N-CSR

Annual Report

5/31/2019

Invesco

Oppenheimer

Emerging Markets

Local Debt Fund*

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

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

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

*Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Emerging Markets Local Debt Fund. See Important Update on the following page for more information.

N-CSR 1 d778144dncsr.htm N-CSR N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-05426



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

11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Address of principal executive offices) (Zip code)

Sheri Morris 11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Name and address of agent for service)


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


Date of fiscal year end:		May 31


Date of reporting period:		05/31/19

Item 1. Reports to Stockholders.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit oppenheimerfunds.com for more information or call Invesco’s Client Services team at 800-959-4246.

Table of Contents


Fund Performance Discussion			5

Top Holdings and Allocations			8

Fund Expenses			11

Statement of Investments			14

Statement of Assets and Liabilities			27

Statement of Operations			29

Statements of Changes in Net Assets			31

Financial Highlights			32

Notes to Financial Statements			44

Report of Independent Registered Public Accounting Firm			65

Independent Registered Public Accounting Firm			66

Federal Income Tax Information			67

Approval of Investment Advisory and Sub-Advisory Contracts			68

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			72

Shareholder Proxy			73

Trustees and Officers			74

Invesco’s Privacy Notice			88

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 5/31/19


	Class A Shares of the Fund
	Without Sales Charge			With Sales Charge			JPMorgan Government Bond Index - Emerging Markets Global Diversified
1-Year		0.85	%		-3.41	%		0.35	%
5-Year		0.04			-0.82			-1.32
Since Inception (6/30/10)		1.75			1.26			1.56

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit oppenheimerfunds.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 4.25% maximum applicable sales charge except where “without sales charge” is indicated. As the result of a reorganization after the close of business on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due to a change in expenses and sales charges. Returns for periods of less than one year are not

3 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

annualized. Returns do not consider capital gains or income taxes on an individual’s investment. See Fund prospectus and summary prospectus for more information on share classes and sales charges. Fund literature is available at invesco.com.

4 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Fund Performance Discussion

During the reporting period, Invesco Oppenheimer Emerging Markets Local Debt Fund‘s Class A shares (without sales charge) returned 0.85%, outperforming its benchmark, the J.P. Morgan Government Bond Index - Emerging Markets Global Diversified Index, which returned 0.35%.

MARKET OVERVIEW

For the year ended May 31, 2019, emerging market (EM) local assets performed relatively well despite a challenging second quarter in 2018. International economic and geopolitical concerns were noticeable during the second quarter and caused some market turbulence. Trade tensions were on the rise, and there were pockets of political issues, such as the elections in Mexico and Turkey. As the year continued some market turmoil continued in the third quarter however it was primarily centered on idiosyncratic risks in Argentina and Turkey. The last quarter of 2018 was

positive for emerging market local assets as some tensions subsided and the U.S. dollar did not increase substantially over the time period.

Global growth has slowed since early 2018, but it remains close to its long-term historical average. In emerging markets, we see early signs of stabilization in growth, whereas developed markets (DM) still have not gained momentum. New geopolitical tensions and the potential for expanded tariffs have started to effect global growth outlooks.

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

LOGO

5 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

The slowdown in global trade and manufacturing is a key risk. Policy makers recognized these risks and are responding by providing monetary policy support and in some cases fiscal stimulus. One of the major stories of 2019 is a change in the monetary policy stance of developed market central banks. Following the Federal Reserve, several central banks removed their tightening biases and provided insurance to the global economy.

Looking forward, thanks to domestic resilience and supportive economic policies, we expect global growth to remain around its long-term historical average.

FUND REVIEW

The fund’s outperformance vs. the index stems primarily from its interest rate exposures as real yields are high.

The main contributors were from our interest rate exposures including an overweight to Brazil and out of benchmark exposure to India.

Brazil has benefitted from falling inflation rates (despite a recent uptick) and steady interest rates along with the election of Jair Bolsonaro as president in October 2018. The prospect for pension reform may lead to higher growth but delays in the approval process have impacted economic activity. We think traction will come later, as we believe a robust reform is more likely to be approved and higher growth may materialize.

In May, Prime Minister Modi won a resounding victory in India’s election. India’s growth rate has slowed despite its relatively high level and the Reserve Bank of India has cut interest rates as it moved to a more accommodative monetary policy. Inflation has ticked down substantially since May 2018, though it has been increasing in 2019.

The main detractors were from our currency exposures stemming from our overweights to the Argentine peso and South African rand.

The Argentine peso had some of the most challenging performance versus the U.S. dollar over this time period. In the absence of tighter fiscal and monetary policies foreign lending has declined, and Argentina’s currency suffered a mini-crisis, as markets made the adjustment. In turn, the response to the peso plunge was a revised International Monetary Fund (IMF) program. A more demanding program will most likely inflict strong headwinds in front of economic activity, bringing the economy deeper into recession, and calling into question the resilience of its social fabric and its policy environment. Looking forward, we could see both the IMF and the Macri administration fully committed to the success of the program however the elections later this year are leading to some market uncertainties.

The month of May 2019 marked the 6th election in South Africa since the end of apartheid. The ruling party, African National Congress (ANC), led by current President Cyril Ramaphosa won the majority of seats

6 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

within parliament. The team looks for the new government to continue to push for additional reforms such as the much-needed land reform. On the economic front, growth data such as retail sales and GDP have continued to come in soft. The weak data has led the South African Reserve Bank (SARB) to consider cuts in the next monetary policy meeting.

STRATEGY & OUTLOOK

While growth is weaker globally, we believe it is still very much in the global sweet spot of being at potential or slightly below, providing excellent support for risk assets. The impact of policy both monetary and fiscal is expected to be positive for assets in this environment.

The recent additional uncertainty in May came from the reversal in trade talks between the U.S. and China. Financial markets have started to price in, however, an extremely dire outcome with U.S. treasuries and core rates in Europe rallying a significant amount. Once

again the market pricing of our base case has changed dramatically and we intend to take advantage of that.

In this environment, there is room for selective Emerging Market central banks to provide monetary stimulus, particularly in Asia and Latin America. Real policy rates in emerging market countries remain high with room to fall. The high real rates also highlight the fact that inflation remains very muted globally and we believe there is little near-term risk of it accelerating in a meaningful manner.

We therefore continue to believe that the mix of moderate growth with falling inflation will have a positive impact on asset prices. While we will monitor global conditions closely, we do not expect that the slowdown will reach a point where we would be concerned about recession and its impact on asset prices. We believe that the positive policy environment that started in early 2019 is likely to continue for our investment horizon.

LOGO

Hemant Baijal

Portfolio Manager

LOGO

Wim Vandenhoeck

Portfolio Manager

7 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Top Holdings and Allocations

TOP TEN GEOGRAPHICAL HOLDINGS


Indonesia	11.8	%
Colombia	10.1
South Africa	10.0
Mexico	8.1
India	6.5
Poland	6.3
Brazil	6.3
Thailand	4.9
Russia	4.5
Malaysia	4.4

Portfolio holdings and allocations are subject to change. Percentages are as of May 31, 2019, and are based on total market value of investments.

PORTFOLIO ALLOCATION


Foreign Government Obligations	84.8	%
Non-Convertible Corporate Bonds and Notes	9.1
Short-Term Notes	3.1
Investment Company	2.5
Over-the-Counter Options Purchased	0.5

Portfolio holdings and allocations are subject to change. Percentages are as of May 31, 2019, and are based on the total market value of investments.

For more current Fund holdings, please visit oppenheimerfunds.com.

8 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 5/31/19


	Inception Date		1-Year			5-Year			Since Inception
Class A (OEMAX)		6/30/10		0.85	%		0.04	%		1.75	%
Class C (OEMCX)		6/30/10		-0.14			-0.74			0.96
Class R (OEMNX)		6/30/10		0.50			-0.25			1.47
Class Y (OEMYX)		6/30/10		0.91			0.32			2.03
Class R5 (EMLDX)¹		5/28/19		0.64			0.00			1.72
Class R6 (OEMIX)²		9/28/12		1.01			0.39			-0.04

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 5/31/19
	Inception Date		1-Year			5-Year			Since Inception
Class A (OEMAX)		6/30/10		-3.41	%		-0.82	%		1.26	%
Class C (OEMCX)		6/30/10		-1.09			-0.74			0.96
Class R (OEMNX)		6/30/10		0.50			-0.25			1.47
Class Y (OEMYX)		6/30/10		0.91			0.32			2.03
Class R5 (EMLDX)¹		5/28/19		0.64			0.00			1.72
Class R6 (OEMIX)²		9/28/12		1.01			0.39			-0.04

1. Class R5 shares’ performance shown prior to the inception date is that of the predecessor fund’s Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.

2. Class R6 shares’ returns shown for the periods ending on or prior to May 24, 2019 are those of the Class I shares of the predecessor fund.

STANDARDIZED YIELDS

For the 30 Days Ended 5/31/19


Class A		6.37%
Class C		5.84
Class R		6.33
Class Y		6.87
Class R5		N/A
Class R6		6.98

UNSUBSIDIZED STANDARDIZED YIELDS

For the 30 Days Ended 5/31/19


Class A		6.23%
Class C		5.76
Class R		6.23
Class Y		6.75
Class R5		N/A
Class R6		6.87

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit oppenheimerfunds.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 4.25%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class R, Class Y, Class R5 and R6

9 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

shares have no sales charge; therefore, performance is at NAV. As the result of a reorganization after the close of business on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due to a change in expenses and sales charge.

Standardized yield is based on an SEC-standardized formula designed to approximate the Fund’s annualized hypothetical current income from securities less expenses for the 30-day period ended May 31, 2019 and that date’s maximum offering price (for Class A shares) or net asset value (for all other share classes). Each result is compounded semiannually and then annualized. Falling share prices will tend to artificially raise yields. The unsubsidized standardized yield is computed under an SEC-standardized formula based on net income earned for the 30-day period ended May 31, 2019. The calculation excludes any expense reimbursements and thus may result in a lower yield.

The Fund’s performance is compared to the performance of the JPMorgan Government Bond Index - Emerging Markets Global Diversified, a comprehensive, global local Emerging Markets Index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

The views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio manager(s) and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on May 31, 2019, and are subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit oppenheimerfunds.com.

Shares of Invesco Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

10 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended May 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended May 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

11 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND


Actual	Beginning Account Value December 1, 2018		Ending Account Value May 31, 2019		Expenses Paid During 6 Months Ended May 31, 2019^1,2
Class A		$ 1,000.00		$ 1,052.00		$ 5.90
Class C		1,000.00		1,047.70		10.26
Class R		1,000.00		1,050.20		7.70
Class Y		1,000.00		1,053.10		4.87
Class R5		1,000.00		1,049.90		0.18
Class R6		1,000.00		1,053.60		4.36

Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.20		5.81
Class C		1,000.00		1,014.96		10.10
Class R		1,000.00		1,017.45		7.57
Class Y		1,000.00		1,020.19		4.80
Class R5		1,000.00		1,020.44		4.54
Class R6		1,000.00		1,020.69		4.29

1. Actual expenses paid for Class A, C, R, Y, and R6 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Actual expenses paid for Class R5 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 7/365 to reflect the period from after the close of business May 24, 2019 (inception of offering) to May 31, 2019.

2. Hypothetical expenses paid for all classes are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended May 31, 2019 for Classes A, C, R, Y and R6 and for the period from after close of business May 24, 2019 (inception of offering) to May 31, 2019 for Class R5 are as follows:


Class	Expense Ratios
Class A		1.15	%
Class C		2.00
Class R		1.50
Class Y		0.95
Class R5		0.90
Class R6		0.85

12 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

13 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

STATEMENT OF INVESTMENTS May 31, 2019


		Principal Amount		Value
Foreign Government Obligations—82.9%
Argentina—1.8%
Argentine Republic:
0.00% Unsec. Nts., 4/30/20¹	ARS		111,500,000	$	2,596,391
0.00% Unsec. Nts., 7/31/20¹	ARS		36,100,000		725,405
13.085% Unsec. Nts., 2/28/20¹	ARS		3,700,000		74,987
15.50% Bonds, 10/17/26	ARS		4,000,000		53,811
18.20% Unsec. Nts., 10/3/21	ARS		3,195,000		42,581
56.151% [BADLARPP+325] Unsec. Nts., 3/1/20²	ARS		19,280,000		406,302

					3,899,477

Brazil—6.1%
Federative Republic of Brazil:
10.00% Unsec. Nts., 1/1/21	BRL		6,770,000		1,810,955
10.00% Unsec. Nts., 1/1/23	BRL		18,000,000		4,930,415
10.00% Unsec. Nts., 1/1/25	BRL		4,000,000		1,106,203
10.00% Unsec. Nts., 1/1/29	BRL		3,900,000		1,090,292
13.288% Unsec. Nts., 8/15/50¹¹	BRL		750,000		816,433
16.666% Unsec. Nts., 8/15/22¹¹	BRL		1,130,000		1,005,583
18.447% Unsec. Nts., 5/15/45¹¹	BRL		2,280,000		2,424,684

					13,184,565

Chile—3.5%
Republic of Chile:
4.00% Unsec. Nts., 3/1/23^3,4	CLP		2,100,000,000		3,043,837
4.50% Bonds, 3/1/26	CLP		400,000,000		600,318
4.70% Unsec. Nts., 9/1/30^3,4	CLP		2,465,000,000		3,787,795

					7,431,950

Colombia—9.9%
Republic of Colombia:
Series B, 6.25% Bonds, 11/26/25	COP		25,900,000,000		7,780,021
Series B, 7.00% Bonds, 5/4/22	COP		16,330,000,000		5,074,558
Series B, 7.50% Bonds, 8/26/26	COP		4,510,000,000		1,440,410
Series B, 10.00% Bonds, 7/24/24	COP		19,721,000,000		6,943,208

					21,238,197

Dominican Republic—1.3%
Dominican Republic, 9.75% Unsec. Nts., 6/5/26^3,5	DOP		146,700,000		2,898,810

Egypt—1.1%
Arab Republic of Egypt:
Series 3YR, 15.00% Bonds, 10/3/20	EGP		19,100,000		1,120,601
Series 3YR, 16.00% Unsec. Nts., 12/12/20	EGP		20,000,000		1,189,754

					2,310,355

Hungary—4.1%
Hungary:
Series 20/A, 7.50% Bonds, 11/12/20	HUF		1,010,000,000		3,851,395
Series 25/B, 5.50% Bonds, 6/24/25	HUF		983,000,000		4,061,023

14 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND


		Principal Amount		Value
Hungary (Continued)
Hungary: (Continued)
Series 27/A, 3.00% Bonds, 10/27/27	HUF		285,000,000	$	1,019,636

					8,932,054

India—2.9%
Republic of India:
7.17% Sr. Unsec. Nts., 1/8/28	INR		130,000,000		1,870,388
7.72% Sr. Unsec. Nts., 5/25/25	INR		40,000,000		593,418
8.20% Sr. Unsec. Nts., 9/24/25	INR		70,000,000		1,060,176
State of Gujarat, 7.52% Sr. Unsec. Nts., 5/24/27	INR		60,000,000		853,196
State of Maharastra:
7.99% Sr. Unsec. Nts., 10/28/25	INR		30,000,000		438,511
8.06% Sr. Unsec. Nts., 2/11/25	INR		50,000,000		734,909
State of Tamilnadu, 8.01% Sr. Unsec. Nts., 5/11/26	INR		50,000,000		738,841

					6,289,439

Indonesia—11.4%
Republic of Indonesia:
8.125% Sr. Unsec. Nts., 5/15/24	IDR		24,000,000,000		1,724,435
8.25% Sr. Unsec. Nts., 5/15/29	IDR		22,000,000,000		1,579,962
Series FR53, 8.25% Sr. Unsec. Nts., 7/15/21	IDR		19,800,000,000		1,418,218
Series FR59, 7.00% Sr. Unsec. Nts., 5/15/27	IDR		34,500,000,000		2,288,418
Series FR64, 6.125% Sr. Unsec. Nts., 5/15/28	IDR		65,000,000,000		4,048,490
Series FR71, 9.00% Sr. Unsec. Nts., 3/15/29	IDR		38,780,000,000		2,904,956
Series FR72, 8.25% Sr. Unsec. Nts., 5/15/36	IDR		56,330,000,000		3,930,795
Series FR73, 8.75% Sr. Unsec. Nts., 5/15/31	IDR		91,780,000,000		6,685,757

					24,581,031

Malaysia—4.3%
Federation of Malaysia:
Series 0115, 3.955% Sr. Unsec. Nts., 9/15/25	MYR		11,000,000		2,658,189
Series 0217, 4.045% Sr. Unsec. Nts., 8/15/24	MYR		5,000,000		1,214,093
Series 0902, 4.378% Sr. Unsec. Nts., 11/29/19	MYR		22,785,000		5,468,813

					9,341,095

Mexico—4.7%
United Mexican States:
Series M, 8.00% Bonds, 6/11/20	MXN		18,300,000		934,406
Series M, 8.00% Sr. Unsec. Nts., 12/7/23	MXN		123,580,000		6,350,273
Series M20, 10.00% Bonds, 12/5/24	MXN		51,000,000		2,851,334

					10,136,013

Peru—3.6%
Republic of Peru:
5.94% Sr. Unsec. Nts., 2/12/29^3,4	PEN		3,100,000		976,777
6.35% Sr. Unsec. Nts., 8/12/28³	PEN		12,105,000		3,925,030
6.95% Sr. Unsec. Nts., 8/12/31³	PEN		710,000		240,450

15 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

STATEMENT OF INVESTMENTS Continued


		Principal Amount		Value
Peru (Continued)
Republic of Peru: (Continued)
8.20% Sr. Unsec. Nts., 8/12/26³	PEN		7,525,000	$	2,703,784

					7,846,041
Poland—6.2%
Republic of Poland:
Series 0123, 2.50% Bonds, 1/25/23	PLN		33,000,000		8,775,432
Series 0922, 5.75% Bonds, 9/23/22	PLN		15,500,000		4,543,413

					13,318,845
Russia—4.3%
Russian Federation, Series 6211, 7.00% Bonds, 1/25/23	RUB		610,800,000		9,195,117
South Africa—9.4%
Republic of South Africa:
Series 2023, 7.75% Sr. Unsec. Nts., 2/28/23	ZAR		63,900,000		4,409,906
Series 2030, 8.00% Sr. Unsec. Nts., 1/31/30	ZAR		56,500,000		3,592,882
Series 2037, 8.50% Sr. Unsec. Nts., 1/31/37	ZAR		125,700,000		7,772,728
Series 2048, 8.75% Sr. Unsec. Nts., 2/28/48	ZAR		52,000,000		3,212,906
Series R214, 6.50% Sr. Unsec. Nts., 2/28/41	ZAR		27,000,000		1,310,032

					20,298,454
Thailand—4.8%
Kingdom of Thailand:
2.125% Sr. Unsec. Nts., 12/17/26	THB		218,400,000		6,846,188
3.30% Sr. Unsec. Nts., 6/17/38	THB		100,000,000		3,383,147

					10,229,335
Turkey—3.0%
Republic of Turkey:
8.50% Bonds, 9/14/22	TRY		22,900,000		2,796,902
10.70% Bonds, 2/17/21	TRY		17,830,000		2,537,305
12.20% Bonds, 1/18/23	TRY		7,790,000		1,045,709

					6,379,916
Uruguay—0.5%
Oriental Republic of Uruguay, 9.875% Sr. Unsec. Nts., 6/20/22³	UYU		41,825,000		1,165,167

Total Foreign Government Obligations (Cost $193,750,783)					178,675,861
Corporate Bonds and Notes—8.9%
Agile Group Holdings Ltd., 9.00% Sr. Sec. Nts., 5/21/20⁴		$	1,000,000		1,028,479
America Movil SAB de CV:
6.45% Sr. Unsec. Nts., 12/5/22	MXN		46,000,000		2,168,006
7.125% Sr. Unsec. Nts., 12/9/24	MXN		24,000,000		1,125,072
Banco Santander SA, 5.25% [EUSA5+499.9] Jr. Sub. Perpetual Bonds^2,4,6	EUR		2,000,000		2,165,915
Empresas Publicas de Medellin ESP, 8.375% Sr. Unsec. Nts., 2/1/21³	COP		214,000,000		65,198

16 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND


		Principal Amount		Value
Corporate Bonds and Notes (Continued)
Eskom Holdings SOC Ltd., 10.00% Sr. Unsec. Nts., 1/25/23	ZAR		11,000,000	$	784,837
European Bank for Reconstruction & Development, 6.85% Sr. Unsec. Nts., 6/21/21	IDR		6,500,000,000		448,811
Indian Railway Finance Corp. Ltd., 8.25% Sec. Nts., 2/28/24	INR		170,000,000		2,518,328
International Finance Corp., 16.721% Sr. Unsec. Nts., 2/15/29^1,4	TRY		7,300,000		330,445
Jasa Marga Persero Tbk PT, 7.50% Sr. Unsec. Nts., 12/11/20³	IDR		4,400,000,000		299,894
National Bank for Agriculture & Rural Development, 8.60% Sr. Unsec. Nts., 1/31/22	INR		170,000,000		2,496,325
Petroleos Mexicanos:
7.19% Sr. Unsec. Nts., 9/12/24	MXN		16,000,000		693,922
7.19% Sr. Unsec. Nts., 9/12/24³	MXN		38,000,000		1,648,064
7.65% Sr. Unsec. Nts., 11/24/21	MXN		16,000,000		774,539
Red de Carreteras de Occidente SAPIB de CV, 9.00% Sr. Sec. Nts., 6/10/28³	MXN		2,300,000		113,834
Reliance Industries Ltd., 7.17% Unsec. Nts., 11/8/22	INR		170,000,000		2,471,855
YPF SA, 16.50% Sr. Unsec. Nts., 5/9/22³	ARS		7,670,200		109,355

Total Corporate Bonds and Notes (Cost $21,009,899)					19,242,879

Short-Term Notes—3.0%
Arab Republic of Egypt Treasury Bills:
16.866%, 10/22/19¹	EGP		15,000,000		846,044
17.252%, 9/17/19¹	EGP		67,100,000		3,812,254
Federal Republic of Nigeria Treasury Bills, 13.074%, 4/23/20¹	NGN		324,000,000		806,331
United States Treasury Bills, 2.383%, 6/20/19^1,7			1,000,000		998,933

Total Short-Term Notes (Cost $6,287,009)					6,463,562

Counter-

party

Exercise

Price

Expiration

Date

Notional

Amount

(000’s)

Contracts

(000’s)

Over-the-Counter Options Purchased—0.5%

BRL Currency Call⁸

JPM

BRL

3.354

9/25/19

BRL
5,150

BRL

100

2,277

BRL Currency Call⁸

GSCO-OT

BRL

3.400

12/10/19

BRL
5,300

BRL

188

11,088

BRL Currency Call⁸

GSCO-OT

BRL

3.432

3/27/20

BRL
10,500

BRL

320

53,923

EUR Currency Put⁸

JPM

RUB

73.550

6/27/19

EUR
200,000

EUR

11,946

141,801

EUR Currency Call⁸

JPM

USD

1.173

8/14/19

USD
675,000

USD

44,400

25,955

EUR Currency Call⁸

BOA

USD

1.175

8/14/19

USD
675,000

USD

47,700

24,197

17 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

STATEMENT OF INVESTMENTS Continued

Counter-

party

Exercise

Price

Expiration

Date

Notional

Amount

(000’s)

Contracts

(000’s)

Value

Over-the-Counter Options Purchased (Continued)

MXN Currency Call^8,9

CITNA-B

MXN

18.000

10/23/19

MXN
5,500

MXN

350

23,868

MXN Currency Call⁸

CITNA-B

MXN

19.500

10/30/19

MXN
682,500

MXN

463,800

352,488

RUB Currency Call⁸

GSCO-OT

RUB

70.000

2/5/21

RUB
7,350,000

RUB

226,800

178,210

RUB Currency Call⁸

GSCO-OT

RUB

57.300

3/30/20

RUB
20,500

RUB

320

17,961

RUB Currency Call⁸

GSCO-OT

RUB

62.000

4/8/20

RUB
8,990,000

RUB

790,000

95,282

S&P 500 Index Put^8,

BOA

USD

2632.590

2/21/20

USD
1,573

USD

63,425

TRY Currency Call⁸

JPM

TRY

6.000

10/17/19

TRY
30,000

TRY

20,000

85,420

Total Over-the-Counter Options Purchased (Cost $1,520,422)

1,075,895


	Shares
Investment Company—2.5%
Invesco Oppenheimer Institutional Government Money Market Fund, Cl. IN, 2.39%¹⁰ (Cost $5,326,226)		5,326,226		5,326,226
Total Investments, at Value (Cost $227,894,339)		97.8%		210,784,423
Net Other Assets (Liabilities)		2.2		4,793,371

Net Assets		100.0%	$	215,577,794

Footnotes to Statement of Investments

1. Zero coupon bond reflects effective yield on the original acquisition date.

2. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period. The interest rate is, or will be as of an established date, determined as [Referenced Rate + Basis-point spread].

3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $20,977,995 or 9.73% of the Fund’s net assets at period end.

4. Represents securities sold under Regulation S, which are exempt from registration under the Securities Act of 1933, as amended. These securities may not be offered or sold in the United States without and exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. These securities amount to $11,333,248 or 5.26% of the Fund’s net assets at period end.

5. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1 of the accompanying Notes.

6. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

18 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Footnotes to Statement of Investments (Continued)

7. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $535,428. See Note 4 of the accompanying Notes.

8. Non-income producing security.

9. One-Touch Binary option becomes eligible for exercise if at any time spot rates are less than or equal to 18 MXN per 1 USD.

10. The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

11. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:


Geographic Holdings (Unaudited)	Value		Percent
Indonesia	$	24,880,924		11.8	%
Colombia		21,303,395		10.1
South Africa		21,083,292		10.0
Mexico		17,035,805		8.1
India		13,775,948		6.5
Poland		13,318,845		6.3
Brazil		13,251,854		6.3
Thailand		10,229,335		4.9
Russia		9,486,570		4.5
Malaysia		9,341,095		4.4
Hungary		8,932,054		4.2
Peru		7,846,041		3.7
Chile		7,431,950		3.5
Egypt		6,968,652		3.3
United States		6,719,029		3.2
Turkey		6,465,336		3.1
Argentina		4,008,832		1.9
Dominican Republic		2,898,810		1.4
Spain		2,165,915		1.0
Uruguay		1,165,167		0.6
China		1,028,479		0.5
Nigeria		806,331		0.4
Supranational		448,811		0.2
Eurozone		191,953		0.1

Total	$	210,784,423		100.0	%


Forward Currency Exchange Contracts as of May 31, 2019
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		06/2019	MYR	9,745	USD		2,383	$	—	$	52,519
BAC		06/2019	RUB	213,900	USD		3,293		—		30,310
BAC		06/2019	USD	114	RUB		7,400		1,439		—
BOA		06/2019 - 07/2019	ARS	7,400	USD		157		2,994		—
BOA		01/2020	EUR	3,840	USD		4,527		—		154,466
BOA		06/2019	IDR	3,516,000	USD		244		1,574		—
BOA		06/2019	PEN	2,750	USD		831		—		18,608
BOA		06/2019	TRY	5,810	USD		961		27,980		—

19 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

STATEMENT OF INVESTMENTS Continued


Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BOA		06/2019	USD	205	CZK		4,700	$	1,375	$	—
BOA		06/2019	USD	13,942	INR		983,300		—		169,850
BOA		01/2020	USD	4,421	RUB		307,500		—		126,678
BOA		06/2019	ZAR	26,000	USD		1,784		—		2,484
CITNA-B		06/2019	BRL	1,860	USD		463		10,610		—
CITNA-B		06/2019	CLP	607,000	USD		916		—		60,236
CITNA-B		08/2019	EUR	325	USD		366		—		1,008
CITNA-B		06/2019	MXN	236,900	USD		12,093		6,461		44,629
CITNA-B		06/2019	PHP	148,200	USD		2,780		58,683		—
CITNA-B		06/2019	RON	18,695	USD		4,411		—		13,784
CITNA-B		06/2019	RUB	204,000	USD		3,077		34,452		—
CITNA-B		06/2019	THB	315,648	USD		9,959		28,640		10,028
CITNA-B		06/2019 - 07/2019	USD	2,418	BRL		9,870		—		96,204
CITNA-B		06/2019	USD	161	CLP		111,000		4,143		—
CITNA-B		06/2019	USD	5,758	COP		18,218,000		369,900		—
CITNA-B		06/2019	USD	247	HUF		71,400		1,512		—
CITNA-B		06/2019	USD	1,545	IDR		22,191,000		—		2,121
CITNA-B		06/2019 - 11/2019	USD	10,574	MXN		223,200		9,636		542,993
CITNA-B		06/2019	USD	964	PEN		3,190		21,941		—
CITNA-B		06/2019	USD	2,155	PHP		113,000		—		9,836
CITNA-B		06/2019	USD	86	PLN		330		13		—
CITNA-B		06/2019	USD	4,750	RUB		310,000		22,245		1,093
CITNA-B		06/2019	USD	1,980	TRY		11,990		—		60,196
CITNA-B		06/2019	USD	7,040	ZAR		102,390		23,970		—
CITNA-B		06/2019	ZAR	1,640	USD		113		—		709
GSCO-OT		07/2019	EUR	2,885	USD		3,349		—		110,612
GSCO-OT		09/2019	IDR	36,000,000	USD		2,479		6,032		10,448
GSCO-OT		03/2020	USD	1,644	BRL		6,731		—		29,881
GSCO-OT		07/2019	USD	3,358	CLP		2,241,400		201,367		—
GSCO-OT		09/2019	USD	2,136	IDR		34,478,400		—		233,481
GSCO-OT		06/2019	USD	196	MYR		820		391		—
GSCO-OT		06/2019	USD	7,062	RUB		456,660		90,077		—
GSCO-OT		10/2019	USD	251	TRY		1,500		13,171		—
HSBC		07/2019	ARS	3,500	USD		73		1,256		—
HSBC		06/2019	USD	126	THB		4,000		—		844
HSBC		06/2019	USD	289	ZAR		4,170		3,129		—
JPM		06/2019 - 07/2019	BRL	98,750	USD		24,762		373,803		—
JPM		06/2019	CZK	78,210	USD		3,454		—		71,628
JPM		06/2019	EUR	2,085	USD		2,344		—		11,446
JPM		06/2019	HUF	103,600	USD		373		—		16,727
JPM		06/2019	PEN	2,110	USD		639		—		15,169
JPM		06/2019	PLN	33,783	USD		8,902		—		84,323
JPM		06/2019	RUB	337,200	USD		5,171		—		27,410
JPM		06/2019	THB	95,000	USD		2,986		16,826		—
JPM		06/2019 - 08/2019	USD	14,270	BRL		57,860		—		453,818
JPM		06/2019	USD	128	CLP		89,000		2,694		—
JPM		06/2019	USD	92	COP		288,600		6,853		—
JPM		06/2019	USD	82	CZK		1,900		196		—

20 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND


Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency Purchased (000’s)				Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
JPM		06/2019 - 08/2019		USD	30,858	EUR		27,165	$	429,640	$	—
JPM		06/2019		USD	2,168	HUF		625,000		17,064		—
JPM		06/2019		USD	278	IDR		3,998,000		398		912
JPM		06/2019		USD	2,134	ILS		7,700		7,795		—
JPM		06/2019		USD	172	INR		12,000		—		490
JPM		06/2019		USD	3,702	MXN		70,932		92,669		—
JPM		06/2019		USD	1,380	PEN		4,565		30,867		—
JPM		06/2019		USD	403	PLN		1,520		6,026		—
JPM		06/2019 - 10/2019		USD	7,388	TRY		44,420		75,281		188,016
JPM		06/2019		USD	2,593	ZAR		37,200		44,344		—
JPM		06/2019		ZAR	22,950	USD		1,572		950		—
MOS		06/2019		CLP	1,124,840	USD		1,687		—		101,626

Total Unrealized Appreciation and Depreciation									$	2,048,397	$	2,754,583

Over-the-Counter Options Written at May 31, 2019

Description

Counter

-party

Exercise

Price

Expiration

Date

Number of

Contracts

(000’s)

Notional

Amount

(000’s)

Premiums

Received

Value

BRL

BRL Currency Put¹

GSCO-OT

4.500

12/10/19

(188)

BRL 5,300

39,104

$(23,700)

BRL

BRL Currency Put²

GSCO-OT

4.500

3/27/20

(320)

BRL 10,500

55,808

(92,704)

INR

EUR

EUR Currency Call

BOA

82.000

7/18/19

(6,400)

EUR 10,000

94,021

(5,984)

USD

EUR Currency Call

BOA

1.155

8/14/19

(15,900)

USD 225,000

56,930

(26,355)

RUB

EUR

EUR Currency Call

BOA

86.340

1/29/20

(12,800)

EUR 20,000

509,931

(141,359)

BRL

EUR

EUR Currency Call

CITNA-B

4.485

6/21/19

(5,975)

EUR 10,000

133,722

(39,379)

ZAR

EUR

EUR Currency Call³

GSCO-OT

20.000

3/30/20

(285)

EUR 18,245

55,867

(38,730)

ZAR

EUR

EUR Currency Call

GSCO-OT

16.720

7/19/19

(3,200)

EUR 5,000

45,583

(47,804)

ZAR

EUR

EUR Currency Put

GSCO-OT

15.420

7/19/19

(3,200)

EUR 5,000

35,777

(5,659)

CLP

EUR

EUR Currency Call

GSCO-OT

795.400

7/29/19

(9,600)

EUR 15,000

189,361

(168,628)

RUB

EUR

EUR Currency Put

JPM

71.400

6/27/19

(11,946)

EUR 200,000

80,931

(21,251)

21 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

STATEMENT OF INVESTMENTS Continued

Over-the-Counter Options Written (Continued)

Description

Counter

-party

Exercise

Price

Expiration

Date

Number of

Contracts

(000’s)

Notional

Amount

(000’s)

Premiums

Received

Value

INR

EUR

EUR Currency Call

JPM

80.400

6/21/19

(5,975)

EUR 100,000

77,986

$ (4,173)

RUB

EUR

EUR Currency Put

JPM

73.800

8/5/19

(3,250)

EUR 105,000

36,297

(51,529)

RUB

EUR

EUR Currency Call

JPM

83.000

8/5/19

(3,250)

EUR 105,000

54,488

(4,386)

USD

EUR Currency Call

JPM

1.153

8/14/19

(14,800)

USD 225,000

62,420

(28,485)

IDR

IDR Currency Put

JPM

14600.000

7/10/19

(86,700,000)

IDR 146,000,000

57,008

(28,611)

MXN

MXN Currency Put

CITNA-B

24.500

10/30/19

(582,800)

MXN 857,500

506,770

(54,783)

RUB

RUB Currency Put

GSCO-OT

80.000

2/5/21

(259,200)

RUB 8,400,000

148,771

(108,815)

RUB

RUB Currency Put

GSCO-OT

72.000

4/8/20

(916,000)

RUB 10,440,000

397,201

(341,585)

RUB

RUB Currency Call

GSCO-OT

60.000

2/5/21

(194,400)

RUB 6,300,000

29,076

(20,585)

USD

S&P 500 Index Put

BOA

2355.470

2/21/20

(1)

USD 1,573

33,169

(29,273)

TRY

TRY Currency Put

GSCO-OT

6.750

1/15/20

(17,300)

TRY 702,000

120,285

(174,224)

TRY

TRY Currency Put

JPM

8.800

10/17/19

(60,000)

TRY 88,000

282,818

(52,140)

ZAR

ZAR Currency Put

JPM

15.708

8/21/19

(92,540)

ZAR 157,080

53,610

(58,437)

Total Over-the-Counter Options Written

3,156,934

$ (1,568,579)

1. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 3.6 BRL per 1 USD.

2. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 3.7 BRL per 1 USD.

3. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 15.5 ZAR per 1 USD.

22 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Centrally Cleared Credit Default Swaps at May 31, 2019

Reference Asset

Buy/Sell

Protection

Fixed

Rate

Maturity

Date

Notional

Amount

(000’s)

Premiums

Received/

(Paid)

Value

Unrealized

Appreciation/

(Depreciation)

Mexico Government International

Buy

1.000%

6/20/24

USD 2,250

(48,058)

27,153

(20,905

)


Centrally Cleared Interest Rate Swaps at May 31, 2019
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
BNP		Pay		Six-Month HUF- BUBOR-Reuters		1.210%		10/26/20		HUF 1,959,000	$	—	$	114,154		$	114,154
BNP		Receive		Six-Month HUF- BUBOR-Reuters		3.280		10/26/28		HUF 441,900		—		(205,815	)		(205,815	)
BNP		Pay		MXN TIIE BANXICO		8.000		8/13/20		MXN 305,950		—		(40,965	)		(40,965	)
BOA		Pay		BZDI		9.160		7/1/22		BRL 68,200		—		46,372			46,372
CITNA-B		Pay		COOVIBR		4.390		2/26/20		COP 37,800,000		—		21,098			21,098
CITNA-B		Pay		Three-Month ZAR JIBAR SAFEX		8.590		1/23/28		ZAR 69,740		—		30,315			30,315
DEU		Pay		MXN TIIE BANXICO		7.600		1/27/23		MXN 90,000		—		(35,623	)		(35,623	)
DEU		Pay		BZDI		6.460		1/2/20		BRL 151,020		—		(38,110	)		(38,110	)
DEU		Pay		Six-Month CZK- PRIBOR-PRBO		2.320		10/26/20		CZK 157,500		—		106,362			106,362
DEU		Pay		MXN TIIE BANXICO		6.915		8/10/22		MXN 42,000		—		(59,724	)		(59,724	)
DEU		Pay		Six-Month PLN-WIBOR-WIBO		2.415		1/25/23		PLN 7,000		—		40,300			40,300
DEU		Pay		JIBA3M		8.420		8/29/28		ZAR 46,000		—		132,287			132,287
GSCOI		Pay		BZDI		9.460		7/1/22		BRL 260,000		—		251,576			251,576
GSCOI		Receive		MXN TIIE BANXICO		8.290		5/15/20		MXN 233,200		—		12,711			12,711
GSCOI		Pay		Three-Month COP IBR OIS Compound		6.500		11/9/28		COP 4,900,000		—		93,479			93,479
GSCOI		Pay		MXN TIIE BANXICO		8.055		3/2/22		MXN 212,800		—		35,172			35,172
GSCOI		Receive		WIBR6M		2.095		5/30/24		PLN 10,500		—		(23,093	)		(23,093	)
GSCOI		Pay		MXN TIIE BANXICO		8.620		12/26/28		MXN 31,500		—		64,417			64,417
GSCOI		Pay		COOVIBR		4.380		1/10/20		COP 43,100,000		—		25,298			25,298
GSCOI		Pay		MXN TIIE BANXICO		7.760		9/25/20		MXN 291,400		—		(61,369	)		(61,369	)
GSCOI		Pay		MXN TIIE BANXICO		8.100		5/21/29		MXN 31,700		—		—			—
HSBC		Pay		MXN TIIE BANXICO		7.950		5/1/24		MXN 50,000		—		14,347			14,347

23 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

STATEMENT OF INVESTMENTS Continued


Centrally Cleared Interest Rate Swaps (Continued)
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
HSBC		Receive		MXN TIIE BANXICO		8.600%		1/18/29		MXN 35,300	$	—	$	(69,549	)	$	(69,549	)
JPM		Pay		BUBOR06M		1.185		1/8/22		HUF 1,200,000		—		57,151			57,151
JPM		Pay		BZDI		8.260		1/2/23		BRL 18,000		—		121,834			121,834
JPM		Receive		BUBOR06M		2.265		1/8/29		HUF 390,000		—		(43,798	)		(43,798	)
JPM		Pay		BZDI		9.480		7/1/20		BRL 240,800		—		864,499			864,499
JPM		Pay		BZDI		10.500		7/1/20		BRL 54,140		—		252,591			252,591
JPM		Pay		BZDI		9.280		7/1/22		BRL 75,900		—		60,352			60,352
MSCO		Receive		Three-Month USD BBA LIBOR		2.126		6/4/29		USD 1,300		—		—			—
SIB		Pay		MXN TIIE BANXICO		7.250		11/4/22		MXN 45,000		—		(42,736	)		(42,736	)
UBS		Pay		MXN TIIE BANXICO		6.860		7/21/22		MXN 50,000		—		(73,499	)		(73,499	)

Total Centrally Cleared Interest Rate Swaps											$	—	$	1,650,034		$	1,650,034


Over-the-Counter Interest Rate Swaps at May 31, 2019
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
BOA		Pay		Three-Month MYR KLIBOR BNM		4.010%		11/10/22		MYR 5,000	$	—	$	25,793		$	25,793
BOA		Receive		INR FBIL MIBOR OIS Compound		5.670		5/27/21		INR 715,000		—		181,926			181,926
BOA		Receive		INR FBIL MIBOR OIS Compound		5.595		6/3/21		INR 478,000		—		—			—
CITNA-B		Pay		MOSKP3		8.320		5/30/24		RUB 125,500		—		3,349			3,349
DEU		Receive		JIBA3M		7.065		5/14/20		ZAR 760,000		—		(19,501	)		(19,501	)
GSCOI		Pay		MOSKP3		8.535		5/8/24		RUB 485,000		—		79,738			79,738
GSCOI		Pay		MOSKP3		8.270		5/24/24		RUB 126,000		—		(494	)		(494	)
JPM		Pay		Three-Month COP IBR OIS Compound		7.300		6/1/26		COP 1,037,500		—		38,298			38,298
JPM		Pay		Three-Month MYR KLIBOR BNM		3.360		8/30/21		MYR 17,500		—		500			500
JPM		Receive		JIBA3M		8.130		1/30/30		ZAR 20,900		—		(23,112	)		(23,112	)

Total Over-the-Counter Interest Rate Swaps											$	—	$	286,497		$	286,497


Glossary:
Counterparty Abbreviations
BAC		Barclays Bank plc
BNP		BNP Paribas
BOA		Bank of America NA
CITNA-B		Citibank NA
DEU		Deutsche Bank AG
GSCOI		Goldman Sachs International

24 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND


Counterparty Abbreviations (Continued)
GSCO-OT		Goldman Sachs Bank USA
HSBC		HSBC Bank USA NA
JPM		JPMorgan Chase Bank NA
MOS		Morgan Stanley & Co., Inc.
MSCO		Morgan Stanley Capital Services, Inc.
SIB		Banco Santander SA
UBS		UBS AG

Currency abbreviations indicate amounts reporting in currencies
ARS		Argentine Peso
BRL		Brazilian Real
CLP		Chilean Peso
COP		Colombian Peso
CZK		Czech Koruna
DOP		Dominican Republic Peso
EGP		Egyptian Pounds
EUR		Euro
HUF		Hungarian Forint
IDR		Indonesian Rupiah
ILS		Israeli Shekel
INR		Indian Rupee
MXN		Mexican Nuevo Peso
MYR		Malaysian Ringgit
NGN		Nigerian Naira
PEN		Peruvian New Sol
PHP		Philippine Peso
PLN		Polish Zloty
RON		New Romanian Leu
RUB		Russian Ruble
THB		Thailand Baht
TRY		New Turkish Lira
UYU		Uruguay Peso
ZAR		South African Rand

Definitions
BADLARPP		Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days
BANXICO		Banco de Mexico
BBA LIBOR		British Bankers’ Association London - Interbank Offered Rate
BNM		Bank Negara Malaysia
BUBOR		Budapest Interbank Offered Rate
BUBOR06M		Budapest Interbank Offered Rate 6 Month
BZDI		Brazil Interbank Deposit Rate
COOVIBR		Colombia IBR Overnight Nominal Interbank Reference Rate
EUSA5		EUR Swap Annual 5 Year
FBIL		Financial Benchmarks India Private Ltd.
IBR		Indicador Bancario de Referencia
JIBA3M		South Africa Johannesburg Interbank Agreed Rate 3 Month
JIBAR SAFEX		South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
KLIBOR		Kuala Lumpur Interbank Offered Rate
MIBOR		Mumbai Interbank Offered Rate

25 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

STATEMENT OF INVESTMENTS Continued


Definitions (Continued)
MOSKP3		National Finance Assoc. Moscow Prime Offered 3 Month Rate
OIS		Overnight Index Swap
PRIBOR PRBO		Prague Interbank Offering Rate
S&P		Standard & Poor’s
TIIE		Interbank Equilibrium Interest Rate
WIBOR WIBO		Poland Warsaw Interbank Offer Bid Rate

See accompanying Notes to Financial Statements.

26 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

STATEMENT OF ASSETS AND LIABILITIES May 31, 2019


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $222,568,113)	$	205,458,197
Affiliated companies (cost $5,326,226)		5,326,226

		210,784,423
Cash		1,842,780
Cash—foreign currencies (cost $553,272)		568,101
Cash used for collateral on OTC derivatives		690,000
Cash used for collateral on centrally cleared swaps		2,165,453
Unrealized appreciation on forward currency exchange contracts		2,048,397
Swaps, at value		329,604
Variation margin receivable — centrally cleared swaps		79,097
Receivables and other assets:
Interest and dividends		4,561,177
Shares of beneficial interest sold		456,968
Other		27,893

Total assets		223,553,893
Liabilities
Unrealized depreciation on forward currency exchange contracts		2,754,583
Options written, at value (premiums received $3,156,934)		1,568,579
Swaps, at value		43,107
Payables and other liabilities:
Investments purchased (including $2,885,523 purchased on a when-issued or delayed delivery basis)		2,903,629
Shares of beneficial interest redeemed		445,749
Foreign capital gains tax		40,424
Transfer and shareholder servicing agent fees		29,790
Distribution and service plan fees		24,484
Trustees’ compensation		19,911
Dividends		12,685
Shareholder communications		11,527
Management fees		4,102
Administration fees		1
Other		117,528

Total liabilities		7,976,099
Net Assets	$	215,577,794


Composition of Net Assets
Shares of beneficial interest	$	237,296,140
Total accumulated loss		(21,718,346	)

Net Assets	$	215,577,794

27 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

STATEMENT OF ASSETS AND LIABILITIES Continued


Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $44,188,360 and 6,617,514 shares of beneficial interest outstanding)		$6.68
Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)		$6.98

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $16,488,364 and 2,468,373 shares of beneficial interest outstanding)		$6.68

Class R Shares:
Net asset value, redemption and offering price per share (based on net assets of $2,602,996 and 389,940 shares of beneficial interest outstanding)		$6.68

Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $143,683,592 and 21,502,117 shares of beneficial interest outstanding)		$6.68

Class R5 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $10,065 and 1,508 shares of beneficial interest outstanding)		$6.67

Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $8,604,417 and 1,289,756 shares of beneficial interest outstanding)		$6.67

See accompanying Notes to Financial Statements.

28 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

STATEMENT OF

OPERATIONS For the Year Ended May 31, 2019


Investment Income
Interest (net of foreign withholding taxes of $500,962)	$	15,485,436
Dividends — affiliated companies		82,593
Total investment income		15,568,029
Expenses
Management fees		1,560,861
Administration fees		322
Distribution and service plan fees:
Class A		112,573
Class C		167,200
Class R		11,971
Transfer and shareholder servicing agent fees:
Class A		78,981
Class C		28,453
Class R		4,102
Class Y		253,929
Class R6		2,320
Shareholder communications:
Class A		5,678
Class C		3,332
Class R		765
Class Y		22,490
Class R6		2,376
Custodian fees and expenses		174,612
Legal, auditing and other professional fees		73,238
Trustees’ compensation		11,197
Borrowing fees		6,464
Other		63,524
Total expenses		2,584,388
Less reduction to custodian expenses		(5,240	)
Less waivers and reimbursements of expenses		(160,228	)
Net expenses		2,418,920
Net Investment Income		13,149,109

29 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

STATEMENT OF

OPERATIONS Continued


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (net of foreign capital gains tax of $85,069)	$	(16,260,706	)
Option contracts written		1,925,746
Foreign currency transactions		(1,258,791	)
Forward currency exchange contracts		(1,869,173	)
Swap contracts		2,376,459
Swaption contracts written		23,272
Net realized loss		(15,063,193	)
Net change in unrealized appreciation/(depreciation) on:
Investment transactions (net of foreign capital gains tax of $40,424)		(3,026,221	)
Translation of assets and liabilities denominated in foreign currencies		130,906
Forward currency exchange contracts		988,442
Option contracts written		1,826,285
Swap contracts		1,830,576
Net change in unrealized appreciation/(depreciation)		1,749,988
Net Decrease in Net Assets Resulting from Operations	$	(164,096	)

See accompanying Notes to Financial Statements.

30 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended May 31, 2019			Year Ended May 31, 2018
Operations
Net investment income	$	13,149,109		$	11,798,896
Net realized gain (loss)		(15,063,193	)		2,308,273
Net change in unrealized appreciation/(depreciation)		1,749,988			(16,914,284	)

Net decrease in net assets resulting from operations		(164,096	)		(2,807,115	)
Dividends and/or Distributions to Shareholders
Dividends and distributions declared:¹
Class A		(1,260,536	)		(2,796,757	)
Class C		(387,650	)		(819,443	)
Class R		(61,809	)		(120,003	)
Class Y		(4,182,745	)		(6,552,072	)
Class R5		(2	)		—
Class R6		(222,715	)		(759,729	)

Total dividends and distributions declared		(6,115,457	)		(11,048,004	)
Tax return of capital distribution:
Class A		(1,439,629	)		(179,358	)
Class C		(442,726	)		(52,552	)
Class R		(70,591	)		(7,696	)
Class Y		(4,777,016	)		(420,189	)
Class R5		(3	)		—
Class R6		(254,357	)		(48,722	)

Total return of capital distribution		(6,984,322	)		(708,517	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(8,035,884	)		13,691,683
Class C		(2,423,913	)		7,444,313
Class R		(208,532	)		1,109,583
Class Y		(10,262,813	)		122,059,010
Class R5		10,000			—
Class R6		1,405,058			(353,830	)

Total beneficial interest transactions		(19,516,084	)		143,950,759
Net Assets
Total increase (decrease)		(32,779,959	)		129,387,123
Beginning of period		248,357,753			118,970,630

End of period	$	215,577,794		$	248,357,753

1. The Securities and Exchange Commission eliminated the requirement to disclose distribution components separately, except for tax return of capital. For the year ended May 31, 2018, dividends and distributions declared consisted of distributions from net investment income.

See accompanying Notes to Financial Statements.

31 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

FINANCIAL HIGHLIGHTS


Class A	Year Ended May 31, 2019		Year Ended May 31, 2018	Year Ended May 31, 2017	Year Ended May 31, 2016	Year Ended May 29, 2015¹
Per Share Operating Data
Net asset value, beginning of period		$7.02	$7.38	$7.17	$7.80	$9.27
Income (loss) from investment operations:
Net investment income²		0.39	0.42	0.44	0.53	0.39
Net realized and unrealized gain (loss)		(0.34)	(0.36)	0.45	(0.65)	(1.43)
Total from investment operations		0.05	0.06	0.89	(0.12)	(1.04)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.18)	(0.40)	0.00	0.00	(0.42)
Tax return of capital distribution		(0.21)	(0.02)	(0.68)	(0.51)	(0.01)
Total dividends and/or distributions to shareholders		(0.39)	(0.42)	(0.68)	(0.51)	(0.43)
Net asset value, end of period		$6.68	$7.02	$7.38	$7.17	$7.80


Total Return, at Net Asset Value³		0.85%	0.62%	13.03%	(1.29)%	(11.49)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$44,188	$55,015	$44,710	$47,515	$32,520
Average net assets (in thousands)		$46,481	$53,092	$50,009	$31,493	$38,815
Ratios to average net assets:⁴
Net investment income		5.82%	5.60%	6.03%	7.37%	4.51%
Expenses excluding specific expenses listed below		1.27%	1.29%	1.44%	1.51%	1.46%
Interest and fees from borrowings		0.00%⁵	0.00%⁵	0.00%⁵	0.00%⁵	0.00%
Total expenses⁶		1.27%	1.29%	1.44%	1.51%	1.46%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.16%	1.15%	1.24%	1.25%	1.25%
Portfolio turnover rate		67%	48%	87%	108%	107%

32 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended May 31, 2019	1.27	%
Year Ended May 31, 2018	1.29	%
Year Ended May 31, 2017	1.44	%
Year Ended May 31, 2016	1.51	%
Year Ended May 29, 2015	1.47	%

See accompanying Notes to Financial Statements.

33 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

FINANCIAL HIGHLIGHTS Continued


Class C	Year Ended May 31, 2019		Year Ended May 31, 2018		Year Ended May 31, 2017		Year Ended May 31, 2016		Year Ended May 29, 2015¹
Per Share Operating Data
Net asset value, beginning of period		$7.02		$7.38		$7.17		$7.80		$9.27
Income (loss) from investment operations:
Net investment income²		0.33		0.36		0.38		0.46		0.32
Net realized and unrealized gain (loss)		(0.34)		(0.36)		0.46		(0.63)		(1.42)
Total from investment operations		(0.01)		0.00		0.84		(0.17)		(1.10)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.15)		(0.34)		0.00		0.00		(0.36)
Tax return of capital distribution		(0.18)		(0.02)		(0.63)		(0.46)		(0.01)
Total dividends and/or distributions to shareholders		(0.33)		(0.36)		(0.63)		(0.46)		(0.37)
Net asset value, end of period		$6.68		$7.02		$7.38		$7.17		$7.80


Total Return, at Net Asset Value³		(0.14)%		(0.09)%		12.18%		(2.03)%		(12.15)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$16,488		$19,932		$13,633		$8,183		$10,267
Average net assets (in thousands)		$16,752		$18,345		$10,161		$8,468		$12,919
Ratios to average net assets:⁴
Net investment income		4.97%		4.75%		5.27%		6.38%		3.74%
Expenses excluding specific expenses listed below		2.04%		2.05%		2.24%		2.38%		2.31%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%
Total expenses⁶		2.04%		2.05%		2.24%		2.38%		2.31%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.01%		2.00%		2.00%		2.00%		2.00%
Portfolio turnover rate		67%		48%		87%		108%		107%

34 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended May 31, 2019	2.04	%
Year Ended May 31, 2018	2.05	%
Year Ended May 31, 2017	2.24	%
Year Ended May 31, 2016	2.38	%
Year Ended May 29, 2015	2.32	%

See accompanying Notes to Financial Statements.

35 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

FINANCIAL HIGHLIGHTS Continued


Class R	Year Ended May 31, 2019		Year Ended May 31, 2018		Year Ended May 31, 2017		Year Ended May 31, 2016		Year Ended May 29, 2015¹
Per Share Operating Data
Net asset value, beginning of period		$7.02		$7.38		$7.17		$7.80		$9.27
Income (loss) from investment operations:
Net investment income²		0.36		0.39		0.42		0.51		0.36
Net realized and unrealized gain (loss)		(0.34)		(0.36)		0.45		(0.65)		(1.42)
Total from investment operations		0.02		0.03		0.87		(0.14)		(1.06)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.17)		(0.37)		0.00		0.00		(0.40)
Tax return of capital distribution		(0.19)		(0.02)		(0.66)		(0.49)		(0.01)
Total dividends and/or distributions to shareholders		(0.36)		(0.39)		(0.66)		(0.49)		(0.41)
Net asset value, end of period		$6.68		$7.02		$7.38		$7.17		$7.80


Total Return, at Net Asset Value³		0.50%		0.27%		12.74%		(1.54)%		(11.71)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,603		$2,935		$2,023		$1,550		$1,377
Average net assets (in thousands)		$2,418		$2,436		$1,539		$1,214		$1,658
Ratios to average net assets:⁴
Net investment income		5.47%		5.25%		5.77%		7.01%		4.22%
Expenses excluding specific expenses listed below		1.54%		1.55%		1.73%		1.87%		1.80%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%
Total expenses⁶		1.54%		1.55%		1.73%		1.87%		1.80%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.51%		1.50%		1.50%		1.50%		1.50%
Portfolio turnover rate		67%		48%		87%		108%		107%

36 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended May 31, 2019	1.54	%
Year Ended May 31, 2018	1.55	%
Year Ended May 31, 2017	1.73	%
Year Ended May 31, 2016	1.87	%
Year Ended May 29, 2015	1.81	%

See accompanying Notes to Financial Statements.

37 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

FINANCIAL HIGHLIGHTS Continued


Class Y	Year Ended May 31, 2019		Year Ended May 31, 2018		Year Ended May 31, 2017		Year Ended May 31, 2016		Year Ended May 29, 2015¹
Per Share Operating Data
Net asset value, beginning of period		$7.03		$7.38		$7.17		$7.79		$9.26
Income (loss) from investment operations:
Net investment income²		0.40		0.44		0.46		0.54		0.43
Net realized and unrealized gain (loss)		(0.35)		(0.35)		0.45		(0.63)		(1.44)
Total from investment operations		0.05		0.09		0.91		(0.09)		(1.01)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.19)		(0.41)		0.00		0.00		(0.45)
Tax return of capital distribution		(0.21)		(0.03)		(0.70)		(0.53)		(0.01)
Total dividends and/or distributions to shareholders		(0.40)		(0.44)		(0.70)		(0.53)		(0.46)
Net asset value, end of period		$6.68		$7.03		$7.38		$7.17		$7.79


Total Return, at Net Asset Value³		0.91%		0.96%		13.35%		(0.87)%		(11.24)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$143,684		$162,875		$50,516		$3,437		$4,185
Average net assets (in thousands)		$149,516		$121,012		$17,194		$3,265		$7,931
Ratios to average net assets:⁴
Net investment income		6.02%		5.80%		6.33%		7.48%		4.93%
Expenses excluding specific expenses listed below		1.03%		1.04%		1.22%		1.35%		1.27%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%
Total expenses⁶		1.03%		1.04%		1.22%		1.35%		1.27%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.96%		0.95%		0.95%		0.95%		0.95%
Portfolio turnover rate		67%		48%		87%		108%		107%

38 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended May 31, 2019	1.03	%
Year Ended May 31, 2018	1.04	%
Year Ended May 31, 2017	1.22	%
Year Ended May 31, 2016	1.35	%
Year Ended May 29, 2015	1.28	%

See accompanying Notes to Financial Statements.

39 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

FINANCIAL HIGHLIGHTS Continued


Class R5	Period Ended May 31, 2019¹
Per Share Operating Data
Net asset value, beginning of period		$6.63
Income (loss) from investment operations:
Net investment income²		0.00³
Net realized and unrealized gain		0.04
Total from investment operations		0.04
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)³
Tax return of capital distribution		(0.00)³
Total dividends and/or distributions to shareholders		(0.00)³
Net asset value, end of period		$6.67


Total Return, at Net Asset Value⁴		0.64%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10
Average net assets (in thousands)		$10
Ratios to average net assets:⁵ Net investment income		6.13%
Expenses excluding specific expenses listed below		0.85%
Interest and fees from borrowings		0.00%
Total expenses⁶		0.85%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.85%
Portfolio turnover rate		67%

40 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

1. For the period from after close of business on May 24, 2019 (inception of offering) to May 31, 2019.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Less than $0.005.

4. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5. Annualized for periods less than one full year.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


		Period Ended May 31, 2019			0.85	%

See accompanying Notes to Financial Statements.

41 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

FINANCIAL HIGHLIGHTS Continued


Class R6	Year Ended May 31, 2019		Year Ended May 31, 2018		Year Ended May 31, 2017		Year Ended May 31, 2016		Year Ended May 29, 2015¹
Per Share Operating Data
Net asset value, beginning of period		$7.02		$7.37		$7.16		$7.79		$9.26
Income (loss) from investment operations:
Net investment income²		0.41		0.44		0.46		0.54		0.32
Net realized and unrealized gain (loss)		(0.35)		(0.35)		0.46		(0.63)		(1.32)
Total from investment operations		0.06		0.09		0.92		(0.09)		(1.00)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.19)		(0.41)		0.00		0.00		(0.46)
Tax return of capital distribution		(0.22)		(0.03)		(0.71)		(0.54)		(0.01)
Total dividends and/or distributions to shareholders		(0.41)		(0.44)		(0.71)		(0.54)		(0.47)
Net asset value, end of period		$6.67		$7.02		$7.37		$7.16		$7.79


Total Return, at Net Asset Value³		1.01%		1.05%		13.47%		(0.91)%		(11.15)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$8,604		$7,601		$8,089		$2,325		$2,339
Average net assets (in thousands)		$7,785		$13,701		$5,000		$2,226		$1,212
Ratios to average net assets:⁴
Net investment income		6.12%		5.90%		6.42%		7.57%		4.02%
Expenses excluding specific expenses listed below		0.91%		0.87%		1.03%		1.11%		1.08%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%⁵		0.00%
Total expenses⁶		0.91%		0.87%		1.03%		1.11%		1.08%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.86%		0.85%		0.85%		0.85%		0.84%
Portfolio turnover rate		67%		48%		87%		108%		107%

42 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended May 31, 2019	0.91	%
Year Ended May 31, 2018	0.87	%
Year Ended May 31, 2017	1.03	%
Year Ended May 31, 2016	1.11	%
Year Ended May 29, 2015	1.09	%

See accompanying Notes to Financial Statements.

43 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS May 31, 2019

Note 1- Significant Accounting Policies

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

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Emerging Markets Local Debt Fund (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

Upon closing of the Reorganization, holders of the Acquired Fund’s Class A, Class C, Class R, and Class Y shares received the corresponding class of shares of the Fund and holders of the Acquired Fund’s Class I shares received Class R6 shares of the Fund. Information for the Acquired Fund’s Class I shares prior to the Reorganization is included with Class R6 shares throughout this report. Class R5 shares commenced operations on the Reorganization Date.

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

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

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

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

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

44 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service.

45 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Continued

Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Securities Transactions and Investment Income- Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds

46 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

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.

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

Distributions- Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

Federal Income Taxes- The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended May 31, 2019, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund

47 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Continued

may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

      Undistributed
      Net Investment
      Income

Undistributed
Long-Term
Gain

Accumulated
Loss
Carryforward^1,2,3,4,5

Net Unrealized
Depreciation
Based on cost of
Securities and
Other

Investments

for Federal

Income

Tax Purposes

$—

$6,872,846

$14,825,761

1. At period end, the Fund had $2,707,653 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

2. The Fund had $4,165,193 of post-October foreign currency losses which were deferred.

3. During the reporting period, the Fund did not utilize any capital loss carryforward.

4. During the previous reporting period, the Fund utilized $783,091 of capital loss carryforward to offset capital gains realized in that fiscal year.

5. During the reporting period, $6,167,979 of unused capital loss carryforward expired.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Reduction

to Paid-in Capital

Reduction

to Accumulated
Net Loss

$13,860,818

The tax character of distributions paid during the reporting periods:


	Year Ended May 31, 2019		Year Ended May 31, 2018
Distributions paid from:
Ordinary income	$	6,115,457	$	11,048,004
Return of capital		6,984,322		708,517

Total	$	13,099,779	$	11,756,521

The aggregate cost of securities and other investments and the composition of unrealized

48 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.


Federal tax cost of securities	$	228,646,153
Federal tax cost of other investments		(2,952,134)

Total federal tax cost	$	225,694,019

Gross unrealized appreciation	$	8,915,366
Gross unrealized depreciation		(23,741,127)

Net unrealized depreciation	$	(14,825,761)

Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

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

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

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

I.	Foreign Currency Translations- Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other

49 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Continued

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

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

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

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

50 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

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

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

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par

51 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Continued

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.

52 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of May 31, 2019 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.

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 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

53 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Continued

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.

Call Options Purchased and Written – The Fund may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

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

54 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

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

O.	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.

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

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

Note 2- Advisory Fees and Other Fees Paid to Affiliates

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


Fee Schedule*
First $500 million	0.70	%
Next $500 million	0.65
Next $4 billion	0.60
Over $5 billion	0.58

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

For the year ended May 31, 2019, the effective advisory fees incurred by the Fund was 0.70%.

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $1,532,511 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the

55 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Continued

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 Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

Effective on the Reorganization Date, the Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.15%, 2.00%, 1.50%, 0.95%, 0.90% and 0.85%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expense after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended May 31, 2019, the Adviser waived advisory fees of $4,127 and reimbursed fund expenses of $48,830, $3,462, $777, $99,443, and $3,589 of Class A, Class C, Class R, Class Y and Class R6 shares, respectively.

Prior to the Reorganization, the OFI Global Asset Management, Inc. had contractually agreed to waive fees and/or reimburse expenses of Class A, Class C, Class R, and Class Y shares to 1.15%, 2.00%, 1.50% and 0.95%, respectively, of the Acquired Fund’s average daily net assets.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended May 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby JP Morgan Chase Bank serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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

56 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended May 31, 2019, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plan”). The Fund, pursuant to the Class A Plan, reimbursed IDI in an amount up to the annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. For the year ended May 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended May 31, 2019, IDI advised the Fund that IDI retained $147 in front-end sales commissions from the sale of Class A shares and $— and $27 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders. From the beginning of the fiscal year to the date of the Reorganization, OppenheimerFunds Distributor, Inc. retained $36,164 in front–end sales commissions from the sale of Class A shares and $— and $4,452 from Class A and Class C Shares, respectively, for CDSC imposed on redemption by shareholders.

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

Note 3 – Additional Valuation Information

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

57 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Continued

unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

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

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

The following is a summary of the tiered valuation input levels, as of May 31, 2019. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Foreign Government Obligations	$	—	$	178,675,861		$	—	$	178,675,861
Corporate Bonds and Notes		—		19,242,879			—		19,242,879
Short-Term Notes		—		6,463,562			—		6,463,562
Over-the-Counter Options Purchased		—		1,075,895			—		1,075,895
Investment Company		5,326,226		—			—		5,326,226

Total Investments, at Value		5,326,226		205,458,197			—		210,784,423
Other Financial Instruments:
Swaps, at value		—		329,604		$	—		329,604
Centrally cleared swaps, at value		—		2,371,468			—		2,371,468
Forward currency exchange contracts		—		2,048,397			—		2,048,397

Total Assets	$	5,326,226	$	210,207,666		$	—	$	215,533,892


Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—	$	(43,107	)	$	—	$	(43,107)
Centrally cleared swaps, at value		—		(694,281	)		—		(694,281)
Options written, at value		—		(1,568,579	)		—		(1,568,579)
Forward currency exchange contracts		—		(2,754,583	)		—		(2,754,583)

Total Liabilities	$	—	$	(5,060,550	)	$	—	$	(5,060,550)

Note 4- Derivative Investments

58 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors. For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative asset transactions as of May 31, 2019:


			Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Statement of Assets & Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount
Bank of America NA	$	329,264	$	(329,264	)	$	–	$	–	$	–
Barclays Bank plc		1,439		(1,439	)		–		–		–
Citibank NA		971,911		(936,999	)		–		–		34,912
Goldman Sachs Bank USA		667,502		(667,502	)		–		–		–
Goldman Sachs International		79,738		(494	)		–		–		79,244
HSBC Bank USA NA		4,385		(844	)		–		–		3,541
JPMorgan Chase Bank NA		1,399,657		(1,142,063	)		–		–		257,594

	$	3,453,896	$	(3,078,605	)	$	–	$	–	$	375,291

*OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of May 31, 2019:

59 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Continued


				Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(675,057	)	$	329,264	$	195,793	$	150,000	$	–
Barclays Bank plc		(82,829	)		1,439		–		–		(81,390)
Citibank NA		(936,999	)		936,999		–		–		–
Deutsche Bank AG		(19,501	)		–		–		–		(19,501)
Goldman Sachs Bank USA		(1,406,856	)		667,502		199,354		540,000		–
Goldman Sachs
International		(494	)		494		–		–		–
HSBC Bank USA NA		(844	)		844		–		–		–
JPMorgan Chase Bank NA		(1,142,063	)		1,142,063		–		–		–
Morgan Stanley & Co., Inc.		(101,626	)		–		–		–		(101,626)

	$	(4,366,269	)	$	3,078,605	$	395,147	$	690,000	$	(202,517)

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Statement of Investments may exceed these amounts.

Value of Derivative Instruments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of May 31, 2019:

Asset Derivatives

Liability Derivatives

Derivatives

Not Accounted

for as Hedging

Instruments

Statement of Assets

and Liabilities Location

Value

Statement of Assets

and Liabilities Location

Value

Interest rate contracts

Swaps, at value

329,604

Swaps, at value

43,107

Credit contracts

Centrally cleared swaps, at value

27,153

Interest rate contracts

Centrally cleared swaps, at value

2,344,315

Centrally cleared swaps, at value

694,281

Forward currency exchange contracts

Unrealized appreciation on foreign currency exchange contracts

2,048,397

Unrealized depreciation on foreign currency exchange contracts

2,754,583

Equity contracts

Options written, at value

29,273

Currency contracts

Options written, at value

1,539,306

Equity contracts

Investments, at value

63,425**

Currency contracts

Investments, at value

1,012,470**

Total

5,825,364

5,060,550

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

60 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

** Amounts relate to purchased option contracts and purchased swaption contracts, if any.

Effect of Derivative Investments for the year ended May 31, 2019

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


Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*			Swaption contracts written			Option contracts written
Credit contracts	$	—		$	—		$ —
Currency contracts		(982,499	)		—		1,967,786
Equity contracts		91,335			—		(42,040)
Forward currency exchange contracts		—			—		—
Interest rate contracts		—			23,272		—

Total	$	(891,164	)	$	23,272		$ 1,925,746


Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Forward currency exchange contracts			Swap contracts			Total
Credit contracts	$	—		$	(14,116	)	$(14,116)
Currency contracts		—			1,312,954		2,298,241
Equity contracts		—			—		49,295
Forward currency exchange contracts		(1,869,173	)		—		(1,869,173)
Interest rate contracts		—			1,077,621		1,100,893

Total	$	(1,869,173	)	$	2,376,459		$ 1,565,140

*Includes purchased option contracts and purchased swaption contracts, if any.


Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*			Option contracts written		Forward currency exchange contracts		Swap contracts			Total
Credit contracts	$	—		$	—	$	—	$	(20,905	)	$ (20,905)
Currency contracts		(534,926	)		1,822,389		—		—		1,287,463
Equity contracts		(1,744	)		3,896		—		—		2,152
Forward currency exchange contracts		—			—		988,442		—		988,442
Interest rate contracts		—			—		—		1,851,481		1,851,481

Total	$	(536,670	)	$	1,826,285	$	988,442	$	1,830,576		$ 4,108,633

*Includes purchased option contracts and purchased swaption contracts, if any.

61 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Continued

The table below summarizes the year ended average notional value of forward foreign currency contracts and swap agreements and the average value of options purchased and written and swaptions written outstanding during the period.

Forward Foreign

Currency Contracts

Options

Purchased

Options

Written

Swaptions

Written

Swap

Agreements

21,600,511

1,060,694

1,443,691

4,967

371,765,800

Note 5- Expense Offset Arrangement

The expense offset arrangement is comprised of custodian credits which result from periodic overnight cash balances at the custodian. For the year ended May 31, 2019, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $5,240.

Note 6- Trustees’ and Officer Fees and Benefits

Certain trustees have executed a Deferred Compensation Agreement pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Note 7- Cash Balances

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

Note 8- Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year

62 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

ended May 31, 2019 was $136,109,690 and $141,291,908, respectively.

Note 9- Share Information

Transactions in shares of beneficial interest were as follows:


	Year Ended May 31, 2019¹						Year Ended May 31, 2018
	Shares			Amount			Shares			Amount
Class A
Sold		2,142,936		$	14,310,743			5,762,810		$	43,318,445
Dividends and/or distributions reinvested		379,482			2,525,008			370,610			2,771,775
Redeemed		(3,739,725	)		(24,871,635	)		(4,358,316	)		(32,398,537	)

Net increase (decrease)		(1,217,307	)	$	(8,035,884	)		1,775,104		$	13,691,683


Class C
Sold		585,234		$	3,901,473			1,716,729		$	12,870,446
Dividends and/or distributions reinvested		121,982			811,924			113,131			846,592
Redeemed		(1,076,257	)		(7,137,310	)		(839,358	)		(6,272,725	)

Net increase (decrease)		(369,041	)	$	(2,423,913	)		990,502		$	7,444,313


Class R
Sold		138,268		$	910,316			325,225		$	2,463,467
Dividends and/or distributions reinvested		19,671			130,969			16,951			126,639
Redeemed		(186,103	)		(1,249,817	)		(198,289	)		(1,480,523	)

Net increase (decrease)		(28,164	)	$	(208,532	)		143,887		$	1,109,583


Class Y
Sold		18,825,483		$	125,559,158			26,087,049		$	195,579,129
Dividends and/or distributions reinvested		1,344,630			8,955,272			927,066			6,937,468
Redeemed		(21,847,674	)		(144,777,243	)		(10,677,026	)		(80,457,587	)

Net increase (decrease)		(1,677,561	)	$	(10,262,813	)		16,337,089		$	122,059,010


Class R5²
Sold		1,508		$	10,000			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—

Net increase		1,508		$	10,000			—		$	—


Class R6
Sold		641,294		$	4,302,870			1,771,836		$	13,319,343
Dividends and/or distributions reinvested		71,688			476,744			103,975			780,106
Redeemed		(506,738	)		(3,374,556	)		(1,889,686	)		(14,453,279	)

Net increase (decrease)		206,244		$	1,405,058			(13,875	)	$	(353,830	)

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 59% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for

63 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Continued

providing services to the Fund, Invesco and/or Invesco affiliates, including, but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

2. Commencement date after close of business on May 24, 2019.

Note 10- Borrowings

Joint Credit Facility. A number of mutual funds managed by the Adviser participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period.

64 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Oppenheimer Emerging Markets Local Debt Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Invesco Oppenheimer Emerging Markets Local Debt Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of May 31, 2019, the related statements of operations and of changes in net assets, including the related notes, and the financial highlights for the year ended May 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2019, and the results of its operations, changes in its net assets and the financial highlights for the year ended May 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer Emerging Markets Local Debt Fund (formerly known as Oppenheimer Emerging Markets Local Debt Fund) as of and for the year ended May 31, 2018 and the financial highlights for each of the periods ended on or prior to May 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated July 25, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2019 by correspondence with the custodian. We believe that our audit provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

July 30, 2019

We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

65 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee of the Board of Trustees appointed, and the Board of Trustees ratified and approved, PricewaterhouseCoopers LLP (“PWC”) as the independent registered public accounting firm of the Fund for the fiscal periods ending after May 24, 2019. Prior to the close of business on May 24, 2019, the Predecessor Fund was a separate series of an unaffiliated investment company and its financial statements were audited by a different independent registered public accounting firm (the “Prior Auditor”).

Effective after the close of business on May 24, 2019, the Prior Auditor resigned as the independent registered public accounting firm of the Fund. The Prior Auditor’s report on the financial statements of the Predecessor Fund for the past two fiscal years did not contain an adverse or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. During the Predecessor Fund’s two most recent fiscal years and through the close of business on May 24, 2019, there were no (1) disagreements with the Prior Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the Prior Auditor’s satisfaction, would have caused it to make reference to that matter in connection with its report; or (2) “reportable events,” as that term is defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.

66 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction.

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions, may be eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. In early 2019, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates. The amount will be the maximum amount allowed.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $501,010 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

67 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS

At meetings held on December 14, 2018, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved (i) an amendment to the Trust’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) to add Invesco Oppenheimer Emerging Markets Local Debt Fund (the Fund), (ii) an amendment to the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. to add the Fund, (iii) an amendment to the separate sub-advisory contract with Invesco Capital Management LLC to add the Fund, (iv) an amendment to the separate sub-advisory contract with Invesco Asset Management (India) Private Limited to add the Fund, and (v) an initial sub-advisory contract with OppenheimerFunds, Inc. (collectively, the Affiliated Sub- Advisers and the sub-advisory contracts). Additionally, on March 26, 2019, the Board re-approved an initial sub-advisory contract with OppenheimerFunds, Inc. following its change of control as a result of the acquisition of OppenheimerFunds, Inc. and its subsidiaries, including the Oppenheimer mutual funds (each, an Oppenheimer Fund), by Invesco Ltd. (the OFI Transaction). After evaluating the factors discussed below, among others, the Board approved the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board noted that it had previously approved establishing the Fund at the Board meeting held on October 23, 2018 and that the Fund was formed to acquire the assets and liabilities of an Oppenheimer Fund (the Acquired Fund) with the same investment objective and substantially similar principal investment strategies and risks At the time of approval, the Fund had no assets and no performance history and the portfolio managers were not employed by Invesco Advisers or any of the Affiliated Sub-Advisers except OppenheimerFunds, Inc., which was not affiliated with Invesco at that time.

In approving the investment advisory agreement and sub-advisory contracts, the Board followed a process similar to the process that it follows in annually reviewing and approving investment advisory agreements and sub-advisory contracts for the series portfolios of funds advised by Invesco Advisers and considered the information provided in the most recent annual review process for those funds as well as the information provided with respect to the Fund. As part of the approval process, the Board reviewed and considered information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board reviewed comparative investment performance and fee data prepared by Invesco Advisers and an independent mutual fund data provider. The Board was assisted in its review by the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees, and by independent legal counsel.

The discussion below serves as a summary of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory

68 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information

is current as of December 14, 2018 and March 26, 2019 for the sub-advisory contract with OppenheimerFunds, Inc.

Factors and Conclusions and Summary of Independent Written Fee Evaluation A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services to be provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who will provide these services. The Board’s review included consideration of the investment process oversight and structure, credit analysis and investment risk management to be employed in providing advisory services to the Fund. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds and will provide to the Fund, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board reviewed and considered information about the resources that Invesco Advisers intends to continue to commit to managing the Invesco family of funds, including the Fund, following the OFI Transaction. The Board concluded that the nature, extent and quality of the services to be provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board noted that the Fund would continue the historical performance information of the Acquired Fund following the consummation of the OFI Transaction. The Board considered

69 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS

the performance of the Acquired Fund and the fact that, at the closing of the OFI Transaction, management anticipates that the Fund will be managed pursuant to substantially similar investment strategies and by substantially the same portfolio management team as managed the Acquired Fund. The Board did not view Fund performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub- Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2017 to the performance of funds in the Morningstar performance universe and against the Fund’s benchmark index. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Morningstar expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for at least two years from the closing date of the OFI Transaction in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2018.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board also considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund will share directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.

E. Profitability and Financial Resources

The Board reviewed information from the 2018 contract renewal process provided by Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board considered the methodology

70 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers will continue to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Invesco Funds, and the profits estimated to be realized by the Fund, to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits to be received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees to be received for providing administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services to other Invesco Funds and the organizational structure employed to provide these services. The Board also considered that these services will be provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund will not execute brokerage transaction through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered that Invesco Advisers will receive advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers will receive from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees to be received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

71 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTS Unaudited

Go paperless with eDelivery

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

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

Fund reports and prospectuses

Quarterly statements

Daily confirmations

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q (or any successor Form) on the SEC website at sec.gov.

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

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

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

72 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

SHAREHOLDER PROXY Unaudited

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer Emerging Markets Local Debt Fund was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Emerging Markets Local Debt Fund into Invesco Oppenheimer Emerging Markets Local Debt Fund.

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

Matter

Votes

For

Votes
Against

Votes
Abstain

Broker
Non-Votes

(¹) Approval of an Agreement and Plan of Reorganization

19,333,333

389,642

635,112

73 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

TRUSTEES AND OFFICERS Unaudited

The address of each trustee and officer is AIM Investment Funds (Invesco Investment Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Information below is as of June 10, 2019.


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS

Martin L. Flanagan ¹ — 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business	241	None

		Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)

Philip A. Taylor ² — 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, The Invesco Funds	241	None

		Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered

1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

2 Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser.

74 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

INTERESTED PERSONS (CONTINUED)

Philip A. Taylor (Continued)		investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./ Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc.

75 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

INTERESTED PERSONS (CONTINUED)

Philip A. Taylor (Continued)		(general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.

76 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

INDEPENDENT TRUSTEES

Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company)	241	Director and Chairman of the Audit Committee,

		Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council		ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)

David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	241	Board member of the Illinois Manufacturers’ Association

Beth Ann Brown ³– 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts; Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	225	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection (non-profit)

Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit)	241	None

		Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry
3 Mss. Brown and Krentzman and Messrs. Motley, Vandivort and Vaughn were appointed as Trustees of the Trust effective June 10, 2019.

77 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

INDEPENDENT TRUSTEES (CONTINUED)

Jack M. Fields (Continued)		company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives

Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	241	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	241	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Elizabeth Krentzman ³– 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the	225	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

78 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

INDEPENDENT TRUSTEES (CONTINUED)

Elizabeth Krentzman (Continued)		Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds

Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank and Managing Partner, KPMG LLP	241	Chairman of the Audit Committee, Blue Hills Bank; Chairman of the Business Advisory Council, Bentley University; Chairman of the Audit and Finance Committee and Nominating Committee, KPMG LLP

Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	241	None

Joel W. Motley ³– 1952 Trustee	2019	Director of Office of Finance Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	225	Director of Greenwall Foundation; Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)

Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	241	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)

79 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

INDEPENDENT TRUSTEES (CONTINUED)

Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	241	Federal Reserve Bank of Dallas

Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	241	None

Robert C. Troccoli – 1949 Trustee	2016	Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	241	None

Daniel S. Vandivort ³–1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, Board of Trustees (New York), Oppenheimer Funds	225	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds

James D. Vaughn ³– 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network; and Trustee of certain Oppenheimer Funds	225	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement

Christopher L. Wilson – 1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios);		ISO New England, Inc. (non-profit organization managing regional electricity market)

80 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)

Christopher L. Wilson (Continued)		Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

81 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS

Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A

Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco	N/A	N/A

82 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)

Jeffrey H. Kupor (Continued)		India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC; Secretary and Vice President, Jemstep, Inc. Formerly: Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.

Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.;	N/A	N/A

83 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)

Andrew R. Schlossberg (Continued)		Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC

John M. Zerr — 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Invesco Canada Funds Advisory Board Member; Director, President Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent) Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset	N/A	N/A

84 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)

John M. Zerr (Continued)		Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)

Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

85 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)

Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A

86 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

OTHER OFFICERS (CONTINUED)

Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza,	LLP
	Atlanta, GA 30309	Suite 1000	1000 Louisiana Street,
		Houston, TX	Suite 5800
		77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	JPMorgan Chase Bank
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza,	4 Chase Metro Tech Center
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Suite 1000	Brooklyn, NY 11245
		Houston, TX
		77046-1173

87 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

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From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

88 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/or de-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services (“Providers”). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, and web-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate or de-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The “Help” section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visit www.aboutcookies.org.

89 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

INVESCO’S PRIVACY NOTICE Continued

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children’s Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

By phone:

(404) 439-3236

By fax:

(404) 962-8288

By email:

Anne.Gerry@invesco.com

Please update your account information by logging in or contact us by email or telephone as specified above to update your account information whenever such information ceases to be complete or accurate.

You may also contact us to:

90 INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Request that we amend, rectify, delete or update the personal data we hold about you;

Where possible (e.g. in relation to marketing) amend or update your choices around processing;

Request a copy of personal data held by us.

Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

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Invesco Distributors, Inc.	O-EMLD-AR-1	07252019

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Raymond Stickel, Jr. Robert C. Troccoli and James Vaughn. David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Raymond Stickel, Jr. Robert C. Troccoli and James Vaughn are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

PricewaterhouseCoopers LLP (“PwC”) informed the Audit Committee that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it or certain affiliates and covered persons receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the Invesco Fund Complex). PwC informed the Trust it and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. On June 18, 2019, the SEC adopted amendments to the Loan Rule (the “Amendments”) addressing many of the issues that led to the issuance of the no-action letter. The Amendments become effective and supersede the no-action letter on October 3, 2019, 90 days after publication in the Federal Register. In connection with prior independence determinations, PwC communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PwC is able to exhibit the requisite objectivity and impartiality to report on the Funds’ financial statements as the independent registered public accounting firm. PwC also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Adviser, the Funds and PwC concluded that PwC could continue as the Funds’ independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.

If in the future the independence of PwC is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Funds will need to take other action in order for the Funds’ filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. The SEC no-action relief was initially set to expire 18 months from issuance but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of the Amendments.

On May 24, 2019, certain investment advisor subsidiaries of Invesco Ltd. assumed management responsibility from Oppenheimer Funds, Inc. (“OFI”) for 83 open-end mutual funds and 20 exchange-traded funds (collectively, the “Oppenheimer Funds”). Assumption of management responsibility for the Oppenheimer Funds was accomplished through the reorganization of each Oppenheimer Fund into a new Invesco shell fund (collectively, the “New Invesco Funds”) that did not have pre-existing assets (together, the “Reorganizations”). The Reorganizations were part of the acquisition by Invesco Ltd. (together with its subsidiaries, “Invesco”) of the asset management business of OFI (including the Oppenheimer Funds) from Massachusetts Mutual Life Insurance Company (“MassMutual”), which was also consummated on May 24, 2019 (the “Acquisition”). Subsequent to the Acquisition, MassMutual became a significant shareholder of Invesco, and the Invesco Ltd. board of directors expanded by one director with the addition of a director selected by MassMutual.

Prior to the consummation of the Acquisition and the Reorganizations on May 24, 2019, PwC completed an independence assessment to evaluate the services and relationships with OFI and its affiliates, which became affiliates of Invesco upon the closing of the Acquisition. The assessment identified the following relationship and services that are inconsistent with the auditor independence rules under Rule 2-01 of Regulation S-X (“Rule 2-01”) if provided to an affiliate of an audit client. A retired PwC partner who receives a benefit from PwC that is not fully funded, served as a member of Audit Committee of the Boards of Trustees of certain Oppenheimer Funds prior to the Acquisition (the “Pre-Reorganization Relationship”). Additionally, PwC provided certain non-audit services including, expert legal services to one Oppenheimer Fund, custody of client assets in connection with payroll services, a non-audit service performed pursuant to a success-based fee, non-audit services in which PwC acted as an advocate on behalf of a MassMutual foreign affiliate and certain employee activities undertaken in connection with the provision of non-audit services for MassMutual and certain MassMutual foreign affiliates (collectively, the “Pre-Reorganization Services”).

PwC and the Audit Committees of the New Invesco Funds each considered the impact that the Pre-Reorganization Relationship and Services have on PwC’s independence with respect to the New Invesco Funds. On the basis of the nature of the relationship and services performed, and in particular the mitigating factors described below, PwC concluded that a reasonable investor, possessing knowledge of all the relevant facts and circumstances regarding the Pre-Reorganization Relationship and Services, would conclude that the Pre-Reorganization Relationship and Services do not impair PwC’s ability to exhibit the requisite objectivity and impartiality to report on the financial statements of the New Invesco Funds for the years ending May 31, 2019 – April 30, 2020 (“PwC’s Conclusion”).

Separately, the Audit Committees of the Boards of Trustees of the New Invesco Funds, based upon PwC’s Conclusion and the concurrence of Invesco, considered the relevant facts and circumstances including the mitigating factors described below and, after careful consideration, concluded that PwC is capable of exercising objective and impartial judgment in connection with its audits of the financial statements of the New Invesco Funds that the respective Boards of Trustees oversees.

Mitigating factors that PwC and the Audit Committees considered in reaching their respective conclusions included, among others, the following factors:

•

none of the Pre-Reorganization Relationship or Services created a mutuality of interest between PwC and the New Invesco Funds;

•

PwC will not act in a management or employee capacity for the New Invesco Funds or their affiliates during any portion of PwC’s professional engagement period;

•

other than the expert legal services, Pre-Reorganization Services that have been provided to OFI, MassMutual and their affiliates do not have any impact on the financial statements of the New Invesco Funds;

•

as it relates to the expert legal services, while the service provided by PwC related to litigation involving one Oppenheimer Fund, the impact of the litigation on the Oppenheimer Fund’s financial statements was based upon OFI’s decision, and OFI management represented that the PwC service was not considered a significant component of its decision;

•

while certain employees of OFI who were involved in the financial reporting process of the Oppenheimer Funds will be employed by Invesco subsequent to the Reorganizations, existing officers of other Invesco Funds will serve as Principal Executive Officer and Principal Financial Officer or equivalent roles for the New Invesco Funds, and are ultimately responsible for the accuracy of all financial statement assertions for the entirety of the financial reporting periods for the New Invesco Funds;

•

the Pre-Reorganization Services giving rise to the lack of independence were provided to, or entered into with, OFI, MassMutual and their affiliates at a time when PwC had no independence restriction with respect to these entities;

•

with the exception of the expert legal service provided to one Oppenheimer Fund, none of the Pre-Reorganization Services affected the operations or financial reporting of the New Invesco Funds;

•

the Pre-Reorganization Services provided by PwC to OFI, MassMutual and their affiliates were performed by persons who were not, and will not be, part of the audit engagement team for the New Invesco Funds; and

•

the fees associated with the Pre-Reorganization Services were not material to MassMutual, Invesco or PwC.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC billed the series of the Registrant with a fiscal year end of May 31, 2019 (each, a “Fund”) aggregate fees for services rendered to these Funds as shown in the following table. Each Fund is newly organized and was created, respectively, for the purpose of acquiring the assets and liabilities of a corresponding predecessor fund, (each, a “Reorganization”). Each Reorganization was consummated after the close of business on May 24, 2019, prior to which each Fund had not yet commenced operations. Accordingly, the information shown in the following table has been provided for the period since each Fund’s commencement of operations. The Audit Committee pre-approved all audit and non-audit services provided to the Funds.


	Fees Billed for Services Rendered to the Registrant for fiscal year end 2019
Audit Fees		$	38,150
Audit-Related Fees		$	0
Tax Fees⁽¹⁾		$	16,550
All Other Fees		$	0

Total Fees		$	54,700

(g) PwC billed the Registrant aggregate non-audit fees of $16,550 for the fiscal year ended 2019

Tax Fees for the fiscal year end May 31, 2019 includes fees billed for reviewing tax returns and/or services related to tax compliance

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), each Fund’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to each Fund (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the period since each Fund’s

commencement of operations as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates.


	Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2019 That Were Required to be Pre-Approved by the Registrant’s Audit Committee

Audit-Related Fees⁽¹⁾		$	690,000
Tax Fees		$	0
All Other Fees		$	0

Total Fees		$	690,000

(1)	Audit-Related Fees for the year end 2019 include fees billed related to reviewing controls at a service organization.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Including the fees for services not required to be pre-approved by the registrant’s audit committee, PwC billed Invesco and Invesco Affiliates aggregate non-audit fees of $4,240,000 for the fiscal year ended May 31, 2019 for non-audit services rendered to Invesco and Invesco Affiliates.

PwC provided audit services to the Investment Company complex of approximately $25 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II.

Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III.

General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV.

Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which

may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

Other Services

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information

sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.

VI.

Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII.

Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII.

Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX.

Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

●

Management functions;

●

Human resources;

●

Broker-dealer, investment adviser, or investment banking services ;

●

Legal services;

●

Expert services unrelated to the audit;

●

Any service or product provided for a contingent fee or a commission;

●

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

●

Tax services for persons in financial reporting oversight roles at the Fund; and

●

Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the

results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

●

Bookkeeping or other services related to the accounting records or financial statements of the audit client;

●

Financial information systems design and implementation;

●

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

●

Actuarial services; and

●

Internal audit outsourcing services.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of July 22, 2019, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of July 22, 2019, the Registrant’s disclosure controls and procedures were reasonably designed so as 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 Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.


13(a) (1)				Code of Ethics.

13(a) (2)				Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

13(a) (3)				Not applicable.

13(a) (4)				Registrant’s Independent Public Accountant

13(b)				Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Investment Funds (Invesco Investment Funds)


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		August 8, 2019

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		August 8, 2019

By:		/s/ Kelli Gallegos
		Kelli Gallegos
		Principal Financial Officer

Date:		August 8, 2019