 12/25/2041<sup>(l)</sup> <br>|  | 8943032 | &nbsp;&nbsp; 274809 |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| IO, <br>6.50%, 04/25/2029 - <br> 07/25/2032<sup>(n)</sup> <br>|  | 536559 | &nbsp;&nbsp; 59471 |
| 7.50%, 11/25/2029<sup>(n)</sup> <br>|  | 22205 | &nbsp;&nbsp; 2401 |
| 6.00%, 12/25/2032 - <br> 08/25/2035<sup>(n)</sup> <br>|  | 711518 | &nbsp;&nbsp; 89455 |
| 5.50%, 11/25/2033 - <br> 06/25/2035<sup>(n)</sup> <br>|  | 607950 | &nbsp;&nbsp; 82699 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| IO, <br>3.13% (7.60% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/25/2026<sup>(k)(n)</sup> <br>|  | $12201 | &nbsp;&nbsp; $201 |
| 3.44% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/18/2031 - <br> 12/18/2031<sup>(k)(n)</sup> <br>|  | 75210 | &nbsp;&nbsp; 7297 |
| 3.43% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2031<sup>(k)(n)</sup> <br>|  | 1475 | &nbsp;&nbsp; 153 |
| 3.48% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2032<sup>(k)(n)</sup> <br>|  | 17738 | &nbsp;&nbsp; 1643 |
| 3.54% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/18/2032<sup>(k)(n)</sup> <br>|  | 34622 | &nbsp;&nbsp; 3542 |
| 3.63% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2032 - <br> 04/25/2032<sup>(k)(n)</sup> <br>|  | 50866 | &nbsp;&nbsp; 5308 |
| 2.53% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(k)(n)</sup> <br>|  | 22253 | &nbsp;&nbsp; 1770 |
| 3.33% (7.80% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(k)(n)</sup> <br>|  | 15988 | &nbsp;&nbsp; 1778 |
| 3.53% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/25/2032 - <br> 09/25/2032<sup>(k)(n)</sup> <br>|  | 66630 | &nbsp;&nbsp; 7210 |
| 3.64% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/18/2032<sup>(k)(n)</sup> <br>|  | 54384 | &nbsp;&nbsp; 4743 |
| 3.73% (8.20% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2033<sup>(k)(n)</sup> <br>|  | 214093 | &nbsp;&nbsp; 21792 |
| 3.78% (8.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2033 - <br> 05/25/2033<sup>(k)(n)</sup> <br>|  | 119976 | &nbsp;&nbsp; 17736 |
| 7.00%, 03/25/2033 - <br> 04/25/2033<sup>(n)</sup> <br>|  | 297667 | &nbsp;&nbsp; 41078 |
| 3.08% (7.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2033<sup>(k)(n)</sup> <br>|  | 96553 | &nbsp;&nbsp; 11237 |
| 1.58% (6.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 - <br> 07/25/2038<sup>(k)(n)</sup> <br>|  | 91221 | &nbsp;&nbsp; 6303 |
| 2.28% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 - <br> 05/25/2035<sup>(k)(n)</sup> <br>|  | 84971 | &nbsp;&nbsp; 3680 |
| 2.13% (6.60% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(k)(n)</sup> <br>|  | 180863 | &nbsp;&nbsp; 11834 |
| 2.23% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(k)(n)</sup> <br>|  | 336750 | &nbsp;&nbsp; 29606 |
| 2.76% (7.23% - (30 Day <br> Average SOFR + 0.11%)), <br> 09/25/2036<sup>(k)(n)</sup> <br>|  | 344087 | &nbsp;&nbsp; 18465 |
| 2.07% (6.54% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/25/2037<sup>(k)(n)</sup> <br>|  | 607010 | &nbsp;&nbsp; 50991 |

---

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** |
| 4.00%, 04/25/2041<sup>(n)</sup> <br>|  | $506620 | &nbsp;&nbsp; $42745 |
| 2.08% (6.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2041<sup>(k)(n)</sup> <br>|  | 91309 | &nbsp;&nbsp; 7731 |
| 1.68% (6.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/25/2042<sup>(k)(n)</sup> <br>|  | 290447 | &nbsp;&nbsp; 34735 |
| 7.00%, 07/25/2026 |  | 305 | &nbsp;&nbsp; 304 |
| 6.50%, 10/25/2028 - <br> 04/25/2029<br>|  | 31484 | &nbsp;&nbsp; 31972 |
| 6.00%, 05/25/2031 - <br> 01/25/2032<br>|  | 58303 | &nbsp;&nbsp; 59964 |
| 5.47% (30 Day Average <br> SOFR + 1.11%), <br> 04/25/2032 - <br> 12/25/2032<sup>(k)</sup> <br>|  | 58304 | &nbsp;&nbsp; 58831 |
| 4.96% (30 Day Average <br> SOFR + 0.61%), <br> 10/18/2032<sup>(k)</sup> <br>|  | 22971 | &nbsp;&nbsp; 22922 |
| 4.97% (30 Day Average <br> SOFR + 0.61%), <br> 12/25/2032<sup>(k)</sup> <br>|  | 39882 | &nbsp;&nbsp; 39771 |
| 4.87% (30 Day Average <br> SOFR + 0.51%), <br> 11/25/2033<sup>(k)</sup> <br>|  | 20268 | &nbsp;&nbsp; 20228 |
| 8.18% (24.57% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 03/25/2036<sup>(k)</sup> <br>|  | 99613 | &nbsp;&nbsp; 119083 |
| 7.82% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(k)</sup> <br>|  | 92798 | &nbsp;&nbsp; 104618 |
| 5.41% (30 Day Average <br> SOFR + 1.05%), <br> 06/25/2037<sup>(k)</sup> <br>|  | 53002 | &nbsp;&nbsp; 53451 |
| 4.00%, 03/25/2041 |  | 64044 | &nbsp;&nbsp; 61228 |
| Federal Home Loan Mortgage Corp., | Federal Home Loan Mortgage Corp., |  |  |
| 8.50%, 08/01/2031 |  | 12773 | &nbsp;&nbsp; 13055 |
| 5.00%, 09/01/2052 - <br> 03/01/2053<sup>(q)</sup> <br>|  | 30032140 | &nbsp;&nbsp; 29496622 |
| 4.50%, 10/01/2052 |  | 14444835 | &nbsp;&nbsp; 13940668 |
| Federal National Mortgage <br> Association, | Federal National Mortgage <br> Association, |  |  |
| 7.50%, 03/01/2033 |  | 7025 | &nbsp;&nbsp; 7256 |
| 7.00%, 12/01/2033 |  | 9489 | &nbsp;&nbsp; 9925 |
| 5.50%, 02/01/2035 - <br> 03/01/2053<br>|  | 29831295 | &nbsp;&nbsp; 29888377 |
| 4.50%, 07/01/2052 |  | 16103927 | &nbsp;&nbsp; 15493906 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series K734, Class X1, IO, <br> 0.77%, 02/25/2026<sup>(l)</sup> <br>|  | 3766180 | &nbsp;&nbsp; 10126 |
| Series K735, Class X1, IO, <br> 1.10%, 05/25/2026<sup>(l)</sup> <br>|  | 6463049 | &nbsp;&nbsp; 47257 |
| Series K093, Class X1, IO, <br> 1.08%, 05/25/2029<sup>(l)</sup> <br>|  | 43492594 | &nbsp;&nbsp; 1386805 |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| IO, <br>7.00%, 04/01/2027 - <br> 04/01/2030<sup>(n)</sup> <br>|  | 72597 | &nbsp;&nbsp; 6733 |
| 6.50%, 02/01/2028 - <br> 06/01/2031<sup>(n)</sup> <br>|  | 20262 | &nbsp;&nbsp; 2142 |
| 7.50%, 12/15/2029<sup>(n)</sup> <br>|  | 26360 | &nbsp;&nbsp; 2839 |
| 6.00%, 12/15/2032<sup>(n)</sup> <br>|  | 49113 | &nbsp;&nbsp; 5686 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| 6.50%, 02/15/2028 - <br> 06/15/2032<br>|  | $37662 | &nbsp;&nbsp; $39166 |
| 4.91% (30 Day Average <br> SOFR + 0.56%), <br> 02/15/2029<sup>(k)</sup> <br>|  | 3037 | &nbsp;&nbsp; 3030 |
| 5.11% (30 Day Average <br> SOFR + 0.76%), <br> 07/15/2029<sup>(k)</sup> <br>|  | 4148 | &nbsp;&nbsp; 4149 |
| 5.46% (30 Day Average <br> SOFR + 1.11%), <br> 02/15/2032 - <br> 03/15/2032<sup>(k)</sup> <br>|  | 122524 | &nbsp;&nbsp; 123160 |
| 3.50%, 05/15/2032 |  | 35848 | &nbsp;&nbsp; 35241 |
| 4.96% (30 Day Average <br> SOFR + 0.61%), <br> 01/15/2033<sup>(k)</sup> <br>|  | 3624 | &nbsp;&nbsp; 3623 |
| 8.40% (24.75% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 08/15/2035<sup>(k)</sup> <br>|  | 69991 | &nbsp;&nbsp; 79045 |
| 4.00%, 06/15/2038 |  | 41245 | &nbsp;&nbsp; 39485 |
| IO, <br>7.00%, 03/15/2028 - <br> 04/15/2028<sup>(n)</sup> <br>|  | 13534 | &nbsp;&nbsp; 897 |
| 4.24% (8.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/17/2028<sup>(k)(n)</sup> <br>|  | 12 | &nbsp;&nbsp; 0 |
| 3.64% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/15/2029<sup>(k)(n)</sup> <br>|  | 23827 | &nbsp;&nbsp; 1473 |
| 4.49% (8.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 08/15/2029<sup>(k)(n)</sup> <br>|  | 6335 | &nbsp;&nbsp; 270 |
| 2.59% (7.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/15/2033<sup>(k)(n)</sup> <br>|  | 143491 | &nbsp;&nbsp; 9908 |
| 2.24% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2035<sup>(k)(n)</sup> <br>|  | 255536 | &nbsp;&nbsp; 16334 |
| 2.29% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/15/2035<sup>(k)(n)</sup> <br>|  | 14524 | &nbsp;&nbsp; 918 |
| 2.26% (6.72% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2035<sup>(k)(n)</sup> <br>|  | 395590 | &nbsp;&nbsp; 31402 |
| 1.69% (6.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/15/2035<sup>(k)(n)</sup> <br>|  | 189427 | &nbsp;&nbsp; 9759 |
| 2.54% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2037<sup>(k)(n)</sup> <br>|  | 80936 | &nbsp;&nbsp; 9028 |
| 1.54% (6.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2038<sup>(k)(n)</sup> <br>|  | 40353 | &nbsp;&nbsp; 3714 |
| 1.61% (6.07% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2038<sup>(k)(n)</sup> <br>|  | 155879 | &nbsp;&nbsp; 15437 |
| 1.79% (6.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2039<sup>(k)(n)</sup> <br>|  | 65417 | &nbsp;&nbsp; 5931 |

---

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** |
| Government National Mortgage <br> Association, | Government National Mortgage <br> Association, |  |  |
| ARM, 4.63% (1 yr. <br> U.S. Treasury Yield Curve <br> Rate + 1.50%), <br> 07/20/2027<sup>(k)</sup> <br>|  | $250 | &nbsp;&nbsp; $250 |
| 7.00%, 01/15/2028 - <br> 01/20/2030<br>|  | 49736 | &nbsp;&nbsp; 50565 |
| 8.00%, 01/15/2028 - <br> 09/15/2028<br>|  | 29477 | &nbsp;&nbsp; 30030 |
| IO, <br>2.11% (6.55% - (1 mo. <br> Term SOFR + 0.11%)), <br> 04/16/2037<sup>(k)(n)</sup> <br>|  | 259962 | &nbsp;&nbsp; 15624 |
| 2.21% (6.65% - (1 mo. <br> Term SOFR + 0.11%)), <br> 04/16/2041<sup>(k)(n)</sup> <br>|  | 397702 | &nbsp;&nbsp; 27811 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $96,044,296) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $96,044,296) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $96,044,296) | &nbsp;&nbsp; 92282136 |
| **Agency Credit Risk Transfer Notes–5.40%** | **Agency Credit Risk Transfer Notes–5.40%** | **Agency Credit Risk Transfer Notes–5.40%** | **Agency Credit Risk Transfer Notes–5.40%** |
| **United States–5.40%** | **United States–5.40%** | **United States–5.40%** | **United States–5.40%** |
| Fannie Mae Connecticut Avenue <br> Securities, | Fannie Mae Connecticut Avenue <br> Securities, |  |  |
| Series 2022-R04, <br> Class 1M2, 7.45% (30 Day <br> Average SOFR + 3.10%), <br> 03/25/2042<sup>(b)(k)</sup> <br>|  | 1795000 | &nbsp;&nbsp; 1845052 |
| Series 2022-R08, <br> Class 1M2, 7.95% (30 Day <br> Average SOFR + 3.60%), <br> 07/25/2042<sup>(b)(k)</sup> <br>|  | 3150000 | &nbsp;&nbsp; 3274593 |
| Series 2023-R02, <br> Class 1M1, 6.65% (30 Day <br> Average SOFR + 2.30%), <br> 01/25/2043<sup>(b)(k)</sup> <br>|  | 922318 | &nbsp;&nbsp; 940696 |
| Series 2023-R03, <br> Class 2M1, 6.85% (30 Day <br> Average SOFR + 2.50%), <br> 04/25/2043<sup>(b)(k)</sup> <br>|  | 1524940 | &nbsp;&nbsp; 1544288 |
| Series 2023-R04, <br> Class 1M1, 6.65% (30 Day <br> Average SOFR + 2.30%), <br> 05/25/2043<sup>(b)(k)</sup> <br>|  | 1920781 | &nbsp;&nbsp; 1957145 |
| Series 2023-R06, <br> Class 1M1, 6.05% (30 Day <br> Average SOFR + 1.70%), <br> 07/25/2043<sup>(b)(k)</sup> <br>|  | 822137 | &nbsp;&nbsp; 825558 |
| Series 2023-R06, <br> Class 1M2, 7.05% (30 Day <br> Average SOFR + 2.70%), <br> 07/25/2043<sup>(b)(k)</sup> <br>|  | 1145000 | &nbsp;&nbsp; 1181360 |
| Series 2023-R06, <br> Class 1B1, 8.25% (30 Day <br> Average SOFR + 3.90%), <br> 07/25/2043<sup>(b)(k)</sup> <br>|  | 1310000 | &nbsp;&nbsp; 1370836 |
| Series 2023-R08, <br> Class 1M2, 6.85% (30 Day <br> Average SOFR + 2.50%), <br> 10/25/2043<sup>(b)(k)</sup> <br>|  | 655000 | &nbsp;&nbsp; 672406 |
| Series 2023-R08, <br> Class 1M1, 5.85% (30 Day <br> Average SOFR + 1.50%), <br> 10/25/2043<sup>(b)(k)</sup> <br>|  | 664319 | &nbsp;&nbsp; 665645 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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-R02, <br> Class 1M2, 6.15% (30 Day <br> Average SOFR + 1.80%), <br> 02/25/2044<sup>(b)(k)</sup> <br>|  | $6900000 | &nbsp;&nbsp; $6903406 |
| Series 2024-R03, <br> Class 2M2, 6.30% (30 Day <br> Average SOFR + 1.95%), <br> 03/25/2044<sup>(b)(k)</sup> <br>|  | 7070000 | &nbsp;&nbsp; 7083929 |
| Freddie Mac, | Freddie Mac, |  |  |
| Series 2022-DNA2, <br> Class M1B, STACR<sup>®</sup>, 6.75% <br> (30 Day Average SOFR + <br> 2.40%), 02/25/2042<sup>(b)(k)</sup> <br>|  | 3500000 | &nbsp;&nbsp; 3575186 |
| Series 2022-DNA3, <br> Class M1B, STACR<sup>®</sup>, 7.25% <br> (30 Day Average SOFR + <br> 2.90%), 04/25/2042<sup>(b)(k)</sup> <br>|  | 7000000 | &nbsp;&nbsp; 7191775 |
| Series 2022-DNA3, <br> Class M1A, STACR<sup>®</sup>, 6.35% <br> (30 Day Average SOFR + <br> 2.00%), 04/25/2042<sup>(b)(k)</sup> <br>|  | 2590055 | &nbsp;&nbsp; 2621914 |
| Series 2022-HQA2, <br> Class M1, STACR<sup>®</sup>, 8.35% <br> (30 Day Average SOFR + <br> 4.00%), 07/25/2042<sup>(b)(k)</sup> <br>|  | 3500000 | &nbsp;&nbsp; 3687542 |
| Series 2022-HQA3, <br> Class M1, STACR<sup>®</sup>, 7.90% <br> (30 Day Average SOFR + <br> 3.55%), 08/25/2042<sup>(b)(k)</sup> <br>|  | 3500000 | &nbsp;&nbsp; 3655375 |
| Series 2022-HQA3, <br> Class M2, STACR<sup>®</sup>, 9.70% <br> (30 Day Average SOFR + <br> 5.35%), 08/25/2042<sup>(b)(k)</sup> <br>|  | 3745000 | &nbsp;&nbsp; 4014520 |
| Series 2022-DNA6, <br> Class M1, STACR<sup>®</sup>, 6.50% <br> (30 Day Average SOFR + <br> 2.15%), 09/25/2042<sup>(b)(k)</sup> <br>|  | 509531 | &nbsp;&nbsp; 513130 |
| Series 2023-DNA1, <br> Class M1, STACR<sup>®</sup>, 6.45% <br> (30 Day Average SOFR + <br> 2.10%), 03/25/2043<sup>(b)(k)</sup> <br>|  | 1788968 | &nbsp;&nbsp; 1819422 |
| Series 2023-HQA1, <br> Class M1, STACR<sup>®</sup>, 7.85% <br> (30 Day Average SOFR + <br> 3.50%), 05/25/2043<sup>(b)(k)</sup> <br>|  | 5639000 | &nbsp;&nbsp; 5923319 |
| Series 2023-HQA2, <br> Class M1, STACR<sup>®</sup>, 6.35% <br> (30 Day Average SOFR + <br> 2.00%), 06/25/2043<sup>(b)(k)</sup> <br>|  | 1308906 | &nbsp;&nbsp; 1316157 |
| Series 2023-HQA2, <br> Class M1, STACR<sup>®</sup>, 7.70% <br> (30 Day Average SOFR + <br> 3.35%), 06/25/2043<sup>(b)(k)</sup> <br>|  | 2100000 | &nbsp;&nbsp; 2186416 |
| Series 2023-HQA3, <br> Class M2, STACR<sup>®</sup>, 7.70% <br> (30 Day Average SOFR + <br> 3.35%), 11/25/2043<sup>(b)(k)</sup> <br>|  | 6900000 | &nbsp;&nbsp; 7217221 |
| Series 2024-DNA1, <br> Class M2, STACR<sup>®</sup>, 6.30% <br> (30 Day Average SOFR + <br> 1.95%), 02/25/2044<sup>(b)(k)</sup> <br>|  | 3450000 | &nbsp;&nbsp; 3471741 |
| Series 2024-HQA1, <br> Class M2, STACR<sup>®</sup>, 6.35% <br> (30 Day Average SOFR + <br> 2.00%), 03/25/2044<sup>(b)(k)</sup> <br>|  | 3719100 | &nbsp;&nbsp; 3731172 |

---

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** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Series 2024-DNA2, <br> Class M2, STACR<sup>®</sup>, 6.05% <br> (30 Day Average SOFR + <br> 1.70%), 05/25/2044<sup>(b)(k)</sup> <br>|  | $862500 | &nbsp;&nbsp; $862714 |
| Series 2024-HQA2, <br> Class M2, STACR<sup>®</sup>, 6.15% <br> (30 Day Average SOFR + <br> 1.80%), 08/25/2044<sup>(b)(k)</sup> <br>|  | 3450000 | &nbsp;&nbsp; 3448033 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $82,300,735) | Total Agency Credit Risk Transfer Notes <br> (Cost $82,300,735) | Total Agency Credit Risk Transfer Notes <br> (Cost $82,300,735) | &nbsp;&nbsp; 83500551 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Common Stocks & Other Equity Interests–1.92%** | **Common Stocks & Other Equity Interests–1.92%** | **Common Stocks & Other Equity Interests–1.92%** | **Common Stocks & Other Equity Interests–1.92%** |
| **Argentina–1.91%** | **Argentina–1.91%** | **Argentina–1.91%** | **Argentina–1.91%** |
| Banco BBVA Argentina S.A. | Banco BBVA Argentina S.A. | 200000 | &nbsp;&nbsp; 1366014 |
| Banco Macro S.A., Class B | Banco Macro S.A., Class B | 530000 | &nbsp;&nbsp; 4745235 |
| Grupo Financiero Galicia S.A., <br> Class B | Grupo Financiero Galicia S.A., <br> Class B | 1335000 | &nbsp;&nbsp; 8218850 |
| Pampa Energia S.A.<sup>(r)</sup>  | Pampa Energia S.A.<sup>(r)</sup>  | 900000 | &nbsp;&nbsp; 2609240 |
| YPF S.A., ADR<sup>(d)(r)</sup>  | YPF S.A., ADR<sup>(d)(r)</sup>  | 52500 | &nbsp;&nbsp; 1564500 |
| YPF S.A., Class D<sup>(r)</sup>  | YPF S.A., Class D<sup>(r)</sup>  | 367300 | &nbsp;&nbsp; 11149709 |
|  |  |  | &nbsp;&nbsp; 29653548 |
| **United States–0.01%** | **United States–0.01%** | **United States–0.01%** | **United States–0.01%** |
| Claire's Holdings LLC, Class S<sup>(g)</sup>  | Claire's Holdings LLC, Class S<sup>(g)</sup>  | 614 | &nbsp;&nbsp; 92 |
| McDermott International Ltd.<sup>(r)</sup>  | McDermott International Ltd.<sup>(r)</sup>  | 750 | &nbsp;&nbsp; 12557 |
| McDermott International Ltd., <br> Series A, Wts., expiring <br> 06/30/2027<sup>(g)(r)</sup>  | McDermott International Ltd., <br> Series A, Wts., expiring <br> 06/30/2027<sup>(g)(r)</sup>  | 76715 | &nbsp;&nbsp; 2302 |
| McDermott International Ltd., <br> Series B, Wts., expiring <br> 06/30/2027<sup>(g)(r)</sup>  | McDermott International Ltd., <br> Series B, Wts., expiring <br> 06/30/2027<sup>(g)(r)</sup>  | 85239 | &nbsp;&nbsp; 2557 |
| Murray Energy Corp. | Murray Energy Corp. | 1116 | &nbsp;&nbsp; 82956 |
| Sabine Oil & Gas Holdings, Inc.<sup>(g)(r)</sup>  | Sabine Oil & Gas Holdings, Inc.<sup>(g)(r)</sup>  | 2510 | &nbsp;&nbsp; 176 |
| Windstream Services LLC, Wts. | Windstream Services LLC, Wts. | 399 | &nbsp;&nbsp; 7606 |
|  |  |  | &nbsp;&nbsp; 108246 |
| Total Common Stocks & Other Equity Interests <br> (Cost $24,221,237) | Total Common Stocks & Other Equity Interests <br> (Cost $24,221,237) | Total Common Stocks & Other Equity Interests <br> (Cost $24,221,237) | &nbsp;&nbsp; 29761794 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Variable Rate Senior Loan Interests–0.46%**<sup>(s)(t)</sup>  | **Variable Rate Senior Loan Interests–0.46%**<sup>(s)(t)</sup>  | **Variable Rate Senior Loan Interests–0.46%**<sup>(s)(t)</sup>  | **Variable Rate Senior Loan Interests–0.46%**<sup>(s)(t)</sup>  |
| **United States–0.46%** | **United States–0.46%** | **United States–0.46%** | **United States–0.46%** |
| ACNR Holdings, Inc., Term <br> Loan, 13.00% (3 Mo. USD <br> LIBOR + 13.00%), <br> 12/11/2029<br>|  | $60528 | &nbsp;&nbsp; 59394 |
| Claire's Stores, Inc., Term <br> Loan, 10.73% (1 mo. Term <br> SOFR + 6.50%), <br> 12/18/2026<br>|  | 185855 | &nbsp;&nbsp; 143062 |
| Clarios Global L.P., Term Loan <br> B, 7.07% (1 mo. Term <br> SOFR + 2.75%), <br> 01/15/2032<br>|  | 565000 | &nbsp;&nbsp; 554878 |
| Clear Channel Outdoor <br> Holdings, Inc., Term Loan <br> B, 8.44%, 08/23/2028<br>|  | 618223 | &nbsp;&nbsp; 601376 |
| Cushman & Wakefield <br> U.S. Borrower LLC, Term <br> Loan, 7.57% (1 mo. Term <br> SOFR + 3.25%), <br> 01/31/2030<br>|  | 627262 | &nbsp;&nbsp; 628310 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| EMRLD Borrower L.P. <br> (Copeland), Incremental <br> Term Loan B, -%, <br> 08/04/2031<br>|  | $905000 | &nbsp;&nbsp; $895765 |
| Greystar Real Estate <br> Partners LLC, Term Loan B, <br> 7.03%, 08/21/2030<sup>(g)</sup> <br>|  | 352655 | &nbsp;&nbsp; 351332 |
| MPH Acquisition Holdings LLC, <br> Term Loan, 8.03% (3 mo. <br> Term SOFR + 3.75%), <br> 12/31/2030<br>|  | 290000 | &nbsp;&nbsp; 286955 |
| Prairie Acquiror L.P., Term <br> Loan B, 8.57% (1 mo. <br> Term SOFR + 4.25%), <br> 08/01/2029<br>|  | 643516 | &nbsp;&nbsp; 635955 |
| Scientific Games Holdings <br> L.P., Term Loan B, 7.28% <br> (3 mo. Term SOFR + <br> 3.00%), 04/04/2029<br>|  | 636285 | &nbsp;&nbsp; 631513 |
| Specialty Building Products <br> Holdings LLC, Term Loan B, <br> 8.17% (1 mo. Term SOFR <br> + 3.75%), 10/05/2028<br>|  | 289255 | &nbsp;&nbsp; 271361 |
| TransDigm, Inc., Term Loan L, <br> 6.80% (3 mo. Term SOFR <br> + 2.50%), 01/19/2032<br>|  | 1196244 | &nbsp;&nbsp; 1185466 |
| X Corp., Term Loan B, <br> 10.95% (3 mo. Term SOFR <br> + 6.50%), 10/27/2029<br>|  | 359082 | &nbsp;&nbsp; 348623 |
| X Corp., Term Loan B, 9.50% <br> (3 Mo. USD LIBOR + <br> 9.50%), 10/27/2029<br>|  | 545000 | &nbsp;&nbsp; 532397 |
| Total Variable Rate Senior Loan Interests <br> (Cost $7,230,512) | Total Variable Rate Senior Loan Interests <br> (Cost $7,230,512) | Total Variable Rate Senior Loan Interests <br> (Cost $7,230,512) | &nbsp;&nbsp; 7126387 |
| **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>  | 202018 | &nbsp;&nbsp; 202520 |
| 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>  | 238039 | &nbsp;&nbsp; 239280 |
| 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>  | 328745 | &nbsp;&nbsp; 331266 |
| 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>  | 145876 | &nbsp;&nbsp; 147223 |
| Total Commercial Paper (Cost $914,678) | Total Commercial Paper (Cost $914,678) | Total Commercial Paper (Cost $914,678) | &nbsp;&nbsp; 920289 |
|  | <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, Pfd. <br>(Cost $97,198) | Claire's Holdings LLC, Series A, Pfd. <br>(Cost $97,198) | 195 | &nbsp;&nbsp; 25594 |
| **Money Market Funds–5.06%** | **Money Market Funds–5.06%** | **Money Market Funds–5.06%** | **Money Market Funds–5.06%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(u)(v)</sup>  | Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(u)(v)</sup>  | 27381002 | &nbsp;&nbsp; 27381002 |
| Invesco Treasury Portfolio, <br> Institutional Class, 4.23%<sup>(u)(v)</sup>  | Invesco Treasury Portfolio, <br> Institutional Class, 4.23%<sup>(u)(v)</sup>  | 50850376 | &nbsp;&nbsp; 50850376 |
| Total Money Market Funds (Cost $78,231,378) | Total Money Market Funds (Cost $78,231,378) | Total Money Market Funds (Cost $78,231,378) | &nbsp;&nbsp; 78231378 |

---

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

**14**

**Invesco Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Options Purchased–3.34%** | **Options Purchased–3.34%** | **Options Purchased–3.34%** | **Options Purchased–3.34%** |
| (Cost $49,840,387)<sup>(w)</sup>  | (Cost $49,840,387)<sup>(w)</sup>  | (Cost $49,840,387)<sup>(w)</sup>  | &nbsp;&nbsp; $51706831 |
| TOTAL INVESTMENTS IN <br> SECURITIES (excluding <br> Investments purchased <br> with cash collateral from <br> securities on <br> loan)-98.56% <br> (Cost $1,551,449,000)<br>|  |  | &nbsp;&nbsp; 1525070839 |
| **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–5.41%** | **Money Market Funds–5.41%** | **Money Market Funds–5.41%** | **Money Market Funds–5.41%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(u)(v)(x)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(u)(v)(x)</sup>  | 23228856 | &nbsp;&nbsp; 23228856 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, <br> 4.46%<sup>(u)(v)(x)</sup>  | 60409740 | &nbsp;&nbsp; $60421822 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $83,654,265) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $83,654,265) | &nbsp;&nbsp; 83650678 |
| TOTAL INVESTMENTS IN SECURITIES—103.97% <br> (Cost $1,635,103,265) | TOTAL INVESTMENTS IN SECURITIES—103.97% <br> (Cost $1,635,103,265) | &nbsp;&nbsp; 1608721517 |
| OTHER ASSETS LESS LIABILITIES–(3.97)% | OTHER ASSETS LESS LIABILITIES–(3.97)% | &nbsp;&nbsp; (61402470)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1547319047 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ADR | – American Depositary Receipt |
| ARM | – Adjustable Rate Mortgage |
| ARS | – Argentina Peso |
| AUD | – Australian Dollar |
| BRL | – Brazilian Real |
| CAD | – Canadian Dollar |
| CNY | – Chinese Yuan Renminbi |
| COP | – Colombia Peso |
| Ctfs. | – Certificates |
| EGP | – Egypt Pound |
| EUR | – Euro |
| EURIBOR | – Euro Interbank Offered Rate |
| GBP | – British Pound Sterling |
| INR | – Indian Rupee |
| IO | – Interest Only |
| JPY | – Japanese Yen |
| LIBOR | – London Interbank Offered Rate |
| 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 |
| USD | – U.S. Dollar |
| Wts. | – Warrants |
| ZAR | – South African Rand |

---

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

**15**

**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 April 30, 2025 was $621,285,173, which represented 40.15% of the Fund's Net Assets. 

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

<sup>(d)</sup> All or a portion of this security was out on loan at April 30, 2025.

<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 April 30, 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> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2025.

<sup>(l)</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 April 30, 2025. 

<sup>(m)</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 April 30, 2025. 

<sup>(n)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

<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> Principal amount of security and interest payments are adjusted for inflation. See Note 1K.

<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> Non-income producing security.

<sup>(s)</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>(t)</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>(u)</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 six months ended April 30, 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>**April 30, 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 Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 35464227 | &nbsp;&nbsp; 160389456 | &nbsp;&nbsp; (168472681) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 27381002 | &nbsp;&nbsp; 562094 |
| Invesco Treasury Portfolio, Institutional Class | 65862081 | &nbsp;&nbsp; 297866132 | &nbsp;&nbsp; (312877837) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 50850376 | &nbsp;&nbsp; 1034789 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 20462093 | &nbsp;&nbsp; 118718459 | &nbsp;&nbsp; (115951696) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 23228856 | &nbsp;&nbsp; 514,694\* |
| Invesco Private Prime Fund | 53595680 | &nbsp;&nbsp; 273184378 | &nbsp;&nbsp; (266354167) | &nbsp;&nbsp; 819 | &nbsp;&nbsp; (4888) | &nbsp;&nbsp; 60421822 | &nbsp;&nbsp; 1,396,914\* |
| Total | $175384081 | &nbsp;&nbsp; $884690540 | &nbsp;&nbsp; $(896546707) | &nbsp;&nbsp; $819 | &nbsp;&nbsp; $(1646677) | &nbsp;&nbsp; $161882056 | &nbsp;&nbsp; $4372631 |

---

\* 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>(v)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(w)</sup> The table below details options purchased.

<sup>(x)</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.

**16**

**Invesco Global Strategic Income 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 CNH | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 09/29/2025 | CNH | 5.10 | AUD | 3490000 | &nbsp;&nbsp;&nbsp; $134413 |
| AUD versus JPY | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 06/26/2025 | JPY | 120.00 | AUD | 6205000 | &nbsp;&nbsp;&nbsp; 52 |
| AUD versus JPY | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/03/2025 | JPY | 120.00 | AUD | 4136667 | &nbsp;&nbsp;&nbsp; 56 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 06/11/2025 | USD | 0.65 | AUD | 62260000 | &nbsp;&nbsp;&nbsp; 351867 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 04/07/2026 | USD | 0.75 | AUD | 10407000 | &nbsp;&nbsp;&nbsp; 455875 |
| EUR versus CHF | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/26/2025 | CHF | 0.95 | EUR | 52270000 | &nbsp;&nbsp;&nbsp; 84972 |
| EUR versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 07/10/2025 | USD | 1.20 | EUR | 6930000 | &nbsp;&nbsp;&nbsp; 844762 |
| EUR versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 07/21/2025 | USD | 1.22 | EUR | 11615000 | &nbsp;&nbsp;&nbsp; 691535 |
| EUR versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 07/31/2025 | USD | 1.19 | EUR | 5230000 | &nbsp;&nbsp;&nbsp; 355998 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/11/2025 | USD | 1.16 | EUR | 87090000 | &nbsp;&nbsp;&nbsp; 1100058 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/21/2025 | USD | 1.18 | EUR | 6970000 | &nbsp;&nbsp;&nbsp; 761590 |
| EUR versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 07/11/2025 | USD | 1.16 | EUR | 69230000 | &nbsp;&nbsp;&nbsp; 767018 |
| EUR versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 07/21/2025 | USD | 1.18 | EUR | 43555000 | &nbsp;&nbsp;&nbsp; 325208 |
| EUR versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 10/10/2025 | USD | 1.20 | EUR | 11610000 | &nbsp;&nbsp;&nbsp; 2645367 |
| EUR versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 10/27/2025 | USD | 1.22 | EUR | 6970000 | &nbsp;&nbsp;&nbsp; 582667 |
| NOK versus SEK | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 06/04/2025 | SEK | 0.95 | NOK | 1016350000 | &nbsp;&nbsp;&nbsp; 110687 |
| NOK versus SEK | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 06/12/2025 | SEK | 0.95 | NOK | 346485000 | &nbsp;&nbsp;&nbsp; 39733 |
| USD versus CNH | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 01/13/2026 | CNH | 7.35 | USD | 34595000 | &nbsp;&nbsp;&nbsp; 323671 |
| USD versus THB | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 08/14/2025 | THB | 34.50 | USD | 34580000 | &nbsp;&nbsp;&nbsp; 240123 |
| 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; 9815652 |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| EUR versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/22/2025 | MXN | 21.00 | EUR | 3460000 | &nbsp;&nbsp;&nbsp; 31361 |
| GBP versus USD | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 07/28/2025 | USD | 1.15 | GBP | 3455000 | &nbsp;&nbsp;&nbsp; 16387 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/01/2025 | BRL | 5.65 | USD | 3470000 | &nbsp;&nbsp;&nbsp; 431165 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/21/2025 | BRL | 5.70 | USD | 2785000 | &nbsp;&nbsp;&nbsp; 336116 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/24/2025 | BRL | 5.35 | USD | 34530000 | &nbsp;&nbsp;&nbsp; 121062 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 09/18/2025 | BRL | 5.25 | USD | 8670000 | &nbsp;&nbsp;&nbsp; 702851 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/09/2026 | BRL | 6.00 | USD | 27675000 | &nbsp;&nbsp;&nbsp; 1204278 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 04/28/2026 | BRL | 5.95 | USD | 41485000 | &nbsp;&nbsp;&nbsp; 1571576 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 06/25/2025 | BRL | 5.60 | USD | 2765000 | &nbsp;&nbsp;&nbsp; 375584 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 07/03/2025 | BRL | 5.25 | USD | 34472500 | &nbsp;&nbsp;&nbsp; 42436 |
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 07/21/2025 | BRL | 5.50 | USD | 5185000 | &nbsp;&nbsp;&nbsp; 1128090 |
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 02/05/2026 | BRL | 6.00 | USD | 33660000 | &nbsp;&nbsp;&nbsp; 1460406 |
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/21/2025 | JPY | 137.00 | USD | 34845000 | &nbsp;&nbsp;&nbsp; 400787 |
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 09/08/2025 | JPY | 130.00 | USD | 13860000 | &nbsp;&nbsp;&nbsp; 1556672 |
| USD versus JPY | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 07/21/2025 | JPY | 136.00 | USD | 55750000 | &nbsp;&nbsp;&nbsp; 549472 |
| USD versus JPY | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 09/30/2025 | JPY | 133.00 | USD | 8670000 | &nbsp;&nbsp;&nbsp; 1582396 |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 06/02/2025 | KRW | 1288.00 | USD | 4155000 | &nbsp;&nbsp;&nbsp; 18706 |
| USD versus MXN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/18/2025 | MXN | 19.65 | USD | 4645000 | &nbsp;&nbsp;&nbsp; 672601 |
| USD versus MXN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/25/2025 | MXN | 19.25 | USD | 4180000 | &nbsp;&nbsp;&nbsp; 502499 |
| USD versus MXN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 09/11/2025 | MXN | 19.75 | USD | 3465000 | &nbsp;&nbsp;&nbsp; 508797 |
| USD versus MXN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 06/16/2025 | MXN | 19.90 | USD | 4155000 | &nbsp;&nbsp;&nbsp; 558931 |
| USD versus MXN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 07/21/2025 | MXN | 19.50 | USD | 2770000 | &nbsp;&nbsp;&nbsp; 414528 |
| USD versus MXN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 08/21/2025 | MXN | 19.25 | USD | 1740000 | &nbsp;&nbsp;&nbsp; 198127 |
| USD versus MXN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 09/15/2025 | MXN | 18.50 | USD | 3455000 | &nbsp;&nbsp;&nbsp; 498429 |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 09/18/2025 | MXN | 18.50 | USD | 13865000 | &nbsp;&nbsp;&nbsp; 1841376 |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 10/20/2025 | MXN | 19.25 | USD | 1740000 | &nbsp;&nbsp;&nbsp; 121266 |
| USD versus MXN | Put | UBS AG | &nbsp;&nbsp;&nbsp; 06/17/2025 | MXN | 19.45 | USD | 1730000 | &nbsp;&nbsp;&nbsp; 298527 |
| USD versus MXN | Put | UBS AG | &nbsp;&nbsp;&nbsp; 07/31/2025 | MXN | 19.30 | USD | 1740000 | &nbsp;&nbsp;&nbsp; 154705 |

---

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

**17**

**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 ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/09/2025 | ZAR | 17.45 | USD | 3465000 | &nbsp;&nbsp;&nbsp; $5586 |
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/31/2025 | ZAR | 18.25 | USD | 4360000 | &nbsp;&nbsp;&nbsp; 360228 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 06/05/2025 | ZAR | 18.10 | USD | 4150000 | &nbsp;&nbsp;&nbsp; 545600 |
| 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; 18210545 |
| 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; $28026197 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $35,491,588.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>  | **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** |
| 1 Year Interest Rate Swap | Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 4.00% | Receive | SONIA | At Maturity | 01/26/2026 | &nbsp;&nbsp; GBP | 414685000 | &nbsp;&nbsp; $3684497 |
| **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** |
| 1 Year Interest Rate Swap | Put | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 3.87 | Pay | SOFR | At Maturity | 10/02/2025 | &nbsp;&nbsp; USD | 578120000 | &nbsp;&nbsp; 439897 |
| 10 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 2.60 | Pay | 6 Month EURIBOR | Semi-Annually | 02/22/2027 | &nbsp;&nbsp; EUR | 62240000 | &nbsp;&nbsp; 2483433 |
| 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; 17072807 |
| Subtotal — Interest Rate Put Swaptions Purchased | Subtotal — Interest Rate Put Swaptions Purchased | Subtotal — Interest Rate Put Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; 19996137 |
| Total Interest Rate Swaptions Purchased | Total Interest Rate Swaptions Purchased | Total Interest Rate Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; $23680634 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $35,491,588.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** |
| **Description** | &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** |
| **Interest Rate Risk** | **Interest Rate Risk** |  |  |  |  |  |  |
| U.S. Treasury 10 Year Notes<br> Call | 05/23/2025 | &nbsp;&nbsp;&nbsp; 3949 | USD | 112.50 | USD | 444262500 | &nbsp;&nbsp;&nbsp; $(2714938)<br>|

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 100.00<br> %<br>| &nbsp;&nbsp; Markit CDX North America High <br> Yield Index, Series 44, Version 1<br>| (5.00)%<br>| Quarterly | 05/21/2025 | 4.159<br> %<br>| USD | 70000000 | $(164661)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 475.00 | &nbsp;&nbsp; Markit iTraxx Europe Crossover <br> Index, Series 43, Version 1<br>| (5.00)<br>| Quarterly | 09/17/2025 | 3.499 | EUR | 103500000 | (1170140)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 400.00 | &nbsp;&nbsp; Markit iTraxx Europe Crossover <br> Index, Series 43, Version 1<br>| (5.00)<br>| Quarterly | 06/18/2025 | 3.499 | EUR | 46500000 | (325851)<br>|
| Total Credit Default Swaptions Written | Total Credit Default Swaptions Written |  |  |  |  |  |  |  |  | $(1660652)<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 $35,491,588.

<sup>(b)</sup> Implied credit spreads represent the current level, as of April 30, 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.

**18**

**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; 06/11/2025 | USD | 0.69 | AUD | 62260000 | &nbsp;&nbsp; $(31865)<br>|
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp; 07/11/2025 | USD | 1.20 | EUR | 87090000 | &nbsp;&nbsp; (335937)<br>|
| EUR versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/11/2025 | USD | 1.20 | EUR | 69230000 | &nbsp;&nbsp; (267045)<br>|
| EUR versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/21/2025 | USD | 1.22 | EUR | 43555000 | &nbsp;&nbsp; (121182)<br>|
| GBP versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/28/2025 | USD | 1.35 | GBP | 1035000 | &nbsp;&nbsp; (1052243)<br>|
| USD versus BRL | Call | Goldman Sachs International | &nbsp;&nbsp; 02/09/2026 | BRL | 7.00 | USD | 27675000 | &nbsp;&nbsp; (389913)<br>|
| USD versus BRL | Call | Goldman Sachs International | &nbsp;&nbsp; 04/28/2026 | BRL | 6.80 | USD | 41485000 | &nbsp;&nbsp; (1100265)<br>|
| USD versus BRL | Call | Merrill Lynch International | &nbsp;&nbsp; 02/05/2026 | BRL | 7.00 | USD | 33660000 | &nbsp;&nbsp; (463532)<br>|
| USD versus CNH | Call | Goldman Sachs International | &nbsp;&nbsp; 01/13/2026 | CNH | 7.65 | USD | 34595000 | &nbsp;&nbsp; (131911)<br>|
| USD versus IDR | Call | Goldman Sachs International | &nbsp;&nbsp; 08/14/2025 | IDR | 17000.00 | USD | 51862500 | &nbsp;&nbsp; (534806)<br>|
| USD versus JPY | Call | Goldman Sachs International | &nbsp;&nbsp; 07/21/2025 | JPY | 145.00 | USD | 34845000 | &nbsp;&nbsp; (399916)<br>|
| USD versus JPY | Call | Merrill Lynch International | &nbsp;&nbsp; 07/21/2025 | JPY | 148.00 | USD | 27875000 | &nbsp;&nbsp; (160225)<br>|
| USD versus JPY | Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 10/02/2025 | JPY | 150.00 | USD | 1735000 | &nbsp;&nbsp; (315140)<br>|
| USD versus MXN | Call | Goldman Sachs International | &nbsp;&nbsp; 09/11/2025 | MXN | 22.00 | USD | 1730000 | &nbsp;&nbsp; (187278)<br>|
| USD versus MXN | Call | Goldman Sachs International | &nbsp;&nbsp; 03/27/2026 | MXN | 23.00 | USD | 2765000 | &nbsp;&nbsp; (436212)<br>|
| USD versus THB | Call | Goldman Sachs International | &nbsp;&nbsp; 08/14/2025 | THB | 36.00 | USD | 34580000 | &nbsp;&nbsp; (72030)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 02/18/2026 | TRY | 48.50 | USD | 20770000 | &nbsp;&nbsp; (2175928)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 03/11/2026 | TRY | 48.20 | USD | 17295000 | &nbsp;&nbsp; (2067807)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 03/20/2026 | TRY | 51.00 | USD | 17330000 | &nbsp;&nbsp; (1760797)<br>|
| USD versus ZAR | Call | Deutsche Bank AG | &nbsp;&nbsp; 01/06/2026 | ZAR | 20.00 | USD | 17295000 | &nbsp;&nbsp; (467242)<br>|
| USD versus ZAR | Call | Goldman Sachs International | &nbsp;&nbsp; 09/17/2025 | ZAR | 20.00 | USD | 12960000 | &nbsp;&nbsp; (185458)<br>|
| USD versus ZAR | Call | Goldman Sachs International | &nbsp;&nbsp; 09/19/2025 | ZAR | 20.00 | USD | 12965000 | &nbsp;&nbsp; (188693)<br>|
| USD versus ZAR | Call | Goldman Sachs International | &nbsp;&nbsp; 01/07/2026 | ZAR | 20.00 | USD | 23185000 | &nbsp;&nbsp; (628939)<br>|
| USD versus ZAR | Call | Goldman Sachs International | &nbsp;&nbsp; 03/11/2026 | ZAR | 20.00 | USD | 17325000 | &nbsp;&nbsp; (594629)<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; (14068993)<br>|
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Put | Merrill Lynch International | &nbsp;&nbsp; 06/11/2025 | USD | 0.61 | AUD | 62260000 | &nbsp;&nbsp; (92762)<br>|
| EUR versus USD | Put | Goldman Sachs International | &nbsp;&nbsp; 07/11/2025 | USD | 1.09 | EUR | 87090000 | &nbsp;&nbsp; (306240)<br>|
| EUR versus USD | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/11/2025 | USD | 1.10 | EUR | 69230000 | &nbsp;&nbsp; (268927)<br>|
| EUR versus USD | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/21/2025 | USD | 1.12 | EUR | 43555000 | &nbsp;&nbsp; (469433)<br>|
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp; 02/09/2026 | BRL | 5.55 | USD | 27675000 | &nbsp;&nbsp; (419027)<br>|
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp; 04/28/2026 | BRL | 5.50 | USD | 41485000 | &nbsp;&nbsp; (582823)<br>|
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp; 02/05/2026 | BRL | 5.40 | USD | 33660000 | &nbsp;&nbsp; (327983)<br>|
| USD versus CNH | Put | Goldman Sachs International | &nbsp;&nbsp; 01/13/2026 | CNH | 6.90 | USD | 34595000 | &nbsp;&nbsp; (214835)<br>|
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp; 07/21/2025 | JPY | 131.00 | USD | 34845000 | &nbsp;&nbsp; (156907)<br>|
| USD versus JPY | Put | Merrill Lynch International | &nbsp;&nbsp; 07/21/2025 | JPY | 132.00 | USD | 55750000 | &nbsp;&nbsp; (275238)<br>|
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp; 06/06/2025 | MXN | 19.20 | USD | 870000 | &nbsp;&nbsp; (399152)<br>|
| USD versus THB | Put | Goldman Sachs International | &nbsp;&nbsp; 08/14/2025 | THB | 32.55 | USD | 34580000 | &nbsp;&nbsp; (427685)<br>|
| USD versus ZAR | Put | Deutsche Bank AG | &nbsp;&nbsp; 01/06/2026 | ZAR | 17.50 | USD | 17295000 | &nbsp;&nbsp; (245001)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 09/17/2025 | ZAR | 17.50 | USD | 12960000 | &nbsp;&nbsp; (102254)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 09/19/2025 | ZAR | 17.50 | USD | 12965000 | &nbsp;&nbsp; (103526)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 01/07/2026 | ZAR | 17.50 | USD | 23185000 | &nbsp;&nbsp; (329552)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 03/11/2026 | ZAR | 17.50 | USD | 17325000 | &nbsp;&nbsp; (296968)<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; (5018313)<br>|
| Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written |  |  |  |  | &nbsp;&nbsp; $(19087306)<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 $35,491,588.

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 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** |
| 10 Year Interest Rate Swap | Call | Barclays Bank PLC | 2.23% | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 07/17/2025 | EUR | 68990000 | $(364007)<br>|
| 10 Year Interest Rate Swap | Call | Goldman Sachs <br> International<br>| 3.50 | SOFR | Receive | Annually | 04/07/2026 | USD | 284625000 | (7220683)<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 | (1612835)<br>|
| 5 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.17 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 09/14/2026 | EUR | 69320000 | (1059325)<br>|
| 30 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.46 | SOFR | Receive | Annually | 04/22/2030 | USD | 46460000 | (4027452)<br>|
| 30 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.40 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 04/07/2026 | EUR | 110875000 | (6722883)<br>|
| 5 Year Interest Rate Swap | Call | Merrill Lynch International | 2.56 | CORRA | Receive | Semi-Annually | 06/26/2025 | CAD | 92475000 | (853590)<br>|
| 10 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.55 | SOFR | Receive | Annually | 09/14/2026 | USD | 69320000 | (2121293)<br>|
| 30 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.80 | SOFR | Receive | Annually | 10/22/2025 | USD | 46460000 | (2173939)<br>|
| 1 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.50 | SONIA | Receive | At Maturity | 01/26/2026 | GBP | 414685000 | (2008897)<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 |  |  |  |  |  | (28164904)<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** |
| 10 Year Interest Rate Swap | Put | Barclays Bank PLC | 2.73 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 07/17/2025 | EUR | 68990000 | (252735)<br>|
| 5 Year Interest Rate Swap | Put | BNP Paribas S.A. | 2.60 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 03/23/2026 | EUR | 189570000 | (1399042)<br>|
| 2 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.79 | SOFR | Pay | Annually | 10/02/2025 | USD | 244195000 | (403097)<br>|
| 5 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.17 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 09/14/2026 | EUR | 69320000 | (354707)<br>|
| 2 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.30 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 03/18/2027 | EUR | 249560000 | (2019402)<br>|
| 10 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.15 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 02/22/2027 | EUR | 124480000 | (2525901)<br>|
| 2 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.54 | SOFR | Pay | Annually | 10/23/2025 | USD | 439030000 | (1384442)<br>|
| 5 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 2.50 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 04/07/2026 | EUR | 130075000 | (1229511)<br>|
| 5 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 2.60 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 10/07/2026 | EUR | 130075000 | (1689276)<br>|
| 10 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 4.30 | SOFR | Pay | Annually | 09/14/2026 | USD | 69320000 | (1474210)<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 |  |  |  |  |  | (12732323)<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 |  |  |  |  |  | $(40897227)<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 $35,491,588.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; 1596 | June-2025 | &nbsp;&nbsp;&nbsp; $332204907 | &nbsp;&nbsp;&nbsp; $925960 | &nbsp;&nbsp;&nbsp; $925960 |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 1485 | June-2025 | &nbsp;&nbsp;&nbsp; 162155040 | &nbsp;&nbsp;&nbsp; 1414294 | &nbsp;&nbsp;&nbsp; 1414294 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 6532 | June-2025 | &nbsp;&nbsp;&nbsp; 733012875 | &nbsp;&nbsp;&nbsp; 8060722 | &nbsp;&nbsp;&nbsp; 8060722 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 10400976 | &nbsp;&nbsp;&nbsp; 10400976 |

---

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

**20**

**Invesco Global Strategic Income 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>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Euro-BTP | &nbsp;&nbsp;&nbsp; 352 | June-2025 | &nbsp;&nbsp;&nbsp; $(47967247)<br>| &nbsp;&nbsp;&nbsp; $(231889)<br>| &nbsp;&nbsp;&nbsp; $(231889)<br>|
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 18 | June-2025 | &nbsp;&nbsp;&nbsp; (2065219)<br>| &nbsp;&nbsp;&nbsp; (36039)<br>| &nbsp;&nbsp;&nbsp; (36039)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 28 | June-2025 | &nbsp;&nbsp;&nbsp; (3265500)<br>| &nbsp;&nbsp;&nbsp; (15594)<br>| &nbsp;&nbsp;&nbsp; (15594)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 87 | June-2025 | &nbsp;&nbsp;&nbsp; (10529719)<br>| &nbsp;&nbsp;&nbsp; 32423 | &nbsp;&nbsp;&nbsp; 32423 |
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (251099)<br>| &nbsp;&nbsp;&nbsp; (251099)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $10149877 | &nbsp;&nbsp;&nbsp; $10149877 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |
| 06/18/2025 | Barclays Bank PLC | USD | 13082085 | EUR | 12057803 | &nbsp;&nbsp;&nbsp; $614499 |
| 06/18/2025 | Barclays Bank PLC | USD | 7867672 | NOK | 84742000 | &nbsp;&nbsp;&nbsp; 278063 |
| 06/18/2025 | Barclays Bank PLC | USD | 18065362 | ZAR | 339393600 | &nbsp;&nbsp;&nbsp; 117709 |
| 06/18/2025 | BNP Paribas S.A. | USD | 95808663 | JPY | 13942765469 | &nbsp;&nbsp;&nbsp; 2223238 |
| 06/18/2025 | BNP Paribas S.A. | ZAR | 217258000 | USD | 11793772 | &nbsp;&nbsp;&nbsp; 154137 |
| 06/18/2025 | Deutsche Bank AG | USD | 15310000 | GBP | 11854192 | &nbsp;&nbsp;&nbsp; 490904 |
| 06/18/2025 | Deutsche Bank AG | ZAR | 190613448 | USD | 10255000 | &nbsp;&nbsp;&nbsp; 42852 |
| 08/04/2025 | Deutsche Bank AG | EUR | 9060000 | USD | 10402511 | &nbsp;&nbsp;&nbsp; 80475 |
| 11/18/2025 | Deutsche Bank AG | USD | 53205768 | EUR | 48510000 | &nbsp;&nbsp;&nbsp; 2408132 |
| 05/13/2025 | Goldman Sachs International | ZAR | 209397720 | USD | 11435000 | &nbsp;&nbsp;&nbsp; 184895 |
| 05/19/2025 | Goldman Sachs International | USD | 11365000 | JPY | 1668154700 | &nbsp;&nbsp;&nbsp; 324354 |
| 05/20/2025 | Goldman Sachs International | USD | 6225000 | MXN | 128007787 | &nbsp;&nbsp;&nbsp; 289038 |
| 06/17/2025 | Goldman Sachs International | USD | 6220000 | COP | 26652700000 | &nbsp;&nbsp;&nbsp; 48650 |
| 07/15/2025 | Goldman Sachs International | EUR | 33090000 | USD | 37937685 | &nbsp;&nbsp;&nbsp; 285909 |
| 07/23/2025 | Goldman Sachs International | EUR | 13935000 | USD | 16108860 | &nbsp;&nbsp;&nbsp; 244777 |
| 03/19/2027 | Goldman Sachs International | USD | 173750000 | INR | 15445512500 | &nbsp;&nbsp;&nbsp; 867127 |
| 06/18/2025 | HSBC Bank USA | USD | 8141598 | EUR | 7510000 | &nbsp;&nbsp;&nbsp; 389090 |
| 06/18/2025 | HSBC Bank USA | USD | 935543 | ZAR | 17640000 | &nbsp;&nbsp;&nbsp; 9523 |
| 05/05/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 23255000 | USD | 4108077 | &nbsp;&nbsp;&nbsp; 10388 |
| 05/05/2025 | J.P. Morgan Chase Bank, N.A. | USD | 4035190 | BRL | 23255000 | &nbsp;&nbsp;&nbsp; 62499 |
| 05/12/2025 | J.P. Morgan Chase Bank, N.A. | USD | 21090000 | CAD | 30070122 | &nbsp;&nbsp;&nbsp; 734042 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | IDR | 13955000 | USD | 845 | &nbsp;&nbsp;&nbsp; 3 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | JPY | 1624073000 | USD | 11435338 | &nbsp;&nbsp;&nbsp; 16444 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 34206375 | AUD | 54139388 | &nbsp;&nbsp;&nbsp; 490494 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 4523891 | COP | 19244630000 | &nbsp;&nbsp;&nbsp; 1807 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 506493 | CZK | 11560000 | &nbsp;&nbsp;&nbsp; 18855 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 17003364 | EUR | 15535000 | &nbsp;&nbsp;&nbsp; 643005 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 6138635 | GBP | 4681000 | &nbsp;&nbsp;&nbsp; 100847 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 9627152 | INR | 844975155 | &nbsp;&nbsp;&nbsp; 327291 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 185155 | PLN | 715000 | &nbsp;&nbsp;&nbsp; 3779 |
| 07/23/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 17946524 | USD | 20764128 | &nbsp;&nbsp;&nbsp; 333189 |
| 07/30/2025 | J.P. Morgan Chase Bank, N.A. | USD | 14613816 | GBP | 11755000 | &nbsp;&nbsp;&nbsp; 1057277 |
| 10/29/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 4880000 | USD | 5614440 | &nbsp;&nbsp;&nbsp; 26050 |
| 06/05/2025 | Merrill Lynch International | KRW | 14611695000 | USD | 10385000 | &nbsp;&nbsp;&nbsp; 108490 |
| 06/18/2025 | Merrill Lynch International | USD | 6493 | CNY | 47000 | &nbsp;&nbsp;&nbsp; 32 |
| 06/18/2025 | Merrill Lynch International | USD | 2224361 | EUR | 1960000 | &nbsp;&nbsp;&nbsp; 2023 |
| 06/18/2025 | Merrill Lynch International | USD | 26307623 | KRW | 38074760031 | &nbsp;&nbsp;&nbsp; 492141 |
| 06/18/2025 | Merrill Lynch International | USD | 13702624 | ZAR | 261070000 | &nbsp;&nbsp;&nbsp; 284246 |

---

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

**21**

**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)** |
| 05/05/2025 | Morgan Stanley and Co. International PLC | BRL | 677626639 | USD | 119702635 | &nbsp;&nbsp;&nbsp; $300217 |
| 06/03/2025 | Morgan Stanley and Co. International PLC | BRL | 654371639 | USD | 114723548 | &nbsp;&nbsp;&nbsp; 267717 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | COP | 218890229500 | USD | 52346672 | &nbsp;&nbsp;&nbsp; 870962 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | EUR | 13544281 | USD | 15415000 | &nbsp;&nbsp;&nbsp; 29909 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | PEN | 3661000 | USD | 998010 | &nbsp;&nbsp;&nbsp; 838 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 4322 | INR | 372852 | &nbsp;&nbsp;&nbsp; 70 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 569906 | MXN | 11725000 | &nbsp;&nbsp;&nbsp; 24463 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 305000 | NZD | 534593 | &nbsp;&nbsp;&nbsp; 13000 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 128369 | THB | 4312797 | &nbsp;&nbsp;&nbsp; 1150 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | ZAR | 941493000 | USD | 51332977 | &nbsp;&nbsp;&nbsp; 892327 |
| 06/18/2025 | Royal Bank of Canada | USD | 3160701 | CHF | 2770000 | &nbsp;&nbsp;&nbsp; 213343 |
| 06/18/2025 | Standard Chartered Bank PLC | USD | 7305538 | CNY | 52698136 | &nbsp;&nbsp;&nbsp; 10399 |
| 06/18/2025 | Standard Chartered Bank PLC | USD | 60763 | MXN | 1237000 | &nbsp;&nbsp;&nbsp; 1944 |
| 06/18/2025 | UBS AG | USD | 77674946 | INR | 6797420000 | &nbsp;&nbsp;&nbsp; 2403779 |
| 06/18/2025 | UBS AG | USD | 1992741 | NZD | 3470000 | &nbsp;&nbsp;&nbsp; 71372 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 18867764 |
| **Currency Risk** |  |  |  |  |  |  |
| 06/18/2025 | Barclays Bank PLC | EUR | 335000 | USD | 366293 | &nbsp;&nbsp;&nbsp; (14236)<br>|
| 06/18/2025 | Barclays Bank PLC | JPY | 2217474373 | USD | 15310000 | &nbsp;&nbsp;&nbsp; (281113)<br>|
| 06/18/2025 | Barclays Bank PLC | NOK | 86553941 | USD | 8265000 | &nbsp;&nbsp;&nbsp; (54906)<br>|
| 06/18/2025 | BNP Paribas S.A. | CHF | 10868197 | USD | 12494924 | &nbsp;&nbsp;&nbsp; (743261)<br>|
| 06/18/2025 | BNP Paribas S.A. | JPY | 3778336000 | USD | 25963093 | &nbsp;&nbsp;&nbsp; (602473)<br>|
| 06/18/2025 | Citibank, N.A. | GBP | 5120000 | USD | 6603704 | &nbsp;&nbsp;&nbsp; (220939)<br>|
| 06/18/2025 | Deutsche Bank AG | EUR | 27438646 | USD | 30275000 | &nbsp;&nbsp;&nbsp; (892844)<br>|
| 06/18/2025 | Deutsche Bank AG | HUF | 63792317 | USD | 172507 | &nbsp;&nbsp;&nbsp; (5785)<br>|
| 06/18/2025 | Deutsche Bank AG | JPY | 2150951624 | USD | 14965000 | &nbsp;&nbsp;&nbsp; (158390)<br>|
| 06/18/2025 | Deutsche Bank AG | USD | 2573024 | EUR | 2250000 | &nbsp;&nbsp;&nbsp; (17226)<br>|
| 07/11/2025 | Deutsche Bank AG | EUR | 35755000 | USD | 39688050 | &nbsp;&nbsp;&nbsp; (985855)<br>|
| 07/23/2025 | Deutsche Bank AG | USD | 102173490 | EUR | 88270834 | &nbsp;&nbsp;&nbsp; (1682940)<br>|
| 11/18/2025 | Deutsche Bank AG | EUR | 22475000 | USD | 23801025 | &nbsp;&nbsp;&nbsp; (1965258)<br>|
| 05/19/2025 | Goldman Sachs International | JPY | 2472342000 | USD | 16050000 | &nbsp;&nbsp;&nbsp; (1274580)<br>|
| 06/17/2025 | Goldman Sachs International | COP | 26808200000 | USD | 6220000 | &nbsp;&nbsp;&nbsp; (85223)<br>|
| 07/24/2025 | Goldman Sachs International | JPY | 1738789000 | USD | 11335000 | &nbsp;&nbsp;&nbsp; (938861)<br>|
| 07/24/2025 | Goldman Sachs International | USD | 27875000 | JPY | 3881593750 | &nbsp;&nbsp;&nbsp; (475389)<br>|
| 03/19/2027 | Goldman Sachs International | INR | 15445512500 | USD | 173750000 | &nbsp;&nbsp;&nbsp; (867127)<br>|
| 06/18/2025 | HSBC Bank USA | JPY | 1201209600 | USD | 8098025 | &nbsp;&nbsp;&nbsp; (347706)<br>|
| 06/18/2025 | HSBC Bank USA | TRY | 29641000 | USD | 719095 | &nbsp;&nbsp;&nbsp; (12799)<br>|
| 05/05/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 654371640 | USD | 113546064 | &nbsp;&nbsp;&nbsp; (1758667)<br>|
| 05/05/2025 | J.P. Morgan Chase Bank, N.A. | USD | 115597024 | BRL | 654371639 | &nbsp;&nbsp;&nbsp; (292295)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | AUD | 8720000 | USD | 5509475 | &nbsp;&nbsp;&nbsp; (79002)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | CZK | 11455819 | USD | 501929 | &nbsp;&nbsp;&nbsp; (18685)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 122531634 | USD | 133531680 | &nbsp;&nbsp;&nbsp; (5653283)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | GBP | 102387900 | USD | 131971226 | &nbsp;&nbsp;&nbsp; (4505506)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | IDR | 231876450000 | USD | 13981094 | &nbsp;&nbsp;&nbsp; (4994)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | INR | 8427140000 | USD | 96013900 | &nbsp;&nbsp;&nbsp; (3264154)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | JPY | 1220990000 | USD | 8201580 | &nbsp;&nbsp;&nbsp; (383229)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | MXN | 922484150 | USD | 44721517 | &nbsp;&nbsp;&nbsp; (2041495)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | PLN | 159271 | USD | 41245 | &nbsp;&nbsp;&nbsp; (842)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 46995249 | EUR | 40820000 | &nbsp;&nbsp;&nbsp; (627386)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 13857662 | IDR | 228817708100 | &nbsp;&nbsp;&nbsp; (56067)<br>|

---

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

**22**

**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)** |
| 07/15/2025 | J.P. Morgan Chase Bank, N.A. | USD | 13564302 | EUR | 11845000 | &nbsp;&nbsp;&nbsp; $(86354)<br>|
| 10/02/2025 | J.P. Morgan Chase Bank, N.A. | USD | 53061749 | EUR | 46330000 | &nbsp;&nbsp;&nbsp; (91939)<br>|
| 10/14/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 28325000 | USD | 31610700 | &nbsp;&nbsp;&nbsp; (796936)<br>|
| 06/13/2025 | Merrill Lynch International | AUD | 41505000 | USD | 26454872 | &nbsp;&nbsp;&nbsp; (143268)<br>|
| 06/13/2025 | Merrill Lynch International | USD | 64273822 | EUR | 56435000 | &nbsp;&nbsp;&nbsp; (189106)<br>|
| 06/18/2025 | Merrill Lynch International | USD | 5168423 | GBP | 3860000 | &nbsp;&nbsp;&nbsp; (23282)<br>|
| 07/23/2025 | Merrill Lynch International | USD | 5574468 | JPY | 777660583 | &nbsp;&nbsp;&nbsp; (85668)<br>|
| 02/09/2026 | Merrill Lynch International | BRL | 14143500 | USD | 2245000 | &nbsp;&nbsp;&nbsp; (83008)<br>|
| 04/09/2026 | Merrill Lynch International | AUD | 6245000 | USD | 3788841 | &nbsp;&nbsp;&nbsp; (226063)<br>|
| 05/05/2025 | Morgan Stanley and Co. International PLC | USD | 119635714 | BRL | 677626639 | &nbsp;&nbsp;&nbsp; (233295)<br>|
| 06/03/2025 | Morgan Stanley and Co. International PLC | USD | 4077035 | BRL | 23255000 | &nbsp;&nbsp;&nbsp; (9514)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | CAD | 46685664 | USD | 32510546 | &nbsp;&nbsp;&nbsp; (1435781)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | EUR | 208000 | USD | 227869 | &nbsp;&nbsp;&nbsp; (8400)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 177218 | CLP | 166241118 | &nbsp;&nbsp;&nbsp; (1707)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 13013824 | ZAR | 238685244 | &nbsp;&nbsp;&nbsp; (226221)<br>|
| 10/06/2025 | Morgan Stanley and Co. International PLC | JPY | 1632588000 | USD | 11100000 | &nbsp;&nbsp;&nbsp; (509411)<br>|
| 06/18/2025 | Royal Bank of Canada | USD | 4628263 | GBP | 3465000 | &nbsp;&nbsp;&nbsp; (9632)<br>|
| 06/18/2025 | Standard Chartered Bank PLC | CNY | 53109452 | USD | 7362376 | &nbsp;&nbsp;&nbsp; (10663)<br>|
| 06/18/2025 | UBS AG | EUR | 20645425 | USD | 22965000 | &nbsp;&nbsp;&nbsp; (486353)<br>|
| 06/18/2025 | UBS AG | NZD | 4281000 | USD | 2458480 | &nbsp;&nbsp;&nbsp; (88053)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (35057170)<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; $(16189406)<br>|

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Mexico Government International <br> Bonds<br>| Buy | &nbsp;&nbsp; (1.00)% | Quarterly | &nbsp;&nbsp; 12/20/2029 | 1.290% | USD | 3795000 | &nbsp;&nbsp; $31090 | &nbsp;&nbsp; $43718 | &nbsp;&nbsp; $12628 |
| UBS AG | Sell | 1.00 | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.459 | EUR | 5170000 | &nbsp;&nbsp; 58664 | &nbsp;&nbsp; 112428 | &nbsp;&nbsp; 53764 |
| Subtotal - Appreciation | Subtotal - Appreciation | Subtotal - Appreciation |  |  |  |  |  | &nbsp;&nbsp; 89754 | &nbsp;&nbsp; 156146 | &nbsp;&nbsp; 66392 |
| **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 | 0.798 | USD | 8280000 | &nbsp;&nbsp; (2604)<br>| &nbsp;&nbsp; (28293)<br>| &nbsp;&nbsp; (25689)<br>|
| Intesa Sanpaolo S.p.A. | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.428 | EUR | 5170000 | &nbsp;&nbsp; (41226)<br>| &nbsp;&nbsp; (120481)<br>| &nbsp;&nbsp; (79255)<br>|
| Markit iTraxx Europe Crossover Index, <br> Series 43, Version 1<br>| Buy | &nbsp;&nbsp; (5.00) | Quarterly | &nbsp;&nbsp; 06/20/2030 | 3.499 | EUR | 41400000 | &nbsp;&nbsp; (1787280)<br>| &nbsp;&nbsp; (3024816)<br>| &nbsp;&nbsp; (1237536)<br>|
| Subtotal - Depreciation | Subtotal - Depreciation | Subtotal - Depreciation |  |  |  |  |  | &nbsp;&nbsp; (1831110)<br>| &nbsp;&nbsp; (3173590)<br>| &nbsp;&nbsp; (1342480)<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; $(1741356)<br>| &nbsp;&nbsp; $(3017444)<br>| &nbsp;&nbsp; $(1276088)<br>|

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $4,816,537 cash held with Counterparties.

<sup>(b)</sup> Implied credit spreads represent the current level, as of April 30, 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.

**23**

**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>| &nbsp;&nbsp; **Floating Rate** <br> **Index**<br>| &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 | COOVIBR | Quarterly | &nbsp;&nbsp; (8.54)% | Quarterly | &nbsp;&nbsp; 05/27/2032 | COP | 9450000000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3624 | &nbsp;&nbsp; $3624 |
| Pay | COOVIBR | Quarterly | 9.44 | Quarterly | &nbsp;&nbsp; 10/24/2026 | COP | 35000000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 143718 | &nbsp;&nbsp; 143718 |
| Pay | SONIA | Annually | 3.68 | Annually | &nbsp;&nbsp; 07/04/2027 | GBP | 41625000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 158585 | &nbsp;&nbsp; 158585 |
| Pay | &nbsp;&nbsp; 28 Day MXN <br> TIIE<br>| 28 days | 9.42 | 28 days | &nbsp;&nbsp; 12/24/2025 | MXN | 602000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 218611 | &nbsp;&nbsp; 218611 |
| Receive | COOVIBR | Quarterly | &nbsp;&nbsp; (8.38) | Quarterly | &nbsp;&nbsp; 03/19/2035 | COP | 28500000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 227230 | &nbsp;&nbsp; 227230 |
| Receive | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | &nbsp;&nbsp; (2.38) | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 19860000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 248908 | &nbsp;&nbsp; 248908 |
| Pay | SOFR | Annually | 3.81 | Annually | &nbsp;&nbsp; 04/29/2035 | USD | 22765000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 305684 | &nbsp;&nbsp; 305684 |
| Pay | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | 2.18 | Annually | &nbsp;&nbsp; 05/08/2030 | EUR | 99550000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 342676 | &nbsp;&nbsp; 342676 |
| Pay | SOFR | Annually | 3.82 | Annually | &nbsp;&nbsp; 04/30/2035 | USD | 26945000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 373243 | &nbsp;&nbsp; 373243 |
| Pay | &nbsp;&nbsp; 28 Day MXN <br> TIIE<br>| 28 days | 8.90 | 28 days | &nbsp;&nbsp; 12/24/2025 | MXN | 2005500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 387858 | &nbsp;&nbsp; 387858 |
| Pay | KWCDC | Quarterly | 2.75 | Quarterly | &nbsp;&nbsp; 02/19/2035 | KRW | 16805130000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 393363 | &nbsp;&nbsp; 393363 |
| Pay | 6 Month WIBOR | Semi-Annually | 4.42 | Annually | &nbsp;&nbsp; 03/19/2030 | PLN | 98700000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 490727 | &nbsp;&nbsp; 490727 |
| Receive | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | &nbsp;&nbsp; (1.80) | Annually | &nbsp;&nbsp; 10/31/2054 | EUR | 13580000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 595688 | &nbsp;&nbsp; 595688 |
| Receive | TONAR | At Maturity | &nbsp;&nbsp; (0.64) | At Maturity | &nbsp;&nbsp; 04/16/2027 | JPY | 138826730000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 714582 | &nbsp;&nbsp; 714582 |
| Pay | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | 2.62 | Annually | &nbsp;&nbsp; 01/15/2029 | EUR | 33396000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 787306 | &nbsp;&nbsp; 787306 |
| Pay | BZDIOVRA | At Maturity | 14.98 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 85348879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 925498 | &nbsp;&nbsp; 925498 |
| Receive | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | &nbsp;&nbsp; (1.68) | Annually | &nbsp;&nbsp; 11/23/2054 | EUR | 17030000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 947611 | &nbsp;&nbsp; 947611 |
| Pay | BZDIOVRA | At Maturity | 15.18 | At Maturity | &nbsp;&nbsp; 01/04/2027 | BRL | 223860391 | &nbsp;&nbsp; — | &nbsp;&nbsp; 960328 | &nbsp;&nbsp; 960328 |
| Receive | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | &nbsp;&nbsp; (1.98) | Annually | &nbsp;&nbsp; 01/24/2075 | EUR | 12190000 | &nbsp;&nbsp; 88763 | &nbsp;&nbsp; 1249530 | &nbsp;&nbsp; 1160767 |
| Pay | BZDIOVRA | At Maturity | 15.42 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 85720511 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1199038 | &nbsp;&nbsp; 1199038 |
| Pay | BZDIOVRA | At Maturity | 14.57 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 173365364 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1399488 | &nbsp;&nbsp; 1399488 |
| Pay | &nbsp;&nbsp; 28 Day MXN <br> TIEF<br>| 28 days | 9.42 | 28 days | &nbsp;&nbsp; 03/13/2030 | MXN | 602000000 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 1906254 | &nbsp;&nbsp; 1905625 |
| Pay | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | 2.57 | Annually | &nbsp;&nbsp; 06/10/2030 | EUR | 87774865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2133607 | &nbsp;&nbsp; 2133607 |
| Pay | &nbsp;&nbsp; 28 Day MXN <br> TIEF<br>| 28 days | 8.90 | 28 days | &nbsp;&nbsp; 03/13/2030 | MXN | 2005500000 | &nbsp;&nbsp; 2830 | &nbsp;&nbsp; 4510040 | &nbsp;&nbsp; 4507210 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  | &nbsp;&nbsp; 92222 | &nbsp;&nbsp; 20623197 | &nbsp;&nbsp; 20530975 |
| **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; (3.79) | Annually | &nbsp;&nbsp; 12/31/2031 | USD | 281280000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5545919)<br>| &nbsp;&nbsp; (5545919)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.72) | Annually | &nbsp;&nbsp; 12/31/2031 | USD | 284350000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4361230)<br>| &nbsp;&nbsp; (4361230)<br>|
| Pay | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | 2.12 | Annually | &nbsp;&nbsp; 12/06/2034 | EUR | 58500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1665162)<br>| &nbsp;&nbsp; (1665162)<br>|
| Receive | SORRA | Semi-Annually | &nbsp;&nbsp; (2.71) | Semi-Annually | &nbsp;&nbsp; 02/25/2035 | SGD | 31950032 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1211502)<br>| &nbsp;&nbsp; (1211502)<br>|
| Receive | &nbsp;&nbsp; 28 Day MXN <br> TIEF<br>| 28 days | &nbsp;&nbsp; (8.30) | 28 days | &nbsp;&nbsp; 02/28/2030 | MXN | 876565000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1134467)<br>| &nbsp;&nbsp; (1134467)<br>|
| Receive | &nbsp;&nbsp; 28 Day MXN <br> TIEF<br>| 28 days | &nbsp;&nbsp; (8.94) | 28 days | &nbsp;&nbsp; 03/07/2035 | MXN | 325350000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (893090)<br>| &nbsp;&nbsp; (893090)<br>|
| Receive | COOVIBR | Quarterly | &nbsp;&nbsp; (9.91) | Quarterly | &nbsp;&nbsp; 01/17/2028 | COP | 42590000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (441689)<br>| &nbsp;&nbsp; (441689)<br>|
| Receive | KWCDC | Quarterly | &nbsp;&nbsp; (2.64) | Quarterly | &nbsp;&nbsp; 02/19/2045 | KRW | 9336180000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (385740)<br>| &nbsp;&nbsp; (385740)<br>|
| Pay | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | 2.38 | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 19860000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (260715)<br>| &nbsp;&nbsp; (260715)<br>|

---

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

**24**

**Invesco Global Strategic Income 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>| &nbsp;&nbsp; **Floating Rate** <br> **Index**<br>| &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>|
| Receive | COOVIBR | Quarterly | &nbsp;&nbsp; (9.06)% | Quarterly | &nbsp;&nbsp; 05/16/2032 | COP | 25900000000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(162154)<br>| &nbsp;&nbsp; $(162154)<br>|
| Receive | COOVIBR | Quarterly | &nbsp;&nbsp; (8.88) | Quarterly | &nbsp;&nbsp; 05/09/2032 | COP | 27000000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (108382)<br>| &nbsp;&nbsp; (108382)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (16170050)<br>| &nbsp;&nbsp; (16170050)<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; $92222 | &nbsp;&nbsp; $4453147 | &nbsp;&nbsp; $4360925 |

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $4,816,537 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 Crossover <br> Index, Series 42, Version 2<br>| Sell | 5.00% | Quarterly | 12/20/2029 | 0.791% | EUR | 45509466 | $8651510 | $9040082 | $388572 |
| **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 High <br> Yield Index, Series 37, <br> Version 1<br>| Buy | (5.00) | Quarterly | 12/20/2026 | 0.191  | USD | 14751346 | (992484)<br>| (1127649)<br>| (135165)<br>|
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit CDX North America High <br> Yield Index, Series 39, <br> Version 1<br>| Buy | (5.00) | Quarterly | 12/20/2027 | 0.351  | USD | 20878039 | (2028234)<br>| (2411061)<br>| (382827)<br>|
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 2<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 2.892  | EUR | 24150000 | 2731103 | 2496526 | (234577)<br>|
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 2<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 6.567  | EUR | 6900000 | (354009)<br>| (499480)<br>| (145471)<br>|
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 2<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 2.892  | EUR | 13800000 | 1605899 | 1426586 | (179313)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation |  |  |  |  | 962275 | (115078)<br>| (1077353)<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 |  |  |  |  | $9613785 | $8925004 | $(688781)<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 $35,491,588.

<sup>(b)</sup> Implied credit spreads represent the current level, as of April 30, 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.

**25**

**Invesco Global Strategic Income Fund**

------

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | —Australian Dollar |
| BRL | —Brazilian Real |
| BZDIOVRA | —Brazil Ceptip DI Interbank Deposit Rate |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chile Peso |
| CNH | —Chinese Renminbi |
| CNY | —Chinese Yuan Renminbi |
| COOVIBR | —Colombia IBR Overnight Nominal Interbank Reference Rate |
| COP | —Colombia Peso |
| CORRA | —Canadian Overnight Repo Rate Average |
| CZK | —Czech Koruna |
| 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 |
| KWCDC | —South Korean Won Certificate of Deposit |
| 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 |
| TIIE | —Interbank Equilibrium Interest Rate |
| TONAR | —Tokyo Overnight Average Rate |
| TRY | —Turkish Lira |
| USD | —U.S. Dollar |
| WIBOR | —Warsaw Interbank Offered Rate |
| ZAR | —South African Rand |

---

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

**26**

**Invesco Global Strategic Income Fund**

------

**Consolidated Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,473,217,622)\*<br>| &nbsp;&nbsp; $1446839461 |
| Investments in affiliated money market funds, at value <br> (Cost $161,885,643)<br>| &nbsp;&nbsp; 161882056 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 894724 |
| Variation margin receivable—centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 4043128 |
| Swaps receivable — OTC | &nbsp;&nbsp; 585045 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 388572 |
| Premiums paid on swap agreements — OTC | &nbsp;&nbsp; 9613785 |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 18867764 |
| Deposits with brokers: |  |
| Cash collateral — centrally cleared swap agreements | &nbsp;&nbsp; 4816537 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 35491588 |
| Cash collateral — TBA commitments | &nbsp;&nbsp; 4313610 |
| Cash | &nbsp;&nbsp; 1781775 |
| Foreign currencies, at value (Cost $11,644,945) | &nbsp;&nbsp; 11358187 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 58087515 |
| TBA sales commitment | &nbsp;&nbsp; 375606401 |
| Fund shares sold | &nbsp;&nbsp; 284021 |
| Dividends | &nbsp;&nbsp; 202971 |
| Interest | &nbsp;&nbsp; 19421128 |
| Principal paydowns | &nbsp;&nbsp; 451582 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 352406 |
| Other assets | &nbsp;&nbsp; 94608 |
| Total assets | &nbsp;&nbsp; 2155376864 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $69,033,108)<br>| &nbsp;&nbsp; 64360123 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 35057170 |
| Swaps payable — OTC | &nbsp;&nbsp; 207838 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 1077353 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 38396688 |
| TBA sales commitment | &nbsp;&nbsp; 381927374 |
| Dividends | &nbsp;&nbsp; 1110592 |
| Fund shares reacquired | &nbsp;&nbsp; 817133 |
| Accrued foreign taxes | &nbsp;&nbsp; 161955 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 83654265 |
| Accrued fees to affiliates | &nbsp;&nbsp; 700615 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 628 |
| Accrued other operating expenses | &nbsp;&nbsp; 233677 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 352406 |
| Total liabilities | &nbsp;&nbsp; 608057817 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1547319047 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2535303997 |
| Distributable earnings (loss) | &nbsp;&nbsp; (987984950)<br>|
|  | &nbsp;&nbsp; $1547319047 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1303897892 |
| Class C | &nbsp;&nbsp; $34092104 |
| Class R | &nbsp;&nbsp; $52205112 |
| Class Y | &nbsp;&nbsp; $139173334 |
| Class R5 | &nbsp;&nbsp; $8590 |
| Class R6 | &nbsp;&nbsp; $17942015 |
| **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; 412018391 |
| Class C | &nbsp;&nbsp; 10801357 |
| Class R | &nbsp;&nbsp; 16486343 |
| Class Y | &nbsp;&nbsp; 44037104 |
| Class R5 | &nbsp;&nbsp; 2710 |
| Class R6 | &nbsp;&nbsp; 5691563 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $3.16 |
| Maximum offering price per share <br>(Net asset value of $3.16 ÷ 95.75%)<br>| &nbsp;&nbsp; $3.30 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.16 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.17 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.16 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.17 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.15 |

---

\* At April 30, 2025, securities with an aggregate value of $80,506,432 were on loan to brokers. 

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

**27**

**Invesco Global Strategic Income Fund**

------

**Consolidated Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $689,436) | &nbsp;&nbsp; $44698650 |
| Dividends (net of foreign withholding taxes of $548) | &nbsp;&nbsp; 7285 |
| Dividends from affiliates (includes net securities lending income of $72,504) | &nbsp;&nbsp; 2533527 |
| Total investment income | &nbsp;&nbsp; 47239462 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 4608236 |
| Administrative services fees | &nbsp;&nbsp; 109113 |
| Custodian fees | &nbsp;&nbsp; 187550 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1529143 |
| Class C | &nbsp;&nbsp; 172493 |
| Class R | &nbsp;&nbsp; 126905 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1141727 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 1 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 1782 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 15381 |
| Registration and filing fees | &nbsp;&nbsp; 53140 |
| Reports to shareholders | &nbsp;&nbsp; 75181 |
| Professional services fees | &nbsp;&nbsp; 69499 |
| Other | &nbsp;&nbsp; (19753)<br>|
| Total expenses | &nbsp;&nbsp; 8070398 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (180213)<br>|
| Net expenses | &nbsp;&nbsp; 7890185 |
| Net investment income | &nbsp;&nbsp; 39349277 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $48,426) | &nbsp;&nbsp; 8832910 |
| Affiliated investment securities | &nbsp;&nbsp; (1646677)<br>|
| Foreign currencies | &nbsp;&nbsp; (334858)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (3954112)<br>|
| Futures contracts | &nbsp;&nbsp; 1451942 |
| Option contracts written | &nbsp;&nbsp; 14360815 |
| Swap agreements | &nbsp;&nbsp; (494535)<br>|
|  | &nbsp;&nbsp; 18215485 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $42,888) | &nbsp;&nbsp; 13546637 |
| Affiliated investment securities | &nbsp;&nbsp; 819 |
| Foreign currencies | &nbsp;&nbsp; (1040355)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (18540241)<br>|
| Futures contracts | &nbsp;&nbsp; 12659341 |
| Option contracts written | &nbsp;&nbsp; 15235513 |
| Swap agreements | &nbsp;&nbsp; 8626301 |
|  | &nbsp;&nbsp; 30488015 |
| Net realized and unrealized gain | &nbsp;&nbsp; 48703500 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $88052777 |

---

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

**28**

**Invesco Global Strategic Income Fund**

------

**Consolidated Statement of Changes in Net Assets**

*For the six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $39349277 | &nbsp;&nbsp; $83523653 |
| Net realized gain (loss) | &nbsp;&nbsp; 18215485 | &nbsp;&nbsp; (17307829)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 30488015 | &nbsp;&nbsp; 86839688 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 88052777 | &nbsp;&nbsp; 153055512 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (35316745)<br>| &nbsp;&nbsp; (49806075)<br>|
| Class C | &nbsp;&nbsp; (813146)<br>| &nbsp;&nbsp; (1239985)<br>|
| Class R | &nbsp;&nbsp; (1327645)<br>| &nbsp;&nbsp; (1806942)<br>|
| Class Y | &nbsp;&nbsp; (3727951)<br>| &nbsp;&nbsp; (4451707)<br>|
| Class R5 | &nbsp;&nbsp; (245)<br>| &nbsp;&nbsp; (325)<br>|
| Class R6 | &nbsp;&nbsp; (461018)<br>| &nbsp;&nbsp; (434707)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (41646750)<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; (41646750)<br>| &nbsp;&nbsp; (87100928)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (46494322)<br>| &nbsp;&nbsp; (99773681)<br>|
| Class C | &nbsp;&nbsp; (2714720)<br>| &nbsp;&nbsp; (7133374)<br>|
| Class R | &nbsp;&nbsp; (251031)<br>| &nbsp;&nbsp; (3522005)<br>|
| Class Y | &nbsp;&nbsp; 7392605 | &nbsp;&nbsp; 16539849 |
| Class R6 | &nbsp;&nbsp; 5376214 | &nbsp;&nbsp; 951627 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (36691254)<br>| &nbsp;&nbsp; (92937584)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 9714773 | &nbsp;&nbsp; (26983000)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1537604274 | &nbsp;&nbsp; 1564587274 |
| End of period | &nbsp;&nbsp; $1547319047 | &nbsp;&nbsp; $1537604274 |

---

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

**29**

**Invesco Global Strategic Income Fund**

------

**Consolidated Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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** |
| Six months ended 04/30/25 | $3.07 | $0.08 | $0.09 | $0.17 | $(0.08)<br>| $— | $(0.08)<br>| $3.16 | 5.75 %<sup>(d)</sup><br>| &nbsp;&nbsp; $1303898 | 1.03 %<sup>(d)(e)</sup><br>| 1.06 %<sup>(d)(e)</sup><br>| 5.18 %<sup>(d)(e)</sup><br>| 287<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)(f)</sup><br>| 1.10 <br><sup>(d)(f)</sup><br>| 2.89 <br><sup>(d)(f)</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 |
| Year ended 10/31/20 | 3.75 | 0.10 | (0.16)<br>| (0.06)<br>| (0.05)<br>| (0.06)<br>| (0.11)<br>| 3.58 | (1.47 )<sup>(d)</sup><br>| &nbsp;&nbsp; 2236548 | 0.98 <br><sup>(d)</sup><br>| 0.99 <br><sup>(d)</sup><br>| 2.70 <br><sup>(d)</sup><br>| 273 |
| **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** |
| Six months ended 04/30/25 | 3.06 | 0.07 | 0.10 | 0.17 | (0.07)<br>|  | (0.07)<br>| 3.16 | 5.70 | &nbsp;&nbsp; 34092 | 1.79 <br><sup>(e)</sup><br>| 1.82 <br><sup>(e)</sup><br>| 4.42 <br><sup>(e)</sup><br>| 287 |
| 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>(f)</sup><br>| 1.86 <br><sup>(f)</sup><br>| 2.13 <br><sup>(f)</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 |
| Year ended 10/31/20 | 3.74 | 0.07 | (0.16)<br>| (0.09)<br>| (0.03)<br>| (0.05)<br>| (0.08)<br>| 3.57 | (2.23)<br>| &nbsp;&nbsp; 154642 | 1.74 | 1.75 | 1.94 | 273 |
| **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** |
| Six months ended 04/30/25 | 3.07 | 0.08 | 0.10 | 0.18 | (0.08)<br>|  | (0.08)<br>| 3.17 | 5.95 | &nbsp;&nbsp; 52205 | 1.29 <br><sup>(e)</sup><br>| 1.32 <br><sup>(e)</sup><br>| 4.92 <br><sup>(e)</sup><br>| 287 |
| 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>(f)</sup><br>| 1.36 <br><sup>(f)</sup><br>| 2.63 <br><sup>(f)</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 |
| Year ended 10/31/20 | 3.75 | 0.09 | (0.15)<br>| (0.06)<br>| (0.04)<br>| (0.06)<br>| (0.10)<br>| 3.59 | (1.45)<br>| &nbsp;&nbsp; 79116 | 1.24 | 1.25 | 2.44 | 273 |
| **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** |
| Six months ended 04/30/25 | 3.07 | 0.08 | 0.10 | 0.18 | (0.09)<br>|  | (0.09)<br>| 3.16 | 5.87 | &nbsp;&nbsp; 139173 | 0.79 <br><sup>(e)</sup><br>| 0.82 <br><sup>(e)</sup><br>| 5.42 <br><sup>(e)</sup><br>| 287 |
| 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>(f)</sup><br>| 0.86 <br><sup>(f)</sup><br>| 3.13 <br><sup>(f)</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 |
| Year ended 10/31/20 | 3.75 | 0.11 | (0.16)<br>| (0.05)<br>| (0.05)<br>| (0.07)<br>| (0.12)<br>| 3.58 | (1.24)<br>| &nbsp;&nbsp; 201675 | 0.74 | 0.75 | 2.94 | 273 |
| **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** |
| Six months ended 04/30/25 | 3.07 | 0.09 | 0.10 | 0.19 | (0.09)<br>|  | (0.09)<br>| 3.17 | 6.28 | &nbsp;&nbsp; 9 | 0.67 <br><sup>(e)</sup><br>| 0.69 <br><sup>(e)</sup><br>| 5.54 <br><sup>(e)</sup><br>| 287 |
| 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>(f)</sup><br>| 0.75 <br><sup>(f)</sup><br>| 3.24 <br><sup>(f)</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 |
| Year ended 10/31/20 | 3.75 | 0.11 | (0.14)<br>| (0.03)<br>| (0.06)<br>| (0.07)<br>| (0.13)<br>| 3.59 | (0.81)<br>| &nbsp;&nbsp; 10 | 0.64 | 0.64 | 3.04 | 273 |
| **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** |
| Six months ended 04/30/25 | 3.06 | 0.08 | 0.10 | 0.18 | (0.09)<br>|  | (0.09)<br>| 3.15 | 5.95 | &nbsp;&nbsp; 17942 | 0.67 <br><sup>(e)</sup><br>| 0.69 <br><sup>(e)</sup><br>| 5.54 <br><sup>(e)</sup><br>| 287 |
| 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>(f)</sup><br>| 0.75 <br><sup>(f)</sup><br>| 3.24 <br><sup>(f)</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 |
| Year ended 10/31/20 | 3.73 | 0.11 | (0.15)<br>| (0.04)<br>| (0.05)<br>| (0.07)<br>| (0.12)<br>| 3.57 | (0.86)<br>| &nbsp;&nbsp; 20939 | 0.63 | 0.63 | 3.05 | 273 |

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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 six months ended April, 30, 2025 and the years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Includes Interest, facilities and maintenance fees of 0.08% for the year ended October 31, 2022.

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

**30**

**Invesco Global Strategic Income Fund**

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**Notes to Consolidated Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary.

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

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

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.

**31**

**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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**Invesco Global Strategic Income 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 financial statements. Adoption of the new standard impacted the Fund's financial statement note 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 six months ended April 30, 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

**33**

**Invesco Global Strategic Income Fund**

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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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**Invesco Global Strategic Income Fund**

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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 April 30, 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.** **Leverage Risk** — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**U.** **Collateral** —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

**V.** **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.

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**Invesco Global Strategic Income Fund**

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The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund's shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

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

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.

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, when rates increase. 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.

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:

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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 $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 six months ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.61%.

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 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 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

**36**

**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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned 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 six months ended April 30, 2025, the Adviser waived advisory fees of $118,057.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 2025, IDI advised the Fund that IDI retained $24,347 in front-end sales commissions from the sale of Class A shares and $2,789 and $360 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 April 30, 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; $510977289 | &nbsp;&nbsp;&nbsp;&nbsp; $443100 | &nbsp;&nbsp;&nbsp;&nbsp; $511420389 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 367824690 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 367824690 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 166981029 | &nbsp;&nbsp;&nbsp;&nbsp; 9173535 | &nbsp;&nbsp;&nbsp;&nbsp; 176154564 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126116236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126116236 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92282136 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92282136 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83500551 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83500551 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 29666105 | &nbsp;&nbsp;&nbsp;&nbsp; 90562 | &nbsp;&nbsp;&nbsp;&nbsp; 5127 | &nbsp;&nbsp;&nbsp;&nbsp; 29761794 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6775055 | &nbsp;&nbsp;&nbsp;&nbsp; 351332 | &nbsp;&nbsp;&nbsp;&nbsp; 7126387 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 920289 | &nbsp;&nbsp;&nbsp;&nbsp; 920289 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25594 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25594 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 78231378 | &nbsp;&nbsp;&nbsp;&nbsp; 83650678 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 161882056 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51706831 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51706831 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 107897483 | &nbsp;&nbsp;&nbsp;&nbsp; 1489930651 | &nbsp;&nbsp;&nbsp;&nbsp; 10893383 | &nbsp;&nbsp;&nbsp;&nbsp; 1608721517 |

---

**37**

**Invesco Global Strategic Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $10433399 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10433399 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18867764 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18867764 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20985939 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20985939 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 10433399 | &nbsp;&nbsp;&nbsp;&nbsp; 39853703 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50287102 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (283522)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (283522)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (35057170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (35057170)<br>|
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (2714938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (61645185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (64360123)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18589883)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18589883)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (2998460)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (115292238)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (118290698)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 7434939 | &nbsp;&nbsp;&nbsp;&nbsp; (75438535)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (68003596)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $115332422 | &nbsp;&nbsp;&nbsp;&nbsp; $1414492116 | &nbsp;&nbsp;&nbsp;&nbsp; $10893383 | &nbsp;&nbsp;&nbsp;&nbsp; $1540717921 |

---

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

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | &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 appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10433399 | &nbsp;&nbsp;&nbsp;&nbsp; $10433399 |
| Unrealized appreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 66392 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20530975 | &nbsp;&nbsp;&nbsp;&nbsp; 20597367 |
| Unrealized appreciation on forward foreign currency contracts <br> outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18867764 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18867764 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; 388572 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 388572 |
| Options purchased, at value — OTC<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28026197 | &nbsp;&nbsp;&nbsp;&nbsp; 23680634 | &nbsp;&nbsp;&nbsp;&nbsp; 51706831 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 454964 | &nbsp;&nbsp;&nbsp;&nbsp; 46893961 | &nbsp;&nbsp;&nbsp;&nbsp; 54645008 | &nbsp;&nbsp;&nbsp;&nbsp; 101993933 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (66392)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (30964374)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31030766)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $388572 | &nbsp;&nbsp;&nbsp;&nbsp; $46893961 | &nbsp;&nbsp;&nbsp;&nbsp; $23680634 | &nbsp;&nbsp;&nbsp;&nbsp; $70963167 |
|  | **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; $(283522)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(283522)<br>|
| Unrealized depreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1342480)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16170050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17512530)<br>|
| Unrealized depreciation on forward foreign currency contracts <br> outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (35057170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (35057170)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (1077353)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1077353)<br>|
| Options written, at value — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (1660652)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19087306)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40897227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (61645185)<br>|
| Options written, at value — Exchange-Traded | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2714938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2714938)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (4080485)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54144476)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60065737)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (118290698)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 1342480 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19168510 | &nbsp;&nbsp;&nbsp;&nbsp; 20510990 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(2738005)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(54144476)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(40897227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(97779708)<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.

**38**

**Invesco Global Strategic Income Fund**

------

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 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 | $1010271 | $— | $— | $1010271 | $(350255)<br>| $(616742)<br>| $— | $(966997)<br>| $43274 | $— | $— | $43274 |
| BNP Paribas S.A. | 2377375 |  |  | 2377375 | (1345734)<br>| (1563703)<br>|  | (2909437)<br>| (532062)<br>|  | 330000 | (202062)<br>|
| Citibank, N.A. | - |  |  |  | (220939)<br>|  |  | (220939)<br>| (220939)<br>|  |  | (220939)<br>|
| Deutsche Bank AG | 3022363 | 1892295 |  | 4914658 | (5708298)<br>| (712243)<br>|  | (6420541)<br>| (1505883)<br>|  | 1210000 | (295883)<br>|
| Goldman Sachs <br> International<br>| 2244750 | 10995427 |  | 13240177 | (3641180)<br>| (21351019)<br>| (221214)<br>| (25213413)<br>| (11973236)<br>|  | 11880000 | (93236)<br>|
| HSBC Bank USA | 398613 |  |  | 398613 | (360505)<br>|  |  | (360505)<br>| 38108 |  |  | 38108 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| 3825970 | 27006152 | 973617 | 31805739 | (19660834)<br>| (22400423)<br>| (1063977)<br>| (43125234)<br>| (11319495)<br>|  | 10730000 | (589495)<br>|
| Merrill Lynch International | 886932 | 6092832 |  | 6979764 | (750395)<br>| (2604347)<br>|  | (3354742)<br>| 3625022 |  |  | 3625022 |
| Morgan Stanley and Co. <br> International PLC<br>| 2400653 | 5266893 |  | 7667546 | (2424329)<br>| (12396708)<br>|  | (14821037)<br>| (7153491)<br>|  | 7153491 |  |
| Royal Bank of Canada | 213343 |  |  | 213343 | (9632)<br>|  |  | (9632)<br>| 203711 | (203711)<br>|  |  |
| Standard Chartered Bank <br> PLC<br>| 12343 |  |  | 12343 | (10663)<br>|  |  | (10663)<br>| 1680 |  |  | 1680 |
| UBS AG | 2475151 | 453232 |  | 2928383 | (574406)<br>|  |  | (574406)<br>| 2353977 | (1265354)<br>|  | 1088623 |
| Total | $18867764 | $51706831 | $973617 | $71548212 | $(35057170)<br>| $(61645185)<br>| $(1285191)<br>| $(97987546)<br>| $(26439334)<br>| $(1469065)<br>| $31303491 | $3395092 |

---

**Effect of Derivative Investments for the six months ended April 30, 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; **Credit** <br>**Risk**<br>| &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; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(3954112)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(3954112)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1451942 | &nbsp;&nbsp;&nbsp;&nbsp; 1451942 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 13143569 | &nbsp;&nbsp;&nbsp;&nbsp; 128182 | &nbsp;&nbsp;&nbsp;&nbsp; 13271751 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 9110544 | &nbsp;&nbsp;&nbsp;&nbsp; 5250271 | &nbsp;&nbsp;&nbsp;&nbsp; 14360815 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 5323663 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (5818198)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (494535)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (18540241)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (18540241)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 12659341 | &nbsp;&nbsp;&nbsp;&nbsp; 12659341 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 3108411 | &nbsp;&nbsp;&nbsp;&nbsp; 1919052 | &nbsp;&nbsp;&nbsp;&nbsp; 5027463 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 2829317 | &nbsp;&nbsp;&nbsp;&nbsp; 4507117 | &nbsp;&nbsp;&nbsp;&nbsp; 7899079 | &nbsp;&nbsp;&nbsp;&nbsp; 15235513 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (2472066)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 11098367 | &nbsp;&nbsp;&nbsp;&nbsp; 8626301 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $5680914 | &nbsp;&nbsp;&nbsp;&nbsp; $7375288 | &nbsp;&nbsp;&nbsp;&nbsp; $34588036 | &nbsp;&nbsp;&nbsp;&nbsp; $47644238 |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| **Futures** <br>**Contracts**<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 | &nbsp;&nbsp; $2525616963 | &nbsp;&nbsp; $968994362 | &nbsp;&nbsp; $755694576 | &nbsp;&nbsp; $722933202 | &nbsp;&nbsp; $174216365 | &nbsp;&nbsp; $4440423644 | &nbsp;&nbsp; $890408270 | &nbsp;&nbsp; $2732795768 |
| Average contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1455 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**39**

**Invesco Global Strategic Income Fund**

------

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $62,156.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Tax Information**

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

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

The Fund had a capital loss carryforward as of October 31, 2024, 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; $516700487 | &nbsp;&nbsp;&nbsp;&nbsp; $440333434 | &nbsp;&nbsp;&nbsp;&nbsp; $957033921 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $455,750,743 and $469,066,520, respectively. As of April 30, 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; $108930114 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (154662223)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(45732109)<br>|

---

Cost of investments for tax purposes is $1,596,063,815.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 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; 9973206 | &nbsp;&nbsp;&nbsp; $31115185 | &nbsp;&nbsp;&nbsp; 18173775 | &nbsp;&nbsp;&nbsp; $56461111 |
| Class C | &nbsp;&nbsp;&nbsp; 1298999 | &nbsp;&nbsp;&nbsp; 4035200 | &nbsp;&nbsp;&nbsp; 1954044 | &nbsp;&nbsp;&nbsp; 6054147 |
| Class R | &nbsp;&nbsp;&nbsp; 1345813 | &nbsp;&nbsp;&nbsp; 4196179 | &nbsp;&nbsp;&nbsp; 2323341 | &nbsp;&nbsp;&nbsp; 7220331 |
| Class Y | &nbsp;&nbsp;&nbsp; 9535471 | &nbsp;&nbsp;&nbsp; 29698362 | &nbsp;&nbsp;&nbsp; 17513750 | &nbsp;&nbsp;&nbsp; 54588672 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2947448 | &nbsp;&nbsp;&nbsp; 9139438 | &nbsp;&nbsp;&nbsp; 1219496 | &nbsp;&nbsp;&nbsp; 3787499 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 9402851 | &nbsp;&nbsp;&nbsp; 29425708 | &nbsp;&nbsp;&nbsp; 20059925 | &nbsp;&nbsp;&nbsp; 62271781 |
| Class C | &nbsp;&nbsp;&nbsp; 246304 | &nbsp;&nbsp;&nbsp; 769063 | &nbsp;&nbsp;&nbsp; 571521 | &nbsp;&nbsp;&nbsp; 1768956 |
| Class R | &nbsp;&nbsp;&nbsp; 415434 | &nbsp;&nbsp;&nbsp; 1301554 | &nbsp;&nbsp;&nbsp; 860220 | &nbsp;&nbsp;&nbsp; 2673236 |
| Class Y | &nbsp;&nbsp;&nbsp; 927247 | &nbsp;&nbsp;&nbsp; 2897642 | &nbsp;&nbsp;&nbsp; 1574842 | &nbsp;&nbsp;&nbsp; 4884086 |
| Class R6 | &nbsp;&nbsp;&nbsp; 121781 | &nbsp;&nbsp;&nbsp; 379582 | &nbsp;&nbsp;&nbsp; 175113 | &nbsp;&nbsp;&nbsp; 541264 |

---

**40**

**Invesco Global Strategic Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 868987 | &nbsp;&nbsp;&nbsp; $2720642 | &nbsp;&nbsp;&nbsp; 1839265 | &nbsp;&nbsp;&nbsp; $5707912 |
| Class C | &nbsp;&nbsp;&nbsp; (871307)<br>| &nbsp;&nbsp;&nbsp; (2720642)<br>| &nbsp;&nbsp;&nbsp; (1844837)<br>| &nbsp;&nbsp;&nbsp; (5707912)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (35231939)<br>| &nbsp;&nbsp;&nbsp; (109755857)<br>| &nbsp;&nbsp;&nbsp; (72289731)<br>| &nbsp;&nbsp;&nbsp; (224214485)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1542909)<br>| &nbsp;&nbsp;&nbsp; (4798341)<br>| &nbsp;&nbsp;&nbsp; (2987749)<br>| &nbsp;&nbsp;&nbsp; (9248565)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1844371)<br>| &nbsp;&nbsp;&nbsp; (5748764)<br>| &nbsp;&nbsp;&nbsp; (4335653)<br>| &nbsp;&nbsp;&nbsp; (13415572)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (8119688)<br>| &nbsp;&nbsp;&nbsp; (25203399)<br>| &nbsp;&nbsp;&nbsp; (13837909)<br>| &nbsp;&nbsp;&nbsp; (42932909)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1337350)<br>| &nbsp;&nbsp;&nbsp; (4142806)<br>| &nbsp;&nbsp;&nbsp; (1092526)<br>| &nbsp;&nbsp;&nbsp; (3377136)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (11864023)<br>| &nbsp;&nbsp;&nbsp; $(36691254)<br>| &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 18% 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.

**41**

**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>**

Not applicable.

**42**

**Invesco Global Strategic Income Fund**

------

![](imgcb79a5b91.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-GLSI-NCSRS

------

![](img3d4302071.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Health Care Fund**

Nasdaq:

A: GGHCX ■ C: GTHCX ■ Y: GGHYX ■ Investor: GTHIX ■ R6: GGHSX

------

---

| | |
|:---|:---|
| [2](#xx_52b166ff-acec-47c7-a2e2-62ea46f8e28a_SOI-Continued-26_1) | Schedule of Investments |
| [4](#xx_52b166ff-acec-47c7-a2e2-62ea46f8e28a_FS-Continued-26_1) | Financial Statements |
| [7](#xx_52b166ff-acec-47c7-a2e2-62ea46f8e28a_FS-Continued-26_4) | Financial Highlights |
| [8](#xx_52b166ff-acec-47c7-a2e2-62ea46f8e28a_NTF-Continued-26_1) | Notes to Financial Statements |
| [14](#xx_52b166ff-acec-47c7-a2e2-62ea46f8e28a_OIRSR-Continued-26_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–95.69%** | **Common Stocks & Other Equity Interests–95.69%** | **Common Stocks & Other Equity Interests–95.69%** |
| **Biotechnology–22.97%** | **Biotechnology–22.97%** | **Biotechnology–22.97%** |
| AbbVie, Inc. | 256924 | &nbsp;&nbsp; $50125872 |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 361495 | &nbsp;&nbsp; 8603581 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup>  | 66819 | &nbsp;&nbsp; 17589434 |
| argenx SE, ADR (Netherlands)<sup>(b)</sup>  | 46555 | &nbsp;&nbsp; 30034493 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup>  | 64321 | &nbsp;&nbsp; 10962871 |
| Blueprint Medicines Corp.<sup>(b)(c)</sup>  | 74381 | &nbsp;&nbsp; 6657099 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup>  | 187384 | &nbsp;&nbsp; 7188050 |
| CareDx, Inc.<sup>(b)</sup>  | 124378 | &nbsp;&nbsp; 2099501 |
| Cytokinetics, Inc.<sup>(b)(c)</sup>  | 67433 | &nbsp;&nbsp; 2888830 |
| Exelixis, Inc.<sup>(b)</sup>  | 245339 | &nbsp;&nbsp; 9605022 |
| Gilead Sciences, Inc. | 223891 | &nbsp;&nbsp; 23853347 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup>  | 97938 | &nbsp;&nbsp; 6015352 |
| Insmed, Inc.<sup>(b)(c)</sup>  | 114163 | &nbsp;&nbsp; 8219736 |
| Janux Therapeutics, Inc.<sup>(b)</sup>  | 35961 | &nbsp;&nbsp; 1193905 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup>  | 20496 | &nbsp;&nbsp; 3481860 |
| Merus N.V. (Netherlands)<sup>(b)</sup>  | 61150 | &nbsp;&nbsp; 2782937 |
| Natera, Inc.<sup>(b)</sup>  | 107406 | &nbsp;&nbsp; 16210788 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup>  | 98484 | &nbsp;&nbsp; 4512537 |
| Soleno Therapeutics, Inc.<sup>(b)</sup>  | 22963 | &nbsp;&nbsp; 1719010 |
| SpringWorks Therapeutics, Inc.<sup>(b)</sup>  | 67510 | &nbsp;&nbsp; 3125713 |
| Twist Bioscience Corp.<sup>(b)(c)</sup>  | 104232 | &nbsp;&nbsp; 3994170 |
| Vericel Corp.<sup>(b)</sup>  | 89775 | &nbsp;&nbsp; 3413245 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 108176 | &nbsp;&nbsp; 55115672 |
|  |  | &nbsp;&nbsp; 279393025 |
| **Health Care Distributors–5.85%** | **Health Care Distributors–5.85%** | **Health Care Distributors–5.85%** |
| Cencora, Inc. | 175335 | &nbsp;&nbsp; 51315294 |
| McKesson Corp. | 27912 | &nbsp;&nbsp; 19895395 |
|  |  | &nbsp;&nbsp; 71210689 |
| **Health Care Equipment–25.38%** | **Health Care Equipment–25.38%** | **Health Care Equipment–25.38%** |
| Abbott Laboratories | 286536 | &nbsp;&nbsp; 37464582 |
| Boston Scientific Corp.<sup>(b)</sup>  | 1082304 | &nbsp;&nbsp; 111336612 |
| Glaukos Corp.<sup>(b)(c)</sup>  | 45825 | &nbsp;&nbsp; 4319006 |
| Globus Medical, Inc., Class A<sup>(b)</sup>  | 157870 | &nbsp;&nbsp; 11330330 |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 9482 | &nbsp;&nbsp; 4102387 |
| Insulet Corp.<sup>(b)</sup>  | 57040 | &nbsp;&nbsp; 14390622 |
| Integer Holdings Corp.<sup>(b)(c)</sup>  | 50805 | &nbsp;&nbsp; 6417180 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 72315 | &nbsp;&nbsp; 37300077 |
| Kestra Medical Technologies Ltd.<sup>(b)(c)</sup>  | 152593 | &nbsp;&nbsp; 3671388 |
| LeMaitre Vascular, Inc. | 41722 | &nbsp;&nbsp; 3785854 |
| Penumbra, Inc.<sup>(b)</sup>  | 20943 | &nbsp;&nbsp; 6132948 |
| PROCEPT BioRobotics Corp.<sup>(b)(c)</sup>  | 34218 | &nbsp;&nbsp; 1847088 |
| ResMed, Inc. | 45575 | &nbsp;&nbsp; 10782589 |
| Stryker Corp. | 149541 | &nbsp;&nbsp; 55916371 |
|  |  | &nbsp;&nbsp; 308797034 |
| **Health Care Facilities–4.63%** | **Health Care Facilities–4.63%** | **Health Care Facilities–4.63%** |
| Concentra Group Holdings Parent, Inc. | 146155 | &nbsp;&nbsp; 3178871 |
| Encompass Health Corp. | 239475 | &nbsp;&nbsp; 28016180 |
| HCA Healthcare, Inc. | 23995 | &nbsp;&nbsp; 8280195 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 118107 | &nbsp;&nbsp; 16883396 |
|  |  | &nbsp;&nbsp; 56358642 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care REITs–1.87%** | **Health Care REITs–1.87%** | **Health Care REITs–1.87%** |
| Welltower, Inc. | 149244 | &nbsp;&nbsp; $22773142 |
| **Health Care Services–2.85%** | **Health Care Services–2.85%** | **Health Care Services–2.85%** |
| BrightSpring Health Services, Inc.<sup>(b)(c)</sup>  | 329583 | &nbsp;&nbsp; 5777590 |
| GeneDx Holdings Corp.<sup>(b)(c)</sup>  | 44932 | &nbsp;&nbsp; 3003704 |
| Guardant Health, Inc.<sup>(b)</sup>  | 143042 | &nbsp;&nbsp; 6755873 |
| Labcorp Holdings, Inc. | 66589 | &nbsp;&nbsp; 16048615 |
| RadNet, Inc.<sup>(b)(c)</sup>  | 59431 | &nbsp;&nbsp; 3112996 |
|  |  | &nbsp;&nbsp; 34698778 |
| **Health Care Supplies–2.01%** | **Health Care Supplies–2.01%** | **Health Care Supplies–2.01%** |
| Alcon AG | 153624 | &nbsp;&nbsp; 14926183 |
| Lantheus Holdings, Inc.<sup>(b)</sup>  | 40193 | &nbsp;&nbsp; 4193738 |
| Merit Medical Systems, Inc.<sup>(b)</sup>  | 56488 | &nbsp;&nbsp; 5335291 |
|  |  | &nbsp;&nbsp; 24455212 |
| **Health Care Technology–0.86%** | **Health Care Technology–0.86%** | **Health Care Technology–0.86%** |
| Doximity, Inc., Class A<sup>(b)</sup>  | 53337 | &nbsp;&nbsp; 3033809 |
| Waystar Holding Corp.<sup>(b)</sup>  | 200366 | &nbsp;&nbsp; 7447604 |
|  |  | &nbsp;&nbsp; 10481413 |
| **Life Sciences Tools & Services–4.54%** | **Life Sciences Tools & Services–4.54%** | **Life Sciences Tools & Services–4.54%** |
| BioLife Solutions, Inc.<sup>(b)</sup>  | 113958 | &nbsp;&nbsp; 2747527 |
| Bio-Techne Corp. | 47511 | &nbsp;&nbsp; 2392179 |
| Lonza Group AG (Switzerland) | 29526 | &nbsp;&nbsp; 21214702 |
| Mettler-Toledo International, Inc.<sup>(b)</sup>  | 3273 | &nbsp;&nbsp; 3503976 |
| Repligen Corp.<sup>(b)</sup>  | 62581 | &nbsp;&nbsp; 8635552 |
| Thermo Fisher Scientific, Inc. | 38960 | &nbsp;&nbsp; 16713840 |
|  |  | &nbsp;&nbsp; 55207776 |
| **Managed Health Care–7.10%** | **Managed Health Care–7.10%** | **Managed Health Care–7.10%** |
| Alignment Healthcare, Inc.<sup>(b)</sup>  | 210375 | &nbsp;&nbsp; 3727845 |
| Elevance Health, Inc. | 32528 | &nbsp;&nbsp; 13680626 |
| HealthEquity, Inc.<sup>(b)</sup>  | 112852 | &nbsp;&nbsp; 9673674 |
| Molina Healthcare, Inc.<sup>(b)</sup>  | 22956 | &nbsp;&nbsp; 7506842 |
| UnitedHealth Group, Inc. | 125769 | &nbsp;&nbsp; 51746397 |
|  |  | &nbsp;&nbsp; 86335384 |
| **Pharmaceuticals–17.63%** | **Pharmaceuticals–17.63%** | **Pharmaceuticals–17.63%** |
| AstraZeneca PLC, ADR (United Kingdom) | 358990 | &nbsp;&nbsp; 25771892 |
| Axsome Therapeutics, Inc.<sup>(b)</sup>  | 55869 | &nbsp;&nbsp; 6273530 |
| Eli Lilly and Co. | 129157 | &nbsp;&nbsp; 116105685 |
| Ligand Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 30494 | &nbsp;&nbsp; 3350071 |
| Phathom Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 104826 | &nbsp;&nbsp; 449704 |
| Royalty Pharma PLC, Class A | 257551 | &nbsp;&nbsp; 8452824 |
| Sandoz Group AG (Switzerland) | 75786 | &nbsp;&nbsp; 3287193 |
| Sanofi S.A., ADR | 446408 | &nbsp;&nbsp; 24530120 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)</sup>  | 91276 | &nbsp;&nbsp; 4738137 |
| UCB S.A. (Belgium) | 77320 | &nbsp;&nbsp; 14175780 |
| Zoetis, Inc. | 47375 | &nbsp;&nbsp; 7409450 |
|  |  | &nbsp;&nbsp; 214544386 |
| Total Common Stocks & Other Equity Interests <br> (Cost $753,921,559) | Total Common Stocks & Other Equity Interests <br> (Cost $753,921,559) | &nbsp;&nbsp; 1164255481 |
| **Money Market Funds–4.04%** | **Money Market Funds–4.04%** | **Money Market Funds–4.04%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 16947707 | &nbsp;&nbsp; 16947707 |

---

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

**2**

**Invesco Health Care 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, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 32128473 | &nbsp;&nbsp; $32128473 |
| Total Money Market Funds (Cost $49,076,180) | Total Money Market Funds (Cost $49,076,180) | Total Money Market Funds (Cost $49,076,180) | &nbsp;&nbsp; 49076180 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.73% <br> (Cost $802,997,739)<br>|  |  | &nbsp;&nbsp; 1213331661 |
| **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–3.43%** | **Money Market Funds–3.43%** | **Money Market Funds–3.43%** | **Money Market Funds–3.43%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | 11586401 | &nbsp;&nbsp; 11586401 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | 30165561 | &nbsp;&nbsp; $30171594 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $41,757,995) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $41,757,995) | &nbsp;&nbsp; 41757995 |
| TOTAL INVESTMENTS IN SECURITIES–103.16% <br> (Cost $844,755,734) | TOTAL INVESTMENTS IN SECURITIES–103.16% <br> (Cost $844,755,734) | &nbsp;&nbsp; 1255089656 |
| OTHER ASSETS LESS LIABILITIES—(3.16)% | OTHER ASSETS LESS LIABILITIES—(3.16)% | &nbsp;&nbsp; (38417953)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1216671703 |

---

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 April 30, 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 six months ended April 30, 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>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $13462254 | &nbsp;&nbsp; $59406363 | &nbsp;&nbsp; $(55920910) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $16947707 | &nbsp;&nbsp; $413065 |
| Invesco Treasury Portfolio, Institutional Class | 25655488 | &nbsp;&nbsp; 110326104 | &nbsp;&nbsp; (103853119) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 32128473 | &nbsp;&nbsp; 774396 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 18755690 | &nbsp;&nbsp; 89813620 | &nbsp;&nbsp; (96982909) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11586401 | &nbsp;&nbsp; 293,861\* |
| Invesco Private Prime Fund | 48919544 | &nbsp;&nbsp; 196885101 | &nbsp;&nbsp; (215631432) | &nbsp;&nbsp; 3296 | &nbsp;&nbsp; (4915) | &nbsp;&nbsp; 30171594 | &nbsp;&nbsp; 781,903\* |
| Total | $106792976 | &nbsp;&nbsp; $456431188 | &nbsp;&nbsp; $(472388370) | &nbsp;&nbsp; $3296 | &nbsp;&nbsp; $(4915) | &nbsp;&nbsp; $90834175 | &nbsp;&nbsp; $2263225 |

---

\* 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 April 30, 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**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $753,921,559)\*<br>| &nbsp;&nbsp; $1164255481 |
| Investments in affiliated money market funds, at value <br> (Cost $90,834,175)<br>| &nbsp;&nbsp; 90834175 |
| Foreign currencies, at value (Cost $119,116) | &nbsp;&nbsp; 118465 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 5817068 |
| Fund shares sold | &nbsp;&nbsp; 73515 |
| Dividends | &nbsp;&nbsp; 1960668 |
| Foreign withholding tax claims | &nbsp;&nbsp; 77903 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 213917 |
| Other assets | &nbsp;&nbsp; 68142 |
| Total assets | &nbsp;&nbsp; 1263419334 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3058063 |
| Fund shares reacquired | &nbsp;&nbsp; 1036251 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 41757995 |
| Accrued fees to affiliates | &nbsp;&nbsp; 559258 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 686 |
| Accrued other operating expenses | &nbsp;&nbsp; 74408 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 260970 |
| Total liabilities | &nbsp;&nbsp; 46747631 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1216671703 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $782057067 |
| Distributable earnings | &nbsp;&nbsp; 434614636 |
|  | &nbsp;&nbsp; $1216671703 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $612190609 |
| Class C | &nbsp;&nbsp; $13790721 |
| Class Y | &nbsp;&nbsp; $48885107 |
| Investor Class | &nbsp;&nbsp; $540204113 |
| Class R6 | &nbsp;&nbsp; $1601153 |
| **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; 16627776 |
| Class C | &nbsp;&nbsp; 778663 |
| Class Y | &nbsp;&nbsp; 1269201 |
| Investor Class | &nbsp;&nbsp; 14668724 |
| Class R6 | &nbsp;&nbsp; 41296 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $36.82 |
| Maximum offering price per share <br>(Net asset value of $36.82 ÷ 94.50%)<br>| &nbsp;&nbsp; $38.96 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.71 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $38.52 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $36.83 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $38.77 |

---

\* At April 30, 2025, securities with an aggregate value of $40,142,191 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 six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $25,821) | &nbsp;&nbsp; $4142669 |
| Dividends from affiliated money market funds (includes net securities lending income of $55,755) | &nbsp;&nbsp; 1243216 |
| Foreign withholding tax claims | &nbsp;&nbsp; 77903 |
| Total investment income | &nbsp;&nbsp; 5463788 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3936340 |
| Administrative services fees | &nbsp;&nbsp; 92184 |
| Custodian fees | &nbsp;&nbsp; 8992 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 784021 |
| Class C | &nbsp;&nbsp; 73865 |
| Investor Class | &nbsp;&nbsp; 690250 |
| Transfer agent fees — A, C, Y and Investor | &nbsp;&nbsp; 850190 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 286 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 15523 |
| Registration and filing fees | &nbsp;&nbsp; 40372 |
| Reports to shareholders | &nbsp;&nbsp; 39069 |
| Professional services fees | &nbsp;&nbsp; 37861 |
| Other | &nbsp;&nbsp; 15738 |
| Total expenses | &nbsp;&nbsp; 6584691 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (58809)<br>|
| Net expenses | &nbsp;&nbsp; 6525882 |
| Net investment income (loss) | &nbsp;&nbsp; (1062094)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 30101138 |
| Affiliated investment securities | &nbsp;&nbsp; (4915)<br>|
| Foreign currencies | &nbsp;&nbsp; (4288)<br>|
|  | &nbsp;&nbsp; 30091935 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (55139890)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 3296 |
| Foreign currencies | &nbsp;&nbsp; 19857 |
|  | &nbsp;&nbsp; (55116737)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (25024802)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(26086896)<br>|

---

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 six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1062094)<br>| &nbsp;&nbsp; $(2619717)<br>|
| Net realized gain | &nbsp;&nbsp; 30091935 | &nbsp;&nbsp; 68213669 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (55116737)<br>| &nbsp;&nbsp; 182745864 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (26086896)<br>| &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; (6426529)<br>| &nbsp;&nbsp; (71755547)<br>|
| Class C | &nbsp;&nbsp; (428373)<br>| &nbsp;&nbsp; (2611155)<br>|
| Class Y | &nbsp;&nbsp; 4072911 | &nbsp;&nbsp; 809039 |
| Investor Class | &nbsp;&nbsp; (3658091)<br>| &nbsp;&nbsp; (50193244)<br>|
| Class R6 | &nbsp;&nbsp; (245368)<br>| &nbsp;&nbsp; 189801 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (6685450)<br>| &nbsp;&nbsp; (123561106)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (93560689)<br>| &nbsp;&nbsp; 124778710 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1310232392 | &nbsp;&nbsp; 1185453682 |
| End of period | &nbsp;&nbsp; $1216671703 | &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**

*(Unaudited)*

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** |
| Six months ended 04/30/25 | $39.45 | $(0.03)<br>| $(0.76)<br>| $(0.79)<br>| $— | $(1.84)<br>| $(1.84)<br>| $36.82 | (1.97)%<br>| &nbsp;&nbsp; $612191 | 1.06 %<sup>(d)</sup><br>| 1.06 %<sup>(d)</sup><br>| (0.18 )%<sup>(d)</sup><br>| 32<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 |
| Year ended 10/31/20 | 38.59 | 0.03 | 4.67 | 4.70 | (0.10)<br>| (1.37)<br>| (1.47)<br>| 41.82 | 12.32 | &nbsp;&nbsp; 740884 | 1.06 | 1.06 | 0.08 | 17 |
| **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** |
| Six months ended 04/30/25 | 20.03 | (0.08)<br>| (0.40)<br>| (0.48)<br>|  | (1.84)<br>| (1.84)<br>| 17.71 | (2.37)<br>| &nbsp;&nbsp; 13791 | 1.81 <br><sup>(d)</sup><br>| 1.81 <br><sup>(d)</sup><br>| (0.93 )<sup>(d)</sup><br>| 32 |
| 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 |
| Year ended 10/31/20 | 25.48 | (0.18)<br>| 3.06 | 2.88 |  | (1.37)<br>| (1.37)<br>| 26.99 | 11.46 | &nbsp;&nbsp; 27720 | 1.81 | 1.81 | (0.67)<br>| 17 |
| **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** |
| Six months ended 04/30/25 | 41.14 | 0.01 | (0.79)<br>| (0.78)<br>|  | (1.84)<br>| (1.84)<br>| 38.52 | (1.87)<br>| &nbsp;&nbsp; 48885 | 0.81 <br><sup>(d)</sup><br>| 0.81 <br><sup>(d)</sup><br>| 0.07 <br><sup>(d)</sup><br>| 32 |
| 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 |
| Year ended 10/31/20 | 39.54 | 0.14 | 4.79 | 4.93 | (0.20)<br>| (1.37)<br>| (1.57)<br>| 42.90 | 12.62 | &nbsp;&nbsp; 43816 | 0.81 | 0.81 | 0.33 | 17 |
| **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** |
| Six months ended 04/30/25 | 39.46 | (0.03)<br>| (0.76)<br>| (0.79)<br>|  | (1.84)<br>| (1.84)<br>| 36.83 | (1.97)<br>| &nbsp;&nbsp; 540204 | 1.06 <br><sup>(d)</sup><br>| 1.06 <br><sup>(d)</sup><br>| (0.18 )<sup>(d)</sup><br>| 32 |
| 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 |
| Year ended 10/31/20 | 38.60 | 0.03 | 4.67 | 4.70 | (0.10)<br>| (1.37)<br>| (1.47)<br>| 41.83 | 12.33 | &nbsp;&nbsp; 618818 | 1.06 | 1.06 | 0.08 | 17 |
| **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** |
| Six months ended 04/30/25 | 41.38 | 0.04 | (0.81)<br>| (0.77)<br>|  | (1.84)<br>| (1.84)<br>| 38.77 | (1.83)<br>| &nbsp;&nbsp; 1601 | 0.70 <br><sup>(d)</sup><br>| 0.70 <br><sup>(d)</sup><br>| 0.18 <br><sup>(d)</sup><br>| 32 |
| 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 |
| Year ended 10/31/20 | 39.61 | 0.16 | 4.79 | 4.95 | (0.22)<br>| (1.37)<br>| (1.59)<br>| 42.97 | 12.65 | &nbsp;&nbsp; 374 | 0.77 | 0.77 | 0.37 | 17 |

---

<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> 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**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("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**

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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 six months ended April 30, 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 note 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 six months ended April 30, 2025, the Fund paid the Adviser $4,762 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:

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| | |
|:---|:---|
| **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% |

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For the six months ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.63%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned 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 six months ended April 30, 2025, the Adviser waived advisory fees of $29,988.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 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 six months ended April 30, 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, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Investor Class shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 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 six months ended April 30, 2025, IDI advised the Fund that IDI retained $22,824 in front-end sales commissions from the sale of Class A shares and $1,495 and $73 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2025, the Fund incurred $55,367 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

**11**

**Invesco Health Care Fund**

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

The following is a summary of the tiered valuation input levels, as of April 30, 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** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $1110651623 | &nbsp;&nbsp;&nbsp;&nbsp; $53603858 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1164255481 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 49076180 | &nbsp;&nbsp;&nbsp;&nbsp; 41757995 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90834175 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1159727803 | &nbsp;&nbsp;&nbsp;&nbsp; $95361853 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1255089656 |

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**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $28,821.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of October 31, 2024.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $387,210,613 and $456,177,195, respectively. As of April 30, 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; $423801041 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (15325328)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $408475713 |

---

Cost of investments for tax purposes is $846,613,943.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 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; 329784 | &nbsp;&nbsp;&nbsp; $12286067 | &nbsp;&nbsp;&nbsp; 550860 | &nbsp;&nbsp;&nbsp; $21294511 |
| Class C | &nbsp;&nbsp;&nbsp; 90634 | &nbsp;&nbsp;&nbsp; 1628210 | &nbsp;&nbsp;&nbsp; 153994 | &nbsp;&nbsp;&nbsp; 3018412 |
| Class Y | &nbsp;&nbsp;&nbsp; 200868 | &nbsp;&nbsp;&nbsp; 7721148 | &nbsp;&nbsp;&nbsp; 413296 | &nbsp;&nbsp;&nbsp; 16828817 |
| Investor Class | &nbsp;&nbsp;&nbsp; 51198 | &nbsp;&nbsp;&nbsp; 1926641 | &nbsp;&nbsp;&nbsp; 73407 | &nbsp;&nbsp;&nbsp; 2823788 |
| Class R6 | &nbsp;&nbsp;&nbsp; 743 | &nbsp;&nbsp;&nbsp; 29969 | &nbsp;&nbsp;&nbsp; 11197 | &nbsp;&nbsp;&nbsp; 453171 |

---

**12**

**Invesco Health Care Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 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; 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; 33001 | &nbsp;&nbsp;&nbsp; 1238147 | &nbsp;&nbsp;&nbsp; 45760 | &nbsp;&nbsp;&nbsp; 1757218 |
| Class C | &nbsp;&nbsp;&nbsp; (68099)<br>| &nbsp;&nbsp;&nbsp; (1238147)<br>| &nbsp;&nbsp;&nbsp; (89770)<br>| &nbsp;&nbsp;&nbsp; (1757218)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1264214)<br>| &nbsp;&nbsp;&nbsp; (47102612)<br>| &nbsp;&nbsp;&nbsp; (2476313)<br>| &nbsp;&nbsp;&nbsp; (94807276)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (121839)<br>| &nbsp;&nbsp;&nbsp; (2189659)<br>| &nbsp;&nbsp;&nbsp; (196430)<br>| &nbsp;&nbsp;&nbsp; (3872349)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (137642)<br>| &nbsp;&nbsp;&nbsp; (5358617)<br>| &nbsp;&nbsp;&nbsp; (398069)<br>| &nbsp;&nbsp;&nbsp; (16019778)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (800390)<br>| &nbsp;&nbsp;&nbsp; (29820979)<br>| &nbsp;&nbsp;&nbsp; (1386752)<br>| &nbsp;&nbsp;&nbsp; (53017032)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (8816)<br>| &nbsp;&nbsp;&nbsp; (339402)<br>| &nbsp;&nbsp;&nbsp; (6661)<br>| &nbsp;&nbsp;&nbsp; (263370)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (163091)<br>| &nbsp;&nbsp;&nbsp; $(6685450)<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**

------

**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>**

Not applicable.

**14**

**Invesco Health Care Fund**

------

![](img3d4302071.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

GHC-NCSRS

------

![](img013b23d21.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco International Bond Fund**

Nasdaq:

A: OIBAX ■ C: OIBCX ■ R: OIBNX ■ Y: OIBYX ■ R5: INBQX ■ R6: OIBIX

------

---

| | |
|:---|:---|
| [2](#xx_3de1a88f-2d99-4273-b599-64559589842e_SOI-Continued-768_1) | Consolidated Schedule of Investments |
| [18](#xx_3de1a88f-2d99-4273-b599-64559589842e_FS-Continued-768_1) | Consolidated Financial Statements |
| [21](#xx_3de1a88f-2d99-4273-b599-64559589842e_FS-Continued-768_4) | Consolidated Financial Highlights |
| [22](#xx_3de1a88f-2d99-4273-b599-64559589842e_NTF-Continued-768_1) | Notes to Consolidated Financial Statements |
| [33](#xx_3de1a88f-2d99-4273-b599-64559589842e_OIRSR-Continued-768_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments** 

*April 30, 2025*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Non-U.S. Dollar Denominated Bonds & Notes–47.86%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–47.86%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–47.86%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–47.86%**<sup>(a)</sup>  |
| **Argentina–0.01%** | **Argentina–0.01%** | **Argentina–0.01%** | **Argentina–0.01%** |
| Argentine Bonos del <br> Tesoro, 15.50%, <br> 10/17/2026<br>| ARS | 135000000 | &nbsp;&nbsp; $93477 |
| **Australia–5.90%** | **Australia–5.90%** | **Australia–5.90%** | **Australia–5.90%** |
| Australia Government <br> Bond, Series 142, <br> 4.25%, <br> 04/21/2026<sup>(b)</sup> <br>| AUD | 83500000 | &nbsp;&nbsp; 53886013 |
| Treasury Corporation of <br> Victoria, 5.50%, <br> 11/17/2026<br>| AUD | 16000000 | &nbsp;&nbsp; 10560468 |
|  |  |  | &nbsp;&nbsp; 64446481 |
| **Austria–0.67%** | **Austria–0.67%** | **Austria–0.67%** | **Austria–0.67%** |
| Republic of Austria <br> Government Bond, <br> 0.70%, <br> 04/20/2071<sup>(b)</sup> <br>| EUR | 16410000 | &nbsp;&nbsp; 7374758 |
| **Brazil–1.72%** | **Brazil–1.72%** | **Brazil–1.72%** | **Brazil–1.72%** |
| Brazil Notas do Tesouro <br> Nacional, Series B, <br> 6.00%, 05/15/2055<br>| BRL | 28000000 | &nbsp;&nbsp; 18828644 |
| **Canada–5.06%** | **Canada–5.06%** | **Canada–5.06%** | **Canada–5.06%** |
| Ontario Electricity Financial Corp., | Ontario Electricity Financial Corp., |  |  |
| 9.00%, 05/26/2025 | CAD | 26500000 | &nbsp;&nbsp; 19312360 |
| 8.50%, 05/26/2025 | CAD | 20400000 | &nbsp;&nbsp; 14861547 |
| Province of Quebec, <br> 5.35%, 06/01/2025<br>| CAD | 29000000 | &nbsp;&nbsp; 21080009 |
|  |  |  | &nbsp;&nbsp; 55253916 |
| **Colombia–5.91%** | **Colombia–5.91%** | **Colombia–5.91%** | **Colombia–5.91%** |
| Colombian TES, | Colombian TES, |  |  |
| Series B, 6.00%, <br> 04/28/2028<br>| COP | 51500000000 | &nbsp;&nbsp; 10953753 |
| Series B, 7.75%, <br> 09/18/2030<br>| COP | 175000000000 | &nbsp;&nbsp; 36064302 |
| Series B, 9.25%, <br> 05/28/2042<br>| COP | 63000000000 | &nbsp;&nbsp; 11394577 |
| Fideicomiso PA Concesion <br> Ruta al Mar, 6.75%, <br> 02/15/2044<sup>(b)</sup> <br>| COP | 8000000000 | &nbsp;&nbsp; 1404187 |
| PA Autopista Rio <br> Magdalena, 6.05%, <br> 06/15/2036<sup>(b)</sup> <br>| COP | 23500000000 | &nbsp;&nbsp; 4685462 |
|  |  |  | &nbsp;&nbsp; 64502281 |
| **Egypt–0.86%** | **Egypt–0.86%** | **Egypt–0.86%** | **Egypt–0.86%** |
| Egypt Government Bond, | Egypt Government Bond, |  |  |
| 0.00%, <br> 09/30/2025<sup>(c)</sup> <br>| EGP | 250000000 | &nbsp;&nbsp; 4434995 |
| 23.85%, 07/02/2027 | EGP | 250000000 | &nbsp;&nbsp; 5001741 |
|  |  |  | &nbsp;&nbsp; 9436736 |
| **France–2.12%** | **France–2.12%** | **France–2.12%** | **France–2.12%** |
| BNP Paribas S.A., 2.75%, <br> 07/25/2028<sup>(b)(d)</sup> <br>| EUR | 10000000 | &nbsp;&nbsp; 11329488 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **France–(continued)** | **France–(continued)** | **France–(continued)** | **France–(continued)** |
| Electricite de France S.A., <br> 7.50%<sup>(b)(d)(e)</sup> <br>| EUR | 3000000 | &nbsp;&nbsp; $3749034 |
| French Republic <br> Government Bond OAT, <br> 0.50%, <br> 05/25/2072<sup>(b)</sup> <br>| EUR | 23240000 | &nbsp;&nbsp; 8071448 |
|  |  |  | &nbsp;&nbsp; 23149970 |
| **Greece–0.31%** | **Greece–0.31%** | **Greece–0.31%** | **Greece–0.31%** |
| Eurobank S.A., 5.88%, <br> 11/28/2029<sup>(b)(d)</sup> <br>| EUR | 2500000 | &nbsp;&nbsp; 3073116 |
| Hellenic Republic <br> Government Bond, <br> 0.00%, <br> 10/15/2042<sup>(c)</sup> <br>| EUR | 107000000 | &nbsp;&nbsp; 315159 |
|  |  |  | &nbsp;&nbsp; 3388275 |
| **India–1.08%** | **India–1.08%** | **India–1.08%** | **India–1.08%** |
| India Government Bond, <br> 7.09%, 08/05/2054<br>| INR | 950000000 | &nbsp;&nbsp; 11753592 |
| **Italy–0.52%** | **Italy–0.52%** | **Italy–0.52%** | **Italy–0.52%** |
| UniCredit S.p.A., <br> 5.38%<sup>(b)(d)(e)</sup> <br>| EUR | 5000000 | &nbsp;&nbsp; 5677259 |
| **Ivory Coast–0.49%** | **Ivory Coast–0.49%** | **Ivory Coast–0.49%** | **Ivory Coast–0.49%** |
| Ivory Coast Government <br> International Bond, <br> 5.25%, <br> 03/22/2030<sup>(b)</sup> <br>| EUR | 5000000 | &nbsp;&nbsp; 5308311 |
| **Japan–2.88%** | **Japan–2.88%** | **Japan–2.88%** | **Japan–2.88%** |
| Japan Government Forty <br> Year Bond, Series 13, <br> 0.50%, 03/20/2060<br>| JPY | 9066600000 | &nbsp;&nbsp; 31404537 |
| **Mexico–1.57%** | **Mexico–1.57%** | **Mexico–1.57%** | **Mexico–1.57%** |
| Mexican Bonos, Series M, <br> 8.00%, 07/31/2053<br>| MXN | 410000000 | &nbsp;&nbsp; 17131106 |
| **Netherlands–0.41%** | **Netherlands–0.41%** | **Netherlands–0.41%** | **Netherlands–0.41%** |
| ABN AMRO Bank N.V., <br> 4.38%<sup>(b)(d)(e)</sup> <br>| EUR | 4000000 | &nbsp;&nbsp; 4539332 |
| **Romania–0.33%** | **Romania–0.33%** | **Romania–0.33%** | **Romania–0.33%** |
| Romanian Government <br> International Bond, <br> 5.13%, <br> 09/24/2031<sup>(b)</sup> <br>| EUR | 3300000 | &nbsp;&nbsp; 3583025 |
| **South Africa–5.40%** | **South Africa–5.40%** | **South Africa–5.40%** | **South Africa–5.40%** |
| 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; 39092667 |
| Series 2040, 9.00%, <br> 01/31/2040<br>| ZAR | 450000000 | &nbsp;&nbsp; 19821985 |
|  |  |  | &nbsp;&nbsp; 58914652 |

---

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** |
| **Spain–5.08%** | **Spain–5.08%** | **Spain–5.08%** | **Spain–5.08%** |
| Spain Government Bond, | Spain Government Bond, |  |  |
| 2.80%, 05/31/2026 | EUR | 26000000 | &nbsp;&nbsp; $29734259 |
| 1.45%, <br> 10/31/2071<sup>(b)</sup> <br>| EUR | 20725000 | &nbsp;&nbsp; 11210960 |
| Telefonica Europe B.V., | Telefonica Europe B.V., |  |  |
| 2.88%<sup>(b)(d)(e)</sup> <br>| EUR | 7400000 | &nbsp;&nbsp; 8234839 |
| 7.13%<sup>(b)(d)(e)</sup> <br>| EUR | 5000000 | &nbsp;&nbsp; 6266079 |
|  |  |  | &nbsp;&nbsp; 55446137 |
| **Supranational–1.45%** | **Supranational–1.45%** | **Supranational–1.45%** | **Supranational–1.45%** |
| African Development Bank, | African Development Bank, |  |  |
| 0.00%, <br> 04/05/2046<sup>(c)</sup> <br>| ZAR | 600000000 | &nbsp;&nbsp; 3629331 |
| 0.00%, <br> 01/17/2050<sup>(c)</sup> <br>| ZAR | 310000000 | &nbsp;&nbsp; 1334296 |
| Corporacion Andina de <br> Fomento, 10.35%, <br> 03/15/2033<sup>(b)</sup> <br>| MXN | 200000000 | &nbsp;&nbsp; 10860508 |
|  |  |  | &nbsp;&nbsp; 15824135 |
| **United Kingdom–6.09%** | **United Kingdom–6.09%** | **United Kingdom–6.09%** | **United Kingdom–6.09%** |
| Gatwick Airport Finance <br> PLC, 4.38%, <br> 04/07/2026<sup>(b)</sup> <br>| GBP | 4700000 | &nbsp;&nbsp; 6158737 |
| Lloyds Banking Group PLC, <br> 8.50%<sup>(d)(e)</sup> <br>| GBP | 2300000 | &nbsp;&nbsp; 3153383 |
| United Kingdom Gilt, <br> 3.50%, <br> 10/22/2025<sup>(b)</sup> <br>| GBP | 43000000 | &nbsp;&nbsp; 57127206 |
|  |  |  | &nbsp;&nbsp; 66439326 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $555,203,287) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $555,203,287) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $555,203,287) | &nbsp;&nbsp; 522495950 |
| **U.S. Dollar Denominated Bonds & Notes–14.04%** | **U.S. Dollar Denominated Bonds & Notes–14.04%** | **U.S. Dollar Denominated Bonds & Notes–14.04%** | **U.S. Dollar Denominated Bonds & Notes–14.04%** |
| **Argentina–0.98%** | **Argentina–0.98%** | **Argentina–0.98%** | **Argentina–0.98%** |
| Argentine Republic Government <br> International Bond, | Argentine Republic Government <br> International Bond, |  |  |
| 0.75%, <br> 07/09/2030<sup>(f)</sup> <br>|  | $5280000 | &nbsp;&nbsp; 4052400 |
| 3.50%, <br> 07/09/2041<sup>(f)</sup> <br>|  | 7000000 | &nbsp;&nbsp; 4242103 |
| Vista Energy Argentina <br> S.A.U., 7.63%, <br> 12/10/2035<sup>(b)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2391875 |
|  |  |  | &nbsp;&nbsp; 10686378 |
| **Brazil–0.74%** | **Brazil–0.74%** | **Brazil–0.74%** | **Brazil–0.74%** |
| Arcos Dorados B.V., <br> 6.38%, <br> 01/29/2032<sup>(b)</sup> <br>|  | 2280000 | &nbsp;&nbsp; 2324505 |
| Sitios Latinoamerica <br> S.A.B. de C.V., 5.38%, <br> 04/04/2032<sup>(b)</sup> <br>|  | 5970000 | &nbsp;&nbsp; 5703972 |
|  |  |  | &nbsp;&nbsp; 8028477 |
| **Chile–1.17%** | **Chile–1.17%** | **Chile–1.17%** | **Chile–1.17%** |
| Banco de Credito e <br> Inversiones S.A., <br> 8.75%<sup>(b)(d)(e)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2592825 |
| Banco del Estado de Chile, <br> 7.95%<sup>(b)(d)(e)</sup> <br>|  | 1450000 | &nbsp;&nbsp; 1504271 |
| Chile Electricity Lux MPC II <br> S.a.r.l., 5.58%, <br> 10/20/2035<sup>(b)</sup> <br>|  | 2116298 | &nbsp;&nbsp; 2105188 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Chile–(continued)** | **Chile–(continued)** | **Chile–(continued)** |
| Sociedad Quimica y Minera <br> de Chile S.A., 5.50%, <br> 09/10/2034<sup>(b)</sup> <br>| $6785000 | &nbsp;&nbsp; $6569576 |
|  |  | &nbsp;&nbsp; 12771860 |
| **China–0.20%** | **China–0.20%** | **China–0.20%** |
| Prosus N.V., 3.26%, <br> 01/19/2027<sup>(b)</sup> <br>| 2200000 | &nbsp;&nbsp; 2145924 |
| **Colombia–0.71%** | **Colombia–0.71%** | **Colombia–0.71%** |
| Ecopetrol S.A., |  |  |
| 8.63%, 01/19/2029 | 5000000 | &nbsp;&nbsp; 5231770 |
| 7.75%, 02/01/2032 | 2680000 | &nbsp;&nbsp; 2556942 |
|  |  | &nbsp;&nbsp; 7788712 |
| **Dominican Republic–0.28%** | **Dominican Republic–0.28%** | **Dominican Republic–0.28%** |
| Aeropuertos Dominicanos <br> Siglo XXI S.A., 7.00%, <br> 06/30/2034<sup>(b)</sup> <br>| 2975000 | &nbsp;&nbsp; 3024266 |
| **Egypt–0.31%** | **Egypt–0.31%** | **Egypt–0.31%** |
| Egypt Government <br> International Bond, <br> 8.63%, <br> 02/04/2030<sup>(b)</sup> <br>| 3490000 | &nbsp;&nbsp; 3334468 |
| **France–0.72%** | **France–0.72%** | **France–0.72%** |
| Electricite de France S.A., <br> 9.13%<sup>(b)(d)(e)</sup> <br>| 7000000 | &nbsp;&nbsp; 7846825 |
| **Hong Kong–0.20%** | **Hong Kong–0.20%** | **Hong Kong–0.20%** |
| Melco Resorts Finance <br> Ltd., 4.88%, <br> 06/06/2025<sup>(b)(g)</sup> <br>| 2200000 | &nbsp;&nbsp; 2196004 |
| **India–0.46%** | **India–0.46%** | **India–0.46%** |
| Muthoot Finance Ltd., <br> 7.13%, <br> 02/14/2028<sup>(b)</sup> <br>| 5000000 | &nbsp;&nbsp; 4969519 |
| **Ireland–0.23%** | **Ireland–0.23%** | **Ireland–0.23%** |
| BB Blue Financing DAC, <br> Series A1, 4.40%, <br> 09/20/2037<br>| 2500000 | &nbsp;&nbsp; 2453229 |
| **Italy–0.53%** | **Italy–0.53%** | **Italy–0.53%** |
| Intesa Sanpaolo S.p.A., <br> 7.70%<sup>(b)(d)(e)(g)</sup> <br>| 5800000 | &nbsp;&nbsp; 5832551 |
| **Ivory Coast–0.25%** | **Ivory Coast–0.25%** | **Ivory Coast–0.25%** |
| Ivory Coast Government <br> International Bond, <br> 8.08%, <br> 04/01/2036<sup>(b)</sup> <br>| 2940000 | &nbsp;&nbsp; 2718312 |
| **Macau–0.32%** | **Macau–0.32%** | **Macau–0.32%** |
| MGM China Holdings Ltd., <br> 5.88%, <br> 05/15/2026<sup>(b)</sup> <br>| 3520000 | &nbsp;&nbsp; 3505069 |
| **Mexico–1.73%** | **Mexico–1.73%** | **Mexico–1.73%** |
| Banco Mercantil del Norte <br> S.A., 8.38%<sup>(b)(d)(e)(g)</sup> <br>| 2500000 | &nbsp;&nbsp; 2530725 |
| Braskem Idesa S.A.P.I., <br> 7.45%, <br> 11/15/2029<sup>(b)</sup> <br>| 3520000 | &nbsp;&nbsp; 2722017 |

---

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** |
| **Mexico–(continued)** | **Mexico–(continued)** | **Mexico–(continued)** | **Mexico–(continued)** |
| CEMEX S.A.B. de C.V., <br> 5.13%<sup>(b)(d)(e)</sup> <br>|  | $3050000 | &nbsp;&nbsp; $3006194 |
| FIEMEX Energia - Banco <br> Actinver S.A. <br> Institucion de Banca <br> Multiple, 7.25%, <br> 01/31/2041<sup>(b)</sup> <br>|  | 2997665 | &nbsp;&nbsp; 2978929 |
| Nemak S.A.B. de C.V., <br> 3.63%, <br> 06/28/2031<sup>(b)(g)</sup> <br>|  | 3750000 | &nbsp;&nbsp; 3023110 |
| Petroleos Mexicanos, | Petroleos Mexicanos, |  |  |
| 6.88%, <br> 08/04/2026<sup>(g)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2469885 |
| 6.95%, 01/28/2060 |  | 3300000 | &nbsp;&nbsp; 2200505 |
|  |  |  | &nbsp;&nbsp; 18931365 |
| **Nigeria–0.44%** | **Nigeria–0.44%** | **Nigeria–0.44%** | **Nigeria–0.44%** |
| IHS Holding Ltd., 8.25%, <br> 11/29/2031<sup>(b)</sup> <br>|  | 5000000 | &nbsp;&nbsp; 4827250 |
| **Peru–0.26%** | **Peru–0.26%** | **Peru–0.26%** | **Peru–0.26%** |
| Compania de Minas <br> Buenaventura S.A.A., <br> 6.80%, <br> 02/04/2032<sup>(b)</sup> <br>|  | 2885000 | &nbsp;&nbsp; 2870604 |
| **Senegal–0.34%** | **Senegal–0.34%** | **Senegal–0.34%** | **Senegal–0.34%** |
| Senegal Government International <br> Bond, | Senegal Government International <br> Bond, |  |  |
| 7.75%, <br> 06/10/2031<sup>(b)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 1964787 |
| 6.25%, <br> 05/23/2033<sup>(b)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 1744081 |
|  |  |  | &nbsp;&nbsp; 3708868 |
| **Serbia–0.15%** | **Serbia–0.15%** | **Serbia–0.15%** | **Serbia–0.15%** |
| Telecommunications Co. <br> Telekom Srbija AD <br> Belgrade, 7.00%, <br> 10/28/2029<sup>(b)</sup> <br>|  | 1680000 | &nbsp;&nbsp; 1671063 |
| **Supranational–0.22%** | **Supranational–0.22%** | **Supranational–0.22%** | **Supranational–0.22%** |
| European Bank for <br> Reconstruction & <br> Development, 6.40%, <br> 08/27/2025<br>|  | 2400000 | &nbsp;&nbsp; 2413800 |
| **Switzerland–2.01%** | **Switzerland–2.01%** | **Switzerland–2.01%** | **Switzerland–2.01%** |
| Argentum Netherlands <br> B.V. for Swiss Re Ltd., <br> 5.63%, <br> 08/15/2052<sup>(b)(d)</sup> <br>|  | 333000 | &nbsp;&nbsp; 332168 |
| Credit Suisse Group AG, <br> 6.25%<sup>(b)(d)(e)(h)(i)</sup> <br>|  | 9800000 | &nbsp;&nbsp; 588000 |
| UBS Group AG, | UBS Group AG, |  |  |
| 6.33%, <br> 12/22/2027<sup>(b)(d)</sup> <br>|  | 10000000 | &nbsp;&nbsp; 10272912 |
| 6.88%<sup>(b)(d)(e)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2502938 |
| Willow No 2 Ireland PLC for <br> Zurich Insurance Co. <br> Ltd., 4.25%, <br> 10/01/2045<sup>(b)(d)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 3978020 |
| Zurich Finance (Ireland) <br> DAC, 3.50%, <br> 05/02/2052<sup>(b)(d)</sup> <br>|  | 5000000 | &nbsp;&nbsp; 4300125 |
|  |  |  | &nbsp;&nbsp; 21974163 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United Kingdom–1.14%** | **United Kingdom–1.14%** | **United Kingdom–1.14%** | **United Kingdom–1.14%** |
| Aberdeen Group PLC, <br> 4.25%, <br> 06/30/2028<sup>(b)</sup> <br>|  | $2000000 | &nbsp;&nbsp; $1915090 |
| British <br> Telecommunications <br> PLC, 4.25%, <br> 11/23/2081<sup>(b)(d)</sup> <br>|  | 4400000 | &nbsp;&nbsp; 4273705 |
| NatWest Group PLC, <br> 6.00%<sup>(d)(e)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 1992680 |
| Vodafone Group PLC, <br> 3.25%, <br> 06/04/2081<sup>(d)(g)</sup> <br>|  | 4400000 | &nbsp;&nbsp; 4250287 |
|  |  |  | &nbsp;&nbsp; 12431762 |
| **United States–0.27%** | **United States–0.27%** | **United States–0.27%** | **United States–0.27%** |
| BP Capital Markets PLC, <br> 4.88%<sup>(d)(e)(g)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1428342 |
| U.S. International <br> Development Finance <br> Corp., Series 4, <br> 3.13%, 04/15/2028<br>|  | 1600000 | &nbsp;&nbsp; 1567491 |
|  |  |  | &nbsp;&nbsp; 2995833 |
| **Uzbekistan–0.38%** | **Uzbekistan–0.38%** | **Uzbekistan–0.38%** | **Uzbekistan–0.38%** |
| National Bank of <br> Uzbekistan, 8.50%, <br> 07/05/2029<sup>(b)</sup> <br>|  | 2065000 | &nbsp;&nbsp; 2113758 |
| Navoi Mining & <br> Metallurgical Combinat, <br> 6.70%, <br> 10/17/2028<sup>(b)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 2041631 |
|  |  |  | &nbsp;&nbsp; 4155389 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $166,225,145) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $166,225,145) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $166,225,145) | &nbsp;&nbsp; 153281691 |
| **Asset-Backed Securities–8.44%** | **Asset-Backed Securities–8.44%** | **Asset-Backed Securities–8.44%** | **Asset-Backed Securities–8.44%** |
| Alba PLC, | Alba PLC, |  |  |
| Series 2007-1, Class F, <br> 7.85% (SONIA + <br> 3.37%), <br> 03/17/2039<sup>(a)(b)(j)</sup> <br>| GBP | 2736244 | &nbsp;&nbsp; 3439840 |
| Series 2006-2, Class F, <br> 7.85% (SONIA + <br> 3.37%), <br> 12/15/2038<sup>(a)(b)(j)</sup> <br>| GBP | 884952 | &nbsp;&nbsp; 1071814 |
| Auburn 15 PLC, | Auburn 15 PLC, |  |  |
| Series E, 6.47% (SONIA <br> + 2.00%), <br> 07/20/2045<sup>(a)(b)(j)</sup> <br>| GBP | 870000 | &nbsp;&nbsp; 1124057 |
| Series F, 6.97% (SONIA <br> + 2.50%), <br> 07/20/2045<sup>(a)(b)(j)</sup> <br>| GBP | 1035000 | &nbsp;&nbsp; 1338743 |
| Eurohome UK Mortgages PLC, | Eurohome UK Mortgages PLC, |  |  |
| Series 2007-1, <br> Class M2, 5.10% <br> (SONIA + 0.62%), <br> 06/15/2044<sup>(a)(b)(j)</sup> <br>| GBP | 4000000 | &nbsp;&nbsp; 5050285 |
| Series 2007-2, <br> Class B2, 8.60% <br> (SONIA + 4.12%), <br> 09/15/2044<sup>(a)(b)(j)</sup> <br>| GBP | 3750000 | &nbsp;&nbsp; 4738676 |

---

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** |
| Eurosail PLC, <br> Series 2007-4X, <br> Class D1A, 6.35% <br> (SONIA + 1.87%), <br> 06/13/2045<sup>(a)(b)(j)</sup> <br>| GBP | 4094013 | &nbsp;&nbsp; $4924332 |
| Eurosail-UK NC PLC, <br> Series 2007-1X, <br> Class D1C, 5.49% <br> (SONIA + 1.01%), <br> 03/13/2045<sup>(a)(b)(j)</sup> <br>| GBP | 2500000 | &nbsp;&nbsp; 2850494 |
| Jupiter Mortgage No.1 PLC, | Jupiter Mortgage No.1 PLC, |  |  |
| Series 1A, Class ER, <br> 8.48% (SONIA + <br> 4.00%), <br> 07/20/2055<sup>(a)(b)(j)</sup> <br>| GBP | 2200000 | &nbsp;&nbsp; 2918088 |
| Series 1A, Class FR, <br> 9.48% (SONIA + <br> 5.00%), <br> 07/20/2055<sup>(a)(b)(j)</sup> <br>| GBP | 2000000 | &nbsp;&nbsp; 2652997 |
| Ludgate Funding PLC, <br> Series 2007-1, <br> Class RES, 0.00%, <br> 01/01/2061<sup>(a)(b)(c)(k)</sup> <br>| GBP | 207500000 | &nbsp;&nbsp; 3429592 |
| Mansard Mortgages PLC, | Mansard Mortgages PLC, |  |  |
| Series 2006-1X, <br> Class B2, 8.10% <br> (SONIA + 3.62%), <br> 10/15/2048<sup>(a)(b)(j)</sup> <br>| GBP | 3129741 | &nbsp;&nbsp; 4042387 |
| Series 2007-1X, <br> Class B2, 7.60% <br> (SONIA + 3.12%), <br> 04/15/2049<sup>(a)(b)(j)</sup> <br>| GBP | 1891506 | &nbsp;&nbsp; 2345786 |
| Mortgage Funding PLC, <br> Series 2008-1, <br> Class B2, 7.80% <br> (SONIA + 3.32%), <br> 03/13/2046<sup>(a)(b)(j)</sup> <br>| GBP | 6580280 | &nbsp;&nbsp; 8327577 |
| Newgate Funding PLC, | Newgate Funding PLC, |  |  |
| Series 2006-2, <br> Class CB, 2.76% (3 <br> mo. EURIBOR + <br> 0.43%), <br> 12/01/2050<sup>(a)(b)(j)</sup> <br>| EUR | 1412749 | &nbsp;&nbsp; 1441787 |
| Series 2007-2X, <br> Class CB, 2.92% (3 <br> mo. EURIBOR + <br> 0.44%), <br> 12/15/2050<sup>(a)(b)(j)</sup> <br>| EUR | 1772031 | &nbsp;&nbsp; 1663115 |
| Series 2007-1X, <br> Class CB, 2.87% (3 <br> mo. EURIBOR + <br> 0.38%), <br> 12/01/2050<sup>(a)(b)(j)</sup> <br>| EUR | 1037130 | &nbsp;&nbsp; 1006877 |
| Series 2007-3X, <br> Class CB, 3.98% (3 <br> mo. EURIBOR + <br> 1.50%), <br> 12/15/2050<sup>(a)(b)(j)</sup> <br>| EUR | 999806 | &nbsp;&nbsp; 1068218 |
| RMAC Securities No. 1 PLC, <br> Series 2006-NS4X, <br> Class B1C, 3.40% (3 <br> mo. EURIBOR + <br> 0.85%), <br> 06/12/2044<sup>(a)(b)(j)</sup> <br>| EUR | 5694069 | &nbsp;&nbsp; 5873077 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Towd Point Mortgage Funding <br> 2024 - Granite 6 PLC, | Towd Point Mortgage Funding <br> 2024 - Granite 6 PLC, |  |  |
| Series 2024-GR6X, <br> Class F, 8.98% (SONIA <br> + 4.50%), <br> 07/20/2053<sup>(a)(b)(j)</sup> <br>| GBP | 1000000 | &nbsp;&nbsp; $1333635 |
| Series 2024-GR6X, <br> Class E, 7.98% (SONIA <br> + 3.50%), <br> 07/20/2053<sup>(a)(b)(j)</sup> <br>| GBP | 1435000 | &nbsp;&nbsp; 1913758 |
| Towd Point Mortgage <br> Funding 2024 - Granite <br> 7 PLC, Series 2024-<br> GR7X, Class E, 7.72% <br> (SONIA + 3.25%), <br> 04/20/2051<sup>(a)(b)(j)</sup> <br>| GBP | 1125000 | &nbsp;&nbsp; 1500470 |
| Sestante Finance S.r.l., <br> Series 2005, Class C1, <br> 3.08% (3 mo. EURIBOR <br> + 0.80%), <br> 07/15/2045<sup>(a)(b)(j)</sup> <br>| EUR | 9700000 | &nbsp;&nbsp; 4970946 |
| IM Pastor 4, FTA, Series B, <br> 2.58% (3 mo. EURIBOR <br> + 0.19%), <br> 03/22/2044<sup>(a)(b)(j)</sup> <br>| EUR | 3800000 | &nbsp;&nbsp; 3045914 |
| Fideicomiso Dorrego Y Libertador, | Fideicomiso Dorrego Y Libertador, |  |  |
| 2.00%, 12/31/2043<sup>(i)</sup> <br>|  | $10843617 | &nbsp;&nbsp; 10301436 |
| 0.00%, <br> 12/31/2043<sup>(a)(c)(i)</sup> <br>| ARS | 117222368 | &nbsp;&nbsp; 94957 |
| Fideicomiso Financiero <br> Invernea Proteina 2, <br> Serie II, 0.00%, <br> 08/25/2032<sup>(a)(c)(i)(k)</sup> <br>| ARS | 445000000 | &nbsp;&nbsp; 2560138 |
| Hera Financing DAC, | Hera Financing DAC, |  |  |
| Series 2024-1A, <br> Class B, 7.43% (SONIA <br> + 2.95%), <br> 11/17/2034<sup>(a)(b)(j)</sup> <br>| GBP | 2330532 | &nbsp;&nbsp; 3104585 |
| Series 2024-1A, <br> Class C, 8.23% (SONIA <br> + 3.75%), <br> 11/17/2034<sup>(a)(b)(j)</sup> <br>| GBP | 1331590 | &nbsp;&nbsp; 1770711 |
| Series 2024-1A, <br> Class A, 6.38% (SONIA <br> + 1.90%), <br> 11/17/2034<sup>(a)(b)(j)</sup> <br>| GBP | 1665237 | &nbsp;&nbsp; 2221333 |
| Total Asset-Backed Securities <br> (Cost $98,032,203) | Total Asset-Backed Securities <br> (Cost $98,032,203) | Total Asset-Backed Securities <br> (Cost $98,032,203) | &nbsp;&nbsp; 92125625 |
| **U.S. Treasury Securities–7.41%** | **U.S. Treasury Securities–7.41%** | **U.S. Treasury Securities–7.41%** | **U.S. Treasury Securities–7.41%** |
| **U.S. Treasury Bills–7.41%** | **U.S. Treasury Bills–7.41%** | **U.S. Treasury Bills–7.41%** | **U.S. Treasury Bills–7.41%** |
| 4.23 - 4.27%, <br> 05/29/2025 <br> (Cost $80,892,043)<sup>(l)(m)(n)</sup> <br>|  | $80892043 | &nbsp;&nbsp; 80889956 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Common Stocks & Other Equity Interests–4.47%** | **Common Stocks & Other Equity Interests–4.47%** | **Common Stocks & Other Equity Interests–4.47%** | **Common Stocks & Other Equity Interests–4.47%** |
| **Argentina–4.47%** | **Argentina–4.47%** | **Argentina–4.47%** | **Argentina–4.47%** |
| Banco BBVA Argentina S.A. | Banco BBVA Argentina S.A. | 500000 | &nbsp;&nbsp; 3415035 |
| Banco Macro S.A., Class B | Banco Macro S.A., Class B | 950000 | &nbsp;&nbsp; 8505611 |
| Grupo Financiero Galicia S.A., <br> Class B | Grupo Financiero Galicia S.A., <br> Class B | 2260000 | &nbsp;&nbsp; 13913559 |
| Pampa Energia S.A.<sup>(o)</sup>  | Pampa Energia S.A.<sup>(o)</sup>  | 1450000 | &nbsp;&nbsp; 4203775 |
| YPF S.A., ADR<sup>(o)</sup>  | YPF S.A., ADR<sup>(o)</sup>  | 70000 | &nbsp;&nbsp; 2086000 |
| YPF S.A., Class D<sup>(o)</sup>  | YPF S.A., Class D<sup>(o)</sup>  | 547500 | &nbsp;&nbsp; 16619835 |
| Total Common Stocks & Other Equity Interests <br> (Cost $27,596,390) | Total Common Stocks & Other Equity Interests <br> (Cost $27,596,390) | Total Common Stocks & Other Equity Interests <br> (Cost $27,596,390) | &nbsp;&nbsp; 48743815 |

---

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

**5**

**Invesco International Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Commercial Paper–0.12%** | **Commercial Paper–0.12%** | **Commercial Paper–0.12%** | **Commercial Paper–0.12%** |
| **Argentina–0.12%** | **Argentina–0.12%** | **Argentina–0.12%** | **Argentina–0.12%** |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/08/2026<sup>(i)(m)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/08/2026<sup>(i)(m)</sup>  | 284533 | &nbsp;&nbsp; $285239 |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 07/08/2026<sup>(i)(m)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 07/08/2026<sup>(i)(m)</sup>  | 335265 | &nbsp;&nbsp; 337014 |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/07/2027<sup>(i)(m)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/07/2027<sup>(i)(m)</sup>  | 463021 | &nbsp;&nbsp; 466572 |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 04/07/2027<sup>(i)(m)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 04/07/2027<sup>(i)(m)</sup>  | 205459 | &nbsp;&nbsp; 207356 |
| Total Commercial Paper (Cost $1,288,278) | Total Commercial Paper (Cost $1,288,278) | Total Commercial Paper (Cost $1,288,278) | &nbsp;&nbsp; 1296181 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–10.46%** | **Money Market Funds–10.46%** | **Money Market Funds–10.46%** | **Money Market Funds–10.46%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(p)(q)</sup>  | Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(p)(q)</sup>  | 39965308 | &nbsp;&nbsp; 39965308 |
| Invesco Treasury Portfolio, <br> Institutional Class, 4.23%<sup>(p)(q)</sup>  | Invesco Treasury Portfolio, <br> Institutional Class, 4.23%<sup>(p)(q)</sup>  | 74221287 | &nbsp;&nbsp; 74221287 |
| Total Money Market Funds (Cost $114,186,595) | Total Money Market Funds (Cost $114,186,595) | Total Money Market Funds (Cost $114,186,595) | &nbsp;&nbsp; 114186595 |
| **Options Purchased–5.77%** | **Options Purchased–5.77%** | **Options Purchased–5.77%** | **Options Purchased–5.77%** |
| (Cost $62,174,145)<sup>(r)</sup>  | (Cost $62,174,145)<sup>(r)</sup>  | (Cost $62,174,145)<sup>(r)</sup>  | &nbsp;&nbsp; 63017971 |
| TOTAL INVESTMENTS IN <br> SECURITIES (excluding <br> Investments purchased <br> with cash collateral <br> from securities on <br> loan)-98.57% <br> (Cost $1,105,598,086)<br>|  |  | &nbsp;&nbsp; 1076037784 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **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–1.31%** | **Money Market Funds–1.31%** | **Money Market Funds–1.31%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(p)(q)(s)</sup>  | 3958548 | &nbsp;&nbsp; $3958548 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(p)(q)(s)</sup>  | 10300925 | &nbsp;&nbsp; 10302985 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $14,262,326) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $14,262,326) | &nbsp;&nbsp; 14261533 |
| TOTAL INVESTMENTS IN SECURITIES—99.88% <br> (Cost $1,119,860,412) | TOTAL INVESTMENTS IN SECURITIES—99.88% <br> (Cost $1,119,860,412) | &nbsp;&nbsp; 1090299317 |
| OTHER ASSETS LESS LIABILITIES–0.12% | OTHER ASSETS LESS LIABILITIES–0.12% | &nbsp;&nbsp; 1295593 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1091594910 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ADR | – American Depositary Receipt |
| ARS | – Argentina Peso |
| AUD | – Australian Dollar |
| BRL | – Brazilian Real |
| CAD | – Canadian Dollar |
| COP | – Colombia Peso |
| DAC | – Designated Activity Co. |
| EGP | – Egypt Pound |
| EUR | – Euro |
| EURIBOR | – Euro Interbank Offered Rate |
| GBP | – British Pound Sterling |
| INR | – Indian Rupee |
| JPY | – Japanese Yen |
| 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 purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2025 was $410,131,113, which represented 37.57% of the Fund's Net Assets. 

<sup>(c)</sup> Zero coupon bond issued at a discount.

<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> Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(g)</sup> All or a portion of this security was out on loan at April 30, 2025.

<sup>(h)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at April 30, 2025 represented less than 1% of the Fund's Net Assets. 

<sup>(i)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(j)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2025.

<sup>(k)</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 April 30, 2025. 

<sup>(l)</sup> All or a portion of the value was designated as collateral to cover margin requirements for swap agreements. See Note 1Q.

<sup>(m)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(n)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1N.

<sup>(o)</sup> Non-income producing security.

<sup>(p)</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 six months ended April 30, 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>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $5 | &nbsp;&nbsp; $128155533 | &nbsp;&nbsp; $(88190230) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $39965308 | &nbsp;&nbsp; $198279 |
| Invesco Treasury Portfolio, Institutional Class | - | &nbsp;&nbsp; 238003133 | &nbsp;&nbsp; (163781846) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 74221287 | &nbsp;&nbsp; 365002 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 4165492 | &nbsp;&nbsp; 15774725 | &nbsp;&nbsp; (15981669) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3958548 | &nbsp;&nbsp; 59,513\* |
| Invesco Private Prime Fund | 10866263 | &nbsp;&nbsp; 35234249 | &nbsp;&nbsp; (35796297) | (292) | (938) | &nbsp;&nbsp; 10302985 | &nbsp;&nbsp; 161,073\* |
| Total | $15031760 | &nbsp;&nbsp; $417167640 | &nbsp;&nbsp; $(303750042) | &nbsp;&nbsp; $(292) | &nbsp;&nbsp; $(938) | &nbsp;&nbsp; $128448128 | &nbsp;&nbsp; $783867 |

---

\* 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>(q)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(r)</sup> The table below details options purchased.

<sup>(s)</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 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** | **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** |
| AUD versus CNH<br> Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 09/29/2025 | CNH | 5.10 | AUD | 5000000 | &nbsp;&nbsp;&nbsp; $192569 |
| AUD versus JPY<br> Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 06/26/2025 | JPY | 120.00 | AUD | 6000000 | &nbsp;&nbsp;&nbsp; 50 |
| AUD versus JPY<br> Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/03/2025 | JPY | 120.00 | AUD | 4000000 | &nbsp;&nbsp;&nbsp; 54 |
| AUD versus USD<br> Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 06/11/2025 | USD | 0.65 | AUD | 60000000 | &nbsp;&nbsp;&nbsp; 339094 |
| AUD versus USD<br> Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 04/07/2026 | USD | 0.75 | AUD | 15000000 | &nbsp;&nbsp;&nbsp; 657070 |
| EUR versus CHF<br> Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/26/2025 | CHF | 0.95 | EUR | 75000000 | &nbsp;&nbsp;&nbsp; 121923 |
| EUR versus USD<br> Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 07/10/2025 | USD | 1.20 | EUR | 10000000 | &nbsp;&nbsp;&nbsp; 1218992 |
| EUR versus USD<br> Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 07/21/2025 | USD | 1.22 | EUR | 8335000 | &nbsp;&nbsp;&nbsp; 496250 |
| EUR versus USD<br> Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 07/31/2025 | USD | 1.19 | EUR | 7500000 | &nbsp;&nbsp;&nbsp; 510513 |
| EUR versus USD<br> Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/11/2025 | USD | 1.16 | EUR | 125000000 | &nbsp;&nbsp;&nbsp; 1578910 |
| EUR versus USD<br> Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/21/2025 | USD | 1.18 | EUR | 10000000 | &nbsp;&nbsp;&nbsp; 1092668 |
| EUR versus USD<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 07/11/2025 | USD | 1.16 | EUR | 100000000 | &nbsp;&nbsp;&nbsp; 1107928 |
| EUR versus USD<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 07/21/2025 | USD | 1.18 | EUR | 62500000 | &nbsp;&nbsp;&nbsp; 466664 |
| EUR versus USD<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 10/10/2025 | USD | 1.20 | EUR | 8335000 | &nbsp;&nbsp;&nbsp; 1899150 |
| EUR versus USD<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 10/27/2025 | USD | 1.22 | EUR | 10000000 | &nbsp;&nbsp;&nbsp; 835964 |

---

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>**—(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** |
| NOK versus SEK | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 06/04/2025 | SEK | 0.95 | NOK | 733335000 | &nbsp;&nbsp;&nbsp; $79865 |
| NOK versus SEK | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 06/12/2025 | SEK | 0.95 | NOK | 500000000 | &nbsp;&nbsp;&nbsp; 57337 |
| USD versus CNH | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 01/13/2026 | CNH | 7.35 | USD | 50000000 | &nbsp;&nbsp;&nbsp; 467800 |
| USD versus THB | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 08/14/2025 | THB | 34.50 | USD | 50000000 | &nbsp;&nbsp;&nbsp; 347200 |
| 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; 11470001 |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| EUR versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/22/2025 | MXN | 21.00 | EUR | 5000000 | &nbsp;&nbsp;&nbsp; 45320 |
| GBP versus USD | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 07/28/2025 | USD | 1.15 | GBP | 5000000 | &nbsp;&nbsp;&nbsp; 23715 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/01/2025 | BRL | 5.65 | USD | 5000000 | &nbsp;&nbsp;&nbsp; 621275 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/21/2025 | BRL | 5.70 | USD | 6000000 | &nbsp;&nbsp;&nbsp; 724128 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/24/2025 | BRL | 5.35 | USD | 50000000 | &nbsp;&nbsp;&nbsp; 175300 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 09/18/2025 | BRL | 5.25 | USD | 12500000 | &nbsp;&nbsp;&nbsp; 1013337 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 02/09/2026 | BRL | 6.00 | USD | 60000000 | &nbsp;&nbsp;&nbsp; 2610900 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 04/28/2026 | BRL | 5.95 | USD | 90000000 | &nbsp;&nbsp;&nbsp; 3409470 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 06/25/2025 | BRL | 5.60 | USD | 6000000 | &nbsp;&nbsp;&nbsp; 815010 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 07/03/2025 | BRL | 5.25 | USD | 50000000 | &nbsp;&nbsp;&nbsp; 61550 |
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 07/21/2025 | BRL | 5.50 | USD | 7500000 | &nbsp;&nbsp;&nbsp; 1631760 |
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 02/05/2026 | BRL | 6.00 | USD | 26250000 | &nbsp;&nbsp;&nbsp; 1138909 |
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/21/2025 | JPY | 137.00 | USD | 75000000 | &nbsp;&nbsp;&nbsp; 862650 |
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 09/08/2025 | JPY | 130.00 | USD | 30000000 | &nbsp;&nbsp;&nbsp; 3369420 |
| USD versus JPY | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 07/21/2025 | JPY | 136.00 | USD | 120000000 | &nbsp;&nbsp;&nbsp; 1182720 |
| USD versus JPY | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 09/30/2025 | JPY | 133.00 | USD | 12500000 | &nbsp;&nbsp;&nbsp; 2281425 |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 06/02/2025 | KRW | 1288.00 | USD | 4000000 | &nbsp;&nbsp;&nbsp; 18008 |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 10/21/2025 | KRW | 1275.00 | USD | 7500000 | &nbsp;&nbsp;&nbsp; 427485 |
| USD versus MXN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/18/2025 | MXN | 19.65 | USD | 3335000 | &nbsp;&nbsp;&nbsp; 482911 |
| USD versus MXN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/25/2025 | MXN | 19.25 | USD | 4000000 | &nbsp;&nbsp;&nbsp; 480860 |
| USD versus MXN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 09/11/2025 | MXN | 19.75 | USD | 5000000 | &nbsp;&nbsp;&nbsp; 734195 |
| USD versus MXN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 06/16/2025 | MXN | 19.90 | USD | 4000000 | &nbsp;&nbsp;&nbsp; 538080 |
| USD versus MXN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 07/21/2025 | MXN | 19.50 | USD | 4000000 | &nbsp;&nbsp;&nbsp; 598596 |
| USD versus MXN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 08/21/2025 | MXN | 19.25 | USD | 2500000 | &nbsp;&nbsp;&nbsp; 284665 |
| USD versus MXN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 09/15/2025 | MXN | 18.50 | USD | 5000000 | &nbsp;&nbsp;&nbsp; 721315 |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 09/18/2025 | MXN | 18.50 | USD | 10000000 | &nbsp;&nbsp;&nbsp; 1328070 |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 09/18/2025 | MXN | 18.50 | USD | 10000000 | &nbsp;&nbsp;&nbsp; 1328080 |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 10/20/2025 | MXN | 19.25 | USD | 2500000 | &nbsp;&nbsp;&nbsp; 174233 |
| USD versus MXN | Put | UBS AG | &nbsp;&nbsp;&nbsp; 06/17/2025 | MXN | 19.45 | USD | 2500000 | &nbsp;&nbsp;&nbsp; 431398 |
| USD versus MXN | Put | UBS AG | &nbsp;&nbsp;&nbsp; 07/31/2025 | MXN | 19.30 | USD | 2500000 | &nbsp;&nbsp;&nbsp; 222278 |
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/09/2025 | ZAR | 17.45 | USD | 5000000 | &nbsp;&nbsp;&nbsp; 8060 |
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/31/2025 | ZAR | 18.25 | USD | 6250000 | &nbsp;&nbsp;&nbsp; 516381 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 06/05/2025 | ZAR | 18.10 | USD | 4000000 | &nbsp;&nbsp;&nbsp; 525880 |
| 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; 28787384 |
| 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; $40257385 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $34,645,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>  |
| **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** |
| 1 Year Interest Rate Swap<br> Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 4.00% | Receive | SONIA | At Maturity | 01/26/2026 | &nbsp;&nbsp; GBP | 400000000 | &nbsp;&nbsp; $3554020 |

---

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 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** |
| 1 Year Interest Rate Swap | Put | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 3.87% | Pay | SOFR | At Maturity | 10/02/2025 | &nbsp;&nbsp; USD | 416665000 | &nbsp;&nbsp; $317045 |
| 10 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 2.60 | Pay | 6 Month EURIBOR | Semi-Annually | 02/22/2027 | &nbsp;&nbsp; EUR | 60000000 | &nbsp;&nbsp; 2394055 |
| 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; 16495466 |
| Subtotal — Interest Rate Put Swaptions Purchased | Subtotal — Interest Rate Put Swaptions Purchased | Subtotal — Interest Rate Put Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; 19206566 |
| Total Interest Rate Swaptions Purchased | Total Interest Rate Swaptions Purchased | Total Interest Rate Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; $22760586 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $34,645,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** |
| **Description** | &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** |
| **Interest Rate Risk** | **Interest Rate Risk** |  |  |  |  |  |  |
| U.S. Treasury 10 Year Notes<br> Call | 05/23/2025 | &nbsp;&nbsp;&nbsp; 2833 | USD | 112.50 | USD | 318712500 | &nbsp;&nbsp;&nbsp; $(1947688)<br>|

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 100.00<br> %<br>| &nbsp;&nbsp; Markit CDX North America High Yield <br> Index, Series 44, Version 1<br>| (5.00)%<br>| Quarterly | 05/21/2025 | 4.159<br> %<br>| USD | 50000000 | $(117615)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 475.00 | &nbsp;&nbsp; Markit iTraxx Europe Crossover <br> Index, Series 43, Version 1<br>| (5.00)<br>| Quarterly | 09/17/2025 | 3.499 | EUR | 75000000 | (847928)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 400.00 | &nbsp;&nbsp; Markit iTraxx Europe Crossover <br> Index, Series 43, Version 1<br>| (5.00)<br>| Quarterly | 06/18/2025 | 3.499 | EUR | 33000000 | (231249)<br>|
| Total Credit Default Swaptions Written | Total Credit Default Swaptions Written |  |  |  |  |  |  |  |  | $(1196792)<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 $34,645,000.

<sup>(b)</sup> Implied credit spreads represent the current level, as of April 30, 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; 06/11/2025 | USD | 0.69 | AUD | 60000000 | &nbsp;&nbsp; $(30708)<br>|
| EUR versus USD<br> Call | Goldman Sachs International | &nbsp;&nbsp; 07/11/2025 | USD | 1.20 | EUR | 125000000 | &nbsp;&nbsp; (482169)<br>|
| EUR versus USD<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/11/2025 | USD | 1.20 | EUR | 100000000 | &nbsp;&nbsp; (385736)<br>|
| EUR versus USD<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/21/2025 | USD | 1.22 | EUR | 62500000 | &nbsp;&nbsp; (173893)<br>|
| GBP versus USD<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/28/2025 | USD | 1.35 | GBP | 1500000 | &nbsp;&nbsp; (1524990)<br>|
| USD versus BRL<br> Call | Goldman Sachs International | &nbsp;&nbsp; 02/09/2026 | BRL | 7.00 | USD | 60000000 | &nbsp;&nbsp; (845340)<br>|
| USD versus BRL<br> Call | Goldman Sachs International | &nbsp;&nbsp; 04/28/2026 | BRL | 6.80 | USD | 90000000 | &nbsp;&nbsp; (2386980)<br>|
| USD versus BRL<br> Call | Merrill Lynch International | &nbsp;&nbsp; 02/05/2026 | BRL | 7.00 | USD | 26250000 | &nbsp;&nbsp; (361489)<br>|
| USD versus CNH<br> Call | Goldman Sachs International | &nbsp;&nbsp; 01/13/2026 | CNH | 7.65 | USD | 50000000 | &nbsp;&nbsp; (190650)<br>|
| USD versus IDR<br> Call | Goldman Sachs International | &nbsp;&nbsp; 08/14/2025 | IDR | 17000.00 | USD | 75000000 | &nbsp;&nbsp; (773400)<br>|
| USD versus JPY<br> Call | Goldman Sachs International | &nbsp;&nbsp; 07/21/2025 | JPY | 145.00 | USD | 75000000 | &nbsp;&nbsp; (860775)<br>|
| USD versus JPY<br> Call | Merrill Lynch International | &nbsp;&nbsp; 07/21/2025 | JPY | 148.00 | USD | 60000000 | &nbsp;&nbsp; (344880)<br>|

---

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 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** |
| USD versus JPY | Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 10/02/2025 | JPY | 150.00 | USD | 2500000 | &nbsp;&nbsp; $(454092)<br>|
| USD versus MXN | Call | Goldman Sachs International | &nbsp;&nbsp; 09/11/2025 | MXN | 22.00 | USD | 2500000 | &nbsp;&nbsp; (270632)<br>|
| USD versus MXN | Call | Goldman Sachs International | &nbsp;&nbsp; 03/27/2026 | MXN | 23.00 | USD | 6000000 | &nbsp;&nbsp; (946572)<br>|
| USD versus THB | Call | Goldman Sachs International | &nbsp;&nbsp; 08/14/2025 | THB | 36.00 | USD | 50000000 | &nbsp;&nbsp; (104150)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 02/18/2026 | TRY | 48.50 | USD | 20000000 | &nbsp;&nbsp; (2095260)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 03/11/2026 | TRY | 48.20 | USD | 25000000 | &nbsp;&nbsp; (2989025)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 03/20/2026 | TRY | 51.00 | USD | 25000000 | &nbsp;&nbsp; (2540100)<br>|
| USD versus ZAR | Call | Deutsche Bank AG | &nbsp;&nbsp; 01/06/2026 | ZAR | 20.00 | USD | 25000000 | &nbsp;&nbsp; (675400)<br>|
| USD versus ZAR | Call | Goldman Sachs International | &nbsp;&nbsp; 09/17/2025 | ZAR | 20.00 | USD | 18750000 | &nbsp;&nbsp; (268313)<br>|
| USD versus ZAR | Call | Goldman Sachs International | &nbsp;&nbsp; 09/19/2025 | ZAR | 20.00 | USD | 18750000 | &nbsp;&nbsp; (272887)<br>|
| USD versus ZAR | Call | Goldman Sachs International | &nbsp;&nbsp; 01/07/2026 | ZAR | 20.00 | USD | 16490000 | &nbsp;&nbsp; (447324)<br>|
| USD versus ZAR | Call | Goldman Sachs International | &nbsp;&nbsp; 03/11/2026 | ZAR | 20.00 | USD | 25000000 | &nbsp;&nbsp; (858050)<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; (20282815)<br>|
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Put | Merrill Lynch International | &nbsp;&nbsp; 06/11/2025 | USD | 0.61 | AUD | 60000000 | &nbsp;&nbsp; (89395)<br>|
| EUR versus USD | Put | Goldman Sachs International | &nbsp;&nbsp; 07/11/2025 | USD | 1.09 | EUR | 125000000 | &nbsp;&nbsp; (439546)<br>|
| EUR versus USD | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/11/2025 | USD | 1.10 | EUR | 100000000 | &nbsp;&nbsp; (388454)<br>|
| EUR versus USD | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/21/2025 | USD | 1.12 | EUR | 62500000 | &nbsp;&nbsp; (673621)<br>|
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp; 02/09/2026 | BRL | 5.55 | USD | 60000000 | &nbsp;&nbsp; (908460)<br>|
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp; 04/28/2026 | BRL | 5.50 | USD | 90000000 | &nbsp;&nbsp; (1264410)<br>|
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp; 02/05/2026 | BRL | 5.40 | USD | 26250000 | &nbsp;&nbsp; (255780)<br>|
| USD versus CNH | Put | Goldman Sachs International | &nbsp;&nbsp; 01/13/2026 | CNH | 6.90 | USD | 50000000 | &nbsp;&nbsp; (310500)<br>|
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp; 07/21/2025 | JPY | 131.00 | USD | 75000000 | &nbsp;&nbsp; (337725)<br>|
| USD versus JPY | Put | Merrill Lynch International | &nbsp;&nbsp; 07/21/2025 | JPY | 132.00 | USD | 120000000 | &nbsp;&nbsp; (592440)<br>|
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp; 06/06/2025 | MXN | 19.20 | USD | 1250000 | &nbsp;&nbsp; (573494)<br>|
| USD versus THB | Put | Goldman Sachs International | &nbsp;&nbsp; 08/14/2025 | THB | 32.55 | USD | 50000000 | &nbsp;&nbsp; (618400)<br>|
| USD versus ZAR | Put | Deutsche Bank AG | &nbsp;&nbsp; 01/06/2026 | ZAR | 17.50 | USD | 25000000 | &nbsp;&nbsp; (354150)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 09/17/2025 | ZAR | 17.50 | USD | 18750000 | &nbsp;&nbsp; (147938)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 09/19/2025 | ZAR | 17.50 | USD | 18750000 | &nbsp;&nbsp; (149719)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 01/07/2026 | ZAR | 17.50 | USD | 16490000 | &nbsp;&nbsp; (234389)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 03/11/2026 | ZAR | 17.50 | USD | 25000000 | &nbsp;&nbsp; (428525)<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; (7766946)<br>|
| Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written |  |  |  |  | &nbsp;&nbsp; $(28049761)<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 $34,645,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| 10 Year Interest Rate Swap<br> Call | Barclays Bank PLC | 2.23% | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 07/17/2025 | EUR | 66000000 | $(348231)<br>|
| 10 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.50 | SOFR | Receive | Annually | 04/07/2026 | USD | 337500000 | (8562075)<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 | (1559612)<br>|
| 5 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.17 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 09/14/2026 | EUR | 50000000 | (764083)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.46 | SOFR | Receive | Annually | 04/22/2030 | USD | 33330000 | (2889259)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.40 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 04/07/2026 | EUR | 80000000 | (4850783)<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 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** |
| 5 Year Interest Rate Swap | Call | Merrill Lynch International | 2.56% | CORRA | Receive | Semi-Annually | 06/26/2025 | CAD | 66665000 | $(615351)<br>|
| 10 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.55 | SOFR | Receive | Annually | 09/14/2026 | USD | 50000000 | (1530073)<br>|
| 30 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.80 | SOFR | Receive | Annually | 10/22/2025 | USD | 33330000 | (1559565)<br>|
| 1 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.50 | SONIA | Receive | At Maturity | 01/26/2026 | GBP | 400000000 | (1937758)<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 |  |  |  |  |  | (24616790)<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** |
| 10 Year Interest Rate Swap | Put | Barclays Bank PLC | 2.73 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 07/17/2025 | EUR | 66000000 | (241781)<br>|
| 5 Year Interest Rate Swap | Put | BNP Paribas S.A. | 2.60 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 03/23/2026 | EUR | 136670000 | (1008635)<br>|
| 2 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.79 | SOFR | Pay | Annually | 10/02/2025 | USD | 176000000 | (290527)<br>|
| 5 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.17 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 09/14/2026 | EUR | 50000000 | (255847)<br>|
| 2 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.30 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 03/18/2027 | EUR | 240000000 | (1942044)<br>|
| 10 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.15 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 02/22/2027 | EUR | 120000000 | (2434994)<br>|
| 5 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 2.50 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 04/07/2026 | EUR | 187500000 | (1772311)<br>|
| 5 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 2.60 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 10/07/2026 | EUR | 187500000 | (2435052)<br>|
| 2 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.54 | SOFR | Pay | Annually | 10/23/2025 | USD | 370000000 | (1166762)<br>|
| 10 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 4.30 | SOFR | Pay | Annually | 09/14/2026 | USD | 50000000 | (1063337)<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 |  |  |  |  |  | (12611290)<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 |  |  |  |  |  | $(37228080)<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 $34,645,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; 1259 | June-2025 | &nbsp;&nbsp;&nbsp; $262058884 | &nbsp;&nbsp;&nbsp; $641618 | &nbsp;&nbsp;&nbsp; $641618 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 4227 | June-2025 | &nbsp;&nbsp;&nbsp; 474348656 | &nbsp;&nbsp;&nbsp; 5208162 | &nbsp;&nbsp;&nbsp; 5208162 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 5849780 | &nbsp;&nbsp;&nbsp; 5849780 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Euro-BTP | &nbsp;&nbsp;&nbsp; 508 | June-2025 | &nbsp;&nbsp;&nbsp; (69225459)<br>| &nbsp;&nbsp;&nbsp; (334658)<br>| &nbsp;&nbsp;&nbsp; (334658)<br>|
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 26 | June-2025 | &nbsp;&nbsp;&nbsp; (2983094)<br>| &nbsp;&nbsp;&nbsp; (52056)<br>| &nbsp;&nbsp;&nbsp; (52056)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 12 | June-2025 | &nbsp;&nbsp;&nbsp; (1452375)<br>| &nbsp;&nbsp;&nbsp; 4472 | &nbsp;&nbsp;&nbsp; 4472 |
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (382242)<br>| &nbsp;&nbsp;&nbsp; (382242)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $5467538 | &nbsp;&nbsp;&nbsp; $5467538 |

---

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

**11**

**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** |  |  |  |  |  |  |
| 06/18/2025 | Barclays Bank PLC | USD | 16843831 | EUR | 15511201 | &nbsp;&nbsp;&nbsp; $775504 |
| 06/18/2025 | Barclays Bank PLC | USD | 6398251 | NOK | 68915000 | &nbsp;&nbsp;&nbsp; 226130 |
| 06/18/2025 | Barclays Bank PLC | USD | 26055811 | ZAR | 489510000 | &nbsp;&nbsp;&nbsp; 169772 |
| 06/18/2025 | BNP Paribas S.A. | USD | 112939409 | JPY | 16435754789 | &nbsp;&nbsp;&nbsp; 2620756 |
| 06/18/2025 | BNP Paribas S.A. | ZAR | 209323360 | USD | 11363043 | &nbsp;&nbsp;&nbsp; 148508 |
| 06/18/2025 | Deutsche Bank AG | EUR | 44177319 | USD | 50412862 | &nbsp;&nbsp;&nbsp; 231385 |
| 06/18/2025 | Deutsche Bank AG | USD | 28025000 | GBP | 21699134 | &nbsp;&nbsp;&nbsp; 898602 |
| 06/18/2025 | Deutsche Bank AG | USD | 25201328 | HUF | 9319325019 | &nbsp;&nbsp;&nbsp; 845077 |
| 06/18/2025 | Deutsche Bank AG | ZAR | 232156213 | USD | 12490000 | &nbsp;&nbsp;&nbsp; 52191 |
| 08/04/2025 | Deutsche Bank AG | EUR | 13000000 | USD | 14926340 | &nbsp;&nbsp;&nbsp; 115472 |
| 11/18/2025 | Deutsche Bank AG | USD | 76776000 | EUR | 70000000 | &nbsp;&nbsp;&nbsp; 3474939 |
| 05/13/2025 | Goldman Sachs International | ZAR | 302148000 | USD | 16500000 | &nbsp;&nbsp;&nbsp; 266791 |
| 05/19/2025 | Goldman Sachs International | USD | 24600000 | JPY | 3610788000 | &nbsp;&nbsp;&nbsp; 702077 |
| 05/20/2025 | Goldman Sachs International | USD | 6000000 | MXN | 123381000 | &nbsp;&nbsp;&nbsp; 278590 |
| 06/17/2025 | Goldman Sachs International | USD | 6000000 | COP | 25710000000 | &nbsp;&nbsp;&nbsp; 46929 |
| 07/15/2025 | Goldman Sachs International | EUR | 47500000 | USD | 54458750 | &nbsp;&nbsp;&nbsp; 410417 |
| 07/23/2025 | Goldman Sachs International | EUR | 20000000 | USD | 23120000 | &nbsp;&nbsp;&nbsp; 351313 |
| 03/19/2027 | Goldman Sachs International | USD | 250000000 | INR | 22223750000 | &nbsp;&nbsp;&nbsp; 1247564 |
| 06/18/2025 | HSBC Bank USA | USD | 6027601 | EUR | 5560000 | &nbsp;&nbsp;&nbsp; 288061 |
| 06/18/2025 | HSBC Bank USA | USD | 1713570 | ZAR | 32310000 | &nbsp;&nbsp;&nbsp; 17443 |
| 05/05/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 127317000 | USD | 22490991 | &nbsp;&nbsp;&nbsp; 56870 |
| 05/05/2025 | J.P. Morgan Chase Bank, N.A. | USD | 22091948 | BRL | 127317000 | &nbsp;&nbsp;&nbsp; 342173 |
| 05/12/2025 | J.P. Morgan Chase Bank, N.A. | USD | 30500000 | CAD | 43486900 | &nbsp;&nbsp;&nbsp; 1061558 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | IDR | 218512790000 | USD | 13233575 | &nbsp;&nbsp;&nbsp; 53542 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | JPY | 3524880000 | USD | 24819201 | &nbsp;&nbsp;&nbsp; 35690 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 44437339 | AUD | 70310212 | &nbsp;&nbsp;&nbsp; 623094 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 8509697 | COP | 36200250000 | &nbsp;&nbsp;&nbsp; 3400 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 825680 | CZK | 18845000 | &nbsp;&nbsp;&nbsp; 30738 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 70632688 | EUR | 64781000 | &nbsp;&nbsp;&nbsp; 2952725 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 2649403 | GBP | 2055500 | &nbsp;&nbsp;&nbsp; 90451 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 38109133 | INR | 3344838625 | &nbsp;&nbsp;&nbsp; 1295584 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 20787620 | MXN | 428710950 | &nbsp;&nbsp;&nbsp; 944803 |
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 22765011 | PLN | 87910000 | &nbsp;&nbsp;&nbsp; 464619 |
| 07/23/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 25750000 | USD | 29792750 | &nbsp;&nbsp;&nbsp; 478065 |
| 07/30/2025 | J.P. Morgan Chase Bank, N.A. | USD | 21134400 | GBP | 17000000 | &nbsp;&nbsp;&nbsp; 1529027 |
| 10/29/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 7000000 | USD | 8053500 | &nbsp;&nbsp;&nbsp; 37367 |
| 06/05/2025 | Merrill Lynch International | KRW | 14070000000 | USD | 10000000 | &nbsp;&nbsp;&nbsp; 104468 |
| 06/18/2025 | Merrill Lynch International | USD | 9394 | CNY | 68000 | &nbsp;&nbsp;&nbsp; 46 |
| 06/18/2025 | Merrill Lynch International | USD | 2990404 | EUR | 2635000 | &nbsp;&nbsp;&nbsp; 2720 |
| 06/18/2025 | Merrill Lynch International | USD | 42126308 | KRW | 60968983780 | &nbsp;&nbsp;&nbsp; 788064 |
| 06/18/2025 | Merrill Lynch International | USD | 20880139 | ZAR | 397820000 | &nbsp;&nbsp;&nbsp; 433136 |
| 10/23/2025 | Merrill Lynch International | KRW | 19663000000 | USD | 14000000 | &nbsp;&nbsp;&nbsp; 56985 |
| 05/05/2025 | Morgan Stanley and Co. International PLC | BRL | 634113085 | USD | 112004780 | &nbsp;&nbsp;&nbsp; 269746 |
| 06/03/2025 | Morgan Stanley and Co. International PLC | BRL | 506796085 | USD | 88850802 | &nbsp;&nbsp;&nbsp; 207341 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | CLP | 31405767382 | USD | 33479487 | &nbsp;&nbsp;&nbsp; 322535 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | COP | 380600959750 | USD | 91019110 | &nbsp;&nbsp;&nbsp; 1514407 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | EUR | 28916140 | USD | 32910000 | &nbsp;&nbsp;&nbsp; 63854 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | PEN | 5238000 | USD | 1427909 | &nbsp;&nbsp;&nbsp; 1198 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 6268 | INR | 540650 | &nbsp;&nbsp;&nbsp; 102 |

---

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—(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)** |
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 805889 | MXN | 16580000 | &nbsp;&nbsp;&nbsp; $34593 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 12536483 | THB | 421188216 | &nbsp;&nbsp;&nbsp; 112277 |
| 06/18/2025 | Morgan Stanley and Co. International PLC | ZAR | 1641723530 | USD | 89511612 | &nbsp;&nbsp;&nbsp; 1555990 |
| 06/18/2025 | Royal Bank of Canada | USD | 6846283 | CHF | 6000000 | &nbsp;&nbsp;&nbsp; 462115 |
| 06/18/2025 | Standard Chartered Bank PLC | USD | 5989311 | CNY | 43203593 | &nbsp;&nbsp;&nbsp; 8526 |
| 06/18/2025 | Standard Chartered Bank PLC | USD | 72061 | MXN | 1467000 | &nbsp;&nbsp;&nbsp; 2305 |
| 06/18/2025 | UBS AG | USD | 110964209 | INR | 9710600000 | &nbsp;&nbsp;&nbsp; 3433969 |
| 06/18/2025 | UBS AG | USD | 2343503 | NZD | 4080788 | &nbsp;&nbsp;&nbsp; 83935 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 32625539 |
| **Currency Risk** |  |  |  |  |  |  |
| 06/18/2025 | Barclays Bank PLC | EUR | 18205020 | USD | 20595000 | &nbsp;&nbsp;&nbsp; (84272)<br>|
| 06/18/2025 | Barclays Bank PLC | JPY | 3040155917 | USD | 20990000 | &nbsp;&nbsp;&nbsp; (385405)<br>|
| 06/18/2025 | Barclays Bank PLC | NOK | 67075377 | USD | 6405000 | &nbsp;&nbsp;&nbsp; (42549)<br>|
| 06/18/2025 | BNP Paribas S.A. | CHF | 8448776 | USD | 9713369 | &nbsp;&nbsp;&nbsp; (577800)<br>|
| 06/18/2025 | BNP Paribas S.A. | JPY | 2817448649 | USD | 19360291 | &nbsp;&nbsp;&nbsp; (449255)<br>|
| 06/18/2025 | Citibank, N.A. | GBP | 4015000 | USD | 5178491 | &nbsp;&nbsp;&nbsp; (173256)<br>|
| 06/18/2025 | Deutsche Bank AG | EUR | 53336019 | USD | 58915000 | &nbsp;&nbsp;&nbsp; (1669940)<br>|
| 06/18/2025 | Deutsche Bank AG | HUF | 9027943772 | USD | 24413374 | &nbsp;&nbsp;&nbsp; (818655)<br>|
| 06/18/2025 | Deutsche Bank AG | JPY | 2960163629 | USD | 20595000 | &nbsp;&nbsp;&nbsp; (217978)<br>|
| 07/11/2025 | Deutsche Bank AG | EUR | 25665000 | USD | 28488150 | &nbsp;&nbsp;&nbsp; (707648)<br>|
| 07/23/2025 | Deutsche Bank AG | USD | 73308333 | EUR | 63333333 | &nbsp;&nbsp;&nbsp; (1207490)<br>|
| 11/18/2025 | Deutsche Bank AG | EUR | 32500000 | USD | 34417500 | &nbsp;&nbsp;&nbsp; (2841864)<br>|
| 05/19/2025 | Goldman Sachs International | JPY | 5360592000 | USD | 34800000 | &nbsp;&nbsp;&nbsp; (2763576)<br>|
| 06/17/2025 | Goldman Sachs International | COP | 25860000000 | USD | 6000000 | &nbsp;&nbsp;&nbsp; (82209)<br>|
| 07/24/2025 | Goldman Sachs International | JPY | 3773640000 | USD | 24600000 | &nbsp;&nbsp;&nbsp; (2037581)<br>|
| 07/24/2025 | Goldman Sachs International | USD | 60000000 | JPY | 8355000000 | &nbsp;&nbsp;&nbsp; (1023259)<br>|
| 03/19/2027 | Goldman Sachs International | INR | 22223750000 | USD | 250000000 | &nbsp;&nbsp;&nbsp; (1247564)<br>|
| 06/18/2025 | HSBC Bank USA | JPY | 2602602000 | USD | 17545595 | &nbsp;&nbsp;&nbsp; (753359)<br>|
| 06/18/2025 | HSBC Bank USA | TRY | 36405000 | USD | 883190 | &nbsp;&nbsp;&nbsp; (15719)<br>|
| 05/05/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 506796085 | USD | 87938867 | &nbsp;&nbsp;&nbsp; (1362048)<br>|
| 05/05/2025 | J.P. Morgan Chase Bank, N.A. | USD | 89527290 | BRL | 506796085 | &nbsp;&nbsp;&nbsp; (226375)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | AUD | 100355000 | USD | 63406346 | &nbsp;&nbsp;&nbsp; (909200)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | CZK | 17543322 | USD | 768648 | &nbsp;&nbsp;&nbsp; (28615)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 123783824 | USD | 134883540 | &nbsp;&nbsp;&nbsp; (5723796)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | GBP | 127381493 | USD | 164186311 | &nbsp;&nbsp;&nbsp; (5605330)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | IDR | 335390000000 | USD | 20222490 | &nbsp;&nbsp;&nbsp; (7223)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | INR | 12793281000 | USD | 145759155 | &nbsp;&nbsp;&nbsp; (4955327)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | JPY | 880213000 | USD | 5912528 | &nbsp;&nbsp;&nbsp; (276270)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | MXN | 1386071404 | USD | 67195968 | &nbsp;&nbsp;&nbsp; (3067433)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | PLN | 86635378 | USD | 22434938 | &nbsp;&nbsp;&nbsp; (457881)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 62219086 | EUR | 54000000 | &nbsp;&nbsp;&nbsp; (879923)<br>|
| 06/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 32842045 | IDR | 542287839200 | &nbsp;&nbsp;&nbsp; (132877)<br>|
| 07/15/2025 | J.P. Morgan Chase Bank, N.A. | USD | 19467550 | EUR | 17000000 | &nbsp;&nbsp;&nbsp; (123936)<br>|
| 10/02/2025 | J.P. Morgan Chase Bank, N.A. | USD | 76162450 | EUR | 66500000 | &nbsp;&nbsp;&nbsp; (131965)<br>|
| 10/14/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 20335000 | USD | 22693860 | &nbsp;&nbsp;&nbsp; (572134)<br>|
| 06/13/2025 | Merrill Lynch International | AUD | 40000000 | USD | 25495600 | &nbsp;&nbsp;&nbsp; (138073)<br>|
| 06/13/2025 | Merrill Lynch International | USD | 92250900 | EUR | 81000000 | &nbsp;&nbsp;&nbsp; (271421)<br>|
| 06/18/2025 | Merrill Lynch International | INR | 1265752355 | USD | 14695000 | &nbsp;&nbsp;&nbsp; (216516)<br>|
| 06/18/2025 | Merrill Lynch International | KRW | 872784045 | USD | 603047 | &nbsp;&nbsp;&nbsp; (11281)<br>|
| 07/23/2025 | Merrill Lynch International | USD | 12000000 | JPY | 1674048000 | &nbsp;&nbsp;&nbsp; (184416)<br>|

---

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)** |
| 02/09/2026 | Merrill Lynch International | BRL | 11025000 | USD | 1750000 | &nbsp;&nbsp;&nbsp; $(64706)<br>|
| 04/09/2026 | Merrill Lynch International | AUD | 9000000 | USD | 5460300 | &nbsp;&nbsp;&nbsp; (325792)<br>|
| 05/05/2025 | Morgan Stanley and Co. International PLC | USD | 111964542 | BRL | 634113085 | &nbsp;&nbsp;&nbsp; (229506)<br>|
| 06/03/2025 | Morgan Stanley and Co. International PLC | USD | 22321044 | BRL | 127317000 | &nbsp;&nbsp;&nbsp; (52088)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | CAD | 122088143 | USD | 85018651 | &nbsp;&nbsp;&nbsp; (3754725)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | NZD | 2208481 | USD | 1260000 | &nbsp;&nbsp;&nbsp; (53704)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | THB | 416259603 | USD | 12389785 | &nbsp;&nbsp;&nbsp; (110964)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 33574451 | CLP | 31494849197 | &nbsp;&nbsp;&nbsp; (323450)<br>|
| 06/18/2025 | Morgan Stanley and Co. International PLC | USD | 11414302 | ZAR | 209348577 | &nbsp;&nbsp;&nbsp; (198416)<br>|
| 10/06/2025 | Morgan Stanley and Co. International PLC | JPY | 2353280000 | USD | 16000000 | &nbsp;&nbsp;&nbsp; (734286)<br>|
| 06/18/2025 | Royal Bank of Canada | USD | 2905187 | GBP | 2175000 | &nbsp;&nbsp;&nbsp; (6046)<br>|
| 06/18/2025 | Standard Chartered Bank PLC | CNY | 44972320 | USD | 6234245 | &nbsp;&nbsp;&nbsp; (9139)<br>|
| 06/18/2025 | UBS AG | EUR | 28309359 | USD | 31490000 | &nbsp;&nbsp;&nbsp; (666896)<br>|
| 06/18/2025 | UBS AG | NZD | 1870000 | USD | 1073898 | &nbsp;&nbsp;&nbsp; (38463)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (48949600)<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; $(16324061)<br>|

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Mexico Government International <br> Bonds<br>| Buy | &nbsp;&nbsp; (1.00)% | Quarterly | &nbsp;&nbsp; 12/20/2029 | 1.290% | USD | 3300000 | &nbsp;&nbsp; $27035 | &nbsp;&nbsp; $38016 | &nbsp;&nbsp; $10981 |
| UBS AG | Sell | 1.00 | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.459  | EUR | 7500000 | &nbsp;&nbsp; 85103 | &nbsp;&nbsp; 163096 | &nbsp;&nbsp; 77993 |
| Subtotal - Appreciation | Subtotal - Appreciation | Subtotal - Appreciation |  |  |  |  |  | &nbsp;&nbsp; 112138 | &nbsp;&nbsp; 201112 | &nbsp;&nbsp; 88974 |
| **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 | 0.798  | USD | 8000000 | &nbsp;&nbsp; (2517)<br>| &nbsp;&nbsp; (27336)<br>| &nbsp;&nbsp; (24819)<br>|
| Intesa Sanpaolo S.p.A. | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.428  | EUR | 7500000 | &nbsp;&nbsp; (59806)<br>| &nbsp;&nbsp; (174779)<br>| &nbsp;&nbsp; (114973)<br>|
| Markit iTraxx Europe Crossover Index, <br> Series 43, Version 1<br>| Buy | &nbsp;&nbsp; (5.00) | Quarterly | &nbsp;&nbsp; 06/20/2030 | 3.499  | EUR | 30000000 | &nbsp;&nbsp; (1295130)<br>| &nbsp;&nbsp; (2191896)<br>| &nbsp;&nbsp; (896766)<br>|
| Subtotal - Depreciation | Subtotal - Depreciation | Subtotal - Depreciation |  |  |  |  |  | &nbsp;&nbsp; (1357453)<br>| &nbsp;&nbsp; (2394011)<br>| &nbsp;&nbsp; (1036558)<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; $(1245315)<br>| &nbsp;&nbsp; $(2192899)<br>| &nbsp;&nbsp; $(947584)<br>|

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $3,629,568 cash held with Counterparties.

<sup>(b)</sup> Implied credit spreads represent the current level, as of April 30, 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.

**14**

**Invesco International Bond 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>| &nbsp;&nbsp; **Floating Rate** <br> **Index**<br>| &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 | COOVIBR | Quarterly | &nbsp;&nbsp; (8.54)% | Quarterly | &nbsp;&nbsp; 05/27/2032 | COP | 13500000000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5177 | &nbsp;&nbsp; $5177 |
| Pay | SONIA | Annually | 3.68 | Annually | &nbsp;&nbsp; 07/04/2027 | GBP | 40000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 152394 | &nbsp;&nbsp; 152394 |
| Pay | COOVIBR | Quarterly | 9.44 | Quarterly | &nbsp;&nbsp; 10/24/2026 | COP | 50000000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 205311 | &nbsp;&nbsp; 205311 |
| Receive | COOVIBR | Quarterly | &nbsp;&nbsp; (8.38) | Quarterly | &nbsp;&nbsp; 03/19/2035 | COP | 27000000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 215271 | &nbsp;&nbsp; 215271 |
| Receive | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | &nbsp;&nbsp; (2.38) | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 19200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 240636 | &nbsp;&nbsp; 240636 |
| Pay | SOFR | Annually | 3.82 | Annually | &nbsp;&nbsp; 04/30/2035 | USD | 19335000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 267829 | &nbsp;&nbsp; 267829 |
| Pay | SOFR | Annually | 3.81 | Annually | &nbsp;&nbsp; 04/29/2035 | USD | 20665000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 284437 | &nbsp;&nbsp; 284437 |
| Pay | KWCDC | Quarterly | 2.75 | Quarterly | &nbsp;&nbsp; 02/19/2035 | KRW | 16200000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 379198 | &nbsp;&nbsp; 379198 |
| Pay | SOFR | Annually | 3.81 | Annually | &nbsp;&nbsp; 04/29/2035 | USD | 28335000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 380477 | &nbsp;&nbsp; 380477 |
| Pay | 28 Day MXN TIIE | 28 days | 8.90 | 28 days | &nbsp;&nbsp; 12/24/2025 | MXN | 2062000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 398785 | &nbsp;&nbsp; 398785 |
| Pay | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | 2.18 | Annually | &nbsp;&nbsp; 05/08/2030 | EUR | 143500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 493962 | &nbsp;&nbsp; 493962 |
| Receive | TONAR | At Maturity | &nbsp;&nbsp; (0.64) | At Maturity | &nbsp;&nbsp; 04/16/2027 | JPY | 96741460000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 497957 | &nbsp;&nbsp; 497957 |
| Pay | 28 Day MXN TIIE | 28 days | 9.42 | 28 days | &nbsp;&nbsp; 12/24/2025 | MXN | 1460000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 530185 | &nbsp;&nbsp; 530185 |
| Receive | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | &nbsp;&nbsp; (1.80) | Annually | &nbsp;&nbsp; 10/31/2054 | EUR | 13200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 579019 | &nbsp;&nbsp; 579019 |
| Pay | 6 Month WIBOR | Semi-Annually | 4.42 | Annually | &nbsp;&nbsp; 03/19/2030 | PLN | 141000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 701038 | &nbsp;&nbsp; 701038 |
| Pay | BZDIOVRA | At Maturity | 14.98 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 82252969 | &nbsp;&nbsp; — | &nbsp;&nbsp; 891927 | &nbsp;&nbsp; 891927 |
| Receive | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | &nbsp;&nbsp; (1.68) | Annually | &nbsp;&nbsp; 11/23/2054 | EUR | 16400000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 912556 | &nbsp;&nbsp; 912556 |
| Receive | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | &nbsp;&nbsp; (1.98) | Annually | &nbsp;&nbsp; 01/24/2075 | EUR | 11760000 | &nbsp;&nbsp; 85632 | &nbsp;&nbsp; 1205453 | &nbsp;&nbsp; 1119821 |
| Pay | BZDIOVRA | At Maturity | 15.42 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 82611331 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1155547 | &nbsp;&nbsp; 1155547 |
| Pay | BZDIOVRA | At Maturity | 14.57 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 161807673 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1306189 | &nbsp;&nbsp; 1306189 |
| Pay | BZDIOVRA | At Maturity | 15.18 | At Maturity | &nbsp;&nbsp; 01/04/2027 | BRL | 316983268 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1359812 | &nbsp;&nbsp; 1359812 |
| Pay | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | 2.57 | Annually | &nbsp;&nbsp; 06/10/2030 | EUR | 63334189 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1539510 | &nbsp;&nbsp; 1539510 |
| Receive | COOVIBR | Quarterly | &nbsp;&nbsp; (4.20) | Quarterly | &nbsp;&nbsp; 02/08/2031 | COP | 43000000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2052633 | &nbsp;&nbsp; 2052633 |
| Pay | 28 Day MXN TIEF | 28 days | 9.42 | 28 days | &nbsp;&nbsp; 03/13/2030 | MXN | 1460000000 | &nbsp;&nbsp; 1526 | &nbsp;&nbsp; 4623142 | &nbsp;&nbsp; 4621616 |
| Pay | 28 Day MXN TIEF | 28 days | 8.90 | 28 days | &nbsp;&nbsp; 03/13/2030 | MXN | 2062000000 | &nbsp;&nbsp; 2910 | &nbsp;&nbsp; 4637099 | &nbsp;&nbsp; 4634189 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  | &nbsp;&nbsp; 90068 | &nbsp;&nbsp; 25015544 | &nbsp;&nbsp; 24925476 |
| **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; (3.79) | Annually | &nbsp;&nbsp; 12/31/2031 | USD | 202750000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3997565)<br>| &nbsp;&nbsp; (3997565)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.72) | Annually | &nbsp;&nbsp; 12/31/2031 | USD | 205000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3144196)<br>| &nbsp;&nbsp; (3144196)<br>|
| Pay | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | 2.12 | Annually | &nbsp;&nbsp; 12/06/2034 | EUR | 84500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2405234)<br>| &nbsp;&nbsp; (2405234)<br>|
| Receive | 28 Day MXN TIEF | 28 days | &nbsp;&nbsp; (8.30) | 28 days | &nbsp;&nbsp; 02/28/2030 | MXN | 1267500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1640422)<br>| &nbsp;&nbsp; (1640422)<br>|
| Receive | 28 Day MXN TIEF | 28 days | &nbsp;&nbsp; (8.94) | 28 days | &nbsp;&nbsp; 03/07/2035 | MXN | 460000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1262706)<br>| &nbsp;&nbsp; (1262706)<br>|
| Receive | SORRA | Semi-Annually | &nbsp;&nbsp; (2.71) | Semi-Annually | &nbsp;&nbsp; 02/25/2035 | SGD | 30800000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1167894)<br>| &nbsp;&nbsp; (1167894)<br>|
| Receive | COOVIBR | Quarterly | &nbsp;&nbsp; (9.91) | Quarterly | &nbsp;&nbsp; 01/17/2028 | COP | 60845000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (631007)<br>| &nbsp;&nbsp; (631007)<br>|
| Receive | KWCDC | Quarterly | &nbsp;&nbsp; (2.64) | Quarterly | &nbsp;&nbsp; 02/19/2045 | KRW | 9000000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (371850)<br>| &nbsp;&nbsp; (371850)<br>|
| Pay | &nbsp;&nbsp; 6 Month <br> EURIBOR<br>| Semi-Annually | 2.38 | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 19200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (252050)<br>| &nbsp;&nbsp; (252050)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (14872924)<br>| &nbsp;&nbsp; (14872924)<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; $90068 | &nbsp;&nbsp; $10142620 | &nbsp;&nbsp; $10052552 |

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $3,629,568 cash held with Counterparties.

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

**15**

**Invesco International Bond 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 Crossover <br> Index, Series 42, Version 2<br>| Sell | 5.00% | Quarterly | 12/20/2029 | 0.791% | EUR | 32485667 | $6175640 | $6453011 | $277371 |
| **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 High <br> Yield Index, Series 37, <br> Version 1<br>| Buy | (5.00) | Quarterly | 12/20/2026 | 0.191  | USD | 24585577 | (1654139)<br>| (1879414)<br>| (225275)<br>|
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit CDX North America High <br> Yield Index, Series 39, <br> Version 1<br>| Buy | (5.00) | Quarterly | 12/20/2027 | 0.351  | USD | 19883846 | (1931652)<br>| (2296250)<br>| (364598)<br>|
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 2<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 2.892  | EUR | 15000000 | 1696337 | 1550637 | (145700)<br>|
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 2<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 6.567  | EUR | 5000000 | (256528)<br>| (361942)<br>| (105414)<br>|
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 2<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 2.892  | EUR | 10000000 | 1163695 | 1033758 | (129937)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation |  |  |  |  | (982287)<br>| (1953211)<br>| (970924)<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 |  |  |  |  | $5193353 | $4499800 | $(693553)<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 $34,645,000.

<sup>(b)</sup> Implied credit spreads represent the current level, as of April 30, 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.

**16**

**Invesco International Bond Fund**

------

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | —Australian Dollar |
| BRL | —Brazilian Real |
| BZDIOVRA | —Brazil Ceptip DI Interbank Deposit Rate |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chile Peso |
| CNH | —Chinese Renminbi |
| CNY | —Chinese Yuan Renminbi |
| COOVIBR | —Colombia IBR Overnight Nominal Interbank Reference Rate |
| COP | —Colombia Peso |
| CORRA | —Canadian Overnight Repo Rate Average |
| CZK | —Czech Koruna |
| 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 |
| KWCDC | —South Korean Won Certificate of Deposit |
| 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 |
| TIIE | —Interbank Equilibrium Interest Rate |
| TONAR | —Tokyo Overnight Average Rate |
| TRY | —Turkish Lira |
| USD | —U.S. Dollar |
| WIBOR | —Warsaw Interbank Offered Rate |
| ZAR | —South African Rand |

---

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

**17**

**Invesco International Bond Fund**

------

**Consolidated Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $991,411,491)\*<br>| &nbsp;&nbsp; $961851189 |
| Investments in affiliated money market funds, at value <br> (Cost $128,448,921)<br>| &nbsp;&nbsp; 128448128 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 238750 |
| Swaps receivable — OTC | &nbsp;&nbsp; 404572 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 277371 |
| Premiums paid on swap agreements — OTC | &nbsp;&nbsp; 5193353 |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 32625539 |
| Deposits with brokers: |  |
| Cash collateral — centrally cleared swap agreements | &nbsp;&nbsp; 3629568 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 34645000 |
| Cash | &nbsp;&nbsp; 43806553 |
| Foreign currencies, at value (Cost $11,418,224) | &nbsp;&nbsp; 12540419 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 24840621 |
| Fund shares sold | &nbsp;&nbsp; 2252937 |
| Dividends | &nbsp;&nbsp; 204145 |
| Interest | &nbsp;&nbsp; 13845356 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 291143 |
| Other assets | &nbsp;&nbsp; 72805 |
| Total assets | &nbsp;&nbsp; 1265167449 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $74,120,942)<br>| &nbsp;&nbsp; 68422321 |
| Variation margin payable — centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 1337130 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 48949600 |
| Swaps payable — OTC | &nbsp;&nbsp; 259405 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 970924 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 36352307 |
| Dividends | &nbsp;&nbsp; 706285 |
| Fund shares reacquired | &nbsp;&nbsp; 1177301 |
| Accrued foreign taxes | &nbsp;&nbsp; 106948 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 14262326 |
| Accrued fees to affiliates | &nbsp;&nbsp; 486689 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 503 |
| Accrued other operating expenses | &nbsp;&nbsp; 249657 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 291143 |
| Total liabilities | &nbsp;&nbsp; 173572539 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1091594910 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1325194880 |
| Distributable earnings (loss) | &nbsp;&nbsp; (233599970)<br>|
|  | &nbsp;&nbsp; $1091594910 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $373557873 |
| Class C | &nbsp;&nbsp; $12354945 |
| Class R | &nbsp;&nbsp; $34952696 |
| Class Y | &nbsp;&nbsp; $443260240 |
| Class R5 | &nbsp;&nbsp; $1467546 |
| Class R6 | &nbsp;&nbsp; $226001610 |
| **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; 82628611 |
| Class C | &nbsp;&nbsp; 2742414 |
| Class R | &nbsp;&nbsp; 7752243 |
| Class Y | &nbsp;&nbsp; 98097257 |
| Class R5 | &nbsp;&nbsp; 324180 |
| Class R6 | &nbsp;&nbsp; 50100466 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $4.52 |
| Maximum offering price per share <br>(Net asset value of $4.52 ÷ 95.75%)<br>| &nbsp;&nbsp; $4.72 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $4.51 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $4.51 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $4.52 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $4.53 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $4.51 |

---

\* At April 30, 2025, securities with an aggregate value of $13,917,084 were on loan to brokers. 

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

**18**

**Invesco International Bond Fund**

------

**Consolidated Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $671,139) | &nbsp;&nbsp; $29885128 |
| Dividends (net of foreign withholding taxes of $1,371) | &nbsp;&nbsp; 18214 |
| Dividends from affiliated money market funds (includes net securities lending income of $18,831) | &nbsp;&nbsp; 582112 |
| Total investment income | &nbsp;&nbsp; 30485454 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3460121 |
| Administrative services fees | &nbsp;&nbsp; 75210 |
| Custodian fees | &nbsp;&nbsp; 198000 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 451127 |
| Class C | &nbsp;&nbsp; 60840 |
| Class R | &nbsp;&nbsp; 85825 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 862158 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 694 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 32541 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 13615 |
| Registration and filing fees | &nbsp;&nbsp; 47348 |
| Reports to shareholders | &nbsp;&nbsp; 60776 |
| Professional services fees | &nbsp;&nbsp; 67540 |
| Other | &nbsp;&nbsp; 13122 |
| Total expenses | &nbsp;&nbsp; 5428917 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (702810)<br>|
| Net expenses | &nbsp;&nbsp; 4726107 |
| Net investment income | &nbsp;&nbsp; 25759347 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $57,797) | &nbsp;&nbsp; 22686730 |
| Affiliated investment securities | &nbsp;&nbsp; (938)<br>|
| Foreign currencies | &nbsp;&nbsp; (1406580)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (10224774)<br>|
| Futures contracts | &nbsp;&nbsp; 4405027 |
| Option contracts written | &nbsp;&nbsp; 14499941 |
| Swap agreements | &nbsp;&nbsp; 975193 |
|  | &nbsp;&nbsp; 30934599 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $106,948) | &nbsp;&nbsp; 4831779 |
| Affiliated investment securities | &nbsp;&nbsp; (292)<br>|
| Foreign currencies | &nbsp;&nbsp; 672138 |
| Forward foreign currency contracts | &nbsp;&nbsp; (11956993)<br>|
| Futures contracts | &nbsp;&nbsp; 6036572 |
| Option contracts written | &nbsp;&nbsp; 16453249 |
| Swap agreements | &nbsp;&nbsp; 12506908 |
|  | &nbsp;&nbsp; 28543361 |
| Net realized and unrealized gain | &nbsp;&nbsp; 59477960 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $85237307 |

---

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

**19**

**Invesco International Bond Fund**

------

**Consolidated Statement of Changes in Net Assets**

*For the six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $25759347 | &nbsp;&nbsp; $62466081 |
| Net realized gain (loss) | &nbsp;&nbsp; 30934599 | &nbsp;&nbsp; (32274738)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 28543361 | &nbsp;&nbsp; 71693433 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 85237307 | &nbsp;&nbsp; 101884776 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (9004952)<br>| &nbsp;&nbsp; (4032043)<br>|
| Class C | &nbsp;&nbsp; (251549)<br>| &nbsp;&nbsp; (117140)<br>|
| Class R | &nbsp;&nbsp; (797020)<br>| &nbsp;&nbsp; (358804)<br>|
| Class Y | &nbsp;&nbsp; (10524894)<br>| &nbsp;&nbsp; (4566587)<br>|
| Class R5 | &nbsp;&nbsp; (35670)<br>| &nbsp;&nbsp; (14052)<br>|
| Class R6 | &nbsp;&nbsp; (5758442)<br>| &nbsp;&nbsp; (2898513)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (26372527)<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; (26372527)<br>| &nbsp;&nbsp; (58374055)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (22306197)<br>| &nbsp;&nbsp; (48101160)<br>|
| Class C | &nbsp;&nbsp; (652718)<br>| &nbsp;&nbsp; (2931517)<br>|
| Class R | &nbsp;&nbsp; (1815302)<br>| &nbsp;&nbsp; (4856921)<br>|
| Class Y | &nbsp;&nbsp; 3820476 | &nbsp;&nbsp; (33080296)<br>|
| Class R5 | &nbsp;&nbsp; 22759 | &nbsp;&nbsp; 216263 |
| Class R6 | &nbsp;&nbsp; (3122233)<br>| &nbsp;&nbsp; (147508354)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (24053215)<br>| &nbsp;&nbsp; (236261985)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 34811565 | &nbsp;&nbsp; (192751264)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1056783345 | &nbsp;&nbsp; 1249534609 |
| End of period | &nbsp;&nbsp; $1091594910 | &nbsp;&nbsp; $1056783345 |

---

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

**20**

**Invesco International Bond Fund**

------

**Consolidated Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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** |
| Six months ended 04/30/25 | $4.28 | $0.10 | $0.25 | $0.35 | $(0.11)<br>| $— | $(0.11)<br>| $4.52 | 8.19<br> %<br>| &nbsp;&nbsp; $373558 | 1.04 %<sup>(d)</sup><br>| 1.21 %<sup>(d)</sup><br>| 4.77 %<sup>(d)</sup><br>| 33<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>(e)</sup><br>| &nbsp;&nbsp; 375296 | 1.04 <br><sup>(e)</sup><br>| 1.17 <br><sup>(e)</sup><br>| 5.23 <br><sup>(e)</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>(e)</sup><br>| &nbsp;&nbsp; 409561 | 1.03 <br><sup>(e)</sup><br>| 1.14 <br><sup>(e)</sup><br>| 4.95 <br><sup>(e)</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>(f)</sup><br>| 1.18 <br><sup>(f)</sup><br>| 3.21 <br><sup>(f)</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 |
| Year ended 10/31/20 | 5.53 | 0.17 | (0.10)<br>| 0.07 | (0.12)<br>| (0.07)<br>| (0.19)<br>| 5.41 | 1.35 | &nbsp;&nbsp; 894798 | 1.00 | 1.04 | 3.17 | 162 |
| **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** |
| Six months ended 04/30/25 | 4.26 | 0.09 | 0.25 | 0.34 | (0.09)<br>|  | (0.09)<br>| 4.51 | 8.05 | &nbsp;&nbsp; 12355 | 1.79 <br><sup>(d)</sup><br>| 1.96 <br><sup>(d)</sup><br>| 4.02 <br><sup>(d)</sup><br>| 33 |
| 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>(f)</sup><br>| 1.93 <br><sup>(f)</sup><br>| 2.46 <br><sup>(f)</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 |
| Year ended 10/31/20 | 5.51 | 0.13 | (0.10)<br>| 0.03 | (0.09)<br>| (0.06)<br>| (0.15)<br>| 5.39 | 0.58 | &nbsp;&nbsp; 64440 | 1.75 | 1.79 | 2.42 | 162 |
| **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** |
| Six months ended 04/30/25 | 4.27 | 0.10 | 0.24 | 0.34 | (0.10)<br>|  | (0.10)<br>| 4.51 | 8.07 | &nbsp;&nbsp; 34953 | 1.29 <br><sup>(d)</sup><br>| 1.46 <br><sup>(d)</sup><br>| 4.52 <br><sup>(d)</sup><br>| 33 |
| 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>(f)</sup><br>| 1.43 <br><sup>(f)</sup><br>| 2.96 <br><sup>(f)</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 |
| Year ended 10/31/20 | 5.51 | 0.15 | (0.10)<br>| 0.05 | (0.10)<br>| (0.07)<br>| (0.17)<br>| 5.39 | 1.09 | &nbsp;&nbsp; 79763 | 1.25 | 1.29 | 2.92 | 162 |
| **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** |
| Six months ended 04/30/25 | 4.28 | 0.11 | 0.24 | 0.35 | (0.11)<br>|  | (0.11)<br>| 4.52 | 8.32 | &nbsp;&nbsp; 443260 | 0.79 <br><sup>(d)</sup><br>| 0.96 <br><sup>(d)</sup><br>| 5.02 <br><sup>(d)</sup><br>| 33 |
| 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>(f)</sup><br>| 0.93 <br><sup>(f)</sup><br>| 3.46 <br><sup>(f)</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 |
| Year ended 10/31/20 | 5.53 | 0.18 | (0.11)<br>| 0.07 | (0.12)<br>| (0.08)<br>| (0.20)<br>| 5.40 | 1.41 | &nbsp;&nbsp; 1105508 | 0.75 | 0.79 | 3.42 | 162 |
| **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** |
| Six months ended 04/30/25 | 4.28 | 0.11 | 0.25 | 0.36 | (0.11)<br>|  | (0.11)<br>| 4.53 | 8.56 | &nbsp;&nbsp; 1468 | 0.79 <br><sup>(d)</sup><br>| 0.85 <br><sup>(d)</sup><br>| 5.02 <br><sup>(d)</sup><br>| 33 |
| 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>(f)</sup><br>| 0.84 <br><sup>(f)</sup><br>| 3.53 <br><sup>(f)</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 |
| Year ended 10/31/20 | 5.53 | 0.19 | (0.11)<br>| 0.08 | (0.12)<br>| (0.08)<br>| (0.20)<br>| 5.41 | 1.71 | &nbsp;&nbsp; 10 | 0.61 | 0.62 | 3.56 | 162 |
| **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** |
| Six months ended 04/30/25 | 4.27 | 0.11 | 0.24 | 0.35 | (0.11)<br>|  | (0.11)<br>| 4.51 | 8.35 | &nbsp;&nbsp; 226002 | 0.78 <br><sup>(d)</sup><br>| 0.78 <br><sup>(d)</sup><br>| 5.03 <br><sup>(d)</sup><br>| 33 |
| 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>(f)</sup><br>| 0.78 <br><sup>(f)</sup><br>| 3.59 <br><sup>(f)</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 |
| Year ended 10/31/20 | 5.52 | 0.19 | (0.10)<br>| 0.09 | (0.13)<br>| (0.08)<br>| (0.21)<br>| 5.40 | 1.75 | &nbsp;&nbsp; 574695 | 0.61 | 0.62 | 3.56 | 162 |

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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> Annualized.

<sup>(e)</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>(f)</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.

**21**

**Invesco International Bond Fund**

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**Notes to Consolidated Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

The Fund will seek to gain exposure to Regulation S securities primarily through investments in the 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.

**22**

**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

**23**

**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 financial statements. Adoption of the new standard impacted the Fund's financial statement note 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 six months ended April 30, 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 affiliated money market funds* on the Consolidated Statement of Operations.

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

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

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

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

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

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

**N.** **Futures Contracts** — The Fund may enter into futures contracts to equitize the Fund's cash holdings or to manage exposure to interest rate, equity, commodity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified

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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 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.

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A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the "par value", of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer "par value" or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund's maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund's exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

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

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

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

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 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.** **Leverage Risk** — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**S.** **Collateral** —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

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

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.

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

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**Invesco International Bond Fund**

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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 $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 six months ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.66%.

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 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 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 at least 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"). 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, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned 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 six months ended April 30, 2025, the Adviser waived advisory fees of $13,979 and reimbursed class level expenses of $292,542, $9,977, $28,150, $335,881, $417 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 2025, IDI advised the Fund that IDI retained $6,256 in front-end sales commissions from the sale of Class A shares and $0 and $295 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.

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**Invesco International Bond Fund**

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**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 April 30, 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; $522495950 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $522495950 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 152693691 | &nbsp;&nbsp;&nbsp;&nbsp; 588000 | &nbsp;&nbsp;&nbsp;&nbsp; 153281691 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79169094 | &nbsp;&nbsp;&nbsp;&nbsp; 12956531 | &nbsp;&nbsp;&nbsp;&nbsp; 92125625 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80889956 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80889956 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 48743815 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48743815 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1296181 | &nbsp;&nbsp;&nbsp;&nbsp; 1296181 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 114186595 | &nbsp;&nbsp;&nbsp;&nbsp; 14261533 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 128448128 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63017971 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63017971 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 162930410 | &nbsp;&nbsp;&nbsp;&nbsp; 912528195 | &nbsp;&nbsp;&nbsp;&nbsp; 14840712 | &nbsp;&nbsp;&nbsp;&nbsp; 1090299317 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 5854252 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5854252 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32625539 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32625539 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25291821 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25291821 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 5854252 | &nbsp;&nbsp;&nbsp;&nbsp; 57917360 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63771612 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (386714)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (386714)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (48949600)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (48949600)<br>|
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (1947688)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66474633)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (68422321)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16880406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16880406)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (2334402)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (132304639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (134639041)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 3519850 | &nbsp;&nbsp;&nbsp;&nbsp; (74387279)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (70867429)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $166450260 | &nbsp;&nbsp;&nbsp;&nbsp; $838140916 | &nbsp;&nbsp;&nbsp;&nbsp; $14840712 | &nbsp;&nbsp;&nbsp;&nbsp; $1019431888 |

---

\* 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 six months ended April 30, 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>**04/30/25**<br>|
| Asset-Backed Securities | $13006825 | $— | $— | $— | $— | $(50294)<br>| $— | $— | $12956531 |
| Commercial Paper |  | 1235276 |  | 53002 |  | 7903 |  |  | 1296181 |
| U.S. Dollar Denominated Bonds & Notes | 700700 |  |  |  |  | (112700)<br>|  |  | 588000 |
| Total | $13707525 | $1235276 | $— | $53002 | $— | $(155091)<br>| $— | $— | $14840712 |

---

**28**

**Invesco International Bond Fund**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** <br>**at 04/30/25**<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 | $12956531 | Restructured Allocated Value | Cost | $95 | - |
| Commercial Paper | 1296181 | Daily Accretion to Par | Accretion Rate | 12% | - |
| U.S. Dollar Denominated Bonds & Notes | 588000 | Third-Party Pricing | Broker Quote | 6% of Par | - |
| Total | $14840712 |  |  |  |  |

---

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | &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 appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5854252 | &nbsp;&nbsp;&nbsp;&nbsp; $5854252 |
| Unrealized appreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 88974 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24925476 | &nbsp;&nbsp;&nbsp;&nbsp; 25014450 |
| Unrealized appreciation on forward foreign currency contracts <br> outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32625539 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32625539 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; 277371 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 277371 |
| Options purchased, at value — OTC<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40257385 | &nbsp;&nbsp;&nbsp;&nbsp; 22760586 | &nbsp;&nbsp;&nbsp;&nbsp; 63017971 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 366345 | &nbsp;&nbsp;&nbsp;&nbsp; 72882924 | &nbsp;&nbsp;&nbsp;&nbsp; 53540314 | &nbsp;&nbsp;&nbsp;&nbsp; 126789583 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (88974)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (30779728)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30868702)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $277371 | &nbsp;&nbsp;&nbsp;&nbsp; $72882924 | &nbsp;&nbsp;&nbsp;&nbsp; $22760586 | &nbsp;&nbsp;&nbsp;&nbsp; $95920881 |
|  | **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; $(386714)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(386714)<br>|
| Unrealized depreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1036558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14872924)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15909482)<br>|
| Unrealized depreciation on forward foreign currency contracts <br> outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (48949600)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (48949600)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (970924)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (970924)<br>|
| Options written, at value — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (1196792)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28049761)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37228080)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66474633)<br>|
| Options written, at value — Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1947688)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1947688)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (3204274)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76999361)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54435406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (134639041)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 1036558 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17207326 | &nbsp;&nbsp;&nbsp;&nbsp; 18243884 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(2167716)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(76999361)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(37228080)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(116395157)<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.

**29**

**Invesco International Bond Fund**

------

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 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 | $1171406 | $— | $— | $1171406 | $(512226)<br>| $(590012)<br>| $— | $(1102238)<br>| $69168 | $— | $— | $69168 |
| BNP Paribas S.A. | 2769264 |  |  | 2769264 | (1027055)<br>| (1126250)<br>|  | (2153305)<br>| 615959 | (615959)<br>|  |  |
| Citibank, N.A. | - |  |  |  | (173256)<br>|  |  | (173256)<br>| (173256)<br>|  |  | (173256)<br>|
| Deutsche Bank AG | 5617666 | 2225755 |  | 7843421 | (7463575)<br>| (1029550)<br>|  | (8493125)<br>| (649704)<br>|  | 649704 |  |
| Goldman Sachs <br> International<br>| 3303681 | 18697357 |  | 22001038 | (7154189)<br>| (29733314)<br>| (368692)<br>| (37256195)<br>| (15255157)<br>|  | 14500000 | (755157)<br>|
| HSBC Bank USA | 305504 |  |  | 305504 | (769078)<br>|  |  | (769078)<br>| (463574)<br>|  | 420000 | (43574)<br>|
| J.P. Morgan Chase Bank, <br> N.A.<br>| 9999706 | 27142420 | 681943 | 37824069 | (24460333)<br>| (19213020)<br>| (861637)<br>| (44534990)<br>| (6710921)<br>|  | 6710921 |  |
| Merrill Lynch <br> International<br>| 1385419 | 8463318 |  | 9848737 | (1212205)<br>| (2863537)<br>|  | (4075742)<br>| 5772995 |  | (2780000)<br>| 2992995 |
| Morgan Stanley and Co. <br> International PLC<br>| 4082043 | 5835445 |  | 9917488 | (5457139)<br>| (11918950)<br>|  | (17376089)<br>| (7458601)<br>|  | 7458601 |  |
| Royal Bank of Canada | 462115 |  |  | 462115 | (6046)<br>|  |  | (6046)<br>| 456069 | (456069)<br>|  |  |
| Standard Chartered Bank <br> PLC<br>| 10831 |  |  | 10831 | (9139)<br>|  |  | (9139)<br>| 1692 |  |  | 1692 |
| UBS AG | 3517904 | 653676 |  | 4171580 | (705359)<br>|  |  | (705359)<br>| 3466221 | (2073146)<br>|  | 1393075 |
| Total | $32625539 | $63017971 | $681943 | $96325453 | $(48949600)<br>| $(66474633)<br>| $(1230329)<br>| $(116654562)<br>| $(20329109)<br>| $(3145174)<br>| $26959226 | $3484943 |

---

**Effect of Derivative Investments for the six months ended April 30, 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; **Credit** <br>**Risk**<br>| &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; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(10224774)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(10224774)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4405027 | &nbsp;&nbsp;&nbsp;&nbsp; 4405027 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 20768547 | &nbsp;&nbsp;&nbsp;&nbsp; 896362 | &nbsp;&nbsp;&nbsp;&nbsp; 21664909 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 7694676 | &nbsp;&nbsp;&nbsp;&nbsp; 6805265 | &nbsp;&nbsp;&nbsp;&nbsp; 14499941 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 3670118 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (2694925)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 975193 |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (11956993)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (11956993)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 6036572 | &nbsp;&nbsp;&nbsp;&nbsp; 6036572 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 3308582 | &nbsp;&nbsp;&nbsp;&nbsp; 1336479 | &nbsp;&nbsp;&nbsp;&nbsp; 4645061 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 2048487 | &nbsp;&nbsp;&nbsp;&nbsp; 4843567 | &nbsp;&nbsp;&nbsp;&nbsp; 9561195 | &nbsp;&nbsp;&nbsp;&nbsp; 16453249 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (1840896)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 14347804 | &nbsp;&nbsp;&nbsp;&nbsp; 12506908 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $3877709 | &nbsp;&nbsp;&nbsp;&nbsp; $14433605 | &nbsp;&nbsp;&nbsp;&nbsp; $40693779 | &nbsp;&nbsp;&nbsp;&nbsp; $59005093 |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| **Futures** <br>**Contracts**<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 | &nbsp;&nbsp; $3606777133 | &nbsp;&nbsp; $944391465 | &nbsp;&nbsp; $710929941 | &nbsp;&nbsp; $1004982576 | &nbsp;&nbsp; $145921913 | &nbsp;&nbsp; $4305081077 | &nbsp;&nbsp; $1236043132 | &nbsp;&nbsp; $2872487117 |
| Average contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1207 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**30**

**Invesco International Bond Fund**

------

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $21,864.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Tax Information**

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

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

The Fund had a capital loss carryforward as of October 31, 2024, 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; $181958651 | &nbsp;&nbsp;&nbsp;&nbsp; $59019763 | &nbsp;&nbsp;&nbsp;&nbsp; $240978414 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $267,430,382 and $330,400,713, respectively. As of April 30, 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; $124415838 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (146303431)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(21887593)<br>|

---

Cost of investments for tax purposes is $1,046,512,834.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 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; 3105892 | &nbsp;&nbsp;&nbsp; $13639289 | &nbsp;&nbsp;&nbsp; 6100078 | &nbsp;&nbsp;&nbsp; $26435503 |
| Class C | &nbsp;&nbsp;&nbsp; 319051 | &nbsp;&nbsp;&nbsp; 1398033 | &nbsp;&nbsp;&nbsp; 416247 | &nbsp;&nbsp;&nbsp; 1809354 |
| Class R | &nbsp;&nbsp;&nbsp; 530908 | &nbsp;&nbsp;&nbsp; 2320707 | &nbsp;&nbsp;&nbsp; 1207678 | &nbsp;&nbsp;&nbsp; 5231689 |
| Class Y | &nbsp;&nbsp;&nbsp; 17942119 | &nbsp;&nbsp;&nbsp; 79066897 | &nbsp;&nbsp;&nbsp; 20454181 | &nbsp;&nbsp;&nbsp; 89060288 |
| Class R5 | &nbsp;&nbsp;&nbsp; 34446 | &nbsp;&nbsp;&nbsp; 151435 | &nbsp;&nbsp;&nbsp; 88997 | &nbsp;&nbsp;&nbsp; 387185 |
| Class R6 | &nbsp;&nbsp;&nbsp; 4769711 | &nbsp;&nbsp;&nbsp; 20896012 | &nbsp;&nbsp;&nbsp; 7557467 | &nbsp;&nbsp;&nbsp; 32690974 |

---

**31**

**Invesco International Bond Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 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; 1715948 | &nbsp;&nbsp;&nbsp; $7544742 | &nbsp;&nbsp;&nbsp; 3759730 | &nbsp;&nbsp;&nbsp; $16335302 |
| Class C | &nbsp;&nbsp;&nbsp; 51562 | &nbsp;&nbsp;&nbsp; 225933 | &nbsp;&nbsp;&nbsp; 115341 | &nbsp;&nbsp;&nbsp; 499426 |
| Class R | &nbsp;&nbsp;&nbsp; 180237 | &nbsp;&nbsp;&nbsp; 790684 | &nbsp;&nbsp;&nbsp; 399610 | &nbsp;&nbsp;&nbsp; 1731622 |
| Class Y | &nbsp;&nbsp;&nbsp; 1801018 | &nbsp;&nbsp;&nbsp; 7920288 | &nbsp;&nbsp;&nbsp; 3821315 | &nbsp;&nbsp;&nbsp; 16597238 |
| Class R5 | &nbsp;&nbsp;&nbsp; 8048 | &nbsp;&nbsp;&nbsp; 35463 | &nbsp;&nbsp;&nbsp; 15635 | &nbsp;&nbsp;&nbsp; 68011 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1241182 | &nbsp;&nbsp;&nbsp; 5445545 | &nbsp;&nbsp;&nbsp; 3110358 | &nbsp;&nbsp;&nbsp; 13514695 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 219009 | &nbsp;&nbsp;&nbsp; 963898 | &nbsp;&nbsp;&nbsp; 435588 | &nbsp;&nbsp;&nbsp; 1890483 |
| Class C | &nbsp;&nbsp;&nbsp; (219743)<br>| &nbsp;&nbsp;&nbsp; (963898)<br>| &nbsp;&nbsp;&nbsp; (437293)<br>| &nbsp;&nbsp;&nbsp; (1890483)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (10144555)<br>| &nbsp;&nbsp;&nbsp; (44454126)<br>| &nbsp;&nbsp;&nbsp; (21346649)<br>| &nbsp;&nbsp;&nbsp; (92762448)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (300392)<br>| &nbsp;&nbsp;&nbsp; (1312786)<br>| &nbsp;&nbsp;&nbsp; (772005)<br>| &nbsp;&nbsp;&nbsp; (3349814)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1127656)<br>| &nbsp;&nbsp;&nbsp; (4926693)<br>| &nbsp;&nbsp;&nbsp; (2722214)<br>| &nbsp;&nbsp;&nbsp; (11820232)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (19002464)<br>| &nbsp;&nbsp;&nbsp; (83166709)<br>| &nbsp;&nbsp;&nbsp; (31963319)<br>| &nbsp;&nbsp;&nbsp; (138737822)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (37513)<br>| &nbsp;&nbsp;&nbsp; (164139)<br>| &nbsp;&nbsp;&nbsp; (54579)<br>| &nbsp;&nbsp;&nbsp; (238933)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (6667463)<br>| &nbsp;&nbsp;&nbsp; (29463790)<br>| &nbsp;&nbsp;&nbsp; (44569942)<br>| &nbsp;&nbsp;&nbsp; (193714023)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (5580655)<br>| &nbsp;&nbsp;&nbsp; $(24053215)<br>| &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 46% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**32**

**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>**

Not applicable.

**33**

**Invesco International Bond Fund**

------

![](img013b23d21.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-IBD-NCSRS

------

![](imgb464ca9c1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Multi-Asset Income Fund**

Nasdaq:

A: PIAFX ■ C: PICFX ■ R: PIRFX ■ Y: PIYFX ■ R5: IPNFX ■ R6: PIFFX

------

---

| | |
|:---|:---|
| [2](#xx_203da9f0-f0b4-4a1b-a5dd-adce638b7919_SOI-Continued-14_1) | Schedule of Investments |
| [19](#xx_203da9f0-f0b4-4a1b-a5dd-adce638b7919_FS-Continued-14_1) | Financial Statements |
| [22](#xx_203da9f0-f0b4-4a1b-a5dd-adce638b7919_FS-Continued-14_4) | Financial Highlights |
| [23](#xx_203da9f0-f0b4-4a1b-a5dd-adce638b7919_NTF-Continued-14_1) | Notes to Financial Statements |
| [32](#xx_203da9f0-f0b4-4a1b-a5dd-adce638b7919_OIRSR-Continued-14_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*April 30, 2025*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Exchange-Traded Funds–47.95%** | **Exchange-Traded Funds–47.95%** | **Exchange-Traded Funds–47.95%** | **Exchange-Traded Funds–47.95%** |
| Invesco MSCI EAFE Income Advantage <br> ETF<sup>(b)(c)</sup>  | Invesco MSCI EAFE Income Advantage <br> ETF<sup>(b)(c)</sup>  | 1900000 | &nbsp;&nbsp; $94265460 |
| Invesco QQQ Income Advantage ETF<sup>(b)</sup>  | Invesco QQQ Income Advantage ETF<sup>(b)</sup>  | 2150000 | &nbsp;&nbsp; 98405500 |
| Invesco S&P 500 Equal Weight Income <br> Advantage ETF<sup>(b)(c)</sup>  | Invesco S&P 500 Equal Weight Income <br> Advantage ETF<sup>(b)(c)</sup>  | 4515000 | &nbsp;&nbsp; 215004300 |
| 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>  | 213000 | &nbsp;&nbsp; 19161480 |
| Total Exchange-Traded Funds <br> (Cost $438,264,832) | Total Exchange-Traded Funds <br> (Cost $438,264,832) | Total Exchange-Traded Funds <br> (Cost $438,264,832) | &nbsp;&nbsp; 426836740 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **U.S. Treasury Securities–27.97%** | **U.S. Treasury Securities–27.97%** | **U.S. Treasury Securities–27.97%** | **U.S. Treasury Securities–27.97%** |
| **U.S. Treasury Bills–0.14%** | **U.S. Treasury Bills–0.14%** | **U.S. Treasury Bills–0.14%** | **U.S. Treasury Bills–0.14%** |
| 4.23% - 4.25%, <br> 05/29/2025<sup>(d)(e)</sup> <br>|  | $1253000 | &nbsp;&nbsp; 1248893 |
| **U.S. Treasury Bonds–14.49%** | **U.S. Treasury Bonds–14.49%** | **U.S. Treasury Bonds–14.49%** | **U.S. Treasury Bonds–14.49%** |
| 5.25%, 11/15/2028 |  | 7000000 | &nbsp;&nbsp; 7371601 |
| 4.63%, 02/15/2055 |  | 122900000 | &nbsp;&nbsp; 121632594 |
|  |  |  | &nbsp;&nbsp; 129004195 |
| **U.S. Treasury Notes–13.34%** | **U.S. Treasury Notes–13.34%** | **U.S. Treasury Notes–13.34%** | **U.S. Treasury Notes–13.34%** |
| 4.63%, 06/30/2026 |  | 2500000 | &nbsp;&nbsp; 2522559 |
| 1.25%, 12/31/2026 |  | 14300000 | &nbsp;&nbsp; 13746434 |
| 2.50%, 03/31/2027 |  | 5900000 | &nbsp;&nbsp; 5779926 |
| 4.50%, 04/15/2027 |  | 21700000 | &nbsp;&nbsp; 22061525 |
| 2.63%, 05/31/2027 |  | 1050000 | &nbsp;&nbsp; 1029574 |
| 4.63%, 06/15/2027 |  | 1800000 | &nbsp;&nbsp; 1837969 |
| 0.63%, 12/31/2027 |  | 5000000 | &nbsp;&nbsp; 4626270 |
| 2.88%, 05/15/2028 |  | 25500000 | &nbsp;&nbsp; 24974062 |
| 3.75%, 12/31/2028 |  | 6000000 | &nbsp;&nbsp; 6022734 |
| 4.63%, 04/30/2029 |  | 22700000 | &nbsp;&nbsp; 23508687 |
| 4.25%, 06/30/2029 |  | 2500000 | &nbsp;&nbsp; 2555371 |
| 3.63%, 08/31/2029 |  | 6000000 | &nbsp;&nbsp; 5987930 |
| 4.38%, 12/31/2029 |  | 4000000 | &nbsp;&nbsp; 4114453 |
|  |  |  | &nbsp;&nbsp; 118767494 |
| Total U.S. Treasury Securities <br> (Cost $246,985,280) | Total U.S. Treasury Securities <br> (Cost $246,985,280) | Total U.S. Treasury Securities <br> (Cost $246,985,280) | &nbsp;&nbsp; 249020582 |
| **U.S. Dollar Denominated Bonds & Notes–17.57%** | **U.S. Dollar Denominated Bonds & Notes–17.57%** | **U.S. Dollar Denominated Bonds & Notes–17.57%** | **U.S. Dollar Denominated Bonds & Notes–17.57%** |
| **Advertising–0.09%** | **Advertising–0.09%** | **Advertising–0.09%** | **Advertising–0.09%** |
| Advantage Sales & Marketing, Inc., <br> 6.50%, 11/15/2028<sup>(c)(f)</sup> <br>|  | 220000 | &nbsp;&nbsp; 177367 |
| Belo Corp., 7.25%, 09/15/2027 |  | 573000 | &nbsp;&nbsp; 588834 |
|  |  |  | &nbsp;&nbsp; 766201 |
| **Aerospace & Defense–0.16%** | **Aerospace & Defense–0.16%** | **Aerospace & Defense–0.16%** | **Aerospace & Defense–0.16%** |
| Boeing Co. (The), | Boeing Co. (The), |  |  |
| 2.25%, 06/15/2026 |  | 59000 | &nbsp;&nbsp; 57345 |
| 2.80%, 03/01/2027 |  | 900000 | &nbsp;&nbsp; 868394 |
| Moog, Inc., 4.25%, 12/15/2027<sup>(f)</sup> <br>|  | 500000 | &nbsp;&nbsp; 482778 |
|  |  |  | &nbsp;&nbsp; 1408517 |
| **Agricultural & Farm Machinery–0.20%** | **Agricultural & Farm Machinery–0.20%** | **Agricultural & Farm Machinery–0.20%** | **Agricultural & Farm Machinery–0.20%** |
| CNH Industrial Capital LLC, | CNH Industrial Capital LLC, |  |  |
| 4.55%, 04/10/2028 |  | 155000 | &nbsp;&nbsp; 154763 |
| 5.10%, 04/20/2029 |  | 200000 | &nbsp;&nbsp; 202665 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| John Deere Capital Corp., | John Deere Capital Corp., |  |  |
| 4.85%, 03/05/2027 |  | $190000 | &nbsp;&nbsp; $193118 |
| 4.95%, 07/14/2028<sup>(c)</sup> <br>|  | 620000 | &nbsp;&nbsp; 636615 |
| 4.50%, 01/16/2029 |  | 200000 | &nbsp;&nbsp; 202261 |
| 4.85%, 06/11/2029 |  | 200000 | &nbsp;&nbsp; 205114 |
| Titan International, Inc., 7.00%, <br> 04/30/2028<sup>(c)</sup> <br>|  | 160000 | &nbsp;&nbsp; 156802 |
|  |  |  | &nbsp;&nbsp; 1751338 |
| **Agricultural Products & Services–0.03%** | **Agricultural Products & Services–0.03%** | **Agricultural Products & Services–0.03%** | **Agricultural Products & Services–0.03%** |
| Darling Ingredients, Inc., 5.25%, <br> 04/15/2027<sup>(c)(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 297005 |
| **Air Freight & Logistics–0.05%** | **Air Freight & Logistics–0.05%** | **Air Freight & Logistics–0.05%** | **Air Freight & Logistics–0.05%** |
| Rand Parent LLC, 8.50%, <br> 02/15/2030<sup>(f)</sup> <br>|  | 500000 | &nbsp;&nbsp; 465529 |
| **Alternative Carriers–0.03%** | **Alternative Carriers–0.03%** | **Alternative Carriers–0.03%** | **Alternative Carriers–0.03%** |
| Intelsat Jackson Holdings S.A. <br> (Luxembourg), 6.50%, <br> 03/15/2030<sup>(f)</sup> <br>|  | 280000 | &nbsp;&nbsp; 276113 |
| **Aluminum–0.02%** | **Aluminum–0.02%** | **Aluminum–0.02%** | **Aluminum–0.02%** |
| Novelis Corp., 3.25%, <br> 11/15/2026<sup>(f)</sup> <br>|  | 156000 | &nbsp;&nbsp; 151456 |
| **Apparel Retail–0.08%** | **Apparel Retail–0.08%** | **Apparel Retail–0.08%** | **Apparel Retail–0.08%** |
| Foot Locker, Inc., 4.00%, <br> 10/01/2029<sup>(c)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 162370 |
| Ross Stores, Inc., 0.88%, <br> 04/15/2026<br>|  | 190000 | &nbsp;&nbsp; 183468 |
| Victoria's Secret & Co., 4.63%, <br> 07/15/2029<sup>(c)(f)</sup> <br>|  | 412000 | &nbsp;&nbsp; 359801 |
|  |  |  | &nbsp;&nbsp; 705639 |
| **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%, <br> 07/15/2027<br>|  | 59000 | &nbsp;&nbsp; 58569 |
| **Application Software–0.10%** | **Application Software–0.10%** | **Application Software–0.10%** | **Application Software–0.10%** |
| Cloud Software Group, Inc., 9.00%, <br> 09/30/2029<sup>(f)</sup> <br>|  | 400000 | &nbsp;&nbsp; 403412 |
| Open Text Holdings, Inc. (Canada), | Open Text Holdings, Inc. (Canada), |  |  |
| 4.13%, 02/15/2030<sup>(f)</sup> <br>|  | 320000 | &nbsp;&nbsp; 296139 |
| 4.13%, 12/01/2031<sup>(f)</sup> <br>|  | 257000 | &nbsp;&nbsp; 230189 |
|  |  |  | &nbsp;&nbsp; 929740 |
| **Asset Management & Custody Banks–0.14%** | **Asset Management & Custody Banks–0.14%** | **Asset Management & Custody Banks–0.14%** | **Asset Management & Custody Banks–0.14%** |
| Acadian Asset Management, Inc., <br> 4.80%, 07/27/2026<br>|  | 400000 | &nbsp;&nbsp; 391693 |
| Ares Capital Corp., 2.88%, <br> 06/15/2028<br>|  | 110000 | &nbsp;&nbsp; 102149 |
| Brookfield Finance, Inc. (Canada), <br> 3.90%, 01/25/2028<br>|  | 400000 | &nbsp;&nbsp; 393650 |
| State Street Corp., 4.73%, <br> 02/28/2030<br>|  | 400000 | &nbsp;&nbsp; 404891 |
|  |  |  | &nbsp;&nbsp; 1292383 |

---

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** |
| **Automobile Manufacturers–0.41%** | **Automobile Manufacturers–0.41%** | **Automobile Manufacturers–0.41%** | **Automobile Manufacturers–0.41%** |
| American Honda Finance Corp., <br> 2.35%, 01/08/2027<br>|  | $95000 | &nbsp;&nbsp; $92090 |
| Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |  |  |
| 6.95%, 06/10/2026 |  | 500000 | &nbsp;&nbsp; 505377 |
| 6.80%, 05/12/2028 |  | 300000 | &nbsp;&nbsp; 304614 |
| 5.11%, 05/03/2029 |  | 300000 | &nbsp;&nbsp; 287851 |
| Jaguar Land Rover Automotive PLC <br> (United Kingdom), 4.50%, <br> 10/01/2027<sup>(f)</sup> <br>|  | 212000 | &nbsp;&nbsp; 202746 |
| PACCAR Financial Corp., | PACCAR Financial Corp., |  |  |
| 5.05%, 08/10/2026<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202644 |
| 4.60%, 01/31/2029<sup>(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 232903 |
| Toyota Motor Corp. (Japan), <br> 5.12%, 07/13/2028<sup>(c)</sup> <br>|  | 460000 | &nbsp;&nbsp; 472171 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| 3.20%, 01/11/2027 |  | 100000 | &nbsp;&nbsp; 98503 |
| 1.15%, 08/13/2027<sup>(c)</sup> <br>|  | 300000 | &nbsp;&nbsp; 281024 |
| 4.65%, 01/05/2029<sup>(c)</sup> <br>|  | 500000 | &nbsp;&nbsp; 505528 |
| 3.65%, 01/08/2029 |  | 460000 | &nbsp;&nbsp; 449751 |
|  |  |  | &nbsp;&nbsp; 3635202 |
| **Automotive Parts & Equipment–0.37%** | **Automotive Parts & Equipment–0.37%** | **Automotive Parts & Equipment–0.37%** | **Automotive Parts & Equipment–0.37%** |
| Adient Global Holdings Ltd., 7.00%, <br> 04/15/2028<sup>(f)</sup> <br>|  | 210000 | &nbsp;&nbsp; 212033 |
| ANGI Group LLC, 3.88%, <br> 08/15/2028<sup>(c)(f)</sup> <br>|  | 330000 | &nbsp;&nbsp; 301080 |
| Aptiv Swiss Holdings Ltd., 6.88%, <br> 12/15/2054<sup>(g)</sup> <br>|  | 210000 | &nbsp;&nbsp; 196932 |
| Avis Budget Car Rental LLC/Avis <br> Budget Finance, Inc., 5.75%, <br> 07/15/2027<sup>(f)</sup> <br>|  | 600000 | &nbsp;&nbsp; 583644 |
| IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), |  |  |
| 7.13% PIK Rate, 6.38% Cash <br> Rate, 05/15/2029<sup>(f)(h)</sup> <br>|  | 300000 | &nbsp;&nbsp; 290858 |
| 8.75% PIK Rate, 8.00% Cash <br> Rate, 11/15/2032<sup>(f)(h)</sup> <br>|  | 200000 | &nbsp;&nbsp; 191742 |
| Tenneco, Inc., 8.00%, <br> 11/17/2028<sup>(f)</sup> <br>|  | 660000 | &nbsp;&nbsp; 631157 |
| United Rentals (North America), <br> Inc., 4.88%, 01/15/2028<sup>(c)</sup> <br>|  | 160000 | &nbsp;&nbsp; 157866 |
| ZF North America Capital, Inc. (Germany), | ZF North America Capital, Inc. (Germany), |  |  |
| 6.88%, 04/14/2028<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 191241 |
| 7.13%, 04/14/2030<sup>(f)</sup> <br>|  | 600000 | &nbsp;&nbsp; 552766 |
|  |  |  | &nbsp;&nbsp; 3309319 |
| **Automotive Retail–0.08%** | **Automotive Retail–0.08%** | **Automotive Retail–0.08%** | **Automotive Retail–0.08%** |
| Advance Auto Parts, Inc., 1.75%, <br> 10/01/2027<br>|  | 560000 | &nbsp;&nbsp; 503962 |
| Sonic Automotive, Inc., 4.63%, <br> 11/15/2029<sup>(f)</sup> <br>|  | 180000 | &nbsp;&nbsp; 169044 |
|  |  |  | &nbsp;&nbsp; 673006 |
| **Biotechnology–0.09%** | **Biotechnology–0.09%** | **Biotechnology–0.09%** | **Biotechnology–0.09%** |
| AbbVie, Inc., | AbbVie, Inc., |  |  |
| 2.95%, 11/21/2026 |  | 570000 | &nbsp;&nbsp; 560544 |
| 4.80%, 03/15/2029 |  | 230000 | &nbsp;&nbsp; 234633 |
|  |  |  | &nbsp;&nbsp; 795177 |
| **Broadcasting–0.23%** | **Broadcasting–0.23%** | **Broadcasting–0.23%** | **Broadcasting–0.23%** |
| AMC Networks, Inc., 10.25%, <br> 01/15/2029<sup>(c)(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 308801 |
| Gray Media, Inc., 10.50%, <br> 07/15/2029<sup>(f)</sup> <br>|  | 500000 | &nbsp;&nbsp; 513771 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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; $121558 |
| 6.38%, 03/30/2062<sup>(c)(g)</sup> <br>|  | 680000 | &nbsp;&nbsp; 654616 |
| Univision Communications, Inc., | Univision Communications, Inc., |  |  |
| 8.00%, 08/15/2028<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 194459 |
| 8.50%, 07/31/2031<sup>(c)(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 283520 |
|  |  |  | &nbsp;&nbsp; 2076725 |
| **Broadline Retail–0.29%** | **Broadline Retail–0.29%** | **Broadline Retail–0.29%** | **Broadline Retail–0.29%** |
| Amazon.com, Inc., 3.30%, <br> 04/13/2027<sup>(c)</sup> <br>|  | 150000 | &nbsp;&nbsp; 148521 |
| GrubHub Holdings, Inc., 5.50%, <br> 07/01/2027<sup>(f)</sup> <br>|  | 289000 | &nbsp;&nbsp; 261482 |
| Kohl's Corp., 5.13%, <br> 05/01/2031<sup>(c)</sup> <br>|  | 350000 | &nbsp;&nbsp; 222684 |
| Macy's Retail Holdings LLC, | Macy's Retail Holdings LLC, |  |  |
| 5.88%, 03/15/2030<sup>(c)(f)</sup> <br>|  | 160000 | &nbsp;&nbsp; 149189 |
| 6.13%, 03/15/2032<sup>(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 270595 |
| 6.70%, 07/15/2034<sup>(f)</sup> <br>|  | 437000 | &nbsp;&nbsp; 366578 |
| Nordstrom, Inc., 6.95%, <br> 03/15/2028<br>|  | 160000 | &nbsp;&nbsp; 161959 |
| QVC, Inc., 6.88%, 04/15/2029<sup>(c)(f)</sup> <br>|  | 138000 | &nbsp;&nbsp; 91787 |
| Rakuten Group, Inc. (Japan), | Rakuten Group, Inc. (Japan), |  |  |
| 11.25%, 02/15/2027<sup>(f)</sup> <br>|  | 500000 | &nbsp;&nbsp; 536000 |
| 9.75%, 04/15/2029<sup>(f)</sup> <br>|  | 350000 | &nbsp;&nbsp; 370168 |
|  |  |  | &nbsp;&nbsp; 2578963 |
| **Building Products–0.23%** | **Building Products–0.23%** | **Building Products–0.23%** | **Building Products–0.23%** |
| Adams Homes, Inc., 9.25%, <br> 10/15/2028<sup>(f)</sup> <br>|  | 285000 | &nbsp;&nbsp; 286683 |
| Builders FirstSource, Inc., 4.25%, <br> 02/01/2032<sup>(c)(f)</sup> <br>|  | 310000 | &nbsp;&nbsp; 279476 |
| JELD-WEN, Inc., 4.88%, <br> 12/15/2027<sup>(c)(f)</sup> <br>|  | 480000 | &nbsp;&nbsp; 443956 |
| MIWD Holdco II LLC/MIWD Finance <br> Corp., 5.50%, 02/01/2030<sup>(c)(f)</sup> <br>|  | 480000 | &nbsp;&nbsp; 433762 |
| Standard Industries, Inc., | Standard Industries, Inc., |  |  |
| 4.75%, 01/15/2028<sup>(f)</sup> <br>|  | 320000 | &nbsp;&nbsp; 313460 |
| 4.38%, 07/15/2030<sup>(f)</sup> <br>|  | 320000 | &nbsp;&nbsp; 298758 |
|  |  |  | &nbsp;&nbsp; 2056095 |
| **Cable & Satellite–0.83%** | **Cable & Satellite–0.83%** | **Cable & Satellite–0.83%** | **Cable & Satellite–0.83%** |
| Cable One, Inc., 4.00%, <br> 11/15/2030<sup>(c)(f)</sup> <br>|  | 350000 | &nbsp;&nbsp; 285073 |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp., | CCO Holdings LLC/CCO Holdings Capital <br> Corp., |  |  |
| 4.25%, 02/01/2031<sup>(f)</sup> <br>|  | 160000 | &nbsp;&nbsp; 144711 |
| 4.50%, 05/01/2032 |  | 755000 | &nbsp;&nbsp; 671296 |
| 4.50%, 06/01/2033<sup>(f)</sup> <br>|  | 490000 | &nbsp;&nbsp; 426696 |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital Corp., 2.25%, <br> 01/15/2029<sup>(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 208742 |
| Comcast Corp., | Comcast Corp., |  |  |
| 3.30%, 04/01/2027 |  | 230000 | &nbsp;&nbsp; 226661 |
| 5.35%, 11/15/2027<sup>(c)</sup> <br>|  | 300000 | &nbsp;&nbsp; 309302 |
| 4.55%, 01/15/2029<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202217 |
| CSC Holdings LLC, | CSC Holdings LLC, |  |  |
| 11.75%, 01/31/2029<sup>(f)</sup> <br>|  | 360000 | &nbsp;&nbsp; 340576 |
| 5.75%, 01/15/2030<sup>(f)</sup> <br>|  | 452000 | &nbsp;&nbsp; 227157 |

---

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** |
| **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** |
| Directv Financing LLC/Directv <br> Financing Co-Obligor, Inc., <br> 5.88%, 08/15/2027<sup>(f)</sup> <br>|  | $850000 | &nbsp;&nbsp; $822280 |
| Discovery Communications LLC, <br> 3.95%, 03/20/2028<br>|  | 300000 | &nbsp;&nbsp; 287008 |
| DISH DBS Corp., | DISH DBS Corp., |  |  |
| 7.75%, 07/01/2026 |  | 413000 | &nbsp;&nbsp; 359484 |
| 5.75%, 12/01/2028<sup>(f)</sup> <br>|  | 380000 | &nbsp;&nbsp; 319853 |
| DISH Network Corp., 11.75%, <br> 11/15/2027<sup>(f)</sup> <br>|  | 530000 | &nbsp;&nbsp; 557488 |
| LCPR Senior Secured Financing DAC <br> (Puerto Rico), 6.75%, <br> 10/15/2027<sup>(f)</sup> <br>|  | 400000 | &nbsp;&nbsp; 329196 |
| Scripps Escrow, Inc., 5.88%, <br> 07/15/2027<sup>(f)</sup> <br>|  | 430000 | &nbsp;&nbsp; 341039 |
| Sirius XM Radio LLC, 4.00%, <br> 07/15/2028<sup>(f)</sup> <br>|  | 820000 | &nbsp;&nbsp; 772105 |
| Telenet Finance Luxembourg Notes <br> S.a.r.l. (Belgium), 5.50%, <br> 03/01/2028<sup>(f)</sup> <br>|  | 400000 | &nbsp;&nbsp; 392078 |
| Virgin Media Secured Finance PLC <br> (United Kingdom), 4.50%, <br> 08/15/2030<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 179991 |
|  |  |  | &nbsp;&nbsp; 7402953 |
| **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; 403337 |
| 4.90%, 12/01/2029 |  | 560000 | &nbsp;&nbsp; 561898 |
|  |  |  | &nbsp;&nbsp; 965235 |
| **Casinos & Gaming–0.23%** | **Casinos & Gaming–0.23%** | **Casinos & Gaming–0.23%** | **Casinos & Gaming–0.23%** |
| International Game Technology PLC, <br> 6.25%, 01/15/2027<sup>(f)</sup> <br>|  | 241000 | &nbsp;&nbsp; 242305 |
| Melco Resorts Finance Ltd. (Hong Kong), | Melco Resorts Finance Ltd. (Hong Kong), |  |  |
| 5.75%, 07/21/2028<sup>(f)</sup> <br>|  | 319000 | &nbsp;&nbsp; 301660 |
| 5.38%, 12/04/2029<sup>(c)(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 272063 |
| MGM China Holdings Ltd. (Macau), <br> 4.75%, 02/01/2027<sup>(f)</sup> <br>|  | 446000 | &nbsp;&nbsp; 435566 |
| Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), |  |  |
| 5.50%, 10/01/2027<sup>(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 292623 |
| 5.63%, 08/26/2028<sup>(c)(f)</sup> <br>|  | 520000 | &nbsp;&nbsp; 496802 |
|  |  |  | &nbsp;&nbsp; 2041019 |
| **Commercial & Residential Mortgage Finance–0.04%** | **Commercial & Residential Mortgage Finance–0.04%** | **Commercial & Residential Mortgage Finance–0.04%** | **Commercial & Residential Mortgage Finance–0.04%** |
| Rocket Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc., 2.88%, <br> 10/15/2026<sup>(f)</sup> <br>|  | 357000 | &nbsp;&nbsp; 344813 |
| **Commercial Printing–0.11%** | **Commercial Printing–0.11%** | **Commercial Printing–0.11%** | **Commercial Printing–0.11%** |
| Deluxe Corp., 8.13%, <br> 09/15/2029<sup>(f)</sup> <br>|  | 400000 | &nbsp;&nbsp; 401037 |
| R.R. Donnelley & Sons Co., 9.50%, <br> 08/01/2029<sup>(f)</sup> <br>|  | 600000 | &nbsp;&nbsp; 571960 |
|  |  |  | &nbsp;&nbsp; 972997 |
| **Commodity Chemicals–0.10%** | **Commodity Chemicals–0.10%** | **Commodity Chemicals–0.10%** | **Commodity Chemicals–0.10%** |
| Cabot Corp., 4.00%, 07/01/2029 |  | 400000 | &nbsp;&nbsp; 387094 |
| Methanex Corp. (Canada), 5.13%, <br> 10/15/2027<br>|  | 540000 | &nbsp;&nbsp; 530542 |
|  |  |  | &nbsp;&nbsp; 917636 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Communications Equipment–0.12%** | **Communications Equipment–0.12%** | **Communications Equipment–0.12%** | **Communications Equipment–0.12%** |
| Juniper Networks, Inc., 3.75%, <br> 08/15/2029<br>|  | $400000 | &nbsp;&nbsp; $387808 |
| Viasat, Inc., 5.63%, <br> 04/15/2027<sup>(c)(f)</sup> <br>|  | 680000 | &nbsp;&nbsp; 666917 |
|  |  |  | &nbsp;&nbsp; 1054725 |
| **Computer & Electronics Retail–0.02%** | **Computer & Electronics Retail–0.02%** | **Computer & Electronics Retail–0.02%** | **Computer & Electronics Retail–0.02%** |
| IBM International Capital Pte. Ltd., <br> 4.60%, 02/05/2029<br>|  | 170000 | &nbsp;&nbsp; 171016 |
| **Construction & Engineering–0.04%** | **Construction & Engineering–0.04%** | **Construction & Engineering–0.04%** | **Construction & Engineering–0.04%** |
| AECOM, 5.13%, 03/15/2027 |  | 320000 | &nbsp;&nbsp; 319580 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.06%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.06%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.06%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.06%** |
| Caterpillar Financial Services Corp., <br> 1.10%, 09/14/2027<br>|  | 130000 | &nbsp;&nbsp; 121540 |
| Terex Corp., 6.25%, <br> 10/15/2032<sup>(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 287437 |
| Wabtec Corp., 3.45%, <br> 11/15/2026<br>|  | 135000 | &nbsp;&nbsp; 133091 |
|  |  |  | &nbsp;&nbsp; 542068 |
| **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>(f)</sup> <br>|  | 277000 | &nbsp;&nbsp; 240529 |
| Smyrna Ready Mix Concrete LLC, <br> 8.88%, 11/15/2031<sup>(f)</sup> <br>|  | 600000 | &nbsp;&nbsp; 616138 |
|  |  |  | &nbsp;&nbsp; 856667 |
| **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; 73168 |
| **Consumer Finance–0.70%** | **Consumer Finance–0.70%** | **Consumer Finance–0.70%** | **Consumer Finance–0.70%** |
| Ally Financial, Inc., 6.99%, <br> 06/13/2029<sup>(g)</sup> <br>|  | 500000 | &nbsp;&nbsp; 519605 |
| American Express Co., | American Express Co., |  |  |
| 1.65%, 11/04/2026 |  | 330000 | &nbsp;&nbsp; 317598 |
| 3.30%, 05/03/2027 |  | 130000 | &nbsp;&nbsp; 127820 |
| Bread Financial Holdings, Inc., <br> 9.75%, 03/15/2029<sup>(f)</sup> <br>|  | 335000 | &nbsp;&nbsp; 352709 |
| Discover Bank, | Discover Bank, |  |  |
| 3.45%, 07/27/2026 |  | 550000 | &nbsp;&nbsp; 541585 |
| 4.65%, 09/13/2028<sup>(c)</sup> <br>|  | 500000 | &nbsp;&nbsp; 499279 |
| General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |  |  |
| 1.50%, 06/10/2026 |  | 61000 | &nbsp;&nbsp; 58773 |
| 2.40%, 10/15/2028 |  | 230000 | &nbsp;&nbsp; 211024 |
| 5.80%, 01/07/2029<sup>(c)</sup> <br>|  | 500000 | &nbsp;&nbsp; 510465 |
| Global Aircraft Leasing Co. Ltd. <br> (Cayman Islands), 8.75%, <br> 09/01/2027<sup>(f)</sup> <br>|  | 450000 | &nbsp;&nbsp; 448932 |
| goeasy Ltd. (Canada), | goeasy Ltd. (Canada), |  |  |
| 7.63%, 07/01/2029<sup>(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 302734 |
| 7.38%, 10/01/2030<sup>(f)</sup> <br>|  | 450000 | &nbsp;&nbsp; 442798 |
| Navient Corp., | Navient Corp., |  |  |
| 5.00%, 03/15/2027 |  | 210000 | &nbsp;&nbsp; 208077 |
| 5.50%, 03/15/2029<sup>(c)</sup> <br>|  | 160000 | &nbsp;&nbsp; 151660 |
| 9.38%, 07/25/2030 |  | 250000 | &nbsp;&nbsp; 266124 |
| 5.63%, 08/01/2033<sup>(c)</sup> <br>|  | 290000 | &nbsp;&nbsp; 248907 |
| OneMain Finance Corp., 3.50%, <br> 01/15/2027<br>|  | 635000 | &nbsp;&nbsp; 608454 |

---

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** |
| **Consumer Finance–(continued)** | **Consumer Finance–(continued)** | **Consumer Finance–(continued)** | **Consumer Finance–(continued)** |
| PRA Group, Inc., 8.38%, <br> 02/01/2028<sup>(f)</sup> <br>|  | $441000 | &nbsp;&nbsp; $445686 |
|  |  |  | &nbsp;&nbsp; 6262230 |
| **Copper–0.01%** | **Copper–0.01%** | **Copper–0.01%** | **Copper–0.01%** |
| Freeport-McMoRan, Inc., 5.00%, <br> 09/01/2027<sup>(c)</sup> <br>|  | 75000 | &nbsp;&nbsp; 74868 |
| **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<sup>(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 234351 |
| 6.60%, 08/02/2028<sup>(c)</sup> <br>|  | 500000 | &nbsp;&nbsp; 523371 |
|  |  |  | &nbsp;&nbsp; 757722 |
| **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; 115678 |
| Diageo Capital PLC (United <br> Kingdom), 2.38%, 10/24/2029<br>|  | 200000 | &nbsp;&nbsp; 184263 |
|  |  |  | &nbsp;&nbsp; 299941 |
| **Distributors–0.03%** | **Distributors–0.03%** | **Distributors–0.03%** | **Distributors–0.03%** |
| Resideo Funding, Inc., 4.00%, <br> 09/01/2029<sup>(f)</sup> <br>|  | 250000 | &nbsp;&nbsp; 230371 |
| **Diversified Banks–1.94%** | **Diversified Banks–1.94%** | **Diversified Banks–1.94%** | **Diversified Banks–1.94%** |
| Banco Bilbao Vizcaya Argentaria <br> S.A. (Spain), 5.38%, <br> 03/13/2029<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205365 |
| Banco Santander S.A. (Spain), <br> 5.57%, 01/17/2030<br>|  | 400000 | &nbsp;&nbsp; 413386 |
| Bank of America Corp., | Bank of America Corp., |  |  |
| 1.73%, 07/22/2027<sup>(g)</sup> <br>|  | 630000 | &nbsp;&nbsp; 609196 |
| 5.93%, 09/15/2027<sup>(g)</sup> <br>|  | 300000 | &nbsp;&nbsp; 305805 |
| 3.71%, 04/24/2028<sup>(g)</sup> <br>|  | 230000 | &nbsp;&nbsp; 226775 |
| 3.59%, 07/21/2028<sup>(g)</sup> <br>|  | 170000 | &nbsp;&nbsp; 166899 |
| 3.42%, 12/20/2028<sup>(g)</sup> <br>|  | 460000 | &nbsp;&nbsp; 447513 |
| 4.27%, 07/23/2029<sup>(g)</sup> <br>|  | 570000 | &nbsp;&nbsp; 566506 |
| Series L, 4.18%, 11/25/2027 |  | 100000 | &nbsp;&nbsp; 99494 |
| Bank of Nova Scotia (The) (Canada), <br> 5.45%, 08/01/2029<br>|  | 400000 | &nbsp;&nbsp; 414576 |
| Citigroup, Inc., | Citigroup, Inc., |  |  |
| 3.20%, 10/21/2026 |  | 200000 | &nbsp;&nbsp; 196703 |
| 1.46%, 06/09/2027<sup>(g)</sup> <br>|  | 140000 | &nbsp;&nbsp; 135263 |
| 3.98%, 03/20/2030<sup>(g)</sup> <br>|  | 300000 | &nbsp;&nbsp; 292068 |
| Comerica, Inc., 4.00%, <br> 02/01/2029<sup>(c)</sup> <br>|  | 500000 | &nbsp;&nbsp; 477450 |
| Freedom Mortgage Corp., 6.63%, <br> 01/15/2027<sup>(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 298056 |
| HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |  |
| 1.59%, 05/24/2027<sup>(g)</sup> <br>|  | 200000 | &nbsp;&nbsp; 193730 |
| 5.21%, 08/11/2028<sup>(g)</sup> <br>|  | 600000 | &nbsp;&nbsp; 607550 |
| 4.58%, 06/19/2029<sup>(g)</sup> <br>|  | 800000 | &nbsp;&nbsp; 797739 |
| 2.21%, 08/17/2029<sup>(g)</sup> <br>|  | 400000 | &nbsp;&nbsp; 369131 |
| Huntington National Bank (The), | Huntington National Bank (The), |  |  |
| 4.55%, 05/17/2028<sup>(c)(g)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249608 |
| 5.65%, 01/10/2030<sup>(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 258073 |
| ING Groep N.V. (Netherlands), <br> 1.73%, 04/01/2027<sup>(g)</sup> <br>|  | 460000 | &nbsp;&nbsp; 448132 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| 4.25%, 10/01/2027 |  | 75000 | &nbsp;&nbsp; 75291 |
| 2.18%, 06/01/2028<sup>(g)</sup> <br>|  | 75000 | &nbsp;&nbsp; 71777 |
| 3.70%, 05/06/2030<sup>(g)</sup> <br>|  | 300000 | &nbsp;&nbsp; 290354 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Lloyds Banking Group PLC (United <br> Kingdom), 5.46%, <br> 01/05/2028<sup>(g)</sup> <br>|  | $200000 | &nbsp;&nbsp; $202738 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan), 3.29%, 07/25/2027<br>|  | 60000 | &nbsp;&nbsp; 58754 |
| Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |  |  |
| 3.17%, 09/11/2027<sup>(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 224023 |
| 5.67%, 05/27/2029<sup>(c)(g)</sup> <br>|  | 920000 | &nbsp;&nbsp; 950017 |
| 5.78%, 07/06/2029<sup>(g)</sup> <br>|  | 400000 | &nbsp;&nbsp; 414332 |
| Morgan Stanley Bank N.A., | Morgan Stanley Bank N.A., |  |  |
| 5.88%, 10/30/2026<sup>(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 256075 |
| 4.95%, 01/14/2028<sup>(c)(g)</sup> <br>|  | 350000 | &nbsp;&nbsp; 352936 |
| National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), |  |  |
| 4.94%, 01/12/2028 |  | 250000 | &nbsp;&nbsp; 255301 |
| 4.79%, 01/10/2029 |  | 800000 | &nbsp;&nbsp; 816091 |
| NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |  |  |
| 5.85%, 03/02/2027<sup>(g)</sup> <br>|  | 230000 | &nbsp;&nbsp; 232201 |
| 5.52%, 09/30/2028<sup>(g)</sup> <br>|  | 230000 | &nbsp;&nbsp; 234658 |
| Santander UK Group Holdings PLC <br> (United Kingdom), 6.83%, <br> 11/21/2026<sup>(g)</sup> <br>|  | 400000 | &nbsp;&nbsp; 404092 |
| Sumitomo Mitsui Financial Group, Inc. <br> (Japan), | Sumitomo Mitsui Financial Group, Inc. <br> (Japan), |  |  |
| 1.40%, 09/17/2026 |  | 460000 | &nbsp;&nbsp; 442072 |
| 3.35%, 10/18/2027 |  | 230000 | &nbsp;&nbsp; 225166 |
| 5.71%, 01/13/2030 |  | 400000 | &nbsp;&nbsp; 417538 |
| 2.75%, 01/15/2030<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 184054 |
| Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |  |  |
| 5.16%, 01/10/2028 |  | 100000 | &nbsp;&nbsp; 102132 |
| 5.52%, 07/17/2028<sup>(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 238504 |
| 4.78%, 12/17/2029<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201975 |
| U.S. Bancorp, | U.S. Bancorp, |  |  |
| 6.79%, 10/26/2027<sup>(g)</sup> <br>|  | 230000 | &nbsp;&nbsp; 237791 |
| 4.55%, 07/22/2028<sup>(g)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150441 |
| 5.78%, 06/12/2029<sup>(g)</sup> <br>|  | 500000 | &nbsp;&nbsp; 517327 |
| UBS AG (Switzerland), 5.00%, <br> 07/09/2027<br>|  | 400000 | &nbsp;&nbsp; 406146 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| 3.53%, 03/24/2028<sup>(g)</sup> <br>|  | 160000 | &nbsp;&nbsp; 157362 |
| 4.81%, 07/25/2028<sup>(g)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100644 |
| 6.30%, 10/23/2029<sup>(g)</sup> <br>|  | 300000 | &nbsp;&nbsp; 316685 |
| Westpac Banking Corp. (Australia), | Westpac Banking Corp. (Australia), |  |  |
| 2.70%, 08/19/2026<sup>(c)</sup> <br>|  | 460000 | &nbsp;&nbsp; 452209 |
| 3.40%, 01/25/2028 |  | 105000 | &nbsp;&nbsp; 103336 |
| 1.95%, 11/20/2028 |  | 400000 | &nbsp;&nbsp; 371362 |
|  |  |  | &nbsp;&nbsp; 17242402 |
| **Diversified Chemicals–0.09%** | **Diversified Chemicals–0.09%** | **Diversified Chemicals–0.09%** | **Diversified Chemicals–0.09%** |
| Chemours Co. (The), | Chemours Co. (The), |  |  |
| 5.38%, 05/15/2027<sup>(c)</sup> <br>|  | 287000 | &nbsp;&nbsp; 279784 |
| 5.75%, 11/15/2028<sup>(c)(f)</sup> <br>|  | 213000 | &nbsp;&nbsp; 193233 |
| INEOS Finance PLC (Luxembourg), <br> 6.75%, 05/15/2028<sup>(f)</sup> <br>|  | 336000 | &nbsp;&nbsp; 328366 |
|  |  |  | &nbsp;&nbsp; 801383 |
| **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<sup>(c)</sup> <br>|  | 380000 | &nbsp;&nbsp; 353241 |
| Corebridge Financial, Inc., 3.65%, <br> 04/05/2027<br>|  | 130000 | &nbsp;&nbsp; 128123 |

---

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** |
| **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** |
| eG Global Finance PLC (United <br> Kingdom), 12.00%, <br> 11/30/2028<sup>(f)</sup> <br>|  | $430000 | &nbsp;&nbsp; $473414 |
| GGAM Finance Ltd. (Ireland), <br> 8.00%, 02/15/2027<sup>(f)</sup> <br>|  | 280000 | &nbsp;&nbsp; 287714 |
| Jefferies Finance LLC/JFIN Co-Issuer <br> Corp., 5.00%, 08/15/2028<sup>(c)(f)</sup> <br>|  | 466000 | &nbsp;&nbsp; 434031 |
| Midcap Financial Issuer Trust, <br> 5.63%, 01/15/2030<sup>(f)</sup> <br>|  | 285000 | &nbsp;&nbsp; 250098 |
| Resorts World Las Vegas LLC/RWLV <br> Capital, Inc., 4.63%, <br> 04/06/2031<sup>(f)</sup> <br>|  | 900000 | &nbsp;&nbsp; 722204 |
| United Wholesale Mortgage LLC, <br> 5.75%, 06/15/2027<sup>(f)</sup> <br>|  | 250000 | &nbsp;&nbsp; 246860 |
|  |  |  | &nbsp;&nbsp; 2895685 |
| **Diversified Metals & Mining–0.12%** | **Diversified Metals & Mining–0.12%** | **Diversified Metals & Mining–0.12%** | **Diversified Metals & Mining–0.12%** |
| BHP Billiton Finance (USA) Ltd. <br> (Australia), 5.00%, <br> 02/21/2030<br>|  | 200000 | &nbsp;&nbsp; 204200 |
| Mineral Resources Ltd. (Australia), | Mineral Resources Ltd. (Australia), |  |  |
| 8.00%, 11/01/2027<sup>(c)(f)</sup> <br>|  | 250000 | &nbsp;&nbsp; 237763 |
| 9.25%, 10/01/2028<sup>(c)(f)</sup> <br>|  | 450000 | &nbsp;&nbsp; 426134 |
| Perenti Finance Pty Ltd. (Australia), <br> 7.50%, 04/26/2029<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207750 |
|  |  |  | &nbsp;&nbsp; 1075847 |
| **Diversified Real Estate Activities–0.00%** | **Diversified Real Estate Activities–0.00%** | **Diversified Real Estate Activities–0.00%** | **Diversified Real Estate Activities–0.00%** |
| Five Point Operating Co. L.P./Five <br> Point Capital Corp., 7.88%, <br> 11/15/2025<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4020 |
| **Diversified REITs–0.02%** | **Diversified REITs–0.02%** | **Diversified REITs–0.02%** | **Diversified REITs–0.02%** |
| Global Net Lease, Inc./Global Net <br> Lease Operating Partnership L.P., <br> 3.75%, 12/15/2027<sup>(f)</sup> <br>|  | 160000 | &nbsp;&nbsp; 150460 |
| **Diversified Support Services–0.07%** | **Diversified Support Services–0.07%** | **Diversified Support Services–0.07%** | **Diversified Support Services–0.07%** |
| Neptune Bidco US, Inc., 9.29%, <br> 04/15/2029<sup>(f)</sup> <br>|  | 750000 | &nbsp;&nbsp; 668419 |
| **Drug Retail–0.06%** | **Drug Retail–0.06%** | **Drug Retail–0.06%** | **Drug Retail–0.06%** |
| Walgreens Boots Alliance, Inc., | Walgreens Boots Alliance, Inc., |  |  |
| 3.45%, 06/01/2026 |  | 320000 | &nbsp;&nbsp; 312995 |
| 8.13%, 08/15/2029<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208280 |
|  |  |  | &nbsp;&nbsp; 521275 |
| **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; 471846 |
| **Electric Utilities–0.60%** | **Electric Utilities–0.60%** | **Electric Utilities–0.60%** | **Electric Utilities–0.60%** |
| Edison International, | Edison International, |  |  |
| 4.13%, 03/15/2028<sup>(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 96611 |
| 5.25%, 11/15/2028<sup>(c)</sup> <br>|  | 490000 | &nbsp;&nbsp; 487036 |
| 8.13%, 06/15/2053<sup>(c)(g)</sup> <br>|  | 350000 | &nbsp;&nbsp; 334125 |
| 7.88%, 06/15/2054<sup>(c)(g)</sup> <br>|  | 200000 | &nbsp;&nbsp; 187761 |
| Entergy Louisiana LLC, 2.40%, <br> 10/01/2026<br>|  | 230000 | &nbsp;&nbsp; 224597 |
| Eversource Energy, 5.95%, <br> 02/01/2029<br>|  | 100000 | &nbsp;&nbsp; 104306 |
| FirstEnergy Corp., Series B, 3.90%, <br> 07/15/2027<br>|  | 230000 | &nbsp;&nbsp; 227407 |
| Fortis, Inc. (Canada), 3.06%, <br> 10/04/2026<br>|  | 190000 | &nbsp;&nbsp; 185927 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| National Rural Utilities Cooperative <br> Finance Corp., | National Rural Utilities Cooperative <br> Finance Corp., |  |  |
| 1.00%, 06/15/2026 |  | $18000 | &nbsp;&nbsp; $17378 |
| 4.95%, 02/07/2030 |  | 200000 | &nbsp;&nbsp; 203928 |
| Pacific Gas and Electric Co., | Pacific Gas and Electric Co., |  |  |
| 3.30%, 12/01/2027 |  | 300000 | &nbsp;&nbsp; 289358 |
| 3.00%, 06/15/2028 |  | 85000 | &nbsp;&nbsp; 80494 |
| 6.10%, 01/15/2029 |  | 230000 | &nbsp;&nbsp; 237816 |
| Pattern Energy Operations <br> L.P./Pattern Energy Operations, <br> Inc., 4.50%, 08/15/2028<sup>(f)</sup> <br>|  | 210000 | &nbsp;&nbsp; 199726 |
| Public Service Co. of Colorado, <br> 3.70%, 06/15/2028<br>|  | 690000 | &nbsp;&nbsp; 679657 |
| System Energy Resources, Inc., <br> 6.00%, 04/15/2028<br>|  | 150000 | &nbsp;&nbsp; 155775 |
| Vistra Operations Co. LLC, 5.00%, <br> 07/31/2027<sup>(f)</sup> <br>|  | 400000 | &nbsp;&nbsp; 396861 |
| Xcel Energy, Inc., | Xcel Energy, Inc., |  |  |
| 3.35%, 12/01/2026 |  | 150000 | &nbsp;&nbsp; 147489 |
| 2.60%, 12/01/2029<sup>(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 366077 |
| XPLR Infrastructure Operating Partners <br> L.P., | XPLR Infrastructure Operating Partners <br> L.P., |  |  |
| 3.88%, 10/15/2026<sup>(c)(f)</sup> <br>|  | 550000 | &nbsp;&nbsp; 531147 |
| 4.50%, 09/15/2027<sup>(f)</sup> <br>|  | 245000 | &nbsp;&nbsp; 231872 |
|  |  |  | &nbsp;&nbsp; 5385348 |
| **Electrical Components & Equipment–0.11%** | **Electrical Components & Equipment–0.11%** | **Electrical Components & Equipment–0.11%** | **Electrical Components & Equipment–0.11%** |
| Atkore, Inc., 4.25%, <br> 06/01/2031<sup>(c)(f)</sup> <br>|  | 720000 | &nbsp;&nbsp; 639623 |
| Emerson Electric Co., 1.80%, <br> 10/15/2027<br>|  | 240000 | &nbsp;&nbsp; 227839 |
| EnerSys, 4.38%, 12/15/2027<sup>(f)</sup> <br>|  | 160000 | &nbsp;&nbsp; 155317 |
|  |  |  | &nbsp;&nbsp; 1022779 |
| **Electronic Components–0.02%** | **Electronic Components–0.02%** | **Electronic Components–0.02%** | **Electronic Components–0.02%** |
| Sensata Technologies, Inc., 3.75%, <br> 02/15/2031<sup>(f)</sup> <br>|  | 210000 | &nbsp;&nbsp; 183873 |
| **Electronic Manufacturing Services–0.07%** | **Electronic Manufacturing Services–0.07%** | **Electronic Manufacturing Services–0.07%** | **Electronic Manufacturing Services–0.07%** |
| EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc., 6.75%, <br> 07/15/2031<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204180 |
| Jabil, Inc., 1.70%, 04/15/2026 |  | 460000 | &nbsp;&nbsp; 447030 |
|  |  |  | &nbsp;&nbsp; 651210 |
| **Fertilizers & Agricultural Chemicals–0.09%** | **Fertilizers & Agricultural Chemicals–0.09%** | **Fertilizers & Agricultural Chemicals–0.09%** | **Fertilizers & Agricultural Chemicals–0.09%** |
| Consolidated Energy Finance S.A. <br> (Switzerland), | Consolidated Energy Finance S.A. <br> (Switzerland), |  |  |
| 5.63%, 10/15/2028<sup>(f)</sup> <br>|  | 370000 | &nbsp;&nbsp; 288996 |
| 12.00%, 02/15/2031<sup>(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 270818 |
| CVR Partners L.P./CVR Nitrogen <br> Finance Corp., 6.13%, <br> 06/15/2028<sup>(f)</sup> <br>|  | 210000 | &nbsp;&nbsp; 203170 |
|  |  |  | &nbsp;&nbsp; 762984 |
| **Financial Exchanges & Data–0.16%** | **Financial Exchanges & Data–0.16%** | **Financial Exchanges & Data–0.16%** | **Financial Exchanges & Data–0.16%** |
| Coinbase Global, Inc., 3.38%, <br> 10/01/2028<sup>(f)</sup> <br>|  | 505000 | &nbsp;&nbsp; 465219 |
| Intercontinental Exchange, Inc., <br> 4.00%, 09/15/2027<br>|  | 460000 | &nbsp;&nbsp; 458171 |

---

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** |
| **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** |
| S&P Global, Inc., | S&P Global, Inc., |  |  |
| 2.45%, 03/01/2027 |  | $305000 | &nbsp;&nbsp; $296459 |
| 2.70%, 03/01/2029 |  | 200000 | &nbsp;&nbsp; 188850 |
|  |  |  | &nbsp;&nbsp; 1408699 |
| **Food Distributors–0.06%** | **Food Distributors–0.06%** | **Food Distributors–0.06%** | **Food Distributors–0.06%** |
| C&S Group Enterprises LLC, 5.00%, <br> 12/15/2028<sup>(f)</sup> <br>|  | 600000 | &nbsp;&nbsp; 502517 |
| **Food Retail–0.07%** | **Food Retail–0.07%** | **Food Retail–0.07%** | **Food Retail–0.07%** |
| Albertson's Cos., Inc./Safeway, <br> Inc./New Albertson's <br> L.P./Albertson's LLC, 4.63%, <br> 01/15/2027<sup>(f)</sup> <br>|  | 640000 | &nbsp;&nbsp; 633413 |
| **Gas Utilities–0.08%** | **Gas Utilities–0.08%** | **Gas Utilities–0.08%** | **Gas Utilities–0.08%** |
| AmeriGas Partners L.P./AmeriGas Finance <br> Corp., | AmeriGas Partners L.P./AmeriGas Finance <br> Corp., |  |  |
| 5.75%, 05/20/2027 |  | 210000 | &nbsp;&nbsp; 200966 |
| 9.38%, 06/01/2028<sup>(f)</sup> <br>|  | 440000 | &nbsp;&nbsp; 437783 |
| Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 80000 | &nbsp;&nbsp; 81868 |
|  |  |  | &nbsp;&nbsp; 720617 |
| **Health Care Distributors–0.08%** | **Health Care Distributors–0.08%** | **Health Care Distributors–0.08%** | **Health Care Distributors–0.08%** |
| Cencora, Inc., 3.45%, <br> 12/15/2027<br>|  | 500000 | &nbsp;&nbsp; 489555 |
| Owens & Minor, Inc., 6.63%, <br> 04/01/2030<sup>(c)(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 255670 |
|  |  |  | &nbsp;&nbsp; 745225 |
| **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<sup>(c)</sup> <br>|  | 545000 | &nbsp;&nbsp; 503024 |
| Miter Brands Acquisition Holdco, <br> Inc./MIWD Borrower LLC, 6.75%, <br> 04/01/2032<sup>(c)(f)</sup> <br>|  | 280000 | &nbsp;&nbsp; 280376 |
| Smith & Nephew PLC (United <br> Kingdom), 5.15%, 03/20/2027<br>|  | 230000 | &nbsp;&nbsp; 232831 |
|  |  |  | &nbsp;&nbsp; 1016231 |
| **Health Care Facilities–0.06%** | **Health Care Facilities–0.06%** | **Health Care Facilities–0.06%** | **Health Care Facilities–0.06%** |
| HCA, Inc., 5.63%, 09/01/2028 |  | 150000 | &nbsp;&nbsp; 153682 |
| LifePoint Health, Inc., 9.88%, <br> 08/15/2030<sup>(f)</sup> <br>|  | 267000 | &nbsp;&nbsp; 284348 |
| Universal Health Services, Inc., <br> 1.65%, 09/01/2026<br>|  | 134000 | &nbsp;&nbsp; 128643 |
|  |  |  | &nbsp;&nbsp; 566673 |
| **Health Care REITs–0.08%** | **Health Care REITs–0.08%** | **Health Care REITs–0.08%** | **Health Care REITs–0.08%** |
| MPT Operating Partnership L.P./MPT <br> Finance Corp., | MPT Operating Partnership L.P./MPT <br> Finance Corp., |  |  |
| 5.00%, 10/15/2027 |  | 500000 | &nbsp;&nbsp; 442121 |
| 4.63%, 08/01/2029 |  | 300000 | &nbsp;&nbsp; 228860 |
|  |  |  | &nbsp;&nbsp; 670981 |
| **Health Care Services–0.37%** | **Health Care Services–0.37%** | **Health Care Services–0.37%** | **Health Care Services–0.37%** |
| CommonSpirit Health, 6.07%, <br> 11/01/2027<sup>(c)</sup> <br>|  | 460000 | &nbsp;&nbsp; 476813 |
| Community Health Systems, Inc., | Community Health Systems, Inc., |  |  |
| 5.63%, 03/15/2027<sup>(f)</sup> <br>|  | 500000 | &nbsp;&nbsp; 488025 |
| 5.25%, 05/15/2030<sup>(c)(f)</sup> <br>|  | 636000 | &nbsp;&nbsp; 543203 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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., |  |  |
| 2.88%, 06/01/2026<sup>(c)</sup> <br>|  | $230000 | &nbsp;&nbsp; $225796 |
| 4.30%, 03/25/2028 |  | 500000 | &nbsp;&nbsp; 496306 |
| 6.75%, 12/10/2054<sup>(g)</sup> <br>|  | 300000 | &nbsp;&nbsp; 298730 |
| 7.00%, 03/10/2055<sup>(g)</sup> <br>|  | 400000 | &nbsp;&nbsp; 405619 |
| Prime Healthcare Services, Inc., <br> 9.38%, 09/01/2029<sup>(f)</sup> <br>|  | 400000 | &nbsp;&nbsp; 381712 |
|  |  |  | &nbsp;&nbsp; 3316204 |
| **Health Care Supplies–0.05%** | **Health Care Supplies–0.05%** | **Health Care Supplies–0.05%** | **Health Care Supplies–0.05%** |
| Embecta Corp., 5.00%, <br> 02/15/2030<sup>(c)(f)</sup> <br>|  | 480000 | &nbsp;&nbsp; 432559 |
| **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>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 191362 |
| **Home Furnishings–0.04%** | **Home Furnishings–0.04%** | **Home Furnishings–0.04%** | **Home Furnishings–0.04%** |
| Somnigroup International, Inc., <br> 3.88%, 10/15/2031<sup>(c)(f)</sup> <br>|  | 400000 | &nbsp;&nbsp; 351615 |
| **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; 77805 |
| **Homebuilding–0.19%** | **Homebuilding–0.19%** | **Homebuilding–0.19%** | **Homebuilding–0.19%** |
| Beazer Homes USA, Inc., 5.88%, <br> 10/15/2027<br>|  | 305000 | &nbsp;&nbsp; 298249 |
| Installed Building Products, Inc., <br> 5.75%, 02/01/2028<sup>(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 295135 |
| Lennar Corp., 4.75%, 11/29/2027 |  | 60000 | &nbsp;&nbsp; 60232 |
| LGI Homes, Inc., 4.00%, <br> 07/15/2029<sup>(f)</sup> <br>|  | 508000 | &nbsp;&nbsp; 442572 |
| Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |  |  |
| 5.88%, 06/15/2027<sup>(f)</sup> <br>|  | 500000 | &nbsp;&nbsp; 502884 |
| 5.75%, 01/15/2028<sup>(f)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100135 |
|  |  |  | &nbsp;&nbsp; 1699207 |
| **Hotel & Resort REITs–0.08%** | **Hotel & Resort REITs–0.08%** | **Hotel & Resort REITs–0.08%** | **Hotel & Resort REITs–0.08%** |
| Service Properties Trust, | Service Properties Trust, |  |  |
| 4.95%, 02/15/2027 |  | 297000 | &nbsp;&nbsp; 282635 |
| 4.95%, 10/01/2029 |  | 505000 | &nbsp;&nbsp; 396917 |
|  |  |  | &nbsp;&nbsp; 679552 |
| **Hotels, Resorts & Cruise Lines–0.09%** | **Hotels, Resorts & Cruise Lines–0.09%** | **Hotels, Resorts & Cruise Lines–0.09%** | **Hotels, Resorts & Cruise Lines–0.09%** |
| Booking Holdings, Inc., 3.55%, <br> 03/15/2028<br>|  | 50000 | &nbsp;&nbsp; 49255 |
| Carnival Corp., 6.65%, <br> 01/15/2028<br>|  | 200000 | &nbsp;&nbsp; 203918 |
| Royal Caribbean Cruises Ltd., <br> 4.25%, 07/01/2026<sup>(f)</sup> <br>|  | 320000 | &nbsp;&nbsp; 315849 |
| Studio City Co. Ltd. (Macau), <br> 7.00%, 02/15/2027<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199304 |
|  |  |  | &nbsp;&nbsp; 768326 |
| **Housewares & Specialties–0.09%** | **Housewares & Specialties–0.09%** | **Housewares & Specialties–0.09%** | **Housewares & Specialties–0.09%** |
| Newell Brands, Inc., | Newell Brands, Inc., |  |  |
| 6.38%, 09/15/2027<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 195587 |
| 6.63%, 09/15/2029 |  | 436000 | &nbsp;&nbsp; 409816 |
| 6.88%, 04/01/2036<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 174582 |
|  |  |  | &nbsp;&nbsp; 779985 |

---

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** |
| **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)(f)</sup> <br>|  | $635000 | &nbsp;&nbsp; $570015 |
| **Independent Power Producers & Energy Traders–0.09%** | **Independent Power Producers & Energy Traders–0.09%** | **Independent Power Producers & Energy Traders–0.09%** | **Independent Power Producers & Energy Traders–0.09%** |
| AES Corp. (The), | AES Corp. (The), |  |  |
| 5.45%, 06/01/2028 |  | 80000 | &nbsp;&nbsp; 81259 |
| 6.95%, 07/15/2055<sup>(g)</sup> <br>|  | 500000 | &nbsp;&nbsp; 467545 |
| Calpine Corp., 4.50%, <br> 02/15/2028<sup>(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 293678 |
|  |  |  | &nbsp;&nbsp; 842482 |
| **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; 404521 |
| 2.70%, 08/15/2029 |  | 400000 | &nbsp;&nbsp; 374434 |
|  |  |  | &nbsp;&nbsp; 778955 |
| **Industrial Machinery & Supplies & Components–0.07%** | **Industrial Machinery & Supplies & Components–0.07%** | **Industrial Machinery & Supplies & Components–0.07%** | **Industrial Machinery & Supplies & Components–0.07%** |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |  |
| 3.13%, 07/31/2029<sup>(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 381314 |
| 2.80%, 01/31/2030<sup>(c)</sup> <br>|  | 300000 | &nbsp;&nbsp; 279745 |
|  |  |  | &nbsp;&nbsp; 661059 |
| **Insurance Brokers–0.15%** | **Insurance Brokers–0.15%** | **Insurance Brokers–0.15%** | **Insurance Brokers–0.15%** |
| Alliant Holdings Intermediate LLC/<br> Alliant Holdings Co-Issuer, <br> 6.50%, 10/01/2031<sup>(f)</sup> <br>|  | 420000 | &nbsp;&nbsp; 419664 |
| Ardonagh Finco Ltd. (United <br> Kingdom), 7.75%, <br> 02/15/2031<sup>(f)</sup> <br>|  | 610000 | &nbsp;&nbsp; 621535 |
| Marsh & McLennan Cos., Inc., <br> 4.55%, 11/08/2027<br>|  | 200000 | &nbsp;&nbsp; 202148 |
| Willis North America, Inc., 4.65%, <br> 06/15/2027<sup>(c)</sup> <br>|  | 75000 | &nbsp;&nbsp; 75316 |
|  |  |  | &nbsp;&nbsp; 1318663 |
| **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; 203710 |
| Chevron USA, Inc., 1.02%, <br> 08/12/2027<br>|  | 100000 | &nbsp;&nbsp; 93709 |
| Exxon Mobil Corp., 3.29%, <br> 03/19/2027<sup>(c)</sup> <br>|  | 50000 | &nbsp;&nbsp; 49515 |
|  |  |  | &nbsp;&nbsp; 346934 |
| **Integrated Telecommunication Services–0.15%** | **Integrated Telecommunication Services–0.15%** | **Integrated Telecommunication Services–0.15%** | **Integrated Telecommunication Services–0.15%** |
| Altice France S.A. (France), | Altice France S.A. (France), |  |  |
| 8.13%, 02/01/2027<sup>(f)</sup> <br>|  | 353000 | &nbsp;&nbsp; 323402 |
| 5.13%, 07/15/2029<sup>(f)</sup> <br>|  | 551000 | &nbsp;&nbsp; 450348 |
| 5.50%, 10/15/2029<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 164009 |
| British Telecommunications PLC <br> (United Kingdom), 5.13%, <br> 12/04/2028<br>|  | 400000 | &nbsp;&nbsp; 409719 |
|  |  |  | &nbsp;&nbsp; 1347478 |
| **Interactive Media & Services–0.11%** | **Interactive Media & Services–0.11%** | **Interactive Media & Services–0.11%** | **Interactive Media & Services–0.11%** |
| Baidu, Inc. (China), 4.38%, <br> 03/29/2028<br>|  | 300000 | &nbsp;&nbsp; 300030 |
| Nexstar Media, Inc., | Nexstar Media, Inc., |  |  |
| 5.63%, 07/15/2027<sup>(f)</sup> <br>|  | 268000 | &nbsp;&nbsp; 265730 |
| 4.75%, 11/01/2028<sup>(c)(f)</sup> <br>|  | 400000 | &nbsp;&nbsp; 377059 |
|  |  |  | &nbsp;&nbsp; 942819 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Internet Services & Infrastructure–0.08%** | **Internet Services & Infrastructure–0.08%** | **Internet Services & Infrastructure–0.08%** | **Internet Services & Infrastructure–0.08%** |
| Arches Buyer, Inc., 4.25%, <br> 06/01/2028<sup>(f)</sup> <br>|  | $480000 | &nbsp;&nbsp; $451851 |
| Cogent Communications Group, Inc., <br> 3.50%, 05/01/2026<sup>(f)</sup> <br>|  | 261000 | &nbsp;&nbsp; 256270 |
|  |  |  | &nbsp;&nbsp; 708121 |
| **Investment Banking & Brokerage–0.42%** | **Investment Banking & Brokerage–0.42%** | **Investment Banking & Brokerage–0.42%** | **Investment Banking & Brokerage–0.42%** |
| Aretec Group, Inc., 10.00%, <br> 08/15/2030<sup>(f)</sup> <br>|  | 210000 | &nbsp;&nbsp; 226380 |
| Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |  |  |
| 2.75%, 10/01/2029 |  | 200000 | &nbsp;&nbsp; 187230 |
| 6.20%, 11/17/2029<sup>(g)</sup> <br>|  | 500000 | &nbsp;&nbsp; 530949 |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| 3.85%, 01/26/2027 |  | 125000 | &nbsp;&nbsp; 124005 |
| 1.54%, 09/10/2027<sup>(g)</sup> <br>|  | 140000 | &nbsp;&nbsp; 134458 |
| 1.95%, 10/21/2027<sup>(c)(g)</sup> <br>|  | 375000 | &nbsp;&nbsp; 361299 |
| 3.62%, 03/15/2028<sup>(g)</sup> <br>|  | 105000 | &nbsp;&nbsp; 103358 |
| 2.60%, 02/07/2030 |  | 200000 | &nbsp;&nbsp; 182715 |
| Icahn Enterprises L.P./Icahn <br> Enterprises Finance Corp., <br> 5.25%, 05/15/2027<br>|  | 910000 | &nbsp;&nbsp; 864120 |
| Morgan Stanley, | Morgan Stanley, |  |  |
| 6.30%, 10/18/2028<sup>(g)</sup> <br>|  | 170000 | &nbsp;&nbsp; 177057 |
| 6.41%, 11/01/2029<sup>(g)</sup> <br>|  | 460000 | &nbsp;&nbsp; 487153 |
| Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |  |  |
| 1.65%, 07/14/2026 |  | 200000 | &nbsp;&nbsp; 193083 |
| 3.10%, 01/16/2030 |  | 200000 | &nbsp;&nbsp; 184961 |
|  |  |  | &nbsp;&nbsp; 3756768 |
| **IT Consulting & Other Services–0.25%** | **IT Consulting & Other Services–0.25%** | **IT Consulting & Other Services–0.25%** | **IT Consulting & Other Services–0.25%** |
| Conduent Business Services LLC/<br> Conduent State & Local Solutions, <br> Inc., 6.00%, 11/01/2029<sup>(f)</sup> <br>|  | 193000 | &nbsp;&nbsp; 177662 |
| EquipmentShare.com, Inc., 9.00%, <br> 05/15/2028<sup>(f)</sup> <br>|  | 617000 | &nbsp;&nbsp; 628755 |
| International Business Machines <br> Corp., 3.30%, 05/15/2026<br>|  | 100000 | &nbsp;&nbsp; 98912 |
| Kyndryl Holdings, Inc., | Kyndryl Holdings, Inc., |  |  |
| 2.05%, 10/15/2026 |  | 200000 | &nbsp;&nbsp; 192981 |
| 2.70%, 10/15/2028<sup>(c)</sup> <br>|  | 920000 | &nbsp;&nbsp; 861188 |
| Unisys Corp., 6.88%, <br> 11/01/2027<sup>(f)</sup> <br>|  | 320000 | &nbsp;&nbsp; 308438 |
|  |  |  | &nbsp;&nbsp; 2267936 |
| **Leisure Facilities–0.09%** | **Leisure Facilities–0.09%** | **Leisure Facilities–0.09%** | **Leisure Facilities–0.09%** |
| NCL Corp. Ltd., 5.88%, <br> 02/15/2027<sup>(f)</sup> <br>|  | 634000 | &nbsp;&nbsp; 631480 |
| Six Flags Entertainment <br> Corp./Canada's Wonderland <br> Co./Magnum Management Corp., <br> 5.38%, 04/15/2027<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199189 |
|  |  |  | &nbsp;&nbsp; 830669 |
| **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; 166673 |
| Globe Life, Inc., 4.55%, <br> 09/15/2028<sup>(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 401219 |
|  |  |  | &nbsp;&nbsp; 567892 |
| **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)(f)</sup> <br>|  | 260000 | &nbsp;&nbsp; 225947 |

---

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** |
| **Life Sciences Tools & Services–(continued)** | **Life Sciences Tools & Services–(continued)** | **Life Sciences Tools & Services–(continued)** | **Life Sciences Tools & Services–(continued)** |
| IQVIA, Inc., 5.00%, <br> 05/15/2027<sup>(c)(f)</sup> <br>|  | $419000 | &nbsp;&nbsp; $416005 |
|  |  |  | &nbsp;&nbsp; 641952 |
| **Managed Health Care–0.01%** | **Managed Health Care–0.01%** | **Managed Health Care–0.01%** | **Managed Health Care–0.01%** |
| Centene Corp., 2.45%, <br> 07/15/2028<br>|  | 60000 | &nbsp;&nbsp; 55206 |
| **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>(f)</sup> <br>|  | 276000 | &nbsp;&nbsp; 252214 |
| **Metal, Glass & Plastic Containers–0.10%** | **Metal, Glass & Plastic Containers–0.10%** | **Metal, Glass & Plastic Containers–0.10%** | **Metal, Glass & Plastic Containers–0.10%** |
| Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br> Finance PLC, 3.25%, <br> 09/01/2028<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 183009 |
| LABL, Inc., 5.88%, <br> 11/01/2028<sup>(c)(f)</sup> <br>|  | 266000 | &nbsp;&nbsp; 220480 |
| OI European Group B.V., 4.75%, <br> 02/15/2030<sup>(c)(f)</sup> <br>|  | 480000 | &nbsp;&nbsp; 444904 |
|  |  |  | &nbsp;&nbsp; 848393 |
| **Mortgage REITs–0.02%** | **Mortgage REITs–0.02%** | **Mortgage REITs–0.02%** | **Mortgage REITs–0.02%** |
| Ladder Capital Finance <br> Holdings LLLP/Ladder Capital <br> Finance Corp., 4.25%, <br> 02/01/2027<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 195035 |
| **Movies & Entertainment–0.14%** | **Movies & Entertainment–0.14%** | **Movies & Entertainment–0.14%** | **Movies & Entertainment–0.14%** |
| Odeon Finco PLC (United Kingdom), <br> 12.75%, 11/01/2027<sup>(f)</sup> <br>|  | 617000 | &nbsp;&nbsp; 627737 |
| TWDC Enterprises 18 Corp., | TWDC Enterprises 18 Corp., |  |  |
| 1.85%, 07/30/2026 |  | 200000 | &nbsp;&nbsp; 194647 |
| 2.95%, 06/15/2027 |  | 200000 | &nbsp;&nbsp; 195910 |
| WarnerMedia Holdings, Inc., 4.05%, <br> 03/15/2029<br>|  | 200000 | &nbsp;&nbsp; 186879 |
|  |  |  | &nbsp;&nbsp; 1205173 |
| **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<br>|  | 460000 | &nbsp;&nbsp; 454093 |
| **Multi-line Insurance–0.04%** | **Multi-line Insurance–0.04%** | **Multi-line Insurance–0.04%** | **Multi-line Insurance–0.04%** |
| Acrisure LLC/Acrisure Finance, Inc., <br> 7.50%, 11/06/2030<sup>(c)(f)</sup> <br>|  | 280000 | &nbsp;&nbsp; 285476 |
| Boardwalk Pipelines L.P., 5.95%, <br> 06/01/2026<br>|  | 94000 | &nbsp;&nbsp; 95254 |
|  |  |  | &nbsp;&nbsp; 380730 |
| **Multi-Utilities–0.12%** | **Multi-Utilities–0.12%** | **Multi-Utilities–0.12%** | **Multi-Utilities–0.12%** |
| Algonquin Power & Utilities Corp. <br> (Canada), 4.75%, <br> 01/18/2082<sup>(c)(g)</sup> <br>|  | 160000 | &nbsp;&nbsp; 150321 |
| Sempra, 3.25%, 06/15/2027 |  | 920000 | &nbsp;&nbsp; 894389 |
|  |  |  | &nbsp;&nbsp; 1044710 |
| **Office REITs–0.11%** | **Office REITs–0.11%** | **Office REITs–0.11%** | **Office REITs–0.11%** |
| Boston Properties L.P., 4.50%, <br> 12/01/2028<br>|  | 100000 | &nbsp;&nbsp; 98583 |
| Brandywine Operating Partnership L.P., | Brandywine Operating Partnership L.P., |  |  |
| 8.30%, 03/15/2028<sup>(c)</sup> <br>|  | 420000 | &nbsp;&nbsp; 434526 |
| 8.88%, 04/12/2029 |  | 200000 | &nbsp;&nbsp; 209968 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Office REITs–(continued)** | **Office REITs–(continued)** | **Office REITs–(continued)** | **Office REITs–(continued)** |
| Highwoods Realty L.P., 4.20%, <br> 04/15/2029<br>|  | $260000 | &nbsp;&nbsp; $248244 |
|  |  |  | &nbsp;&nbsp; 991321 |
| **Office Services & Supplies–0.14%** | **Office Services & Supplies–0.14%** | **Office Services & Supplies–0.14%** | **Office Services & Supplies–0.14%** |
| ACCO Brands Corp., 4.25%, <br> 03/15/2029<sup>(c)(f)</sup> <br>|  | 620000 | &nbsp;&nbsp; 539678 |
| Pitney Bowes, Inc., 6.88%, <br> 03/15/2027<sup>(f)</sup> <br>|  | 378000 | &nbsp;&nbsp; 377179 |
| Steelcase, Inc., 5.13%, <br> 01/18/2029<br>|  | 353000 | &nbsp;&nbsp; 335862 |
|  |  |  | &nbsp;&nbsp; 1252719 |
| **Oil & Gas Drilling–0.20%** | **Oil & Gas Drilling–0.20%** | **Oil & Gas Drilling–0.20%** | **Oil & Gas Drilling–0.20%** |
| Harvest Midstream I L.P., 7.50%, <br> 09/01/2028<sup>(f)</sup> <br>|  | 210000 | &nbsp;&nbsp; 212752 |
| Nabors Industries, Inc., 9.13%, <br> 01/31/2030<sup>(c)(f)</sup> <br>|  | 483000 | &nbsp;&nbsp; 437989 |
| Noble Finance II LLC, 8.00%, <br> 04/15/2030<sup>(f)</sup> <br>|  | 610000 | &nbsp;&nbsp; 581734 |
| Rockies Express Pipeline LLC, <br> 7.50%, 07/15/2038<sup>(f)</sup> <br>|  | 366000 | &nbsp;&nbsp; 359594 |
| Valaris Ltd., 8.38%, <br> 04/30/2030<sup>(f)</sup> <br>|  | 210000 | &nbsp;&nbsp; 196962 |
|  |  |  | &nbsp;&nbsp; 1789031 |
| **Oil & Gas Equipment & Services–0.09%** | **Oil & Gas Equipment & Services–0.09%** | **Oil & Gas Equipment & Services–0.09%** | **Oil & Gas Equipment & Services–0.09%** |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor, Inc., | Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor, Inc., |  |  |
| 3.34%, 12/15/2027 |  | 155000 | &nbsp;&nbsp; 151815 |
| 3.14%, 11/07/2029<sup>(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 94589 |
| Enerflex Ltd. (Canada), 9.00%, <br> 10/15/2027<sup>(f)</sup> <br>|  | 320000 | &nbsp;&nbsp; 328409 |
| TGS ASA (Norway), 8.50%, <br> 01/15/2030<sup>(c)(f)</sup> <br>|  | 260000 | &nbsp;&nbsp; 258196 |
|  |  |  | &nbsp;&nbsp; 833009 |
| **Oil & Gas Exploration & Production–0.47%** | **Oil & Gas Exploration & Production–0.47%** | **Oil & Gas Exploration & Production–0.47%** | **Oil & Gas Exploration & Production–0.47%** |
| Baytex Energy Corp. (Canada), <br> 8.50%, 04/30/2030<sup>(c)(f)</sup> <br>|  | 605000 | &nbsp;&nbsp; 562789 |
| California Resources Corp., 8.25%, <br> 06/15/2029<sup>(f)</sup> <br>|  | 310000 | &nbsp;&nbsp; 296027 |
| Civitas Resources, Inc., 8.75%, <br> 07/01/2031<sup>(c)(f)</sup> <br>|  | 600000 | &nbsp;&nbsp; 571067 |
| Comstock Resources, Inc., 5.88%, <br> 01/15/2030<sup>(c)(f)</sup> <br>|  | 549000 | &nbsp;&nbsp; 497727 |
| ConocoPhillips Co., 4.70%, <br> 01/15/2030<br>|  | 200000 | &nbsp;&nbsp; 201865 |
| Crescent Energy Finance LLC, <br> 7.63%, 04/01/2032<sup>(c)(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 272933 |
| Devon Energy Corp., 5.25%, <br> 10/15/2027<br>|  | 75000 | &nbsp;&nbsp; 75322 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., | Hilcorp Energy I L.P./Hilcorp Finance Co., |  |  |
| 5.75%, 02/01/2029<sup>(f)</sup> <br>|  | 210000 | &nbsp;&nbsp; 196829 |
| 8.38%, 11/01/2033<sup>(f)</sup> <br>|  | 500000 | &nbsp;&nbsp; 476113 |
| 6.88%, 05/15/2034<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 170215 |
| Northern Oil and Gas, Inc., 8.13%, <br> 03/01/2028<sup>(c)(f)</sup> <br>|  | 630000 | &nbsp;&nbsp; 622571 |
| SM Energy Co., 6.75%, <br> 08/01/2029<sup>(c)(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 280549 |
|  |  |  | &nbsp;&nbsp; 4224007 |

---

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** |
| **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; $553719 |
| PBF Holding Co. LLC/PBF Finance <br> Corp., 7.88%, 09/15/2030<sup>(c)(f)</sup> <br>|  | 260000 | &nbsp;&nbsp; 214204 |
| Valero Energy Corp., 5.15%, <br> 02/15/2030<br>|  | 200000 | &nbsp;&nbsp; 202245 |
|  |  |  | &nbsp;&nbsp; 970168 |
| **Oil & Gas Storage & Transportation–0.46%** | **Oil & Gas Storage & Transportation–0.46%** | **Oil & Gas Storage & Transportation–0.46%** | **Oil & Gas Storage & Transportation–0.46%** |
| Cheniere Corpus Christi <br> Holdings LLC, 5.13%, <br> 06/30/2027<br>|  | 125000 | &nbsp;&nbsp; 126425 |
| Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |  |  |
| 4.25%, 12/01/2026 |  | 230000 | &nbsp;&nbsp; 229258 |
| 5.30%, 04/05/2029<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204868 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 4.40%, 03/15/2027 |  | 60000 | &nbsp;&nbsp; 59875 |
| 5.50%, 06/01/2027 |  | 50000 | &nbsp;&nbsp; 50786 |
| 4.95%, 06/15/2028 |  | 230000 | &nbsp;&nbsp; 232160 |
| ITT Holdings LLC, 6.50%, <br> 08/01/2029<sup>(f)</sup> <br>|  | 417000 | &nbsp;&nbsp; 381307 |
| New Fortress Energy, Inc., 6.50%, <br> 09/30/2026<sup>(c)(f)</sup> <br>|  | 617000 | &nbsp;&nbsp; 506052 |
| NGL Energy Operating LLC/NGL <br> Energy Finance Corp., 8.13%, <br> 02/15/2029<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 188186 |
| ONEOK, Inc., 5.65%, 11/01/2028 |  | 100000 | &nbsp;&nbsp; 103132 |
| Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance <br> Corp., 5.50%, 01/15/2028<sup>(f)</sup> <br>|  | 210000 | &nbsp;&nbsp; 204366 |
| TransCanada PipeLines Ltd. <br> (Canada), 4.25%, 05/15/2028<br>|  | 300000 | &nbsp;&nbsp; 297736 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| 8.13%, 06/01/2028<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 198785 |
| 8.38%, 06/01/2031<sup>(f)</sup> <br>|  | 946000 | &nbsp;&nbsp; 913160 |
| 9.88%, 02/01/2032<sup>(f)</sup> <br>|  | 400000 | &nbsp;&nbsp; 406396 |
|  |  |  | &nbsp;&nbsp; 4102492 |
| **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; 74377 |
| 3.75%, 08/15/2029<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 187271 |
| Iron Mountain, Inc., 4.88%, <br> 09/15/2027<sup>(f)</sup> <br>|  | 168000 | &nbsp;&nbsp; 165772 |
|  |  |  | &nbsp;&nbsp; 427420 |
| **Other Specialty Retail–0.12%** | **Other Specialty Retail–0.12%** | **Other Specialty Retail–0.12%** | **Other Specialty Retail–0.12%** |
| Bath & Body Works, Inc., 6.69%, <br> 01/15/2027<br>|  | 490000 | &nbsp;&nbsp; 499785 |
| PetSmart, Inc./PetSmart Finance Corp., | PetSmart, Inc./PetSmart Finance Corp., |  |  |
| 4.75%, 02/15/2028<sup>(f)</sup> <br>|  | 202000 | &nbsp;&nbsp; 193290 |
| 7.75%, 02/15/2029<sup>(c)(f)</sup> <br>|  | 372000 | &nbsp;&nbsp; 347030 |
|  |  |  | &nbsp;&nbsp; 1040105 |
| **Packaged Foods & Meats–0.16%** | **Packaged Foods & Meats–0.16%** | **Packaged Foods & Meats–0.16%** | **Packaged Foods & Meats–0.16%** |
| B&G Foods, Inc., 8.00%, <br> 09/15/2028<sup>(f)</sup> <br>|  | 600000 | &nbsp;&nbsp; 596031 |
| Conagra Brands, Inc., 1.38%, <br> 11/01/2027<br>|  | 300000 | &nbsp;&nbsp; 277019 |
| McCormick & Co., Inc., 3.40%, <br> 08/15/2027<br>|  | 230000 | &nbsp;&nbsp; 225821 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Packaged Foods & Meats–(continued)** | **Packaged Foods & Meats–(continued)** | **Packaged Foods & Meats–(continued)** | **Packaged Foods & Meats–(continued)** |
| TKC Holdings, Inc., 6.88%, <br> 05/15/2028<sup>(f)</sup> <br>|  | $330000 | &nbsp;&nbsp; $330390 |
|  |  |  | &nbsp;&nbsp; 1429261 |
| **Paper & Plastic Packaging Products & Materials–0.17%** | **Paper & Plastic Packaging Products & Materials–0.17%** | **Paper & Plastic Packaging Products & Materials–0.17%** | **Paper & Plastic Packaging Products & Materials–0.17%** |
| Cascades, Inc./Cascades USA, Inc. <br> (Canada), 5.38%, <br> 01/15/2028<sup>(f)</sup> <br>|  | 210000 | &nbsp;&nbsp; 204911 |
| Clydesdale Acquisition Holdings, <br> Inc., 6.75%, 04/15/2032<sup>(f)</sup> <br>|  | 500000 | &nbsp;&nbsp; 511659 |
| Mauser Packaging Solutions Holding <br> Co., 9.25%, 04/15/2027<sup>(f)</sup> <br>|  | 205000 | &nbsp;&nbsp; 188276 |
| Sealed Air Corp., 6.88%, <br> 07/15/2033<sup>(c)(f)</sup> <br>|  | 610000 | &nbsp;&nbsp; 633686 |
|  |  |  | &nbsp;&nbsp; 1538532 |
| **Paper Products–0.05%** | **Paper Products–0.05%** | **Paper Products–0.05%** | **Paper Products–0.05%** |
| Domtar Corp., 6.75%, <br> 10/01/2028<sup>(f)</sup> <br>|  | 480000 | &nbsp;&nbsp; 402696 |
| **Passenger Airlines–0.23%** | **Passenger Airlines–0.23%** | **Passenger Airlines–0.23%** | **Passenger Airlines–0.23%** |
| Air Canada (Canada), 3.88%, <br> 08/15/2026<sup>(c)(f)</sup> <br>|  | 160000 | &nbsp;&nbsp; 157127 |
| Air Canada Pass-Through Trust <br> (Canada), Series 2020-1, <br> Class C, 10.50%, <br> 07/15/2026<sup>(f)</sup> <br>|  | 53000 | &nbsp;&nbsp; 55849 |
| Allegiant Travel Co., 7.25%, <br> 08/15/2027<sup>(c)(f)</sup> <br>|  | 410000 | &nbsp;&nbsp; 379027 |
| American Airlines, Inc., 7.25%, <br> 02/15/2028<sup>(c)(f)</sup> <br>|  | 630000 | &nbsp;&nbsp; 622900 |
| JetBlue Airways Corp./JetBlue <br> Loyalty L.P., 9.88%, <br> 09/20/2031<sup>(c)(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 276572 |
| Southwest Airlines Co., | Southwest Airlines Co., |  |  |
| 3.00%, 11/15/2026<sup>(c)</sup> <br>|  | 380000 | &nbsp;&nbsp; 369570 |
| 3.45%, 11/16/2027 |  | 125000 | &nbsp;&nbsp; 121396 |
| United Airlines Pass-Through Trust, <br> Series 2020-1, Class A, 5.88%, <br> 10/15/2027<br>|  | 79499 | &nbsp;&nbsp; 81009 |
|  |  |  | &nbsp;&nbsp; 2063450 |
| **Personal Care Products–0.02%** | **Personal Care Products–0.02%** | **Personal Care Products–0.02%** | **Personal Care Products–0.02%** |
| Estee Lauder Cos., Inc. (The), <br> 2.38%, 12/01/2029<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 182458 |
| **Pharmaceuticals–0.31%** | **Pharmaceuticals–0.31%** | **Pharmaceuticals–0.31%** | **Pharmaceuticals–0.31%** |
| AstraZeneca PLC (United Kingdom), <br> 4.00%, 01/17/2029<br>|  | 920000 | &nbsp;&nbsp; 915402 |
| Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |  |  |
| 3.45%, 11/15/2027<sup>(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 227257 |
| 3.90%, 02/20/2028<sup>(c)</sup> <br>|  | 680000 | &nbsp;&nbsp; 678512 |
| Cheplapharm Arzneimittel GmbH <br> (Germany), 5.50%, <br> 01/15/2028<sup>(f)</sup> <br>|  | 400000 | &nbsp;&nbsp; 354214 |
| 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>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 188784 |
| 6.75%, 05/15/2034<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 188838 |
| Utah Acquisition Sub, Inc., 3.95%, <br> 06/15/2026<br>|  | 134000 | &nbsp;&nbsp; 132133 |
| Viatris, Inc., 2.30%, 06/22/2027 |  | 85000 | &nbsp;&nbsp; 80119 |
|  |  |  | &nbsp;&nbsp; 2765259 |

---

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

**10**

**Invesco Multi-Asset Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Property & Casualty Insurance–0.03%** | **Property & Casualty Insurance–0.03%** | **Property & Casualty Insurance–0.03%** | **Property & Casualty Insurance–0.03%** |
| Fairfax Financial Holdings Ltd. <br> (Canada), 4.85%, 04/17/2028<br>|  | $75000 | &nbsp;&nbsp; $75597 |
| Hanover Insurance Group, Inc. <br> (The), 4.50%, 04/15/2026<br>|  | 230000 | &nbsp;&nbsp; 229077 |
|  |  |  | &nbsp;&nbsp; 304674 |
| **Rail Transportation–0.03%** | **Rail Transportation–0.03%** | **Rail Transportation–0.03%** | **Rail Transportation–0.03%** |
| CSX Corp., 3.25%, 06/01/2027 |  | 230000 | &nbsp;&nbsp; 225768 |
| **Real Estate Services–0.08%** | **Real Estate Services–0.08%** | **Real Estate Services–0.08%** | **Real Estate Services–0.08%** |
| Anywhere Real Estate <br> Group LLC/Anywhere Co-Issuer <br> Corp., 7.00%, 04/15/2030<sup>(c)(f)</sup> <br>|  | 614254 | &nbsp;&nbsp; 545529 |
| Newmark Group, Inc., 7.50%, <br> 01/12/2029<br>|  | 160000 | &nbsp;&nbsp; 167398 |
|  |  |  | &nbsp;&nbsp; 712927 |
| **Regional Banks–0.24%** | **Regional Banks–0.24%** | **Regional Banks–0.24%** | **Regional Banks–0.24%** |
| M&T Bank Corp., 7.41%, <br> 10/30/2029<sup>(c)(g)</sup> <br>|  | 500000 | &nbsp;&nbsp; 538067 |
| Santander Holdings USA, Inc., | Santander Holdings USA, Inc., |  |  |
| 2.49%, 01/06/2028<sup>(c)(g)</sup> <br>|  | 100000 | &nbsp;&nbsp; 96015 |
| 6.50%, 03/09/2029<sup>(g)</sup> <br>|  | 380000 | &nbsp;&nbsp; 394190 |
| Truist Financial Corp., | Truist Financial Corp., |  |  |
| 4.12%, 06/06/2028<sup>(c)(g)</sup> <br>|  | 300000 | &nbsp;&nbsp; 298496 |
| 4.87%, 01/26/2029<sup>(g)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100789 |
| 7.16%, 10/30/2029<sup>(g)</sup> <br>|  | 400000 | &nbsp;&nbsp; 431975 |
| Veritiv Operating Co., 10.50%, <br> 11/30/2030<sup>(f)</sup> <br>|  | 235000 | &nbsp;&nbsp; 245763 |
|  |  |  | &nbsp;&nbsp; 2105295 |
| **Reinsurance–0.06%** | **Reinsurance–0.06%** | **Reinsurance–0.06%** | **Reinsurance–0.06%** |
| Axis Specialty Finance PLC, 4.00%, <br> 12/06/2027<br>|  | 200000 | &nbsp;&nbsp; 197129 |
| Global Atlantic (Fin) Co., 4.70%, <br> 10/15/2051<sup>(f)(g)</sup> <br>|  | 320000 | &nbsp;&nbsp; 304231 |
|  |  |  | &nbsp;&nbsp; 501360 |
| **Research & Consulting Services–0.07%** | **Research & Consulting Services–0.07%** | **Research & Consulting Services–0.07%** | **Research & Consulting Services–0.07%** |
| Clarivate Science Holdings Corp., <br> 3.88%, 07/01/2028<sup>(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 283364 |
| KBR, Inc., 4.75%, 09/30/2028<sup>(f)</sup> <br>|  | 400000 | &nbsp;&nbsp; 379610 |
|  |  |  | &nbsp;&nbsp; 662974 |
| **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; 454710 |
| **Retail REITs–0.11%** | **Retail REITs–0.11%** | **Retail REITs–0.11%** | **Retail REITs–0.11%** |
| Brookfield Property REIT, Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/<br> GGSI Sellco LLC, 4.50%, <br> 04/01/2027<sup>(f)</sup> <br>|  | 321000 | &nbsp;&nbsp; 311755 |
| Kite Realty Group L.P., 4.00%, <br> 10/01/2026<sup>(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 396247 |
| Necessity Retail REIT, Inc. <br> (The)/American Finance <br> Operating Partner L.P., 4.50%, <br> 09/30/2028<sup>(c)(f)</sup> <br>|  | 160000 | &nbsp;&nbsp; 151005 |
| Realty Income Corp., 4.88%, <br> 06/01/2026<sup>(c)</sup> <br>|  | 80000 | &nbsp;&nbsp; 80271 |
|  |  |  | &nbsp;&nbsp; 939278 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Security & Alarm Services–0.02%** | **Security & Alarm Services–0.02%** | **Security & Alarm Services–0.02%** | **Security & Alarm Services–0.02%** |
| CoreCivic, Inc., 4.75%, <br> 10/15/2027<br>|  | $160000 | &nbsp;&nbsp; $156002 |
| **Semiconductors–0.22%** | **Semiconductors–0.22%** | **Semiconductors–0.22%** | **Semiconductors–0.22%** |
| ams-OSRAM AG (Austria), 12.25%, <br> 03/30/2029<sup>(c)(f)</sup> <br>|  | 279000 | &nbsp;&nbsp; 283055 |
| Intel Corp., | Intel Corp., |  |  |
| 3.15%, 05/11/2027 |  | 230000 | &nbsp;&nbsp; 223388 |
| 3.75%, 08/05/2027 |  | 300000 | &nbsp;&nbsp; 294801 |
| 4.00%, 08/05/2029 |  | 200000 | &nbsp;&nbsp; 193861 |
| 5.13%, 02/10/2030 |  | 400000 | &nbsp;&nbsp; 403947 |
| Skyworks Solutions, Inc., 1.80%, <br> 06/01/2026<br>|  | 600000 | &nbsp;&nbsp; 578326 |
|  |  |  | &nbsp;&nbsp; 1977378 |
| **Single-Family Residential REITs–0.03%** | **Single-Family Residential REITs–0.03%** | **Single-Family Residential REITs–0.03%** | **Single-Family Residential REITs–0.03%** |
| Tanger Properties L.P., 3.13%, <br> 09/01/2026<br>|  | 230000 | &nbsp;&nbsp; 225916 |
| **Soft Drinks & Non-alcoholic Beverages–0.10%** | **Soft Drinks & Non-alcoholic Beverages–0.10%** | **Soft Drinks & Non-alcoholic Beverages–0.10%** | **Soft Drinks & Non-alcoholic Beverages–0.10%** |
| Keurig Dr Pepper, Inc., 2.55%, <br> 09/15/2026<br>|  | 250000 | &nbsp;&nbsp; 244326 |
| PepsiCo Singapore Financing I Pte. <br> Ltd., 4.65%, 02/16/2027<br>|  | 600000 | &nbsp;&nbsp; 606916 |
|  |  |  | &nbsp;&nbsp; 851242 |
| **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; 226461 |
| **Specialty Chemicals–0.10%** | **Specialty Chemicals–0.10%** | **Specialty Chemicals–0.10%** | **Specialty Chemicals–0.10%** |
| Celanese US Holdings LLC, 6.42%, <br> 07/15/2027<br>|  | 350000 | &nbsp;&nbsp; 353151 |
| SCIL IV LLC/SCIL USA Holdings LLC, <br> 5.38%, 11/01/2026<sup>(f)</sup> <br>|  | 582000 | &nbsp;&nbsp; 574952 |
|  |  |  | &nbsp;&nbsp; 928103 |
| **Steel–0.16%** | **Steel–0.16%** | **Steel–0.16%** | **Steel–0.16%** |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 6.88%, 11/01/2029<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 193937 |
| 6.75%, 04/15/2030<sup>(c)(f)</sup> <br>|  | 269000 | &nbsp;&nbsp; 259367 |
| 4.88%, 03/01/2031<sup>(f)</sup> <br>|  | 160000 | &nbsp;&nbsp; 137431 |
| 7.50%, 09/15/2031<sup>(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 290582 |
| 7.00%, 03/15/2032<sup>(c)(f)</sup> <br>|  | 160000 | &nbsp;&nbsp; 150518 |
| Nucor Corp., 3.95%, <br> 05/01/2028<sup>(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 98999 |
| SunCoke Energy, Inc., 4.88%, <br> 06/30/2029<sup>(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 275923 |
|  |  |  | &nbsp;&nbsp; 1406757 |
| **Systems Software–0.08%** | **Systems Software–0.08%** | **Systems Software–0.08%** | **Systems Software–0.08%** |
| Gen Digital, Inc., 6.75%, <br> 09/30/2027<sup>(f)</sup> <br>|  | 294000 | &nbsp;&nbsp; 299097 |
| McAfee Corp., 7.38%, <br> 02/15/2030<sup>(f)</sup> <br>|  | 310000 | &nbsp;&nbsp; 268095 |
| VMware LLC, 4.65%, 05/15/2027 |  | 130000 | &nbsp;&nbsp; 130248 |
|  |  |  | &nbsp;&nbsp; 697440 |
| **Technology Distributors–0.03%** | **Technology Distributors–0.03%** | **Technology Distributors–0.03%** | **Technology Distributors–0.03%** |
| Avnet, Inc., | Avnet, Inc., |  |  |
| 4.63%, 04/15/2026 |  | 75000 | &nbsp;&nbsp; 74869 |
| 6.25%, 03/15/2028<sup>(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 238224 |
|  |  |  | &nbsp;&nbsp; 313093 |

---

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

**11**

**Invesco Multi-Asset Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Technology Hardware, Storage & Peripherals–0.13%** | **Technology Hardware, Storage & Peripherals–0.13%** | **Technology Hardware, Storage & Peripherals–0.13%** | **Technology Hardware, Storage & Peripherals–0.13%** |
| Apple, Inc., | Apple, Inc., |  |  |
| 2.05%, 09/11/2026 |  | $750000 | &nbsp;&nbsp; $731767 |
| 3.20%, 05/11/2027 |  | 135000 | &nbsp;&nbsp; 133438 |
| Xerox Holdings Corp., 5.50%, <br> 08/15/2028<sup>(f)</sup> <br>|  | 483000 | &nbsp;&nbsp; 310624 |
|  |  |  | &nbsp;&nbsp; 1175829 |
| **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; 300484 |
| 3.55%, 07/15/2027<sup>(c)</sup> <br>|  | 105000 | &nbsp;&nbsp; 103184 |
| 3.80%, 08/15/2029 |  | 200000 | &nbsp;&nbsp; 193447 |
| Crown Castle, Inc., | Crown Castle, Inc., |  |  |
| 3.65%, 09/01/2027<sup>(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 224987 |
| 4.30%, 02/15/2029 |  | 400000 | &nbsp;&nbsp; 393328 |
| 3.10%, 11/15/2029 |  | 200000 | &nbsp;&nbsp; 186047 |
| SBA Communications Corp., 3.88%, <br> 02/15/2027<sup>(c)</sup> <br>|  | 320000 | &nbsp;&nbsp; 313316 |
|  |  |  | &nbsp;&nbsp; 1714793 |
| **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; 458644 |
| **Tobacco–0.13%** | **Tobacco–0.13%** | **Tobacco–0.13%** | **Tobacco–0.13%** |
| B.A.T Capital Corp. (United <br> Kingdom), 3.22%, 09/06/2026<br>|  | 134000 | &nbsp;&nbsp; 131910 |
| Philip Morris International, Inc., | Philip Morris International, Inc., |  |  |
| 4.88%, 02/15/2028<sup>(c)</sup> <br>|  | 160000 | &nbsp;&nbsp; 162923 |
| 3.13%, 03/02/2028 |  | 230000 | &nbsp;&nbsp; 223874 |
| 5.63%, 11/17/2029 |  | 180000 | &nbsp;&nbsp; 188739 |
| 5.13%, 02/15/2030<sup>(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 410500 |
|  |  |  | &nbsp;&nbsp; 1117946 |
| **Trading Companies & Distributors–0.03%** | **Trading Companies & Distributors–0.03%** | **Trading Companies & Distributors–0.03%** | **Trading Companies & Distributors–0.03%** |
| Air Lease Corp., 4.63%, <br> 10/01/2028<br>|  | 90000 | &nbsp;&nbsp; 89986 |
| Herc Holdings, Inc., 5.50%, <br> 07/15/2027<sup>(c)(f)</sup> <br>|  | 160000 | &nbsp;&nbsp; 158358 |
|  |  |  | &nbsp;&nbsp; 248344 |
| **Transaction & Payment Processing Services–0.08%** | **Transaction & Payment Processing Services–0.08%** | **Transaction & Payment Processing Services–0.08%** | **Transaction & Payment Processing Services–0.08%** |
| Block, Inc., 2.75%, 06/01/2026 |  | 276000 | &nbsp;&nbsp; 269620 |
| Global Payments, Inc., 2.15%, <br> 01/15/2027<br>|  | 110000 | &nbsp;&nbsp; 105458 |
| NCR Atleos Corp., 9.50%, <br> 04/01/2029<sup>(f)</sup> <br>|  | 160000 | &nbsp;&nbsp; 172291 |
| WEX, Inc., 6.50%, 03/15/2033<sup>(c)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 194675 |
|  |  |  | &nbsp;&nbsp; 742044 |
| **Water Utilities–0.08%** | **Water Utilities–0.08%** | **Water Utilities–0.08%** | **Water Utilities–0.08%** |
| United Utilities PLC (United <br> Kingdom), 6.88%, 08/15/2028<br>|  | 700000 | &nbsp;&nbsp; 749634 |
| **Wireless Telecommunication Services–0.07%** | **Wireless Telecommunication Services–0.07%** | **Wireless Telecommunication Services–0.07%** | **Wireless Telecommunication Services–0.07%** |
| Sprint Capital Corp., 6.88%, <br> 11/15/2028<br>|  | 70000 | &nbsp;&nbsp; 74890 |
| VMED O2 UK Financing I PLC (United <br> Kingdom), 7.75%, <br> 04/15/2032<sup>(f)</sup> <br>|  | 520000 | &nbsp;&nbsp; 525311 |
|  |  |  | &nbsp;&nbsp; 600201 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $157,069,794) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $157,069,794) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $157,069,794) | &nbsp;&nbsp; 156438526 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Non-U.S. Dollar Denominated Bonds & Notes–3.86%**<sup>(i)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–3.86%**<sup>(i)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–3.86%**<sup>(i)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–3.86%**<sup>(i)</sup>  |
| **Advertising–0.04%** | **Advertising–0.04%** | **Advertising–0.04%** | **Advertising–0.04%** |
| JCDecaux SE (France), 1.63%, <br> 02/07/2030<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; $210434 |
| MMS USA Holdings, Inc. (France), <br> 1.25%, 06/13/2028<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 108810 |
|  |  |  | &nbsp;&nbsp; 319244 |
| **Agricultural & Farm Machinery–0.04%** | **Agricultural & Farm Machinery–0.04%** | **Agricultural & Farm Machinery–0.04%** | **Agricultural & Farm Machinery–0.04%** |
| CNH Industrial Finance Europe S.A., <br> 1.63%, 07/03/2029<sup>(f)</sup> <br>| EUR | 330000 | &nbsp;&nbsp; 353780 |
| **Alternative Carriers–0.01%** | **Alternative Carriers–0.01%** | **Alternative Carriers–0.01%** | **Alternative Carriers–0.01%** |
| Chorus Ltd. (New Zealand), 3.63%, <br> 09/07/2029<br>| EUR | 100000 | &nbsp;&nbsp; 116068 |
| **Apparel, Accessories & Luxury Goods–0.01%** | **Apparel, Accessories & Luxury Goods–0.01%** | **Apparel, Accessories & Luxury Goods–0.01%** | **Apparel, Accessories & Luxury Goods–0.01%** |
| PVH Corp., 3.13%, 12/15/2027<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 113543 |
| **Application Software–0.05%** | **Application Software–0.05%** | **Application Software–0.05%** | **Application Software–0.05%** |
| Dassault Systemes SE (France), <br> 0.13%, 09/16/2026<sup>(f)</sup> <br>| EUR | 400000 | &nbsp;&nbsp; 437579 |
| **Automobile Manufacturers–0.24%** | **Automobile Manufacturers–0.24%** | **Automobile Manufacturers–0.24%** | **Automobile Manufacturers–0.24%** |
| American Honda Finance Corp., <br> 0.30%, 07/07/2028<br>| EUR | 480000 | &nbsp;&nbsp; 504379 |
| Ford Motor Credit Co. LLC, 6.13%, <br> 05/15/2028<br>| EUR | 200000 | &nbsp;&nbsp; 242278 |
| RCI Banque S.A. (France), 3.88%, <br> 01/12/2029<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 231953 |
| Stellantis N.V., | Stellantis N.V., |  |  |
| 4.50%, 07/07/2028<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 235669 |
| 0.75%, 01/18/2029<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 206506 |
| Volkswagen Financial Services AG <br> (Germany), | Volkswagen Financial Services AG <br> (Germany), |  |  |
| 0.13%, 02/12/2027<sup>(f)</sup> <br>| EUR | 90000 | &nbsp;&nbsp; 97678 |
| 2.25%, 10/01/2027<sup>(f)</sup> <br>| EUR | 49000 | &nbsp;&nbsp; 55016 |
| Volkswagen Leasing GmbH (Germany), | Volkswagen Leasing GmbH (Germany), |  |  |
| 0.38%, 07/20/2026<sup>(f)</sup> <br>| EUR | 85000 | &nbsp;&nbsp; 93912 |
| 4.63%, 03/25/2029<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 238707 |
| 0.63%, 07/19/2029<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 203217 |
|  |  |  | &nbsp;&nbsp; 2109315 |
| **Automotive Parts & Equipment–0.03%** | **Automotive Parts & Equipment–0.03%** | **Automotive Parts & Equipment–0.03%** | **Automotive Parts & Equipment–0.03%** |
| Daimler Truck International Finance <br> B.V. (Germany), 3.88%, <br> 06/19/2029<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 235556 |
| **Automotive Retail–0.01%** | **Automotive Retail–0.01%** | **Automotive Retail–0.01%** | **Automotive Retail–0.01%** |
| Leasys S.p.A. (Italy), 4.63%, <br> 02/16/2027<sup>(f)</sup> <br>| EUR | 110000 | &nbsp;&nbsp; 128497 |
| **Brewers–0.03%** | **Brewers–0.03%** | **Brewers–0.03%** | **Brewers–0.03%** |
| Carlsberg Breweries A/S (Denmark), | Carlsberg Breweries A/S (Denmark), |  |  |
| 3.50%, 11/26/2026<sup>(f)</sup> <br>| EUR | 110000 | &nbsp;&nbsp; 126664 |
| 0.88%, 07/01/2029<sup>(f)</sup> <br>| EUR | 110000 | &nbsp;&nbsp; 115862 |
|  |  |  | &nbsp;&nbsp; 242526 |
| **Broadcasting–0.02%** | **Broadcasting–0.02%** | **Broadcasting–0.02%** | **Broadcasting–0.02%** |
| TDF Infrastructure (France), 1.75%, <br> 12/01/2029<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 208756 |
| **Building Products–0.03%** | **Building Products–0.03%** | **Building Products–0.03%** | **Building Products–0.03%** |
| Holcim Finance (Luxembourg) S.A. <br> (Switzerland), 0.50%, <br> 11/29/2026<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 220372 |

---

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

**12**

**Invesco Multi-Asset Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Cable & Satellite–0.04%** | **Cable & Satellite–0.04%** | **Cable & Satellite–0.04%** | **Cable & Satellite–0.04%** |
| Discovery Communications LLC, <br> 1.90%, 03/19/2027<br>| EUR | 110000 | &nbsp;&nbsp; $122063 |
| SES S.A. (Luxembourg), 3.50%, <br> 01/14/2029<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 225890 |
|  |  |  | &nbsp;&nbsp; 347953 |
| **Commercial & Residential Mortgage Finance–0.01%** | **Commercial & Residential Mortgage Finance–0.01%** | **Commercial & Residential Mortgage Finance–0.01%** | **Commercial & Residential Mortgage Finance–0.01%** |
| Aareal Bank AG (Germany), 0.50%, <br> 04/07/2027<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 108163 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.01%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.01%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.01%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.01%** |
| Knorr-Bremse AG (Germany), <br> 3.25%, 09/21/2027<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 115464 |
| **Construction Materials–0.01%** | **Construction Materials–0.01%** | **Construction Materials–0.01%** | **Construction Materials–0.01%** |
| Danfoss Finance I B.V. (Denmark), <br> 0.38%, 10/28/2028<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 103936 |
| **Consumer Electronics–0.04%** | **Consumer Electronics–0.04%** | **Consumer Electronics–0.04%** | **Consumer Electronics–0.04%** |
| Whirlpool Finance (Luxembourg) <br> S.a.r.l., 1.10%, 11/09/2027<br>| EUR | 340000 | &nbsp;&nbsp; 364131 |
| **Consumer Finance–0.06%** | **Consumer Finance–0.06%** | **Consumer Finance–0.06%** | **Consumer Finance–0.06%** |
| General Motors Financial Co., Inc., <br> 0.65%, 09/07/2028<sup>(f)</sup> <br>| EUR | 480000 | &nbsp;&nbsp; 505285 |
| **Consumer Staples Merchandise Retail–0.01%** | **Consumer Staples Merchandise Retail–0.01%** | **Consumer Staples Merchandise Retail–0.01%** | **Consumer Staples Merchandise Retail–0.01%** |
| ITM Entreprises S.A.S (France), <br> 5.75%, 07/22/2029<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 120690 |
| **Data Processing & Outsourced Services–0.01%** | **Data Processing & Outsourced Services–0.01%** | **Data Processing & Outsourced Services–0.01%** | **Data Processing & Outsourced Services–0.01%** |
| Teleperformance SE (France), <br> 3.75%, 06/24/2029<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 114372 |
| **Diversified Banks–1.22%** | **Diversified Banks–1.22%** | **Diversified Banks–1.22%** | **Diversified Banks–1.22%** |
| ANZ New Zealand (Int'l) Ltd. (New <br> Zealand), 0.20%, <br> 09/23/2027<sup>(f)</sup> <br>| EUR | 230000 | &nbsp;&nbsp; 247025 |
| ASB Bank Ltd. (New Zealand), <br> 0.25%, 09/08/2028<sup>(f)</sup> <br>| EUR | 300000 | &nbsp;&nbsp; 313594 |
| Banco BPM S.p.A. (Italy), 4.63%, <br> 11/29/2027<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 118828 |
| Banco Santander S.A. (Spain), | Banco Santander S.A. (Spain), |  |  |
| 0.50%, 02/04/2027<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 218771 |
| 3.88%, 04/22/2029<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 233744 |
| Bankinter S.A. (Spain), 0.88%, <br> 07/08/2026<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 111306 |
| Banque Federative du Credit Mutuel S.A. <br> (France), | Banque Federative du Credit Mutuel S.A. <br> (France), |  |  |
| 2.13%, 09/12/2026<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 112321 |
| 1.63%, 11/15/2027<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 218995 |
| 3.88%, 01/26/2028<sup>(f)</sup> <br>| EUR | 300000 | &nbsp;&nbsp; 350608 |
| 4.13%, 03/13/2029<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 118509 |
| 2.63%, 11/06/2029<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 222289 |
| 0.75%, 01/17/2030<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 202531 |
| BAWAG PSK Bank fuer Arbeit und <br> Wirtschaft und Oesterreichische <br> Postsparkasse AG (Austria), <br> 0.38%, 09/03/2027<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 215422 |
| Berlin Hyp AG (Germany), 0.50%, <br> 11/05/2029<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 102856 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| BNP Paribas S.A. (France), | BNP Paribas S.A. (France), |  |  |
| 2.88%, 10/01/2026<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; $113665 |
| 0.25%, 04/13/2027<sup>(f)(g)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 110762 |
| 0.50%, 02/19/2028<sup>(f)(g)</sup> <br>| EUR | 300000 | &nbsp;&nbsp; 326852 |
| 1.50%, 05/25/2028<sup>(f)</sup> <br>| EUR | 220000 | &nbsp;&nbsp; 242528 |
| Ceska sporitelna A.S. (Czech <br> Republic), 5.94%, <br> 06/29/2027<sup>(f)(g)</sup> <br>| EUR | 300000 | &nbsp;&nbsp; 351092 |
| Credit Agricole S.A. (France), <br> 1.13%, 02/24/2029<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 213949 |
| Credit Mutuel Arkea S.A. (France), | Credit Mutuel Arkea S.A. (France), |  |  |
| 0.88%, 05/07/2027<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 109801 |
| 0.38%, 10/03/2028<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 104420 |
| Hamburg Commercial Bank AG (Germany), | Hamburg Commercial Bank AG (Germany), |  |  |
| 4.88%, 03/30/2027<sup>(f)</sup> <br>| EUR | 220000 | &nbsp;&nbsp; 258363 |
| 4.75%, 05/02/2029<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 238343 |
| Hamburger Sparkasse AG <br> (Germany), 4.38%, <br> 02/12/2029<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 120895 |
| ING Groep N.V. (Netherlands), <br> 2.00%, 09/20/2028<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 220545 |
| Jyske Bank A/S (Denmark), 5.50%, <br> 11/16/2027<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 236669 |
| Kommunalkredit Austria AG <br> (Austria), 5.25%, <br> 03/28/2029<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 119758 |
| Lansforsakringar Bank AB (Sweden), <br> 3.25%, 01/22/2030<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 228679 |
| Lloyds Bank Corporate Markets PLC <br> (United Kingdom), 4.13%, <br> 05/30/2027<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 234113 |
| NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |  |  |
| 4.07%, 09/06/2028<sup>(f)(g)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 233698 |
| 0.67%, 09/14/2029<sup>(f)(g)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 105096 |
| 0.78%, 02/26/2030<sup>(f)(g)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 103727 |
| NIBC Bank N.V. (Netherlands), <br> 0.25%, 09/09/2026<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 109718 |
| Nordea Bank Abp (Finland), | Nordea Bank Abp (Finland), |  |  |
| 1.13%, 09/27/2027<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 109598 |
| 3.38%, 06/11/2029<sup>(f)</sup> <br>| EUR | 110000 | &nbsp;&nbsp; 127919 |
| Raiffeisen Bank International AG (Austria), | Raiffeisen Bank International AG (Austria), |  |  |
| 5.75%, 01/27/2028<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 245349 |
| 3.88%, 01/03/2030<sup>(f)(g)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 233166 |
| Raiffeisen Schweiz Genossenschaft <br> (Switzerland), 5.23%, <br> 11/01/2027<sup>(f)</sup> <br>| EUR | 400000 | &nbsp;&nbsp; 481744 |
| Skandinaviska Enskilda Banken AB <br> (Sweden), 0.75%, <br> 08/09/2027<sup>(f)</sup> <br>| EUR | 343000 | &nbsp;&nbsp; 373238 |
| Societe Generale S.A. (France), <br> 0.88%, 09/24/2029<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 204632 |
| SpareBank 1 Oestlandet (Norway), <br> 0.13%, 03/03/2028<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 105994 |
| Standard Chartered PLC (United <br> Kingdom), 0.80%, <br> 11/17/2029<sup>(f)(g)</sup> <br>| EUR | 480000 | &nbsp;&nbsp; 501897 |
| Svenska Handelsbanken AB <br> (Sweden), 0.13%, <br> 11/03/2026<sup>(f)</sup> <br>| EUR | 110000 | &nbsp;&nbsp; 120911 |

---

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

**13**

**Invesco Multi-Asset Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Swedbank AB (Sweden), | Swedbank AB (Sweden), |  |  |
| 0.25%, 11/02/2026<sup>(f)</sup> <br>| EUR | 110000 | &nbsp;&nbsp; $120984 |
| 0.30%, 05/20/2027<sup>(f)(g)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 110791 |
| 2.10%, 05/25/2027<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 112577 |
| 4.13%, 11/13/2028<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 237714 |
| Triodos Bank N.V. (Netherlands), <br> 4.88%, 09/12/2029<sup>(f)(g)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 116636 |
| Virgin Money UK PLC (United <br> Kingdom), 4.63%, <br> 10/29/2028<sup>(f)(g)</sup> <br>| EUR | 300000 | &nbsp;&nbsp; 355448 |
| Wells Fargo & Co., 1.38%, <br> 10/26/2026<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 111549 |
| Westpac Banking Corp. (Australia), <br> 1.45%, 07/17/2028<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 219196 |
| Westpac Securities NZ Ltd. (New <br> Zealand), 0.43%, <br> 12/14/2026<sup>(f)</sup> <br>| EUR | 340000 | &nbsp;&nbsp; 372870 |
|  |  |  | &nbsp;&nbsp; 10831685 |
| **Diversified Capital Markets–0.23%** | **Diversified Capital Markets–0.23%** | **Diversified Capital Markets–0.23%** | **Diversified Capital Markets–0.23%** |
| Deutsche Bank AG (Germany), <br> 3.75%, 01/15/2030<sup>(f)(g)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 233615 |
| Macquarie Group Ltd. (Australia), | Macquarie Group Ltd. (Australia), |  |  |
| 0.63%, 02/03/2027<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 109853 |
| 0.94%, 01/19/2029<sup>(f)</sup> <br>| EUR | 410000 | &nbsp;&nbsp; 432909 |
| Santander Consumer Finance S.A. (Spain), | Santander Consumer Finance S.A. (Spain), |  |  |
| 0.50%, 11/14/2026<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 110403 |
| 3.75%, 01/17/2029<sup>(f)</sup> <br>| EUR | 400000 | &nbsp;&nbsp; 467992 |
| UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |  |  |
| 0.25%, 02/24/2028<sup>(f)</sup> <br>| EUR | 240000 | &nbsp;&nbsp; 253821 |
| 0.25%, 11/05/2028<sup>(f)(g)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 212686 |
| 7.75%, 03/01/2029<sup>(f)(g)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 255717 |
|  |  |  | &nbsp;&nbsp; 2076996 |
| **Diversified Chemicals–0.04%** | **Diversified Chemicals–0.04%** | **Diversified Chemicals–0.04%** | **Diversified Chemicals–0.04%** |
| LANXESS AG (Germany), 1.75%, <br> 03/22/2028<sup>(f)</sup> <br>| EUR | 300000 | &nbsp;&nbsp; 324510 |
| **Diversified Financial Services–0.12%** | **Diversified Financial Services–0.12%** | **Diversified Financial Services–0.12%** | **Diversified Financial Services–0.12%** |
| JAB Holdings B.V. (Luxembourg), | JAB Holdings B.V. (Luxembourg), |  |  |
| 1.00%, 12/20/2027<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 216963 |
| Series 11Y, 2.50%, <br> 06/25/2029<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 111413 |
| Nykredit Realkredit A/S (Denmark), <br> 4.00%, 07/17/2028<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 233324 |
| OP Corporate Bank PLC (Finland), <br> 4.13%, 04/18/2027<br>| EUR | 100000 | &nbsp;&nbsp; 116850 |
| ORIX Corp. (Japan), 3.78%, <br> 05/29/2029<sup>(f)</sup> <br>| EUR | 300000 | &nbsp;&nbsp; 348986 |
|  |  |  | &nbsp;&nbsp; 1027536 |
| **Diversified Metals & Mining–0.01%** | **Diversified Metals & Mining–0.01%** | **Diversified Metals & Mining–0.01%** | **Diversified Metals & Mining–0.01%** |
| Glencore Capital Finance DAC <br> (Australia), 0.75%, <br> 03/01/2029<sup>(f)</sup> <br>| EUR | 110000 | &nbsp;&nbsp; 113927 |
| **Diversified REITs–0.06%** | **Diversified REITs–0.06%** | **Diversified REITs–0.06%** | **Diversified REITs–0.06%** |
| Icade S.A. (France), | Icade S.A. (France), |  |  |
| 1.75%, 06/10/2026<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 223766 |
| 1.00%, 01/19/2030<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 202832 |
| WPC Eurobond B.V., 2.13%, <br> 04/15/2027<br>| EUR | 100000 | &nbsp;&nbsp; 112054 |
|  |  |  | &nbsp;&nbsp; 538652 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–0.14%** | **Electric Utilities–0.14%** | **Electric Utilities–0.14%** | **Electric Utilities–0.14%** |
| AusNet Services Holdings Pty. Ltd. <br> (Australia), 1.50%, <br> 02/26/2027<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; $111270 |
| Duke Energy Corp., 3.10%, <br> 06/15/2028<br>| EUR | 110000 | &nbsp;&nbsp; 125082 |
| EDP Finance B.V. (Portugal), | EDP Finance B.V. (Portugal), |  |  |
| 0.38%, 09/16/2026<sup>(f)</sup> <br>| EUR | 110000 | &nbsp;&nbsp; 121322 |
| 1.50%, 11/22/2027<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 110487 |
| Elenia Verkko OYJ (Finland), 0.38%, <br> 02/06/2027<sup>(f)</sup> <br>| EUR | 470000 | &nbsp;&nbsp; 512724 |
| Elia Transmission Belgium S.A. <br> (Belgium), 3.25%, <br> 04/04/2028<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 230865 |
|  |  |  | &nbsp;&nbsp; 1211750 |
| **Electronic Components–0.03%** | **Electronic Components–0.03%** | **Electronic Components–0.03%** | **Electronic Components–0.03%** |
| Corning, Inc., 3.88%, 05/15/2026 | EUR | 200000 | &nbsp;&nbsp; 229106 |
| **Food Retail–0.01%** | **Food Retail–0.01%** | **Food Retail–0.01%** | **Food Retail–0.01%** |
| Alimentation Couche-Tard, Inc. <br> (Canada), 1.88%, <br> 05/06/2026<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 112697 |
| **Gas Utilities–0.09%** | **Gas Utilities–0.09%** | **Gas Utilities–0.09%** | **Gas Utilities–0.09%** |
| APA Infrastructure Ltd. (Australia), <br> 2.00%, 03/22/2027<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 112427 |
| EP Infrastructure A.S. (Czech <br> Republic), 1.70%, <br> 07/30/2026<sup>(f)</sup> <br>| EUR | 110000 | &nbsp;&nbsp; 122123 |
| Italgas S.p.A. (Italy), 1.63%, <br> 01/19/2027<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 112040 |
| Origin Energy Finance Ltd. <br> (Australia), 1.00%, <br> 09/17/2029<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 205766 |
| Snam S.p.A. (Italy), 3.38%, <br> 02/19/2028<sup>(f)</sup> <br>| EUR | 250000 | &nbsp;&nbsp; 289036 |
|  |  |  | &nbsp;&nbsp; 841392 |
| **Health Care Equipment–0.07%** | **Health Care Equipment–0.07%** | **Health Care Equipment–0.07%** | **Health Care Equipment–0.07%** |
| Baxter International, Inc., 1.30%, <br> 05/15/2029<br>| EUR | 110000 | &nbsp;&nbsp; 117229 |
| Boston Scientific Corp., 0.63%, <br> 12/01/2027<br>| EUR | 500000 | &nbsp;&nbsp; 540648 |
|  |  |  | &nbsp;&nbsp; 657877 |
| **Health Care Services–0.06%** | **Health Care Services–0.06%** | **Health Care Services–0.06%** | **Health Care Services–0.06%** |
| Fresenius Finance Ireland PLC <br> (Germany), 0.50%, <br> 10/01/2028<sup>(f)</sup> <br>| EUR | 80000 | &nbsp;&nbsp; 84034 |
| Fresenius Medical Care AG <br> (Germany), 3.88%, <br> 09/20/2027<sup>(f)</sup> <br>| EUR | 360000 | &nbsp;&nbsp; 420111 |
|  |  |  | &nbsp;&nbsp; 504145 |
| **Highways & Railtracks–0.01%** | **Highways & Railtracks–0.01%** | **Highways & Railtracks–0.01%** | **Highways & Railtracks–0.01%** |
| Autostrade per l'Italia S.p.A. (Italy), <br> 2.00%, 12/04/2028<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 110007 |
| **Household Products–0.04%** | **Household Products–0.04%** | **Household Products–0.04%** | **Household Products–0.04%** |
| Essity Capital B.V. (Sweden), <br> 3.00%, 09/21/2026<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 228221 |
| Procter & Gamble Co. (The), 4.88%, <br> 05/11/2027<br>| EUR | 75000 | &nbsp;&nbsp; 89304 |
|  |  |  | &nbsp;&nbsp; 317525 |

---

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

**14**

**Invesco Multi-Asset Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Human Resource & Employment Services–0.03%** | **Human Resource & Employment Services–0.03%** | **Human Resource & Employment Services–0.03%** | **Human Resource & Employment Services–0.03%** |
| Randstad N.V. (Netherlands), <br> 3.61%, 03/12/2029<sup>(f)</sup> <br>| EUR | 220000 | &nbsp;&nbsp; $253320 |
| **Industrial Conglomerates–0.06%** | **Industrial Conglomerates–0.06%** | **Industrial Conglomerates–0.06%** | **Industrial Conglomerates–0.06%** |
| Honeywell International, Inc., <br> 2.25%, 02/22/2028<br>| EUR | 170000 | &nbsp;&nbsp; 191765 |
| Siemens Financieringsmaatschappij <br> N.V. (Germany), 1.00%, <br> 02/25/2030<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 105700 |
| Smiths Group PLC (United Kingdom), <br> 2.00%, 02/23/2027<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 225657 |
|  |  |  | &nbsp;&nbsp; 523122 |
| **Industrial Gases–0.03%** | **Industrial Gases–0.03%** | **Industrial Gases–0.03%** | **Industrial Gases–0.03%** |
| Linde Finance B.V., 0.25%, <br> 05/19/2027<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 108445 |
| Linde PLC, 3.38%, 06/12/2029<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 116662 |
|  |  |  | &nbsp;&nbsp; 225107 |
| **Industrial Machinery & Supplies & Components–0.05%** | **Industrial Machinery & Supplies & Components–0.05%** | **Industrial Machinery & Supplies & Components–0.05%** | **Industrial Machinery & Supplies & Components–0.05%** |
| Highland Holdings S.a.r.l., 0.32%, <br> 12/15/2026<br>| EUR | 270000 | &nbsp;&nbsp; 295788 |
| Sandvik AB (Sweden), 0.38%, <br> 11/25/2028<sup>(f)</sup> <br>| EUR | 110000 | &nbsp;&nbsp; 114879 |
|  |  |  | &nbsp;&nbsp; 410667 |
| **Integrated Oil & Gas–0.12%** | **Integrated Oil & Gas–0.12%** | **Integrated Oil & Gas–0.12%** | **Integrated Oil & Gas–0.12%** |
| BP Capital Markets PLC, | BP Capital Markets PLC, |  |  |
| 1.59%, 07/03/2028<sup>(f)</sup> <br>| EUR | 300000 | &nbsp;&nbsp; 330980 |
| 1.64%, 06/26/2029<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 108314 |
| Eni S.p.A. (Italy), | Eni S.p.A. (Italy), |  |  |
| 1.25%, 05/18/2026<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 111998 |
| 1.50%, 01/17/2027<sup>(f)</sup> <br>| EUR | 421000 | &nbsp;&nbsp; 470000 |
|  |  |  | &nbsp;&nbsp; 1021292 |
| **Investment Banking & Brokerage–0.01%** | **Investment Banking & Brokerage–0.01%** | **Investment Banking & Brokerage–0.01%** | **Investment Banking & Brokerage–0.01%** |
| Morgan Stanley, 4.66%, <br> 03/02/2029<sup>(g)</sup> <br>| EUR | 110000 | &nbsp;&nbsp; 130418 |
| **IT Consulting & Other Services–0.03%** | **IT Consulting & Other Services–0.03%** | **IT Consulting & Other Services–0.03%** | **IT Consulting & Other Services–0.03%** |
| International Business Machines Corp., | International Business Machines Corp., |  |  |
| 1.25%, 01/29/2027 | EUR | 100000 | &nbsp;&nbsp; 111074 |
| 1.50%, 05/23/2029 | EUR | 110000 | &nbsp;&nbsp; 118785 |
|  |  |  | &nbsp;&nbsp; 229859 |
| **Life & Health Insurance–0.06%** | **Life & Health Insurance–0.06%** | **Life & Health Insurance–0.06%** | **Life & Health Insurance–0.06%** |
| Athene Global Funding, 0.37%, <br> 09/10/2026<sup>(f)</sup> <br>| EUR | 300000 | &nbsp;&nbsp; 328976 |
| MassMutual Global Funding II, <br> 3.75%, 01/19/2030<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 117615 |
| New York Life Global Funding, <br> 0.25%, 01/23/2027<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 109336 |
|  |  |  | &nbsp;&nbsp; 555927 |
| **Life Sciences Tools & Services–0.05%** | **Life Sciences Tools & Services–0.05%** | **Life Sciences Tools & Services–0.05%** | **Life Sciences Tools & Services–0.05%** |
| Thermo Fisher Scientific, Inc., <br> 0.50%, 03/01/2028<br>| EUR | 410000 | &nbsp;&nbsp; 439200 |
| **Movies & Entertainment–0.04%** | **Movies & Entertainment–0.04%** | **Movies & Entertainment–0.04%** | **Movies & Entertainment–0.04%** |
| Universal Music Group N.V. <br> (Netherlands), 3.00%, <br> 06/30/2027<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 114630 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** |
| WarnerMedia Holdings, Inc., 4.30%, <br> 01/17/2030<br>| 200000 | &nbsp;&nbsp; $226291 |
|  |  | &nbsp;&nbsp; 340921 |
| **Multi-line Insurance–0.01%** | **Multi-line Insurance–0.01%** | **Multi-line Insurance–0.01%** |
| Allianz Finance II B.V. (Germany), <br> 0.00%, 11/22/2026<sup>(f)(j)</sup> <br>| 100000 | &nbsp;&nbsp; 109825 |
| **Multi-Sector Holdings–0.01%** | **Multi-Sector Holdings–0.01%** | **Multi-Sector Holdings–0.01%** |
| Berkshire Hathaway, Inc., 1.13%, <br> 03/16/2027<br>| 100000 | &nbsp;&nbsp; 110855 |
| **Multi-Utilities–0.01%** | **Multi-Utilities–0.01%** | **Multi-Utilities–0.01%** |
| Veolia Environnement S.A. (France), <br> 1.50%, 04/03/2029<sup>(f)</sup> <br>| 100000 | &nbsp;&nbsp; 107994 |
| **Oil & Gas Exploration & Production–0.01%** | **Oil & Gas Exploration & Production–0.01%** | **Oil & Gas Exploration & Production–0.01%** |
| Wintershall Dea Finance B.V. <br> (Germany), 1.33%, <br> 09/25/2028<sup>(f)</sup> <br>| 100000 | &nbsp;&nbsp; 105854 |
| **Oil & Gas Storage & Transportation–0.02%** | **Oil & Gas Storage & Transportation–0.02%** | **Oil & Gas Storage & Transportation–0.02%** |
| Vier Gas Transport GmbH (Germany), <br> 1.50%, 09/25/2028<sup>(f)</sup> <br>| 200000 | &nbsp;&nbsp; 217757 |
| **Packaged Foods & Meats–0.04%** | **Packaged Foods & Meats–0.04%** | **Packaged Foods & Meats–0.04%** |
| JDE Peet's N.V. (Netherlands), <br> 0.63%, 02/09/2028<sup>(f)</sup> <br>| 350000 | &nbsp;&nbsp; 373449 |
| **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** |
| Amcor UK Finance PLC (Australia), <br> 1.13%, 06/23/2027<br>| 200000 | &nbsp;&nbsp; 218787 |
| **Passenger Airlines–0.04%** | **Passenger Airlines–0.04%** | **Passenger Airlines–0.04%** |
| Deutsche Lufthansa AG (Germany), <br> 2.88%, 05/16/2027<sup>(f)</sup> <br>| 300000 | &nbsp;&nbsp; 341392 |
| **Passenger Ground Transportation–0.01%** | **Passenger Ground Transportation–0.01%** | **Passenger Ground Transportation–0.01%** |
| Motability Operations Group PLC <br> (United Kingdom), 3.63%, <br> 07/24/2029<sup>(f)</sup> <br>| 110000 | &nbsp;&nbsp; 128244 |
| **Rail Transportation–0.04%** | **Rail Transportation–0.04%** | **Rail Transportation–0.04%** |
| Aurizon Network Pty. Ltd. <br> (Australia), 3.13%, <br> 06/01/2026<sup>(f)</sup> <br>| 207000 | &nbsp;&nbsp; 236355 |
| Holding d'Infrastructures de <br> Transport S.A.S.U. (France), <br> 1.63%, 09/18/2029<sup>(f)</sup> <br>| 100000 | &nbsp;&nbsp; 106597 |
|  |  | &nbsp;&nbsp; 342952 |
| **Real Estate Development–0.02%** | **Real Estate Development–0.02%** | **Real Estate Development–0.02%** |
| VIA Outlets B.V. (Netherlands), <br> 1.75%, 11/15/2028<sup>(f)</sup> <br>| 200000 | &nbsp;&nbsp; 215730 |
| **Real Estate Services–0.03%** | **Real Estate Services–0.03%** | **Real Estate Services–0.03%** |
| Citycon Treasury B.V. (Finland), <br> 6.50%, 03/08/2029<sup>(f)</sup> <br>| 200000 | &nbsp;&nbsp; 240664 |
| **Regional Banks–0.03%** | **Regional Banks–0.03%** | **Regional Banks–0.03%** |
| Arbejdernes Landsbank A/S <br> (Denmark), 4.88%, <br> 03/14/2029<sup>(g)</sup> <br>| 100000 | &nbsp;&nbsp; 118080 |
| SpareBank 1 SMN (Norway), 0.01%, <br> 02/18/2028<sup>(f)</sup> <br>| 100000 | &nbsp;&nbsp; 105736 |
|  |  | &nbsp;&nbsp; 223816 |

---

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

**15**

**Invesco Multi-Asset Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Renewable Electricity–0.01%** | **Renewable Electricity–0.01%** | **Renewable Electricity–0.01%** | **Renewable Electricity–0.01%** |
| Southern Power Co., 1.85%, <br> 06/20/2026<br>| EUR | 100000 | &nbsp;&nbsp; $112720 |
| **Retail REITs–0.01%** | **Retail REITs–0.01%** | **Retail REITs–0.01%** | **Retail REITs–0.01%** |
| Mercialys S.A. (France), 2.50%, <br> 02/28/2029<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 110036 |
| **Soft Drinks & Non-alcoholic Beverages–0.04%** | **Soft Drinks & Non-alcoholic Beverages–0.04%** | **Soft Drinks & Non-alcoholic Beverages–0.04%** | **Soft Drinks & Non-alcoholic Beverages–0.04%** |
| Coca-Cola Co. (The), 0.13%, <br> 03/15/2029<br>| EUR | 220000 | &nbsp;&nbsp; 226499 |
| Coca-Cola Europacific Partners PLC <br> (United Kingdom), 0.20%, <br> 12/02/2028<sup>(f)</sup> <br>| EUR | 110000 | &nbsp;&nbsp; 113867 |
|  |  |  | &nbsp;&nbsp; 340366 |
| **Specialized Finance–0.02%** | **Specialized Finance–0.02%** | **Specialized Finance–0.02%** | **Specialized Finance–0.02%** |
| Blackstone Property Partners <br> Europe Holdings S.a.r.l. <br> (Luxembourg), 1.75%, <br> 03/12/2029<sup>(f)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 213028 |
| **Technology Hardware, Storage & Peripherals–0.01%** | **Technology Hardware, Storage & Peripherals–0.01%** | **Technology Hardware, Storage & Peripherals–0.01%** | **Technology Hardware, Storage & Peripherals–0.01%** |
| Apple, Inc., 1.63%, 11/10/2026 | EUR | 100000 | &nbsp;&nbsp; 112222 |
| **Telecom Tower REITs–0.06%** | **Telecom Tower REITs–0.06%** | **Telecom Tower REITs–0.06%** | **Telecom Tower REITs–0.06%** |
| American Tower Corp., 1.95%, <br> 05/22/2026<br>| EUR | 440000 | &nbsp;&nbsp; 494998 |
| **Tobacco–0.08%** | **Tobacco–0.08%** | **Tobacco–0.08%** | **Tobacco–0.08%** |
| B.A.T. International Finance PLC (United <br> Kingdom), | B.A.T. International Finance PLC (United <br> Kingdom), |  |  |
| 3.13%, 03/06/2029<sup>(f)</sup> <br>| EUR | 500000 | &nbsp;&nbsp; 571286 |
| 2.25%, 01/16/2030<sup>(f)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 108953 |
|  |  |  | &nbsp;&nbsp; 680239 |
| **Transaction & Payment Processing Services–0.03%** | **Transaction & Payment Processing Services–0.03%** | **Transaction & Payment Processing Services–0.03%** | **Transaction & Payment Processing Services–0.03%** |
| Euronet Worldwide, Inc., 1.38%, <br> 05/22/2026<br>| EUR | 100000 | &nbsp;&nbsp; 111228 |
| Visa, Inc., 2.00%, 06/15/2029 | EUR | 110000 | &nbsp;&nbsp; 121736 |
|  |  |  | &nbsp;&nbsp; 232964 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $31,868,921) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $31,868,921) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $31,868,921) | &nbsp;&nbsp; 34326760 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **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–0.01%** | **Casinos & Gaming–0.01%** | **Casinos & Gaming–0.01%** | **Casinos & Gaming–0.01%** |
| Codere New Topco S.A. (Luxembourg)<sup>(k)</sup>  | Codere New Topco S.A. (Luxembourg)<sup>(k)</sup>  | 3393 | &nbsp;&nbsp; $69188 |
| Codere Online Luxembourg S.A., Wts., <br> expiring 10/15/2034 (Luxembourg)<sup>(k)</sup>  | Codere Online Luxembourg S.A., Wts., <br> expiring 10/15/2034 (Luxembourg)<sup>(k)</sup>  | 5 | &nbsp;&nbsp; 22 |
| Total Common Stocks & Other Equity Interests <br> (Cost $172,711) | Total Common Stocks & Other Equity Interests <br> (Cost $172,711) | Total Common Stocks & Other Equity Interests <br> (Cost $172,711) | &nbsp;&nbsp; 69210 |
| **Money Market Funds–1.52%** | **Money Market Funds–1.52%** | **Money Market Funds–1.52%** | **Money Market Funds–1.52%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(b)(l)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(b)(l)</sup>  | 4724506 | &nbsp;&nbsp; 4724506 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(b)(l)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(b)(l)</sup>  | 8781808 | &nbsp;&nbsp; 8781808 |
| Total Money Market Funds (Cost $13,506,314) | Total Money Market Funds (Cost $13,506,314) | Total Money Market Funds (Cost $13,506,314) | &nbsp;&nbsp; 13506314 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments <br> purchased with cash collateral <br> from securities on loan)-98.88% <br> (Cost $887,867,852)<br>|  |  | &nbsp;&nbsp; 880198132 |
| **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–6.31%** | **Money Market Funds–6.31%** | **Money Market Funds–6.31%** | **Money Market Funds–6.31%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(b)(l)(m)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(b)(l)(m)</sup>  | 15592010 | &nbsp;&nbsp; 15592010 |
| Invesco Private Prime Fund, 4.46%<sup>(b)(l)(m)</sup>  | Invesco Private Prime Fund, 4.46%<sup>(b)(l)(m)</sup>  | 40587779 | &nbsp;&nbsp; 40595896 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $56,191,175) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $56,191,175) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $56,191,175) | &nbsp;&nbsp; 56187906 |
| TOTAL INVESTMENTS IN SECURITIES–105.19% <br> (Cost $944,059,027) | TOTAL INVESTMENTS IN SECURITIES–105.19% <br> (Cost $944,059,027) | TOTAL INVESTMENTS IN SECURITIES–105.19% <br> (Cost $944,059,027) | &nbsp;&nbsp; 936386038 |
| OTHER ASSETS LESS LIABILITIES—(5.19)% | OTHER ASSETS LESS LIABILITIES—(5.19)% | OTHER ASSETS LESS LIABILITIES—(5.19)% | &nbsp;&nbsp; (46217112)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $890168926 |

---

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 six months ended April 30, 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>**April 30, 2025**<br>| **Dividend Income** |
| Invesco MSCI EAFE Income Advantage ETF | $100905437 | &nbsp;&nbsp; $10900210 | &nbsp;&nbsp; $(19664456) | &nbsp;&nbsp; $2519453 | &nbsp;&nbsp; $(395184) | &nbsp;&nbsp; $94265460 | &nbsp;&nbsp; $4365141 |
| Invesco QQQ Income Advantage ETF | 102492900 | &nbsp;&nbsp; 11515000 | &nbsp;&nbsp; (10665517) | &nbsp;&nbsp; (5060950) | &nbsp;&nbsp; 124067 | &nbsp;&nbsp; 98405500 | &nbsp;&nbsp; 5021441 |
| Invesco S&P 500 Equal Weight Income <br> Advantage ETF<br>| 245070600 | &nbsp;&nbsp; 4907230 | &nbsp;&nbsp; (18766748) | &nbsp;&nbsp; (16619880) | &nbsp;&nbsp; 413098 | &nbsp;&nbsp; 215004300 | &nbsp;&nbsp; 10754589 |

---

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

**16**

**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> **April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $4328801 | &nbsp;&nbsp; $35411226 | &nbsp;&nbsp; $(35015521) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4724506 | &nbsp;&nbsp; $165918 |
| Invesco Treasury Portfolio, Institutional Class | 8046927 | &nbsp;&nbsp; 65763706 | &nbsp;&nbsp; (65028825) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8781808 | &nbsp;&nbsp; 305579 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 18198442 | &nbsp;&nbsp; 53741499 | &nbsp;&nbsp; (56347931) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 15592010 | &nbsp;&nbsp; 325,973\* |
| Invesco Private Prime Fund | 47431662 | &nbsp;&nbsp; 101129281 | &nbsp;&nbsp; (107961257) | &nbsp;&nbsp; 284 | &nbsp;&nbsp; (4074) | &nbsp;&nbsp; 40595896 | &nbsp;&nbsp; 876,877\* |
| Total | $526474769 | &nbsp;&nbsp; $283368152 | &nbsp;&nbsp; $(313450255) | &nbsp;&nbsp; $(19161093) | &nbsp;&nbsp; $137907 | &nbsp;&nbsp; $477369480 | &nbsp;&nbsp; $21815518 |

---

\* 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 April 30, 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 purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2025 was $99,788,523, which represented 11.21% of the Fund's Net Assets. 

<sup>(g)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<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> Foreign denominated security. Principal amount is denominated in the currency indicated.

<sup>(j)</sup> Zero coupon bond issued at a discount.

<sup>(k)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(l)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(m)</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** |
| EURO STOXX 50 Index | &nbsp;&nbsp;&nbsp; 70 | June-2025 | &nbsp;&nbsp;&nbsp; $4049827 | &nbsp;&nbsp;&nbsp; $(237699)<br>| &nbsp;&nbsp;&nbsp; $(237699)<br>|
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; 20 | June-2025 | &nbsp;&nbsp;&nbsp; 2255996 | &nbsp;&nbsp;&nbsp; (68684)<br>| &nbsp;&nbsp;&nbsp; (68684)<br>|
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 523 | June-2025 | &nbsp;&nbsp;&nbsp; 29026500 | &nbsp;&nbsp;&nbsp; (1036340)<br>| &nbsp;&nbsp;&nbsp; (1036340)<br>|
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; (1342723)<br>| &nbsp;&nbsp;&nbsp; (1342723)<br>|
| **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; 169 | June-2025 | &nbsp;&nbsp;&nbsp; 18454008 | &nbsp;&nbsp;&nbsp; 269717 | &nbsp;&nbsp;&nbsp; 269717 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 34 | June-2025 | &nbsp;&nbsp;&nbsp; 3815437 | &nbsp;&nbsp;&nbsp; 71993 | &nbsp;&nbsp;&nbsp; 71993 |
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 2 | June-2025 | &nbsp;&nbsp;&nbsp; 229469 | &nbsp;&nbsp;&nbsp; 1934 | &nbsp;&nbsp;&nbsp; 1934 |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 56 | June-2025 | &nbsp;&nbsp;&nbsp; 6531000 | &nbsp;&nbsp;&nbsp; (120833)<br>| &nbsp;&nbsp;&nbsp; (120833)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 1 | June-2025 | &nbsp;&nbsp;&nbsp; 121031 | &nbsp;&nbsp;&nbsp; (213)<br>| &nbsp;&nbsp;&nbsp; (213)<br>|
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; 222598 | &nbsp;&nbsp;&nbsp; 222598 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; (1120125)<br>| &nbsp;&nbsp;&nbsp; (1120125)<br>|
| **Short Futures Contracts** |  |  |  |  |  |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-Mini Russell 2000 Index | &nbsp;&nbsp;&nbsp; 85 | June-2025 | &nbsp;&nbsp;&nbsp; (8371650)<br>| &nbsp;&nbsp;&nbsp; 136320 | &nbsp;&nbsp;&nbsp; 136320 |
| E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 37 | June-2025 | &nbsp;&nbsp;&nbsp; (10335950)<br>| &nbsp;&nbsp;&nbsp; 42723 | &nbsp;&nbsp;&nbsp; 42723 |
| Tokyo Stock Price Index | &nbsp;&nbsp;&nbsp; 23 | June-2025 | &nbsp;&nbsp;&nbsp; (4286159)<br>| &nbsp;&nbsp;&nbsp; (47069)<br>| &nbsp;&nbsp;&nbsp; (47069)<br>|
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; 131974 | &nbsp;&nbsp;&nbsp; 131974 |

---

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

**17**

**Invesco Multi-Asset Income 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)** |
| **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>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Euro-Bobl | &nbsp;&nbsp;&nbsp; 66 | June-2025 | &nbsp;&nbsp;&nbsp; $(8944512)<br>| &nbsp;&nbsp;&nbsp; $(97516)<br>| &nbsp;&nbsp;&nbsp; $(97516)<br>|
| Euro-Bund | &nbsp;&nbsp;&nbsp; 252 | June-2025 | &nbsp;&nbsp;&nbsp; (37620334)<br>| &nbsp;&nbsp;&nbsp; (503813)<br>| &nbsp;&nbsp;&nbsp; (503813)<br>|
| Euro-Schatz | &nbsp;&nbsp;&nbsp; 254 | June-2025 | &nbsp;&nbsp;&nbsp; (30952625)<br>| &nbsp;&nbsp;&nbsp; (184791)<br>| &nbsp;&nbsp;&nbsp; (184791)<br>|
| Long Gilt | &nbsp;&nbsp;&nbsp; 375 | June-2025 | &nbsp;&nbsp;&nbsp; (46737815)<br>| &nbsp;&nbsp;&nbsp; (555871)<br>| &nbsp;&nbsp;&nbsp; (555871)<br>|
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 5 | June-2025 | &nbsp;&nbsp;&nbsp; (1040742)<br>| &nbsp;&nbsp;&nbsp; (2469)<br>| &nbsp;&nbsp;&nbsp; (2469)<br>|
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; (1344460)<br>| &nbsp;&nbsp;&nbsp; (1344460)<br>|
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (1212486)<br>| &nbsp;&nbsp;&nbsp; (1212486)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(2332611)<br>| &nbsp;&nbsp;&nbsp; $(2332611)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $5,604,352 cash held with Goldman Sachs 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** |  |  |  |  |  |  |
| 07/31/2025 | Barclays Bank PLC | EUR | 32624000 | USD | 37303998 | &nbsp;&nbsp;&nbsp; $144947 |
| 07/31/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 486000 | USD | 554894 | &nbsp;&nbsp;&nbsp; 1336 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 146283 |
| **Currency Risk** |  |  |  |  |  |  |
| 07/31/2025 | Canadian Imperial Bank of Commerce | USD | 2689219 | EUR | 2350000 | &nbsp;&nbsp;&nbsp; (12546)<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; $133737 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 Yield Index, <br> Series 42, Version 1<br>| Sell | 5.00% | Quarterly | &nbsp;&nbsp; 06/20/2029 | 3.795% | USD | 2510000 | &nbsp;&nbsp; $139096 | &nbsp;&nbsp; $111677 | &nbsp;&nbsp; $(27419)<br>|

---

<sup>(a)</sup> Swaps are collateralized by $174,840 cash held with Merrill Lynch International, the Counterparty.

<sup>(b)</sup> Implied credit spreads represent the current level, as of April 30, 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. 

Abbreviations: <br> EUR —Euro <br> USD —U.S. Dollar

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

**18**

**Invesco Multi-Asset Income Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $455,088,083)\*<br>| &nbsp;&nbsp; $459016558 |
| Investments in affiliates, at value <br>(Cost $488,970,944)<br>| &nbsp;&nbsp; 477369480 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 146283 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 5604352 |
| Cash collateral — centrally cleared swap agreements | &nbsp;&nbsp; 174840 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 356738 |
| Fund shares sold | &nbsp;&nbsp; 104610 |
| Dividends | &nbsp;&nbsp; 295606 |
| Interest | &nbsp;&nbsp; 4756401 |
| Investments matured, at value (Cost $1,618,563) | &nbsp;&nbsp; — |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 163799 |
| Other assets | &nbsp;&nbsp; 68753 |
| Total assets | &nbsp;&nbsp; 948057420 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 195174 |
| Variation margin payable — centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 4565 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 12546 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 284018 |
| Amount due custodian | &nbsp;&nbsp; 113140 |
| Amount due custodian - foreign currency, at value <br> (Cost $306,199)<br>| &nbsp;&nbsp; 305542 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 56191175 |
| Accrued fees to affiliates | &nbsp;&nbsp; 411974 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 549 |
| Accrued other operating expenses | &nbsp;&nbsp; 172625 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 197186 |
| Total liabilities | &nbsp;&nbsp; 57888494 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $890168926 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1633979994 |
| Distributable earnings (loss) | &nbsp;&nbsp; (743811068)<br>|
|  | &nbsp;&nbsp; $890168926 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $748576955 |
| Class C | &nbsp;&nbsp; $39955748 |
| Class R | &nbsp;&nbsp; $22372920 |
| Class Y | &nbsp;&nbsp; $70947104 |
| Class R5 | &nbsp;&nbsp; $9329 |
| Class R6 | &nbsp;&nbsp; $8306870 |
| **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; 97186746 |
| Class C | &nbsp;&nbsp; 5188910 |
| Class R | &nbsp;&nbsp; 2902359 |
| Class Y | &nbsp;&nbsp; 9203858 |
| Class R5 | &nbsp;&nbsp; 1212 |
| Class R6 | &nbsp;&nbsp; 1076774 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $7.70 |
| Maximum offering price per share <br>(Net asset value of $7.70 ÷ 94.50%)<br>| &nbsp;&nbsp; $8.15 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.70 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.71 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.71 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.70 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.71 |

---

\* At April 30, 2025, securities with an aggregate value of $54,241,365 were on loan to brokers. 

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

**19**

**Invesco Multi-Asset Income Fund**

------

**Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $49,359) | &nbsp;&nbsp; $12093047 |
| Dividends | &nbsp;&nbsp; 448936 |
| Dividends from affiliated money market funds (includes net securities lending income of $215,257) | &nbsp;&nbsp; 20827925 |
| Total investment income | &nbsp;&nbsp; 33369908 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2219941 |
| Administrative services fees | &nbsp;&nbsp; 68558 |
| Custodian fees | &nbsp;&nbsp; 17251 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 900516 |
| Class C | &nbsp;&nbsp; 226644 |
| Class R | &nbsp;&nbsp; 56981 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 666869 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 979 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 13279 |
| Registration and filing fees | &nbsp;&nbsp; 53590 |
| Licensing fees | &nbsp;&nbsp; 17536 |
| Reports to shareholders | &nbsp;&nbsp; 48659 |
| Professional services fees | &nbsp;&nbsp; 36413 |
| Other | &nbsp;&nbsp; 5539 |
| Total expenses | &nbsp;&nbsp; 4332757 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (173110)<br>|
| Net expenses | &nbsp;&nbsp; 4159647 |
| Net investment income | &nbsp;&nbsp; 29210261 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (7712872)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 137907 |
| Foreign currencies | &nbsp;&nbsp; (163116)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (938955)<br>|
| Futures contracts | &nbsp;&nbsp; (1486870)<br>|
| Swap agreements | &nbsp;&nbsp; 46212 |
|  | &nbsp;&nbsp; (10117694)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 5413608 |
| Affiliated investment securities | &nbsp;&nbsp; (19161093)<br>|
| Foreign currencies | &nbsp;&nbsp; 12535 |
| Forward foreign currency contracts | &nbsp;&nbsp; (194284)<br>|
| Futures contracts | &nbsp;&nbsp; (2236697)<br>|
| Swap agreements | &nbsp;&nbsp; (55057)<br>|
|  | &nbsp;&nbsp; (16220988)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (26338682)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $2871579 |

---

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

**20**

**Invesco Multi-Asset Income Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $29210261 | &nbsp;&nbsp; $64680309 |
| Net realized gain (loss) | &nbsp;&nbsp; (10117694)<br>| &nbsp;&nbsp; (58944618)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (16220988)<br>| &nbsp;&nbsp; 150834717 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2871579 | &nbsp;&nbsp; 156570408 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (22788673)<br>| &nbsp;&nbsp; (51337239)<br>|
| Class C | &nbsp;&nbsp; (1155600)<br>| &nbsp;&nbsp; (3215453)<br>|
| Class R | &nbsp;&nbsp; (641219)<br>| &nbsp;&nbsp; (1437462)<br>|
| Class Y | &nbsp;&nbsp; (2492410)<br>| &nbsp;&nbsp; (7955082)<br>|
| Class R5 | &nbsp;&nbsp; (294)<br>| &nbsp;&nbsp; (627)<br>|
| Class R6 | &nbsp;&nbsp; (233633)<br>| &nbsp;&nbsp; (1534995)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (27311829)<br>| &nbsp;&nbsp; (65480858)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (34293369)<br>| &nbsp;&nbsp; (46557961)<br>|
| Class C | &nbsp;&nbsp; (8509479)<br>| &nbsp;&nbsp; (17339832)<br>|
| Class R | &nbsp;&nbsp; (797577)<br>| &nbsp;&nbsp; (460266)<br>|
| Class Y | &nbsp;&nbsp; (23095908)<br>| &nbsp;&nbsp; (59647284)<br>|
| Class R6 | &nbsp;&nbsp; 1761333 | &nbsp;&nbsp; (38399012)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (64935000)<br>| &nbsp;&nbsp; (162404355)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (89375250)<br>| &nbsp;&nbsp; (71314805)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 979544176 | &nbsp;&nbsp; 1050858981 |
| End of period | &nbsp;&nbsp; $890168926 | &nbsp;&nbsp; $979544176 |

---

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

**21**

**Invesco Multi-Asset Income Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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** |
| Six months ended 04/30/25 | $7.91 | $0.24 | $(0.22)<br>| $0.02 | $(0.23)<br>| $7.70 | 0.24 %<sup>(d)</sup><br>| $748577 | 0.86 %<sup>(d)(e)</sup><br>| 0.90 %<sup>(d)(e)</sup><br>| 6.30 %<sup>(d)(e)</sup><br>| 29<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 |
| Year ended 10/31/20 | 10.79 | 0.58 | (1.55)<br>| (0.97)<br>| (0.56)<br>| 9.26 | (8.97 )<sup>(d)</sup><br>| 1209154 | 0.82 <br><sup>(d)</sup><br>| 0.92 <br><sup>(d)</sup><br>| 6.13 <br><sup>(d)</sup><br>| 117 |
| **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** |
| Six months ended 04/30/25 | 7.91 | 0.22 | (0.23)<br>| (0.01)<br>| (0.20)<br>| 7.70 | (0.14)<br>| 39956 | 1.63 <br><sup>(e)</sup><br>| 1.67 <br><sup>(e)</sup><br>| 5.53 <br><sup>(e)</sup><br>| 29 |
| 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 |
| Year ended 10/31/20 | 10.78 | 0.51 | (1.54)<br>| (1.03)<br>| (0.49)<br>| 9.26 | (9.58)<br>| 210967 | 1.59 | 1.69 | 5.36 | 117 |
| **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** |
| Six months ended 04/30/25 | 7.92 | 0.23 | (0.22)<br>| 0.01 | (0.22)<br>| 7.71 | 0.11 | 22373 | 1.13 <br><sup>(e)</sup><br>| 1.17 <br><sup>(e)</sup><br>| 6.03 <br><sup>(e)</sup><br>| 29 |
| 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 |
| Year ended 10/31/20 | 10.78 | 0.55 | (1.52)<br>| (0.97)<br>| (0.54)<br>| 9.27 | (9.02)<br>| 55930 | 1.09 | 1.19 | 5.86 | 117 |
| **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** |
| Six months ended 04/30/25 | 7.92 | 0.25 | (0.22)<br>| 0.03 | (0.24)<br>| 7.71 | 0.36 | 70947 | 0.63 <br><sup>(e)</sup><br>| 0.67 <br><sup>(e)</sup><br>| 6.53 <br><sup>(e)</sup><br>| 29 |
| 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 |
| Year ended 10/31/20 | 10.79 | 0.62 | (1.55)<br>| (0.93)<br>| (0.59)<br>| 9.27 | (8.65)<br>| 360565 | 0.59 | 0.69 | 6.36 | 117 |
| **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** |
| Six months ended 04/30/25 | 7.91 | 0.26 | (0.23)<br>| 0.03 | (0.24)<br>| 7.70 | 0.40 | 9 | 0.55 <br><sup>(e)</sup><br>| 0.56 <br><sup>(e)</sup><br>| 6.61 <br><sup>(e)</sup><br>| 29 |
| 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 |
| Year ended 10/31/20 | 10.79 | 0.62 | (1.55)<br>| (0.93)<br>| (0.59)<br>| 9.27 | (8.63)<br>| 85 | 0.59 | 0.63 | 6.36 | 117 |
| **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** |
| Six months ended 04/30/25 | 7.92 | 0.26 | (0.23)<br>| 0.03 | (0.24)<br>| 7.71 | 0.41 | 8307 | 0.55 <br><sup>(e)</sup><br>| 0.56 <br><sup>(e)</sup><br>| 6.61 <br><sup>(e)</sup><br>| 29 |
| 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 |
| Year ended 10/31/20 | 10.79 | 0.62 | (1.55)<br>| (0.93)<br>| (0.59)<br>| 9.27 | (8.59)<br>| 65618 | 0.53 | 0.54 | 6.42 | 117 |

---

<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, 2020, the portfolio turnover calculation excludes the value of securities purchased of $1,279,950,104 in connection with the acquisition of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund into the Fund. 

<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 0.23% for Class A for the six months ended April 30, 2025 and the years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>(e)</sup> Annualized.

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

**22**

**Invesco Multi-Asset Income Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

The Fund's investment objective is to provide current income.

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

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

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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.

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

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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 note 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 six months ended April 30, 2025, the Fund paid the Adviser $9,488 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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**Invesco Multi-Asset Income Fund**

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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 April 30, 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.** **Leverage Risk** — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**Q.** **Collateral** —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

**R.** **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.

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, when rates increase. 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.

**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 six months ended April 30, 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 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 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, through February 28, 2025, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.90%, 1.65%, 1.15%, 0.65%, 0.65% and 0.65%, respectively, of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned 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 six months ended April 30, 2025, the Adviser waived advisory fees of $66,683 and reimbursed class level expenses of $59,028, $3,437, $1,730, $6,202, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 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

**27**

**Invesco Multi-Asset Income Fund**

------

intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 2025, IDI advised the Fund that IDI retained $28,519 in front-end sales commissions from the sale of Class A shares and $237 and $571 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 April 30, 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; $426836740 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $426836740 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249020582 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249020582 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156438526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156438526 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34326760 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34326760 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69210 | &nbsp;&nbsp;&nbsp;&nbsp; 69210 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 13506314 | &nbsp;&nbsp;&nbsp;&nbsp; 56187906 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69694220 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 440343054 | &nbsp;&nbsp;&nbsp;&nbsp; 495973774 | &nbsp;&nbsp;&nbsp;&nbsp; 69210 | &nbsp;&nbsp;&nbsp;&nbsp; 936386038 |
| **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; 522687 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 522687 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146283 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 522687 | &nbsp;&nbsp;&nbsp;&nbsp; 146283 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 668970 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (2855298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2855298)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12546)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12546)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (27419)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (27419)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (2855298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39965)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2895263)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (2332611)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 106318 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; (2226293)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $438010443 | &nbsp;&nbsp;&nbsp;&nbsp; $496080092 | &nbsp;&nbsp;&nbsp;&nbsp; $69210 | &nbsp;&nbsp;&nbsp;&nbsp; $934159745 |

---

\* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Investments matured is shown at value.

**NOTE 4—Derivative Investments**

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

**28**

**Invesco Multi-Asset Income Fund**

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 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; $179043 | &nbsp;&nbsp;&nbsp;&nbsp; $343644 | &nbsp;&nbsp;&nbsp;&nbsp; $522687 |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 146283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146283 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 146283 | &nbsp;&nbsp;&nbsp;&nbsp; 179043 | &nbsp;&nbsp;&nbsp;&nbsp; 343644 | &nbsp;&nbsp;&nbsp;&nbsp; 668970 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (179043)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (343644)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (522687)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $146283 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $146283 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &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 depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1389792)<br>| &nbsp;&nbsp;&nbsp; $(1465506)<br>| &nbsp;&nbsp;&nbsp; $(2855298)<br>|
| Unrealized depreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; (27419)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (27419)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12546)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12546)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp; (27419)<br>| &nbsp;&nbsp;&nbsp; (12546)<br>| &nbsp;&nbsp;&nbsp; (1389792)<br>| &nbsp;&nbsp;&nbsp; (1465506)<br>| &nbsp;&nbsp;&nbsp; (2895263)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp; 27419 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1389792 | &nbsp;&nbsp;&nbsp; 1465506 | &nbsp;&nbsp;&nbsp; 2882717 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(12546)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(12546)<br>|

---

<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 April 30, 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; $144947 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $144947 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $144947 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (12546)<br>| &nbsp;&nbsp;&nbsp; (12546)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12546)<br>|
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 1336 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1336 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1336 |
| Total | &nbsp;&nbsp;&nbsp; $146283 | &nbsp;&nbsp;&nbsp; $(12546)<br>| &nbsp;&nbsp;&nbsp; $133737 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $133737 |

---

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; $(938955)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(938955)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 558474 | &nbsp;&nbsp;&nbsp;&nbsp; (2045344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1486870)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 46212 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 46212 |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (194284)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (194284)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (2273409)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36712 | &nbsp;&nbsp;&nbsp;&nbsp; (2236697)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (55057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (55057)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(8845)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1133239)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1714935)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2008632)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4865651)<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; $37991919 | &nbsp;&nbsp;&nbsp;&nbsp; $160038276 | &nbsp;&nbsp;&nbsp;&nbsp; $2510000 |

---

**29**

**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 six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $36,030.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Tax Information**

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

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

The Fund had a capital loss carryforward as of October 31, 2024, 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; $408001901 | &nbsp;&nbsp;&nbsp;&nbsp; $315136229 | &nbsp;&nbsp;&nbsp;&nbsp; $723138130 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $87,224,151 and $145,429,908, respectively. As of April 30, 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:

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| | |
|:---|:---|
| **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; $9972776 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (22223411)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(12250635)<br>|

---

Cost of investments for tax purposes is $946,410,380.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 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; 1614242 | &nbsp;&nbsp;&nbsp; $12633764 | &nbsp;&nbsp;&nbsp; 4423272 | &nbsp;&nbsp;&nbsp; $34531715 |
| Class C | &nbsp;&nbsp;&nbsp; 238568 | &nbsp;&nbsp;&nbsp; 1873701 | &nbsp;&nbsp;&nbsp; 516448 | &nbsp;&nbsp;&nbsp; 4038433 |
| Class R | &nbsp;&nbsp;&nbsp; 163371 | &nbsp;&nbsp;&nbsp; 1281222 | &nbsp;&nbsp;&nbsp; 408311 | &nbsp;&nbsp;&nbsp; 3200902 |
| Class Y | &nbsp;&nbsp;&nbsp; 885954 | &nbsp;&nbsp;&nbsp; 6955390 | &nbsp;&nbsp;&nbsp; 2719300 | &nbsp;&nbsp;&nbsp; 21279723 |
| Class R6 | &nbsp;&nbsp;&nbsp; 318526 | &nbsp;&nbsp;&nbsp; 2511977 | &nbsp;&nbsp;&nbsp; 232291 | &nbsp;&nbsp;&nbsp; 1798349 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2558615 | &nbsp;&nbsp;&nbsp; 20016397 | &nbsp;&nbsp;&nbsp; 5811831 | &nbsp;&nbsp;&nbsp; 45266112 |
| Class C | &nbsp;&nbsp;&nbsp; 111078 | &nbsp;&nbsp;&nbsp; 869412 | &nbsp;&nbsp;&nbsp; 307638 | &nbsp;&nbsp;&nbsp; 2392447 |
| Class R | &nbsp;&nbsp;&nbsp; 80275 | &nbsp;&nbsp;&nbsp; 628575 | &nbsp;&nbsp;&nbsp; 181004 | &nbsp;&nbsp;&nbsp; 1411437 |
| Class Y | &nbsp;&nbsp;&nbsp; 219733 | &nbsp;&nbsp;&nbsp; 1721895 | &nbsp;&nbsp;&nbsp; 712046 | &nbsp;&nbsp;&nbsp; 5535818 |
| Class R6 | &nbsp;&nbsp;&nbsp; 22007 | &nbsp;&nbsp;&nbsp; 172205 | &nbsp;&nbsp;&nbsp; 182973 | &nbsp;&nbsp;&nbsp; 1412424 |

---

**30**

**Invesco Multi-Asset Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 676992 | &nbsp;&nbsp;&nbsp; $5311147 | &nbsp;&nbsp;&nbsp; 1390007 | &nbsp;&nbsp;&nbsp; $10844925 |
| Class C | &nbsp;&nbsp;&nbsp; (677262)<br>| &nbsp;&nbsp;&nbsp; (5311147)<br>| &nbsp;&nbsp;&nbsp; (1390415)<br>| &nbsp;&nbsp;&nbsp; (10844925)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (9216020)<br>| &nbsp;&nbsp;&nbsp; (72254677)<br>| &nbsp;&nbsp;&nbsp; (17563355)<br>| &nbsp;&nbsp;&nbsp; (137200713)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (759518)<br>| &nbsp;&nbsp;&nbsp; (5941445)<br>| &nbsp;&nbsp;&nbsp; (1650372)<br>| &nbsp;&nbsp;&nbsp; (12925787)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (343725)<br>| &nbsp;&nbsp;&nbsp; (2707374)<br>| &nbsp;&nbsp;&nbsp; (646509)<br>| &nbsp;&nbsp;&nbsp; (5072605)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (4034054)<br>| &nbsp;&nbsp;&nbsp; (31773193)<br>| &nbsp;&nbsp;&nbsp; (11091961)<br>| &nbsp;&nbsp;&nbsp; (86462825)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (117292)<br>| &nbsp;&nbsp;&nbsp; (922849)<br>| &nbsp;&nbsp;&nbsp; (5378840)<br>| &nbsp;&nbsp;&nbsp; (41609785)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (8258510)<br>| &nbsp;&nbsp;&nbsp; $(64935000)<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 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.

**31**

**Invesco Multi-Asset 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>**

Not applicable.

**32**

**Invesco Multi-Asset Income Fund**

------

![](imgb464ca9c1.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

MAIN-NCSRS

------

![](img1e5e15481.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Multi-Strategy Fund**

Effective February 28, 2025, Invesco Fundamental Alternatives Fund was renamed Invesco Multi-Strategy Fund.

Nasdaq:

A: QVOPX ■ C: QOPCX ■ R: QOPNX ■ Y: QOPYX ■ R5: FDATX ■ R6: QOPIX

------

---

| | |
|:---|:---|
| [2](#xx_14ac2547-94f8-44a6-aef0-2b197534360f_SOI-Continued-735_1) | Consolidated Schedule of Investments |
| [10](#xx_14ac2547-94f8-44a6-aef0-2b197534360f_FS-Continued-735_1) | Consolidated Financial Statements |
| [13](#xx_14ac2547-94f8-44a6-aef0-2b197534360f_FS-Continued-735_4) | Consolidated Financial Highlights |
| [14](#xx_14ac2547-94f8-44a6-aef0-2b197534360f_NTF-Continued-735_1) | Notes to Consolidated Financial Statements |
| [24](#xx_14ac2547-94f8-44a6-aef0-2b197534360f_OIRSR-Continued-735_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments**<sup>(a)</sup> 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Exchange-Traded Funds–44.45%** | **Exchange-Traded Funds–44.45%** | **Exchange-Traded Funds–44.45%** |
| Invesco Managed Futures Strategy ETF <br>(Cost $146,202,956)<sup>(b)</sup>  | 2980000 | &nbsp;&nbsp; $129569506 |
| **Common Stocks & Other Equity Interests–33.90%** | **Common Stocks & Other Equity Interests–33.90%** | **Common Stocks & Other Equity Interests–33.90%** |
| **Aerospace & Defense–0.40%** | **Aerospace & Defense–0.40%** | **Aerospace & Defense–0.40%** |
| Lockheed Martin Corp. | 180 | &nbsp;&nbsp; 85995 |
| Northrop Grumman Corp. | 158 | &nbsp;&nbsp; 76867 |
| RTX Corp. | 8029 | &nbsp;&nbsp; 1012698 |
|  |  | &nbsp;&nbsp; 1175560 |
| **Agricultural Products & Services–0.32%** | **Agricultural Products & Services–0.32%** | **Agricultural Products & Services–0.32%** |
| Archer-Daniels-Midland Co. | 4699 | &nbsp;&nbsp; 224377 |
| Bunge Global S.A. | 4844 | &nbsp;&nbsp; 381320 |
| Ingredion, Inc. | 2514 | &nbsp;&nbsp; 333909 |
|  |  | &nbsp;&nbsp; 939606 |
| **Air Freight & Logistics–0.53%** | **Air Freight & Logistics–0.53%** | **Air Freight & Logistics–0.53%** |
| C.H. Robinson Worldwide, Inc. | 4729 | &nbsp;&nbsp; 421922 |
| Expeditors International of <br> Washington, Inc. | 6479 | &nbsp;&nbsp; 712107 |
| FedEx Corp. | 1986 | &nbsp;&nbsp; 417715 |
|  |  | &nbsp;&nbsp; 1551744 |
| **Apparel Retail–0.41%** | **Apparel Retail–0.41%** | **Apparel Retail–0.41%** |
| TJX Cos., Inc. (The) | 9183 | &nbsp;&nbsp; 1181668 |
| **Apparel, Accessories & Luxury Goods–0.12%** | **Apparel, Accessories & Luxury Goods–0.12%** | **Apparel, Accessories & Luxury Goods–0.12%** |
| Ralph Lauren Corp. | 1508 | &nbsp;&nbsp; 339225 |
| **Application Software–0.82%** | **Application Software–0.82%** | **Application Software–0.82%** |
| Adobe, Inc.<sup>(b)</sup>  | 541 | &nbsp;&nbsp; 202864 |
| AppLovin Corp., Class A<sup>(b)</sup>  | 1582 | &nbsp;&nbsp; 426048 |
| DocuSign, Inc.<sup>(b)</sup>  | 5953 | &nbsp;&nbsp; 486658 |
| Nutanix, Inc., Class A<sup>(b)</sup>  | 1663 | &nbsp;&nbsp; 114248 |
| Salesforce, Inc. | 2092 | &nbsp;&nbsp; 562141 |
| Tyler Technologies, Inc.<sup>(b)</sup>  | 323 | &nbsp;&nbsp; 175486 |
| Zoom Communications, Inc., Class A<sup>(b)</sup>  | 5523 | &nbsp;&nbsp; 428254 |
|  |  | &nbsp;&nbsp; 2395699 |
| **Asset Management & Custody Banks–0.66%** | **Asset Management & Custody Banks–0.66%** | **Asset Management & Custody Banks–0.66%** |
| Bank of New York Mellon Corp. (The) | 12148 | &nbsp;&nbsp; 976821 |
| Northern Trust Corp. | 2270 | &nbsp;&nbsp; 213335 |
| State Street Corp. | 8412 | &nbsp;&nbsp; 741097 |
|  |  | &nbsp;&nbsp; 1931253 |
| **Automobile Manufacturers–0.19%** | **Automobile Manufacturers–0.19%** | **Automobile Manufacturers–0.19%** |
| General Motors Co. | 7248 | &nbsp;&nbsp; 327899 |
| Tesla, Inc.<sup>(b)</sup>  | 818 | &nbsp;&nbsp; 230807 |
|  |  | &nbsp;&nbsp; 558706 |
| **Automotive Retail–0.05%** | **Automotive Retail–0.05%** | **Automotive Retail–0.05%** |
| Carvana Co.<sup>(b)</sup>  | 616 | &nbsp;&nbsp; 150520 |
| **Biotechnology–1.24%** | **Biotechnology–1.24%** | **Biotechnology–1.24%** |
| AbbVie, Inc. | 5144 | &nbsp;&nbsp; 1003594 |
| Amgen, Inc. | 664 | &nbsp;&nbsp; 193171 |
| Gilead Sciences, Inc. | 14639 | &nbsp;&nbsp; 1559639 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Biotechnology–(continued)** | **Biotechnology–(continued)** | **Biotechnology–(continued)** |
| Incyte Corp.<sup>(b)</sup>  | 3888 | &nbsp;&nbsp; $243622 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup>  | 789 | &nbsp;&nbsp; 84968 |
| United Therapeutics Corp.<sup>(b)</sup>  | 1780 | &nbsp;&nbsp; 539500 |
|  |  | &nbsp;&nbsp; 3624494 |
| **Brewers–0.16%** | **Brewers–0.16%** | **Brewers–0.16%** |
| Molson Coors Beverage Co., Class B<sup>(c)</sup>  | 8309 | &nbsp;&nbsp; 478017 |
| **Broadcasting–0.29%** | **Broadcasting–0.29%** | **Broadcasting–0.29%** |
| Fox Corp., Class A | 16799 | &nbsp;&nbsp; 836422 |
| **Broadline Retail–0.63%** | **Broadline Retail–0.63%** | **Broadline Retail–0.63%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 7012 | &nbsp;&nbsp; 1293153 |
| eBay, Inc. | 7791 | &nbsp;&nbsp; 531035 |
|  |  | &nbsp;&nbsp; 1824188 |
| **Building Products–0.18%** | **Building Products–0.18%** | **Building Products–0.18%** |
| Carlisle Cos., Inc. | 233 | &nbsp;&nbsp; 88419 |
| Masco Corp. | 1709 | &nbsp;&nbsp; 103583 |
| Trane Technologies PLC | 836 | &nbsp;&nbsp; 320447 |
|  |  | &nbsp;&nbsp; 512449 |
| **Cable & Satellite–0.17%** | **Cable & Satellite–0.17%** | **Cable & Satellite–0.17%** |
| Charter Communications, Inc., Class A<sup>(b)</sup>  | 257 | &nbsp;&nbsp; 100708 |
| Comcast Corp., Class A | 11297 | &nbsp;&nbsp; 386357 |
|  |  | &nbsp;&nbsp; 487065 |
| **Communications Equipment–0.59%** | **Communications Equipment–0.59%** | **Communications Equipment–0.59%** |
| Cisco Systems, Inc. | 11769 | &nbsp;&nbsp; 679425 |
| F5, Inc.<sup>(b)</sup>  | 2522 | &nbsp;&nbsp; 667674 |
| Motorola Solutions, Inc. | 857 | &nbsp;&nbsp; 377414 |
|  |  | &nbsp;&nbsp; 1724513 |
| **Computer & Electronics Retail–0.03%** | **Computer & Electronics Retail–0.03%** | **Computer & Electronics Retail–0.03%** |
| Best Buy Co., Inc. | 1376 | &nbsp;&nbsp; 91765 |
| **Construction & Engineering–0.34%** | **Construction & Engineering–0.34%** | **Construction & Engineering–0.34%** |
| AECOM | 1929 | &nbsp;&nbsp; 190296 |
| Comfort Systems USA, Inc. | 539 | &nbsp;&nbsp; 214279 |
| EMCOR Group, Inc. | 1438 | &nbsp;&nbsp; 576207 |
|  |  | &nbsp;&nbsp; 980782 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.23%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.23%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.23%** |
| Cummins, Inc. | 415 | &nbsp;&nbsp; 121944 |
| Wabtec Corp. | 3049 | &nbsp;&nbsp; 563272 |
|  |  | &nbsp;&nbsp; 685216 |
| **Construction Materials–0.10%** | **Construction Materials–0.10%** | **Construction Materials–0.10%** |
| CRH PLC | 3020 | &nbsp;&nbsp; 288168 |
| **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** |
| Garmin Ltd. | 1062 | &nbsp;&nbsp; 198456 |
| **Consumer Finance–0.28%** | **Consumer Finance–0.28%** | **Consumer Finance–0.28%** |
| Capital One Financial Corp. | 586 | &nbsp;&nbsp; 105632 |
| Synchrony Financial | 13539 | &nbsp;&nbsp; 703351 |
|  |  | &nbsp;&nbsp; 808983 |

---

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** |
| **Consumer Staples Merchandise Retail–0.73%** | **Consumer Staples Merchandise Retail–0.73%** | **Consumer Staples Merchandise Retail–0.73%** |
| Costco Wholesale Corp. | 437 | &nbsp;&nbsp; $434597 |
| Walmart, Inc. | 17277 | &nbsp;&nbsp; 1680188 |
|  |  | &nbsp;&nbsp; 2114785 |
| **Data Processing & Outsourced Services–0.24%** | **Data Processing & Outsourced Services–0.24%** | **Data Processing & Outsourced Services–0.24%** |
| Broadridge Financial Solutions, Inc. | 926 | &nbsp;&nbsp; 224462 |
| SS&C Technologies Holdings, Inc. | 6205 | &nbsp;&nbsp; 469098 |
|  |  | &nbsp;&nbsp; 693560 |
| **Diversified Banks–0.67%** | **Diversified Banks–0.67%** | **Diversified Banks–0.67%** |
| Bank of America Corp. | 9329 | &nbsp;&nbsp; 372040 |
| Citigroup, Inc. | 5605 | &nbsp;&nbsp; 383270 |
| JPMorgan Chase & Co. | 3059 | &nbsp;&nbsp; 748293 |
| PNC Financial Services Group, Inc. (The) | 1458 | &nbsp;&nbsp; 234286 |
| Wells Fargo & Co. | 3085 | &nbsp;&nbsp; 219066 |
|  |  | &nbsp;&nbsp; 1956955 |
| **Diversified Support Services–0.05%** | **Diversified Support Services–0.05%** | **Diversified Support Services–0.05%** |
| Cintas Corp. | 723 | &nbsp;&nbsp; 153045 |
| **Electric Utilities–1.71%** | **Electric Utilities–1.71%** | **Electric Utilities–1.71%** |
| American Electric Power Co., Inc. | 6570 | &nbsp;&nbsp; 711794 |
| Duke Energy Corp. | 13769 | &nbsp;&nbsp; 1680093 |
| Edison International | 2565 | &nbsp;&nbsp; 137253 |
| Evergy, Inc. | 4360 | &nbsp;&nbsp; 301276 |
| Exelon Corp. | 6108 | &nbsp;&nbsp; 286465 |
| NRG Energy, Inc. | 6576 | &nbsp;&nbsp; 720598 |
| PPL Corp. | 7420 | &nbsp;&nbsp; 270830 |
| Southern Co. (The) | 4941 | &nbsp;&nbsp; 454029 |
| Xcel Energy, Inc.<sup>(c)</sup>  | 6013 | &nbsp;&nbsp; 425119 |
|  |  | &nbsp;&nbsp; 4987457 |
| **Electronic Components–0.17%** | **Electronic Components–0.17%** | **Electronic Components–0.17%** |
| Amphenol Corp., Class A | 3415 | &nbsp;&nbsp; 262784 |
| Corning, Inc. | 5577 | &nbsp;&nbsp; 247508 |
|  |  | &nbsp;&nbsp; 510292 |
| **Electronic Equipment & Instruments–0.06%** | **Electronic Equipment & Instruments–0.06%** | **Electronic Equipment & Instruments–0.06%** |
| Zebra Technologies Corp., Class A<sup>(b)</sup>  | 668 | &nbsp;&nbsp; 167214 |
| **Electronic Manufacturing Services–0.27%** | **Electronic Manufacturing Services–0.27%** | **Electronic Manufacturing Services–0.27%** |
| Flex Ltd.<sup>(b)</sup>  | 13116 | &nbsp;&nbsp; 450403 |
| Jabil, Inc. | 959 | &nbsp;&nbsp; 140551 |
| TE Connectivity PLC (Switzerland) | 1244 | &nbsp;&nbsp; 182097 |
|  |  | &nbsp;&nbsp; 773051 |
| **Environmental & Facilities Services–0.37%** | **Environmental & Facilities Services–0.37%** | **Environmental & Facilities Services–0.37%** |
| Republic Services, Inc. | 4265 | &nbsp;&nbsp; 1069449 |
| **Fertilizers & Agricultural Chemicals–0.17%** | **Fertilizers & Agricultural Chemicals–0.17%** | **Fertilizers & Agricultural Chemicals–0.17%** |
| CF Industries Holdings, Inc. | 6174 | &nbsp;&nbsp; 483856 |
| **Financial Exchanges & Data–0.04%** | **Financial Exchanges & Data–0.04%** | **Financial Exchanges & Data–0.04%** |
| CME Group, Inc., Class A | 395 | &nbsp;&nbsp; 109447 |
| **Food Distributors–0.17%** | **Food Distributors–0.17%** | **Food Distributors–0.17%** |
| US Foods Holding Corp.<sup>(b)</sup>  | 7487 | &nbsp;&nbsp; 491596 |
| **Food Retail–0.07%** | **Food Retail–0.07%** | **Food Retail–0.07%** |
| Kroger Co. (The) | 2665 | &nbsp;&nbsp; 192440 |
| **Gas Utilities–0.06%** | **Gas Utilities–0.06%** | **Gas Utilities–0.06%** |
| Atmos Energy Corp. | 1182 | &nbsp;&nbsp; 189865 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Health Care Distributors–0.68%** | **Health Care Distributors–0.68%** | **Health Care Distributors–0.68%** |
| Cardinal Health, Inc. | 3637 | &nbsp;&nbsp; $513872 |
| Cencora, Inc. | 3212 | &nbsp;&nbsp; 940056 |
| McKesson Corp. | 749 | &nbsp;&nbsp; 533880 |
|  |  | &nbsp;&nbsp; 1987808 |
| **Health Care Equipment–0.91%** | **Health Care Equipment–0.91%** | **Health Care Equipment–0.91%** |
| Abbott Laboratories | 4413 | &nbsp;&nbsp; 577000 |
| Becton, Dickinson and Co. | 2137 | &nbsp;&nbsp; 442551 |
| Boston Scientific Corp.<sup>(b)</sup>  | 9591 | &nbsp;&nbsp; 986626 |
| Medtronic PLC | 4165 | &nbsp;&nbsp; 353025 |
| ResMed, Inc. | 1223 | &nbsp;&nbsp; 289350 |
|  |  | &nbsp;&nbsp; 2648552 |
| **Health Care Facilities–0.52%** | **Health Care Facilities–0.52%** | **Health Care Facilities–0.52%** |
| Encompass Health Corp. | 1292 | &nbsp;&nbsp; 151151 |
| HCA Healthcare, Inc. | 882 | &nbsp;&nbsp; 304360 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 2726 | &nbsp;&nbsp; 389682 |
| Universal Health Services, Inc., Class B | 3756 | &nbsp;&nbsp; 665075 |
|  |  | &nbsp;&nbsp; 1510268 |
| **Health Care Services–0.41%** | **Health Care Services–0.41%** | **Health Care Services–0.41%** |
| DaVita, Inc.<sup>(b)</sup>  | 3260 | &nbsp;&nbsp; 461453 |
| Labcorp Holdings, Inc. | 1956 | &nbsp;&nbsp; 471416 |
| Quest Diagnostics, Inc. | 1511 | &nbsp;&nbsp; 269290 |
|  |  | &nbsp;&nbsp; 1202159 |
| **Homefurnishing Retail–0.07%** | **Homefurnishing Retail–0.07%** | **Homefurnishing Retail–0.07%** |
| Williams-Sonoma, Inc. | 1380 | &nbsp;&nbsp; 213169 |
| **Hotels, Resorts & Cruise Lines–0.85%** | **Hotels, Resorts & Cruise Lines–0.85%** | **Hotels, Resorts & Cruise Lines–0.85%** |
| Booking Holdings, Inc. | 233 | &nbsp;&nbsp; 1188132 |
| Carnival Corp.<sup>(b)</sup>  | 16690 | &nbsp;&nbsp; 306095 |
| Expedia Group, Inc. | 4572 | &nbsp;&nbsp; 717484 |
| Royal Caribbean Cruises Ltd. | 1211 | &nbsp;&nbsp; 260256 |
|  |  | &nbsp;&nbsp; 2471967 |
| **Household Products–0.87%** | **Household Products–0.87%** | **Household Products–0.87%** |
| Clorox Co. (The) | 1564 | &nbsp;&nbsp; 222557 |
| Colgate-Palmolive Co. | 12368 | &nbsp;&nbsp; 1140206 |
| Kimberly-Clark Corp. | 8848 | &nbsp;&nbsp; 1165990 |
|  |  | &nbsp;&nbsp; 2528753 |
| **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; 653204 |
| **Independent Power Producers & Energy Traders–0.15%** | **Independent Power Producers & Energy Traders–0.15%** | **Independent Power Producers & Energy Traders–0.15%** |
| Vistra Corp. | 3382 | &nbsp;&nbsp; 438409 |
| **Industrial Conglomerates–0.08%** | **Industrial Conglomerates–0.08%** | **Industrial Conglomerates–0.08%** |
| 3M Co. | 1767 | &nbsp;&nbsp; 245454 |
| **Industrial Machinery & Supplies & Components–0.04%** | **Industrial Machinery & Supplies & Components–0.04%** | **Industrial Machinery & Supplies & Components–0.04%** |
| Parker-Hannifin Corp. | 215 | &nbsp;&nbsp; 130088 |
| **Integrated Oil & Gas–0.29%** | **Integrated Oil & Gas–0.29%** | **Integrated Oil & Gas–0.29%** |
| Chevron Corp. | 3115 | &nbsp;&nbsp; 423827 |
| Exxon Mobil Corp. | 4037 | &nbsp;&nbsp; 426428 |
|  |  | &nbsp;&nbsp; 850255 |
| **Integrated Telecommunication Services–0.32%** | **Integrated Telecommunication Services–0.32%** | **Integrated Telecommunication Services–0.32%** |
| AT&T, Inc. | 34052 | &nbsp;&nbsp; 943240 |

---

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** |
| **Interactive Home Entertainment–0.04%** | **Interactive Home Entertainment–0.04%** | **Interactive Home Entertainment–0.04%** |
| Electronic Arts, Inc. | 892 | &nbsp;&nbsp; $129420 |
| **Interactive Media & Services–0.84%** | **Interactive Media & Services–0.84%** | **Interactive Media & Services–0.84%** |
| Alphabet, Inc., Class A | 9089 | &nbsp;&nbsp; 1443333 |
| Meta Platforms, Inc., Class A | 1847 | &nbsp;&nbsp; 1014003 |
|  |  | &nbsp;&nbsp; 2457336 |
| **Internet Services & Infrastructure–0.90%** | **Internet Services & Infrastructure–0.90%** | **Internet Services & Infrastructure–0.90%** |
| GoDaddy, Inc., Class A<sup>(b)</sup>  | 5281 | &nbsp;&nbsp; 994571 |
| Twilio, Inc., Class A<sup>(b)</sup>  | 3842 | &nbsp;&nbsp; 371560 |
| VeriSign, Inc.<sup>(b)</sup>  | 4459 | &nbsp;&nbsp; 1257973 |
|  |  | &nbsp;&nbsp; 2624104 |
| **Investment Banking & Brokerage–0.66%** | **Investment Banking & Brokerage–0.66%** | **Investment Banking & Brokerage–0.66%** |
| Goldman Sachs Group, Inc. (The) | 2098 | &nbsp;&nbsp; 1148760 |
| Morgan Stanley | 6634 | &nbsp;&nbsp; 765696 |
|  |  | &nbsp;&nbsp; 1914456 |
| **IT Consulting & Other Services–0.61%** | **IT Consulting & Other Services–0.61%** | **IT Consulting & Other Services–0.61%** |
| Accenture PLC, Class A (Ireland) | 1279 | &nbsp;&nbsp; 382613 |
| Amdocs Ltd. | 2526 | &nbsp;&nbsp; 223753 |
| Cognizant Technology Solutions Corp., <br> Class A | 2538 | &nbsp;&nbsp; 186721 |
| International Business Machines Corp. | 4092 | &nbsp;&nbsp; 989527 |
|  |  | &nbsp;&nbsp; 1782614 |
| **Leisure Products–0.11%** | **Leisure Products–0.11%** | **Leisure Products–0.11%** |
| Hasbro, Inc. | 5245 | &nbsp;&nbsp; 324666 |
| **Life & Health Insurance–0.31%** | **Life & Health Insurance–0.31%** | **Life & Health Insurance–0.31%** |
| Globe Life, Inc. | 1513 | &nbsp;&nbsp; 186614 |
| Prudential Financial, Inc. | 1947 | &nbsp;&nbsp; 199976 |
| Unum Group | 6583 | &nbsp;&nbsp; 511236 |
|  |  | &nbsp;&nbsp; 897826 |
| **Life Sciences Tools & Services–0.07%** | **Life Sciences Tools & Services–0.07%** | **Life Sciences Tools & Services–0.07%** |
| Illumina, Inc.<sup>(b)</sup>  | 2572 | &nbsp;&nbsp; 199587 |
| **Managed Health Care–0.15%** | **Managed Health Care–0.15%** | **Managed Health Care–0.15%** |
| UnitedHealth Group, Inc.<sup>(c)</sup>  | 1076 | &nbsp;&nbsp; 442709 |
| **Metal, Glass & Plastic Containers–0.11%** | **Metal, Glass & Plastic Containers–0.11%** | **Metal, Glass & Plastic Containers–0.11%** |
| AptarGroup, Inc. | 1161 | &nbsp;&nbsp; 174092 |
| Crown Holdings, Inc. | 1525 | &nbsp;&nbsp; 146903 |
|  |  | &nbsp;&nbsp; 320995 |
| **Movies & Entertainment–0.12%** | **Movies & Entertainment–0.12%** | **Movies & Entertainment–0.12%** |
| Walt Disney Co. (The) | 3794 | &nbsp;&nbsp; 345064 |
| **Multi-Sector Holdings–0.57%** | **Multi-Sector Holdings–0.57%** | **Multi-Sector Holdings–0.57%** |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup>  | 3116 | &nbsp;&nbsp; 1661607 |
| **Multi-Utilities–0.44%** | **Multi-Utilities–0.44%** | **Multi-Utilities–0.44%** |
| CMS Energy Corp. | 4139 | &nbsp;&nbsp; 304838 |
| Consolidated Edison, Inc. | 1547 | &nbsp;&nbsp; 174424 |
| DTE Energy Co. | 4292 | &nbsp;&nbsp; 588004 |
| NiSource, Inc. | 5485 | &nbsp;&nbsp; 214518 |
|  |  | &nbsp;&nbsp; 1281784 |
| **Oil & Gas Equipment & Services–0.21%** | **Oil & Gas Equipment & Services–0.21%** | **Oil & Gas Equipment & Services–0.21%** |
| Baker Hughes Co., Class A | 10931 | &nbsp;&nbsp; 386957 |
| TechnipFMC PLC (United Kingdom) | 7894 | &nbsp;&nbsp; 222374 |
|  |  | &nbsp;&nbsp; 609331 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Oil & Gas Exploration & Production–0.75%** | **Oil & Gas Exploration & Production–0.75%** | **Oil & Gas Exploration & Production–0.75%** |
| ConocoPhillips | 3517 | &nbsp;&nbsp; $313435 |
| Coterra Energy, Inc. | 4107 | &nbsp;&nbsp; 100868 |
| Devon Energy Corp. | 11314 | &nbsp;&nbsp; 344059 |
| EOG Resources, Inc. | 8368 | &nbsp;&nbsp; 923241 |
| Ovintiv, Inc. | 15152 | &nbsp;&nbsp; 508804 |
| Sabine Oil & Gas Holdings, Inc.<sup>(b)(d)</sup>  | 115 | &nbsp;&nbsp; 8 |
|  |  | &nbsp;&nbsp; 2190415 |
| **Oil & Gas Storage & Transportation–0.42%** | **Oil & Gas Storage & Transportation–0.42%** | **Oil & Gas Storage & Transportation–0.42%** |
| Cheniere Energy, Inc. | 1318 | &nbsp;&nbsp; 304603 |
| Kinder Morgan, Inc. | 34980 | &nbsp;&nbsp; 919974 |
|  |  | &nbsp;&nbsp; 1224577 |
| **Packaged Foods & Meats–0.48%** | **Packaged Foods & Meats–0.48%** | **Packaged Foods & Meats–0.48%** |
| Conagra Brands, Inc. | 5825 | &nbsp;&nbsp; 143936 |
| General Mills, Inc. | 8464 | &nbsp;&nbsp; 480247 |
| McCormick & Co., Inc. | 1057 | &nbsp;&nbsp; 81030 |
| Tyson Foods, Inc., Class A | 11146 | &nbsp;&nbsp; 682581 |
|  |  | &nbsp;&nbsp; 1387794 |
| **Paper & Plastic Packaging Products & Materials–0.10%** | **Paper & Plastic Packaging Products & Materials–0.10%** | **Paper & Plastic Packaging Products & Materials–0.10%** |
| Packaging Corp. of America | 1560 | &nbsp;&nbsp; 289552 |
| **Passenger Airlines–0.16%** | **Passenger Airlines–0.16%** | **Passenger Airlines–0.16%** |
| United Airlines Holdings, Inc.<sup>(b)</sup>  | 6688 | &nbsp;&nbsp; 460268 |
| **Pharmaceuticals–1.17%** | **Pharmaceuticals–1.17%** | **Pharmaceuticals–1.17%** |
| Bristol-Myers Squibb Co. | 21946 | &nbsp;&nbsp; 1101689 |
| Eli Lilly and Co. | 381 | &nbsp;&nbsp; 342500 |
| Johnson & Johnson | 8827 | &nbsp;&nbsp; 1379748 |
| Merck & Co., Inc. | 2768 | &nbsp;&nbsp; 235834 |
| Pfizer, Inc. | 8031 | &nbsp;&nbsp; 196037 |
| Viatris, Inc. | 18827 | &nbsp;&nbsp; 158523 |
|  |  | &nbsp;&nbsp; 3414331 |
| **Property & Casualty Insurance–0.72%** | **Property & Casualty Insurance–0.72%** | **Property & Casualty Insurance–0.72%** |
| Allstate Corp. (The) | 1390 | &nbsp;&nbsp; 275762 |
| Assurant, Inc. | 2735 | &nbsp;&nbsp; 527144 |
| Hartford Insurance Group, Inc. (The) | 3066 | &nbsp;&nbsp; 376106 |
| Loews Corp. | 2075 | &nbsp;&nbsp; 180172 |
| Progressive Corp. (The) | 2608 | &nbsp;&nbsp; 734778 |
|  |  | &nbsp;&nbsp; 2093962 |
| **Rail Transportation–0.25%** | **Rail Transportation–0.25%** | **Rail Transportation–0.25%** |
| Union Pacific Corp. | 3335 | &nbsp;&nbsp; 719226 |
| **Regional Banks–0.02%** | **Regional Banks–0.02%** | **Regional Banks–0.02%** |
| M&T Bank Corp. | 426 | &nbsp;&nbsp; 72318 |
| **Research & Consulting Services–0.27%** | **Research & Consulting Services–0.27%** | **Research & Consulting Services–0.27%** |
| Booz Allen Hamilton Holding Corp. | 1489 | &nbsp;&nbsp; 178710 |
| Leidos Holdings, Inc. | 3033 | &nbsp;&nbsp; 446397 |
| Verisk Analytics, Inc. | 515 | &nbsp;&nbsp; 152661 |
|  |  | &nbsp;&nbsp; 777768 |
| **Semiconductor Materials & Equipment–0.10%** | **Semiconductor Materials & Equipment–0.10%** | **Semiconductor Materials & Equipment–0.10%** |
| KLA Corp. | 192 | &nbsp;&nbsp; 134916 |
| Lam Research Corp. | 2094 | &nbsp;&nbsp; 150077 |
|  |  | &nbsp;&nbsp; 284993 |
| **Semiconductors–1.74%** | **Semiconductors–1.74%** | **Semiconductors–1.74%** |
| Analog Devices, Inc. | 1126 | &nbsp;&nbsp; 219480 |

---

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** |
| **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** |
| Broadcom, Inc. | 6060 | &nbsp;&nbsp; $1166368 |
| Marvell Technology, Inc. | 2088 | &nbsp;&nbsp; 121876 |
| NVIDIA Corp. | 22614 | &nbsp;&nbsp; 2463117 |
| QUALCOMM, Inc. | 6428 | &nbsp;&nbsp; 954301 |
| Skyworks Solutions, Inc. | 2110 | &nbsp;&nbsp; 135631 |
|  |  | &nbsp;&nbsp; 5060773 |
| **Soft Drinks & Non-alcoholic Beverages–0.17%** | **Soft Drinks & Non-alcoholic Beverages–0.17%** | **Soft Drinks & Non-alcoholic Beverages–0.17%** |
| Coca-Cola Co. (The) | 4249 | &nbsp;&nbsp; 308265 |
| Keurig Dr Pepper, Inc. | 5602 | &nbsp;&nbsp; 193773 |
|  |  | &nbsp;&nbsp; 502038 |
| **Specialty Chemicals–0.14%** | **Specialty Chemicals–0.14%** | **Specialty Chemicals–0.14%** |
| Ecolab, Inc. | 1302 | &nbsp;&nbsp; 327362 |
| International Flavors & Fragrances, Inc. | 910 | &nbsp;&nbsp; 71398 |
|  |  | &nbsp;&nbsp; 398760 |
| **Steel–0.26%** | **Steel–0.26%** | **Steel–0.26%** |
| Nucor Corp. | 1071 | &nbsp;&nbsp; 127845 |
| Steel Dynamics, Inc. | 4951 | &nbsp;&nbsp; 642194 |
|  |  | &nbsp;&nbsp; 770039 |
| **Systems Software–1.34%** | **Systems Software–1.34%** | **Systems Software–1.34%** |
| Fortinet, Inc.<sup>(b)</sup>  | 4016 | &nbsp;&nbsp; 416700 |
| Gen Digital, Inc.<sup>(c)</sup>  | 18594 | &nbsp;&nbsp; 481027 |
| Microsoft Corp. | 5985 | &nbsp;&nbsp; 2365631 |
| Oracle Corp. | 2661 | &nbsp;&nbsp; 374456 |
| ServiceNow, Inc.<sup>(b)</sup>  | 272 | &nbsp;&nbsp; 259763 |
|  |  | &nbsp;&nbsp; 3897577 |
| **Technology Hardware, Storage & Peripherals–1.30%** | **Technology Hardware, Storage & Peripherals–1.30%** | **Technology Hardware, Storage & Peripherals–1.30%** |
| Apple, Inc. | 16193 | &nbsp;&nbsp; 3441013 |
| NetApp, Inc.<sup>(c)</sup>  | 4000 | &nbsp;&nbsp; 359000 |
|  |  | &nbsp;&nbsp; 3800013 |
| **Tobacco–0.80%** | **Tobacco–0.80%** | **Tobacco–0.80%** |
| Altria Group, Inc. | 23238 | &nbsp;&nbsp; 1374528 |
| Philip Morris International, Inc. | 5574 | &nbsp;&nbsp; 955160 |
|  |  | &nbsp;&nbsp; 2329688 |
| **Transaction & Payment Processing Services–0.50%** | **Transaction & Payment Processing Services–0.50%** | **Transaction & Payment Processing Services–0.50%** |
| Fidelity National Information Services, Inc. | 1639 | &nbsp;&nbsp; 129284 |
| Fiserv, Inc.<sup>(b)</sup>  | 3462 | &nbsp;&nbsp; 638981 |
| Visa, Inc., Class A | 1983 | &nbsp;&nbsp; 685127 |
|  |  | &nbsp;&nbsp; 1453392 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Wireless Telecommunication Services–0.07%** | **Wireless Telecommunication Services–0.07%** | **Wireless Telecommunication Services–0.07%** | **Wireless Telecommunication Services–0.07%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 880 | &nbsp;&nbsp; $217316 |
| Total Common Stocks & Other Equity Interests <br> (Cost $77,568,843) | Total Common Stocks & Other Equity Interests <br> (Cost $77,568,843) | Total Common Stocks & Other Equity Interests <br> (Cost $77,568,843) | &nbsp;&nbsp; 98817136 |
| **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., Series A, <br> Pfd. <br>(Cost $68,449)<sup>(d)</sup>  | Southcross Energy Partners L.P., Series A, <br> Pfd. <br>(Cost $68,449)<sup>(d)</sup>  | 68466 | &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%** |
| McDermott International Ltd., PIK Term <br> Loan, 3.00% PIK Rate, 5.44% Cash <br> Rate (1 mo. Term SOFR + 1.00%), <br> 12/31/2027 <br>(Cost $5)<br>|  | $15 | &nbsp;&nbsp; 7 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–5.96%** | **Money Market Funds–5.96%** | **Money Market Funds–5.96%** | **Money Market Funds–5.96%** |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(g)(h)</sup> <br>(Cost $17,373,757) | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(g)(h)</sup> <br>(Cost $17,373,757) | 17373757 | &nbsp;&nbsp; 17373757 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-84.31% <br> (Cost $241,214,010)<br>|  |  | &nbsp;&nbsp; 245760810 |
| **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–0.75%** | **Money Market Funds–0.75%** | **Money Market Funds–0.75%** | **Money Market Funds–0.75%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(g)(h)(i)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(g)(h)(i)</sup>  | 603942 | &nbsp;&nbsp; 603942 |
| Invesco Private Prime Fund, 4.46%<sup>(g)(h)(i)</sup>  | Invesco Private Prime Fund, 4.46%<sup>(g)(h)(i)</sup>  | 1586542 | &nbsp;&nbsp; 1586860 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $2,190,804) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $2,190,804) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $2,190,804) | &nbsp;&nbsp; 2190802 |
| TOTAL INVESTMENTS IN SECURITIES–85.06% <br> (Cost $243,404,814) | TOTAL INVESTMENTS IN SECURITIES–85.06% <br> (Cost $243,404,814) | TOTAL INVESTMENTS IN SECURITIES–85.06% <br> (Cost $243,404,814) | &nbsp;&nbsp; 247951612 |
| OTHER ASSETS LESS LIABILITIES—14.94% | OTHER ASSETS LESS LIABILITIES—14.94% | OTHER ASSETS LESS LIABILITIES—14.94% | &nbsp;&nbsp; 43541317 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $291492929 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ETF | – Exchange-Traded Fund |
| Pfd. | – Preferred |
| PIK | – Pay-in-Kind |
| SOFR | – Secured Overnight Financing Rate |

---

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

**5**

**Invesco Multi-Strategy 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> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at April 30, 2025.

<sup>(d)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<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> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 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>**April 30, 2025**<br>| **Dividend Income** |
| Invesco Managed Futures Strategy ETF | $- | &nbsp;&nbsp; $146202956 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(16633450) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $129569506 | &nbsp;&nbsp; $- |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Treasury Portfolio, Institutional Class | 75972364 | &nbsp;&nbsp; 118709763 | &nbsp;&nbsp; (177308370) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 17373757 | &nbsp;&nbsp; 1500687 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 597609 | &nbsp;&nbsp; 15823399 | &nbsp;&nbsp; (15817066) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 603942 | &nbsp;&nbsp; 17,947\* |
| Invesco Private Prime Fund | 1559518 | &nbsp;&nbsp; 29564360 | &nbsp;&nbsp; (29536793) | (2) | (223) | &nbsp;&nbsp; 1586860 | &nbsp;&nbsp; 45,866\* |
| Total | $78129491 | &nbsp;&nbsp; $310300478 | &nbsp;&nbsp; $(222662229) | &nbsp;&nbsp; $(16633452) | &nbsp;&nbsp; $(223) | &nbsp;&nbsp; $149134065 | &nbsp;&nbsp; $1564500 |

---

\* 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>(h)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(i)</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>  |
| **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>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 283 | June-2025 | &nbsp;&nbsp;&nbsp; $(79056050)<br>| &nbsp;&nbsp;&nbsp; $1489279 | &nbsp;&nbsp;&nbsp; $1489279 |

---

<sup>(a)</sup> Futures contracts collateralized by $6,262,566 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** |  |  |  |  |  |  |
| 05/07/2025 | UBS AG | USD | 6596000 | EUR | 6084786 | &nbsp;&nbsp;&nbsp; $297988 |
| 05/07/2025 | UBS AG | USD | 13192000 | GBP | 10190288 | &nbsp;&nbsp;&nbsp; 388538 |
| 05/07/2025 | UBS AG | USD | 6596000 | JPY | 982480796 | &nbsp;&nbsp;&nbsp; 279305 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 965831 |
| **Currency Risk** |  |  |  |  |  |  |
| 05/07/2025 | UBS AG | NZD | 22952269 | USD | 13192000 | &nbsp;&nbsp;&nbsp; (443547)<br>|
| 05/07/2025 | UBS AG | SEK | 130872713 | USD | 13192000 | &nbsp;&nbsp;&nbsp; (349829)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (793376)<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; $172455 |

---

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

**6**

**Invesco Multi-Strategy 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** |
| Pay | SOFR | Semi-Annually | 2.10% | Semi-Annually | &nbsp;&nbsp; 04/07/2030 | SGD | 29150000 | &nbsp;&nbsp; $115731 | &nbsp;&nbsp; $239760 | &nbsp;&nbsp; $124029 |
| Pay | 3 Month NDBB | Quarterly | 4.10 | Semi-Annually | &nbsp;&nbsp; 04/04/2035 | NZD | 59070000 | &nbsp;&nbsp; 344831 | &nbsp;&nbsp; 529514 | &nbsp;&nbsp; 184683 |
| Pay | &nbsp;&nbsp; FBIL Overnight <br> MIBOR<br>| Semi-Annually | 5.81 | Semi-Annually | &nbsp;&nbsp; 04/08/2030 | INR | 3890010000 | &nbsp;&nbsp; 113825 | &nbsp;&nbsp; 398894 | &nbsp;&nbsp; 285069 |
| Pay | SONIA | Annually | 4.14 | Annually | &nbsp;&nbsp; 04/02/2035 | GBP | 26060000 | &nbsp;&nbsp; 295025 | &nbsp;&nbsp; 590661 | &nbsp;&nbsp; 295636 |
| Pay | 6 Month BBSW | Semi-Annually | 4.01 | Semi-Annually | &nbsp;&nbsp; 04/03/2035 | AUD | 53660000 | &nbsp;&nbsp; (406871)<br>| &nbsp;&nbsp; (77315)<br>| &nbsp;&nbsp; 329556 |
| Receive | CORRA | Semi-Annually | &nbsp;&nbsp; (2.70) | Semi-Annually | &nbsp;&nbsp; 04/02/2035 | CAD | 48170000 | &nbsp;&nbsp; (247701)<br>| &nbsp;&nbsp; 255040 | &nbsp;&nbsp; 502741 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  | &nbsp;&nbsp; 214840 | &nbsp;&nbsp; 1936554 | &nbsp;&nbsp; 1721714 |
| **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 | 6 Month SARON | Annually | &nbsp;&nbsp; (0.58) | Annually | &nbsp;&nbsp; 04/04/2035 | CHF | 29770000 | &nbsp;&nbsp; (147113)<br>| &nbsp;&nbsp; (721764)<br>| &nbsp;&nbsp; (574651)<br>|
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (2.60) | Annually | &nbsp;&nbsp; 04/04/2035 | EUR | 31210000 | &nbsp;&nbsp; (140792)<br>| &nbsp;&nbsp; (532086)<br>| &nbsp;&nbsp; (391294)<br>|
| Receive | CLICP | Semi-Annually | &nbsp;&nbsp; (4.82) | Semi-Annually | &nbsp;&nbsp; 04/07/2030 | CLP | 13625110000 | &nbsp;&nbsp; (15793)<br>| &nbsp;&nbsp; (170306)<br>| &nbsp;&nbsp; (154513)<br>|
| Receive | 6 Month BUBOR | Semi-Annually | &nbsp;&nbsp; (6.46) | Annually | &nbsp;&nbsp; 04/07/2030 | HUF | 3160370000 | &nbsp;&nbsp; (70050)<br>| &nbsp;&nbsp; (215083)<br>| &nbsp;&nbsp; (145033)<br>|
| Receive | 6 Month WIBOR | Semi-Annually | &nbsp;&nbsp; (4.44) | Annually | &nbsp;&nbsp; 04/07/2030 | PLN | 38160000 | &nbsp;&nbsp; (100080)<br>| &nbsp;&nbsp; (199226)<br>| &nbsp;&nbsp; (99146)<br>|
| Pay | TTHORON | Quarterly | 1.43 | Quarterly | &nbsp;&nbsp; 04/08/2030 | THB | 893450000 | &nbsp;&nbsp; 42557 | &nbsp;&nbsp; 22643 | &nbsp;&nbsp; (19914)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  | &nbsp;&nbsp; (431271)<br>| &nbsp;&nbsp; (1815822)<br>| &nbsp;&nbsp; (1384551)<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; $(216431)<br>| &nbsp;&nbsp; $120732 | &nbsp;&nbsp; $337163 |

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $5,307,926 cash held with Counterparties.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| **Commodity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Barclays Bank PLC | Receive | Barclays Commodity Strategy <br> 1756 Excess Return Index<br>| 0.42% | Monthly | 260330 | March—2026 | USD | 58513653 | $— | $205530 | $205530 |
| Macquarie Bank Ltd. | Receive | Macquarie F6 Carry Alpha Index | 0.32 | Monthly | 247850 | April—2026 | USD | 76647485 |  | 295264 | 295264 |
| 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 |  |  |  |  | $— | $500794 | $500794 |

---

<sup>(a)</sup> Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $810,000.

<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 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**<sup>(c)</sup> <br>| **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** |  |  |  |  |  |  |  |  |  |  |  |
| Goldman Sachs <br> International<br>| Receive | FTSE Developed Ex <br> US Invesco Dynamic <br> Multifactor Index<br>| DXUSDMLS <br> + 0.460%<br>| Monthly | 11750 | September—2025 | USD | 17195598 | $— | $5912 | $5912 |
| Goldman Sachs <br> International<br>| Receive | FTSE Developed Ex <br> US Invesco Dynamic <br> Multifactor Index<br>| DXUSDMLS <br> + 0.540%<br>| Monthly | 3400 | April—2026 | USD | 4974030 |  | 1711 | 1711 |
| Goldman Sachs <br> International<br>| Receive | FTSE Developed Ex <br> US Invesco Dynamic <br> Multifactor Index<br>| DXUSDMLS <br> + 0.580%<br>| Monthly | 61400 | September—2025 | USD | 89825130 |  | 30892 | 30892 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  |  |  | 38515 | 38515 |

---

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

**7**

**Invesco Multi-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> | **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** |  |  |  |  |  |  |  |  |  |  |  |
| Goldman Sachs <br> International<br>| Receive | Russell 1000 <br> Invesco Dynamic <br> Multifactor Index<br>| R1DMLS + <br> 0.110%<br>| Monthly | 3950 | September—2025 | USD | 4879317 | $— | $(44753)<br>| $(44753)<br>|
| Goldman Sachs <br> International<br>| Receive | Russell 1000 <br> Invesco Dynamic <br> Multifactor Index<br>| R1DMLS + <br> 0.050%<br>| Monthly | 32650 | September—2025 | USD | 40336115 |  | (369924)<br>| (369924)<br>|
| Goldman Sachs <br> International<br>| Receive | Russell 2000 <br> Invesco Dynamic <br> Multifactor Index<br>| R2DMLS + <br> 0.250%<br>| Monthly | 29550 | September—2025 | USD | 38883958 |  | (188303)<br>| (188303)<br>|
| Goldman Sachs <br> International<br>| Receive | Russell 2000 <br> Invesco Dynamic <br> Multifactor Index<br>| R2DMLS + <br> 0.280%<br>| Monthly | 4900 | September—2025 | USD | 6447763 |  | (31225)<br>| (31225)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  |  |  | (634205)<br>| (634205)<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 |  |  |  |  | $— | $(595690)<br>| $(595690)<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 $810,000.

<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 publicly available. 

---

| | | |
|:---|:---|:---|
| **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; 3.81% |
|  | Brent Crude | &nbsp;&nbsp; 6.43% |
|  | Cocoa | &nbsp;&nbsp; 0.00% |
|  | Coffee | &nbsp;&nbsp; 3.21% |
|  | Corn | &nbsp;&nbsp; 5.87% |
|  | Cotton | &nbsp;&nbsp; 1.51% |
|  | Gas Oil | &nbsp;&nbsp; 2.32% |
|  | Gasoline | &nbsp;&nbsp; 2.02% |
|  | Gold | &nbsp;&nbsp; 16.79% |
|  | Heating Oil | &nbsp;&nbsp; 1.83% |
|  | Kansas Wheat | &nbsp;&nbsp; 1.85% |
|  | Lead | &nbsp;&nbsp; 0.87% |
|  | Lean Hogs | &nbsp;&nbsp; 1.97% |
|  | Live Cattle | &nbsp;&nbsp; 3.48% |
|  | Natural Gas | &nbsp;&nbsp; 9.33% |
|  | Nickel | &nbsp;&nbsp; 2.27% |
|  | Silver | &nbsp;&nbsp; 4.54% |
|  | Soybean Meal | &nbsp;&nbsp; 3.41% |
|  | Soybean Oil | &nbsp;&nbsp; 3.75% |
|  | Soybeans | &nbsp;&nbsp; 6.06% |
|  | Sugar | &nbsp;&nbsp; 2.65% |
|  | US Copper | &nbsp;&nbsp; 5.63% |
|  | Wheat | &nbsp;&nbsp; 2.85% |
|  | WTI Crude | &nbsp;&nbsp; 5.53% |
|  | Zinc | &nbsp;&nbsp; 2.02% |
|  | 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**

------

---

| | | |
|:---|:---|:---|
| **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **Macquarie F6 Carry Alpha Index** |  |  |
|  | Aluminum | &nbsp;&nbsp; 5.15% |
|  | Coffee "C" | &nbsp;&nbsp; 4.60% |
|  | Copper | &nbsp;&nbsp; 7.74% |
|  | Corn | &nbsp;&nbsp; 7.06% |
|  | Cotton No. 2 | &nbsp;&nbsp; 2.04% |
|  | Heating Oil | &nbsp;&nbsp; 2.43% |
|  | KC HRW Wheat | &nbsp;&nbsp; 2.43% |
|  | Lean Hogs | &nbsp;&nbsp; 2.12% |
|  | Live Cattle | &nbsp;&nbsp; 4.75% |
|  | Low Sulphur Gasoil | &nbsp;&nbsp; 3.10% |
|  | Malaysian Palm Oil Futures | &nbsp;&nbsp; 1.21% |
|  | Natural Gas | &nbsp;&nbsp; 17.55% |
|  | Nickel | &nbsp;&nbsp; 3.16% |
|  | RBOB Gasoline | &nbsp;&nbsp; 2.33% |
|  | Soybean Meal | &nbsp;&nbsp; 4.55% |
|  | Soybean Oil | &nbsp;&nbsp; 5.06% |
|  | Soybeans | &nbsp;&nbsp; 7.88% |
|  | Sugar No. 11 | &nbsp;&nbsp; 3.51% |
|  | Wheat | &nbsp;&nbsp; 3.81% |
|  | WTI Crude | &nbsp;&nbsp; 6.87% |
|  | Zinc | &nbsp;&nbsp; 2.65% |
|  | Total | &nbsp;&nbsp; 100.00% |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | —Australian Dollar |
| BBSW | —Bank Bill Swap Rate |
| BUBOR | —Budapest Interbank Offered Rate |
| CAD | —Canadian Dollar |
| CLICP | —Sinacofi Chile Interbank Rate Avg (CAMARA) |
| CLP | —Chile Peso |
| CORRA | —Canadian Overnight Repo Rate Average |
| EUR | —Euro |
| EURIBOR | —Euro Interbank Offered Rate |
| 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 |
| NZD | —New Zealand Dollar |
| PLN | —Polish Zloty |
| SARON | —Swiss Average Rate Overnight |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| SOFR | —Secured Overnight Financing Rate |
| SONIA | —Sterling Overnight Index 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**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $77,637,297)\*<br>| &nbsp;&nbsp; $98817547 |
| Investments in affiliates, at value <br>(Cost $165,767,517)<br>| &nbsp;&nbsp; 149134065 |
| Other investments: |  |
| Variation margin receivable—centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 1293831 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 539309 |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 965831 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 6262566 |
| Cash collateral — centrally cleared swap agreements | &nbsp;&nbsp; 5307926 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 810000 |
| Cash | &nbsp;&nbsp; 32544235 |
| Foreign currencies, at value (Cost $24,495) | &nbsp;&nbsp; 24679 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 55569 |
| Fund shares sold | &nbsp;&nbsp; 124130 |
| Dividends | &nbsp;&nbsp; 190199 |
| Interest | &nbsp;&nbsp; 11302 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 105606 |
| Other assets | &nbsp;&nbsp; 29265 |
| Total assets | &nbsp;&nbsp; 296216060 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 187197 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 793376 |
| Swaps payable — OTC | &nbsp;&nbsp; 55261 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 634205 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 61742 |
| Fund shares reacquired | &nbsp;&nbsp; 214679 |
| Due to broker | &nbsp;&nbsp; 213495 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 2190804 |
| Accrued fees to affiliates | &nbsp;&nbsp; 146545 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 300 |
| Accrued other operating expenses | &nbsp;&nbsp; 72037 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 145565 |
| Collateral due to broker - OTC Derivatives | &nbsp;&nbsp; 7925 |
| Total liabilities | &nbsp;&nbsp; 4723131 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $291492929 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $269217648 |
| Distributable earnings | &nbsp;&nbsp; 22275281 |
|  | &nbsp;&nbsp; $291492929 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $242930785 |
| Class C | &nbsp;&nbsp; $6019444 |
| Class R | &nbsp;&nbsp; $8298100 |
| Class Y | &nbsp;&nbsp; $31885633 |
| Class R5 | &nbsp;&nbsp; $9163 |
| Class R6 | &nbsp;&nbsp; $2349804 |
| **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; 10017830 |
| Class C | &nbsp;&nbsp; 286521 |
| Class R | &nbsp;&nbsp; 361266 |
| Class Y | &nbsp;&nbsp; 1278013 |
| Class R5 | &nbsp;&nbsp; 377 |
| Class R6 | &nbsp;&nbsp; 93559 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $24.25 |
| Maximum offering price per share <br>(Net asset value of $24.25 ÷ 94.50%)<br>| &nbsp;&nbsp; $25.66 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $21.01 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $22.97 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.95 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.31 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.12 |

---

\* At April 30, 2025, securities with an aggregate value of $2,163,799 were on loan to brokers. 

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 six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $1035852 |
| Dividends (net of foreign withholding taxes of $2,426) | &nbsp;&nbsp; 916566 |
| Dividends from affiliated money market funds (includes net securities lending income of $1,784) | &nbsp;&nbsp; 1502471 |
| Total investment income | &nbsp;&nbsp; 3454889 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1224944 |
| Administrative services fees | &nbsp;&nbsp; 21004 |
| Custodian fees | &nbsp;&nbsp; 39039 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 319570 |
| Class C | &nbsp;&nbsp; 34365 |
| Class R | &nbsp;&nbsp; 22031 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 287006 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 1 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 284 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10798 |
| Registration and filing fees | &nbsp;&nbsp; 41675 |
| Reports to shareholders | &nbsp;&nbsp; 26687 |
| Professional services fees | &nbsp;&nbsp; 48486 |
| Other | &nbsp;&nbsp; 7874 |
| Total expenses | &nbsp;&nbsp; 2083764 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (132050)<br>|
| Net expenses | &nbsp;&nbsp; 1951714 |
| Net investment income | &nbsp;&nbsp; 1503175 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 9321011 |
| Affiliated investment securities | &nbsp;&nbsp; (223)<br>|
| Foreign currencies | &nbsp;&nbsp; (43515)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (568551)<br>|
| Futures contracts | &nbsp;&nbsp; (83210)<br>|
| Swap agreements | &nbsp;&nbsp; 5542719 |
|  | &nbsp;&nbsp; 14168231 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (6941207)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (16633452)<br>|
| Foreign currencies | &nbsp;&nbsp; 44407 |
| Forward foreign currency contracts | &nbsp;&nbsp; 52035 |
| Futures contracts | &nbsp;&nbsp; 2565846 |
| Swap agreements | &nbsp;&nbsp; 210437 |
|  | &nbsp;&nbsp; (20701934)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (6533703)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(5030528)<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 six months ended April 30, 2025 and the year ended October 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1503175 | &nbsp;&nbsp; $4715184 |
| Net realized gain | &nbsp;&nbsp; 14168231 | &nbsp;&nbsp; 6129889 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (20701934)<br>| &nbsp;&nbsp; 12616734 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (5030528)<br>| &nbsp;&nbsp; 23461807 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (5357939)<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; (454875)<br>| &nbsp;&nbsp; (1294309)<br>|
| Class R5 | &nbsp;&nbsp; (235)<br>| &nbsp;&nbsp; (461)<br>|
| Class R6 | &nbsp;&nbsp; (48582)<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; (11077550)<br>| &nbsp;&nbsp; (19920340)<br>|
| Class C | &nbsp;&nbsp; (1187937)<br>| &nbsp;&nbsp; (3583330)<br>|
| Class R | &nbsp;&nbsp; (584669)<br>| &nbsp;&nbsp; (1518759)<br>|
| Class Y | &nbsp;&nbsp; 11638061 | &nbsp;&nbsp; (11265022)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (107)<br>|
| Class R6 | &nbsp;&nbsp; 357804 | &nbsp;&nbsp; (502862)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (854291)<br>| &nbsp;&nbsp; (36790420)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (12023803)<br>| &nbsp;&nbsp; (27870820)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 303516732 | &nbsp;&nbsp; 331387552 |
| End of period | &nbsp;&nbsp; $291492929 | &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**

*(Unaudited)*

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**<sup>(c)</sup> <br>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<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** | **Class A** |
| Six months ended 04/30/25 | $25.22 | $0.13 | $(0.58)<br>| $(0.45)<br>| $(0.33)<br>| $(0.19)<br>| $(0.52)<br>| $24.25 | (1.84)%<br>| $242931 | 1.33 %<sup>(e)</sup><br>| 1.42 %<sup>(e)</sup><br>| 1.33 %<sup>(e)</sup><br>| 1.03 %<sup>(e)</sup><br>| 77<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 | 263807 | 1.35 | 1.39 | 1.35 | 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 | 276078 | 1.33 | 1.37 | 1.33 | 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>| 304850 | 1.33 | 1.34 | 1.33 | (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 | 362634 | 1.32 | 1.38 | 1.32 | (0.27)<br>| 74 |
| Year ended 10/31/20 | 26.83 | 0.28 | (0.07)<br>| 0.21 | (0.54)<br>|  | (0.54)<br>| 26.50 | 0.77 | 386680 | 1.56 | 1.61 | 1.52 | 1.07 | 223 |
| **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** | **Class C** |
| Six months ended 04/30/25 | 21.80 | 0.03 | (0.50)<br>| (0.47)<br>| (0.13)<br>| (0.19)<br>| (0.32)<br>| 21.01 | (2.22)<br>| 6019 | 2.08 <br><sup>(e)</sup><br>| 2.17 <br><sup>(e)</sup><br>| 2.08 <br><sup>(e)</sup><br>| 0.28 <br><sup>(e)</sup><br>| 77 |
| 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 | 7438 | 2.10 | 2.14 | 2.10 | 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 | 10842 | 2.08 | 2.12 | 2.08 | 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>| 13916 | 2.08 | 2.09 | 2.08 | (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 | 19401 | 2.08 | 2.13 | 2.08 | (1.03)<br>| 74 |
| Year ended 10/31/20 | 23.60 | 0.07 | (0.07)<br>| 0.00 | (0.24)<br>|  | (0.24)<br>| 23.36 | 0.00 | 27495 | 2.33 | 2.35 | 2.28 | 0.30 | 223 |
| **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** | **Class R** |
| Six months ended 04/30/25 | 23.88 | 0.09 | (0.55)<br>| (0.46)<br>| (0.26)<br>| (0.19)<br>| (0.45)<br>| 22.97 | (1.97)<br>| 8298 | 1.58 <br><sup>(e)</sup><br>| 1.67 <br><sup>(e)</sup><br>| 1.58 <br><sup>(e)</sup><br>| 0.78 <br><sup>(e)</sup><br>| 77 |
| 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 | 9220 | 1.60 | 1.64 | 1.60 | 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 | 10485 | 1.58 | 1.62 | 1.58 | 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>| 10728 | 1.58 | 1.59 | 1.58 | (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 | 12755 | 1.58 | 1.63 | 1.58 | (0.53)<br>| 74 |
| Year ended 10/31/20 | 25.60 | 0.21 | (0.07)<br>| 0.14 | (0.45)<br>|  | (0.45)<br>| 25.29 | 0.51 | 13867 | 1.82 | 1.86 | 1.78 | 0.81 | 223 |
| **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** | **Class Y** |
| Six months ended 04/30/25 | 25.97 | 0.16 | (0.59)<br>| (0.43)<br>| (0.40)<br>| (0.19)<br>| (0.59)<br>| 24.95 | (1.72)<br>| 31886 | 1.08 <br><sup>(e)</sup><br>| 1.17 <br><sup>(e)</sup><br>| 1.08 <br><sup>(e)</sup><br>| 1.28 <br><sup>(e)</sup><br>| 77 |
| 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 | 20956 | 1.10 | 1.14 | 1.10 | 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 | 31447 | 1.08 | 1.12 | 1.08 | 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>| 53389 | 1.08 | 1.09 | 1.08 | 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 | 103680 | 1.07 | 1.13 | 1.07 | (0.02)<br>| 74 |
| Year ended 10/31/20 | 27.47 | 0.36 | (0.08)<br>| 0.28 | (0.61)<br>|  | (0.61)<br>| 27.14 | 1.00 | 165217 | 1.31 | 1.35 | 1.27 | 1.32 | 223 |
| **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** | **Class R5** |
| Six months ended 04/30/25 | 25.34 | 0.18 | (0.58)<br>| (0.40)<br>| (0.44)<br>| (0.19)<br>| (0.63)<br>| 24.31 | (1.66)<br>| 9 | 0.92 <br><sup>(e)</sup><br>| 1.00 <br><sup>(e)</sup><br>| 0.92 <br><sup>(e)</sup><br>| 1.44 <br><sup>(e)</sup><br>| 77 |
| 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 | 10 | 0.96 | 0.99 | 0.96 | 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 | 9 | 0.93 | 0.96 | 0.93 | 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>| 9 | 0.93 | 0.94 | 0.93 | 0.20 | 29 |
| Year ended 10/31/21 | 26.55 | 0.03 | 1.35 | 1.38 | (0.64)<br>|  | (0.64)<br>| 27.29 | 5.24 | 10 | 0.91 | 0.92 | 0.91 | 0.14 | 74 |
| Year ended 10/31/20 | 26.87 | 0.39 | (0.05)<br>| 0.34 | (0.66)<br>|  | (0.66)<br>| 26.55 | 1.23 | 10 | 1.14 | 1.15 | 1.10 | 1.49 | 223 |
| **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** | **Class R6** |
| Six months ended 04/30/25 | 26.16 | 0.19 | (0.60)<br>| (0.41)<br>| (0.44)<br>| (0.19)<br>| (0.63)<br>| 25.12 | (1.65)<br>| 2350 | 0.92 <br><sup>(e)</sup><br>| 1.00 <br><sup>(e)</sup><br>| 0.92 <br><sup>(e)</sup><br>| 1.44 <br><sup>(e)</sup><br>| 77 |
| 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 | 2086 | 0.96 | 0.99 | 0.96 | 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 | 2526 | 0.93 | 0.96 | 0.93 | 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>| 3660 | 0.93 | 0.94 | 0.93 | 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 | 6743 | 0.90 | 0.92 | 0.90 | 0.15 | 74 |
| Year ended 10/31/20 | 27.60 | 0.41 | (0.08)<br>| 0.33 | (0.66)<br>|  | (0.66)<br>| 27.27 | 1.19 | 215374 | 1.12 | 1.14 | 1.08 | 1.51 | 223 |

---

<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 0.02% for the year ended October 31, 2020.

<sup>(d)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(e)</sup> Annualized.

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**

*April 30, 2025*

*(Unaudited)*

**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.

**14**

**Invesco Multi-Strategy Fund**

------

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general 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.

**15**

**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 financial statements. Adoption of the new standard impacted the Fund's financial statement note 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 six months ended April 30, 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.

**16**

**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

**17**

**Invesco Multi-Strategy Fund**

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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 April 30, 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.** **Bank Loan Risk** — Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Fund's ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund seeks to manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

**S.** **Collateral** —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

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

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, when rates increase. 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:

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| | |
|:---|:---|
| **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% |

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

For the six months ended April 30, 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 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 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned 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 six months ended April 30, 2025, the Adviser waived advisory fees of $111,811.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 2025, IDI advised the Fund that IDI retained $8,759 in front-end sales commissions from the sale of Class A shares and $392 and $136 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

**19**

**Invesco Multi-Strategy Fund**

------

available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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 April 30, 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; $129569506 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $129569506 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 98817128 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 98817136 |
| 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; 7 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 17373757 | &nbsp;&nbsp;&nbsp;&nbsp; 2190802 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19564559 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 245760391 | &nbsp;&nbsp;&nbsp;&nbsp; 2190809 | &nbsp;&nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp; 247951612 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1489279 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1489279 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 965831 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 965831 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2261023 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2261023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 1489279 | &nbsp;&nbsp;&nbsp;&nbsp; 3226854 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4716133 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (793376)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (793376)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2018756)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2018756)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2812132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2812132)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 1489279 | &nbsp;&nbsp;&nbsp;&nbsp; 414722 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1904001 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $247249670 | &nbsp;&nbsp;&nbsp;&nbsp; $2605531 | &nbsp;&nbsp;&nbsp;&nbsp; $412 | &nbsp;&nbsp;&nbsp;&nbsp; $249855613 |

---

\* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | &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 appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1489279 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1489279 |
| Unrealized appreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1721714 | &nbsp;&nbsp;&nbsp; 1721714 |
| Unrealized appreciation on forward foreign currency contracts <br> outstanding<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 965831 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 965831 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp; 500794 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38515 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 539309 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp; 500794 | &nbsp;&nbsp;&nbsp; 965831 | &nbsp;&nbsp;&nbsp; 1527794 | &nbsp;&nbsp;&nbsp; 1721714 | &nbsp;&nbsp;&nbsp; 4716133 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1489279)<br>| &nbsp;&nbsp;&nbsp; (1721714)<br>| &nbsp;&nbsp;&nbsp; (3210993)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp; $500794 | &nbsp;&nbsp;&nbsp; $965831 | &nbsp;&nbsp;&nbsp; $38515 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1505140 |

---

**20**

**Invesco Multi-Strategy Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &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 depreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1384551)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1384551)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (793376)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (793376)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (634205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (634205)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (793376)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (634205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1384551)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2812132)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1384551 | &nbsp;&nbsp;&nbsp;&nbsp; 1384551 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(793376)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(634205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1427581)<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 April 30, 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 | $— | $38515 | $38515 | $— | $(669135)<br>| $(669135)<br>| $(630620)<br>| $— | $— | $(630620)<br>|
| UBS AG | 965831 |  | 965831 | (793376)<br>|  | (793376)<br>| 172455 |  |  | 172455 |
| Subtotal - Fund | 965831 | 38515 | 1004346 | (793376)<br>| (669135)<br>| (1462511)<br>| (458165)<br>|  |  | (458165)<br>|
| **Subsidiary** |  |  |  |  |  |  |  |  |  |  |
| Barclays Bank PLC |  | 205530 | 205530 |  | (10923)<br>| (10923)<br>| 194607 |  |  | 194607 |
| Macquarie Bank Ltd. |  | 295264 | 295264 |  | (9408)<br>| (9408)<br>| 285856 |  |  | 285856 |
| Subtotal - Subsidiary |  | 500794 | 500794 |  | (20331)<br>| (20331)<br>| 480463 |  |  | 480463 |
| Total | $965831 | $539309 | $1505140 | $(793376)<br>| $(689466)<br>| $(1482842)<br>| $22298 | $— | $— | $22298 |

---

<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 six months ended April 30, 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 contracts | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(568551)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(568551)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 825651 | &nbsp;&nbsp;&nbsp;&nbsp; (780562)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (128299)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (83210)<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; 5494200 | &nbsp;&nbsp;&nbsp;&nbsp; 21974 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (10304)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36849 | &nbsp;&nbsp;&nbsp;&nbsp; 5542719 |
| Change in Net Unrealized Appreciation <br> (Depreciation):<br>|  |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 52035 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 52035 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (122697)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2701351 | &nbsp;&nbsp;&nbsp;&nbsp; (12808)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2565846 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 478179 | &nbsp;&nbsp;&nbsp;&nbsp; (9215)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (595690)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 337163 | &nbsp;&nbsp;&nbsp;&nbsp; 210437 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $5972379 | &nbsp;&nbsp;&nbsp;&nbsp; $12759 | &nbsp;&nbsp;&nbsp;&nbsp; $186438 | &nbsp;&nbsp;&nbsp;&nbsp; $2052232 | &nbsp;&nbsp;&nbsp;&nbsp; $232905 | &nbsp;&nbsp;&nbsp;&nbsp; $8456713 |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from 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; **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; $30530645 | &nbsp;&nbsp;&nbsp;&nbsp; $135505799 | &nbsp;&nbsp;&nbsp;&nbsp; $4606200 | &nbsp;&nbsp;&nbsp;&nbsp; $241064351 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**21**

**Invesco Multi-Strategy 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 six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $20,239.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of October 31, 2024.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $189,507,477 and $88,188,499, respectively. As of April 30, 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; $29076376 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (22249831)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $6826545 |

---

Cost of investments for tax purposes is $243,029,068.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 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; 162783 | &nbsp;&nbsp;&nbsp; $4067397 | &nbsp;&nbsp;&nbsp; 281231 | &nbsp;&nbsp;&nbsp; $6955688 |
| Class C | &nbsp;&nbsp;&nbsp; 19978 | &nbsp;&nbsp;&nbsp; 434502 | &nbsp;&nbsp;&nbsp; 44301 | &nbsp;&nbsp;&nbsp; 949375 |
| Class R | &nbsp;&nbsp;&nbsp; 18592 | &nbsp;&nbsp;&nbsp; 442504 | &nbsp;&nbsp;&nbsp; 31377 | &nbsp;&nbsp;&nbsp; 733422 |
| Class Y | &nbsp;&nbsp;&nbsp; 637505 | &nbsp;&nbsp;&nbsp; 15935738 | &nbsp;&nbsp;&nbsp; 100320 | &nbsp;&nbsp;&nbsp; 2539583 |
| Class R6 | &nbsp;&nbsp;&nbsp; 31552 | &nbsp;&nbsp;&nbsp; 818269 | &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; 36992 | &nbsp;&nbsp;&nbsp; 926353 | &nbsp;&nbsp;&nbsp; 126094 | &nbsp;&nbsp;&nbsp; 3099848 |
| Class C | &nbsp;&nbsp;&nbsp; (42665)<br>| &nbsp;&nbsp;&nbsp; (926353)<br>| &nbsp;&nbsp;&nbsp; (145324)<br>| &nbsp;&nbsp;&nbsp; (3099848)<br>|

---

**22**

**Invesco Multi-Strategy Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 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; (842303)<br>| &nbsp;&nbsp;&nbsp; $(21105919)<br>| &nbsp;&nbsp;&nbsp; (1680221)<br>| &nbsp;&nbsp;&nbsp; $(41519166)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (36752)<br>| &nbsp;&nbsp;&nbsp; (798170)<br>| &nbsp;&nbsp;&nbsp; (86989)<br>| &nbsp;&nbsp;&nbsp; (1867771)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (50700)<br>| &nbsp;&nbsp;&nbsp; (1199862)<br>| &nbsp;&nbsp;&nbsp; (115869)<br>| &nbsp;&nbsp;&nbsp; (2714899)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (181640)<br>| &nbsp;&nbsp;&nbsp; (4688758)<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; (19263)<br>| &nbsp;&nbsp;&nbsp; (499490)<br>| &nbsp;&nbsp;&nbsp; (37066)<br>| &nbsp;&nbsp;&nbsp; (947802)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (34892)<br>| &nbsp;&nbsp;&nbsp; $(854291)<br>| &nbsp;&nbsp;&nbsp; (1478391)<br>| &nbsp;&nbsp;&nbsp; $(36790420)<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 13% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**23**

**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>**

Not applicable.

**24**

**Invesco Multi-Strategy Fund**

------

![](img1e5e15481.jpg)

SEC file number(s): 811-05426 and 033-19338

Invesco Distributors, Inc.

O-FALT-NCSRS

------

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 for 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.

Not applicable.

------

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 Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the 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 Activity for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

19(a)(1) Not applicable.

19(a)(2) Not applicable.

[19(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)

19(a)(4) Not applicable.

19(a)(5) Not applicable.

[19(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: July 2, 2025

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: July 2, 2025

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>____ &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;

Name:Adrien Deberghes

Title:Principal Financial Officer

Date:July 2, 2025

------

## 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>July 2, 2025</u>**<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>** &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; Glenn Brightman

&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>July 2, 2025</u>&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; 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; Principal Financial Officer

------

## 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 April 30, 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

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: July 2, 2025  | /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 April 30, 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

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: July 2, 2025  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

---

------