# EDGAR Filing Document

**Accession Number:** 0000880859
**File Stem:** 0001193125-26-001674
**Filing Date:** 2026-1
**Character Count:** 1922483
**Document Hash:** 81fa4ddc239420304f399dce86ced40e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-001674.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001193125-26-001674

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 147

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
- **CENTRAL INDEX KEY:** 0000880859

**ORGANIZATION NAME:**
- **EIN:** 760352823
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06463
- **FILM NUMBER:** 26504233

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM INTERNATIONAL MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20031126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM INTERNATIONAL FUNDS INC /MD/
- **DATE OF NAME CHANGE:** 20000620

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM INTERNATIONAL MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20000323

## Series and Classes Contracts Data

### Invesco Asia Pacific Equity Fund (Series ID: S000000226)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000537 | Class A      | ASIAX           |
| C000000539 | Class C      | ASICX           |
| C000071235 | Class Y      | ASIYX           |
| C000188848 | Class R6     |  |
| C000256073 | Class R      |  |

### Invesco International Value Fund (Series ID: S000000227)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000000540 | Class A        | AEDAX           |
| C000000542 | Class C        | AEDCX           |
| C000000543 | Class R        | AEDRX           |
| C000000544 | Investor Class | EGINX           |
| C000071236 | Class Y        | AEDYX           |
| C000188849 | Class R6       |  |

### Invesco EQV International Equity Fund (Series ID: S000000230)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000551 | Class A      | AIIEX           |
| C000000553 | Class C      | AIECX           |
| C000000554 | Class R      | AIERX           |
| C000023043 | CLASS R5     | AIEVX           |
| C000071239 | Class Y      | AIIYX           |
| C000120687 | Class R6     | IGFRX           |

### Invesco MSCI World SRI Index Fund (Series ID: S000054632)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171594 | Class A      |  |
| C000171595 | Class C      |  |
| C000171596 | Class R      |  |
| C000171597 | Class Y      |  |
| C000171598 | Class R5     |  |
| C000171599 | Class R6     |  |

### Invesco Global Focus Fund (Series ID: S000064622)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209193 | Class R6     |  |
| C000209194 | Class R5     |  |
| C000209195 | Class A      |  |
| C000209196 | Class Y      |  |
| C000209197 | Class C      |  |
| C000209198 | Class R      |  |

### Invesco International Small-Mid Company Fund (Series ID: S000064623)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209199 | Class R6     |  |
| C000209200 | Class R5     |  |
| C000209201 | Class R      |  |
| C000209202 | Class C      |  |
| C000209203 | Class A      |  |
| C000209204 | Class Y      |  |

### Invesco Global Fund (Series ID: S000064624)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209205 | Class C      |  |
| C000209206 | Class R      |  |
| C000209207 | Class Y      |  |
| C000209208 | Class R5     |  |
| C000209209 | Class R6     |  |
| C000209210 | Class A      |  |

### Invesco Global Opportunities Fund (Series ID: S000064625)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209211 | Class R5     |  |
| C000209212 | Class R6     |  |
| C000209213 | Class Y      |  |
| C000209214 | Class A      |  |
| C000209215 | Class C      |  |
| C000209216 | Class R      |  |

### Invesco Advantage International Fund (Series ID: S000064626)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209217 | Class R6     |  |
| C000209218 | Class R5     |  |
| C000209219 | Class A      |  |
| C000209220 | Class Y      |  |
| C000209221 | Class R      |  |
| C000209222 | Class C      |  |

### Invesco International Growth Fund (Series ID: S000064628)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209229 | Class C      |  |
| C000209230 | Class R      |  |
| C000209231 | Class R6     |  |
| C000209232 | Class R5     |  |
| C000209233 | Class Y      |  |
| C000209234 | Class A      |  |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-06463

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

------

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Glenn Brightman, Principal Executive Officer

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### October 31

#### Date of reporting period:

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

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

![TSR_logo](images_2625.jpg)

### Invesco Advantage International Fund

### Class A: QMGAX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Advantage International Fund<br>(Class A) | $1311.16%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly and major central banks cut rates amid easing inflation. International equities advanced overall as investors generally rotated away from US equities and towards international and emerging markets amid a weaker US dollar and policy uncertainty.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 25.37%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Index (Net) (the "Benchmark") returned 24.93%.

#### What contributed to performance?
**Diversified International Stock Portfolio \|** The Fund's exposure to a diversified portfolio of international stocks provided growth over the fiscal year and performed in-line with the Benchmark. The markets' focus shifted away from the US throughout the early part of 2025 and boosted international peers on a relative basis. In particular, the Fund's portfolio saw strong relative performance from the German industrial and defense sectors as geopolitical tensions ran high and countries began to focus on defense modernization programs.

#### What detracted from performance?
**Factor tilts to low-volatility stocks \|** The Fund's exposure to low-volatility stocks helped cushion market volatility and drawdowns, particularly in early April around Liberation Day. However, the Fund's defensive positioning weighed on relative performance as markets sharply rebounded and trended higher over the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716897.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Advantage International Fund (Class A) —including sales charge** | 18.52% | 8.13% | 6.03% |
| **Invesco Advantage International Fund (Class A) —excluding sales charge** | 25.37% | 9.36% | 6.63% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57987267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$52744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;132% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica S.A. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG, Class A | &nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;1.29% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716903.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLMAG-AR-A **Invesco Advantage International Fund**

![TSR_logo](images_2625.jpg)

### Invesco Advantage International Fund

### Class C: QMGCX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Advantage International Fund<br>(Class C) | $2141.91%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly and major central banks cut rates amid easing inflation. International equities advanced overall as investors generally rotated away from US equities and towards international and emerging markets amid a weaker US dollar and policy uncertainty.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 24.43%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Index (Net) (the "Benchmark") returned 24.93%.

#### What contributed to performance?
**Diversified International Stock Portfolio \|** The Fund's exposure to a diversified portfolio of international stocks provided growth over the fiscal year and performed in-line with the Benchmark. The markets' focus shifted away from the US throughout the early part of 2025 and boosted international peers on a relative basis. In particular, the Fund's portfolio saw strong relative performance from the German industrial and defense sectors as geopolitical tensions ran high and countries began to focus on defense modernization programs.

#### What detracted from performance?
**Factor tilts to low-volatility stocks \|** The Fund's exposure to low-volatility stocks helped cushion market volatility and drawdowns, particularly in early April around Liberation Day. However, the Fund's defensive positioning weighed on relative performance as markets sharply rebounded and trended higher over the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716954.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Advantage International Fund (Class C) —including sales charge** | 23.43% | 8.56% | 6.00% |
| **Invesco Advantage International Fund (Class C) —excluding sales charge** | 24.43% | 8.56% | 6.00% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57987267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$52744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;132% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica S.A. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG, Class A | &nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;1.29% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716948.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLMAG-AR-C **Invesco Advantage International Fund**

![TSR_logo](images_2625.jpg)

### Invesco Advantage International Fund

### Class R: QMGRX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Advantage International Fund<br>(Class R) | $1591.41%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly and major central banks cut rates amid easing inflation. International equities advanced overall as investors generally rotated away from US equities and towards international and emerging markets amid a weaker US dollar and policy uncertainty.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 25.00%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Index (Net) (the "Benchmark") returned 24.93%.

#### What contributed to performance?
**Diversified International Stock Portfolio \|** The Fund's exposure to a diversified portfolio of international stocks provided growth over the fiscal year and performed in-line with the Benchmark. The markets' focus shifted away from the US throughout the early part of 2025 and boosted international peers on a relative basis. In particular, the Fund's portfolio saw strong relative performance from the German industrial and defense sectors as geopolitical tensions ran high and countries began to focus on defense modernization programs.

#### What detracted from performance?
**Factor tilts to low-volatility stocks \|** The Fund's exposure to low-volatility stocks helped cushion market volatility and drawdowns, particularly in early April around Liberation Day. However, the Fund's defensive positioning weighed on relative performance as markets sharply rebounded and trended higher over the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716971.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Advantage International Fund (Class R)** | 25.00% | 9.06% | 6.37% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57987267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$52744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;132% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica S.A. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG, Class A | &nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;1.29% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716976.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLMAG-AR-R **Invesco Advantage International Fund**

![TSR_logo](images_2625.jpg)

### Invesco Advantage International Fund

### Class Y: QMGYX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Advantage International Fund<br>(Class Y) | $1030.91%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly and major central banks cut rates amid easing inflation. International equities advanced overall as investors generally rotated away from US equities and towards international and emerging markets amid a weaker US dollar and policy uncertainty.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 25.55%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Index (Net) (the "Benchmark") returned 24.93%.

#### What contributed to performance?
**Diversified International Stock Portfolio \|** The Fund's exposure to a diversified portfolio of international stocks provided growth over the fiscal year and performed in-line with the Benchmark. The markets' focus shifted away from the US throughout the early part of 2025 and boosted international peers on a relative basis. In particular, the Fund's portfolio saw strong relative performance from the German industrial and defense sectors as geopolitical tensions ran high and countries began to focus on defense modernization programs.

#### What detracted from performance?
**Factor tilts to low-volatility stocks \|** The Fund's exposure to low-volatility stocks helped cushion market volatility and drawdowns, particularly in early April around Liberation Day. However, the Fund's defensive positioning weighed on relative performance as markets sharply rebounded and trended higher over the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9717024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Advantage International Fund (Class Y)** | 25.55% | 9.61% | 6.85% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57987267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$52744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;132% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica S.A. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG, Class A | &nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;1.29% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717020.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLMAG-AR-Y **Invesco Advantage International Fund**

![TSR_logo](images_2625.jpg)

### Invesco Advantage International Fund

### Class R5: GMAGX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Advantage International Fund<br>(Class R5) | $1030.91%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly and major central banks cut rates amid easing inflation. International equities advanced overall as investors generally rotated away from US equities and towards international and emerging markets amid a weaker US dollar and policy uncertainty.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 25.72%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Index (Net) (the "Benchmark") returned 24.93%.

#### What contributed to performance?
**Diversified International Stock Portfolio \|** The Fund's exposure to a diversified portfolio of international stocks provided growth over the fiscal year and performed in-line with the Benchmark. The markets' focus shifted away from the US throughout the early part of 2025 and boosted international peers on a relative basis. In particular, the Fund's portfolio saw strong relative performance from the German industrial and defense sectors as geopolitical tensions ran high and countries began to focus on defense modernization programs.

#### What detracted from performance?
**Factor tilts to low-volatility stocks \|** The Fund's exposure to low-volatility stocks helped cushion market volatility and drawdowns, particularly in early April around Liberation Day. However, the Fund's defensive positioning weighed on relative performance as markets sharply rebounded and trended higher over the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9717043.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Advantage International Fund (Class R5)** | 25.72% | 9.62% | 6.81% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57987267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$52744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;132% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica S.A. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG, Class A | &nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;1.29% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717047.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLMAG-AR-R5 **Invesco Advantage International Fund**

![TSR_logo](images_2625.jpg)

### Invesco Advantage International Fund

### Class R6: QMGIX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Advantage International Fund<br>(Class R6) | $1030.91%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global growth slowed modestly and major central banks cut rates amid easing inflation. International equities advanced overall as investors generally rotated away from US equities and towards international and emerging markets amid a weaker US dollar and policy uncertainty.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 25.66%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Index (Net) (the "Benchmark") returned 24.93%.

#### What contributed to performance?
**Diversified International Stock Portfolio \|** The Fund's exposure to a diversified portfolio of international stocks provided growth over the fiscal year and performed in-line with the Benchmark. The markets' focus shifted away from the US throughout the early part of 2025 and boosted international peers on a relative basis. In particular, the Fund's portfolio saw strong relative performance from the German industrial and defense sectors as geopolitical tensions ran high and countries began to focus on defense modernization programs.

#### What detracted from performance?
**Factor tilts to low-volatility stocks \|** The Fund's exposure to low-volatility stocks helped cushion market volatility and drawdowns, particularly in early April around Liberation Day. However, the Fund's defensive positioning weighed on relative performance as markets sharply rebounded and trended higher over the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9717096.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Advantage International Fund (Class R6)** | 25.66% | 9.62% | 6.91% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57987267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$52744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;132% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica S.A. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG, Class A | &nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;1.29% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717092.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLMAG-AR-R6 **Invesco Advantage International Fund**

![TSR_logo](images_2625.jpg)

### Invesco Asia Pacific Equity Fund

### Class A: ASIAX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Asia Pacific Equity Fund<br>(Class A) | $155 | 1.42% |

---

### How Did The Fund Perform During The Period?

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 18.82%. For the same time period, the MSCI All Country Asia Pacific ex-Japan Index (Net) returned 25.43%.

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

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

#### What detracted from performance?
**Techtronic Industries Co. Ltd. \|** Techtronic is a global leader in cordless power tools and outdoor power equipment. Tariff-related concerns led to a pull-back in shares.

**Central Pattana PCL \|** Central Pattana is a property company in Thailand that owns and manages several premium shopping centers (largest mall owner in Thailand) among other assets and was affected by weak performance in the residential segment and broader headwinds in the real estate sector in Thailand. The Fund exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715026.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Asia Pacific Equity Fund (Class A) —including sales charge** | 12.28% | 3.79% | 6.82% |
| **Invesco Asia Pacific Equity Fund (Class A) —excluding sales charge** | 18.82% | 4.97% | 7.43% |
| **MSCI All Country Asia Pacific ex-Japan Index (Net)** | 25.43% | 7.43% | 8.25% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$464846027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3671188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;102% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;9.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;6.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL, Foreign Shares | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;2.10% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715031.jpg)

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

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

Effective August 22, 2025, Invesco EQV Asia Pacific Equity Fund was renamed Invesco Asia Pacific Equity Fund.

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

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

![TSR_QRcode](images_2624.jpg)

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

APG-AR-A **Invesco Asia Pacific Equity Fund**

![TSR_logo](images_2625.jpg)

### Invesco Asia Pacific Equity Fund

### Class C: ASICX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Asia Pacific Equity Fund<br>(Class C) | $233 | 2.14% |

---

### How Did The Fund Perform During The Period?

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 17.92%. For the same time period, the MSCI All Country Asia Pacific ex-Japan Index (Net) returned 25.43%.

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

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

#### What detracted from performance?
**Techtronic Industries Co. Ltd. \|** Techtronic is a global leader in cordless power tools and outdoor power equipment. Tariff-related concerns led to a pull-back in shares.

**Central Pattana PCL \|** Central Pattana is a property company in Thailand that owns and manages several premium shopping centers (largest mall owner in Thailand) among other assets and was affected by weak performance in the residential segment and broader headwinds in the real estate sector in Thailand. The Fund exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715081.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Asia Pacific Equity Fund (Class C) —including sales charge** | 16.92% | 4.19% | 6.79% |
| **Invesco Asia Pacific Equity Fund (Class C) —excluding sales charge** | 17.92% | 4.19% | 6.79% |
| **MSCI All Country Asia Pacific ex-Japan Index (Net)** | 25.43% | 7.43% | 8.25% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$464846027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3671188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;102% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;9.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;6.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL, Foreign Shares | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;2.10% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715075.jpg)

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

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

Effective August 22, 2025, Invesco EQV Asia Pacific Equity Fund was renamed Invesco Asia Pacific Equity Fund.

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

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

![TSR_QRcode](images_2624.jpg)

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

APG-AR-C **Invesco Asia Pacific Equity Fund**

![TSR_logo](images_2625.jpg)

### Invesco Asia Pacific Equity Fund

### Class R: ASQRX

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

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>▼</sup>** |
| Invesco Asia Pacific Equity Fund<br>(Class R) | $1251.66%<sup>†</sup> |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | *For the period February 24, 2025 (commencement of operations) to October 31, 2025. Expenses for a full reporting period would be higher.* |
| *\** | **Annualized.**  |
| **<sup>†</sup>**  | **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.**  |

---

### How Did The Fund Perform During The Period?

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 18.47%. For the same time period, the MSCI All Country Asia Pacific ex-Japan Index (Net) returned 25.43%.

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

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

#### What detracted from performance?
**Techtronic Industries Co. Ltd. \|** Techtronic is a global leader in cordless power tools and outdoor power equipment. Tariff-related concerns led to a pull-back in shares.

**Central Pattana PCL \|** Central Pattana is a property company in Thailand that owns and manages several premium shopping centers (largest mall owner in Thailand) among other assets and was affected by weak performance in the residential segment and broader headwinds in the real estate sector in Thailand. The Fund exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9717113.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Asia Pacific Equity Fund (Class R)** | 18.47% | 4.70% | 7.16% |
| **MSCI All Country Asia Pacific ex-Japan Index (Net)** | 25.43% | 7.43% | 8.25% |

---

Class R shares incepted on February 21, 2025. Performance shown prior to that date is that of Class A shares at net asset value restated to reflect the higher 12b-1 fees applicable to Class R shares. Class R shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$464846027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3671188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;102% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;9.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;6.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL, Foreign Shares | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;2.10% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717119.jpg)

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

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

Effective August 22, 2025, Invesco EQV Asia Pacific Equity Fund was renamed Invesco Asia Pacific Equity Fund.

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

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

![TSR_QRcode](images_2624.jpg)

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

APG-AR-R **Invesco Asia Pacific Equity Fund**

![TSR_logo](images_2625.jpg)

### Invesco Asia Pacific Equity Fund

### Class Y: ASIYX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Asia Pacific Equity Fund<br>(Class Y) | $128 | 1.17% |

---

### How Did The Fund Perform During The Period?

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 19.11%. For the same time period, the MSCI All Country Asia Pacific ex-Japan Index (Net) returned 25.43%.

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

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

#### What detracted from performance?
**Techtronic Industries Co. Ltd. \|** Techtronic is a global leader in cordless power tools and outdoor power equipment. Tariff-related concerns led to a pull-back in shares.

**Central Pattana PCL \|** Central Pattana is a property company in Thailand that owns and manages several premium shopping centers (largest mall owner in Thailand) among other assets and was affected by weak performance in the residential segment and broader headwinds in the real estate sector in Thailand. The Fund exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715098.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Asia Pacific Equity Fund (Class Y)** | 19.11% | 5.24% | 7.70% |
| **MSCI All Country Asia Pacific ex-Japan Index (Net)** | 25.43% | 7.43% | 8.25% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$464846027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3671188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;102% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;9.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;6.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL, Foreign Shares | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;2.10% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715104.jpg)

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

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

Effective August 22, 2025, Invesco EQV Asia Pacific Equity Fund was renamed Invesco Asia Pacific Equity Fund.

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

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

![TSR_QRcode](images_2624.jpg)

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

APG-AR-Y **Invesco Asia Pacific Equity Fund**

![TSR_logo](images_2625.jpg)

### Invesco Asia Pacific Equity Fund

### Class R6: ASISX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Asia Pacific Equity Fund<br>(Class R6) | $110 | 1.00% |

---

### How Did The Fund Perform During The Period?

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 19.29%. For the same time period, the MSCI All Country Asia Pacific ex-Japan Index (Net) returned 25.43%.

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

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

#### What detracted from performance?
**Techtronic Industries Co. Ltd. \|** Techtronic is a global leader in cordless power tools and outdoor power equipment. Tariff-related concerns led to a pull-back in shares.

**Central Pattana PCL \|** Central Pattana is a property company in Thailand that owns and manages several premium shopping centers (largest mall owner in Thailand) among other assets and was affected by weak performance in the residential segment and broader headwinds in the real estate sector in Thailand. The Fund exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715153.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Asia Pacific Equity Fund (Class R6)** | 19.29% | 5.40% | 7.81% |
| **MSCI All Country Asia Pacific ex-Japan Index (Net)** | 25.43% | 7.43% | 8.25% |

---

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$464846027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3671188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;102% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;9.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;6.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL, Foreign Shares | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;2.10% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715147.jpg)

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

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

Effective August 22, 2025, Invesco EQV Asia Pacific Equity Fund was renamed Invesco Asia Pacific Equity Fund.

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

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

![TSR_QRcode](images_2624.jpg)

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

APG-AR-R6 **Invesco Asia Pacific Equity Fund**

![TSR_logo](images_2625.jpg)

### Invesco EQV International Equity Fund

### Class A: AIIEX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco EQV International Equity Fund<br> (Class A) | $134 | 1.27% |

---

### How Did The Fund Perform During The Period?
 **•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global gross domestic product growth. High quality companies underperformed during this period, particularly outside the United States, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

 **•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 10.97%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Index (Net) (the "Benchmark") returned 24.93%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by our stock selection in the industrials sector.

#### What contributed to performance?
 **Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor beat quarter earnings expectations and raised guidance. Strong AI chip demand, pricing power in advanced nodes and favorable foreign exchange trends boosted profit margins.

 **Celestica, Inc. \|** Celestica, a Canada-based leader in electronics manufacturing services (EMS), benefited from the rising AI capital expenditures of major hyperscalers and AI companies building large-scale data centers.

 **Broadcom, Inc. \|** Broadcom, a prominent supplier of semiconductor and infrastructure software solutions, saw strengthened demand for its application-specific processors and networking semiconductors, which are critical for supporting AI applications.

#### What detracted from performance?
 **Novo Nordisk A/S \|** Novo Nordisk is a Denmark-based pharmaceuticals company and one of the leaders in the obesity drug market. The stock underperformed during the fiscal year due to increased competition, which resulted in lower sales and operating profits. Additionally, the company faced some setbacks in its pipeline development.

 **ICON PLC \|** ICON is an Ireland-based contract research organization that was affected by reduced spending by large pharmaceutical companies, a slowdown in vaccine-related contracts and a challenging biotech funding environment. While the demand environment remains difficult, growth expectations moderated, and we believe the current valuation appears to reflect many of the transitory challenges facing the industry.

 **Shimano, Inc. \|** Shimano is a global leader in bike components. Profit margins fell short of expectations due to product rollout costs and overseas labor pressures. High bike inventories, especially in China, remained a short-term drag. We decided to exit the Fund's position at the end of the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715601.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco EQV International Equity Fund (Class A) —including sales charge** | 4.87% | 5.01% | 4.85% |
| **Invesco EQV International Equity Fund (Class A) —excluding sales charge** | 10.97% | 6.20% | 5.44% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2233346718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$18903061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legrand S.A. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;1.90% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715607.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

IGR-AR-A **Invesco EQV International Equity Fund**

![TSR_logo](images_2625.jpg)

### Invesco EQV International Equity Fund

### Class C: AIECX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco EQV International Equity Fund<br> (Class C) | $212 | 2.02% |

---

### How Did The Fund Perform During The Period?
 **•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global gross domestic product growth. High quality companies underperformed during this period, particularly outside the United States, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

 **•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 10.18%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Index (Net) (the "Benchmark") returned 24.93%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by our stock selection in the industrials sector.

#### What contributed to performance?
 **Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor beat quarter earnings expectations and raised guidance. Strong AI chip demand, pricing power in advanced nodes and favorable foreign exchange trends boosted profit margins.

 **Celestica, Inc. \|** Celestica, a Canada-based leader in electronics manufacturing services (EMS), benefited from the rising AI capital expenditures of major hyperscalers and AI companies building large-scale data centers.

 **Broadcom, Inc. \|** Broadcom, a prominent supplier of semiconductor and infrastructure software solutions, saw strengthened demand for its application-specific processors and networking semiconductors, which are critical for supporting AI applications.

#### What detracted from performance?
 **Novo Nordisk A/S \|** Novo Nordisk is a Denmark-based pharmaceuticals company and one of the leaders in the obesity drug market. The stock underperformed during the fiscal year due to increased competition, which resulted in lower sales and operating profits. Additionally, the company faced some setbacks in its pipeline development.

 **ICON PLC \|** ICON is an Ireland-based contract research organization that was affected by reduced spending by large pharmaceutical companies, a slowdown in vaccine-related contracts and a challenging biotech funding environment. While the demand environment remains difficult, growth expectations moderated, and we believe the current valuation appears to reflect many of the transitory challenges facing the industry.

 **Shimano, Inc. \|** Shimano is a global leader in bike components. Profit margins fell short of expectations due to product rollout costs and overseas labor pressures. High bike inventories, especially in China, remained a short-term drag. We decided to exit the Fund's position at the end of the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715658.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco EQV International Equity Fund (Class C) —including sales charge** | 9.18% | 5.41% | 4.81% |
| **Invesco EQV International Equity Fund (Class C) —excluding sales charge** | 10.18% | 5.41% | 4.81% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2233346718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$18903061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legrand S.A. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;1.90% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715652.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

IGR-AR-C **Invesco EQV International Equity Fund**

![TSR_logo](images_2625.jpg)

### Invesco EQV International Equity Fund

### Class R: AIERX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco EQV International Equity Fund<br> (Class R) | $160 | 1.52% |

---

### How Did The Fund Perform During The Period?
 **•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global gross domestic product growth. High quality companies underperformed during this period, particularly outside the United States, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

 **•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 10.75%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Index (Net) (the "Benchmark") returned 24.93%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by our stock selection in the industrials sector.

#### What contributed to performance?
 **Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor beat quarter earnings expectations and raised guidance. Strong AI chip demand, pricing power in advanced nodes and favorable foreign exchange trends boosted profit margins.

 **Celestica, Inc. \|** Celestica, a Canada-based leader in electronics manufacturing services (EMS), benefited from the rising AI capital expenditures of major hyperscalers and AI companies building large-scale data centers.

 **Broadcom, Inc. \|** Broadcom, a prominent supplier of semiconductor and infrastructure software solutions, saw strengthened demand for its application-specific processors and networking semiconductors, which are critical for supporting AI applications.

#### What detracted from performance?
 **Novo Nordisk A/S \|** Novo Nordisk is a Denmark-based pharmaceuticals company and one of the leaders in the obesity drug market. The stock underperformed during the fiscal year due to increased competition, which resulted in lower sales and operating profits. Additionally, the company faced some setbacks in its pipeline development.

 **ICON PLC \|** ICON is an Ireland-based contract research organization that was affected by reduced spending by large pharmaceutical companies, a slowdown in vaccine-related contracts and a challenging biotech funding environment. While the demand environment remains difficult, growth expectations moderated, and we believe the current valuation appears to reflect many of the transitory challenges facing the industry.

 **Shimano, Inc. \|** Shimano is a global leader in bike components. Profit margins fell short of expectations due to product rollout costs and overseas labor pressures. High bike inventories, especially in China, remained a short-term drag. We decided to exit the Fund's position at the end of the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715673.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco EQV International Equity Fund (Class R)** | 10.75% | 5.94% | 5.18% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2233346718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$18903061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legrand S.A. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;1.90% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715679.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

IGR-AR-R **Invesco EQV International Equity Fund**

![TSR_logo](images_2625.jpg)

### Invesco EQV International Equity Fund

### Class Y: AIIYX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco EQV International Equity Fund<br> (Class Y) | $108 | 1.02% |

---

### How Did The Fund Perform During The Period?
 **•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global gross domestic product growth. High quality companies underperformed during this period, particularly outside the United States, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

 **•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 11.29%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Index (Net) (the "Benchmark") returned 24.93%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by our stock selection in the industrials sector.

#### What contributed to performance?
 **Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor beat quarter earnings expectations and raised guidance. Strong AI chip demand, pricing power in advanced nodes and favorable foreign exchange trends boosted profit margins.

 **Celestica, Inc. \|** Celestica, a Canada-based leader in electronics manufacturing services (EMS), benefited from the rising AI capital expenditures of major hyperscalers and AI companies building large-scale data centers.

 **Broadcom, Inc. \|** Broadcom, a prominent supplier of semiconductor and infrastructure software solutions, saw strengthened demand for its application-specific processors and networking semiconductors, which are critical for supporting AI applications.

#### What detracted from performance?
 **Novo Nordisk A/S \|** Novo Nordisk is a Denmark-based pharmaceuticals company and one of the leaders in the obesity drug market. The stock underperformed during the fiscal year due to increased competition, which resulted in lower sales and operating profits. Additionally, the company faced some setbacks in its pipeline development.

 **ICON PLC \|** ICON is an Ireland-based contract research organization that was affected by reduced spending by large pharmaceutical companies, a slowdown in vaccine-related contracts and a challenging biotech funding environment. While the demand environment remains difficult, growth expectations moderated, and we believe the current valuation appears to reflect many of the transitory challenges facing the industry.

 **Shimano, Inc. \|** Shimano is a global leader in bike components. Profit margins fell short of expectations due to product rollout costs and overseas labor pressures. High bike inventories, especially in China, remained a short-term drag. We decided to exit the Fund's position at the end of the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715730.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco EQV International Equity Fund (Class Y)** | 11.29% | 6.47% | 5.71% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2233346718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$18903061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legrand S.A. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;1.90% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715724.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

IGR-AR-Y **Invesco EQV International Equity Fund**

![TSR_logo](images_2625.jpg)

### Invesco EQV International Equity Fund

### Class R5: AIEVX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco EQV International Equity Fund<br> (Class R5) | $98 | 0.93% |

---

### How Did The Fund Perform During The Period?
 **•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global gross domestic product growth. High quality companies underperformed during this period, particularly outside the United States, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

 **•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 11.37%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Index (Net) (the "Benchmark") returned 24.93%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by our stock selection in the industrials sector.

#### What contributed to performance?
 **Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor beat quarter earnings expectations and raised guidance. Strong AI chip demand, pricing power in advanced nodes and favorable foreign exchange trends boosted profit margins.

 **Celestica, Inc. \|** Celestica, a Canada-based leader in electronics manufacturing services (EMS), benefited from the rising AI capital expenditures of major hyperscalers and AI companies building large-scale data centers.

 **Broadcom, Inc. \|** Broadcom, a prominent supplier of semiconductor and infrastructure software solutions, saw strengthened demand for its application-specific processors and networking semiconductors, which are critical for supporting AI applications.

#### What detracted from performance?
 **Novo Nordisk A/S \|** Novo Nordisk is a Denmark-based pharmaceuticals company and one of the leaders in the obesity drug market. The stock underperformed during the fiscal year due to increased competition, which resulted in lower sales and operating profits. Additionally, the company faced some setbacks in its pipeline development.

 **ICON PLC \|** ICON is an Ireland-based contract research organization that was affected by reduced spending by large pharmaceutical companies, a slowdown in vaccine-related contracts and a challenging biotech funding environment. While the demand environment remains difficult, growth expectations moderated, and we believe the current valuation appears to reflect many of the transitory challenges facing the industry.

 **Shimano, Inc. \|** Shimano is a global leader in bike components. Profit margins fell short of expectations due to product rollout costs and overseas labor pressures. High bike inventories, especially in China, remained a short-term drag. We decided to exit the Fund's position at the end of the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715745.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco EQV International Equity Fund (Class R5)** | 11.37% | 6.56% | 5.80% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2233346718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$18903061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legrand S.A. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;1.90% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715751.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

IGR-AR-R5 **Invesco EQV International Equity Fund**

![TSR_logo](images_2625.jpg)

### Invesco EQV International Equity Fund

### Class R6: IGFRX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco EQV International Equity Fund<br> (Class R6) | $91 | 0.86% |

---

### How Did The Fund Perform During The Period?
 **•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global gross domestic product growth. High quality companies underperformed during this period, particularly outside the United States, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

 **•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 11.44%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Index (Net) (the "Benchmark") returned 24.93%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by our stock selection in the industrials sector.

#### What contributed to performance?
 **Taiwan Semiconductor Manufacturing Co. Ltd. \|** Taiwan Semiconductor beat quarter earnings expectations and raised guidance. Strong AI chip demand, pricing power in advanced nodes and favorable foreign exchange trends boosted profit margins.

 **Celestica, Inc. \|** Celestica, a Canada-based leader in electronics manufacturing services (EMS), benefited from the rising AI capital expenditures of major hyperscalers and AI companies building large-scale data centers.

 **Broadcom, Inc. \|** Broadcom, a prominent supplier of semiconductor and infrastructure software solutions, saw strengthened demand for its application-specific processors and networking semiconductors, which are critical for supporting AI applications.

#### What detracted from performance?
 **Novo Nordisk A/S \|** Novo Nordisk is a Denmark-based pharmaceuticals company and one of the leaders in the obesity drug market. The stock underperformed during the fiscal year due to increased competition, which resulted in lower sales and operating profits. Additionally, the company faced some setbacks in its pipeline development.

 **ICON PLC \|** ICON is an Ireland-based contract research organization that was affected by reduced spending by large pharmaceutical companies, a slowdown in vaccine-related contracts and a challenging biotech funding environment. While the demand environment remains difficult, growth expectations moderated, and we believe the current valuation appears to reflect many of the transitory challenges facing the industry.

 **Shimano, Inc. \|** Shimano is a global leader in bike components. Profit margins fell short of expectations due to product rollout costs and overseas labor pressures. High bike inventories, especially in China, remained a short-term drag. We decided to exit the Fund's position at the end of the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715801.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco EQV International Equity Fund (Class R6)** | 11.44% | 6.64% | 5.88% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2233346718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$18903061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legrand S.A. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;1.90% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715796.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

IGR-AR-R6 **Invesco EQV International Equity Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Focus Fund

### Class A: GLVAX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Global Focus Fund<br>(Class A) | $136 | 1.23% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the US, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 21.05%. For the same time period, the MSCI ACWI Growth Index (Net) (the "Benchmark") returned 29.99%. The Fund's underperformance of the Benchmark for the fiscal year was primarily driven by its underweight allocation and stock selection in the information technology sector.

#### What contributed to performance?
**CrowdStrike Holdings, Inc. \|** CrowdStrike is a cybersecurity company that provides endpoint security, threat intelligence and cyberattack response services. Shares rose due to the company's strong revenue and earnings growth throughout the period, as its integrated, cloud-native cybersecurity platform continued to gain traction with enterprise clients. The launch of several new products and increased customer retention during the period also helped drive the share price higher.

**Alphabet, Inc. \|** Alphabet, Google's parent company, posted strong results, driven by AI growth and its advertising and cloud businesses, including a major cloud deal with Meta Platforms and a partnership with OpenAI. Shares rose after a favorable antitrust ruling in early September 2025, while the company continued to dominate search advertising and advance its AI strategy through Gemini (Google's AI assistant), which we believe has outperformed other leading large language models (LLMs).

**Apple Inc. \|** Apple is a major technology company that we do not own in the Fund, but which is a large component of the Benchmark. Apple underperformed during the fiscal year, and the Fund's avoidance of this underperformance was a top contributor to relative results. From a long-term fundamental perspective, we believe the stock trades at a premium valuation despite modest single-digit revenue growth, significant trade-related risks in its supply chain and what we view as lagging progress in key transformational technologies such as AI.

#### What detracted from performance?
**NVIDIA Corp. \|** NVIDIA is the largest company in the world by market capitalization and a maker of chips and software that power AI, data centers and high-end gaming. We own NVIDIA in the Fund but the position is underweight relative to the Benchmark, and therefore NVIDIA's strong performance during the fiscal year made it a detractor from our relative results. We believe NVIDIA is a clear leader in AI chip technology, but we remain cautious on its valuation relative to the durability of its future growth.

**NICE Ltd. \|** NICE is a global technology company that specializes in customer service software solutions. Organic cloud growth throughout the period was slower than anticipated, with the company's acquisition of LiveVox not contributing to growth as much as originally expected. The company is also experiencing challenges adapting to new technological innovations, with its business model viewed by some investors as particularly vulnerable to disruption from agentic AI.

**Novo Nordisk A/S \|** Novo Nordisk is a global pharmaceutical company that specializes in developing and manufacturing innovative treatments for chronic diseases. Slower growth in its core obesity and diabetes drug sector as well as increased competition were major headwinds for the company during the period. We have since sold out of our position in favor of increasing our position in Eli Lilly.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716034.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Focus Fund (Class A) —including sales charge** | 14.39% | 5.61% | 10.20% |
| **Invesco Global Focus Fund (Class A) —excluding sales charge** | 21.05% | 6.81% | 10.83% |
| **MSCI ACWI Growth Index (Net)** | 29.99% | 14.75% | 13.92% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$601742922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4475862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;9.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716039.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLF-AR-A **Invesco Global Focus Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Focus Fund

### Class C: GLVCX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Global Focus Fund<br>(Class C) | $218 | 1.98% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the US, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 20.13%. For the same time period, the MSCI ACWI Growth Index (Net) (the "Benchmark") returned 29.99%. The Fund's underperformance of the Benchmark for the fiscal year was primarily driven by its underweight allocation and stock selection in the information technology sector.

#### What contributed to performance?
**CrowdStrike Holdings, Inc. \|** CrowdStrike is a cybersecurity company that provides endpoint security, threat intelligence and cyberattack response services. Shares rose due to the company's strong revenue and earnings growth throughout the period, as its integrated, cloud-native cybersecurity platform continued to gain traction with enterprise clients. The launch of several new products and increased customer retention during the period also helped drive the share price higher.

**Alphabet, Inc. \|** Alphabet, Google's parent company, posted strong results, driven by AI growth and its advertising and cloud businesses, including a major cloud deal with Meta Platforms and a partnership with OpenAI. Shares rose after a favorable antitrust ruling in early September 2025, while the company continued to dominate search advertising and advance its AI strategy through Gemini (Google's AI assistant), which we believe has outperformed other leading large language models (LLMs).

**Apple Inc. \|** Apple is a major technology company that we do not own in the Fund, but which is a large component of the Benchmark. Apple underperformed during the fiscal year, and the Fund's avoidance of this underperformance was a top contributor to relative results. From a long-term fundamental perspective, we believe the stock trades at a premium valuation despite modest single-digit revenue growth, significant trade-related risks in its supply chain and what we view as lagging progress in key transformational technologies such as AI.

#### What detracted from performance?
**NVIDIA Corp. \|** NVIDIA is the largest company in the world by market capitalization and a maker of chips and software that power AI, data centers and high-end gaming. We own NVIDIA in the Fund but the position is underweight relative to the Benchmark, and therefore NVIDIA's strong performance during the fiscal year made it a detractor from our relative results. We believe NVIDIA is a clear leader in AI chip technology, but we remain cautious on its valuation relative to the durability of its future growth.

**NICE Ltd. \|** NICE is a global technology company that specializes in customer service software solutions. Organic cloud growth throughout the period was slower than anticipated, with the company's acquisition of LiveVox not contributing to growth as much as originally expected. The company is also experiencing challenges adapting to new technological innovations, with its business model viewed by some investors as particularly vulnerable to disruption from agentic AI.

**Novo Nordisk A/S \|** Novo Nordisk is a global pharmaceutical company that specializes in developing and manufacturing innovative treatments for chronic diseases. Slower growth in its core obesity and diabetes drug sector as well as increased competition were major headwinds for the company during the period. We have since sold out of our position in favor of increasing our position in Eli Lilly.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716089.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Focus Fund (Class C) —including sales charge** | 19.13% | 6.00% | 10.16% |
| **Invesco Global Focus Fund (Class C) —excluding sales charge** | 20.13% | 6.00% | 10.16% |
| **MSCI ACWI Growth Index (Net)** | 29.99% | 14.75% | 13.92% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$601742922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4475862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;9.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716084.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLF-AR-C **Invesco Global Focus Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Focus Fund

### Class R: GLVNX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Global Focus Fund<br>(Class R) | $163 | 1.48% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the US, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 20.76%. For the same time period, the MSCI ACWI Growth Index (Net) (the "Benchmark") returned 29.99%. The Fund's underperformance of the Benchmark for the fiscal year was primarily driven by its underweight allocation and stock selection in the information technology sector.

#### What contributed to performance?
**CrowdStrike Holdings, Inc. \|** CrowdStrike is a cybersecurity company that provides endpoint security, threat intelligence and cyberattack response services. Shares rose due to the company's strong revenue and earnings growth throughout the period, as its integrated, cloud-native cybersecurity platform continued to gain traction with enterprise clients. The launch of several new products and increased customer retention during the period also helped drive the share price higher.

**Alphabet, Inc. \|** Alphabet, Google's parent company, posted strong results, driven by AI growth and its advertising and cloud businesses, including a major cloud deal with Meta Platforms and a partnership with OpenAI. Shares rose after a favorable antitrust ruling in early September 2025, while the company continued to dominate search advertising and advance its AI strategy through Gemini (Google's AI assistant), which we believe has outperformed other leading large language models (LLMs).

**Apple Inc. \|** Apple is a major technology company that we do not own in the Fund, but which is a large component of the Benchmark. Apple underperformed during the fiscal year, and the Fund's avoidance of this underperformance was a top contributor to relative results. From a long-term fundamental perspective, we believe the stock trades at a premium valuation despite modest single-digit revenue growth, significant trade-related risks in its supply chain and what we view as lagging progress in key transformational technologies such as AI.

#### What detracted from performance?
**NVIDIA Corp. \|** NVIDIA is the largest company in the world by market capitalization and a maker of chips and software that power AI, data centers and high-end gaming. We own NVIDIA in the Fund but the position is underweight relative to the Benchmark, and therefore NVIDIA's strong performance during the fiscal year made it a detractor from our relative results. We believe NVIDIA is a clear leader in AI chip technology, but we remain cautious on its valuation relative to the durability of its future growth.

**NICE Ltd. \|** NICE is a global technology company that specializes in customer service software solutions. Organic cloud growth throughout the period was slower than anticipated, with the company's acquisition of LiveVox not contributing to growth as much as originally expected. The company is also experiencing challenges adapting to new technological innovations, with its business model viewed by some investors as particularly vulnerable to disruption from agentic AI.

**Novo Nordisk A/S \|** Novo Nordisk is a global pharmaceutical company that specializes in developing and manufacturing innovative treatments for chronic diseases. Slower growth in its core obesity and diabetes drug sector as well as increased competition were major headwinds for the company during the period. We have since sold out of our position in favor of increasing our position in Eli Lilly.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716106.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Focus Fund (Class R)** | 20.76% | 6.55% | 10.56% |
| **MSCI ACWI Growth Index (Net)** | 29.99% | 14.75% | 13.92% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$601742922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4475862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;9.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716112.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLF-AR-R **Invesco Global Focus Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Focus Fund

### Class Y: GLVYX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Global Focus Fund<br>(Class Y) | $108 | 0.98% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the US, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 21.36%. For the same time period, the MSCI ACWI Growth Index (Net) (the "Benchmark") returned 29.99%. The Fund's underperformance of the Benchmark for the fiscal year was primarily driven by its underweight allocation and stock selection in the information technology sector.

#### What contributed to performance?
**CrowdStrike Holdings, Inc. \|** CrowdStrike is a cybersecurity company that provides endpoint security, threat intelligence and cyberattack response services. Shares rose due to the company's strong revenue and earnings growth throughout the period, as its integrated, cloud-native cybersecurity platform continued to gain traction with enterprise clients. The launch of several new products and increased customer retention during the period also helped drive the share price higher.

**Alphabet, Inc. \|** Alphabet, Google's parent company, posted strong results, driven by AI growth and its advertising and cloud businesses, including a major cloud deal with Meta Platforms and a partnership with OpenAI. Shares rose after a favorable antitrust ruling in early September 2025, while the company continued to dominate search advertising and advance its AI strategy through Gemini (Google's AI assistant), which we believe has outperformed other leading large language models (LLMs).

**Apple Inc. \|** Apple is a major technology company that we do not own in the Fund, but which is a large component of the Benchmark. Apple underperformed during the fiscal year, and the Fund's avoidance of this underperformance was a top contributor to relative results. From a long-term fundamental perspective, we believe the stock trades at a premium valuation despite modest single-digit revenue growth, significant trade-related risks in its supply chain and what we view as lagging progress in key transformational technologies such as AI.

#### What detracted from performance?
**NVIDIA Corp. \|** NVIDIA is the largest company in the world by market capitalization and a maker of chips and software that power AI, data centers and high-end gaming. We own NVIDIA in the Fund but the position is underweight relative to the Benchmark, and therefore NVIDIA's strong performance during the fiscal year made it a detractor from our relative results. We believe NVIDIA is a clear leader in AI chip technology, but we remain cautious on its valuation relative to the durability of its future growth.

**NICE Ltd. \|** NICE is a global technology company that specializes in customer service software solutions. Organic cloud growth throughout the period was slower than anticipated, with the company's acquisition of LiveVox not contributing to growth as much as originally expected. The company is also experiencing challenges adapting to new technological innovations, with its business model viewed by some investors as particularly vulnerable to disruption from agentic AI.

**Novo Nordisk A/S \|** Novo Nordisk is a global pharmaceutical company that specializes in developing and manufacturing innovative treatments for chronic diseases. Slower growth in its core obesity and diabetes drug sector as well as increased competition were major headwinds for the company during the period. We have since sold out of our position in favor of increasing our position in Eli Lilly.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716233.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Focus Fund (Class Y)** | 21.36% | 7.07% | 11.10% |
| **MSCI ACWI Growth Index (Net)** | 29.99% | 14.75% | 13.92% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$601742922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4475862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;9.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716227.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLF-AR-Y **Invesco Global Focus Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Focus Fund

### Class R5: GFFDX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Global Focus Fund<br>(Class R5) | $96 | 0.87% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the US, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 21.50%. For the same time period, the MSCI ACWI Growth Index (Net) (the "Benchmark") returned 29.99%. The Fund's underperformance of the Benchmark for the fiscal year was primarily driven by its underweight allocation and stock selection in the information technology sector.

#### What contributed to performance?
**CrowdStrike Holdings, Inc. \|** CrowdStrike is a cybersecurity company that provides endpoint security, threat intelligence and cyberattack response services. Shares rose due to the company's strong revenue and earnings growth throughout the period, as its integrated, cloud-native cybersecurity platform continued to gain traction with enterprise clients. The launch of several new products and increased customer retention during the period also helped drive the share price higher.

**Alphabet, Inc. \|** Alphabet, Google's parent company, posted strong results, driven by AI growth and its advertising and cloud businesses, including a major cloud deal with Meta Platforms and a partnership with OpenAI. Shares rose after a favorable antitrust ruling in early September 2025, while the company continued to dominate search advertising and advance its AI strategy through Gemini (Google's AI assistant), which we believe has outperformed other leading large language models (LLMs).

**Apple Inc. \|** Apple is a major technology company that we do not own in the Fund, but which is a large component of the Benchmark. Apple underperformed during the fiscal year, and the Fund's avoidance of this underperformance was a top contributor to relative results. From a long-term fundamental perspective, we believe the stock trades at a premium valuation despite modest single-digit revenue growth, significant trade-related risks in its supply chain and what we view as lagging progress in key transformational technologies such as AI.

#### What detracted from performance?
**NVIDIA Corp. \|** NVIDIA is the largest company in the world by market capitalization and a maker of chips and software that power AI, data centers and high-end gaming. We own NVIDIA in the Fund but the position is underweight relative to the Benchmark, and therefore NVIDIA's strong performance during the fiscal year made it a detractor from our relative results. We believe NVIDIA is a clear leader in AI chip technology, but we remain cautious on its valuation relative to the durability of its future growth.

**NICE Ltd. \|** NICE is a global technology company that specializes in customer service software solutions. Organic cloud growth throughout the period was slower than anticipated, with the company's acquisition of LiveVox not contributing to growth as much as originally expected. The company is also experiencing challenges adapting to new technological innovations, with its business model viewed by some investors as particularly vulnerable to disruption from agentic AI.

**Novo Nordisk A/S \|** Novo Nordisk is a global pharmaceutical company that specializes in developing and manufacturing innovative treatments for chronic diseases. Slower growth in its core obesity and diabetes drug sector as well as increased competition were major headwinds for the company during the period. We have since sold out of our position in favor of increasing our position in Eli Lilly.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716161.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Focus Fund (Class R5)** | 21.50% | 7.20% | 11.09% |
| **MSCI ACWI Growth Index (Net)** | 29.99% | 14.75% | 13.92% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$601742922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4475862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;9.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716155.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLF-AR-R5 **Invesco Global Focus Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Focus Fund

### Class R6: GLVIX

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

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

---

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

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the US, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 21.49%. For the same time period, the MSCI ACWI Growth Index (Net) (the "Benchmark") returned 29.99%. The Fund's underperformance of the Benchmark for the fiscal year was primarily driven by its underweight allocation and stock selection in the information technology sector.

#### What contributed to performance?
**CrowdStrike Holdings, Inc. \|** CrowdStrike is a cybersecurity company that provides endpoint security, threat intelligence and cyberattack response services. Shares rose due to the company's strong revenue and earnings growth throughout the period, as its integrated, cloud-native cybersecurity platform continued to gain traction with enterprise clients. The launch of several new products and increased customer retention during the period also helped drive the share price higher.

**Alphabet, Inc. \|** Alphabet, Google's parent company, posted strong results, driven by AI growth and its advertising and cloud businesses, including a major cloud deal with Meta Platforms and a partnership with OpenAI. Shares rose after a favorable antitrust ruling in early September 2025, while the company continued to dominate search advertising and advance its AI strategy through Gemini (Google's AI assistant), which we believe has outperformed other leading large language models (LLMs).

**Apple Inc. \|** Apple is a major technology company that we do not own in the Fund, but which is a large component of the Benchmark. Apple underperformed during the fiscal year, and the Fund's avoidance of this underperformance was a top contributor to relative results. From a long-term fundamental perspective, we believe the stock trades at a premium valuation despite modest single-digit revenue growth, significant trade-related risks in its supply chain and what we view as lagging progress in key transformational technologies such as AI.

#### What detracted from performance?
**NVIDIA Corp. \|** NVIDIA is the largest company in the world by market capitalization and a maker of chips and software that power AI, data centers and high-end gaming. We own NVIDIA in the Fund but the position is underweight relative to the Benchmark, and therefore NVIDIA's strong performance during the fiscal year made it a detractor from our relative results. We believe NVIDIA is a clear leader in AI chip technology, but we remain cautious on its valuation relative to the durability of its future growth.

**NICE Ltd. \|** NICE is a global technology company that specializes in customer service software solutions. Organic cloud growth throughout the period was slower than anticipated, with the company's acquisition of LiveVox not contributing to growth as much as originally expected. The company is also experiencing challenges adapting to new technological innovations, with its business model viewed by some investors as particularly vulnerable to disruption from agentic AI.

**Novo Nordisk A/S \|** Novo Nordisk is a global pharmaceutical company that specializes in developing and manufacturing innovative treatments for chronic diseases. Slower growth in its core obesity and diabetes drug sector as well as increased competition were major headwinds for the company during the period. We have since sold out of our position in favor of increasing our position in Eli Lilly.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716178.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Focus Fund (Class R6)** | 21.49% | 7.20% | 11.26% |
| **MSCI ACWI Growth Index (Net)** | 29.99% | 14.75% | 13.92% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$601742922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4475862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;9.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.43% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716184.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLF-AR-R6 **Invesco Global Focus Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Fund

### Class A: OPPAX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Global Fund<br>(Class A) | $112 | 1.03% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the United States, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 17.25%. For the same time period, the MSCI ACWI Growth Index (Net) (the "Benchmark") returned 29.99%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by stock selection and underweight allocation in the information technology sector.

#### What contributed to performance?
**Lam Research Corp. \|** Lam Research, a leading provider of wafer-fabrication equipment, benefited from strong demand for advanced memory and logic chips driven by AI and high-performance computing. Increased spending by major chipmakers supports a positive market outlook, and we view Lam as a compelling long-term investment. We added to the Fund's position during the fiscal year.

**Alphabet, Inc. \|** Alphabet, Google's parent company, posted strong results, driven by AI growth and its advertising and cloud businesses, including a major cloud deal with Meta and a partnership with OpenAI. Shares rose after a favorable antitrust ruling in early September 2025, while the company continued to dominate search advertising and advance its AI strategy through Gemini (Google's AI assistant), which we believe has outperformed other leading large language models (LLMs). Alphabet remained the Fund's largest position.

**Apple, Inc. \|** Apple is a major technology company that we do not own in the Fund, but which is a large component of the Benchmark. Apple underperformed during the fiscal year, and the Fund's avoidance of this underperformance was a top contributor to relative results. From a long-term fundamental perspective, we believe the stock trades at a premium valuation despite modest single-digit revenue growth, significant trade-related risks in its supply chain, and what we view as lagging progress in key transformational technologies such as AI.

#### What detracted from performance?
**DLF Ltd. \|** DLF, a leading Indian real estate developer, benefits from structural growth drivers such as rising affluence, urban migration, and favorable reforms. Despite a constructive long-term outlook, the stock declined on weaker sentiment and a recent revenue miss. We continue to view this as a high-conviction holding in the Fund.

**JD.com, Inc. \|** JD.com, a Chinese e-commerce and supply chain technology provider, faced headwinds from a weak consumer market, geopolitical tensions, and rising competition in food delivery. While the company is pursuing aggressive expansion, these initiatives raised investor concerns about the long-term profitability and sustainability of its strategy.

**S&P Global, Inc. \|** S&P Global, a leading provider of financial data and analytics, came under pressure after sector-wide negative sentiment and a competitor's weak revenue outlook. The company also lowered its full-year guidance due to ongoing macroeconomic challenges.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716681.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Fund (Class A) —including sales charge** | 10.81% | 9.81% | 9.90% |
| **Invesco Global Fund (Class A) —excluding sales charge** | 17.25% | 11.05% | 10.52% |
| **MSCI ACWI Growth Index (Net)** | 29.99% | 14.75% | 13.92% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9458891709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$58677486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;10.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;DLF Ltd. | &nbsp;&nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.10% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716687.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLBL-AR-A **Invesco Global Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Fund

### Class C: OGLCX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Global Fund<br>(Class C) | $195 | 1.80% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the United States, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 16.34%. For the same time period, the MSCI ACWI Growth Index (Net) (the "Benchmark") returned 29.99%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by stock selection and underweight allocation in the information technology sector.

#### What contributed to performance?
**Lam Research Corp. \|** Lam Research, a leading provider of wafer-fabrication equipment, benefited from strong demand for advanced memory and logic chips driven by AI and high-performance computing. Increased spending by major chipmakers supports a positive market outlook, and we view Lam as a compelling long-term investment. We added to the Fund's position during the fiscal year.

**Alphabet, Inc. \|** Alphabet, Google's parent company, posted strong results, driven by AI growth and its advertising and cloud businesses, including a major cloud deal with Meta and a partnership with OpenAI. Shares rose after a favorable antitrust ruling in early September 2025, while the company continued to dominate search advertising and advance its AI strategy through Gemini (Google's AI assistant), which we believe has outperformed other leading large language models (LLMs). Alphabet remained the Fund's largest position.

**Apple, Inc. \|** Apple is a major technology company that we do not own in the Fund, but which is a large component of the Benchmark. Apple underperformed during the fiscal year, and the Fund's avoidance of this underperformance was a top contributor to relative results. From a long-term fundamental perspective, we believe the stock trades at a premium valuation despite modest single-digit revenue growth, significant trade-related risks in its supply chain, and what we view as lagging progress in key transformational technologies such as AI.

#### What detracted from performance?
**DLF Ltd. \|** DLF, a leading Indian real estate developer, benefits from structural growth drivers such as rising affluence, urban migration, and favorable reforms. Despite a constructive long-term outlook, the stock declined on weaker sentiment and a recent revenue miss. We continue to view this as a high-conviction holding in the Fund.

**JD.com, Inc. \|** JD.com, a Chinese e-commerce and supply chain technology provider, faced headwinds from a weak consumer market, geopolitical tensions, and rising competition in food delivery. While the company is pursuing aggressive expansion, these initiatives raised investor concerns about the long-term profitability and sustainability of its strategy.

**S&P Global, Inc. \|** S&P Global, a leading provider of financial data and analytics, came under pressure after sector-wide negative sentiment and a competitor's weak revenue outlook. The company also lowered its full-year guidance due to ongoing macroeconomic challenges.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716738.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Fund (Class C) —including sales charge** | 15.36% | 10.21% | 9.85% |
| **Invesco Global Fund (Class C) —excluding sales charge** | 16.34% | 10.21% | 9.85% |
| **MSCI ACWI Growth Index (Net)** | 29.99% | 14.75% | 13.92% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9458891709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$58677486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;10.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;DLF Ltd. | &nbsp;&nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.10% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716732.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLBL-AR-C **Invesco Global Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Fund

### Class R: OGLNX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Global Fund<br>(Class R) | $141 | 1.30% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the United States, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 16.95%. For the same time period, the MSCI ACWI Growth Index (Net) (the "Benchmark") returned 29.99%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by stock selection and underweight allocation in the information technology sector.

#### What contributed to performance?
**Lam Research Corp. \|** Lam Research, a leading provider of wafer-fabrication equipment, benefited from strong demand for advanced memory and logic chips driven by AI and high-performance computing. Increased spending by major chipmakers supports a positive market outlook, and we view Lam as a compelling long-term investment. We added to the Fund's position during the fiscal year.

**Alphabet, Inc. \|** Alphabet, Google's parent company, posted strong results, driven by AI growth and its advertising and cloud businesses, including a major cloud deal with Meta and a partnership with OpenAI. Shares rose after a favorable antitrust ruling in early September 2025, while the company continued to dominate search advertising and advance its AI strategy through Gemini (Google's AI assistant), which we believe has outperformed other leading large language models (LLMs). Alphabet remained the Fund's largest position.

**Apple, Inc. \|** Apple is a major technology company that we do not own in the Fund, but which is a large component of the Benchmark. Apple underperformed during the fiscal year, and the Fund's avoidance of this underperformance was a top contributor to relative results. From a long-term fundamental perspective, we believe the stock trades at a premium valuation despite modest single-digit revenue growth, significant trade-related risks in its supply chain, and what we view as lagging progress in key transformational technologies such as AI.

#### What detracted from performance?
**DLF Ltd. \|** DLF, a leading Indian real estate developer, benefits from structural growth drivers such as rising affluence, urban migration, and favorable reforms. Despite a constructive long-term outlook, the stock declined on weaker sentiment and a recent revenue miss. We continue to view this as a high-conviction holding in the Fund.

**JD.com, Inc. \|** JD.com, a Chinese e-commerce and supply chain technology provider, faced headwinds from a weak consumer market, geopolitical tensions, and rising competition in food delivery. While the company is pursuing aggressive expansion, these initiatives raised investor concerns about the long-term profitability and sustainability of its strategy.

**S&P Global, Inc. \|** S&P Global, a leading provider of financial data and analytics, came under pressure after sector-wide negative sentiment and a competitor's weak revenue outlook. The company also lowered its full-year guidance due to ongoing macroeconomic challenges.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716753.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Fund (Class R)** | 16.95% | 10.75% | 10.23% |
| **MSCI ACWI Growth Index (Net)** | 29.99% | 14.75% | 13.92% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9458891709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$58677486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;10.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;DLF Ltd. | &nbsp;&nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.10% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716759.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLBL-AR-R **Invesco Global Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Fund

### Class Y: OGLYX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Global Fund<br>(Class Y) | $87 | 0.80% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the United States, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 17.52%. For the same time period, the MSCI ACWI Growth Index (Net) (the "Benchmark") returned 29.99%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by stock selection and underweight allocation in the information technology sector.

#### What contributed to performance?
**Lam Research Corp. \|** Lam Research, a leading provider of wafer-fabrication equipment, benefited from strong demand for advanced memory and logic chips driven by AI and high-performance computing. Increased spending by major chipmakers supports a positive market outlook, and we view Lam as a compelling long-term investment. We added to the Fund's position during the fiscal year.

**Alphabet, Inc. \|** Alphabet, Google's parent company, posted strong results, driven by AI growth and its advertising and cloud businesses, including a major cloud deal with Meta and a partnership with OpenAI. Shares rose after a favorable antitrust ruling in early September 2025, while the company continued to dominate search advertising and advance its AI strategy through Gemini (Google's AI assistant), which we believe has outperformed other leading large language models (LLMs). Alphabet remained the Fund's largest position.

**Apple, Inc. \|** Apple is a major technology company that we do not own in the Fund, but which is a large component of the Benchmark. Apple underperformed during the fiscal year, and the Fund's avoidance of this underperformance was a top contributor to relative results. From a long-term fundamental perspective, we believe the stock trades at a premium valuation despite modest single-digit revenue growth, significant trade-related risks in its supply chain, and what we view as lagging progress in key transformational technologies such as AI.

#### What detracted from performance?
**DLF Ltd. \|** DLF, a leading Indian real estate developer, benefits from structural growth drivers such as rising affluence, urban migration, and favorable reforms. Despite a constructive long-term outlook, the stock declined on weaker sentiment and a recent revenue miss. We continue to view this as a high-conviction holding in the Fund.

**JD.com, Inc. \|** JD.com, a Chinese e-commerce and supply chain technology provider, faced headwinds from a weak consumer market, geopolitical tensions, and rising competition in food delivery. While the company is pursuing aggressive expansion, these initiatives raised investor concerns about the long-term profitability and sustainability of its strategy.

**S&P Global, Inc. \|** S&P Global, a leading provider of financial data and analytics, came under pressure after sector-wide negative sentiment and a competitor's weak revenue outlook. The company also lowered its full-year guidance due to ongoing macroeconomic challenges.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716882.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Fund (Class Y)** | 17.52% | 11.31% | 10.78% |
| **MSCI ACWI Growth Index (Net)** | 29.99% | 14.75% | 13.92% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9458891709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$58677486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;10.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;DLF Ltd. | &nbsp;&nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.10% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716876.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLBL-AR-Y **Invesco Global Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Fund

### Class R5: GFDDX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Global Fund<br>(Class R5) | $84 | 0.77% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the United States, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 17.55%. For the same time period, the MSCI ACWI Growth Index (Net) (the "Benchmark") returned 29.99%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by stock selection and underweight allocation in the information technology sector.

#### What contributed to performance?
**Lam Research Corp. \|** Lam Research, a leading provider of wafer-fabrication equipment, benefited from strong demand for advanced memory and logic chips driven by AI and high-performance computing. Increased spending by major chipmakers supports a positive market outlook, and we view Lam as a compelling long-term investment. We added to the Fund's position during the fiscal year.

**Alphabet, Inc. \|** Alphabet, Google's parent company, posted strong results, driven by AI growth and its advertising and cloud businesses, including a major cloud deal with Meta and a partnership with OpenAI. Shares rose after a favorable antitrust ruling in early September 2025, while the company continued to dominate search advertising and advance its AI strategy through Gemini (Google's AI assistant), which we believe has outperformed other leading large language models (LLMs). Alphabet remained the Fund's largest position.

**Apple, Inc. \|** Apple is a major technology company that we do not own in the Fund, but which is a large component of the Benchmark. Apple underperformed during the fiscal year, and the Fund's avoidance of this underperformance was a top contributor to relative results. From a long-term fundamental perspective, we believe the stock trades at a premium valuation despite modest single-digit revenue growth, significant trade-related risks in its supply chain, and what we view as lagging progress in key transformational technologies such as AI.

#### What detracted from performance?
**DLF Ltd. \|** DLF, a leading Indian real estate developer, benefits from structural growth drivers such as rising affluence, urban migration, and favorable reforms. Despite a constructive long-term outlook, the stock declined on weaker sentiment and a recent revenue miss. We continue to view this as a high-conviction holding in the Fund.

**JD.com, Inc. \|** JD.com, a Chinese e-commerce and supply chain technology provider, faced headwinds from a weak consumer market, geopolitical tensions, and rising competition in food delivery. While the company is pursuing aggressive expansion, these initiatives raised investor concerns about the long-term profitability and sustainability of its strategy.

**S&P Global, Inc. \|** S&P Global, a leading provider of financial data and analytics, came under pressure after sector-wide negative sentiment and a competitor's weak revenue outlook. The company also lowered its full-year guidance due to ongoing macroeconomic challenges.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716810.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Fund (Class R5)** | 17.55% | 11.41% | 10.76% |
| **MSCI ACWI Growth Index (Net)** | 29.99% | 14.75% | 13.92% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9458891709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$58677486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;10.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;DLF Ltd. | &nbsp;&nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.10% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716804.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLBL-AR-R5 **Invesco Global Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Fund

### Class R6: OGLIX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Global Fund<br>(Class R6) | $76 | 0.70% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the United States, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 17.64%. For the same time period, the MSCI ACWI Growth Index (Net) (the "Benchmark") returned 29.99%. The Fund's underperformance relative to the Benchmark for the fiscal year was primarily driven by stock selection and underweight allocation in the information technology sector.

#### What contributed to performance?
**Lam Research Corp. \|** Lam Research, a leading provider of wafer-fabrication equipment, benefited from strong demand for advanced memory and logic chips driven by AI and high-performance computing. Increased spending by major chipmakers supports a positive market outlook, and we view Lam as a compelling long-term investment. We added to the Fund's position during the fiscal year.

**Alphabet, Inc. \|** Alphabet, Google's parent company, posted strong results, driven by AI growth and its advertising and cloud businesses, including a major cloud deal with Meta and a partnership with OpenAI. Shares rose after a favorable antitrust ruling in early September 2025, while the company continued to dominate search advertising and advance its AI strategy through Gemini (Google's AI assistant), which we believe has outperformed other leading large language models (LLMs). Alphabet remained the Fund's largest position.

**Apple, Inc. \|** Apple is a major technology company that we do not own in the Fund, but which is a large component of the Benchmark. Apple underperformed during the fiscal year, and the Fund's avoidance of this underperformance was a top contributor to relative results. From a long-term fundamental perspective, we believe the stock trades at a premium valuation despite modest single-digit revenue growth, significant trade-related risks in its supply chain, and what we view as lagging progress in key transformational technologies such as AI.

#### What detracted from performance?
**DLF Ltd. \|** DLF, a leading Indian real estate developer, benefits from structural growth drivers such as rising affluence, urban migration, and favorable reforms. Despite a constructive long-term outlook, the stock declined on weaker sentiment and a recent revenue miss. We continue to view this as a high-conviction holding in the Fund.

**JD.com, Inc. \|** JD.com, a Chinese e-commerce and supply chain technology provider, faced headwinds from a weak consumer market, geopolitical tensions, and rising competition in food delivery. While the company is pursuing aggressive expansion, these initiatives raised investor concerns about the long-term profitability and sustainability of its strategy.

**S&P Global, Inc. \|** S&P Global, a leading provider of financial data and analytics, came under pressure after sector-wide negative sentiment and a competitor's weak revenue outlook. The company also lowered its full-year guidance due to ongoing macroeconomic challenges.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716825.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Fund (Class R6)** | 17.64% | 11.44% | 10.94% |
| **MSCI ACWI Growth Index (Net)** | 29.99% | 14.75% | 13.92% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9458891709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$58677486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;10.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;DLF Ltd. | &nbsp;&nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.10% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716831.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLBL-AR-R6 **Invesco Global Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Opportunities Fund

### Class A: OPGIX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Opportunities Fund<br>(Class A) | $1171.14%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the US, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 5.41%. For the same time period, the MSCI ACWI SMID Cap Index (Net) returned 16.71%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the financials and consumer discretionary sectors.

#### What contributed to performance?
**Palantir Technologies Inc. \|** Palantir Technologies is a US-based technology company that develops and deploys software platforms to help organizations and governments analyze large amounts of data to make more informed decisions. Performance over the period was driven by demand for AI-powered software as well as an increased full-year 2025 revenue growth outlook which reinforced investor confidence. We exited the position during the period.

**Comfort Systems USA, Inc. \|** Comfort Systems USA is a leading provider of mechanical and electrical contracting services that specializes in installing, maintaining and repairing HVAC, plumbing, electrical and automation systems throughout the US. Demand for HVAC and electrical services in data centers and large infrastructure projects fueled growth over the period.

**Robinhood Markets, Inc. \|** Robinhood Markets is a financial services organization operating a commission-free trading platform with the goal of making investing accessible to everyone. Cryptocurrencies, options and equity trading volumes as well as the company's expanding user base throughout the period drove strong returns.

#### What detracted from performance?
**Advanced Micro Devices, Inc. \|** Advanced Micro Devices is a US-based semiconductor company that designs and produces high-performance computing and graphics solutions. A lack of clarity on long-term demand and increased competition led to major headwinds for the company during the period. Therefore, we exited the position during the period.

**Manhattan Associates, Inc. \|** Manhattan Associates is a software company which provides supply chain and omnichannel commerce solutions for clients. The company faced challenges due to concerns about a slowdown in consumer spending. We exited the position during the period.

**MarketAxess Holdings, Inc. \|** MarketAxess Holdings is an international financial technology company that operates an electronic trading platform for institutional credit. A weaker US credit trading environment, fee compression and increased competition led to challenges. We exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716467.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Opportunities Fund (Class A) —including sales charge** | -0.36% | -3.87% | 5.93% |
| **Invesco Global Opportunities Fund (Class A) —excluding sales charge** | 5.41% | -2.78% | 6.53% |
| **MSCI ACWI SMID Cap Index (Net)** | 16.71% | 11.21% | 8.77% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2365819509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17451521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;136% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.23% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716472.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLOPP-AR-A **Invesco Global Opportunities Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Opportunities Fund

### Class C: OGICX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Opportunities Fund<br>(Class C) | $1941.90%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the US, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 4.62%. For the same time period, the MSCI ACWI SMID Cap Index (Net) returned 16.71%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the financials and consumer discretionary sectors.

#### What contributed to performance?
**Palantir Technologies Inc. \|** Palantir Technologies is a US-based technology company that develops and deploys software platforms to help organizations and governments analyze large amounts of data to make more informed decisions. Performance over the period was driven by demand for AI-powered software as well as an increased full-year 2025 revenue growth outlook which reinforced investor confidence. We exited the position during the period.

**Comfort Systems USA, Inc. \|** Comfort Systems USA is a leading provider of mechanical and electrical contracting services that specializes in installing, maintaining and repairing HVAC, plumbing, electrical and automation systems throughout the US. Demand for HVAC and electrical services in data centers and large infrastructure projects fueled growth over the period.

**Robinhood Markets, Inc. \|** Robinhood Markets is a financial services organization operating a commission-free trading platform with the goal of making investing accessible to everyone. Cryptocurrencies, options and equity trading volumes as well as the company's expanding user base throughout the period drove strong returns.

#### What detracted from performance?
**Advanced Micro Devices, Inc. \|** Advanced Micro Devices is a US-based semiconductor company that designs and produces high-performance computing and graphics solutions. A lack of clarity on long-term demand and increased competition led to major headwinds for the company during the period. Therefore, we exited the position during the period.

**Manhattan Associates, Inc. \|** Manhattan Associates is a software company which provides supply chain and omnichannel commerce solutions for clients. The company faced challenges due to concerns about a slowdown in consumer spending. We exited the position during the period.

**MarketAxess Holdings, Inc. \|** MarketAxess Holdings is an international financial technology company that operates an electronic trading platform for institutional credit. A weaker US credit trading environment, fee compression and increased competition led to challenges. We exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716520.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Opportunities Fund (Class C) —including sales charge** | 3.65% | -3.51% | 5.88% |
| **Invesco Global Opportunities Fund (Class C) —excluding sales charge** | 4.62% | -3.51% | 5.88% |
| **MSCI ACWI SMID Cap Index (Net)** | 16.71% | 11.21% | 8.77% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2365819509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17451521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;136% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.23% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716515.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLOPP-AR-C **Invesco Global Opportunities Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Opportunities Fund

### Class R: OGINX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Opportunities Fund<br>(Class R) | $1441.40%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the US, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 5.15%. For the same time period, the MSCI ACWI SMID Cap Index (Net) returned 16.71%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the financials and consumer discretionary sectors.

#### What contributed to performance?
**Palantir Technologies Inc. \|** Palantir Technologies is a US-based technology company that develops and deploys software platforms to help organizations and governments analyze large amounts of data to make more informed decisions. Performance over the period was driven by demand for AI-powered software as well as an increased full-year 2025 revenue growth outlook which reinforced investor confidence. We exited the position during the period.

**Comfort Systems USA, Inc. \|** Comfort Systems USA is a leading provider of mechanical and electrical contracting services that specializes in installing, maintaining and repairing HVAC, plumbing, electrical and automation systems throughout the US. Demand for HVAC and electrical services in data centers and large infrastructure projects fueled growth over the period.

**Robinhood Markets, Inc. \|** Robinhood Markets is a financial services organization operating a commission-free trading platform with the goal of making investing accessible to everyone. Cryptocurrencies, options and equity trading volumes as well as the company's expanding user base throughout the period drove strong returns.

#### What detracted from performance?
**Advanced Micro Devices, Inc. \|** Advanced Micro Devices is a US-based semiconductor company that designs and produces high-performance computing and graphics solutions. A lack of clarity on long-term demand and increased competition led to major headwinds for the company during the period. Therefore, we exited the position during the period.

**Manhattan Associates, Inc. \|** Manhattan Associates is a software company which provides supply chain and omnichannel commerce solutions for clients. The company faced challenges due to concerns about a slowdown in consumer spending. We exited the position during the period.

**MarketAxess Holdings, Inc. \|** MarketAxess Holdings is an international financial technology company that operates an electronic trading platform for institutional credit. A weaker US credit trading environment, fee compression and increased competition led to challenges. We exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716539.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Opportunities Fund (Class R)** | 5.15% | -3.03% | 6.25% |
| **MSCI ACWI SMID Cap Index (Net)** | 16.71% | 11.21% | 8.77% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2365819509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17451521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;136% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.23% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716544.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLOPP-AR-R **Invesco Global Opportunities Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Opportunities Fund

### Class Y: OGIYX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Opportunities Fund<br>(Class Y) | $930.90%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the US, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 5.68%. For the same time period, the MSCI ACWI SMID Cap Index (Net) returned 16.71%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the financials and consumer discretionary sectors.

#### What contributed to performance?
**Palantir Technologies Inc. \|** Palantir Technologies is a US-based technology company that develops and deploys software platforms to help organizations and governments analyze large amounts of data to make more informed decisions. Performance over the period was driven by demand for AI-powered software as well as an increased full-year 2025 revenue growth outlook which reinforced investor confidence. We exited the position during the period.

**Comfort Systems USA, Inc. \|** Comfort Systems USA is a leading provider of mechanical and electrical contracting services that specializes in installing, maintaining and repairing HVAC, plumbing, electrical and automation systems throughout the US. Demand for HVAC and electrical services in data centers and large infrastructure projects fueled growth over the period.

**Robinhood Markets, Inc. \|** Robinhood Markets is a financial services organization operating a commission-free trading platform with the goal of making investing accessible to everyone. Cryptocurrencies, options and equity trading volumes as well as the company's expanding user base throughout the period drove strong returns.

#### What detracted from performance?
**Advanced Micro Devices, Inc. \|** Advanced Micro Devices is a US-based semiconductor company that designs and produces high-performance computing and graphics solutions. A lack of clarity on long-term demand and increased competition led to major headwinds for the company during the period. Therefore, we exited the position during the period.

**Manhattan Associates, Inc. \|** Manhattan Associates is a software company which provides supply chain and omnichannel commerce solutions for clients. The company faced challenges due to concerns about a slowdown in consumer spending. We exited the position during the period.

**MarketAxess Holdings, Inc. \|** MarketAxess Holdings is an international financial technology company that operates an electronic trading platform for institutional credit. A weaker US credit trading environment, fee compression and increased competition led to challenges. We exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716664.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Opportunities Fund (Class Y)** | 5.68% | -2.54% | 6.79% |
| **MSCI ACWI SMID Cap Index (Net)** | 16.71% | 11.21% | 8.77% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2365819509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17451521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;136% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.23% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716659.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLOPP-AR-Y **Invesco Global Opportunities Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Opportunities Fund

### Class R5: GOFFX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Global Opportunities Fund<br>(Class R5) | $82 | 0.80% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the US, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 5.79%. For the same time period, the MSCI ACWI SMID Cap Index (Net) returned 16.71%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the financials and consumer discretionary sectors.

#### What contributed to performance?
**Palantir Technologies Inc. \|** Palantir Technologies is a US-based technology company that develops and deploys software platforms to help organizations and governments analyze large amounts of data to make more informed decisions. Performance over the period was driven by demand for AI-powered software as well as an increased full-year 2025 revenue growth outlook which reinforced investor confidence. We exited the position during the period.

**Comfort Systems USA, Inc. \|** Comfort Systems USA is a leading provider of mechanical and electrical contracting services that specializes in installing, maintaining and repairing HVAC, plumbing, electrical and automation systems throughout the US. Demand for HVAC and electrical services in data centers and large infrastructure projects fueled growth over the period.

**Robinhood Markets, Inc. \|** Robinhood Markets is a financial services organization operating a commission-free trading platform with the goal of making investing accessible to everyone. Cryptocurrencies, options and equity trading volumes as well as the company's expanding user base throughout the period drove strong returns.

#### What detracted from performance?
**Advanced Micro Devices, Inc. \|** Advanced Micro Devices is a US-based semiconductor company that designs and produces high-performance computing and graphics solutions. A lack of clarity on long-term demand and increased competition led to major headwinds for the company during the period. Therefore, we exited the position during the period.

**Manhattan Associates, Inc. \|** Manhattan Associates is a software company which provides supply chain and omnichannel commerce solutions for clients. The company faced challenges due to concerns about a slowdown in consumer spending. We exited the position during the period.

**MarketAxess Holdings, Inc. \|** MarketAxess Holdings is an international financial technology company that operates an electronic trading platform for institutional credit. A weaker US credit trading environment, fee compression and increased competition led to challenges. We exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716592.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Opportunities Fund (Class R5)** | 5.79% | -2.45% | 6.76% |
| **MSCI ACWI SMID Cap Index (Net)** | 16.71% | 11.21% | 8.77% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2365819509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17451521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;136% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.23% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716587.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLOPP-AR-R5 **Invesco Global Opportunities Fund**

![TSR_logo](images_2625.jpg)

### Invesco Global Opportunities Fund

### Class R6: OGIIX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Global Opportunities Fund<br>(Class R6) | $79 | 0.77% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during this period, particularly outside the US, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 5.84%. For the same time period, the MSCI ACWI SMID Cap Index (Net) returned 16.71%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the financials and consumer discretionary sectors.

#### What contributed to performance?
**Palantir Technologies Inc. \|** Palantir Technologies is a US-based technology company that develops and deploys software platforms to help organizations and governments analyze large amounts of data to make more informed decisions. Performance over the period was driven by demand for AI-powered software as well as an increased full-year 2025 revenue growth outlook which reinforced investor confidence. We exited the position during the period.

**Comfort Systems USA, Inc. \|** Comfort Systems USA is a leading provider of mechanical and electrical contracting services that specializes in installing, maintaining and repairing HVAC, plumbing, electrical and automation systems throughout the US. Demand for HVAC and electrical services in data centers and large infrastructure projects fueled growth over the period.

**Robinhood Markets, Inc. \|** Robinhood Markets is a financial services organization operating a commission-free trading platform with the goal of making investing accessible to everyone. Cryptocurrencies, options and equity trading volumes as well as the company's expanding user base throughout the period drove strong returns.

#### What detracted from performance?
**Advanced Micro Devices, Inc. \|** Advanced Micro Devices is a US-based semiconductor company that designs and produces high-performance computing and graphics solutions. A lack of clarity on long-term demand and increased competition led to major headwinds for the company during the period. Therefore, we exited the position during the period.

**Manhattan Associates, Inc. \|** Manhattan Associates is a software company which provides supply chain and omnichannel commerce solutions for clients. The company faced challenges due to concerns about a slowdown in consumer spending. We exited the position during the period.

**MarketAxess Holdings, Inc. \|** MarketAxess Holdings is an international financial technology company that operates an electronic trading platform for institutional credit. A weaker US credit trading environment, fee compression and increased competition led to challenges. We exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716611.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Opportunities Fund (Class R6)** | 5.84% | -2.41% | 6.95% |
| **MSCI ACWI SMID Cap Index (Net)** | 16.71% | 11.21% | 8.77% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2365819509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17451521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;136% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.23% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716616.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-GLOPP-AR-R6 **Invesco Global Opportunities Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Growth Fund

### Class A: OIGAX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Growth Fund<br>(Class A) | $121 | 1.14% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during the period, particularly outside the US, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 11.89%. For the same time period, the MSCI All Country World ex-U.S. Growth Index (Net) (the "Benchmark") returned 21.77%. The Fund's underperformance of the Benchmark for the fiscal year was primarily driven by stock selection in the information technology and industrials sectors.

#### What contributed to performance?
**Alibaba Group Holding Ltd. \|** Alibaba is one of the largest retailers and e-commerce platforms in the world. In addition to its strong online retail business, the company is emerging as a significant web service provider. Strong growth and demand for Alibaba's AI capabilities had a positive impact on the company's stock.

**Novo Nordisk A/S \|** Novo Nordisk faced competitive challenges during the period and the Fund's avoidance of a majority of the underperformance resulted in notable contributions to its relative return. We exited our position in Novo Nordisk during the fiscal year because the Danish maker of GLP-1 drugs faced greater competitive intensity and did so under a new CEO. The company's share price continued to sell-off after we exited the position, contributing to the Fund's relative results during the period.

#### What detracted from performance?
**Trainline PLC \|** Trainline is a UK company that provides an end-to-end, intermodal transport reservation and ticketing service. Its share price has suffered due to concerns around the government launching its own application for this service.

**JD Sports Fashion PLC \|** Based in the UK, JD Sports Fashion exclusively retails certain models of several key athletic footwear brands, such as Nike and Adidas, in the US and Western Europe. We exited the position during the period due to concerns around capital allocation.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716250.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Growth Fund (Class A) —including sales charge** | 5.73% | 4.37% | 4.86% |
| **Invesco International Growth Fund (Class A) —excluding sales charge** | 11.89% | 5.55% | 5.46% |
| **MSCI All Country World ex-U.S. Growth Index (Net)** | 21.77% | 7.11% | 7.64% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4580444921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$36494633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;6.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;2.72% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716256.jpg)

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

Effective August 22, 2025, Invesco Oppenheimer International Growth Fund was renamed Invesco International Growth Fund.

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

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

![TSR_QRcode](images_2624.jpg)

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

O-IGR-AR-A **Invesco International Growth Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Growth Fund

### Class C: OIGCX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Growth Fund<br>(Class C) | $201 | 1.90% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during the period, particularly outside the US, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 11.07%. For the same time period, the MSCI All Country World ex-U.S. Growth Index (Net) (the "Benchmark) returned 21.77%. The Fund's underperformance of the Benchmark for the fiscal year was primarily driven by stock selection in the information technology and industrials sectors.

#### What contributed to performance?
**Alibaba Group Holding Ltd. \|** Alibaba is one of the largest retailers and e-commerce platforms in the world. In addition to its strong online retail business, the company is emerging as a significant web service provider. Strong growth and demand for Alibaba's AI capabilities had a positive impact on the company's stock.

**Novo Nordisk A/S \|** Novo Nordisk faced competitive challenges during the period and the Fund's avoidance of a majority of the underperformance resulted in notable contributions to its relative return. We exited our position in Novo Nordisk during the fiscal year because the Danish maker of GLP-1 drugs faced greater competitive intensity and did so under a new CEO. The company's share price continued to sell-off after we exited the position, contributing to the Fund's relative results during the period.

#### What detracted from performance?
**Trainline PLC \|** Trainline is a UK company that provides an end-to-end, intermodal transport reservation and ticketing service. Its share price has suffered due to concerns around the government launching its own application for this service.

**JD Sports Fashion PLC \|** Based in the UK, JD Sports Fashion exclusively retails certain models of several key athletic footwear brands, such as Nike and Adidas, in the US and Western Europe. We exited the position during the period due to concerns around capital allocation.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716305.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Growth Fund (Class C) —including sales charge** | 10.07% | 4.76% | 4.82% |
| **Invesco International Growth Fund (Class C) —excluding sales charge** | 11.07% | 4.76% | 4.82% |
| **MSCI All Country World ex-U.S. Growth Index (Net)** | 21.77% | 7.11% | 7.64% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4580444921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$36494633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;6.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;2.72% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716299.jpg)

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

Effective August 22, 2025, Invesco Oppenheimer International Growth Fund was renamed Invesco International Growth Fund.

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

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

![TSR_QRcode](images_2624.jpg)

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

O-IGR-AR-C **Invesco International Growth Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Growth Fund

### Class R: OIGNX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Growth Fund<br>(Class R) | $148 | 1.40% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during the period, particularly outside the US, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 11.59%. For the same time period, the MSCI All Country World ex-U.S. Growth Index (Net) (the "Benchmark) returned 21.77%. The Fund's underperformance of the Benchmark for the fiscal year was primarily driven by stock selection in the information technology and industrials sectors.

#### What contributed to performance?
**Alibaba Group Holding Ltd. \|** Alibaba is one of the largest retailers and e-commerce platforms in the world. In addition to its strong online retail business, the company is emerging as a significant web service provider. Strong growth and demand for Alibaba's AI capabilities had a positive impact on the company's stock.

**Novo Nordisk A/S \|** Novo Nordisk faced competitive challenges during the period and the Fund's avoidance of a majority of the underperformance resulted in notable contributions to its relative return. We exited our position in Novo Nordisk during the fiscal year because the Danish maker of GLP-1 drugs faced greater competitive intensity and did so under a new CEO. The company's share price continued to sell-off after we exited the position, contributing to the Fund's relative results during the period.

#### What detracted from performance?
**Trainline PLC \|** Trainline is a UK company that provides an end-to-end, intermodal transport reservation and ticketing service. Its share price has suffered due to concerns around the government launching its own application for this service.

**JD Sports Fashion PLC \|** Based in the UK, JD Sports Fashion exclusively retails certain models of several key athletic footwear brands, such as Nike and Adidas, in the US and Western Europe. We exited the position during the period due to concerns around capital allocation.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716323.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Growth Fund (Class R)** | 11.59% | 5.28% | 5.19% |
| **MSCI All Country World ex-U.S. Growth Index (Net)** | 21.77% | 7.11% | 7.64% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4580444921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$36494633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;6.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;2.72% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716328.jpg)

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

Effective August 22, 2025, Invesco Oppenheimer International Growth Fund was renamed Invesco International Growth Fund.

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

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

![TSR_QRcode](images_2624.jpg)

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

O-IGR-AR-R **Invesco International Growth Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Growth Fund

### Class Y: OIGYX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Growth Fund<br>(Class Y) | $95 | 0.90% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during the period, particularly outside the US, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 12.18%. For the same time period, the MSCI All Country World ex-U.S. Growth Index (Net) (the "Benchmark) returned 21.77%. The Fund's underperformance of the Benchmark for the fiscal year was primarily driven by stock selection in the information technology and industrials sectors.

#### What contributed to performance?
**Alibaba Group Holding Ltd. \|** Alibaba is one of the largest retailers and e-commerce platforms in the world. In addition to its strong online retail business, the company is emerging as a significant web service provider. Strong growth and demand for Alibaba's AI capabilities had a positive impact on the company's stock.

**Novo Nordisk A/S \|** Novo Nordisk faced competitive challenges during the period and the Fund's avoidance of a majority of the underperformance resulted in notable contributions to its relative return. We exited our position in Novo Nordisk during the fiscal year because the Danish maker of GLP-1 drugs faced greater competitive intensity and did so under a new CEO. The company's share price continued to sell-off after we exited the position, contributing to the Fund's relative results during the period.

#### What detracted from performance?
**Trainline PLC \|** Trainline is a UK company that provides an end-to-end, intermodal transport reservation and ticketing service. Its share price has suffered due to concerns around the government launching its own application for this service.

**JD Sports Fashion PLC \|** Based in the UK, JD Sports Fashion exclusively retails certain models of several key athletic footwear brands, such as Nike and Adidas, in the US and Western Europe. We exited the position during the period due to concerns around capital allocation.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716448.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Growth Fund (Class Y)** | 12.18% | 5.81% | 5.72% |
| **MSCI All Country World ex-U.S. Growth Index (Net)** | 21.77% | 7.11% | 7.64% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4580444921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$36494633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;6.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;2.72% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716443.jpg)

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

Effective August 22, 2025, Invesco Oppenheimer International Growth Fund was renamed Invesco International Growth Fund.

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

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

![TSR_QRcode](images_2624.jpg)

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

O-IGR-AR-Y **Invesco International Growth Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Growth Fund

### Class R5: INGFX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Growth Fund<br>(Class R5) | $87 | 0.82% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during the period, particularly outside the US, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 12.25%. For the same time period, the MSCI All Country World ex-U.S. Growth Index (Net) (the "Benchmark) returned 21.77%. The Fund's underperformance of the Benchmark for the fiscal year was primarily driven by stock selection in the information technology and industrials sectors.

#### What contributed to performance?
**Alibaba Group Holding Ltd. \|** Alibaba is one of the largest retailers and e-commerce platforms in the world. In addition to its strong online retail business, the company is emerging as a significant web service provider. Strong growth and demand for Alibaba's AI capabilities had a positive impact on the company's stock.

**Novo Nordisk A/S \|** Novo Nordisk faced competitive challenges during the period and the Fund's avoidance of a majority of the underperformance resulted in notable contributions to its relative return. We exited our position in Novo Nordisk during the fiscal year because the Danish maker of GLP-1 drugs faced greater competitive intensity and did so under a new CEO. The company's share price continued to sell-off after we exited the position, contributing to the Fund's relative results during the period.

#### What detracted from performance?
**Trainline PLC \|** Trainline is a UK company that provides an end-to-end, intermodal transport reservation and ticketing service. Its share price has suffered due to concerns around the government launching its own application for this service.

**JD Sports Fashion PLC \|** Based in the UK, JD Sports Fashion exclusively retails certain models of several key athletic footwear brands, such as Nike and Adidas, in the US and Western Europe. We exited the position during the period due to concerns around capital allocation.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716376.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Growth Fund (Class R5)** | 12.25% | 5.92% | 5.70% |
| **MSCI All Country World ex-U.S. Growth Index (Net)** | 21.77% | 7.11% | 7.64% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

Class R5 shares incepted on May 29, 2019. Performance shown on or prior to that date is that of Oppenheimer International Growth Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4580444921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$36494633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;6.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;2.72% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716371.jpg)

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

Effective August 22, 2025, Invesco Oppenheimer International Growth Fund was renamed Invesco International Growth Fund.

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

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

![TSR_QRcode](images_2624.jpg)

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

O-IGR-AR-R5 **Invesco International Growth Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Growth Fund

### Class R6: OIGIX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Growth Fund<br>(Class R6) | $80 | 0.75% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during the period, particularly outside the US, creating a headwind for actively-managed strategies that emphasized quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 12.34%. For the same time period, the MSCI All Country World ex-U.S. Growth Index (Net) (the "Benchmark) returned 21.77%. The Fund's underperformance of the Benchmark for the fiscal year was primarily driven by stock selection in the information technology and industrials sectors.

#### What contributed to performance?
**Alibaba Group Holding Ltd. \|** Alibaba is one of the largest retailers and e-commerce platforms in the world. In addition to its strong online retail business, the company is emerging as a significant web service provider. Strong growth and demand for Alibaba's AI capabilities had a positive impact on the company's stock.

**Novo Nordisk A/S \|** Novo Nordisk faced competitive challenges during the period and the Fund's avoidance of a majority of the underperformance resulted in notable contributions to its relative return. We exited our position in Novo Nordisk during the fiscal year because the Danish maker of GLP-1 drugs faced greater competitive intensity and did so under a new CEO. The company's share price continued to sell-off after we exited the position, contributing to the Fund's relative results during the period.

#### What detracted from performance?
**Trainline PLC \|** Trainline is a UK company that provides an end-to-end, intermodal transport reservation and ticketing service. Its share price has suffered due to concerns around the government launching its own application for this service.

**JD Sports Fashion PLC \|** Based in the UK, JD Sports Fashion exclusively retails certain models of several key athletic footwear brands, such as Nike and Adidas, in the US and Western Europe. We exited the position during the period due to concerns around capital allocation.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716395.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Growth Fund (Class R6)** | 12.34% | 5.96% | 5.88% |
| **MSCI All Country World ex-U.S. Growth Index (Net)** | 21.77% | 7.11% | 7.64% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4580444921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$36494633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;6.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;2.72% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716400.jpg)

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

Effective August 22, 2025, Invesco Oppenheimer International Growth Fund was renamed Invesco International Growth Fund.

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

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

![TSR_QRcode](images_2624.jpg)

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

O-IGR-AR-R6 **Invesco International Growth Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Small-Mid Company Fund

### Class A: OSMAX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Small-Mid Company Fund<br>(Class A) | $149 | 1.41% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during the period, particularly outside the US, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 10.94%. For the same time period, the MSCI ACWI ex USA SMID Cap Index (Net) returned 24.52%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the industrials and financials sectors. The Fund's underweight allocation to the financials sector also hurt relative performance.

#### What contributed to performance?
**ChemoMetec A/S \|** A Danish company that is the leading maker of cell counters needed in life science research. After sales declined in fiscal year 2024 on the back of funding challenges among their biotech clients, ChemoMetec introduced new products which were well received and has re-invigorated growth and improved profitability.

**TechnoPro Holdings, Inc. \|** A Japanese company that specializes as a provider of engineer staffing, construction outsourcing and outsourced research and development. The stock rose due to a takeover offer which took the company private. We exited our position during the period.

#### What detracted from performance?
**Sysmex Corp. \|** A Japanese company that specializes in providing the equipment and consumable supplies necessary for blood testing. Its share price has reacted unfavorably to a value-based pricing regime impacting its Chinese sales, as well as intensified competition and uncertainty around US tariff effects. However, we see considerable value in its core hematology practice and view most of the headwinds as temporary.

**Bunzl plc \|** A UK based global company that provides businesses with the non-consumable products they need in order to sell the consumables and services they in turn provide to their customers. Margins have come under some pressure, impacting the share price, as has modestly slower growth.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715818.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Small-Mid Company Fund (Class A) —including sales charge** | 4.76% | 0.99% | 5.89% |
| **Invesco International Small-Mid Company Fund (Class A) —excluding sales charge** | 10.94% | 2.14% | 6.49% |
| **MSCI ACWI ex USA SMID Cap Index (Net)** | 24.52% | 10.41% | 7.40% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2760389128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$33264105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEG S.A. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weir Group PLC (The) | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Telkom Indonesia (Persero) Tbk | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;ChemoMetec A/S | &nbsp;&nbsp;&nbsp;1.57% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715823.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-ISMC-AR-A **Invesco International Small-Mid Company Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Small-Mid Company Fund

### Class C: OSMCX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Small-Mid Company Fund<br>(Class C) | $228 | 2.17% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during the period, particularly outside the US, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 10.09%. For the same time period, the MSCI ACWI ex USA SMID Cap Index (Net) returned 24.52%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the industrials and financials sectors. The Fund's underweight allocation to the financials sector also hurt relative performance.

#### What contributed to performance?
**ChemoMetec A/S \|** A Danish company that is the leading maker of cell counters needed in life science research. After sales declined in fiscal year 2024 on the back of funding challenges among their biotech clients, ChemoMetec introduced new products which were well received and has re-invigorated growth and improved profitability.

**TechnoPro Holdings, Inc. \|** A Japanese company that specializes as a provider of engineer staffing, construction outsourcing and outsourced research and development. The stock rose due to a takeover offer which took the company private. We exited our position during the period.

#### What detracted from performance?
**Sysmex Corp. \|** A Japanese company that specializes in providing the equipment and consumable supplies necessary for blood testing. Its share price has reacted unfavorably to a value-based pricing regime impacting its Chinese sales, as well as intensified competition and uncertainty around US tariff effects. However, we see considerable value in its core hematology practice and view most of the headwinds as temporary.

**Bunzl plc \|** A UK based global company that provides businesses with the non-consumable products they need in order to sell the consumables and services they in turn provide to their customers. Margins have come under some pressure, impacting the share price, as has modestly slower growth.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715873.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Small-Mid Company Fund (Class C) —including sales charge** | 9.03% | 1.36% | 5.85% |
| **Invesco International Small-Mid Company Fund (Class C) —excluding sales charge** | 10.09% | 1.36% | 5.85% |
| **MSCI ACWI ex USA SMID Cap Index (Net)** | 24.52% | 10.41% | 7.40% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2760389128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$33264105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEG S.A. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weir Group PLC (The) | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Telkom Indonesia (Persero) Tbk | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;ChemoMetec A/S | &nbsp;&nbsp;&nbsp;1.57% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715868.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-ISMC-AR-C **Invesco International Small-Mid Company Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Small-Mid Company Fund

### Class R: OSMNX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Small-Mid Company Fund<br>(Class R) | $176 | 1.67% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during the period, particularly outside the US, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 10.64%. For the same time period, the MSCI ACWI ex USA SMID Cap Index (Net) returned 24.52%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the industrials and financials sectors. The Fund's underweight allocation to the financials sector also hurt relative performance.

#### What contributed to performance?
**ChemoMetec A/S \|** A Danish company that is the leading maker of cell counters needed in life science research. After sales declined in fiscal year 2024 on the back of funding challenges among their biotech clients, ChemoMetec introduced new products which were well received and has re-invigorated growth and improved profitability.

**TechnoPro Holdings, Inc. \|** A Japanese company that specializes as a provider of engineer staffing, construction outsourcing and outsourced research and development. The stock rose due to a takeover offer which took the company private. We exited our position during the period.

#### What detracted from performance?
**Sysmex Corp. \|** A Japanese company that specializes in providing the equipment and consumable supplies necessary for blood testing. Its share price has reacted unfavorably to a value-based pricing regime impacting its Chinese sales, as well as intensified competition and uncertainty around US tariff effects. However, we see considerable value in its core hematology practice and view most of the headwinds as temporary.

**Bunzl plc \|** A UK based global company that provides businesses with the non-consumable products they need in order to sell the consumables and services they in turn provide to their customers. Margins have come under some pressure, impacting the share price, as has modestly slower growth.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715890.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Small-Mid Company Fund (Class R)** | 10.64% | 1.87% | 6.22% |
| **MSCI ACWI ex USA SMID Cap Index (Net)** | 24.52% | 10.41% | 7.40% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2760389128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$33264105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEG S.A. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weir Group PLC (The) | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Telkom Indonesia (Persero) Tbk | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;ChemoMetec A/S | &nbsp;&nbsp;&nbsp;1.57% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715895.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-ISMC-AR-R **Invesco International Small-Mid Company Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Small-Mid Company Fund

### Class Y: OSMYX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Small-Mid Company Fund<br>(Class Y) | $124 | 1.17% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during the period, particularly outside the US, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 11.20%. For the same time period, the MSCI ACWI ex USA SMID Cap Index (Net) returned 24.52%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the industrials and financials sectors. The Fund's underweight allocation to the financials sector also hurt relative performance.

#### What contributed to performance?
**ChemoMetec A/S \|** A Danish company that is the leading maker of cell counters needed in life science research. After sales declined in fiscal year 2024 on the back of funding challenges among their biotech clients, ChemoMetec introduced new products which were well received and has re-invigorated growth and improved profitability.

**TechnoPro Holdings, Inc. \|** A Japanese company that specializes as a provider of engineer staffing, construction outsourcing and outsourced research and development. The stock rose due to a takeover offer which took the company private. We exited our position during the period.

#### What detracted from performance?
**Sysmex Corp. \|** A Japanese company that specializes in providing the equipment and consumable supplies necessary for blood testing. Its share price has reacted unfavorably to a value-based pricing regime impacting its Chinese sales, as well as intensified competition and uncertainty around US tariff effects. However, we see considerable value in its core hematology practice and view most of the headwinds as temporary.

**Bunzl plc \|** A UK based global company that provides businesses with the non-consumable products they need in order to sell the consumables and services they in turn provide to their customers. Margins have come under some pressure, impacting the share price, as has modestly slower growth.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9716017.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Small-Mid Company Fund (Class Y)** | 11.20% | 2.39% | 6.75% |
| **MSCI ACWI ex USA SMID Cap Index (Net)** | 24.52% | 10.41% | 7.40% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2760389128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$33264105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEG S.A. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weir Group PLC (The) | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Telkom Indonesia (Persero) Tbk | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;ChemoMetec A/S | &nbsp;&nbsp;&nbsp;1.57% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9716012.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-ISMC-AR-Y **Invesco International Small-Mid Company Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Small-Mid Company Fund

### Class R5: INSLX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Small-Mid Company Fund<br>(Class R5) | $113 | 1.07% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during the period, particularly outside the US, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 11.29%. For the same time period, the MSCI ACWI ex USA SMID Cap Index (Net) returned 24.52%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the industrials and financials sectors. The Fund's underweight allocation to the financials sector also hurt relative performance.

#### What contributed to performance?
**ChemoMetec A/S \|** A Danish company that is the leading maker of cell counters needed in life science research. After sales declined in fiscal year 2024 on the back of funding challenges among their biotech clients, ChemoMetec introduced new products which were well received and has re-invigorated growth and improved profitability.

**TechnoPro Holdings, Inc. \|** A Japanese company that specializes as a provider of engineer staffing, construction outsourcing and outsourced research and development. The stock rose due to a takeover offer which took the company private. We exited our position during the period.

#### What detracted from performance?
**Sysmex Corp. \|** A Japanese company that specializes in providing the equipment and consumable supplies necessary for blood testing. Its share price has reacted unfavorably to a value-based pricing regime impacting its Chinese sales, as well as intensified competition and uncertainty around US tariff effects. However, we see considerable value in its core hematology practice and view most of the headwinds as temporary.

**Bunzl plc \|** A UK based global company that provides businesses with the non-consumable products they need in order to sell the consumables and services they in turn provide to their customers. Margins have come under some pressure, impacting the share price, as has modestly slower growth.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715945.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Small-Mid Company Fund (Class R5)** | 11.29% | 2.48% | 6.72% |
| **MSCI ACWI ex USA SMID Cap Index (Net)** | 24.52% | 10.41% | 7.40% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2760389128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$33264105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEG S.A. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weir Group PLC (The) | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Telkom Indonesia (Persero) Tbk | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;ChemoMetec A/S | &nbsp;&nbsp;&nbsp;1.57% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715940.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-ISMC-AR-R5 **Invesco International Small-Mid Company Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Small-Mid Company Fund

### Class R6: OSCIX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Small-Mid Company Fund<br>(Class R6) | $106 | 1.00% |

---

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global GDP growth. High quality companies underperformed during the period, particularly outside the US, creating a headwind for actively managed strategies that emphasized quality characteristics. Large investments in artificial intelligence infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 11.39%. For the same time period, the MSCI ACWI ex USA SMID Cap Index (Net) returned 24.52%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the industrials and financials sectors. The Fund's underweight allocation to the financials sector also hurt relative performance.

#### What contributed to performance?
**ChemoMetec A/S \|** A Danish company that is the leading maker of cell counters needed in life science research. After sales declined in fiscal year 2024 on the back of funding challenges among their biotech clients, ChemoMetec introduced new products which were well received and has re-invigorated growth and improved profitability.

**TechnoPro Holdings, Inc. \|** A Japanese company that specializes as a provider of engineer staffing, construction outsourcing and outsourced research and development. The stock rose due to a takeover offer which took the company private. We exited our position during the period.

#### What detracted from performance?
**Sysmex Corp. \|** A Japanese company that specializes in providing the equipment and consumable supplies necessary for blood testing. Its share price has reacted unfavorably to a value-based pricing regime impacting its Chinese sales, as well as intensified competition and uncertainty around US tariff effects. However, we see considerable value in its core hematology practice and view most of the headwinds as temporary.

**Bunzl plc \|** A UK based global company that provides businesses with the non-consumable products they need in order to sell the consumables and services they in turn provide to their customers. Margins have come under some pressure, impacting the share price, as has modestly slower growth.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715962.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Small-Mid Company Fund (Class R6)** | 11.39% | 2.52% | 6.91% |
| **MSCI ACWI ex USA SMID Cap Index (Net)** | 24.52% | 10.41% | 7.40% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2760389128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$33264105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEG S.A. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weir Group PLC (The) | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Telkom Indonesia (Persero) Tbk | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;ChemoMetec A/S | &nbsp;&nbsp;&nbsp;1.57% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715967.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

O-ISMC-AR-R6 **Invesco International Small-Mid Company Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Value Fund

### Class A: AEDAX

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

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Value Fund<br>(Class A) | $1461.38%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global gross domestic product growth. High quality companies underperformed during the period, particularly outside the United States, which created a headwind for actively managed strategies that emphasize quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 11.15%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Value Index (Net) returned 28.16%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the healthcare and communication services sectors.

#### What contributed to performance?
**Alibaba Group Holding Ltd. \|** Alibaba is one of the largest retailers and e-commerce platforms in the world. In addition to its strong online retail business, the company is emerging as a significant web service provider. Strong growth and demand for AI capabilities had a positive impact on the company's stock.

**Samsung Electronics Co. Ltd. \|** Samsung Electronics is a leading electronics manufacturer best known for its involvement in consumer electronics, semiconductors, and display panels, among others. It supplies both end-user products as well as advanced componentry to other manufacturers. The company's share price has benefited from increased demand for AI chips and high-bandwidth memory.

#### What detracted from performance?
**Novo Nordisk A/S \|** Novo Nordisk, maker of care products and insulin for diabetes, introduced GLP1 weight loss drugs over the past few years, creating a new market. The company is facing greater competitive intensity and the stock price has reacted unfavorably to the pressure.

**ICON PLC \|** ICON, based in Ireland, conducts clinical trials for biotech, pharma, and medical device companies, and guides them through the FDA approval process. Recent changes and uncertainty over FDA policies have caused ICON clients to cancel or delay projects, and the share price has reacted unfavorably. The Fund exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715170.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Value Fund (Class A) —including sales charge** | 5.06% | 6.83% | 3.75% |
| **Invesco International Value Fund (Class A) —excluding sales charge** | 11.15% | 8.04% | 4.34% |
| **MSCI ACWI ex USA<sup>®</sup> Value Index (Net)** | 28.16% | 15.38% | 7.51% |
| **MSCI Europe Index (Net)** | 23.19% | 13.66% | 7.47% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

Effective August 22, 2025, the Fund changed its broad-based securities market benchmark from the MSCI Europe Index (Net) to the MSCI ACWI ex USA<sup>®</sup> Index (Net) to better align with the Fund's current strategy and international exposure.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$927636100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4415172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;120% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., GDR | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui & Co. Ltd. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A. | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715175.jpg)

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

Effective June 23, 2025, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund.

Effective August 22, 2025, Invesco EQV European Equity Fund was renamed Invesco International Value Fund. In connection with repositioning the Fund to an international value fund, the Fund's principal investment strategies and risks changed, including the removal of its 80% investment policy, to reflect the Fund's focus on achieving its investment objective by investing in equity securities throughout the world, including the United States, that its portfolio managers consider to be undervalued. Additionally, the contractual management fee for the Fund was lowered to 0.85% of the Fund's average daily net assets for the first $250 million in assets; 0.825% of the Fund's average daily net assets for the next $250 million in assets; 0.785% of the Fund's average daily net assets for the next $500 million in assets; and 0.76% of the Fund's average daily net assets over $1 billion in assets. Further, the Fund's expense limits for Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares were lowered to 1.11%, 1.86%, 1.36%, 0.86%, 1.11% and 0.86%, respectively, of the Fund's average daily net assets pursuant to a new contractual fee waiver agreement with Invesco Advisers, Inc.

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

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

![TSR_QRcode](images_2624.jpg)

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

EGR-AR-A **Invesco International Value Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Value Fund

### Class C: AEDCX

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

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Value Fund<br>(Class C) | $2242.14%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global gross domestic product growth. High quality companies underperformed during the period, particularly outside the United States, which created a headwind for actively managed strategies that emphasize quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 10.33%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Value Index (Net) returned 28.16%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the healthcare and communication services sectors.

#### What contributed to performance?
**Alibaba Group Holding Ltd. \|** Alibaba is one of the largest retailers and e-commerce platforms in the world. In addition to its strong online retail business, the company is emerging as a significant web service provider. Strong growth and demand for AI capabilities had a positive impact on the company's stock.

**Samsung Electronics Co. Ltd. \|** Samsung Electronics is a leading electronics manufacturer best known for its involvement in consumer electronics, semiconductors, and display panels, among others. It supplies both end-user products as well as advanced componentry to other manufacturers. The company's share price has benefited from increased demand for AI chips and high-bandwidth memory.

#### What detracted from performance?
**Novo Nordisk A/S \|** Novo Nordisk, maker of care products and insulin for diabetes, introduced GLP1 weight loss drugs over the past few years, creating a new market. The company is facing greater competitive intensity and the stock price has reacted unfavorably to the pressure.

**ICON PLC \|** ICON, based in Ireland, conducts clinical trials for biotech, pharma, and medical device companies, and guides them through the FDA approval process. Recent changes and uncertainty over FDA policies have caused ICON clients to cancel or delay projects, and the share price has reacted unfavorably. The Fund exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715225.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Value Fund (Class C) —including sales charge** | 9.36% | 7.23% | 3.72% |
| **Invesco International Value Fund (Class C) —excluding sales charge** | 10.33% | 7.23% | 3.72% |
| **MSCI ACWI ex USA<sup>®</sup> Value Index (Net)** | 28.16% | 15.38% | 7.51% |
| **MSCI Europe Index (Net)** | 23.19% | 13.66% | 7.47% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

Effective August 22, 2025, the Fund changed its broad-based securities market benchmark from the MSCI Europe Index (Net) to the MSCI ACWI ex USA<sup>®</sup> Index (Net) to better align with the Fund's current strategy and international exposure.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$927636100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4415172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;120% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., GDR | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui & Co. Ltd. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A. | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715220.jpg)

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

Effective June 23, 2025, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund.

Effective August 22, 2025, Invesco EQV European Equity Fund was renamed Invesco International Value Fund. In connection with repositioning the Fund to an international value fund, the Fund's principal investment strategies and risks changed, including the removal of its 80% investment policy, to reflect the Fund's focus on achieving its investment objective by investing in equity securities throughout the world, including the United States, that its portfolio managers consider to be undervalued. Additionally, the contractual management fee for the Fund was lowered to 0.85% of the Fund's average daily net assets for the first $250 million in assets; 0.825% of the Fund's average daily net assets for the next $250 million in assets; 0.785% of the Fund's average daily net assets for the next $500 million in assets; and 0.76% of the Fund's average daily net assets over $1 billion in assets. Further, the Fund's expense limits for Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares were lowered to 1.11%, 1.86%, 1.36%, 0.86%, 1.11% and 0.86%, respectively, of the Fund's average daily net assets pursuant to a new contractual fee waiver agreement with Invesco Advisers, Inc.

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

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

![TSR_QRcode](images_2624.jpg)

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

EGR-AR-C **Invesco International Value Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Value Fund

### Class R: AEDRX

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

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Value Fund<br>(Class R) | $1721.63%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global gross domestic product growth. High quality companies underperformed during the period, particularly outside the United States, which created a headwind for actively managed strategies that emphasize quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 10.89%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Value Index (Net) returned 28.16%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the healthcare and communication services sectors.

#### What contributed to performance?
**Alibaba Group Holding Ltd. \|** Alibaba is one of the largest retailers and e-commerce platforms in the world. In addition to its strong online retail business, the company is emerging as a significant web service provider. Strong growth and demand for AI capabilities had a positive impact on the company's stock.

**Samsung Electronics Co. Ltd. \|** Samsung Electronics is a leading electronics manufacturer best known for its involvement in consumer electronics, semiconductors, and display panels, among others. It supplies both end-user products as well as advanced componentry to other manufacturers. The company's share price has benefited from increased demand for AI chips and high-bandwidth memory.

#### What detracted from performance?
**Novo Nordisk A/S \|** Novo Nordisk, maker of care products and insulin for diabetes, introduced GLP1 weight loss drugs over the past few years, creating a new market. The company is facing greater competitive intensity and the stock price has reacted unfavorably to the pressure.

**ICON PLC \|** ICON, based in Ireland, conducts clinical trials for biotech, pharma, and medical device companies, and guides them through the FDA approval process. Recent changes and uncertainty over FDA policies have caused ICON clients to cancel or delay projects, and the share price has reacted unfavorably. The Fund exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715242.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Value Fund (Class R)** | 10.89% | 7.77% | 4.08% |
| **MSCI ACWI ex USA<sup>®</sup> Value Index (Net)** | 28.16% | 15.38% | 7.51% |
| **MSCI Europe Index (Net)** | 23.19% | 13.66% | 7.47% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

Effective August 22, 2025, the Fund changed its broad-based securities market benchmark from the MSCI Europe Index (Net) to the MSCI ACWI ex USA<sup>®</sup> Index (Net) to better align with the Fund's current strategy and international exposure.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$927636100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4415172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;120% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., GDR | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui & Co. Ltd. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A. | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715247.jpg)

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

Effective June 23, 2025, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund.

Effective August 22, 2025, Invesco EQV European Equity Fund was renamed Invesco International Value Fund. In connection with repositioning the Fund to an international value fund, the Fund's principal investment strategies and risks changed, including the removal of its 80% investment policy, to reflect the Fund's focus on achieving its investment objective by investing in equity securities throughout the world, including the United States, that its portfolio managers consider to be undervalued. Additionally, the contractual management fee for the Fund was lowered to 0.85% of the Fund's average daily net assets for the first $250 million in assets; 0.825% of the Fund's average daily net assets for the next $250 million in assets; 0.785% of the Fund's average daily net assets for the next $500 million in assets; and 0.76% of the Fund's average daily net assets over $1 billion in assets. Further, the Fund's expense limits for Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares were lowered to 1.11%, 1.86%, 1.36%, 0.86%, 1.11% and 0.86%, respectively, of the Fund's average daily net assets pursuant to a new contractual fee waiver agreement with Invesco Advisers, Inc.

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

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

![TSR_QRcode](images_2624.jpg)

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

EGR-AR-R **Invesco International Value Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Value Fund

### Class Y: AEDYX

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

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Value Fund<br>(Class Y) | $1191.15%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global gross domestic product growth. High quality companies underperformed during the period, particularly outside the United States, which created a headwind for actively managed strategies that emphasize quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 11.47%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Value Index (Net) returned 28.16%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the healthcare and communication services sectors.

#### What contributed to performance?
**Alibaba Group Holding Ltd. \|** Alibaba is one of the largest retailers and e-commerce platforms in the world. In addition to its strong online retail business, the company is emerging as a significant web service provider. Strong growth and demand for AI capabilities had a positive impact on the company's stock.

**Samsung Electronics Co. Ltd. \|** Samsung Electronics is a leading electronics manufacturer best known for its involvement in consumer electronics, semiconductors, and display panels, among others. It supplies both end-user products as well as advanced componentry to other manufacturers. The company's share price has benefited from increased demand for AI chips and high-bandwidth memory.

#### What detracted from performance?
**Novo Nordisk A/S \|** Novo Nordisk, maker of care products and insulin for diabetes, introduced GLP1 weight loss drugs over the past few years, creating a new market. The company is facing greater competitive intensity and the stock price has reacted unfavorably to the pressure.

**ICON PLC \|** ICON, based in Ireland, conducts clinical trials for biotech, pharma, and medical device companies, and guides them through the FDA approval process. Recent changes and uncertainty over FDA policies have caused ICON clients to cancel or delay projects, and the share price has reacted unfavorably. The Fund exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715297.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Value Fund (Class Y)** | 11.47% | 8.31% | 4.60% |
| **MSCI ACWI ex USA<sup>®</sup> Value Index (Net)** | 28.16% | 15.38% | 7.51% |
| **MSCI Europe Index (Net)** | 23.19% | 13.66% | 7.47% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

Effective August 22, 2025, the Fund changed its broad-based securities market benchmark from the MSCI Europe Index (Net) to the MSCI ACWI ex USA<sup>®</sup> Index (Net) to better align with the Fund's current strategy and international exposure.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$927636100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4415172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;120% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., GDR | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui & Co. Ltd. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A. | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715292.jpg)

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

Effective June 23, 2025, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund.

Effective August 22, 2025, Invesco EQV European Equity Fund was renamed Invesco International Value Fund. In connection with repositioning the Fund to an international value fund, the Fund's principal investment strategies and risks changed, including the removal of its 80% investment policy, to reflect the Fund's focus on achieving its investment objective by investing in equity securities throughout the world, including the United States, that its portfolio managers consider to be undervalued. Additionally, the contractual management fee for the Fund was lowered to 0.85% of the Fund's average daily net assets for the first $250 million in assets; 0.825% of the Fund's average daily net assets for the next $250 million in assets; 0.785% of the Fund's average daily net assets for the next $500 million in assets; and 0.76% of the Fund's average daily net assets over $1 billion in assets. Further, the Fund's expense limits for Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares were lowered to 1.11%, 1.86%, 1.36%, 0.86%, 1.11% and 0.86%, respectively, of the Fund's average daily net assets pursuant to a new contractual fee waiver agreement with Invesco Advisers, Inc.

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

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

![TSR_QRcode](images_2624.jpg)

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

EGR-AR-Y **Invesco International Value Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Value Fund

### Investor Class: EGINX

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

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Value Fund<br>(Investor Class) | $1341.29%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global gross domestic product growth. High quality companies underperformed during the period, particularly outside the United States, which created a headwind for actively managed strategies that emphasize quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Investor Class shares of the Fund returned 11.27%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Value Index (Net) returned 28.16%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the healthcare and communication services sectors.

#### What contributed to performance?
**Alibaba Group Holding Ltd. \|** Alibaba is one of the largest retailers and e-commerce platforms in the world. In addition to its strong online retail business, the company is emerging as a significant web service provider. Strong growth and demand for AI capabilities had a positive impact on the company's stock.

**Samsung Electronics Co. Ltd. \|** Samsung Electronics is a leading electronics manufacturer best known for its involvement in consumer electronics, semiconductors, and display panels, among others. It supplies both end-user products as well as advanced componentry to other manufacturers. The company's share price has benefited from increased demand for AI chips and high-bandwidth memory.

#### What detracted from performance?
**Novo Nordisk A/S \|** Novo Nordisk, maker of care products and insulin for diabetes, introduced GLP1 weight loss drugs over the past few years, creating a new market. The company is facing greater competitive intensity and the stock price has reacted unfavorably to the pressure.

**ICON PLC \|** ICON, based in Ireland, conducts clinical trials for biotech, pharma, and medical device companies, and guides them through the FDA approval process. Recent changes and uncertainty over FDA policies have caused ICON clients to cancel or delay projects, and the share price has reacted unfavorably. The Fund exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715314.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Value Fund (Investor Class)** | 11.27% | 8.15% | 4.42% |
| **MSCI ACWI ex USA<sup>®</sup> Value Index (Net)** | 28.16% | 15.38% | 7.51% |
| **MSCI Europe Index (Net)** | 23.19% | 13.66% | 7.47% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

Effective August 22, 2025, the Fund changed its broad-based securities market benchmark from the MSCI Europe Index (Net) to the MSCI ACWI ex USA<sup>®</sup> Index (Net) to better align with the Fund's current strategy and international exposure.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$927636100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4415172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;120% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., GDR | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui & Co. Ltd. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A. | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715319.jpg)

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

Effective June 23, 2025, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund.

Effective August 22, 2025, Invesco EQV European Equity Fund was renamed Invesco International Value Fund. In connection with repositioning the Fund to an international value fund, the Fund's principal investment strategies and risks changed, including the removal of its 80% investment policy, to reflect the Fund's focus on achieving its investment objective by investing in equity securities throughout the world, including the United States, that its portfolio managers consider to be undervalued. Additionally, the contractual management fee for the Fund was lowered to 0.85% of the Fund's average daily net assets for the first $250 million in assets; 0.825% of the Fund's average daily net assets for the next $250 million in assets; 0.785% of the Fund's average daily net assets for the next $500 million in assets; and 0.76% of the Fund's average daily net assets over $1 billion in assets. Further, the Fund's expense limits for Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares were lowered to 1.11%, 1.86%, 1.36%, 0.86%, 1.11% and 0.86%, respectively, of the Fund's average daily net assets pursuant to a new contractual fee waiver agreement with Invesco Advisers, Inc.

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

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

![TSR_QRcode](images_2624.jpg)

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

EGR-AR-INV **Invesco International Value Fund**

![TSR_logo](images_2625.jpg)

### Invesco International Value Fund

### Class R6: AEGSX

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

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco International Value Fund<br>(Class R6) | $930.88%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** Global equities delivered positive returns during the fiscal year ended October 31, 2025, despite tariff-related uncertainty and concerns about the sustainability of global gross domestic product growth. High quality companies underperformed during the period, particularly outside the United States, which created a headwind for actively managed strategies that emphasize quality characteristics. Large investments in artificial intelligence (AI) infrastructure continued to be a key market theme throughout the period.

**•** For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 11.57%. For the same time period, the MSCI ACWI ex USA<sup>®</sup> Value Index (Net) returned 28.16%. The Fund's underperformance for the fiscal year was primarily driven by stock selection in the healthcare and communication services sectors.

#### What contributed to performance?
**Alibaba Group Holding Ltd. \|** Alibaba is one of the largest retailers and e-commerce platforms in the world. In addition to its strong online retail business, the company is emerging as a significant web service provider. Strong growth and demand for AI capabilities had a positive impact on the company's stock.

**Samsung Electronics Co. Ltd. \|** Samsung Electronics is a leading electronics manufacturer best known for its involvement in consumer electronics, semiconductors, and display panels, among others. It supplies both end-user products as well as advanced componentry to other manufacturers. The company's share price has benefited from increased demand for AI chips and high-bandwidth memory.

#### What detracted from performance?
**Novo Nordisk A/S \|** Novo Nordisk, maker of care products and insulin for diabetes, introduced GLP1 weight loss drugs over the past few years, creating a new market. The company is facing greater competitive intensity and the stock price has reacted unfavorably to the pressure.

**ICON PLC \|** ICON, based in Ireland, conducts clinical trials for biotech, pharma, and medical device companies, and guides them through the FDA approval process. Recent changes and uncertainty over FDA policies have caused ICON clients to cancel or delay projects, and the share price has reacted unfavorably. The Fund exited the position during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715369.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Value Fund (Class R6)** | 11.57% | 8.45% | 4.68% |
| **MSCI ACWI ex USA<sup>®</sup> Value Index (Net)** | 28.16% | 15.38% | 7.51% |
| **MSCI Europe Index (Net)** | 23.19% | 13.66% | 7.47% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

Effective August 22, 2025, the Fund changed its broad-based securities market benchmark from the MSCI Europe Index (Net) to the MSCI ACWI ex USA<sup>®</sup> Index (Net) to better align with the Fund's current strategy and international exposure.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$927636100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4415172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;120% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., GDR | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui & Co. Ltd. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A. | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715364.jpg)

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

Effective June 23, 2025, the Fund's sub-adviser, Invesco Asset Management Limited, began providing day-to-day management of the Fund.

Effective August 22, 2025, Invesco EQV European Equity Fund was renamed Invesco International Value Fund. In connection with repositioning the Fund to an international value fund, the Fund's principal investment strategies and risks changed, including the removal of its 80% investment policy, to reflect the Fund's focus on achieving its investment objective by investing in equity securities throughout the world, including the United States, that its portfolio managers consider to be undervalued. Additionally, the contractual management fee for the Fund was lowered to 0.85% of the Fund's average daily net assets for the first $250 million in assets; 0.825% of the Fund's average daily net assets for the next $250 million in assets; 0.785% of the Fund's average daily net assets for the next $500 million in assets; and 0.76% of the Fund's average daily net assets over $1 billion in assets. Further, the Fund's expense limits for Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares were lowered to 1.11%, 1.86%, 1.36%, 0.86%, 1.11% and 0.86%, respectively, of the Fund's average daily net assets pursuant to a new contractual fee waiver agreement with Invesco Advisers, Inc.

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

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

![TSR_QRcode](images_2624.jpg)

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

EGR-AR-R6 **Invesco International Value Fund**

![TSR_logo](images_2625.jpg)

### Invesco MSCI World SRI Index Fund

### Class A: VSQAX

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

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco MSCI World SRI Index Fund<br>(Class A) | $470.44%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global equity markets rose 22.64%, as represented by the MSCI All Country World Index (net). Despite geopolitical and policy uncertainties, investors rallied around company investments in artificial intelligence (AI), strong corporate earnings, economic growth and central banks' easing of monetary policies. The Fund's exposure to the US averaged 69% for the year, which aided performance as US markets gained 21.45% realized by the S&P 500<sup>®</sup> Index.

**•** The Fund seeks to track the investment results (before fees and expenses) of the MSCI World SRI Index (Net) (the "Index").

• For the fiscal year ended October 31, 2025, Class A shares of the Fund, excluding sales charge, returned 15.19%, which differed from the return of the Index, 15.33%, primarily due to fees and expenses that the Fund incurred during the period.

#### What contributed to performance?
**Sector Allocations \|** Information technology, consumer discretionary, financials, and industrials.

**Country Allocations \|** United States, Japan, and Canada.

**Positions \|** NVIDIA Corp., a big tech company that develops and sells high-performance Graphics Processing Units and integrated systems, combined with a proprietary software platform, which serves as the foundational infrastructure for AI and data centers, and other specialized computing markets. The company has benefited greatly from surging AI demand and rise in supercomputers used for AI Research SuperCluster computers to train complex AI models.

#### What detracted from performance?
**Sector Allocations \|** Health care, real estate, consumer staples, and energy.

**Country Allocations \|** Denmark and Australia.

**Positions \|** Novo Nordisk A/S, a Danish pharmaceutical company that develops and manufactures medications primarily focused on diabetes, rare blood disorders, and other endocrine diseases. The stock price plunged in December 2024 after reporting its new weight loss drug, CagriSema, missed expectations during trials. Investors had high hopes of the drug becoming the next evolution of obesity drugs.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715386.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since<br>Inception<br>(7/1/16)** |
| **Invesco MSCI World SRI Index Fund (Class A) —including sales charge** | 8.85% | 12.35%\* | 9.11%\* |
| **Invesco MSCI World SRI Index Fund (Class A) —excluding sales charge** | 15.19% | 13.63%\* | 9.77%\* |
| **Custom Invesco MSCI World SRI Index (Net)** | 15.33% | 13.74% | 11.86% |
| **MSCI World SRI Index (Net)** | 15.33% | 13.74% | 12.85% |
| **MSCI World Index<sup>SM</sup> (Net)** | 22.02% | 15.58% | 12.83% |

---

The Custom Invesco MSCI World SRI Index (Net) is composed of the MSCI World Index<sup>SM</sup> (Net) through June 30, 2020, and the MSCI World SRI Index (Net) thereafter.

Prior to June 29, 2020, the Fund was not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund prior to June 29, 2020 may have deviated significantly from the performance of the index(es).

\*Amount includes the effect of the Adviser pay-in for an economic loss that occurred on July 31, 2024. Had the pay-in not been made, the total return would have been lower.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7427050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;10.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;6.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;1.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715391.jpg)

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

At a meeting held on December 8-10, 2025, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund will close to investments by new accounts after the close of business on January 6, 2026. The Fund will be liquidated on or about February 24, 2026.

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

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

![TSR_QRcode](images_2624.jpg)

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

GLRE-AR-A **Invesco MSCI World SRI Index Fund**

![TSR_logo](images_2625.jpg)

### Invesco MSCI World SRI Index Fund

### Class C: VSQCX

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

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco MSCI World SRI Index Fund<br>(Class C) | $1281.19%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global equity markets rose 22.64%, as represented by the MSCI All Country World Index (net). Despite geopolitical and policy uncertainties, investors rallied around company investments in artificial intelligence (AI), strong corporate earnings, economic growth and central banks' easing of monetary policies. The Fund's exposure to the US averaged 69% for the year, which aided performance as US markets gained 21.45% realized by the S&P 500<sup>®</sup> Index.

**•** The Fund seeks to track the investment results (before fees and expenses) of the MSCI World SRI Index (Net) (the "Index").

• For the fiscal year ended October 31, 2025, Class C shares of the Fund, excluding sales charge, returned 14.34%, which differed from the return of the Index, 15.33%, primarily due to fees and expenses that the Fund incurred during the period.

#### What contributed to performance?
**Sector Allocations \|** Information technology, consumer discretionary, financials, and industrials.

**Country Allocations \|** United States, Japan, and Canada.

**Positions \|** NVIDIA Corp., a big tech company that develops and sells high-performance Graphics Processing Units and integrated systems, combined with a proprietary software platform, which serves as the foundational infrastructure for AI and data centers, and other specialized computing markets. The company has benefited greatly from surging AI demand and rise in supercomputers used for AI Research SuperCluster computers to train complex AI models.

#### What detracted from performance?
**Sector Allocations \|** Health care, real estate, consumer staples, and energy.

**Country Allocations \|** Denmark and Australia.

**Positions \|** Novo Nordisk A/S, a Danish pharmaceutical company that develops and manufactures medications primarily focused on diabetes, rare blood disorders, and other endocrine diseases. The stock price plunged in December 2024 after reporting its new weight loss drug, CagriSema, missed expectations during trials. Investors had high hopes of the drug becoming the next evolution of obesity drugs.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715441.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since<br>Inception<br>(7/1/16)** |
| **Invesco MSCI World SRI Index Fund (Class C) —including sales charge** | 13.34% | 12.78%\* | 9.06%\* |
| **Invesco MSCI World SRI Index Fund (Class C) —excluding sales charge** | 14.34% | 12.78%\* | 9.06%\* |
| **Custom Invesco MSCI World SRI Index (Net)** | 15.33% | 13.74% | 11.86% |
| **MSCI World SRI Index (Net)** | 15.33% | 13.74% | 12.85% |
| **MSCI World Index<sup>SM</sup> (Net)** | 22.02% | 15.58% | 12.83% |

---

The Custom Invesco MSCI World SRI Index (Net) is composed of the MSCI World Index<sup>SM</sup> (Net) through June 30, 2020, and the MSCI World SRI Index (Net) thereafter.

Prior to June 29, 2020, the Fund was not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund prior to June 29, 2020 may have deviated significantly from the performance of the index(es).

\*Amount includes the effect of the Adviser pay-in for an economic loss that occurred on July 31, 2024. Had the pay-in not been made, the total return would have been lower.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7427050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;10.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;6.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;1.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715436.jpg)

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

At a meeting held on December 8-10, 2025, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund will close to investments by new accounts after the close of business on January 6, 2026. The Fund will be liquidated on or about February 24, 2026.

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

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

![TSR_QRcode](images_2624.jpg)

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

GLRE-AR-C **Invesco MSCI World SRI Index Fund**

![TSR_logo](images_2625.jpg)

### Invesco MSCI World SRI Index Fund

### Class R: VSQRX

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

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco MSCI World SRI Index Fund<br>(Class R) | $740.69%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global equity markets rose 22.64%, as represented by the MSCI All Country World Index (net). Despite geopolitical and policy uncertainties, investors rallied around company investments in artificial intelligence (AI), strong corporate earnings, economic growth and central banks' easing of monetary policies. The Fund's exposure to the US averaged 69% for the year, which aided performance as US markets gained 21.45% realized by the S&P 500<sup>®</sup> Index.

**•** The Fund seeks to track the investment results (before fees and expenses) of the MSCI World SRI Index (Net) (the "Index").

• For the fiscal year ended October 31, 2025, Class R shares of the Fund returned 14.94%, which differed from the return of the Index, 15.33%, primarily due to fees and expenses that the Fund incurred during the period.

#### What contributed to performance?
**Sector Allocations \|** Information technology, consumer discretionary, financials, and industrials.

**Country Allocations \|** United States, Japan, and Canada.

**Positions \|** NVIDIA Corp., a big tech company that develops and sells high-performance Graphics Processing Units and integrated systems, combined with a proprietary software platform, which serves as the foundational infrastructure for AI and data centers, and other specialized computing markets. The company has benefited greatly from surging AI demand and rise in supercomputers used for AI Research SuperCluster computers to train complex AI models.

#### What detracted from performance?
**Sector Allocations \|** Health care, real estate, consumer staples, and energy.

**Country Allocations \|** Denmark and Australia.

**Positions \|** Novo Nordisk A/S, a Danish pharmaceutical company that develops and manufactures medications primarily focused on diabetes, rare blood disorders, and other endocrine diseases. The stock price plunged in December 2024 after reporting its new weight loss drug, CagriSema, missed expectations during trials. Investors had high hopes of the drug becoming the next evolution of obesity drugs.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715458.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since<br>Inception<br>(7/1/16)** |
| **Invesco MSCI World SRI Index Fund (Class R)** | 14.94% | 13.35%\* | 9.50%\* |
| **Custom Invesco MSCI World SRI Index (Net)** | 15.33% | 13.74% | 11.86% |
| **MSCI World SRI Index (Net)** | 15.33% | 13.74% | 12.85% |
| **MSCI World Index<sup>SM</sup> (Net)** | 22.02% | 15.58% | 12.83% |

---

The Custom Invesco MSCI World SRI Index (Net) is composed of the MSCI World Index<sup>SM</sup> (Net) through June 30, 2020, and the MSCI World SRI Index (Net) thereafter.

Prior to June 29, 2020, the Fund was not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund prior to June 29, 2020 may have deviated significantly from the performance of the index(es).

\*Amount includes the effect of the Adviser pay-in for an economic loss that occurred on July 31, 2024. Had the pay-in not been made, the total return would have been lower.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7427050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;10.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;6.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;1.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715463.jpg)

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

At a meeting held on December 8-10, 2025, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund will close to investments by new accounts after the close of business on January 6, 2026. The Fund will be liquidated on or about February 24, 2026.

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

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

![TSR_QRcode](images_2624.jpg)

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

GLRE-AR-R **Invesco MSCI World SRI Index Fund**

![TSR_logo](images_2625.jpg)

### Invesco MSCI World SRI Index Fund

### Class Y: VSQYX

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

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco MSCI World SRI Index Fund<br>(Class Y) | $200.19%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global equity markets rose 22.64%, as represented by the MSCI All Country World Index (net). Despite geopolitical and policy uncertainties, investors rallied around company investments in artificial intelligence (AI), strong corporate earnings, economic growth and central banks' easing of monetary policies. The Fund's exposure to the US averaged 69% for the year, which aided performance as US markets gained 21.45% realized by the S&P 500<sup>®</sup> Index.

**•** The Fund seeks to track the investment results (before fees and expenses) of the MSCI World SRI Index (Net) (the "Index").

• For the fiscal year ended October 31, 2025, Class Y shares of the Fund returned 15.50%, which differed from the return of the Index, 15.33%, primarily due to fees and expenses that the Fund incurred during the period.

#### What contributed to performance?
**Sector Allocations \|** Information technology, consumer discretionary, financials, and industrials.

**Country Allocations \|** United States, Japan, and Canada.

**Positions \|** NVIDIA Corp., a big tech company that develops and sells high-performance Graphics Processing Units and integrated systems, combined with a proprietary software platform, which serves as the foundational infrastructure for AI and data centers, and other specialized computing markets. The company has benefited greatly from surging AI demand and rise in supercomputers used for AI Research SuperCluster computers to train complex AI models.

#### What detracted from performance?
**Sector Allocations \|** Health care, real estate, consumer staples, and energy.

**Country Allocations \|** Denmark and Australia.

**Positions \|** Novo Nordisk A/S, a Danish pharmaceutical company that develops and manufactures medications primarily focused on diabetes, rare blood disorders, and other endocrine diseases. The stock price plunged in December 2024 after reporting its new weight loss drug, CagriSema, missed expectations during trials. Investors had high hopes of the drug becoming the next evolution of obesity drugs.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715513.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since<br>Inception<br>(7/1/16)** |
| **Invesco MSCI World SRI Index Fund (Class Y)** | 15.50% | 13.93%\* | 10.05%\* |
| **Custom Invesco MSCI World SRI Index (Net)** | 15.33% | 13.74% | 11.86% |
| **MSCI World SRI Index (Net)** | 15.33% | 13.74% | 12.85% |
| **MSCI World Index<sup>SM</sup> (Net)** | 22.02% | 15.58% | 12.83% |

---

The Custom Invesco MSCI World SRI Index (Net) is composed of the MSCI World Index<sup>SM</sup> (Net) through June 30, 2020, and the MSCI World SRI Index (Net) thereafter.

Prior to June 29, 2020, the Fund was not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund prior to June 29, 2020 may have deviated significantly from the performance of the index(es).

\*Amount includes the effect of the Adviser pay-in for an economic loss that occurred on July 31, 2024. Had the pay-in not been made, the total return would have been lower.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7427050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;10.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;6.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;1.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715508.jpg)

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

At a meeting held on December 8-10, 2025, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund will close to investments by new accounts after the close of business on January 6, 2026. The Fund will be liquidated on or about February 24, 2026.

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

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

![TSR_QRcode](images_2624.jpg)

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

GLRE-AR-Y **Invesco MSCI World SRI Index Fund**

![TSR_logo](images_2625.jpg)

### Invesco MSCI World SRI Index Fund

### Class R5: VSQFX

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

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco MSCI World SRI Index Fund<br>(Class R5) | $200.19%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global equity markets rose 22.64%, as represented by the MSCI All Country World Index (net). Despite geopolitical and policy uncertainties, investors rallied around company investments in artificial intelligence (AI), strong corporate earnings, economic growth and central banks' easing of monetary policies. The Fund's exposure to the US averaged 69% for the year, which aided performance as US markets gained 21.45% realized by the S&P 500<sup>®</sup> Index.

**•** The Fund seeks to track the investment results (before fees and expenses) of the MSCI World SRI Index (Net) (the "Index").

• For the fiscal year ended October 31, 2025, Class R5 shares of the Fund returned 15.50%, which differed from the return of the Index, 15.33%, primarily due to fees and expenses that the Fund incurred during the period.

#### What contributed to performance?
**Sector Allocations \|** Information technology, consumer discretionary, financials, and industrials.

**Country Allocations \|** United States, Japan, and Canada.

**Positions \|** NVIDIA Corp., a big tech company that develops and sells high-performance Graphics Processing Units and integrated systems, combined with a proprietary software platform, which serves as the foundational infrastructure for AI and data centers, and other specialized computing markets. The company has benefited greatly from surging AI demand and rise in supercomputers used for AI Research SuperCluster computers to train complex AI models.

#### What detracted from performance?
**Sector Allocations \|** Health care, real estate, consumer staples, and energy.

**Country Allocations \|** Denmark and Australia.

**Positions \|** Novo Nordisk A/S, a Danish pharmaceutical company that develops and manufactures medications primarily focused on diabetes, rare blood disorders, and other endocrine diseases. The stock price plunged in December 2024 after reporting its new weight loss drug, CagriSema, missed expectations during trials. Investors had high hopes of the drug becoming the next evolution of obesity drugs.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715530.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since<br>Inception<br>(7/1/16)** |
| **Invesco MSCI World SRI Index Fund (Class R5)** | 15.50% | 13.93%\* | 10.05%\* |
| **Custom Invesco MSCI World SRI Index (Net)** | 15.33% | 13.74% | 11.86% |
| **MSCI World SRI Index (Net)** | 15.33% | 13.74% | 12.85% |
| **MSCI World Index<sup>SM</sup> (Net)** | 22.02% | 15.58% | 12.83% |

---

The Custom Invesco MSCI World SRI Index (Net) is composed of the MSCI World Index<sup>SM</sup> (Net) through June 30, 2020, and the MSCI World SRI Index (Net) thereafter.

Prior to June 29, 2020, the Fund was not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund prior to June 29, 2020 may have deviated significantly from the performance of the index(es).

\*Amount includes the effect of the Adviser pay-in for an economic loss that occurred on July 31, 2024. Had the pay-in not been made, the total return would have been lower.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7427050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;10.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;6.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;1.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715535.jpg)

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

At a meeting held on December 8-10, 2025, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund will close to investments by new accounts after the close of business on January 6, 2026. The Fund will be liquidated on or about February 24, 2026.

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

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

![TSR_QRcode](images_2624.jpg)

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

GLRE-AR-R5 **Invesco MSCI World SRI Index Fund**

![TSR_logo](images_2625.jpg)

### Invesco MSCI World SRI Index Fund

### Class R6: VSQSX

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

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco MSCI World SRI Index Fund<br>(Class R6) | $200.19%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, global equity markets rose 22.64%, as represented by the MSCI All Country World Index (net). Despite geopolitical and policy uncertainties, investors rallied around company investments in artificial intelligence (AI), strong corporate earnings, economic growth and central banks' easing of monetary policies. The Fund's exposure to the US averaged 69% for the year, which aided performance as US markets gained 21.45% realized by the S&P 500<sup>®</sup> Index.

**•** The Fund seeks to track the investment results (before fees and expenses) of the MSCI World SRI Index (Net) (the "Index").

• For the fiscal year ended October 31, 2025, Class R6 shares of the Fund returned 15.44%, which differed from the return of the Index, 15.33%, primarily due to fees and expenses that the Fund incurred during the period.

#### What contributed to performance?
**Sector Allocations \|** Information technology, consumer discretionary, financials, and industrials.

**Country Allocations \|** United States, Japan, and Canada.

**Positions \|** NVIDIA Corp., a big tech company that develops and sells high-performance Graphics Processing Units and integrated systems, combined with a proprietary software platform, which serves as the foundational infrastructure for AI and data centers, and other specialized computing markets. The company has benefited greatly from surging AI demand and rise in supercomputers used for AI Research SuperCluster computers to train complex AI models.

#### What detracted from performance?
**Sector Allocations \|** Health care, real estate, consumer staples, and energy.

**Country Allocations \|** Denmark and Australia.

**Positions \|** Novo Nordisk A/S, a Danish pharmaceutical company that develops and manufactures medications primarily focused on diabetes, rare blood disorders, and other endocrine diseases. The stock price plunged in December 2024 after reporting its new weight loss drug, CagriSema, missed expectations during trials. Investors had high hopes of the drug becoming the next evolution of obesity drugs.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9715585.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since<br>Inception<br>(7/1/16)** |
| **Invesco MSCI World SRI Index Fund (Class R6)** | 15.44% | 13.92%\* | 10.04%\* |
| **Custom Invesco MSCI World SRI Index (Net)** | 15.33% | 13.74% | 11.86% |
| **MSCI World SRI Index (Net)** | 15.33% | 13.74% | 12.85% |
| **MSCI World Index<sup>SM</sup> (Net)** | 22.02% | 15.58% | 12.83% |

---

The Custom Invesco MSCI World SRI Index (Net) is composed of the MSCI World Index<sup>SM</sup> (Net) through June 30, 2020, and the MSCI World SRI Index (Net) thereafter.

Prior to June 29, 2020, the Fund was not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund prior to June 29, 2020 may have deviated significantly from the performance of the index(es).

\*Amount includes the effect of the Adviser pay-in for an economic loss that occurred on July 31, 2024. Had the pay-in not been made, the total return would have been lower.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7427050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;10.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;6.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;1.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9715580.jpg)

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

At a meeting held on December 8-10, 2025, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund will close to investments by new accounts after the close of business on January 6, 2026. The Fund will be liquidated on or about February 24, 2026.

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

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

![TSR_QRcode](images_2624.jpg)

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

GLRE-AR-R6 **Invesco MSCI World SRI Index Fund**

------

(b) Not applicable.

------

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended October 31, 2025.

------

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that the Registrant has two audit committee financial experts serving on its Audit Committee: Anthony J. LaCava, Jr. and James Liddy. Each of these audit committee financial experts is "independent" within the meaning of that term as used in Form N-CSR.

------

Item 4. Principal Accountant Fees and Services.

------

(a) to (d)

#### Fees Billed by PwC Related to the Registrant
PricewaterhouseCoopers LLP ("PwC"), the Registrant's independent registered public accounting firm, billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

---

| | | |
|:---|:---|:---|
|  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2025  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2024  |
| Audit Fees  | $414511  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$387628  |
| Audit-Related Fees<sup>(</sup><sup>1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17168&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6996&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Tax Fees<sup>(</sup><sup>2)</sup>  | $253197  | $211007  |
| All Other Fees  | $0  | <u>$0</u>  |
| Total Fees  | $684876  | $605631  |

---

(1) Audit-Related Fees for the fiscal years ended 2025 and 2024 includes fees billed for reviewing regulatory filings. 

(2) Tax Fees for the fiscal years ended 2025 and 2024 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences. 

#### Fees Billed by PwC Related to Invesco and Affiliates
PwC billed Invesco Advisers, Inc. ("Invesco"), the Registrant's investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Affiliates") aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

---

| | | |
|:---|:---|:---|
|  | Fees Billed for Non- <br> Audit Services <br> Rendered to <br> Invesco and <br> Affiliates for Fiscal <br> Year Ended 2025 That <br> Were Required <br> to be Pre-Approved <br> by the Registrant's Audit Committee  | Fees Billed for Non- <br> Audit Services <br> Rendered to <br> Invesco and <br> Affiliates for Fiscal <br> Year Ended 2024 That <br> Were Required <br> to be Pre-Approved <br> by the Registrant's Audit Committee  |
| Audit-Related Fees<sup>(</sup><sup>1)</sup>  | $1161000 | &nbsp;&nbsp;&nbsp;&nbsp;$1134000  |
| Tax Fees  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0  |
| All Other Fees  | <u>$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 0</u>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>$0</u>  |
| Total Fees  | $1161000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1134000  |

---

------

(1) Audit-Related Fees for the fiscal years ended 2025 and 2024 include fees billed related to reviewing controls at a service organization.

#### (e)(1)

#### PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

#### POLICIES AND PROCEDURES
As adopted by the Audit Committees

of the Invesco Funds (the "Funds")

Last Amended March 29, 2017

I. **Statement of Principles** 

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

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

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

II. **Pre-Approval of Fund Audit Services** 

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

------

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

III. **General and Specific Pre-Approval of Non-Audit Fund Services** 

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

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

IV. **Non-Audit Service Types** 

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

a. <u>Audit-Related Services</u> 

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

b. <u>Tax Services</u> 

"Tax services" include, but are not limited to, the review and signing of the Funds' federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds' Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

------

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

c. <u>Other Services</u> 

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

V. **Pre-Approval of Service Affiliate's Covered Engagements** 

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

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

Each request for specific pre-approval by the Audit Committee of a Service Affiliate's Covered Engagement must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds' Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

------

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

VI. **Pre-Approved Fee Levels or Established Amounts** 

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

VII. **Delegation** 

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

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

VIII. **Compliance with Procedures** 

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

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

IX. **Amendments to Procedures** 

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

------

#### Appendix I

#### Non-Audit Services That May Impair the Auditor's Independence
The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

· Management functions; 

· Human resources; 

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

· Legal services; 

· Expert services unrelated to the audit; 

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

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

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

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

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements:

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

· Financial information systems design and implementation; 

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

· Actuarial services; and 

· Internal audit outsourcing services. 

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

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,737,000 for the fiscal year ended October 31, 2025 and $6,466,000 for the fiscal year ended October 31, 2024. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $8,151,197 for the fiscal year ended October 31, 2025 and $7,811,007 for the fiscal year ended October 31, 2024.

PwC provided audit services to the Investment Company complex of approximately $35 million.

------

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

(i) Not applicable.

(j) Not applicable.

---

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

---

------

Item 5. Audit Committee of Listed Registrants.

Not applicable.

------

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](img057e30fa1.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Advantage International Fund**

Nasdaq:

A: QMGAX ■ C: QMGCX ■ R: QMGRX ■ Y: QMGYX ■ R5: GMAGX ■ R6: QMGIX

------

---

| | |
|:---|:---|
| [2](#xx_b22038d9-d7de-49ad-98bc-656c6de7213b_SOI-Continued-764_1) | Schedule of Investments |
| [8](#xx_b22038d9-d7de-49ad-98bc-656c6de7213b_FS-Continued-764_1) | Financial Statements |
| [11](#xx_b22038d9-d7de-49ad-98bc-656c6de7213b_FS-Continued-764_4) | Financial Highlights |
| [12](#xx_b22038d9-d7de-49ad-98bc-656c6de7213b_NTF-Continued-764_1) | Notes to Financial Statements |
| [22](#xx_b22038d9-d7de-49ad-98bc-656c6de7213b_ARS-Continued-764_1) | Report of Independent Registered Public Accounting Firm |
| [23](#xx_b22038d9-d7de-49ad-98bc-656c6de7213b_AOC-Continued-764_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [25](#xx_b22038d9-d7de-49ad-98bc-656c6de7213b_TI-Continued-764_1) | Tax Information |
| [26](#xx_b22038d9-d7de-49ad-98bc-656c6de7213b_OIRSR-Continued-764_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–81.54%** | **Common Stocks & Other Equity Interests–81.54%** | **Common Stocks & Other Equity Interests–81.54%** |
| **Australia–1.17%** | **Australia–1.17%** | **Australia–1.17%** |
| BHP Group Ltd. | 3284 | &nbsp;&nbsp; $93621 |
| Commonwealth Bank of Australia | 423 | &nbsp;&nbsp; 47463 |
| Fortescue Ltd. | 2021 | &nbsp;&nbsp; 28107 |
| Glencore PLC<sup>(a)</sup>  | 9641 | &nbsp;&nbsp; 46186 |
| Rio Tinto Ltd. | 1431 | &nbsp;&nbsp; 124248 |
| Rio Tinto PLC | 1179 | &nbsp;&nbsp; 84994 |
| Telstra Group Ltd. | 31565 | &nbsp;&nbsp; 100845 |
| Transurban Group | 6020 | &nbsp;&nbsp; 56959 |
| Wesfarmers Ltd. | 758 | &nbsp;&nbsp; 41604 |
| Westpac Banking Corp. | 483 | &nbsp;&nbsp; 12222 |
| Woolworths Group Ltd. | 2396 | &nbsp;&nbsp; 44515 |
|  |  | &nbsp;&nbsp; 680764 |
| **Belgium–0.54%** | **Belgium–0.54%** | **Belgium–0.54%** |
| Anheuser-Busch InBev S.A./N.V. | 4321 | &nbsp;&nbsp; 263483 |
| KBC Group N.V. | 421 | &nbsp;&nbsp; 50650 |
|  |  | &nbsp;&nbsp; 314133 |
| **Brazil–2.05%** | **Brazil–2.05%** | **Brazil–2.05%** |
| Ambev S.A. | 34400 | &nbsp;&nbsp; 81269 |
| B3 S.A. - Brasil, Bolsa, Balcao | 16300 | &nbsp;&nbsp; 38357 |
| Banco Bradesco S.A., Preference <br> Shares | 41300 | &nbsp;&nbsp; 139408 |
| Banco BTG Pactual S.A., Series CPO | 1500 | &nbsp;&nbsp; 13612 |
| Banco do Brasil S.A. | 39300 | &nbsp;&nbsp; 159977 |
| Banco Santander Brasil S.A., <br> Series CPO | 3000 | &nbsp;&nbsp; 17364 |
| BB Seguridade Participacoes S.A. | 3200 | &nbsp;&nbsp; 19539 |
| Cia de Saneamento Basico do Estado <br> de Sao Paulo SABESP | 800 | &nbsp;&nbsp; 19603 |
| Embraer S.A. | 900 | &nbsp;&nbsp; 14552 |
| Gerdau S.A., Preference Shares | 28200 | &nbsp;&nbsp; 99277 |
| Itau Unibanco Holding S.A., Preference <br> Shares | 5400 | &nbsp;&nbsp; 39587 |
| Itausa S.A., Preference Shares | 30600 | &nbsp;&nbsp; 66263 |
| Localiza Rent a Car S.A. | 4000 | &nbsp;&nbsp; 29324 |
| Petroleo Brasileiro S.A., Preference <br> Shares | 11800 | &nbsp;&nbsp; 65252 |
| Telefonica Brasil S.A. | 7400 | &nbsp;&nbsp; 44070 |
| TIM S.A. | 12200 | &nbsp;&nbsp; 55082 |
| Vale S.A. | 22400 | &nbsp;&nbsp; 271717 |
| WEG S.A. | 1600 | &nbsp;&nbsp; 12521 |
|  |  | &nbsp;&nbsp; 1186774 |
| **Chile–0.25%** | **Chile–0.25%** | **Chile–0.25%** |
| Banco de Chile | 72261 | &nbsp;&nbsp; 12672 |
| Cencosud S.A. | 5039 | &nbsp;&nbsp; 15608 |
| Empresas COPEC S.A. | 2498 | &nbsp;&nbsp; 17844 |
| Enel Americas S.A. | 446228 | &nbsp;&nbsp; 42187 |
| LATAM Airlines Group S.A.<sup>(a)</sup>  | 2601777 | &nbsp;&nbsp; 59130 |
|  |  | &nbsp;&nbsp; 147441 |
| **China–12.94%** | **China–12.94%** | **China–12.94%** |
| Agricultural Bank of China Ltd., H <br> Shares | 50000 | &nbsp;&nbsp; 38144 |
| Akeso, Inc.<sup>(a)(b)</sup>  | 1000 | &nbsp;&nbsp; 14561 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **China–(continued)** | **China–(continued)** | **China–(continued)** |
| Alibaba Group Holding Ltd. | 51100 | &nbsp;&nbsp; $1087343 |
| Aluminum Corp. of China Ltd., H Shares | 26000 | &nbsp;&nbsp; 33059 |
| Anhui Conch Cement Co. Ltd., H Shares | 5500 | &nbsp;&nbsp; 16398 |
| ANTA Sports Products Ltd. | 3200 | &nbsp;&nbsp; 33402 |
| Baidu, Inc., A Shares<sup>(a)</sup>  | 15900 | &nbsp;&nbsp; 240666 |
| Bank of China Ltd., H Shares | 646000 | &nbsp;&nbsp; 365793 |
| Bank of Communications Co. Ltd., H Shares | 122000 | &nbsp;&nbsp; 108373 |
| Beijing Enterprises Holdings Ltd. | 3000 | &nbsp;&nbsp; 13164 |
| BOC Hong Kong (Holdings) Ltd. | 10500 | &nbsp;&nbsp; 51594 |
| BYD Co. Ltd., H Shares | 8400 | &nbsp;&nbsp; 108528 |
| BYD Electronic International Co. Ltd. | 2000 | &nbsp;&nbsp; 9389 |
| China CITIC Bank Corp. Ltd., H Shares | 53000 | &nbsp;&nbsp; 50568 |
| China Coal Energy Co. Ltd., H Shares | 12000 | &nbsp;&nbsp; 16904 |
| China Construction Bank Corp., H Shares | 734000 | &nbsp;&nbsp; 726690 |
| China Everbright Bank Co. Ltd., H Shares | 20000 | &nbsp;&nbsp; 8205 |
| China Hongqiao Group Ltd. | 38000 | &nbsp;&nbsp; 144278 |
| China Life Insurance Co. Ltd., H Shares | 9000 | &nbsp;&nbsp; 28381 |
| China Mengniu Dairy Co. Ltd. | 6000 | &nbsp;&nbsp; 10918 |
| China Merchants Bank Co. Ltd., H Shares | 11500 | &nbsp;&nbsp; 72088 |
| China Minsheng Banking Corp. Ltd., H Shares | 53500 | &nbsp;&nbsp; 27409 |
| China Overseas Land & Investment Ltd. | 31000 | &nbsp;&nbsp; 52024 |
| China Pacific Insurance (Group) Co. Ltd., H <br> Shares | 9200 | &nbsp;&nbsp; 37297 |
| China Petroleum & Chemical Corp., H Shares | 66000 | &nbsp;&nbsp; 35106 |
| China Resources Beer (Holdings) Co. Ltd. | 3500 | &nbsp;&nbsp; 11972 |
| China Resources Land Ltd. | 12000 | &nbsp;&nbsp; 43355 |
| China Resources Power Holdings Co. Ltd. | 6000 | &nbsp;&nbsp; 14348 |
| China Taiping Insurance Holdings Co. Ltd. | 4400 | &nbsp;&nbsp; 10008 |
| China Tower Corp. Ltd., H Shares<sup>(b)</sup>  | 10500 | &nbsp;&nbsp; 15169 |
| Chongqing Rural Commercial Bank Co. Ltd., H <br> Shares | 18000 | &nbsp;&nbsp; 14803 |
| CITIC Ltd. | 35000 | &nbsp;&nbsp; 54097 |
| CMOC Group Ltd., H Shares | 9000 | &nbsp;&nbsp; 19485 |
| COSCO SHIPPING Holdings Co. Ltd., H Shares | 17500 | &nbsp;&nbsp; 30349 |
| CSPC Pharmaceutical Group Ltd. | 74640 | &nbsp;&nbsp; 73520 |
| ENN Energy Holdings Ltd. | 1800 | &nbsp;&nbsp; 15684 |
| Full Truck Alliance Co. Ltd., ADR | 833 | &nbsp;&nbsp; 10829 |
| Geely Automobile Holdings Ltd. | 25000 | &nbsp;&nbsp; 59308 |
| Great Wall Motor Co. Ltd. | 14000 | &nbsp;&nbsp; 27078 |
| Guangdong Investment Ltd. | 14000 | &nbsp;&nbsp; 13300 |
| Haier Smart Home Co. Ltd., H Shares | 16400 | &nbsp;&nbsp; 53331 |
| Huatai Securities Co. Ltd., H Shares<sup>(b)</sup>  | 3600 | &nbsp;&nbsp; 9051 |
| Industrial & Commercial Bank of China Ltd., H <br> Shares | 577000 | &nbsp;&nbsp; 447059 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup>  | 1000 | &nbsp;&nbsp; 11218 |
| JD Logistics, Inc.<sup>(a)(b)</sup>  | 8400 | &nbsp;&nbsp; 13694 |
| JD.com, Inc., A Shares | 24616 | &nbsp;&nbsp; 406410 |
| Jiangxi Copper Co. Ltd., H Shares | 3000 | &nbsp;&nbsp; 12517 |
| KE Holdings, Inc., ADR | 2147 | &nbsp;&nbsp; 36606 |
| Kingdee International Software Group Co. <br> Ltd.<sup>(a)</sup>  | 9000 | &nbsp;&nbsp; 16980 |
| Kingsoft Corp. Ltd. | 4800 | &nbsp;&nbsp; 20924 |
| Kuaishou Technology<sup>(b)</sup>  | 14200 | &nbsp;&nbsp; 131837 |
| Kunlun Energy Co. Ltd. | 16000 | &nbsp;&nbsp; 14707 |
| Lenovo Group Ltd. | 20000 | &nbsp;&nbsp; 29177 |
| Li Ning Co. Ltd. | 12000 | &nbsp;&nbsp; 26091 |

---

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

**2**

**Invesco Advantage International Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **China–(continued)** | **China–(continued)** | **China–(continued)** |
| Longfor Group Holdings Ltd.<sup>(b)</sup>  | 14000 | &nbsp;&nbsp; $17293 |
| Meituan, B Shares<sup>(a)(b)</sup>  | 19200 | &nbsp;&nbsp; 252725 |
| Midea Group Co. Ltd. | 8600 | &nbsp;&nbsp; 92960 |
| NetEase, Inc. | 6500 | &nbsp;&nbsp; 182395 |
| New China Life Insurance Co. Ltd., H Shares | 7000 | &nbsp;&nbsp; 44237 |
| New Oriental Education & Technology Group, <br> Inc.<sup>(a)</sup>  | 4200 | &nbsp;&nbsp; 25115 |
| PDD Holdings, Inc., ADR<sup>(a)</sup>  | 4650 | &nbsp;&nbsp; 627145 |
| PetroChina Co. Ltd., H Shares | 64000 | &nbsp;&nbsp; 66158 |
| PICC Property & Casualty Co. Ltd., H Shares | 8000 | &nbsp;&nbsp; 18900 |
| Ping An Insurance (Group) Co. of China Ltd., H <br> Shares | 19500 | &nbsp;&nbsp; 140874 |
| Pop Mart International Group Ltd.<sup>(b)</sup>  | 1600 | &nbsp;&nbsp; 45512 |
| Postal Savings Bank of China Co. Ltd., H <br> Shares<sup>(b)</sup>  | 41000 | &nbsp;&nbsp; 28889 |
| Shenzhou International Group Holdings Ltd. | 2000 | &nbsp;&nbsp; 17264 |
| Sino Biopharmaceutical Ltd. | 51000 | &nbsp;&nbsp; 46457 |
| Sinotruk Hong Kong Ltd. | 4500 | &nbsp;&nbsp; 15034 |
| SITC International Holdings Co. Ltd. | 4000 | &nbsp;&nbsp; 14759 |
| Tencent Holdings Ltd. | 4500 | &nbsp;&nbsp; 365525 |
| Tencent Music Entertainment Group, ADR | 3506 | &nbsp;&nbsp; 78254 |
| Trip.com Group Ltd. | 1650 | &nbsp;&nbsp; 116113 |
| Vipshop Holdings Ltd., ADR | 3287 | &nbsp;&nbsp; 57490 |
| Want Want China Holdings Ltd. | 40000 | &nbsp;&nbsp; 25849 |
| Weichai Power Co. Ltd., H Shares | 10000 | &nbsp;&nbsp; 20663 |
| WuXi AppTec Co. Ltd., H Shares<sup>(b)</sup>  | 1300 | &nbsp;&nbsp; 18165 |
| Wuxi Biologics (Cayman), Inc.<sup>(a)(b)</sup>  | 14500 | &nbsp;&nbsp; 67629 |
| XPeng, Inc.<sup>(a)</sup>  | 1900 | &nbsp;&nbsp; 22135 |
| Yum China Holdings, Inc. | 307 | &nbsp;&nbsp; 13281 |
| Zijin Mining Group Co. Ltd., H Shares | 14000 | &nbsp;&nbsp; 57918 |
| ZTE Corp., H Shares | 3000 | &nbsp;&nbsp; 12672 |
| ZTO Express (Cayman), Inc., ADR | 1972 | &nbsp;&nbsp; 36659 |
|  |  | &nbsp;&nbsp; 7501259 |
| **Colombia–0.15%** | **Colombia–0.15%** | **Colombia–0.15%** |
| Grupo Cibest S.A., Preference Shares | 5784 | &nbsp;&nbsp; 84479 |
| **Czech Republic–0.03%** | **Czech Republic–0.03%** | **Czech Republic–0.03%** |
| CEZ A.S. | 263 | &nbsp;&nbsp; 16106 |
| **Denmark–0.27%** | **Denmark–0.27%** | **Denmark–0.27%** |
| Danske Bank A/S | 1221 | &nbsp;&nbsp; 54570 |
| Novo Nordisk A/S, Class B | 2114 | &nbsp;&nbsp; 104076 |
|  |  | &nbsp;&nbsp; 158646 |
| **Finland–0.63%** | **Finland–0.63%** | **Finland–0.63%** |
| Kone OYJ, Class B | 758 | &nbsp;&nbsp; 50644 |
| Nokia OYJ | 20808 | &nbsp;&nbsp; 141938 |
| Nordea Bank Abp | 8126 | &nbsp;&nbsp; 139010 |
| Sampo OYJ | 2947 | &nbsp;&nbsp; 32848 |
|  |  | &nbsp;&nbsp; 364440 |
| **France–7.74%** | **France–7.74%** | **France–7.74%** |
| Air Liquide S.A. | 1315 | &nbsp;&nbsp; 254504 |
| AXA S.A. | 2865 | &nbsp;&nbsp; 124308 |
| BNP Paribas S.A. | 2771 | &nbsp;&nbsp; 214636 |
| Capgemini SE | 126 | &nbsp;&nbsp; 19384 |
| Cie de Saint-Gobain S.A. | 1644 | &nbsp;&nbsp; 159570 |
| Cie Generale des Etablissements Michelin S.C.A. | 631 | &nbsp;&nbsp; 20158 |
| Credit Agricole S.A. | 2821 | &nbsp;&nbsp; 50923 |
| Danone S.A. | 1738 | &nbsp;&nbsp; 153494 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **France–(continued)** | **France–(continued)** | **France–(continued)** |
| ENGIE S.A. | 6717 | &nbsp;&nbsp; $157265 |
| EssilorLuxottica S.A. | 3335 | &nbsp;&nbsp; 1221339 |
| Hermes International S.C.A. | 48 | &nbsp;&nbsp; 118774 |
| Kering S.A. | 94 | &nbsp;&nbsp; 33381 |
| Legrand S.A. | 88 | &nbsp;&nbsp; 15197 |
| Orange S.A. | 6294 | &nbsp;&nbsp; 100681 |
| Safran S.A. | 940 | &nbsp;&nbsp; 333999 |
| Sartorius Stedim Biotech | 1785 | &nbsp;&nbsp; 426917 |
| Societe Generale S.A. | 6717 | &nbsp;&nbsp; 425996 |
| Thales S.A. | 1033 | &nbsp;&nbsp; 294563 |
| Veolia Environnement S.A. | 1516 | &nbsp;&nbsp; 50099 |
| Vinci S.A. | 2348 | &nbsp;&nbsp; 313966 |
|  |  | &nbsp;&nbsp; 4489154 |
| **Germany–7.29%** | **Germany–7.29%** | **Germany–7.29%** |
| adidas AG | 37 | &nbsp;&nbsp; 6996 |
| Allianz SE | 613 | &nbsp;&nbsp; 246329 |
| BASF SE | 329 | &nbsp;&nbsp; 16233 |
| Bayer AG | 1642 | &nbsp;&nbsp; 51074 |
| Bayerische Motoren Werke AG | 112 | &nbsp;&nbsp; 10443 |
| Deutsche Bank AG | 4556 | &nbsp;&nbsp; 163106 |
| Deutsche Boerse AG | 329 | &nbsp;&nbsp; 83316 |
| Deutsche Post AG | 842 | &nbsp;&nbsp; 38687 |
| Deutsche Telekom AG | 12682 | &nbsp;&nbsp; 392827 |
| E.ON SE | 5448 | &nbsp;&nbsp; 101367 |
| Hannover Rueck SE | 48 | &nbsp;&nbsp; 13703 |
| Henkel AG & Co. KGaA, Preference Shares | 149 | &nbsp;&nbsp; 12071 |
| Infineon Technologies AG | 394 | &nbsp;&nbsp; 15639 |
| Mercedes-Benz Group AG | 1362 | &nbsp;&nbsp; 88373 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, Class R | 188 | &nbsp;&nbsp; 116314 |
| Rheinmetall AG | 469 | &nbsp;&nbsp; 921953 |
| RWE AG | 1810 | &nbsp;&nbsp; 89107 |
| SAP SE | 2114 | &nbsp;&nbsp; 549793 |
| Siemens AG | 1644 | &nbsp;&nbsp; 465905 |
| Siemens Energy AG, Class A<sup>(a)</sup>  | 6482 | &nbsp;&nbsp; 807562 |
| Volkswagen AG, Preference Shares | 329 | &nbsp;&nbsp; 34261 |
|  |  | &nbsp;&nbsp; 4225059 |
| **Greece–0.59%** | **Greece–0.59%** | **Greece–0.59%** |
| Eurobank Ergasias Services and Holdings S.A. | 58667 | &nbsp;&nbsp; 220682 |
| Hellenic Telecommunications Organization S.A. | 745 | &nbsp;&nbsp; 13990 |
| National Bank of Greece S.A. | 4864 | &nbsp;&nbsp; 71494 |
| OPAP S.A. | 1797 | &nbsp;&nbsp; 37151 |
|  |  | &nbsp;&nbsp; 343317 |
| **Hong Kong–0.98%** | **Hong Kong–0.98%** | **Hong Kong–0.98%** |
| AIA Group Ltd. | 7000 | &nbsp;&nbsp; 68115 |
| CK Hutchison Holdings Ltd. | 4500 | &nbsp;&nbsp; 29842 |
| Guming Holdings Ltd.<sup>(a)</sup>  | 22400 | &nbsp;&nbsp; 65500 |
| Hang Seng Bank Ltd. | 1200 | &nbsp;&nbsp; 23394 |
| Hong Kong Exchanges & Clearing Ltd. | 4100 | &nbsp;&nbsp; 223462 |
| Prudential PLC | 6529 | &nbsp;&nbsp; 90806 |
| Sun Hung Kai Properties Ltd. | 5500 | &nbsp;&nbsp; 66928 |
|  |  | &nbsp;&nbsp; 568047 |
| **Hungary–0.32%** | **Hungary–0.32%** | **Hungary–0.32%** |
| MOL Hungarian Oil & Gas PLC | 1139 | &nbsp;&nbsp; 10020 |
| OTP Bank Nyrt. | 1832 | &nbsp;&nbsp; 174874 |
|  |  | &nbsp;&nbsp; 184894 |

---

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

**3**

**Invesco Advantage International Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Indonesia–0.58%** | **Indonesia–0.58%** | **Indonesia–0.58%** |
| PT Astra International Tbk | 341700 | &nbsp;&nbsp; $126348 |
| PT Bank Central Asia Tbk | 62200 | &nbsp;&nbsp; 31846 |
| PT Bank Negara Indonesia (Persero) Tbk | 53400 | &nbsp;&nbsp; 14035 |
| PT Bank Rakyat Indonesia (Persero) Tbk | 67700 | &nbsp;&nbsp; 16195 |
| PT GoTo Gojek Tokopedia Tbk<sup>(a)</sup>  | 3168900 | &nbsp;&nbsp; 11384 |
| PT Telkom Indonesia (Persero) Tbk | 562900 | &nbsp;&nbsp; 108885 |
| PT United Tractors Tbk | 18900 | &nbsp;&nbsp; 30559 |
|  |  | &nbsp;&nbsp; 339252 |
| **Italy–2.06%** | **Italy–2.06%** | **Italy–2.06%** |
| Assicurazioni Generali S.p.A. | 2063 | &nbsp;&nbsp; 79417 |
| Enel S.p.A. | 26680 | &nbsp;&nbsp; 269889 |
| Eni S.p.A. | 1516 | &nbsp;&nbsp; 27954 |
| Ferrari N.V. | 42 | &nbsp;&nbsp; 16819 |
| Intesa Sanpaolo S.p.A. | 39408 | &nbsp;&nbsp; 253998 |
| Poste Italiane S.p.A.<sup>(b)</sup>  | 2442 | &nbsp;&nbsp; 58876 |
| UniCredit S.p.A. | 6623 | &nbsp;&nbsp; 490411 |
|  |  | &nbsp;&nbsp; 1197364 |
| **Japan–9.04%** | **Japan–9.04%** | **Japan–9.04%** |
| AEON Co. Ltd. | 4500 | &nbsp;&nbsp; 71175 |
| Bridgestone Corp. | 2000 | &nbsp;&nbsp; 87310 |
| Canon, Inc. | 900 | &nbsp;&nbsp; 25846 |
| Central Japan Railway Co. | 1200 | &nbsp;&nbsp; 29378 |
| Chugai Pharmaceutical Co. Ltd. | 400 | &nbsp;&nbsp; 18307 |
| Dai-ichi Life Holdings, Inc. | 3100 | &nbsp;&nbsp; 21759 |
| Daiwa House Industry Co. Ltd. | 2000 | &nbsp;&nbsp; 67856 |
| Denso Corp. | 1600 | &nbsp;&nbsp; 22355 |
| East Japan Railway Co. | 2400 | &nbsp;&nbsp; 58620 |
| FANUC Corp. | 300 | &nbsp;&nbsp; 10011 |
| Fujitsu Ltd. | 4700 | &nbsp;&nbsp; 122484 |
| Hitachi Ltd. | 5500 | &nbsp;&nbsp; 187874 |
| Honda Motor Co. Ltd. | 1300 | &nbsp;&nbsp; 13139 |
| Hoya Corp. | 400 | &nbsp;&nbsp; 64973 |
| Japan Post Bank Co. Ltd. | 3100 | &nbsp;&nbsp; 34736 |
| Japan Post Holdings Co. Ltd. | 5700 | &nbsp;&nbsp; 53415 |
| Japan Tobacco, Inc. | 2700 | &nbsp;&nbsp; 94049 |
| KDDI Corp. | 4700 | &nbsp;&nbsp; 74920 |
| Komatsu Ltd. | 2800 | &nbsp;&nbsp; 93663 |
| LY Corp. | 14300 | &nbsp;&nbsp; 42021 |
| Mitsubishi Corp. | 3200 | &nbsp;&nbsp; 76840 |
| Mitsubishi Electric Corp. | 6700 | &nbsp;&nbsp; 190230 |
| Mitsubishi Estate Co. Ltd. | 1700 | &nbsp;&nbsp; 36026 |
| Mitsubishi Heavy Industries Ltd. | 21300 | &nbsp;&nbsp; 643040 |
| Mitsubishi UFJ Financial Group, Inc. | 20800 | &nbsp;&nbsp; 314190 |
| Mitsui & Co. Ltd. | 1700 | &nbsp;&nbsp; 41806 |
| Mitsui Fudosan Co. Ltd. | 2200 | &nbsp;&nbsp; 22907 |
| Mizuho Financial Group, Inc. | 5470 | &nbsp;&nbsp; 183220 |
| MS&AD Insurance Group Holdings, Inc. | 700 | &nbsp;&nbsp; 14430 |
| Murata Manufacturing Co. Ltd. | 1500 | &nbsp;&nbsp; 32341 |
| Nintendo Co. Ltd. | 6000 | &nbsp;&nbsp; 511739 |
| NTT, Inc. | 33300 | &nbsp;&nbsp; 34274 |
| ORIX Corp. | 900 | &nbsp;&nbsp; 22016 |
| Otsuka Holdings Co. Ltd. | 500 | &nbsp;&nbsp; 27212 |
| Panasonic Holdings Corp. | 10600 | &nbsp;&nbsp; 123164 |
| Recruit Holdings Co. Ltd. | 2800 | &nbsp;&nbsp; 138846 |
| Renesas Electronics Corp. | 900 | &nbsp;&nbsp; 11115 |
| Seven & i Holdings Co. Ltd. | 4200 | &nbsp;&nbsp; 53423 |
| Shin-Etsu Chemical Co. Ltd. | 1100 | &nbsp;&nbsp; 33065 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Japan–(continued)** | **Japan–(continued)** | **Japan–(continued)** |
| SoftBank Corp. | 37600 | &nbsp;&nbsp; $53430 |
| SoftBank Group Corp. | 400 | &nbsp;&nbsp; 70187 |
| Sompo Holdings, Inc. | 2400 | &nbsp;&nbsp; 73141 |
| Sony Financial Group, Inc.<sup>(a)</sup>  | 25500 | &nbsp;&nbsp; 25713 |
| Sony Group Corp. | 25900 | &nbsp;&nbsp; 721304 |
| Sumitomo Corp. | 1100 | &nbsp;&nbsp; 32000 |
| Sumitomo Mitsui Financial Group, Inc. | 7300 | &nbsp;&nbsp; 197639 |
| Suzuki Motor Corp. | 5700 | &nbsp;&nbsp; 85095 |
| Takeda Pharmaceutical Co. Ltd. | 1138 | &nbsp;&nbsp; 30712 |
| Tokio Marine Holdings, Inc. | 600 | &nbsp;&nbsp; 22376 |
| Tokyo Electron Ltd. | 200 | &nbsp;&nbsp; 44094 |
| Toyota Industries Corp. | 400 | &nbsp;&nbsp; 43481 |
| Toyota Motor Corp. | 6700 | &nbsp;&nbsp; 136594 |
|  |  | &nbsp;&nbsp; 5239541 |
| **Luxembourg–0.11%** | **Luxembourg–0.11%** | **Luxembourg–0.11%** |
| ArcelorMittal S.A. | 1684 | &nbsp;&nbsp; 64289 |
| **Malaysia–0.53%** | **Malaysia–0.53%** | **Malaysia–0.53%** |
| Axiata Group Bhd. | 50700 | &nbsp;&nbsp; 30403 |
| IHH Healthcare Bhd. | 28900 | &nbsp;&nbsp; 56902 |
| Malayan Banking Bhd. | 13000 | &nbsp;&nbsp; 30638 |
| MISC Bhd. | 19300 | &nbsp;&nbsp; 35893 |
| Petronas Chemicals Group Bhd. | 17700 | &nbsp;&nbsp; 16464 |
| Public Bank Bhd. | 30100 | &nbsp;&nbsp; 30302 |
| RHB Bank Bhd. | 20000 | &nbsp;&nbsp; 32333 |
| Telekom Malaysia Bhd. | 26600 | &nbsp;&nbsp; 46357 |
| Tenaga Nasional Bhd. | 4600 | &nbsp;&nbsp; 14574 |
| TIME dotCom Bhd. | 12400 | &nbsp;&nbsp; 14117 |
|  |  | &nbsp;&nbsp; 307983 |
| **Mexico–1.05%** | **Mexico–1.05%** | **Mexico–1.05%** |
| America Movil S.A.B. de C.V., Class B | 127300 | &nbsp;&nbsp; 145194 |
| Arca Continental S.A.B. de C.V. | 2900 | &nbsp;&nbsp; 28088 |
| CEMEX S.A.B. de C.V., Series CPO | 70200 | &nbsp;&nbsp; 71339 |
| Fomento Economico Mexicano, S.A.B. de C.V., <br> Series CPO | 13900 | &nbsp;&nbsp; 131125 |
| Grupo Aeroportuario del Sureste S.A.B. de C.V., <br> Class B | 350 | &nbsp;&nbsp; 10587 |
| Grupo Carso S.A.B. de C.V., Series A1 | 2100 | &nbsp;&nbsp; 15009 |
| Grupo Financiero Banorte S.A.B. de C.V., <br> Class O | 12600 | &nbsp;&nbsp; 118584 |
| Grupo Financiero Inbursa S.A.B. de C.V., <br> Class O | 9900 | &nbsp;&nbsp; 24043 |
| Industrias Penoles S.A.B. de C.V.<sup>(a)</sup>  | 700 | &nbsp;&nbsp; 28978 |
| Wal-Mart de Mexico S.A.B. de C.V., Series V | 10273 | &nbsp;&nbsp; 33962 |
|  |  | &nbsp;&nbsp; 606909 |
| **Netherlands–1.49%** | **Netherlands–1.49%** | **Netherlands–1.49%** |
| Adyen N.V.<sup>(a)(b)</sup>  | 47 | &nbsp;&nbsp; 80534 |
| ASML Holding N.V. | 141 | &nbsp;&nbsp; 149081 |
| EXOR N.V. | 88 | &nbsp;&nbsp; 7626 |
| Heineken Holding N.V. | 102 | &nbsp;&nbsp; 6888 |
| ING Groep N.V. | 6435 | &nbsp;&nbsp; 160680 |
| Koninklijke Ahold Delhaize N.V. | 3241 | &nbsp;&nbsp; 132621 |
| Koninklijke Philips N.V. | 335 | &nbsp;&nbsp; 9177 |
| NXP Semiconductors N.V. | 84 | &nbsp;&nbsp; 17566 |
| Prosus N.V.<sup>(a)</sup>  | 2959 | &nbsp;&nbsp; 204522 |
| Universal Music Group N.V. | 2694 | &nbsp;&nbsp; 72258 |
| Wolters Kluwer N.V. | 175 | &nbsp;&nbsp; 21453 |
|  |  | &nbsp;&nbsp; 862406 |

---

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

**4**

**Invesco Advantage International Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Peru–0.02%** | **Peru–0.02%** | **Peru–0.02%** |
| Credicorp Ltd. | 44 | &nbsp;&nbsp; $11484 |
| **Philippines–0.06%** | **Philippines–0.06%** | **Philippines–0.06%** |
| Ayala Land, Inc. | 109100 | &nbsp;&nbsp; 36853 |
| **Poland–0.22%** | **Poland–0.22%** | **Poland–0.22%** |
| Bank Polska Kasa Opieki S.A. | 1227 | &nbsp;&nbsp; 62824 |
| Dino Polska S.A.<sup>(a)(b)</sup>  | 1402 | &nbsp;&nbsp; 16746 |
| ORLEN S.A. | 517 | &nbsp;&nbsp; 14013 |
| Powszechna Kasa Oszczednosci Bank Polski <br> S.A. | 920 | &nbsp;&nbsp; 18863 |
| Powszechny Zaklad Ubezpieczen S.A. | 920 | &nbsp;&nbsp; 14710 |
|  |  | &nbsp;&nbsp; 127156 |
| **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** |
| Sberbank of Russia PJSC<sup>(a)(c)</sup>  | 9800 | &nbsp;&nbsp; 0 |
| Tatneft PJSC<sup>(a)(c)</sup>  | 1980 | &nbsp;&nbsp; 0 |
| VTB Bank PJSC<sup>(a)(c)</sup>  | 1943 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| **Singapore–1.43%** | **Singapore–1.43%** | **Singapore–1.43%** |
| DBS Group Holdings Ltd. | 3100 | &nbsp;&nbsp; 128348 |
| Oversea-Chinese Banking Corp. Ltd. | 6300 | &nbsp;&nbsp; 82413 |
| Sea Ltd., ADR<sup>(a)</sup>  | 2959 | &nbsp;&nbsp; 462344 |
| Singapore Telecommunications Ltd. | 30800 | &nbsp;&nbsp; 100532 |
| United Overseas Bank Ltd. | 2200 | &nbsp;&nbsp; 58514 |
|  |  | &nbsp;&nbsp; 832151 |
| **South Africa–1.06%** | **South Africa–1.06%** | **South Africa–1.06%** |
| Absa Group Ltd. | 5434 | &nbsp;&nbsp; 60719 |
| Anglo American PLC | 335 | &nbsp;&nbsp; 12674 |
| Bid Corp. Ltd. | 570 | &nbsp;&nbsp; 14110 |
| Capitec Bank Holdings Ltd. | 88 | &nbsp;&nbsp; 19470 |
| FirstRand Ltd. | 3067 | &nbsp;&nbsp; 14556 |
| Gold Fields Ltd. | 4689 | &nbsp;&nbsp; 180789 |
| Harmony Gold Mining Co. Ltd. | 1709 | &nbsp;&nbsp; 28435 |
| Impala Platinum Holdings Ltd. | 892 | &nbsp;&nbsp; 9560 |
| Naspers Ltd. | 1315 | &nbsp;&nbsp; 92360 |
| Nedbank Group Ltd. | 3155 | &nbsp;&nbsp; 43011 |
| Sanlam Ltd. | 10780 | &nbsp;&nbsp; 56569 |
| Shoprite Holdings Ltd. | 1358 | &nbsp;&nbsp; 22715 |
| Standard Bank Group Ltd. | 4119 | &nbsp;&nbsp; 60569 |
|  |  | &nbsp;&nbsp; 615537 |
| **South Korea–2.79%** | **South Korea–2.79%** | **South Korea–2.79%** |
| NAVER Corp. | 88 | &nbsp;&nbsp; 16493 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup>  | 14 | &nbsp;&nbsp; 11998 |
| Samsung Electronics Co. Ltd. | 11132 | &nbsp;&nbsp; 837974 |
| SK hynix, Inc. | 1926 | &nbsp;&nbsp; 749394 |
|  |  | &nbsp;&nbsp; 1615859 |
| **Spain–3.30%** | **Spain–3.30%** | **Spain–3.30%** |
| Aena S.M.E. S.A.<sup>(b)</sup>  | 2865 | &nbsp;&nbsp; 77817 |
| Amadeus IT Group S.A. | 1221 | &nbsp;&nbsp; 93334 |
| Banco Bilbao Vizcaya Argentaria S.A.<sup>(d)</sup>  | 20010 | &nbsp;&nbsp; 403123 |
| Banco Santander S.A.<sup>(d)</sup>  | 60828 | &nbsp;&nbsp; 619848 |
| CaixaBank S.A.<sup>(d)</sup>  | 10334 | &nbsp;&nbsp; 109228 |
| Endesa S.A. | 1768 | &nbsp;&nbsp; 63383 |
| Iberdrola S.A. | 24613 | &nbsp;&nbsp; 498813 |
| Telefonica S.A. | 9725 | &nbsp;&nbsp; 49317 |
|  |  | &nbsp;&nbsp; 1914863 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Sweden–2.11%** | **Sweden–2.11%** | **Sweden–2.11%** |
| Hexagon AB, Class B | 1221 | &nbsp;&nbsp; $14883 |
| Investor AB, Class B<sup>(d)</sup>  | 1137 | &nbsp;&nbsp; 37438 |
| Skandinaviska Enskilda Banken AB, Class A | 446 | &nbsp;&nbsp; 8514 |
| Spotify Technology S.A.<sup>(a)</sup>  | 1455 | &nbsp;&nbsp; 953491 |
| Svenska Handelsbanken AB, Class A | 3326 | &nbsp;&nbsp; 43402 |
| Swedbank AB, Class A | 1810 | &nbsp;&nbsp; 54953 |
| Telefonaktiebolaget LM Ericsson, Class B | 7830 | &nbsp;&nbsp; 79442 |
| Volvo AB, Class B | 1137 | &nbsp;&nbsp; 31148 |
|  |  | &nbsp;&nbsp; 1223271 |
| **Switzerland–2.10%** | **Switzerland–2.10%** | **Switzerland–2.10%** |
| ABB Ltd. | 505 | &nbsp;&nbsp; 37546 |
| Chocoladefabriken Lindt & Spruengli AG, PC | 12 | &nbsp;&nbsp; 184468 |
| Geberit AG | 16 | &nbsp;&nbsp; 11696 |
| Lonza Group AG | 23 | &nbsp;&nbsp; 15882 |
| Partners Group Holding AG | 10 | &nbsp;&nbsp; 12246 |
| Roche Holding AG | 940 | &nbsp;&nbsp; 304485 |
| Schindler Holding AG, PC | 234 | &nbsp;&nbsp; 83351 |
| Swisscom AG | 94 | &nbsp;&nbsp; 68857 |
| UBS Group AG<sup>(a)</sup>  | 1926 | &nbsp;&nbsp; 73699 |
| Zurich Insurance Group AG | 611 | &nbsp;&nbsp; 424933 |
|  |  | &nbsp;&nbsp; 1217163 |
| **Taiwan–6.43%** | **Taiwan–6.43%** | **Taiwan–6.43%** |
| Advantech Co. Ltd. | 1000 | &nbsp;&nbsp; 10157 |
| Asustek Computer, Inc. | 7000 | &nbsp;&nbsp; 158141 |
| Catcher Technology Co. Ltd. | 12000 | &nbsp;&nbsp; 77379 |
| Cheng Shin Rubber Industry Co. Ltd. | 24000 | &nbsp;&nbsp; 24880 |
| China Steel Corp. | 19000 | &nbsp;&nbsp; 11465 |
| Chunghwa Telecom Co. Ltd., ADR | 6623 | &nbsp;&nbsp; 282007 |
| CTBC Financial Holding Co. Ltd. | 63000 | &nbsp;&nbsp; 85559 |
| Delta Electronics, Inc. | 1000 | &nbsp;&nbsp; 32164 |
| E.Sun Financial Holding Co. Ltd. | 10634 | &nbsp;&nbsp; 10272 |
| Evergreen Marine Corp. Taiwan Ltd. | 26800 | &nbsp;&nbsp; 168120 |
| Far Eastern New Century Corp. | 74000 | &nbsp;&nbsp; 63680 |
| Far EasTone Telecommunications Co. Ltd.<sup>(a)</sup>  | 14000 | &nbsp;&nbsp; 42044 |
| First Financial Holding Co. Ltd. | 22397 | &nbsp;&nbsp; 20775 |
| Formosa Chemicals & Fibre Corp. | 56000 | &nbsp;&nbsp; 52990 |
| Hon Hai Precision Industry Co. Ltd. | 110000 | &nbsp;&nbsp; 914912 |
| Hon. Precision, Inc. | 175 | &nbsp;&nbsp; 14254 |
| Hua Nan Financial Holdings Co. Ltd. | 43992 | &nbsp;&nbsp; 41739 |
| Largan Precision Co. Ltd. | 1000 | &nbsp;&nbsp; 71774 |
| MediaTek, Inc. | 3000 | &nbsp;&nbsp; 127228 |
| Nan Ya Plastics Corp. | 63000 | &nbsp;&nbsp; 84773 |
| Pegatron Corp. | 47000 | &nbsp;&nbsp; 113072 |
| President Chain Store Corp. | 2000 | &nbsp;&nbsp; 15488 |
| Realtek Semiconductor Corp. | 4000 | &nbsp;&nbsp; 66795 |
| Shanghai Commercial & Savings Bank Ltd. (The) | 16000 | &nbsp;&nbsp; 20597 |
| Synnex Technology International Corp. | 6000 | &nbsp;&nbsp; 11061 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 21488 | &nbsp;&nbsp; 16607 |
| Taiwan High Speed Rail Corp. | 10000 | &nbsp;&nbsp; 8888 |
| Taiwan Mobile Co. Ltd. | 35000 | &nbsp;&nbsp; 124560 |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR | 1402 | &nbsp;&nbsp; 421203 |
| TCC Group Holdings Co. Ltd. | 62000 | &nbsp;&nbsp; 44483 |
| Uni-President Enterprises Corp. | 20000 | &nbsp;&nbsp; 51098 |
| United Microelectronics Corp., ADR | 23882 | &nbsp;&nbsp; 184130 |
| Wan Hai Lines Ltd. | 19000 | &nbsp;&nbsp; 50695 |
| WPG Holdings Ltd. | 5000 | &nbsp;&nbsp; 9779 |
| Yageo Corp. | 25776 | &nbsp;&nbsp; 207467 |

---

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

**5**

**Invesco Advantage International Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Taiwan–(continued)** | **Taiwan–(continued)** | **Taiwan–(continued)** |
| Yang Ming Marine Transport Corp. | 41000 | &nbsp;&nbsp; $76492 |
| Yuanta Financial Holding Co. Ltd. | 8274 | &nbsp;&nbsp; 9264 |
|  |  | &nbsp;&nbsp; 3725992 |
| **Turkey–0.62%** | **Turkey–0.62%** | **Turkey–0.62%** |
| Akbank T.A.S. | 21034 | &nbsp;&nbsp; 30371 |
| Aselsan Elektronik Sanayi Ve Ticaret A.S. | 6617 | &nbsp;&nbsp; 31990 |
| BIM Birlesik Magazalar A.S. | 1709 | &nbsp;&nbsp; 21885 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | 61744 | &nbsp;&nbsp; 40311 |
| Turk Hava Yollari AO | 15600 | &nbsp;&nbsp; 108024 |
| Turkiye Garanti Bankasi A.S. | 5083 | &nbsp;&nbsp; 16235 |
| Turkiye Is Bankasi A.S., Class C | 166432 | &nbsp;&nbsp; 49955 |
| Turkiye Petrol Rafinerileri A.S. | 9509 | &nbsp;&nbsp; 44636 |
| Yapi Ve Kredi Bankasi A.S.<sup>(a)</sup>  | 18098 | &nbsp;&nbsp; 14438 |
|  |  | &nbsp;&nbsp; 357845 |
| **United Kingdom–8.51%** | **United Kingdom–8.51%** | **United Kingdom–8.51%** |
| 3i Group PLC | 2584 | &nbsp;&nbsp; 149538 |
| AngloGold Ashanti PLC | 2255 | &nbsp;&nbsp; 154611 |
| AstraZeneca PLC | 463 | &nbsp;&nbsp; 76371 |
| BAE Systems PLC | 15876 | &nbsp;&nbsp; 391081 |
| Barclays PLC | 40629 | &nbsp;&nbsp; 217918 |
| British American Tobacco PLC | 7046 | &nbsp;&nbsp; 360864 |
| Coca-Cola Europacific Partners PLC | 631 | &nbsp;&nbsp; 56052 |
| Compass Group PLC | 6811 | &nbsp;&nbsp; 225443 |
| Haleon PLC | 4841 | &nbsp;&nbsp; 22512 |
| HSBC Holdings PLC | 53265 | &nbsp;&nbsp; 745680 |
| Imperial Brands PLC | 5026 | &nbsp;&nbsp; 199705 |
| Lloyds Banking Group PLC | 157541 | &nbsp;&nbsp; 184715 |
| London Stock Exchange Group PLC | 589 | &nbsp;&nbsp; 73405 |
| National Grid PLC | 10850 | &nbsp;&nbsp; 162686 |
| NatWest Group PLC | 27572 | &nbsp;&nbsp; 212263 |
| Reckitt Benckiser Group PLC | 2366 | &nbsp;&nbsp; 180973 |
| RELX PLC | 4510 | &nbsp;&nbsp; 199326 |
| Rolls-Royce Holdings PLC | 49320 | &nbsp;&nbsp; 758975 |
| Shell PLC | 7985 | &nbsp;&nbsp; 299353 |
| SSE PLC | 372 | &nbsp;&nbsp; 9372 |
| Standard Chartered PLC | 6811 | &nbsp;&nbsp; 139811 |
| Tesco PLC | 6104 | &nbsp;&nbsp; 36836 |
| Unilever PLC | 799 | &nbsp;&nbsp; 47943 |
| Vodafone Group PLC | 25007 | &nbsp;&nbsp; 30273 |
|  |  | &nbsp;&nbsp; 4935706 |
| **United States–3.08%** | **United States–3.08%** | **United States–3.08%** |
| A.P. Moller - Maersk A/S, Class B<sup>(d)</sup>  | 48 | &nbsp;&nbsp; 98684 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Amrize Ltd.<sup>(a)</sup>  | Amrize Ltd.<sup>(a)</sup>  | 3100 | &nbsp;&nbsp; $160704 |
| ARM Holdings PLC, ADR<sup>(a)</sup>  | ARM Holdings PLC, ADR<sup>(a)</sup>  | 295 | &nbsp;&nbsp; 50097 |
| Atlassian Corp., Class A<sup>(a)</sup>  | Atlassian Corp., Class A<sup>(a)</sup>  | 611 | &nbsp;&nbsp; 103516 |
| BP PLC | BP PLC | 9582 | &nbsp;&nbsp; 56139 |
| CRH PLC | CRH PLC | 210 | &nbsp;&nbsp; 24809 |
| Experian PLC | Experian PLC | 421 | &nbsp;&nbsp; 19638 |
| Ferrovial SE | Ferrovial SE | 1410 | &nbsp;&nbsp; 86524 |
| GSK PLC | GSK PLC | 3382 | &nbsp;&nbsp; 79184 |
| Holcim AG<sup>(a)</sup>  | Holcim AG<sup>(a)</sup>  | 3100 | &nbsp;&nbsp; 275594 |
| JBS N.V., BDR<sup>(a)</sup>  | JBS N.V., BDR<sup>(a)</sup>  | 4864 | &nbsp;&nbsp; 64634 |
| Novartis AG | Novartis AG | 3382 | &nbsp;&nbsp; 418562 |
| Sanofi S.A. | Sanofi S.A. | 1010 | &nbsp;&nbsp; 102174 |
| Swiss Re AG | Swiss Re AG | 1362 | &nbsp;&nbsp; 248704 |
|  |  |  | &nbsp;&nbsp; 1788963 |
| Total Common Stocks & Other Equity Interests <br> (Cost $38,306,503) | Total Common Stocks & Other Equity Interests <br> (Cost $38,306,503) | Total Common Stocks & Other Equity Interests <br> (Cost $38,306,503) | &nbsp;&nbsp; 47285100 |
| **Preferred Stocks–0.01%** | **Preferred Stocks–0.01%** | **Preferred Stocks–0.01%** | **Preferred Stocks–0.01%** |
| **Multinational–0.01%** | **Multinational–0.01%** | **Multinational–0.01%** | **Multinational–0.01%** |
| Harambee Re Ltd., Pfd.<sup>(c)</sup>  | Harambee Re Ltd., Pfd.<sup>(c)</sup>  | 3 | &nbsp;&nbsp; 639 |
| Viribus Re Ltd., Pfd.<sup>(c)</sup>  | Viribus Re Ltd., Pfd.<sup>(c)</sup>  | 29303 | &nbsp;&nbsp; 2455 |
| Total Preferred Stocks (Cost $30,046) | Total Preferred Stocks (Cost $30,046) | Total Preferred Stocks (Cost $30,046) | &nbsp;&nbsp; 3094 |
| **Money Market Funds–17.44%** | **Money Market Funds–17.44%** | **Money Market Funds–17.44%** | **Money Market Funds–17.44%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup>  | 3539565 | &nbsp;&nbsp; 3539565 |
| Invesco Treasury Portfolio, Institutional Class, <br> 3.96%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 3.96%<sup>(e)(f)</sup>  | 6573462 | &nbsp;&nbsp; 6573462 |
| Total Money Market Funds (Cost $10,113,027) | Total Money Market Funds (Cost $10,113,027) | Total Money Market Funds (Cost $10,113,027) | &nbsp;&nbsp; 10113027 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased with <br> cash collateral from securities on <br> loan)-98.99% (Cost $48,449,576)<br>|  |  | &nbsp;&nbsp; 57401221 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–2.43%** | **Money Market Funds–2.43%** | **Money Market Funds–2.43%** | **Money Market Funds–2.43%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup>  | 391293 | &nbsp;&nbsp; 391293 |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup>  | Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup>  | 1017136 | &nbsp;&nbsp; 1017441 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan (Cost $1,408,752) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan (Cost $1,408,752) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan (Cost $1,408,752) | &nbsp;&nbsp; 1408734 |
| TOTAL INVESTMENTS IN SECURITIES—101.42% <br> (Cost $49,858,328) | TOTAL INVESTMENTS IN SECURITIES—101.42% <br> (Cost $49,858,328) | TOTAL INVESTMENTS IN SECURITIES—101.42% <br> (Cost $49,858,328) | &nbsp;&nbsp; 58809955 |
| OTHER ASSETS LESS LIABILITIES–(1.42)% | OTHER ASSETS LESS LIABILITIES–(1.42)% | OTHER ASSETS LESS LIABILITIES–(1.42)% | &nbsp;&nbsp; (822688)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $57987267 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ADR | – American Depositary Receipt |
| BDR | – Brazilian Depositary Receipt |
| CPO | – Certificates of Ordinary Participation |
| PC | – Participation Certificate |
| Pfd. | – Preferred |

---

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

**6**

**Invesco Advantage International Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $871,714, which represented 1.50% of the Fund's Net Assets. 

<sup>(c)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(d)</sup> All or a portion of this security was out on loan at October 31, 2025.

<sup>(e)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $2261715 | &nbsp;&nbsp; $8918927 | &nbsp;&nbsp; $(7641077) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3539565 | &nbsp;&nbsp; $101523 |
| Invesco Treasury Portfolio, Institutional Class | 4200310 | &nbsp;&nbsp; 16563723 | &nbsp;&nbsp; (14190571) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6573462 | &nbsp;&nbsp; 186782 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 1626542 | &nbsp;&nbsp; (1235249) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 391293 | &nbsp;&nbsp; 1,792\* |
| Invesco Private Prime Fund | - | &nbsp;&nbsp; 4009349 | &nbsp;&nbsp; (2991866) | (18) | (24) | &nbsp;&nbsp; 1017441 | &nbsp;&nbsp; 4,847\* |
| Total | $6462025 | &nbsp;&nbsp; $31118541 | &nbsp;&nbsp; $(26058763) | &nbsp;&nbsp; $(18) | &nbsp;&nbsp; $(24) | &nbsp;&nbsp; $11521761 | &nbsp;&nbsp; $294944 |

---

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

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| Canadian Dollar | &nbsp;&nbsp;&nbsp; 64 | December-2025 | &nbsp;&nbsp;&nbsp; $4576960 | &nbsp;&nbsp;&nbsp; $(59769)<br>| &nbsp;&nbsp;&nbsp; $(59769)<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P/TSX 60 Index | &nbsp;&nbsp;&nbsp; 18 | December-2025 | &nbsp;&nbsp;&nbsp; 4572928 | &nbsp;&nbsp;&nbsp; 102892 | &nbsp;&nbsp;&nbsp; 102892 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $43123 | &nbsp;&nbsp;&nbsp; $43123 |

---

<sup>(a)</sup> Futures contracts collateralized by $320,180 cash held with Merrill Lynch International, the futures commission merchant.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  |
| **Counterparty** | **Pay/** <br>**Receive**<br>| **Reference Entity** | **Fixed** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Number of** <br>**Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Citibank, N.A. | Receive | MSCI Emerging Markets <br> Minimum Volatility Index<br>| (4.81)% | Monthly | 45 | November—2025 | USD | 122648 | $— | $(576)<br>| $(576)<br>|
| Citibank, N.A. | Receive | MSCI Emerging Markets <br> Minimum Volatility Index<br>| (5.05) | Monthly | 103 | January—2026 | USD | 280729 |  | (1318)<br>| (1318)<br>|
| Citibank, N.A. | Receive | MSCI Emerging Markets <br> Minimum Volatility Index<br>| (4.71) | Monthly | 127 | November—2025 | USD | 346141 |  | (1624)<br>| (1624)<br>|
| Citibank, N.A. | Receive | MSCI Emerging Markets <br> Minimum Volatility Index<br>| (4.74) | Monthly | 242 | January—2026 | USD | 659576 |  | (3095)<br>| (3095)<br>|
| Citibank, N.A. | Receive | MSCI Emerging Markets <br> Minimum Volatility Index<br>| (5.09) | Monthly | 1048 | January—2026 | USD | 2882576 |  | (39635)<br>| (39635)<br>|
| Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements |  |  |  |  | $— | $(46248)<br>| $(46248)<br>|

---

<sup>(a)</sup> The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.<br>

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

**7**

**Invesco Advantage International Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $38,336,549)\*<br>| &nbsp;&nbsp; $47288194 |
| Investments in affiliated money market funds, at value <br> (Cost $11,521,779)<br>| &nbsp;&nbsp; 11521761 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 1057 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 320180 |
| Cash | &nbsp;&nbsp; 49615 |
| Foreign currencies, at value (Cost $84,207) | &nbsp;&nbsp; 82938 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 44124 |
| Fund shares sold | &nbsp;&nbsp; 36607 |
| Dividends | &nbsp;&nbsp; 173051 |
| Foreign withholding tax claims | &nbsp;&nbsp; 591 |
| Interest | &nbsp;&nbsp; 389 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 24808 |
| Other assets | &nbsp;&nbsp; 53499 |
| Total assets | &nbsp;&nbsp; 59596814 |
| **Liabilities:** |  |
| Other investments: |  |
| Swaps payable — OTC | &nbsp;&nbsp; 3681 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 46248 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 38111 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 1408752 |
| Accrued fees to affiliates | &nbsp;&nbsp; 15924 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1215 |
| Accrued other operating expenses | &nbsp;&nbsp; 70808 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 24808 |
| Total liabilities | &nbsp;&nbsp; 1609547 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $57987267 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $47887232 |
| Distributable earnings | &nbsp;&nbsp; 10100035 |
|  | &nbsp;&nbsp; $57987267 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $34414315 |
| Class C | &nbsp;&nbsp; $4765871 |
| Class R | &nbsp;&nbsp; $6079179 |
| Class Y | &nbsp;&nbsp; $3532224 |
| Class R5 | &nbsp;&nbsp; $13300 |
| Class R6 | &nbsp;&nbsp; $9182378 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 2547861 |
| Class C | &nbsp;&nbsp; 370907 |
| Class R | &nbsp;&nbsp; 457288 |
| Class Y | &nbsp;&nbsp; 257755 |
| Class R5 | &nbsp;&nbsp; 974 |
| Class R6 | &nbsp;&nbsp; 668460 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $13.51 |
| Maximum offering price per share <br>(Net asset value of $13.51 ÷ 94.50%)<br>| &nbsp;&nbsp; $14.30 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $12.85 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $13.29 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $13.70 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $13.66 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $13.74 |

---

\* At October 31, 2025, securities with an aggregate value of $1,173,150 were on loan to brokers. 

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

**8**

**Invesco Advantage International Fund**

------

**Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $31426 |
| Dividends (net of foreign withholding taxes of $142,324) | &nbsp;&nbsp; 1134082 |
| Dividends from affiliated money market funds (includes net securities lending income of $3,331) | &nbsp;&nbsp; 291636 |
| Foreign withholding tax claims | &nbsp;&nbsp; 11559 |
| Total investment income | &nbsp;&nbsp; 1468703 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 198175 |
| Administrative services fees | &nbsp;&nbsp; 5485 |
| Custodian fees | &nbsp;&nbsp; 27296 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 51611 |
| Class C | &nbsp;&nbsp; 36293 |
| Class R | &nbsp;&nbsp; 24670 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 44904 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 3 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 2361 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 21592 |
| Registration and filing fees | &nbsp;&nbsp; 81094 |
| Reports to shareholders | &nbsp;&nbsp; 13756 |
| Professional services fees | &nbsp;&nbsp; 79648 |
| Other | &nbsp;&nbsp; 45559 |
| Total expenses | &nbsp;&nbsp; 632447 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (148968)<br>|
| Net expenses | &nbsp;&nbsp; 483479 |
| Net investment income | &nbsp;&nbsp; 985224 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 2635414 |
| Affiliated investment securities | &nbsp;&nbsp; (24)<br>|
| Foreign currencies | &nbsp;&nbsp; 4703 |
| Forward foreign currency contracts | &nbsp;&nbsp; 1313 |
| Futures contracts | &nbsp;&nbsp; 583059 |
| Swap agreements | &nbsp;&nbsp; 186559 |
|  | &nbsp;&nbsp; 3411024 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 4980349 |
| Affiliated investment securities | &nbsp;&nbsp; (18)<br>|
| Foreign currencies | &nbsp;&nbsp; 3462 |
| Futures contracts | &nbsp;&nbsp; 39527 |
| Swap agreements | &nbsp;&nbsp; 88264 |
|  | &nbsp;&nbsp; 5111584 |
| Net realized and unrealized gain | &nbsp;&nbsp; 8522608 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $9507832 |

---

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

**9**

**Invesco Advantage International Fund**

------

**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $985224 | &nbsp;&nbsp; $907076 |
| Net realized gain | &nbsp;&nbsp; 3411024 | &nbsp;&nbsp; 697271 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 5111584 | &nbsp;&nbsp; 2945640 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 9507832 | &nbsp;&nbsp; 4549987 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (654803)<br>| &nbsp;&nbsp; (762544)<br>|
| Class C | &nbsp;&nbsp; (114838)<br>| &nbsp;&nbsp; (134768)<br>|
| Class R | &nbsp;&nbsp; (174035)<br>| &nbsp;&nbsp; (213318)<br>|
| Class Y | &nbsp;&nbsp; (51376)<br>| &nbsp;&nbsp; (88402)<br>|
| Class R5 | &nbsp;&nbsp; (481)<br>| &nbsp;&nbsp; (558)<br>|
| Class R6 | &nbsp;&nbsp; (326197)<br>| &nbsp;&nbsp; (367859)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (1321730)<br>| &nbsp;&nbsp; (1567449)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 14343143 | &nbsp;&nbsp; (373213)<br>|
| Class C | &nbsp;&nbsp; 950639 | &nbsp;&nbsp; (63802)<br>|
| Class R | &nbsp;&nbsp; 732325 | &nbsp;&nbsp; (105805)<br>|
| Class Y | &nbsp;&nbsp; 1955791 | &nbsp;&nbsp; (504755)<br>|
| Class R6 | &nbsp;&nbsp; (179686)<br>| &nbsp;&nbsp; 378223 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 17802212 | &nbsp;&nbsp; (669352)<br>|
| Net increase in net assets | &nbsp;&nbsp; 25988314 | &nbsp;&nbsp; 2313186 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 31998953 | &nbsp;&nbsp; 29685767 |
| End of year | &nbsp;&nbsp; $57987267 | &nbsp;&nbsp; $31998953 |

---

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

**10**

**Invesco Advantage International Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $11.25 | $0.30 | $2.43 | $2.73 | $(0.47)<br>| $— | $(0.47)<br>| $13.51 | 25.37 %<sup>(d)</sup><br>| &nbsp;&nbsp; $34414 | 1.16 %<sup>(d)</sup><br>| 1.55 %<sup>(d)</sup><br>| 2.47 %<sup>(d)</sup><br>| 132<br> %<br>|
| Year ended 10/31/24 | 10.25 | 0.31 | 1.23 | 1.54 | (0.54)<br>|  | (0.54)<br>| 11.25 | 15.61 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 15506 | 1.06 <br><sup>(d)</sup><br>| 1.95 <br><sup>(d)</sup><br>| 2.88 <br><sup>(d)</sup><br>| 156 |
| Year ended 10/31/23 | 10.06 | 0.39 | (0.20)<br>| 0.19 |  |  |  | 10.25 | 1.89 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 14417 | 0.83 <br><sup>(d)</sup><br>| 1.84 <br><sup>(d)</sup><br>| 3.65 <br><sup>(d)</sup><br>| 196 |
| Year ended 10/31/22 | 13.37 | 0.32 | (2.00)<br>| (1.68)<br>| (0.14)<br>| (1.49)<br>| (1.63)<br>| 10.06 | (14.27 )<sup>(d)</sup><br>| &nbsp;&nbsp; 12412 | 0.83 <br><sup>(d)</sup><br>| 1.87 <br><sup>(d)</sup><br>| 2.85 <br><sup>(d)</sup><br>| 157 |
| Year ended 10/31/21 | 10.83 | 0.25 | 2.30 | 2.55 |  | (0.01)<br>| (0.01)<br>| 13.37 | 23.54 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 12502 | 0.87 <br><sup>(d)</sup><br>| 2.27 <br><sup>(d)</sup><br>| 1.89 <br><sup>(d)</sup><br>| 141 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 10.73 | 0.20 | 2.32 | 2.52 | (0.40)<br>|  | (0.40)<br>| 12.85 | 24.43 | &nbsp;&nbsp; 4766 | 1.91 | 2.31 | 1.72 | 132 |
| Year ended 10/31/24 | 9.78 | 0.22 | 1.18 | 1.40 | (0.45)<br>|  | (0.45)<br>| 10.73 | 14.79 | &nbsp;&nbsp; 3104 | 1.81 | 2.72 | 2.13 | 156 |
| Year ended 10/31/23 | 9.67 | 0.29 | (0.18)<br>| 0.11 |  |  |  | 9.78 | 1.14 | &nbsp;&nbsp; 2878 | 1.58 | 2.60 | 2.90 | 196 |
| Year ended 10/31/22 | 12.90 | 0.23 | (1.93)<br>| (1.70)<br>| (0.04)<br>| (1.49)<br>| (1.53)<br>| 9.67 | (14.94)<br>| &nbsp;&nbsp; 2920 | 1.58 | 2.64 | 2.10 | 157 |
| Year ended 10/31/21 | 10.52 | 0.14 | 2.25 | 2.39 |  | (0.01)<br>| (0.01)<br>| 12.90 | 22.72 | &nbsp;&nbsp; 3350 | 1.62 | 3.04 | 1.14 | 141 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 11.08 | 0.26 | 2.40 | 2.66 | (0.45)<br>|  | (0.45)<br>| 13.29 | 25.00 | &nbsp;&nbsp; 6079 | 1.41 | 1.81 | 2.22 | 132 |
| Year ended 10/31/24 | 10.10 | 0.28 | 1.21 | 1.49 | (0.51)<br>|  | (0.51)<br>| 11.08 | 15.31 | &nbsp;&nbsp; 4384 | 1.31 | 2.22 | 2.63 | 156 |
| Year ended 10/31/23 | 9.94 | 0.36 | (0.20)<br>| 0.16 |  |  |  | 10.10 | 1.61 | &nbsp;&nbsp; 4071 | 1.08 | 2.10 | 3.40 | 196 |
| Year ended 10/31/22 | 13.23 | 0.29 | (1.98)<br>| (1.69)<br>| (0.11)<br>| (1.49)<br>| (1.60)<br>| 9.94 | (14.53)<br>| &nbsp;&nbsp; 3521 | 1.08 | 2.14 | 2.60 | 157 |
| Year ended 10/31/21 | 10.74 | 0.21 | 2.29 | 2.50 |  | (0.01)<br>| (0.01)<br>| 13.23 | 23.27 | &nbsp;&nbsp; 4360 | 1.12 | 2.54 | 1.64 | 141 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 11.41 | 0.34 | 2.45 | 2.79 | (0.50)<br>|  | (0.50)<br>| 13.70 | 25.55 | &nbsp;&nbsp; 3532 | 0.91 | 1.31 | 2.72 | 132 |
| Year ended 10/31/24 | 10.40 | 0.35 | 1.23 | 1.58 | (0.57)<br>|  | (0.57)<br>| 11.41 | 15.81 | &nbsp;&nbsp; 1213 | 0.79 | 1.72 | 3.15 | 156 |
| Year ended 10/31/23 | 10.17 | 0.42 | (0.19)<br>| 0.23 |  |  |  | 10.40 | 2.26 | &nbsp;&nbsp; 1586 | 0.58 | 1.60 | 3.90 | 196 |
| Year ended 10/31/22 | 13.51 | 0.34 | (2.01)<br>| (1.67)<br>| (0.18)<br>| (1.49)<br>| (1.67)<br>| 10.17 | (14.12)<br>| &nbsp;&nbsp; 3076 | 0.58 | 1.64 | 3.10 | 157 |
| Year ended 10/31/21 | 10.91 | 0.28 | 2.33 | 2.61 |  | (0.01)<br>| (0.01)<br>| 13.51 | 23.92 | &nbsp;&nbsp; 1178 | 0.62 | 2.04 | 2.14 | 141 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 11.36 | 0.33 | 2.46 | 2.79 | (0.49)<br>|  | (0.49)<br>| 13.66 | 25.72 | &nbsp;&nbsp; 13 | 0.91 | 1.20 | 2.72 | 132 |
| Year ended 10/31/24 | 10.35 | 0.34 | 1.24 | 1.58 | (0.57)<br>|  | (0.57)<br>| 11.36 | 15.88 | &nbsp;&nbsp; 11 | 0.82 | 1.59 | 3.12 | 156 |
| Year ended 10/31/23 | 10.14 | 0.42 | (0.21)<br>| 0.21 |  |  |  | 10.35 | 2.07 | &nbsp;&nbsp; 10 | 0.58 | 1.42 | 3.90 | 196 |
| Year ended 10/31/22 | 13.46 | 0.35 | (2.00)<br>| (1.65)<br>| (0.18)<br>| (1.49)<br>| (1.67)<br>| 10.14 | (14.02)<br>| &nbsp;&nbsp; 10 | 0.58 | 1.47 | 3.10 | 157 |
| Year ended 10/31/21 | 10.88 | 0.28 | 2.31 | 2.59 |  | (0.01)<br>| (0.01)<br>| 13.46 | 23.80 | &nbsp;&nbsp; 13 | 0.62 | 1.85 | 2.14 | 141 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 11.43 | 0.33 | 2.47 | 2.80 | (0.49)<br>|  | (0.49)<br>| 13.74 | 25.66 | &nbsp;&nbsp; 9182 | 0.91 | 1.20 | 2.72 | 132 |
| Year ended 10/31/24 | 10.41 | 0.35 | 1.24 | 1.59 | (0.57)<br>|  | (0.57)<br>| 11.43 | 15.89 | &nbsp;&nbsp; 7780 | 0.82 | 1.59 | 3.12 | 156 |
| Year ended 10/31/23 | 10.19 | 0.42 | (0.20)<br>| 0.22 |  |  |  | 10.41 | 2.16 | &nbsp;&nbsp; 6724 | 0.58 | 1.42 | 3.90 | 196 |
| Year ended 10/31/22 | 13.53 | 0.35 | (2.02)<br>| (1.67)<br>| (0.18)<br>| (1.49)<br>| (1.67)<br>| 10.19 | (14.10)<br>| &nbsp;&nbsp; 1 | 0.58 | 1.47 | 3.10 | 157 |
| Year ended 10/31/21 | 10.93 | 0.28 | 2.33 | 2.61 |  | (0.01)<br>| (0.01)<br>| 13.53 | 23.88 | &nbsp;&nbsp; 2 | 0.62 | 1.85 | 2.14 | 141 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

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

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24%, 0.23%, 0.24%, 0.23% and 0.23% for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

**11**

**Invesco Advantage International Fund**

------

**Notes to Financial Statements**

*October 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco Advantage International Fund (the "Fund") is a series portfolio of AIM International Mutual Funds (Invesco International Mutual 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 the Fund or each class.

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

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

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse

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investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

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

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2025, the Fund did not enter into any closing agreements.

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

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

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

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced

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disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2025, the Fund paid the Adviser fees for securities lending agent services, which were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

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

**N.** **Futures Contracts** — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in

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

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

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

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

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the "par value", of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer "par value" or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund's maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund's exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund's net assets

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decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. As there is no limit on how much the price of the security can increase, the Fund's exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of October 31, 2025, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

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

The Economic and Monetary Union of the European Union (the "EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and recessions in an EU member country may have significant adverse effects on the economies of EU member countries. Responses to financial problems by EU countries may not produce the desired results, may limit future growth and economic recovery, may result in social unrest, or have other unintended consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. A number of countries in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU, such as the departure of the United Kingdom, referred to as "Brexit", could place the departing member's currency and banking system under severe stress or even in jeopardy. An exit by other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; lack of publicly available information; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China's dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.

The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. In addition, export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has recently imposed tariffs on the other country's products. Further, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.490% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.470% |
| Next $4.0 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.440% |
| Over $5.0 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.420% |

---

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.49%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to

**16**

**Invesco Advantage International Fund**

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any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through February 28, 2026, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.18%, 1.93%, 1.43%, 0.93%, 0.93% and 0.93%, respectively, of the Fund's average daily net assets (the "expense limits"). Effective March 1, 2026, the Adviser has contractually agreed, through at least February 28, 2027, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.20%, 1.95%, 1.45%, 0.95%, 0.84% and 0.84%, respectively, of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended October 31, 2025, the Adviser waived advisory fees of $89,893, reimbursed fund level expenses of $8,269 and reimbursed class level expenses of $30,490, $5,062, $6,882, $2,470, $4 and $2,361 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $13,275 in front-end sales commissions from the sale of Class A shares and $0 and $221 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**17**

**Invesco Advantage International Fund**

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $680764 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $680764 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 314133 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 314133 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 1186774 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1186774 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147441 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147441 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 860264 | &nbsp;&nbsp;&nbsp;&nbsp; 6640995 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7501259 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; 84479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84479 |
| Czech Republic | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16106 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16106 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158646 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158646 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 364440 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 364440 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4489154 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4489154 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4225059 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4225059 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 343317 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 343317 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 568047 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 568047 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 184894 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 184894 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 339252 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 339252 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1197364 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1197364 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; 25713 | &nbsp;&nbsp;&nbsp;&nbsp; 5213828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5239541 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64289 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64289 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 307983 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 307983 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 606909 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 606909 |
| Multinational | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3094 | &nbsp;&nbsp;&nbsp;&nbsp; 3094 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 17566 | &nbsp;&nbsp;&nbsp;&nbsp; 844840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 862406 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 11484 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11484 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36853 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36853 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127156 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 462344 | &nbsp;&nbsp;&nbsp;&nbsp; 369807 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 832151 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 615537 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 615537 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1615859 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1615859 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1914863 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1914863 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; 953491 | &nbsp;&nbsp;&nbsp;&nbsp; 269780 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1223271 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1217163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1217163 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 887340 | &nbsp;&nbsp;&nbsp;&nbsp; 2838652 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3725992 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 357845 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 357845 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 56052 | &nbsp;&nbsp;&nbsp;&nbsp; 4879654 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4935706 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 378951 | &nbsp;&nbsp;&nbsp;&nbsp; 1410012 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1788963 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 10113027 | &nbsp;&nbsp;&nbsp;&nbsp; 1408734 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11521761 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 15644394 | &nbsp;&nbsp;&nbsp;&nbsp; 43162467 | &nbsp;&nbsp;&nbsp;&nbsp; 3094 | &nbsp;&nbsp;&nbsp;&nbsp; 58809955 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 102892 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 102892 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (59769)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (59769)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (46248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (46248)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (59769)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (106017)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 43123 | &nbsp;&nbsp;&nbsp;&nbsp; (46248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3125)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $15687517 | &nbsp;&nbsp;&nbsp;&nbsp; $43116219 | &nbsp;&nbsp;&nbsp;&nbsp; $3094 | &nbsp;&nbsp;&nbsp;&nbsp; $58806830 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

**18**

**Invesco Advantage International Fund**

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

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $102892 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (102892)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(59769)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(59769)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (46248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46248)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (59769)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (106017)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 59769 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59769 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(46248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(46248)<br>|

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Swap** <br>**Agreements**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; $(49929)<br>| &nbsp;&nbsp;&nbsp; $(49929)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(49929)<br>|

---

**Effect of Derivative Investments for the year ended October 31, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1313 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $1313 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (87341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 670400 | &nbsp;&nbsp;&nbsp;&nbsp; 583059 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 186559 | &nbsp;&nbsp;&nbsp;&nbsp; 186559 |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (3079)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42606 | &nbsp;&nbsp;&nbsp;&nbsp; 39527 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 88264 | &nbsp;&nbsp;&nbsp;&nbsp; 88264 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(89107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $987829 | &nbsp;&nbsp;&nbsp;&nbsp; $898722 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $61783 | &nbsp;&nbsp;&nbsp;&nbsp; $6502962 | &nbsp;&nbsp;&nbsp;&nbsp; $3751548 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $3,537.

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

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a

**19**

**Invesco Advantage International Fund**

------

period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

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

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $1321730 | &nbsp;&nbsp;&nbsp;&nbsp; $1567449 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $1824142 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 8291657 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 802 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (16566)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 47887232 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $57987267 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, derivative instruments and passive foreign investment companies.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund does not have a capital loss carryforward as of October 31, 2025.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $58,679,754 and $43,354,339, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $9032899 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (741242)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $8291657 |

---

Cost of investments for tax purposes is $50,515,173.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of passive foreign investment companies and derivative instruments, on October 31, 2025, undistributed net investment income was increased by $93,188, undistributed net realized gain was decreased by $95,473 and shares of beneficial interest was increased by $2,285. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1510335 | &nbsp;&nbsp;&nbsp; $18501109 | &nbsp;&nbsp;&nbsp; 193328 | &nbsp;&nbsp;&nbsp; $2106388 |
| Class C | &nbsp;&nbsp;&nbsp; 175852 | &nbsp;&nbsp;&nbsp; 2040769 | &nbsp;&nbsp;&nbsp; 49139 | &nbsp;&nbsp;&nbsp; 511583 |
| Class R | &nbsp;&nbsp;&nbsp; 131098 | &nbsp;&nbsp;&nbsp; 1565737 | &nbsp;&nbsp;&nbsp; 70107 | &nbsp;&nbsp;&nbsp; 751718 |
| Class Y | &nbsp;&nbsp;&nbsp; 181460 | &nbsp;&nbsp;&nbsp; 2318767 | &nbsp;&nbsp;&nbsp; 51549 | &nbsp;&nbsp;&nbsp; 572902 |
| Class R6 | &nbsp;&nbsp;&nbsp; 60635 | &nbsp;&nbsp;&nbsp; 714881 | &nbsp;&nbsp;&nbsp; 62240 | &nbsp;&nbsp;&nbsp; 690174 |

---

**20**

**Invesco Advantage International Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 59821 | &nbsp;&nbsp;&nbsp; $642475 | &nbsp;&nbsp;&nbsp; 72759 | &nbsp;&nbsp;&nbsp; $741416 |
| Class C | &nbsp;&nbsp;&nbsp; 10919 | &nbsp;&nbsp;&nbsp; 112356 | &nbsp;&nbsp;&nbsp; 13510 | &nbsp;&nbsp;&nbsp; 132132 |
| Class R | &nbsp;&nbsp;&nbsp; 16418 | &nbsp;&nbsp;&nbsp; 174035 | &nbsp;&nbsp;&nbsp; 21205 | &nbsp;&nbsp;&nbsp; 213318 |
| Class Y | &nbsp;&nbsp;&nbsp; 3238 | &nbsp;&nbsp;&nbsp; 35233 | &nbsp;&nbsp;&nbsp; 6344 | &nbsp;&nbsp;&nbsp; 65412 |
| Class R6 | &nbsp;&nbsp;&nbsp; 29899 | &nbsp;&nbsp;&nbsp; 325900 | &nbsp;&nbsp;&nbsp; 35577 | &nbsp;&nbsp;&nbsp; 367514 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 20296 | &nbsp;&nbsp;&nbsp; 251263 | &nbsp;&nbsp;&nbsp; 9538 | &nbsp;&nbsp;&nbsp; 102496 |
| Class C | &nbsp;&nbsp;&nbsp; (21288)<br>| &nbsp;&nbsp;&nbsp; (251263)<br>| &nbsp;&nbsp;&nbsp; (9959)<br>| &nbsp;&nbsp;&nbsp; (102496)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (421109)<br>| &nbsp;&nbsp;&nbsp; (5051704)<br>| &nbsp;&nbsp;&nbsp; (303613)<br>| &nbsp;&nbsp;&nbsp; (3323513)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (83806)<br>| &nbsp;&nbsp;&nbsp; (951223)<br>| &nbsp;&nbsp;&nbsp; (57646)<br>| &nbsp;&nbsp;&nbsp; (605021)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (85838)<br>| &nbsp;&nbsp;&nbsp; (1007447)<br>| &nbsp;&nbsp;&nbsp; (98772)<br>| &nbsp;&nbsp;&nbsp; (1070841)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (33319)<br>| &nbsp;&nbsp;&nbsp; (398209)<br>| &nbsp;&nbsp;&nbsp; (104061)<br>| &nbsp;&nbsp;&nbsp; (1143069)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (102830)<br>| &nbsp;&nbsp;&nbsp; (1220467)<br>| &nbsp;&nbsp;&nbsp; (63195)<br>| &nbsp;&nbsp;&nbsp; (679465)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 1451781 | &nbsp;&nbsp;&nbsp; $17802212 | &nbsp;&nbsp;&nbsp; (51950)<br>| &nbsp;&nbsp;&nbsp; $(669352)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 14% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**21**

**Invesco Advantage International Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco Advantage International Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Advantage International Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent, insurance companies and brokers; when replies were not received from insurance companies, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

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

**22**

**Invesco Advantage International Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Advantage International Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior

Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back

office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

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

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI ACWI ex-USA Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the fourth quintile for the three year period and the fifth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance

**23**

**Invesco Advantage International Fund**

------

period could produce different results. The Board considered that the Fund's lower equity beta relative to peers detracted from the Fund's three year performance. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board also noted that the Fund's actual management fee rate was 0.00% due to expense limits and/or waivers, which was below the median actual management fee rate of its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

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

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of

scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the

effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**24**

**Invesco Advantage International Fund**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Federal and State Income Tax** |  |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 51.30% |  |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |  |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 6.74% |  |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |  |
| Business Interest Income\* | &nbsp;&nbsp; 5.14% |  |
| Foreign Taxes | &nbsp;&nbsp; $0.0301 | &nbsp;&nbsp; per share |
| Foreign Source Income | &nbsp;&nbsp; $0.2921 | &nbsp;&nbsp; per share |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**25**

**Invesco Advantage International Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**26**

**Invesco Advantage International Fund**

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![](img057e30fa1.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

O-GLMAG-NCSR

------

![](img46016be81.jpg)

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**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Asia Pacific Equity Fund**

Effective August 22, 2025, Invesco EQV Asia Pacific Equity Fund was renamed Invesco Asia Pacific Equity Fund.

Nasdaq:

A: ASIAX ■ C: ASICX ■ R: ASQRX ■ Y: ASIYX ■ R6: ASISX

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| | |
|:---|:---|
| [2](#xx_c9e502a5-86f4-4e8a-a04d-e4390e8b56cc_SOI-Continued-126_1) | Schedule of Investments |
| [4](#xx_c9e502a5-86f4-4e8a-a04d-e4390e8b56cc_FS-Continued-126_1) | Financial Statements |
| [7](#xx_c9e502a5-86f4-4e8a-a04d-e4390e8b56cc_FS-Continued-126_4) | Financial Highlights |
| [8](#xx_c9e502a5-86f4-4e8a-a04d-e4390e8b56cc_NTF-Continued-126_1) | Notes to Financial Statements |
| [16](#xx_c9e502a5-86f4-4e8a-a04d-e4390e8b56cc_ARS-Continued-126_1) | Report of Independent Registered Public Accounting Firm |
| [17](#xx_c9e502a5-86f4-4e8a-a04d-e4390e8b56cc_AOC-Continued-126_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [20](#xx_c9e502a5-86f4-4e8a-a04d-e4390e8b56cc_TI-Continued-126_1) | Tax Information |
| [21](#xx_c9e502a5-86f4-4e8a-a04d-e4390e8b56cc_OIRSR-Continued-126_1) | Other Information Required in Form N-CSR (Items 8-11)  |

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**Schedule of Investments** 

*October 31, 2025*

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| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–96.74%** | **Common Stocks & Other Equity Interests–96.74%** | **Common Stocks & Other Equity Interests–96.74%** |
| **Australia–6.71%** | **Australia–6.71%** | **Australia–6.71%** |
| Dyno Nobel Ltd. | 2246774 | &nbsp;&nbsp; $4728053 |
| Mineral Resources Ltd.<sup>(a)(b)</sup>  | 90537 | &nbsp;&nbsp; 2859384 |
| Orora Ltd. | 2365205 | &nbsp;&nbsp; 3111232 |
| QBE Insurance Group Ltd. | 298735 | &nbsp;&nbsp; 3875959 |
| Rio Tinto PLC | 87863 | &nbsp;&nbsp; 6334039 |
| Westpac Banking Corp. | 94359 | &nbsp;&nbsp; 2387704 |
| Woodside Energy Group Ltd. | 487506 | &nbsp;&nbsp; 7900253 |
|  |  | &nbsp;&nbsp; 31196624 |
| **China–28.64%** | **China–28.64%** | **China–28.64%** |
| Alibaba Group Holding Ltd. | 548900 | &nbsp;&nbsp; 11679898 |
| Anhui Conch Cement Co. Ltd., H Shares | 1043000 | &nbsp;&nbsp; 3109666 |
| Autohome, Inc., ADR | 153287 | &nbsp;&nbsp; 3862832 |
| China Oilfield Services Ltd., H Shares | 2370000 | &nbsp;&nbsp; 2313716 |
| China Resources Beer (Holdings) Co. <br> Ltd. | 2000000 | &nbsp;&nbsp; 6841056 |
| ENN Energy Holdings Ltd. | 606747 | &nbsp;&nbsp; 5286750 |
| Full Truck Alliance Co. Ltd., ADR<sup>(b)</sup>  | 584302 | &nbsp;&nbsp; 7595926 |
| Gree Electric Appliances, Inc. of Zhuhai | 414000 | &nbsp;&nbsp; 2314954 |
| H World Group Ltd. | 872000 | &nbsp;&nbsp; 3381299 |
| H World Group Ltd., ADR<sup>(b)</sup>  | 152483 | &nbsp;&nbsp; 5885844 |
| Inner Mongolia Yili Industrial Group Co. <br> Ltd., A Shares | 2331709 | &nbsp;&nbsp; 8989326 |
| JD.com, Inc., A Shares | 406100 | &nbsp;&nbsp; 6704701 |
| JD.com, Inc., ADR | 102540 | &nbsp;&nbsp; 3387922 |
| Minth Group Ltd. | 222000 | &nbsp;&nbsp; 985084 |
| NetEase, Inc. | 504100 | &nbsp;&nbsp; 14145410 |
| New Oriental Education & Technology <br> Group, Inc., ADR<sup>(a)(b)</sup>  | 70593 | &nbsp;&nbsp; 4205225 |
| Sany Heavy Industry Co. Ltd., A Shares | 711400 | &nbsp;&nbsp; 2213793 |
| Tencent Holdings Ltd. | 367500 | &nbsp;&nbsp; 29851179 |
| Tingyi Cayman Islands Holding Corp. | 1570881 | &nbsp;&nbsp; 2155294 |
| Vipshop Holdings Ltd., ADR | 338298 | &nbsp;&nbsp; 5916832 |
| Wuliangye Yibin Co. Ltd., A Shares | 136938 | &nbsp;&nbsp; 2290738 |
|  |  | &nbsp;&nbsp; 133117445 |
| **Hong Kong–4.98%** | **Hong Kong–4.98%** | **Hong Kong–4.98%** |
| AIA Group Ltd. | 1250800 | &nbsp;&nbsp; 12171197 |
| CK Asset Holdings Ltd. | 1372000 | &nbsp;&nbsp; 6787618 |
| CK Hutchison Holdings Ltd. | 631500 | &nbsp;&nbsp; 4187774 |
|  |  | &nbsp;&nbsp; 23146589 |
| **India–6.86%** | **India–6.86%** | **India–6.86%** |
| Delhivery Ltd.<sup>(a)</sup>  | 536230 | &nbsp;&nbsp; 2812853 |
| HDFC Bank Ltd. | 74636 | &nbsp;&nbsp; 829866 |
| HDFC Bank Ltd., ADR | 440456 | &nbsp;&nbsp; 15953316 |
| ICICI Bank Ltd., ADR | 208528 | &nbsp;&nbsp; 6318399 |
| Shriram Finance Ltd. | 709008 | &nbsp;&nbsp; 5979064 |
|  |  | &nbsp;&nbsp; 31893498 |
| **Indonesia–7.61%** | **Indonesia–7.61%** | **Indonesia–7.61%** |
| Jardine Matheson Holdings Ltd. | 150846 | &nbsp;&nbsp; 8856859 |
| PT Astra International Tbk | 25122732 | &nbsp;&nbsp; 9289464 |
| PT Bank Negara Indonesia (Persero) <br> Tbk | 13325290 | &nbsp;&nbsp; 3502342 |
| PT Bank Rakyat Indonesia (Persero) Tbk | 30142200 | &nbsp;&nbsp; 7210625 |

---

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| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Indonesia–(continued)** | **Indonesia–(continued)** | **Indonesia–(continued)** |
| PT Indocement Tunggal Prakarsa Tbk | 4227400 | &nbsp;&nbsp; $1586897 |
| PT Telkom Indonesia (Persero) Tbk | 25533858 | &nbsp;&nbsp; 4939133 |
|  |  | &nbsp;&nbsp; 35385320 |
| **Macau–0.88%** | **Macau–0.88%** | **Macau–0.88%** |
| Sands China Ltd. | 1574246 | &nbsp;&nbsp; 4102888 |
| **Singapore–3.79%** | **Singapore–3.79%** | **Singapore–3.79%** |
| Grab Holdings Ltd., Class A<sup>(a)</sup>  | 1044728 | &nbsp;&nbsp; 6278815 |
| United Overseas Bank Ltd. | 425700 | &nbsp;&nbsp; 11322535 |
|  |  | &nbsp;&nbsp; 17601350 |
| **South Africa–2.47%** | **South Africa–2.47%** | **South Africa–2.47%** |
| Anglo American PLC | 257266 | &nbsp;&nbsp; 9733047 |
| Valterra Platinum Ltd. | 28319 | &nbsp;&nbsp; 1731029 |
|  |  | &nbsp;&nbsp; 11464076 |
| **South Korea–12.97%** | **South Korea–12.97%** | **South Korea–12.97%** |
| Hyundai Mobis Co. Ltd. | 22355 | &nbsp;&nbsp; 4943528 |
| Hyundai Motor Co. | 13769 | &nbsp;&nbsp; 2792206 |
| KB Financial Group, Inc. | 21206 | &nbsp;&nbsp; 1731122 |
| LG Chem Ltd. | 7208 | &nbsp;&nbsp; 2004892 |
| LG H&H Co. Ltd. | 16730 | &nbsp;&nbsp; 3335662 |
| NAVER Corp. | 18043 | &nbsp;&nbsp; 3381550 |
| Samsung E&A Co. Ltd. | 292910 | &nbsp;&nbsp; 5325186 |
| Samsung Electronics Co. Ltd. | 381728 | &nbsp;&nbsp; 28735026 |
| Samsung Fire & Marine Insurance Co. Ltd. | 26051 | &nbsp;&nbsp; 8062896 |
|  |  | &nbsp;&nbsp; 60312068 |
| **Taiwan–14.93%** | **Taiwan–14.93%** | **Taiwan–14.93%** |
| Hon Hai Precision Industry Co. Ltd. | 532000 | &nbsp;&nbsp; 4424847 |
| Largan Precision Co. Ltd. | 106000 | &nbsp;&nbsp; 7608064 |
| MediaTek, Inc. | 131000 | &nbsp;&nbsp; 5555634 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd. | 935464 | &nbsp;&nbsp; 45238727 |
| Yageo Corp. | 815000 | &nbsp;&nbsp; 6559822 |
|  |  | &nbsp;&nbsp; 69387094 |
| **Thailand–4.24%** | **Thailand–4.24%** | **Thailand–4.24%** |
| Bangkok Bank PCL, Foreign Shares | 916700 | &nbsp;&nbsp; 4492059 |
| Kasikornbank PCL, Foreign Shares | 2640277 | &nbsp;&nbsp; 15218802 |
|  |  | &nbsp;&nbsp; 19710861 |
| **United States–2.19%** | **United States–2.19%** | **United States–2.19%** |
| EPAM Systems, Inc.<sup>(a)</sup>  | 38538 | &nbsp;&nbsp; 6302505 |
| Newmont Corp., CDI | 47503 | &nbsp;&nbsp; 3860920 |
|  |  | &nbsp;&nbsp; 10163425 |
| **Vietnam–0.47%** | **Vietnam–0.47%** | **Vietnam–0.47%** |
| Vietnam Dairy Products JSC | 1005700 | &nbsp;&nbsp; 2201657 |
| Total Common Stocks & Other Equity Interests <br> (Cost $333,041,936) | Total Common Stocks & Other Equity Interests <br> (Cost $333,041,936) | &nbsp;&nbsp; 449682895 |
| **Preferred Stocks–1.88%** | **Preferred Stocks–1.88%** | **Preferred Stocks–1.88%** |
| **South Korea–1.88%** | **South Korea–1.88%** | **South Korea–1.88%** |
| Samsung Electronics Co. Ltd., Preference <br> Shares <br>(Cost $5,509,322) | 148320 | &nbsp;&nbsp; 8753098 |

---

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

**2**

**Invesco Asia Pacific Equity Fund**

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–1.66%** | **Money Market Funds–1.66%** | **Money Market Funds–1.66%** | **Money Market Funds–1.66%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup>  | 2701442 | &nbsp;&nbsp; $2701442 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(c)(d)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(c)(d)</sup>  | 5017005 | &nbsp;&nbsp; 5017005 |
| Total Money Market Funds (Cost $7,718,447) | Total Money Market Funds (Cost $7,718,447) | Total Money Market Funds (Cost $7,718,447) | &nbsp;&nbsp; 7718447 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-100.28% <br> (Cost $346,269,705)<br>|  |  | &nbsp;&nbsp; 466154440 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–2.50%** | **Money Market Funds–2.50%** | **Money Market Funds–2.50%** | **Money Market Funds–2.50%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(c)(d)(e)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(c)(d)(e)</sup>  | 3237300 | &nbsp;&nbsp; 3237300 |

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| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 4.30%<sup>(c)(d)(e)</sup>  | 8389940 | &nbsp;&nbsp; $8392457 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $11,630,216) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $11,630,216) | &nbsp;&nbsp; 11629757 |
| TOTAL INVESTMENTS IN SECURITIES—102.78% <br> (Cost $357,899,921) | TOTAL INVESTMENTS IN SECURITIES—102.78% <br> (Cost $357,899,921) | &nbsp;&nbsp; 477784197 |
| OTHER ASSETS LESS LIABILITIES–(2.78)% | OTHER ASSETS LESS LIABILITIES–(2.78)% | &nbsp;&nbsp; (12938170)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $464846027 |

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Investment Abbreviations:

ADR – American Depositary Receipt <br> CDI – CREST Depository Interest

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2025. 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $3224755 | &nbsp;&nbsp; $51590614 | &nbsp;&nbsp; $(52113927) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2701442 | &nbsp;&nbsp; $168465 |
| Invesco Treasury Portfolio, Institutional Class | 6011717 | &nbsp;&nbsp; 95811139 | &nbsp;&nbsp; (96805851) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5017005 | &nbsp;&nbsp; 310925 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1239365 | &nbsp;&nbsp; 53420452 | &nbsp;&nbsp; (51422517) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3237300 | &nbsp;&nbsp; 116,400\* |
| Invesco Private Prime Fund | 3232685 | &nbsp;&nbsp; 126693652 | &nbsp;&nbsp; (121534234) | (459) | &nbsp;&nbsp; 813 | &nbsp;&nbsp; 8392457 | &nbsp;&nbsp; 315,594\* |
| Total | $13708522 | &nbsp;&nbsp; $327515857 | &nbsp;&nbsp; $(321876529) | &nbsp;&nbsp; $(459) | &nbsp;&nbsp; $813 | &nbsp;&nbsp; $19348204 | &nbsp;&nbsp; $911384 |

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(e)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

**Invesco Asia Pacific Equity Fund**

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**Statement of Assets and Liabilities**

*October 31, 2025*

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| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $338,551,258)\*<br>| &nbsp;&nbsp; $458435993 |
| Investments in affiliated money market funds, at value <br> (Cost $19,348,663)<br>| &nbsp;&nbsp; 19348204 |
| Foreign currencies, at value (Cost $118,804) | &nbsp;&nbsp; 118865 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1228370 |
| Fund shares sold | &nbsp;&nbsp; 30674 |
| Dividends | &nbsp;&nbsp; 288370 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 177912 |
| Other assets | &nbsp;&nbsp; 50686 |
| Total assets | &nbsp;&nbsp; 479679074 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1563661 |
| Fund shares reacquired | &nbsp;&nbsp; 469604 |
| Accrued foreign taxes | &nbsp;&nbsp; 570707 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 11630216 |
| Accrued fees to affiliates | &nbsp;&nbsp; 290378 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1376 |
| Accrued other operating expenses | &nbsp;&nbsp; 85362 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 221743 |
| Total liabilities | &nbsp;&nbsp; 14833047 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $464846027 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $294870750 |
| Distributable earnings | &nbsp;&nbsp; 169975277 |
|  | &nbsp;&nbsp; $464846027 |

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---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $358144960 |
| Class C | &nbsp;&nbsp; $6524652 |
| Class R | &nbsp;&nbsp; $846323 |
| Class Y | &nbsp;&nbsp; $82976287 |
| Class R6 | &nbsp;&nbsp; $16353805 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 10765758 |
| Class C | &nbsp;&nbsp; 226930 |
| Class R | &nbsp;&nbsp; 25493 |
| Class Y | &nbsp;&nbsp; 2486629 |
| Class R6 | &nbsp;&nbsp; 491124 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $33.27 |
| Maximum offering price per share <br>(Net asset value of $33.27 ÷ 94.50%)<br>| &nbsp;&nbsp; $35.21 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $28.75 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $33.20 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $33.37 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $33.30 |

---

\* At October 31, 2025, securities with an aggregate value of $11,315,927 were on loan to brokers. 

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

**4**

**Invesco Asia Pacific Equity Fund**

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**Statement of Operations**

*For the year ended October 31, 2025* 

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| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $1,001,596) | &nbsp;&nbsp; $8933199 |
| Dividends from affiliated money market funds (includes net securities lending income of $24,373) | &nbsp;&nbsp; 503763 |
| Total investment income | &nbsp;&nbsp; 9436962 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3683866 |
| Administrative services fees | &nbsp;&nbsp; 58774 |
| Custodian fees | &nbsp;&nbsp; 57657 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 787111 |
| Class C | &nbsp;&nbsp; 55849 |
| Class R | &nbsp;&nbsp; 2605 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 803554 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 4226 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 25803 |
| Registration and filing fees | &nbsp;&nbsp; 75607 |
| Reports to shareholders | &nbsp;&nbsp; 52543 |
| Professional services fees | &nbsp;&nbsp; 83657 |
| Other | &nbsp;&nbsp; 12602 |
| Total expenses | &nbsp;&nbsp; 5703854 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (28400)<br>|
| Net expenses | &nbsp;&nbsp; 5675454 |
| Net investment income | &nbsp;&nbsp; 3761508 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $695,693) | &nbsp;&nbsp; 87794886 |
| Affiliated investment securities | &nbsp;&nbsp; 813 |
| Foreign currencies | &nbsp;&nbsp; (549447)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (1794)<br>|
|  | &nbsp;&nbsp; 87244458 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $373,607) | &nbsp;&nbsp; (15011288)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (459)<br>|
| Foreign currencies | &nbsp;&nbsp; 1019 |
|  | &nbsp;&nbsp; (15010728)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 72233730 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $75995238 |

---

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

**5**

**Invesco Asia Pacific Equity Fund**

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**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $3761508 | &nbsp;&nbsp; $2397287 |
| Net realized gain | &nbsp;&nbsp; 87244458 | &nbsp;&nbsp; 30992263 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (15010728)<br>| &nbsp;&nbsp; 43951451 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 75995238 | &nbsp;&nbsp; 77341001 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (22892437)<br>| &nbsp;&nbsp; (8556752)<br>|
| Class C | &nbsp;&nbsp; (423404)<br>| &nbsp;&nbsp; (121876)<br>|
| Class Y | &nbsp;&nbsp; (6697136)<br>| &nbsp;&nbsp; (2933225)<br>|
| Class R6 | &nbsp;&nbsp; (1013582)<br>| &nbsp;&nbsp; (619767)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (31026559)<br>| &nbsp;&nbsp; (12231620)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 23558143 | &nbsp;&nbsp; (41934635)<br>|
| Class C | &nbsp;&nbsp; 757668 | &nbsp;&nbsp; (1734382)<br>|
| Class R | &nbsp;&nbsp; 702959 | &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; (7723285)<br>| &nbsp;&nbsp; (32613271)<br>|
| Class R6 | &nbsp;&nbsp; 1992658 | &nbsp;&nbsp; (11425653)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 19288143 | &nbsp;&nbsp; (87707941)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 64256822 | &nbsp;&nbsp; (22598560)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 400589205 | &nbsp;&nbsp; 423187765 |
| End of year | &nbsp;&nbsp; $464846027 | &nbsp;&nbsp; $400589205 |

---

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

**6**

**Invesco Asia Pacific Equity Fund**

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**Financial Highlights**

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

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $30.38 | $0.25 | $5.01 | $5.26 | $(0.14)<br>| $(2.23)<br>| $(2.37)<br>| $33.27 | 18.82<br> %<br>| &nbsp;&nbsp; $358145 | 1.42<br> %<br>| 1.42<br> %<br>| 0.85<br> %<br>| 102<br> %<br>|
| Year ended 10/31/24 | 25.87 | 0.15 | 5.13 | 5.28 | (0.26)<br>| (0.51)<br>| (0.77)<br>| 30.38 | 20.85 | &nbsp;&nbsp; 299433 | 1.51 | 1.51 | 0.53 | 15 |
| Year ended 10/31/23 | 25.07 | 0.24 | 2.56 | 2.80 | (0.16)<br>| (1.84)<br>| (2.00)<br>| 25.87 | 10.66 | &nbsp;&nbsp; 293668 | 1.44 | 1.45 | 0.87 | 16 |
| Year ended 10/31/22 | 36.69 | 0.17 | (9.22)<br>| (9.05)<br>| (0.07)<br>| (2.50)<br>| (2.57)<br>| 25.07 | (26.39)<br>| &nbsp;&nbsp; 295255 | 1.45 | 1.45 | 0.53 | 13 |
| Year ended 10/31/21 | 36.20 | 0.07 | 3.23 | 3.30 | (0.10)<br>| (2.71)<br>| (2.81)<br>| 36.69 | 8.97 | &nbsp;&nbsp; 447947 | 1.38 | 1.38 | 0.17 | 15 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 26.62 | 0.03 | 4.33 | 4.36 |  | (2.23)<br>| (2.23)<br>| 28.75 | 17.92 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 6525 | 2.14 <br><sup>(d)</sup><br>| 2.14 <br><sup>(d)</sup><br>| 0.13 <br><sup>(d)</sup><br>| 102 |
| Year ended 10/31/24 | 22.67 | (0.05)<br>| 4.51 | 4.46 |  | (0.51)<br>| (0.51)<br>| 26.62 | 19.97 | &nbsp;&nbsp; 5167 | 2.26 | 2.26 | (0.22)<br>| 15 |
| Year ended 10/31/23 | 22.19 | 0.03 | 2.29 | 2.32 |  | (1.84)<br>| (1.84)<br>| 22.67 | 9.85 | &nbsp;&nbsp; 6022 | 2.19 | 2.20 | 0.12 | 16 |
| Year ended 10/31/22 | 32.94 | (0.06)<br>| (8.19)<br>| (8.25)<br>|  | (2.50)<br>| (2.50)<br>| 22.19 | (26.94)<br>| &nbsp;&nbsp; 8847 | 2.20 | 2.20 | (0.22)<br>| 13 |
| Year ended 10/31/21 | 32.90 | (0.20)<br>| 2.95 | 2.75 |  | (2.71)<br>| (2.71)<br>| 32.94 | 8.16 | &nbsp;&nbsp; 15631 | 2.13 | 2.13 | (0.58)<br>| 15 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Period ended 10/31/25<sup>(e)</sup> <br>| 27.68 | 0.12 | 5.40 | 5.52 |  |  |  | 33.20 | 19.94 | &nbsp;&nbsp; 846 | 1.66 <br><sup>(f)</sup><br>| 1.67 <br><sup>(f)</sup><br>| 0.61 <br><sup>(f)</sup><br>| 102 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 30.47 | 0.32 | 5.03 | 5.35 | (0.22)<br>| (2.23)<br>| (2.45)<br>| 33.37 | 19.11 | &nbsp;&nbsp; 82976 | 1.17 | 1.17 | 1.10 | 102 |
| Year ended 10/31/24 | 25.95 | 0.22 | 5.15 | 5.37 | (0.34)<br>| (0.51)<br>| (0.85)<br>| 30.47 | 21.17 | &nbsp;&nbsp; 83411 | 1.26 | 1.26 | 0.78 | 15 |
| Year ended 10/31/23 | 25.15 | 0.32 | 2.57 | 2.89 | (0.25)<br>| (1.84)<br>| (2.09)<br>| 25.95 | 10.94 | &nbsp;&nbsp; 102149 | 1.19 | 1.20 | 1.12 | 16 |
| Year ended 10/31/22 | 36.83 | 0.24 | (9.25)<br>| (9.01)<br>| (0.17)<br>| (2.50)<br>| (2.67)<br>| 25.15 | (26.24)<br>| &nbsp;&nbsp; 122929 | 1.20 | 1.20 | 0.78 | 13 |
| Year ended 10/31/21 | 36.31 | 0.16 | 3.25 | 3.41 | (0.18)<br>| (2.71)<br>| (2.89)<br>| 36.83 | 9.28 | &nbsp;&nbsp; 167045 | 1.13 | 1.13 | 0.42 | 15 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 30.43 | 0.37 | 5.01 | 5.38 | (0.28)<br>| (2.23)<br>| (2.51)<br>| 33.30 | 19.29 | &nbsp;&nbsp; 16354 | 1.00 | 1.00 | 1.27 | 102 |
| Year ended 10/31/24 | 25.92 | 0.27 | 5.14 | 5.41 | (0.39)<br>| (0.51)<br>| (0.90)<br>| 30.43 | 21.39 | &nbsp;&nbsp; 12578 | 1.07 | 1.07 | 0.97 | 15 |
| Year ended 10/31/23 | 25.13 | 0.36 | 2.57 | 2.93 | (0.30)<br>| (1.84)<br>| (2.14)<br>| 25.92 | 11.13 | &nbsp;&nbsp; 21349 | 1.03 | 1.04 | 1.28 | 16 |
| Year ended 10/31/22 | 36.83 | 0.31 | (9.28)<br>| (8.97)<br>| (0.23)<br>| (2.50)<br>| (2.73)<br>| 25.13 | (26.16)<br>| &nbsp;&nbsp; 20088 | 1.03 | 1.03 | 0.95 | 13 |
| Year ended 10/31/21 | 36.32 | 0.22 | 3.25 | 3.47 | (0.25)<br>| (2.71)<br>| (2.96)<br>| 36.83 | 9.44 | &nbsp;&nbsp; 92813 | 0.97 | 0.97 | 0.58 | 15 |

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<sup>(a)</sup> Calculated using average shares outstanding.

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

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2025, the portfolio turnover calculation excludes the value of securities purchased of $21,600,251 and sold of $28,765,638 in the effort to realign the Fund's portfolio holdings after the reorganization of Invesco Greater China Fund into the Fund. 

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.97% for the year ended October 31, 2025. 

<sup>(e)</sup> Commencement date of February 24, 2025.

<sup>(f)</sup> Annualized.

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

**7**

**Invesco Asia Pacific Equity Fund**

------

**Notes to Financial Statements**

*October 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco Asia Pacific Equity Fund, formerly Invesco EQV Asia Pacific Equity Fund, (the "Fund") is a series portfolio of AIM International Mutual Funds (Invesco International Mutual 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 the Fund or each class.

The Fund's investment objective is long-term growth of capital.

The Fund currently consists of five different classes of shares: Class A, Class C, Class R, Class Y and Class R6. On February 24, 2025, the Fund began offering Class R shares. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**8**

**Invesco Asia Pacific Equity Fund**

------

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

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

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

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

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

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

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

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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

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

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

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security.

**9**

**Invesco Asia Pacific Equity Fund**

------

Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2025, the Fund paid the Adviser $1,044 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

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

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

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

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

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

Investing in a single-country or region mutual fund involves greater risk than investing in a more diversified fund due to lack of exposure to other countries or regions.

Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; lack of publicly available information; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China's dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.

The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. In addition, export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has recently imposed tariffs on the other country's products. Further, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

**10**

**Invesco Asia Pacific Equity Fund**

------

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.870% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.820% |
| Next $49 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.770% |
| Amount over $51 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.760% |

---

Prior to the close of business on February 21, 2025, the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.935% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.910% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.885% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.860% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.835% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.810% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.785% |
| Amount over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.760% |

---

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.89%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended October 31, 2025, the Adviser waived advisory fees of $12,678.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

**11**

**Invesco Asia Pacific Equity Fund**

------

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $28,529 in front-end sales commissions from the sale of Class A shares and $490 and $184 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2025, the Fund incurred $118 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $31196624 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $31196624 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 30854581 | &nbsp;&nbsp;&nbsp;&nbsp; 102262864 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133117445 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23146589 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23146589 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 22271715 | &nbsp;&nbsp;&nbsp;&nbsp; 9621783 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31893498 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35385320 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35385320 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4102888 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4102888 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 6278815 | &nbsp;&nbsp;&nbsp;&nbsp; 11322535 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17601350 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11464076 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11464076 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69065166 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69065166 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69387094 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69387094 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19710861 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19710861 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 6302505 | &nbsp;&nbsp;&nbsp;&nbsp; 3860920 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10163425 |
| Vietnam | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2201657 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2201657 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 7718447 | &nbsp;&nbsp;&nbsp;&nbsp; 11629757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19348204 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $73426063 | &nbsp;&nbsp;&nbsp;&nbsp; $404358134 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $477784197 |

---

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**12**

**Invesco Asia Pacific Equity Fund**

------

**Effect of Derivative Investments for the year ended October 31, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1794)<br>|

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $830143 |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $15,722.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $3177376 | &nbsp;&nbsp;&nbsp;&nbsp; $4393471 |
| Long-term capital gain | &nbsp;&nbsp; 27849183 | &nbsp;&nbsp;&nbsp;&nbsp; 7838149 |
| Total distributions | &nbsp;&nbsp; $31026559 | &nbsp;&nbsp;&nbsp;&nbsp; $12231620 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $16947155 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 64295318 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 118372267 |
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (2132)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (144657)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (29492674)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 294870750 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $464846027 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and passive foreign investment companies.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

**13**

**Invesco Asia Pacific Equity Fund**

------

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of October 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $20131543 | &nbsp;&nbsp;&nbsp;&nbsp; $9361131 | &nbsp;&nbsp;&nbsp;&nbsp; $29492674 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $408,395,691 and $420,470,088, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $126145748 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (7773481)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $118372267 |

---

Cost of investments for tax purposes is $359,411,930.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of tax deferrals acquired in the reorganization of into the Fund, undistributed net investment income was decreased by $1,372,953, undistributed net realized gain was decreased by $38,788,551 and shares of beneficial interest was increased by $40,161,504. These reclassifications had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 415924 | &nbsp;&nbsp;&nbsp; $11949443 | &nbsp;&nbsp;&nbsp; 381255 | &nbsp;&nbsp;&nbsp; $10629578 |
| Class C | &nbsp;&nbsp;&nbsp; 22839 | &nbsp;&nbsp;&nbsp; 573332 | &nbsp;&nbsp;&nbsp; 34197 | &nbsp;&nbsp;&nbsp; 844803 |
| Class R | &nbsp;&nbsp;&nbsp; 10171 | &nbsp;&nbsp;&nbsp; 285296 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 532824 | &nbsp;&nbsp;&nbsp; 15078518 | &nbsp;&nbsp;&nbsp; 638799 | &nbsp;&nbsp;&nbsp; 17894179 |
| Class R6 | &nbsp;&nbsp;&nbsp; 176304 | &nbsp;&nbsp;&nbsp; 4904723 | &nbsp;&nbsp;&nbsp; 100377 | &nbsp;&nbsp;&nbsp; 2776226 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 762899 | &nbsp;&nbsp;&nbsp; 21330663 | &nbsp;&nbsp;&nbsp; 298999 | &nbsp;&nbsp;&nbsp; 7905526 |
| Class C | &nbsp;&nbsp;&nbsp; 16347 | &nbsp;&nbsp;&nbsp; 397549 | &nbsp;&nbsp;&nbsp; 4860 | &nbsp;&nbsp;&nbsp; 113343 |
| Class Y | &nbsp;&nbsp;&nbsp; 174115 | &nbsp;&nbsp;&nbsp; 4873439 | &nbsp;&nbsp;&nbsp; 82596 | &nbsp;&nbsp;&nbsp; 2185488 |
| Class R6 | &nbsp;&nbsp;&nbsp; 32566 | &nbsp;&nbsp;&nbsp; 908254 | &nbsp;&nbsp;&nbsp; 13968 | &nbsp;&nbsp;&nbsp; 368467 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 27208 | &nbsp;&nbsp;&nbsp; 780813 | &nbsp;&nbsp;&nbsp; 27725 | &nbsp;&nbsp;&nbsp; 776339 |
| Class C | &nbsp;&nbsp;&nbsp; (31360)<br>| &nbsp;&nbsp;&nbsp; (780813)<br>| &nbsp;&nbsp;&nbsp; (31550)<br>| &nbsp;&nbsp;&nbsp; (776339)<br>|
| **Issued in connection with acquisitions:**<sup>(b)</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1743808 | &nbsp;&nbsp;&nbsp; 48271407 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class C | &nbsp;&nbsp;&nbsp; 80590 | &nbsp;&nbsp;&nbsp; 1937690 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R | &nbsp;&nbsp;&nbsp; 26413 | &nbsp;&nbsp;&nbsp; 731114 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 128979 | &nbsp;&nbsp;&nbsp; 3575068 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; 9833 | &nbsp;&nbsp;&nbsp; 271663 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |

---

**14**

**Invesco Asia Pacific Equity Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2039920)<br>| &nbsp;&nbsp;&nbsp; $(58774183)<br>| &nbsp;&nbsp;&nbsp; (2205271)<br>| &nbsp;&nbsp;&nbsp; $(61246078)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (55606)<br>| &nbsp;&nbsp;&nbsp; (1370090)<br>| &nbsp;&nbsp;&nbsp; (79044)<br>| &nbsp;&nbsp;&nbsp; (1916189)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (11091)<br>| &nbsp;&nbsp;&nbsp; (313451)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; (1086574)<br>| &nbsp;&nbsp;&nbsp; (31250310)<br>| &nbsp;&nbsp;&nbsp; (1920488)<br>| &nbsp;&nbsp;&nbsp; (52692938)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (140995)<br>| &nbsp;&nbsp;&nbsp; (4091982)<br>| &nbsp;&nbsp;&nbsp; (524696)<br>| &nbsp;&nbsp;&nbsp; (14570346)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 795274 | &nbsp;&nbsp;&nbsp; $19288143 | &nbsp;&nbsp;&nbsp; (3178273)<br>| &nbsp;&nbsp;&nbsp; $(87707941)<br>|

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 41% of the outstanding shares of the <br> Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are <br> considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities <br> brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of <br>record by these entities are also owned beneficially. |
| <sup>(b)</sup> | After the close of business on February 21, 2025, the Fund acquired all the net assets of Invesco Greater China Fund (the "Target Fund") pursuant to a plan of <br> reorganization approved by the Board of Trustees of the Fund on September 12, 2024. The reorganization was executed in order to reduce overlap and increase <br> efficiencies in the Adviser's product line. The acquisition was accomplished by a tax-free exchange of 1,989,623 shares of the Fund for 2,946,978 shares <br> outstanding of the Target Fund as of the close of business on February 21, 2025. Shares of the Target Fund were exchanged for the like class of shares of the <br> Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, February 21, 2025. The Target Fund's <br> net assets as of the close of business on February 21, 2025 of $54,786,942, including $12,512,147 of unrealized appreciation, were combined with those of <br> the Fund. The net assets of the Fund immediately before the acquisition were $379,083,522 and $433,870,464 immediately after the acquisition. <br>|
|  | The pro forma results of operations for the year ended October 31, 2025 assuming the reorganization had been completed on November 1, 2024, the <br> beginning of the annual reporting period are as follows:<br>|

---

---

| | |
|:---|:---|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $3656447 |
| Net realized/unrealized gains | &nbsp;&nbsp;&nbsp;&nbsp; 75178338 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; $78834785 |

---

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund's Statement of Operations since February 22, 2025.

**15**

**Invesco Asia Pacific Equity Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco Asia Pacific Equity Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Asia Pacific Equity Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**16**

**Invesco Asia Pacific Equity Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Asia Pacific Equity Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by

which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal

and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI All Country Asia Pacific ex-Japan Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period, the first quintile for the three year period, and the second quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and five year periods and above the performance of the Index for the three year period. The Board noted Invesco's restructuring of its fundamental equity platform to create a unified global platform in an effort to drive improved Fund performance. The Board considered that as part of

**17**

**Invesco Asia Pacific Equity Fund**

------

such restructuring, the Fund's portfolio management team would be changed and the Fund also would undergo enhancements to its investment process, including removal of its "EQV" (earnings, quality and valuation) emphasis, effective June 23, 2025. The Board also considered that the Fund would be renamed "Invesco Asia Pacific Equity Fund" in connection with the foregoing changes. The Board received and evaluated information from management regarding the estimated portfolio turnover and related transaction costs, as well as the estimated tax impact, associated with such enhancements. The Board considered information provided and discussed by management regarding the strength and track record of the new portfolio management team. The Board considered management's rationale for the changes, as well as management's views regarding how the changes could benefit Fund shareholders. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were reasonably comparable to and above, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the Fund's contractual management fee schedule was reduced at certain breakpoint levels effective February 21, 2025. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's actual management fees, contractual management fees, and total expense ratio were each in the fifth quintile of its expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses. The Board requested and considered additional information from management regarding the Fund's actual and contractual management fees in light of current asset levels, as well as the Fund's total expenses relative to peers. The independent Trustees reviewed and considered additional information provided by management, including with respect to the Fund's contractual and actual management fees and total expenses relative to peers and the additional management resources and

costs required for the Fund's significant (and greater relative to peers) small cap holdings. The Board acknowledged limitations regarding the Broadridge data, in particular that the Fund is an all-cap product in a peer group which includes several giant- and large-cap products.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided.

The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not

**18**

**Invesco Asia Pacific Equity Fund**

------

duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**19**

**Invesco Asia Pacific Equity Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Federal and State Income Tax** |  |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $30426183 |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 76.12% |  |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 5.74% |  |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |  |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |  |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |  |
| Foreign Taxes | &nbsp;&nbsp; $0.1138 | &nbsp;&nbsp; per share |
| Foreign Source Income | &nbsp;&nbsp; $0.7038 | &nbsp;&nbsp; per share |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $1093701 |

---

**20**

**Invesco Asia Pacific Equity Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**21**

**Invesco Asia Pacific Equity Fund**

------

![](img46016be81.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

APG-NCSR

------

![](imgb2b20f6f1.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco EQV International Equity Fund**

Nasdaq:

A: AIIEX ■ C: AIECX ■ R: AIERX ■ Y: AIIYX ■ R5: AIEVX ■ R6: IGFRX

------

---

| | |
|:---|:---|
| [2](#xx_1c7f427a-bace-4e60-8b8e-eb7685b8f64a_SOI-Continued-136_1) | Schedule of Investments |
| [4](#xx_1c7f427a-bace-4e60-8b8e-eb7685b8f64a_FS-Continued-136_1) | Financial Statements |
| [7](#xx_1c7f427a-bace-4e60-8b8e-eb7685b8f64a_FS-Continued-136_4) | Financial Highlights |
| [8](#xx_1c7f427a-bace-4e60-8b8e-eb7685b8f64a_NTF-Continued-136_1) | Notes to Financial Statements |
| [15](#xx_1c7f427a-bace-4e60-8b8e-eb7685b8f64a_ARS-Continued-136_1) | Report of Independent Registered Public Accounting Firm |
| [16](#xx_1c7f427a-bace-4e60-8b8e-eb7685b8f64a_AOC-Continued-136_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [19](#xx_1c7f427a-bace-4e60-8b8e-eb7685b8f64a_TI-Continued-136_1) | Tax Information |
| [20](#xx_1c7f427a-bace-4e60-8b8e-eb7685b8f64a_OIRSR-Continued-136_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.10%** | **Common Stocks & Other Equity Interests–98.10%** | **Common Stocks & Other Equity Interests–98.10%** |
| **Australia–2.20%** | **Australia–2.20%** | **Australia–2.20%** |
| Aristocrat Leisure Ltd. | 790616 | &nbsp;&nbsp; $32711837 |
| Brambles Ltd. | 1010019 | &nbsp;&nbsp; 16412370 |
|  |  | &nbsp;&nbsp; 49124207 |
| **Belgium–1.13%** | **Belgium–1.13%** | **Belgium–1.13%** |
| Anheuser-Busch InBev S.A./N.V. | 412395 | &nbsp;&nbsp; 25146692 |
| **Brazil–1.60%** | **Brazil–1.60%** | **Brazil–1.60%** |
| MercadoLibre, Inc.<sup>(a)</sup>  | 5100 | &nbsp;&nbsp; 11869026 |
| TOTVS S.A. | 2900000 | &nbsp;&nbsp; 23917137 |
|  |  | &nbsp;&nbsp; 35786163 |
| **Canada–6.04%** | **Canada–6.04%** | **Canada–6.04%** |
| Alimentation Couche-Tard, Inc. | 205835 | &nbsp;&nbsp; 10460888 |
| Bank of Montreal<sup>(b)</sup>  | 146554 | &nbsp;&nbsp; 18205485 |
| Bombardier, Inc., Class B<sup>(a)</sup>  | 146239 | &nbsp;&nbsp; 20433109 |
| Celestica, Inc.<sup>(a)</sup>  | 37944 | &nbsp;&nbsp; 13063363 |
| RB Global, Inc. | 452103 | &nbsp;&nbsp; 44857334 |
| Royal Bank of Canada | 190688 | &nbsp;&nbsp; 27935306 |
|  |  | &nbsp;&nbsp; 134955485 |
| **China–7.88%** | **China–7.88%** | **China–7.88%** |
| Airtac International Group | 616000 | &nbsp;&nbsp; 18168897 |
| Alibaba Group Holding Ltd. | 899400 | &nbsp;&nbsp; 19138096 |
| Full Truck Alliance Co. Ltd., ADR | 2197312 | &nbsp;&nbsp; 28565056 |
| Kanzhun Ltd., ADR | 1019530 | &nbsp;&nbsp; 22592785 |
| Shenzhen Inovance Technology Co. <br> Ltd., A Shares | 2021530 | &nbsp;&nbsp; 21872244 |
| Tencent Holdings Ltd. | 353000 | &nbsp;&nbsp; 28673377 |
| Trip.com Group Ltd. | 525450 | &nbsp;&nbsp; 36976659 |
|  |  | &nbsp;&nbsp; 175987114 |
| **Denmark–0.59%** | **Denmark–0.59%** | **Denmark–0.59%** |
| Novo Nordisk A/S, Class B | 267304 | &nbsp;&nbsp; 13159823 |
| **France–11.49%** | **France–11.49%** | **France–11.49%** |
| Air Liquide S.A. | 166662 | &nbsp;&nbsp; 32255575 |
| Airbus SE | 142786 | &nbsp;&nbsp; 35206891 |
| BNP Paribas S.A. | 236131 | &nbsp;&nbsp; 18290224 |
| Cie de Saint-Gobain S.A. | 193856 | &nbsp;&nbsp; 18816051 |
| Danone S.A. | 153557 | &nbsp;&nbsp; 13561635 |
| Legrand S.A. | 302152 | &nbsp;&nbsp; 52177937 |
| LVMH Moet Hennessy Louis Vuitton SE | 42558 | &nbsp;&nbsp; 30080956 |
| Publicis Groupe S.A. | 106948 | &nbsp;&nbsp; 10719303 |
| Schneider Electric SE | 92516 | &nbsp;&nbsp; 26360564 |
| TotalEnergies SE | 305878 | &nbsp;&nbsp; 19097499 |
|  |  | &nbsp;&nbsp; 256566635 |
| **Germany–4.92%** | **Germany–4.92%** | **Germany–4.92%** |
| Allianz SE | 82143 | &nbsp;&nbsp; 33008474 |
| Deutsche Boerse AG | 82955 | &nbsp;&nbsp; 21007521 |
| Deutsche Telekom AG | 569826 | &nbsp;&nbsp; 17650458 |
| Fresenius SE & Co. KGaA | 294913 | &nbsp;&nbsp; 16970165 |
| Heidelberg Materials AG | 91005 | &nbsp;&nbsp; 21350092 |
|  |  | &nbsp;&nbsp; 109986710 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Hong Kong–2.89%** | **Hong Kong–2.89%** | **Hong Kong–2.89%** |
| AIA Group Ltd. | 3347000 | &nbsp;&nbsp; $32568752 |
| Techtronic Industries Co. Ltd. | 2750000 | &nbsp;&nbsp; 32076017 |
|  |  | &nbsp;&nbsp; 64644769 |
| **India–4.55%** | **India–4.55%** | **India–4.55%** |
| HDFC Bank Ltd., ADR<sup>(b)</sup>  | 1335341 | &nbsp;&nbsp; 48366051 |
| Reliance Industries Ltd. | 2370554 | &nbsp;&nbsp; 39666103 |
| SBI Life Insurance Co. Ltd.<sup>(c)</sup>  | 612662 | &nbsp;&nbsp; 13479835 |
|  |  | &nbsp;&nbsp; 101511989 |
| **Indonesia–1.57%** | **Indonesia–1.57%** | **Indonesia–1.57%** |
| PT Bank Central Asia Tbk, ADR<sup>(b)</sup>  | 2743705 | &nbsp;&nbsp; 35119424 |
| **Israel–0.76%** | **Israel–0.76%** | **Israel–0.76%** |
| Teva Pharmaceutical Industries Ltd., <br> ADR<sup>(a)</sup>  | 829394 | &nbsp;&nbsp; 16985989 |
| **Italy–2.31%** | **Italy–2.31%** | **Italy–2.31%** |
| FinecoBank Banca Fineco S.p.A. | 2255258 | &nbsp;&nbsp; 51600630 |
| **Japan–10.91%** | **Japan–10.91%** | **Japan–10.91%** |
| Asahi Group Holdings Ltd.<sup>(b)</sup>  | 1107500 | &nbsp;&nbsp; 11940866 |
| FANUC Corp. | 292960 | &nbsp;&nbsp; 9776491 |
| Hoya Corp. | 270200 | &nbsp;&nbsp; 43889129 |
| Keyence Corp. | 109000 | &nbsp;&nbsp; 40453661 |
| Kobe Bussan Co. Ltd. | 442900 | &nbsp;&nbsp; 10277097 |
| M3, Inc.<sup>(b)</sup>  | 991200 | &nbsp;&nbsp; 13891518 |
| Recruit Holdings Co. Ltd. | 500800 | &nbsp;&nbsp; 24833637 |
| SMC Corp. | 62200 | &nbsp;&nbsp; 21292455 |
| Sony Group Corp. | 1450100 | &nbsp;&nbsp; 40384675 |
| Tokyo Electron Ltd. | 122200 | &nbsp;&nbsp; 26941459 |
|  |  | &nbsp;&nbsp; 243680988 |
| **Mexico–0.80%** | **Mexico–0.80%** | **Mexico–0.80%** |
| Wal-Mart de Mexico S.A.B. de C.V., <br> Series V | 5405402 | &nbsp;&nbsp; 17870108 |
| **Netherlands–2.42%** | **Netherlands–2.42%** | **Netherlands–2.42%** |
| ASM International N.V. | 38188 | &nbsp;&nbsp; 24778077 |
| ASML Holding N.V. | 17004 | &nbsp;&nbsp; 17978488 |
| Heineken N.V. | 145914 | &nbsp;&nbsp; 11298457 |
|  |  | &nbsp;&nbsp; 54055022 |
| **Singapore–1.05%** | **Singapore–1.05%** | **Singapore–1.05%** |
| United Overseas Bank Ltd. | 880366 | &nbsp;&nbsp; 23415492 |
| **South Korea–2.96%** | **South Korea–2.96%** | **South Korea–2.96%** |
| KB Financial Group, Inc. | 416934 | &nbsp;&nbsp; 34035817 |
| Samsung Electronics Co. Ltd. | 425130 | &nbsp;&nbsp; 32002163 |
|  |  | &nbsp;&nbsp; 66037980 |
| **Spain–0.95%** | **Spain–0.95%** | **Spain–0.95%** |
| Bankinter S.A.<sup>(b)</sup>  | 1409416 | &nbsp;&nbsp; 21245868 |
| **Sweden–3.51%** | **Sweden–3.51%** | **Sweden–3.51%** |
| Investor AB, Class B<sup>(b)</sup>  | 2379518 | &nbsp;&nbsp; 78349995 |
| **Switzerland–2.09%** | **Switzerland–2.09%** | **Switzerland–2.09%** |
| Cie Financiere Richemont S.A. | 177756 | &nbsp;&nbsp; 35161127 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco EQV International Equity Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Switzerland–(continued)** | **Switzerland–(continued)** | **Switzerland–(continued)** |
| Nestle S.A. | 120877 | &nbsp;&nbsp; $11549609 |
|  |  | &nbsp;&nbsp; 46710736 |
| **Taiwan–7.66%** | **Taiwan–7.66%** | **Taiwan–7.66%** |
| E Ink Holdings, Inc. | 4862000 | &nbsp;&nbsp; 33401524 |
| MediaTek, Inc. | 506000 | &nbsp;&nbsp; 21459168 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd. | 2403887 | &nbsp;&nbsp; 116251173 |
|  |  | &nbsp;&nbsp; 171111865 |
| **Thailand–0.69%** | **Thailand–0.69%** | **Thailand–0.69%** |
| Bangkok Dusit Medical Services PCL, <br> Foreign Shares | 26451800 | &nbsp;&nbsp; 15435908 |
| **United Kingdom–12.34%** | **United Kingdom–12.34%** | **United Kingdom–12.34%** |
| AstraZeneca PLC | 257822 | &nbsp;&nbsp; 42527360 |
| BAE Systems PLC | 1778309 | &nbsp;&nbsp; 43805919 |
| Barclays PLC | 9340934 | &nbsp;&nbsp; 50101223 |
| Haleon PLC | 3740449 | &nbsp;&nbsp; 17393943 |
| London Stock Exchange Group PLC | 135819 | &nbsp;&nbsp; 16926616 |
| National Grid PLC | 1153823 | &nbsp;&nbsp; 17300539 |
| RELX PLC | 860341 | &nbsp;&nbsp; 38023954 |
| Shell PLC | 768675 | &nbsp;&nbsp; 28817170 |
| Weir Group PLC (The) | 531246 | &nbsp;&nbsp; 20680288 |
|  |  | &nbsp;&nbsp; 275577012 |
| **United States–4.79%** | **United States–4.79%** | **United States–4.79%** |
| Broadcom, Inc. | 77523 | &nbsp;&nbsp; 28654826 |
| CRH PLC | 153357 | &nbsp;&nbsp; 18264819 |
| ICON PLC<sup>(a)</sup>  | 193511 | &nbsp;&nbsp; 33249060 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Linde PLC | Linde PLC | 63923 | &nbsp;&nbsp; $26738991 |
|  |  |  | &nbsp;&nbsp; 106907696 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,505,171,143) | Total Common Stocks & Other Equity Interests <br> (Cost $1,505,171,143) | Total Common Stocks & Other Equity Interests <br> (Cost $1,505,171,143) | &nbsp;&nbsp; 2190974300 |
| **Money Market Funds–1.89%** | **Money Market Funds–1.89%** | **Money Market Funds–1.89%** | **Money Market Funds–1.89%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup>  | 14811307 | &nbsp;&nbsp; 14811307 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | 27472650 | &nbsp;&nbsp; 27472650 |
| Total Money Market Funds (Cost $42,283,957) | Total Money Market Funds (Cost $42,283,957) | Total Money Market Funds (Cost $42,283,957) | &nbsp;&nbsp; 42283957 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-99.99% <br> (Cost $1,547,455,100)<br>|  |  | &nbsp;&nbsp; 2233258257 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–4.39%** | **Money Market Funds–4.39%** | **Money Market Funds–4.39%** | **Money Market Funds–4.39%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | 27191312 | &nbsp;&nbsp; 27191312 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup>  | 70742770 | &nbsp;&nbsp; 70763993 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $97,955,471) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $97,955,471) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $97,955,471) | &nbsp;&nbsp; 97955305 |
| TOTAL INVESTMENTS IN SECURITIES—104.38% <br> (Cost $1,645,410,571) | TOTAL INVESTMENTS IN SECURITIES—104.38% <br> (Cost $1,645,410,571) | TOTAL INVESTMENTS IN SECURITIES—104.38% <br> (Cost $1,645,410,571) | &nbsp;&nbsp; 2331213562 |
| OTHER ASSETS LESS LIABILITIES–(4.38)% | OTHER ASSETS LESS LIABILITIES–(4.38)% | OTHER ASSETS LESS LIABILITIES–(4.38)% | &nbsp;&nbsp; (97866844)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $2233346718 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2025.

<sup>(c)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2025 represented less than 1% of the Fund's Net Assets. 

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $11838328 | &nbsp;&nbsp; $289562883 | &nbsp;&nbsp; $(286589904) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $14811307 | &nbsp;&nbsp; $769254 |
| Invesco Treasury Portfolio, Institutional Class | 21951404 | &nbsp;&nbsp; 537759639 | &nbsp;&nbsp; (532238393) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 27472650 | &nbsp;&nbsp; 1414995 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 8866594 | &nbsp;&nbsp; 257647856 | &nbsp;&nbsp; (239323138) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 27191312 | &nbsp;&nbsp; 491,607\* |
| Invesco Private Prime Fund | 23236535 | &nbsp;&nbsp; 524177716 | &nbsp;&nbsp; (476657251) | &nbsp;&nbsp; 1245 | &nbsp;&nbsp; 5748 | &nbsp;&nbsp; 70763993 | &nbsp;&nbsp; 1,349,030\* |
| Total | $65892861 | &nbsp;&nbsp; $1609148094 | &nbsp;&nbsp; $(1534808686) | &nbsp;&nbsp; $1245 | &nbsp;&nbsp; $5748 | &nbsp;&nbsp; $140239262 | &nbsp;&nbsp; $4024886 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco EQV International Equity Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,505,171,143)\*<br>| &nbsp;&nbsp; $2190974300 |
| Investments in affiliated money market funds, at value <br> (Cost $140,239,428)<br>| &nbsp;&nbsp; 140239262 |
| Foreign currencies, at value (Cost $23,723) | &nbsp;&nbsp; 23583 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 424133 |
| Dividends | &nbsp;&nbsp; 9174778 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 802291 |
| Other assets | &nbsp;&nbsp; 57731 |
| Total assets | &nbsp;&nbsp; 2341696078 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3349019 |
| Fund shares reacquired | &nbsp;&nbsp; 1673287 |
| Accrued foreign taxes | &nbsp;&nbsp; 1392567 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 97955471 |
| Accrued fees to affiliates | &nbsp;&nbsp; 954648 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 4944 |
| Accrued other operating expenses | &nbsp;&nbsp; 156633 |
| IRS closing agreement fees for foreign withholding <br> tax claims<br>| &nbsp;&nbsp; 1972445 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 890346 |
| Total liabilities | &nbsp;&nbsp; 108349360 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2233346718 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1337832969 |
| Distributable earnings | &nbsp;&nbsp; 895513749 |
|  | &nbsp;&nbsp; $2233346718 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1022982500 |
| Class C | &nbsp;&nbsp; $13743220 |
| Class R | &nbsp;&nbsp; $55761481 |
| Class Y | &nbsp;&nbsp; $250397843 |
| Class R5 | &nbsp;&nbsp; $88279238 |
| Class R6 | &nbsp;&nbsp; $802182436 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 42023662 |
| Class C | &nbsp;&nbsp; 683126 |
| Class R | &nbsp;&nbsp; 2357199 |
| Class Y | &nbsp;&nbsp; 10216479 |
| Class R5 | &nbsp;&nbsp; 3497446 |
| Class R6 | &nbsp;&nbsp; 31914387 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $24.34 |
| Maximum offering price per share <br>(Net asset value of $24.34 ÷ 94.50%)<br>| &nbsp;&nbsp; $25.76 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $20.12 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.66 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.51 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.24 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.14 |

---

\* At October 31, 2025, securities with an aggregate value of $92,274,496 were on loan to brokers. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco EQV International Equity Fund**

------

**Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $3,602,448) | &nbsp;&nbsp; $49290136 |
| Dividends from affiliated money market funds (includes net securities lending income of $246,630) | &nbsp;&nbsp; 2430879 |
| Foreign withholding tax claims | &nbsp;&nbsp; 293229 |
| Less: IRS closing agreement fees for foreign withholding tax claims | &nbsp;&nbsp; (482245)<br>|
| Total investment income | &nbsp;&nbsp; 51531999 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 18965267 |
| Administrative services fees | &nbsp;&nbsp; 350901 |
| Custodian fees | &nbsp;&nbsp; 158629 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 2527664 |
| Class C | &nbsp;&nbsp; 148176 |
| Class R | &nbsp;&nbsp; 272113 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 2585318 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 94197 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 301882 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 47078 |
| Registration and filing fees | &nbsp;&nbsp; 108844 |
| Reports to shareholders | &nbsp;&nbsp; 208344 |
| Professional services fees | &nbsp;&nbsp; 174824 |
| Other | &nbsp;&nbsp; 50353 |
| Total expenses | &nbsp;&nbsp; 25993590 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (108889)<br>|
| Net expenses | &nbsp;&nbsp; 25884701 |
| Net investment income | &nbsp;&nbsp; 25647298 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $829,994) | &nbsp;&nbsp; 314084889 |
| Affiliated investment securities | &nbsp;&nbsp; 5748 |
| Foreign currencies | &nbsp;&nbsp; (416960)<br>|
|  | &nbsp;&nbsp; 313673677 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $251,943) | &nbsp;&nbsp; (86941253)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 1245 |
| Foreign currencies | &nbsp;&nbsp; 423033 |
|  | &nbsp;&nbsp; (86516975)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 227156702 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $252804000 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco EQV International Equity Fund**

------

**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $25647298 | &nbsp;&nbsp; $32468754 |
| Net realized gain | &nbsp;&nbsp; 313673677 | &nbsp;&nbsp; 139930226 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (86516975)<br>| &nbsp;&nbsp; 289982461 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 252804000 | &nbsp;&nbsp; 462381441 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (70412621)<br>| &nbsp;&nbsp; (17247141)<br>|
| Class C | &nbsp;&nbsp; (1251344)<br>| &nbsp;&nbsp; (267514)<br>|
| Class R | &nbsp;&nbsp; (3664945)<br>| &nbsp;&nbsp; (820507)<br>|
| Class Y | &nbsp;&nbsp; (21656637)<br>| &nbsp;&nbsp; (6780324)<br>|
| Class R5 | &nbsp;&nbsp; (7388727)<br>| &nbsp;&nbsp; (2158596)<br>|
| Class R6 | &nbsp;&nbsp; (73133601)<br>| &nbsp;&nbsp; (22523947)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (177507875)<br>| &nbsp;&nbsp; (49798029)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (58165027)<br>| &nbsp;&nbsp; (106521346)<br>|
| Class C | &nbsp;&nbsp; (3816606)<br>| &nbsp;&nbsp; (4865533)<br>|
| Class R | &nbsp;&nbsp; (679716)<br>| &nbsp;&nbsp; (5294540)<br>|
| Class Y | &nbsp;&nbsp; (81678262)<br>| &nbsp;&nbsp; (72112238)<br>|
| Class R5 | &nbsp;&nbsp; (22707964)<br>| &nbsp;&nbsp; (11915941)<br>|
| Class R6 | &nbsp;&nbsp; (291498390)<br>| &nbsp;&nbsp; (153343665)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (458545965)<br>| &nbsp;&nbsp; (354053263)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (383249840)<br>| &nbsp;&nbsp; 58530149 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 2616596558 | &nbsp;&nbsp; 2558066409 |
| End of year | &nbsp;&nbsp; $2233346718 | &nbsp;&nbsp; $2616596558 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco EQV International Equity Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $23.55 | $0.20 | $2.20 | $2.40 | $(0.60)<br>| $(1.01)<br>| $(1.61)<br>| $24.34 | 10.97<br> %<br>| &nbsp;&nbsp; $1022983 | 1.27<br> %<br>| 1.27<br> %<br>| 0.85<br> %<br>| 50<br> %<br>|
| Year ended 10/31/24 | 20.26 | 0.23 | 3.41 | 3.64 | (0.14)<br>| (0.21)<br>| (0.35)<br>| 23.55 | 18.12 | &nbsp;&nbsp; 1046661 | 1.28 | 1.28 | 0.96 | 28 |
| Year ended 10/31/23 | 20.15 | 0.14 | 2.32 | 2.46 |  | (2.35)<br>| (2.35)<br>| 20.26 | 12.52 | &nbsp;&nbsp; 992449 | 1.34 | 1.34 | 0.67 | 32 |
| Year ended 10/31/22 | 33.82 | 0.19 | (6.92)<br>| (6.73)<br>| (0.55)<br>| (6.39)<br>| (6.94)<br>| 20.15 | (24.90)<br>| &nbsp;&nbsp; 866495 | 1.35 | 1.35 | 0.80 | 39 |
| Year ended 10/31/21 | 31.34 | 0.05 | 6.54 | 6.59 | (0.30)<br>| (3.81)<br>| (4.11)<br>| 33.82 | 21.99 | &nbsp;&nbsp; 1338896 | 1.32 | 1.32 | 0.14 | 25 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 19.73 | 0.02 | 1.83 | 1.85 | (0.45)<br>| (1.01)<br>| (1.46)<br>| 20.12 | 10.18 | &nbsp;&nbsp; 13743 | 2.02 | 2.02 | 0.10 | 50 |
| Year ended 10/31/24 | 17.05 | 0.04 | 2.88 | 2.92 | (0.03)<br>| (0.21)<br>| (0.24)<br>| 19.73 | 17.23 | &nbsp;&nbsp; 17446 | 2.03 | 2.03 | 0.21 | 28 |
| Year ended 10/31/23 | 17.42 | (0.01)<br>| 1.99 | 1.98 |  | (2.35)<br>| (2.35)<br>| 17.05 | 11.63 | &nbsp;&nbsp; 19287 | 2.09 | 2.09 | (0.08)<br>| 32 |
| Year ended 10/31/22 | 30.08 | 0.01 | (6.01)<br>| (6.00)<br>| (0.27)<br>| (6.39)<br>| (6.66)<br>| 17.42 | (25.45)<br>| &nbsp;&nbsp; 14712 | 2.10 | 2.10 | 0.05 | 39 |
| Year ended 10/31/21 | 28.22 | (0.19)<br>| 5.88 | 5.69 | (0.02)<br>| (3.81)<br>| (3.83)<br>| 30.08 | 21.09 | &nbsp;&nbsp; 27874 | 2.07 | 2.07 | (0.61)<br>| 25 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 22.93 | 0.14 | 2.15 | 2.29 | (0.55)<br>| (1.01)<br>| (1.56)<br>| 23.66 | 10.75 | &nbsp;&nbsp; 55761 | 1.52 | 1.52 | 0.60 | 50 |
| Year ended 10/31/24 | 19.75 | 0.16 | 3.33 | 3.49 | (0.10)<br>| (0.21)<br>| (0.31)<br>| 22.93 | 17.82 | &nbsp;&nbsp; 54539 | 1.53 | 1.53 | 0.71 | 28 |
| Year ended 10/31/23 | 19.75 | 0.09 | 2.26 | 2.35 |  | (2.35)<br>| (2.35)<br>| 19.75 | 12.19 | &nbsp;&nbsp; 51541 | 1.59 | 1.59 | 0.42 | 32 |
| Year ended 10/31/22 | 33.25 | 0.13 | (6.79)<br>| (6.66)<br>| (0.45)<br>| (6.39)<br>| (6.84)<br>| 19.75 | (25.06)<br>| &nbsp;&nbsp; 29868 | 1.60 | 1.60 | 0.55 | 39 |
| Year ended 10/31/21 | 30.87 | (0.04)<br>| 6.44 | 6.40 | (0.21)<br>| (3.81)<br>| (4.02)<br>| 33.25 | 21.66 | &nbsp;&nbsp; 44016 | 1.57 | 1.57 | (0.11)<br>| 25 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 23.69 | 0.26 | 2.22 | 2.48 | (0.65)<br>| (1.01)<br>| (1.66)<br>| 24.51 | 11.29 | &nbsp;&nbsp; 250398 | 1.02 | 1.02 | 1.10 | 50 |
| Year ended 10/31/24 | 20.38 | 0.29 | 3.43 | 3.72 | (0.20)<br>| (0.21)<br>| (0.41)<br>| 23.69 | 18.42 | &nbsp;&nbsp; 326843 | 1.03 | 1.03 | 1.21 | 28 |
| Year ended 10/31/23 | 20.24 | 0.20 | 2.31 | 2.51 | (0.02)<br>| (2.35)<br>| (2.37)<br>| 20.38 | 12.74 | &nbsp;&nbsp; 344435 | 1.09 | 1.09 | 0.92 | 32 |
| Year ended 10/31/22 | 33.96 | 0.26 | (6.95)<br>| (6.69)<br>| (0.64)<br>| (6.39)<br>| (7.03)<br>| 20.24 | (24.71)<br>| &nbsp;&nbsp; 350174 | 1.10 | 1.10 | 1.05 | 39 |
| Year ended 10/31/21 | 31.46 | 0.13 | 6.56 | 6.69 | (0.38)<br>| (3.81)<br>| (4.19)<br>| 33.96 | 22.30 | &nbsp;&nbsp; 738512 | 1.07 | 1.07 | 0.39 | 25 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 24.35 | 0.28 | 2.29 | 2.57 | (0.67)<br>| (1.01)<br>| (1.68)<br>| 25.24 | 11.37 | &nbsp;&nbsp; 88279 | 0.93 | 0.93 | 1.19 | 50 |
| Year ended 10/31/24 | 20.94 | 0.31 | 3.54 | 3.85 | (0.23)<br>| (0.21)<br>| (0.44)<br>| 24.35 | 18.53 | &nbsp;&nbsp; 108657 | 0.94 | 0.94 | 1.30 | 28 |
| Year ended 10/31/23 | 20.74 | 0.23 | 2.37 | 2.60 | (0.05)<br>| (2.35)<br>| (2.40)<br>| 20.94 | 12.86 | &nbsp;&nbsp; 103658 | 0.99 | 0.99 | 1.02 | 32 |
| Year ended 10/31/22 | 34.62 | 0.29 | (7.11)<br>| (6.82)<br>| (0.67)<br>| (6.39)<br>| (7.06)<br>| 20.74 | (24.63)<br>| &nbsp;&nbsp; 102737 | 1.02 | 1.02 | 1.13 | 39 |
| Year ended 10/31/21 | 32.02 | 0.16 | 6.67 | 6.83 | (0.42)<br>| (3.81)<br>| (4.23)<br>| 34.62 | 22.35 | &nbsp;&nbsp; 392893 | 0.99 | 0.99 | 0.47 | 25 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 24.26 | 0.30 | 2.28 | 2.58 | (0.69)<br>| (1.01)<br>| (1.70)<br>| 25.14 | 11.44 | &nbsp;&nbsp; 802182 | 0.86 | 0.86 | 1.26 | 50 |
| Year ended 10/31/24 | 20.86 | 0.33 | 3.52 | 3.85 | (0.24)<br>| (0.21)<br>| (0.45)<br>| 24.26 | 18.63 | &nbsp;&nbsp; 1062449 | 0.87 | 0.87 | 1.37 | 28 |
| Year ended 10/31/23 | 20.68 | 0.24 | 2.36 | 2.60 | (0.07)<br>| (2.35)<br>| (2.42)<br>| 20.86 | 12.92 | &nbsp;&nbsp; 1046696 | 0.93 | 0.93 | 1.08 | 32 |
| Year ended 10/31/22 | 34.56 | 0.30 | (7.09)<br>| (6.79)<br>| (0.70)<br>| (6.39)<br>| (7.09)<br>| 20.68 | (24.59)<br>| &nbsp;&nbsp; 450115 | 0.95 | 0.95 | 1.20 | 39 |
| Year ended 10/31/21 | 31.97 | 0.19 | 6.66 | 6.85 | (0.45)<br>| (3.81)<br>| (4.26)<br>| 34.56 | 22.48 | &nbsp;&nbsp; 794749 | 0.91 | 0.91 | 0.55 | 25 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year months ended October 31, 2023, the portfolio turnover calculation excludes the value of securities purchased of $679,923,194 in connection with the acquisition of Invesco International Equity Fund into the Fund. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco EQV International Equity Fund**

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**Notes to Financial Statements**

*October 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco EQV International Equity Fund (the "Fund") is a series portfolio of AIM International Mutual Funds (Invesco International Mutual 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 the Fund or each class.

The Fund's investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**8**

**Invesco EQV International Equity Fund**

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The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2025, the Fund received refunds in excess of the foreign tax paid during the year and has recorded the estimated liability as a reduction to income which is reflected as IRS closing agreement fees for foreign withholding tax claims on the Statement of Operations.

**G.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess

**9**

**Invesco EQV International Equity Fund**

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potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2025, the Fund paid the Adviser $1,389 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**L.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**N.** **Other Risks** - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly

**10**

**Invesco EQV International Equity Fund**

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and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; lack of publicly available information; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China's dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.

The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. In addition, export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has recently imposed tariffs on the other country's products. Further, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

The Fund's Japanese investments may be adversely affected by protectionist trade policies, slow economic activity worldwide, dependence on exports and international trade, increasing competition from Asia's other low-cost emerging economies, political and social instability, regional and global conflicts and natural disasters, as well as by commodity markets fluctuations related to Japan's limited natural resource supply. The Japanese economy also faces several other concerns, including a financial system with large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major corporations, a changing corporate governance structure, and large government deficits.

The Economic and Monetary Union of the European Union (the "EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and recessions in an EU member country may have significant adverse effects on the economies of EU member countries. Responses to financial problems by EU countries may not produce the desired results, may limit future growth and economic recovery, may result in social unrest, or have other unintended consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. A number of countries in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU, such as the departure of the United Kingdom, referred to as "Brexit", could place the departing member's currency and banking system under severe stress or even in jeopardy. An exit by other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.850% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.825% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.785% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.760% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |

---

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.78%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through February 28, 2026, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.30%, 2.05%, 1.55%, 1.05%, 1.05% and 1.05%, respectively, of the Fund's average daily net assets (the "expense limits"). Effective March 1, 2026, the Adviser has contractually agreed, through at least February 28, 2027, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.30%, 2.05%, 1.55%, 1.05%, 0.96% and 0.89%, respectively, of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense

**11**

**Invesco EQV International Equity Fund**

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on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended October 31, 2025, the Adviser waived advisory fees of $62,206.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $102,514 in front-end sales commissions from the sale of Class A shares and $2,534 and $226 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2025, the Fund incurred $2,377 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $49124207 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $49124207 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25146692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25146692 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 35786163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35786163 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 134955485 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134955485 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 51157841 | &nbsp;&nbsp;&nbsp;&nbsp; 124829273 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 175987114 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13159823 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13159823 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 256566635 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 256566635 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109986710 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109986710 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64644769 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64644769 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 48366051 | &nbsp;&nbsp;&nbsp;&nbsp; 53145938 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101511989 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; 35119424 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35119424 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; 16985989 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16985989 |

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**12**

**Invesco EQV International Equity Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $51600630 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $51600630 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 243680988 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 243680988 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 17870108 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17870108 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54055022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54055022 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23415492 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23415492 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66037980 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66037980 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21245868 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21245868 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78349995 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78349995 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46710736 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46710736 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 171111865 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 171111865 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15435908 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15435908 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 275577012 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 275577012 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 106907696 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106907696 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 42283957 | &nbsp;&nbsp;&nbsp;&nbsp; 97955305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140239262 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $489432714 | &nbsp;&nbsp;&nbsp;&nbsp; $1841780848 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2331213562 |

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**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $46,683.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $68904311 | &nbsp;&nbsp;&nbsp;&nbsp; $23587564 |
| Long-term capital gain | &nbsp;&nbsp; 108603564 | &nbsp;&nbsp;&nbsp;&nbsp; 26210465 |
| Total distributions | &nbsp;&nbsp; $177507875 | &nbsp;&nbsp;&nbsp;&nbsp; $49798029 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $48258938 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 240762822 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 606633619 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 402811 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (544441)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1337832969 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $2233346718 |

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The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and passive foreign investment companies.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

**13**

**Invesco EQV International Equity Fund**

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Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of October 31, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $1,169,257,937 and $1,787,028,854, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $637269564 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (30635945)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $606633619 |

---

Cost of investments for tax purposes is $1,724,579,943.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of passive foreign investment companies and equalization, on October 31, 2025, undistributed net investment income was increased by $11,852,350, undistributed net realized gain was decreased by $50,007,349 and shares of beneficial interest was increased by $38,154,999. This reclassification had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2496754 | &nbsp;&nbsp;&nbsp; $57065857 | &nbsp;&nbsp;&nbsp; 2618114 | &nbsp;&nbsp;&nbsp; $60665062 |
| Class C | &nbsp;&nbsp;&nbsp; 114236 | &nbsp;&nbsp;&nbsp; 2170535 | &nbsp;&nbsp;&nbsp; 105453 | &nbsp;&nbsp;&nbsp; 2060704 |
| Class R | &nbsp;&nbsp;&nbsp; 316744 | &nbsp;&nbsp;&nbsp; 7035306 | &nbsp;&nbsp;&nbsp; 363655 | &nbsp;&nbsp;&nbsp; 8273792 |
| Class Y | &nbsp;&nbsp;&nbsp; 1371505 | &nbsp;&nbsp;&nbsp; 31040050 | &nbsp;&nbsp;&nbsp; 1925416 | &nbsp;&nbsp;&nbsp; 44808516 |
| Class R5 | &nbsp;&nbsp;&nbsp; 813518 | &nbsp;&nbsp;&nbsp; 19283812 | &nbsp;&nbsp;&nbsp; 572859 | &nbsp;&nbsp;&nbsp; 13709818 |
| Class R6 | &nbsp;&nbsp;&nbsp; 5476251 | &nbsp;&nbsp;&nbsp; 128357976 | &nbsp;&nbsp;&nbsp; 5094023 | &nbsp;&nbsp;&nbsp; 122341445 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2980985 | &nbsp;&nbsp;&nbsp; 65343195 | &nbsp;&nbsp;&nbsp; 755625 | &nbsp;&nbsp;&nbsp; 16676649 |
| Class C | &nbsp;&nbsp;&nbsp; 65934 | &nbsp;&nbsp;&nbsp; 1202640 | &nbsp;&nbsp;&nbsp; 14112 | &nbsp;&nbsp;&nbsp; 262768 |
| Class R | &nbsp;&nbsp;&nbsp; 171584 | &nbsp;&nbsp;&nbsp; 3663312 | &nbsp;&nbsp;&nbsp; 38080 | &nbsp;&nbsp;&nbsp; 820238 |
| Class Y | &nbsp;&nbsp;&nbsp; 687806 | &nbsp;&nbsp;&nbsp; 15145494 | &nbsp;&nbsp;&nbsp; 252286 | &nbsp;&nbsp;&nbsp; 5590655 |
| Class R5 | &nbsp;&nbsp;&nbsp; 301321 | &nbsp;&nbsp;&nbsp; 6827928 | &nbsp;&nbsp;&nbsp; 86178 | &nbsp;&nbsp;&nbsp; 1961403 |
| Class R6 | &nbsp;&nbsp;&nbsp; 3168506 | &nbsp;&nbsp;&nbsp; 71449812 | &nbsp;&nbsp;&nbsp; 967389 | &nbsp;&nbsp;&nbsp; 21911368 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 155835 | &nbsp;&nbsp;&nbsp; 3559756 | &nbsp;&nbsp;&nbsp; 132392 | &nbsp;&nbsp;&nbsp; 3106291 |
| Class C | &nbsp;&nbsp;&nbsp; (187728)<br>| &nbsp;&nbsp;&nbsp; (3559756)<br>| &nbsp;&nbsp;&nbsp; (157455)<br>| &nbsp;&nbsp;&nbsp; (3106291)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (8057141)<br>| &nbsp;&nbsp;&nbsp; (184133835)<br>| &nbsp;&nbsp;&nbsp; (8052506)<br>| &nbsp;&nbsp;&nbsp; (186969348)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (193466)<br>| &nbsp;&nbsp;&nbsp; (3630025)<br>| &nbsp;&nbsp;&nbsp; (209276)<br>| &nbsp;&nbsp;&nbsp; (4082714)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (509383)<br>| &nbsp;&nbsp;&nbsp; (11378334)<br>| &nbsp;&nbsp;&nbsp; (633287)<br>| &nbsp;&nbsp;&nbsp; (14388570)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (5636696)<br>| &nbsp;&nbsp;&nbsp; (127863806)<br>| &nbsp;&nbsp;&nbsp; (5281357)<br>| &nbsp;&nbsp;&nbsp; (122511409)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (2079420)<br>| &nbsp;&nbsp;&nbsp; (48819704)<br>| &nbsp;&nbsp;&nbsp; (1146664)<br>| &nbsp;&nbsp;&nbsp; (27587162)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (20530362)<br>| &nbsp;&nbsp;&nbsp; (491306178)<br>| &nbsp;&nbsp;&nbsp; (12434558)<br>| &nbsp;&nbsp;&nbsp; (297596478)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (19073217)<br>| &nbsp;&nbsp;&nbsp; $(458545965)<br>| &nbsp;&nbsp;&nbsp; (14989521)<br>| &nbsp;&nbsp;&nbsp; $(354053263)<br>|

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the <br> Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are <br> considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities <br> brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of <br> record by these entities are also owned beneficially.<br>|
|  | In addition, 6% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |

---

**14**

**Invesco EQV International Equity Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco EQV International Equity Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco EQV International Equity Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**15**

**Invesco EQV International Equity Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco EQV International Equity Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World ex-USA® Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the second quintile for the three year period, and the fourth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that stock selection in certain sectors and exposure to emerging markets detracted from Fund performance. The Board noted Invesco's restructuring of its fundamental equity platform to create a unified global platform in

**16**

**Invesco EQV International Equity Fund**

------

an effort to drive improved Fund performance. The Board considered that as part of such restructuring, certain members of the Fund's portfolio management team would be changed effective June 23, 2025. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the Fund's contractual management fee schedule was reduced at certain breakpoint levels effective 2023. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer

agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a

**17**

**Invesco EQV International Equity Fund**

------

direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**18**

**Invesco EQV International Equity Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Federal and State Income Tax** |  |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $146758564 |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 58.18% |  |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 1.72% |  |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |  |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |  |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |  |
| Foreign Taxes | &nbsp;&nbsp; $0.0452 | &nbsp;&nbsp; per share |
| Foreign Source Income | &nbsp;&nbsp; $0.5789 | &nbsp;&nbsp; per share |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**19**

**Invesco EQV International Equity Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**20**

**Invesco EQV International Equity Fund**

------

![](imgb2b20f6f1.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

IGR-NCSR

------

![](img077ddbd61.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Global Focus Fund**

Nasdaq:

A: GLVAX ■ C: GLVCX ■ R: GLVNX ■ Y: GLVYX ■ R5: GFFDX ■ R6: GLVIX

------

---

| | |
|:---|:---|
| [2](#xx_fac26a05-b0be-409b-aa30-6a6ea13d2a32_SOI-Continued-681_1) | Schedule of Investments |
| [4](#xx_fac26a05-b0be-409b-aa30-6a6ea13d2a32_FS-Continued-681_1) | Financial Statements |
| [7](#xx_fac26a05-b0be-409b-aa30-6a6ea13d2a32_FS-Continued-681_4) | Financial Highlights |
| [8](#xx_fac26a05-b0be-409b-aa30-6a6ea13d2a32_NTF-Continued-681_1) | Notes to Financial Statements |
| [15](#xx_fac26a05-b0be-409b-aa30-6a6ea13d2a32_ARS-Continued-681_1) | Report of Independent Registered Public Accounting Firm |
| [16](#xx_fac26a05-b0be-409b-aa30-6a6ea13d2a32_AOC-Continued-681_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [19](#xx_fac26a05-b0be-409b-aa30-6a6ea13d2a32_TI-Continued-681_1) | Tax Information |
| [20](#xx_fac26a05-b0be-409b-aa30-6a6ea13d2a32_OIRSR-Continued-681_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.69%** | **Common Stocks & Other Equity Interests–99.69%** | **Common Stocks & Other Equity Interests–99.69%** |
| **Apparel Retail–1.07%** | **Apparel Retail–1.07%** | **Apparel Retail–1.07%** |
| TJX Cos., Inc. (The) | 45833 | &nbsp;&nbsp; $6423037 |
| **Apparel, Accessories & Luxury Goods–3.91%** | **Apparel, Accessories & Luxury Goods–3.91%** | **Apparel, Accessories & Luxury Goods–3.91%** |
| Hermes International S.C.A. (France) | 7596 | &nbsp;&nbsp; 18795990 |
| Moncler S.p.A. (Italy) | 78456 | &nbsp;&nbsp; 4706524 |
|  |  | &nbsp;&nbsp; 23502514 |
| **Application Software–0.68%** | **Application Software–0.68%** | **Application Software–0.68%** |
| Cadence Design Systems, Inc.<sup>(b)</sup>  | 7772 | &nbsp;&nbsp; 2632298 |
| Nice Ltd., ADR (Israel)<sup>(b)</sup>  | 10498 | &nbsp;&nbsp; 1434657 |
|  |  | &nbsp;&nbsp; 4066955 |
| **Broadline Retail–9.08%** | **Broadline Retail–9.08%** | **Broadline Retail–9.08%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 164056 | &nbsp;&nbsp; 40065756 |
| JD.com, Inc., ADR (China) | 229998 | &nbsp;&nbsp; 7599134 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup>  | 2989 | &nbsp;&nbsp; 6956180 |
|  |  | &nbsp;&nbsp; 54621070 |
| **Financial Exchanges & Data–1.83%** | **Financial Exchanges & Data–1.83%** | **Financial Exchanges & Data–1.83%** |
| S&P Global, Inc. | 22603 | &nbsp;&nbsp; 11012408 |
| **Health Care Equipment–5.81%** | **Health Care Equipment–5.81%** | **Health Care Equipment–5.81%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 94541 | &nbsp;&nbsp; 9522170 |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 12928 | &nbsp;&nbsp; 8138305 |
| Stryker Corp. | 48541 | &nbsp;&nbsp; 17292246 |
|  |  | &nbsp;&nbsp; 34952721 |
| **Hotels, Resorts & Cruise Lines–3.65%** | **Hotels, Resorts & Cruise Lines–3.65%** | **Hotels, Resorts & Cruise Lines–3.65%** |
| Airbnb, Inc., Class A<sup>(b)</sup>  | 67865 | &nbsp;&nbsp; 8587637 |
| Amadeus IT Group S.A. (Spain) | 175238 | &nbsp;&nbsp; 13395314 |
|  |  | &nbsp;&nbsp; 21982951 |
| **Industrial Gases–0.90%** | **Industrial Gases–0.90%** | **Industrial Gases–0.90%** |
| Linde PLC | 12992 | &nbsp;&nbsp; 5434554 |
| **Interactive Media & Services–20.07%** | **Interactive Media & Services–20.07%** | **Interactive Media & Services–20.07%** |
| Alphabet, Inc., Class A | 197193 | &nbsp;&nbsp; 55448700 |
| Meta Platforms, Inc., Class A | 61897 | &nbsp;&nbsp; 40130920 |
| Tencent Holdings Ltd. (China) | 309900 | &nbsp;&nbsp; 25172463 |
|  |  | &nbsp;&nbsp; 120752083 |
| **Internet Services & Infrastructure–2.13%** | **Internet Services & Infrastructure–2.13%** | **Internet Services & Infrastructure–2.13%** |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup>  | 73798 | &nbsp;&nbsp; 12830520 |
| **Life Sciences Tools & Services–6.00%** | **Life Sciences Tools & Services–6.00%** | **Life Sciences Tools & Services–6.00%** |
| Lonza Group AG (Switzerland) | 22314 | &nbsp;&nbsp; 15408520 |
| Thermo Fisher Scientific, Inc. | 36444 | &nbsp;&nbsp; 20677961 |
|  |  | &nbsp;&nbsp; 36086481 |
| **Movies & Entertainment–2.98%** | **Movies & Entertainment–2.98%** | **Movies & Entertainment–2.98%** |
| Netflix, Inc.<sup>(b)</sup>  | 12620 | &nbsp;&nbsp; 14120013 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup>  | 5855 | &nbsp;&nbsp; 3836899 |
|  |  | &nbsp;&nbsp; 17956912 |
| **Passenger Ground Transportation–3.91%** | **Passenger Ground Transportation–3.91%** | **Passenger Ground Transportation–3.91%** |
| Uber Technologies, Inc.<sup>(b)</sup>  | 243987 | &nbsp;&nbsp; 23544745 |
| **Pharmaceuticals–4.21%** | **Pharmaceuticals–4.21%** | **Pharmaceuticals–4.21%** |
| Eli Lilly and Co. | 18917 | &nbsp;&nbsp; 16322723 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** |
| Galderma Group AG, Class A (Switzerland) | Galderma Group AG, Class A (Switzerland) | 22062 | &nbsp;&nbsp; $4097178 |
| Zoetis, Inc. | Zoetis, Inc. | 34105 | &nbsp;&nbsp; 4914189 |
|  |  |  | &nbsp;&nbsp; 25334090 |
| **Semiconductor Materials & Equipment–3.01%** | **Semiconductor Materials & Equipment–3.01%** | **Semiconductor Materials & Equipment–3.01%** | **Semiconductor Materials & Equipment–3.01%** |
| BE Semiconductor Industries N.V. <br> (Netherlands) | BE Semiconductor Industries N.V. <br> (Netherlands) | 28657 | &nbsp;&nbsp; 4885906 |
| Lam Research Corp. | Lam Research Corp. | 84001 | &nbsp;&nbsp; 13226798 |
|  |  |  | &nbsp;&nbsp; 18112704 |
| **Semiconductors–13.06%** | **Semiconductors–13.06%** | **Semiconductors–13.06%** | **Semiconductors–13.06%** |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup>  | ARM Holdings PLC, ADR<sup>(b)(c)</sup>  | 36901 | &nbsp;&nbsp; 6266528 |
| Broadcom, Inc. | Broadcom, Inc. | 55875 | &nbsp;&nbsp; 20653076 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | 57177 | &nbsp;&nbsp; 5359772 |
| NVIDIA Corp. | NVIDIA Corp. | 100000 | &nbsp;&nbsp; 20249000 |
| Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan) | Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan) | 539000 | &nbsp;&nbsp; 26065861 |
|  |  |  | &nbsp;&nbsp; 78594237 |
| **Systems Software–7.90%** | **Systems Software–7.90%** | **Systems Software–7.90%** | **Systems Software–7.90%** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup>  | CrowdStrike Holdings, Inc., Class A<sup>(b)</sup>  | 40145 | &nbsp;&nbsp; 21799137 |
| Microsoft Corp. | Microsoft Corp. | 13683 | &nbsp;&nbsp; 7085194 |
| ServiceNow, Inc.<sup>(b)</sup>  | ServiceNow, Inc.<sup>(b)</sup>  | 20287 | &nbsp;&nbsp; 18649433 |
|  |  |  | &nbsp;&nbsp; 47533764 |
| **Transaction & Payment Processing Services–9.49%** | **Transaction & Payment Processing Services–9.49%** | **Transaction & Payment Processing Services–9.49%** | **Transaction & Payment Processing Services–9.49%** |
| Adyen N.V. (Netherlands)<sup>(b)(d)</sup>  | Adyen N.V. (Netherlands)<sup>(b)(d)</sup>  | 5645 | &nbsp;&nbsp; 9672618 |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 51462 | &nbsp;&nbsp; 28406510 |
| Visa, Inc., Class A | Visa, Inc., Class A | 55884 | &nbsp;&nbsp; 19041914 |
|  |  |  | &nbsp;&nbsp; 57121042 |
| Total Common Stocks & Other Equity Interests <br> (Cost $285,373,508) | Total Common Stocks & Other Equity Interests <br> (Cost $285,373,508) | Total Common Stocks & Other Equity Interests <br> (Cost $285,373,508) | &nbsp;&nbsp; 599862788 |
| **Money Market Funds–0.20%** | **Money Market Funds–0.20%** | **Money Market Funds–0.20%** | **Money Market Funds–0.20%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup>  | 434934 | &nbsp;&nbsp; 434934 |
| Invesco Treasury Portfolio, Institutional Class, <br> 3.96%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 3.96%<sup>(e)(f)</sup>  | 807736 | &nbsp;&nbsp; 807736 |
| Total Money Market Funds (Cost $1,242,670) | Total Money Market Funds (Cost $1,242,670) | Total Money Market Funds (Cost $1,242,670) | &nbsp;&nbsp; 1242670 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased with <br> cash collateral from securities on <br> loan)-99.89% (Cost $286,616,178)<br>|  |  | &nbsp;&nbsp; 601105458 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–0.99%** | **Money Market Funds–0.99%** | **Money Market Funds–0.99%** | **Money Market Funds–0.99%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup>  | 1652862 | &nbsp;&nbsp; 1652862 |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup>  | Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup>  | 4298715 | &nbsp;&nbsp; 4300005 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $5,952,907) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $5,952,907) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $5,952,907) | &nbsp;&nbsp; 5952867 |
| TOTAL INVESTMENTS IN SECURITIES–100.88% <br> (Cost $292,569,085) | TOTAL INVESTMENTS IN SECURITIES–100.88% <br> (Cost $292,569,085) | TOTAL INVESTMENTS IN SECURITIES–100.88% <br> (Cost $292,569,085) | &nbsp;&nbsp; 607058325 |
| OTHER ASSETS LESS LIABILITIES—(0.88)% | OTHER ASSETS LESS LIABILITIES—(0.88)% | OTHER ASSETS LESS LIABILITIES—(0.88)% | &nbsp;&nbsp; (5315403)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $601742922 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Global Focus Fund**

------

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2025.

<sup>(d)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2025 represented 1.61% of the Fund's Net Assets. 

<sup>(e)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $1034474 | &nbsp;&nbsp; $23046016 | &nbsp;&nbsp; $(23645556) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $434934 | &nbsp;&nbsp; $19201 |
| Invesco Treasury Portfolio, Institutional Class | 1921165 | &nbsp;&nbsp; 42799746 | &nbsp;&nbsp; (43913175) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 807736 | &nbsp;&nbsp; 35368 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 31762824 | &nbsp;&nbsp; (30109962) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1652862 | &nbsp;&nbsp; 17,428\* |
| Invesco Private Prime Fund | 3281189 | &nbsp;&nbsp; 72250919 | &nbsp;&nbsp; (71231925) | (40) | (138) | &nbsp;&nbsp; 4300005 | &nbsp;&nbsp; 43,347\* |
| Total | $6236828 | &nbsp;&nbsp; $169859505 | &nbsp;&nbsp; $(168900618) | &nbsp;&nbsp; $(40) | &nbsp;&nbsp; $(138) | &nbsp;&nbsp; $7195537 | &nbsp;&nbsp; $115344 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco Global Focus Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $285,373,508)\*<br>| &nbsp;&nbsp; $599862788 |
| Investments in affiliated money market funds, at value <br> (Cost $7,195,577)<br>| &nbsp;&nbsp; 7195537 |
| Cash | &nbsp;&nbsp; 100000 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 613395 |
| Fund shares sold | &nbsp;&nbsp; 244001 |
| Dividends | &nbsp;&nbsp; 310661 |
| Foreign withholding tax claims | &nbsp;&nbsp; 33095 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 39262 |
| Other assets | &nbsp;&nbsp; 50692 |
| Total assets | &nbsp;&nbsp; 608449431 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 393935 |
| Amount due custodian - foreign currency, at value <br> (Cost $163)<br>| &nbsp;&nbsp; 163 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 5952907 |
| Accrued fees to affiliates | &nbsp;&nbsp; 258522 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1382 |
| Accrued other operating expenses | &nbsp;&nbsp; 60338 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 39262 |
| Total liabilities | &nbsp;&nbsp; 6706509 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $601742922 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $226179230 |
| Distributable earnings | &nbsp;&nbsp; 375563692 |
|  | &nbsp;&nbsp; $601742922 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $330593410 |
| Class C | &nbsp;&nbsp; $21435399 |
| Class R | &nbsp;&nbsp; $36296437 |
| Class Y | &nbsp;&nbsp; $162654993 |
| Class R5 | &nbsp;&nbsp; $13678 |
| Class R6 | &nbsp;&nbsp; $50749005 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 3642805 |
| Class C | &nbsp;&nbsp; 273102 |
| Class R | &nbsp;&nbsp; 420103 |
| Class Y | &nbsp;&nbsp; 1717079 |
| Class R5 | &nbsp;&nbsp; 147 |
| Class R6 | &nbsp;&nbsp; 523517 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $90.75 |
| Maximum offering price per share <br>(Net asset value of $90.75 ÷ 94.50%)<br>| &nbsp;&nbsp; $96.03 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $78.49 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $86.40 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $94.73 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $93.05 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $96.94 |

---

\* At October 31, 2025, security with a value of $5,987,004 was on loan to brokers. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco Global Focus Fund**

------

**Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $137,664) | &nbsp;&nbsp; $3059032 |
| Dividends from affiliated money market funds (includes net securities lending income of $2,520) | &nbsp;&nbsp; 57089 |
| Foreign withholding tax claims | &nbsp;&nbsp; 66847 |
| Total investment income | &nbsp;&nbsp; 3182968 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 4477340 |
| Administrative services fees | &nbsp;&nbsp; 81497 |
| Custodian fees | &nbsp;&nbsp; 9093 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 771614 |
| Class C | &nbsp;&nbsp; 225313 |
| Class R | &nbsp;&nbsp; 169275 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 751680 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 4 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 13162 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 25427 |
| Registration and filing fees | &nbsp;&nbsp; 88833 |
| Reports to shareholders | &nbsp;&nbsp; 42622 |
| Professional services fees | &nbsp;&nbsp; 73017 |
| Other | &nbsp;&nbsp; 17451 |
| Total expenses | &nbsp;&nbsp; 6746328 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (20976)<br>|
| Net expenses | &nbsp;&nbsp; 6725352 |
| Net investment income (loss) | &nbsp;&nbsp; (3542384)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 71445020 |
| Affiliated investment securities | &nbsp;&nbsp; (138)<br>|
| Foreign currencies | &nbsp;&nbsp; 22944 |
| Forward foreign currency contracts | &nbsp;&nbsp; (157)<br>|
|  | &nbsp;&nbsp; 71467669 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 41961716 |
| Affiliated investment securities | &nbsp;&nbsp; (40)<br>|
| Foreign currencies | &nbsp;&nbsp; 15902 |
|  | &nbsp;&nbsp; 41977578 |
| Net realized and unrealized gain | &nbsp;&nbsp; 113445247 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $109902863 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco Global Focus Fund**

------

**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(3542384)<br>| &nbsp;&nbsp; $(3774454)<br>|
| Net realized gain | &nbsp;&nbsp; 71467669 | &nbsp;&nbsp; 35302631 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 41977578 | &nbsp;&nbsp; 136913574 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 109902863 | &nbsp;&nbsp; 168441751 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (4892748)<br>| &nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp; (438616)<br>| &nbsp;&nbsp; — |
| Class R | &nbsp;&nbsp; (534818)<br>| &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; (2433654)<br>| &nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp; (194)<br>| &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; (609122)<br>| &nbsp;&nbsp; — |
| Total distributions from distributable earnings | &nbsp;&nbsp; (8909152)<br>| &nbsp;&nbsp; — |
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (29948693)<br>| &nbsp;&nbsp; (31176453)<br>|
| Class C | &nbsp;&nbsp; (6590616)<br>| &nbsp;&nbsp; (7536435)<br>|
| Class R | &nbsp;&nbsp; (1098131)<br>| &nbsp;&nbsp; (4921942)<br>|
| Class Y | &nbsp;&nbsp; (25203667)<br>| &nbsp;&nbsp; (40785656)<br>|
| Class R5 | &nbsp;&nbsp; (495)<br>| &nbsp;&nbsp; 395 |
| Class R6 | &nbsp;&nbsp; 5520538 | &nbsp;&nbsp; (4990066)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (57321064)<br>| &nbsp;&nbsp; (89410157)<br>|
| Net increase in net assets | &nbsp;&nbsp; 43672647 | &nbsp;&nbsp; 79031594 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 558070275 | &nbsp;&nbsp; 479038681 |
| End of year | &nbsp;&nbsp; $601742922 | &nbsp;&nbsp; $558070275 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco Global Focus Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $76.11 | $(0.55)<br>| $16.43 | $15.88 | $(1.24)<br>| $90.75 | 21.05<br> %<br>| $330593 | 1.23<br> %<br>| 1.23<br> %<br>| (0.68)%<br>| 17<br> %<br>|
| Year ended 10/31/24 | 55.79 | (0.51)<br>| 20.83 | 20.32 |  | 76.11 | 36.42 | 305448 | 1.25 | 1.25 | (0.71)<br>| 13 |
| Year ended 10/31/23 | 45.11 | (0.48)<br>| 11.16 | 10.68 |  | 55.79 | 23.68 | 247965 | 1.28 | 1.28 | (0.86)<br>| 9 |
| Year ended 10/31/22 | 85.76 | (0.51 )<sup>(d)</sup><br>| (37.02)<br>| (37.53)<br>| (3.12)<br>| 45.11 | (45.25)<br>| 206115 | 1.23 | 1.23 | (0.85 )<sup>(d)</sup><br>| 25 |
| Year ended 10/31/21 | 72.26 | (0.84)<br>| 17.88 | 17.04 | (3.54)<br>| 85.76 | 24.30 <br><sup>(e)</sup><br>| 414186 | 1.18 <br><sup>(e)</sup><br>| 1.18 <br><sup>(e)</sup><br>| (1.03 )<sup>(e)</sup><br>| 24 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 66.48 | (1.01)<br>| 14.26 | 13.25 | (1.24)<br>| 78.49 | 20.13 | 21435 | 1.98 | 1.98 | (1.43)<br>| 17 |
| Year ended 10/31/24 | 49.10 | (0.92)<br>| 18.30 | 17.38 |  | 66.48 | 35.40 | 24515 | 2.00 | 2.00 | (1.46)<br>| 13 |
| Year ended 10/31/23 | 40.00 | (0.80)<br>| 9.90 | 9.10 |  | 49.10 | 22.75 | 23898 | 2.03 | 2.03 | (1.61)<br>| 9 |
| Year ended 10/31/22 | 77.00 | (0.89 )<sup>(d)</sup><br>| (32.99)<br>| (33.88)<br>| (3.12)<br>| 40.00 | (45.66)<br>| 22964 | 1.98 | 1.98 | (1.60 )<sup>(d)</sup><br>| 25 |
| Year ended 10/31/21 | 65.69 | (1.31)<br>| 16.16 | 14.85 | (3.54)<br>| 77.00 | 23.36 | 70996 | 1.94 | 1.94 | (1.79)<br>| 24 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 72.69 | (0.72)<br>| 15.67 | 14.95 | (1.24)<br>| 86.40 | 20.76 | 36296 | 1.48 | 1.48 | (0.93)<br>| 17 |
| Year ended 10/31/24 | 53.41 | (0.66)<br>| 19.94 | 19.28 |  | 72.69 | 36.10 | 31493 | 1.50 | 1.50 | (0.96)<br>| 13 |
| Year ended 10/31/23 | 43.29 | (0.60)<br>| 10.72 | 10.12 |  | 53.41 | 23.38 | 26757 | 1.53 | 1.53 | (1.11)<br>| 9 |
| Year ended 10/31/22 | 82.63 | (0.64 )<sup>(d)</sup><br>| (35.58)<br>| (36.22)<br>| (3.12)<br>| 43.29 | (45.38)<br>| 21519 | 1.48 | 1.48 | (1.10 )<sup>(d)</sup><br>| 25 |
| Year ended 10/31/21 | 69.91 | (1.02)<br>| 17.28 | 16.26 | (3.54)<br>| 82.63 | 23.99 | 39611 | 1.44 | 1.44 | (1.29)<br>| 24 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 79.20 | (0.36)<br>| 17.13 | 16.77 | (1.24)<br>| 94.73 | 21.36 | 162655 | 0.98 | 0.98 | (0.43)<br>| 17 |
| Year ended 10/31/24 | 57.91 | (0.34)<br>| 21.63 | 21.29 |  | 79.20 | 36.76 | 159465 | 1.00 | 1.00 | (0.46)<br>| 13 |
| Year ended 10/31/23 | 46.71 | (0.35)<br>| 11.55 | 11.20 |  | 57.91 | 23.98 | 149616 | 1.03 | 1.03 | (0.61)<br>| 9 |
| Year ended 10/31/22 | 88.48 | (0.38 )<sup>(d)</sup><br>| (38.27)<br>| (38.65)<br>| (3.12)<br>| 46.71 | (45.11)<br>| 174208 | 0.98 | 0.98 | (0.60 )<sup>(d)</sup><br>| 25 |
| Year ended 10/31/21 | 74.28 | (0.66)<br>| 18.40 | 17.74 | (3.54)<br>| 88.48 | 24.60 | 453276 | 0.94 | 0.94 | (0.79)<br>| 24 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 77.73 | (0.27)<br>| 16.83 | 16.56 | (1.24)<br>| 93.05 | 21.50 | 14 | 0.87 | 0.87 | (0.32)<br>| 17 |
| Year ended 10/31/24 | 56.76 | (0.26)<br>| 21.23 | 20.97 |  | 77.73 | 36.94 | 12 | 0.89 | 0.89 | (0.35)<br>| 13 |
| Year ended 10/31/23 | 45.71 | (0.27)<br>| 11.32 | 11.05 |  | 56.76 | 24.17 | 8 | 0.88 | 0.88 | (0.46)<br>| 9 |
| Year ended 10/31/22 | 86.56 | (0.29 )<sup>(d)</sup><br>| (37.44)<br>| (37.73)<br>| (3.12)<br>| 45.71 | (45.05)<br>| 7 | 0.85 | 0.85 | (0.47 )<sup>(d)</sup><br>| 25 |
| Year ended 10/31/21 | 72.67 | (0.56)<br>| 17.99 | 17.43 | (3.54)<br>| 86.56 | 24.72 | 13 | 0.84 | 0.84 | (0.69)<br>| 24 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 80.94 | (0.27)<br>| 17.51 | 17.24 | (1.24)<br>| 96.94 | 21.49 | 50749 | 0.87 | 0.87 | (0.32)<br>| 17 |
| Year ended 10/31/24 | 59.11 | (0.27)<br>| 22.10 | 21.83 |  | 80.94 | 36.93 | 37137 | 0.89 | 0.89 | (0.35)<br>| 13 |
| Year ended 10/31/23 | 47.62 | (0.28)<br>| 11.77 | 11.49 |  | 59.11 | 24.13 | 30794 | 0.90 | 0.90 | (0.48)<br>| 9 |
| Year ended 10/31/22 | 90.02 | (0.30 )<sup>(d)</sup><br>| (38.98)<br>| (39.28)<br>| (3.12)<br>| 47.62 | (45.04)<br>| 26910 | 0.85 | 0.85 | (0.47 )<sup>(d)</sup><br>| 25 |
| Year ended 10/31/21 | 75.43 | (0.58)<br>| 18.71 | 18.13 | (3.54)<br>| 90.02 | 24.74 | 55502 | 0.84 | 0.84 | (0.69)<br>| 24 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended October 31, 2022. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $(0.60) and (1.00)%, $(0.98) and (1.75)%, $(0.73) and (1.25)%, $(0.47) and (0.75)%, $(0.38) and (0.62)%, $(0.39) and (0.62)% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. 

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the year ended October 31, 2021. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco Global Focus Fund**

------

**Notes to Financial Statements**

*October 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco Global Focus Fund (the "Fund") is a series portfolio of AIM International Mutual Funds (Invesco International Mutual 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 the Fund or each class.

The Fund's investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**8**

**Invesco Global Focus Fund**

------

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2025, the Fund did not enter into any closing agreements.

**G.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

**9**

**Invesco Global Focus Fund**

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overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2025, the Fund paid the Adviser fees for securities lending agent services, which were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**L.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**N.** **Other Risks** - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly

**10**

**Invesco Global Focus Fund**

------

and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.800% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.78%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended October 31, 2025, the Adviser waived advisory fees of $1,478.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $46,259 in front-end sales commissions from the sale of Class A shares and $1 and $735 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2025, the Fund incurred $2,051 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

**11**

**Invesco Global Focus Fund**

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Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $477662414 | &nbsp;&nbsp;&nbsp;&nbsp; $122200374 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $599862788 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1242670 | &nbsp;&nbsp;&nbsp;&nbsp; 5952867 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7195537 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $478905084 | &nbsp;&nbsp;&nbsp;&nbsp; $128153241 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $607058325 |

---

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Effect of Derivative Investments for the year ended October 31, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(157)<br>|

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $605708 |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $19,498.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**12**

**Invesco Global Focus Fund**

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**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Long-term capital gain | &nbsp;&nbsp; $8909152 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; $65949096 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 312406070 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 14476 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (28893)<br>|
| Late-Year ordinary loss deferral | &nbsp;&nbsp;&nbsp;&nbsp; (2777057)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 226179230 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $601742922 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, passive foreign investment companies and distributions.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of October 31, 2025.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $94,961,299 and $162,975,985, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $315612299 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (3206229)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $312406070 |

---

Cost of investments for tax purposes is $294,652,255.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of net operating losses and equalization, on October 31, 2025, undistributed net investment income (loss) was increased by $2,600,155, undistributed net realized gain was decreased by $4,585,450 and shares of beneficial interest was increased by $1,985,295. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 267114 | &nbsp;&nbsp;&nbsp; $21806374 | &nbsp;&nbsp;&nbsp; 466666 | &nbsp;&nbsp;&nbsp; $33469124 |
| Class C | &nbsp;&nbsp;&nbsp; 45248 | &nbsp;&nbsp;&nbsp; 3233977 | &nbsp;&nbsp;&nbsp; 61467 | &nbsp;&nbsp;&nbsp; 3872614 |
| Class R | &nbsp;&nbsp;&nbsp; 70357 | &nbsp;&nbsp;&nbsp; 5445268 | &nbsp;&nbsp;&nbsp; 78756 | &nbsp;&nbsp;&nbsp; 5453510 |
| Class Y | &nbsp;&nbsp;&nbsp; 153376 | &nbsp;&nbsp;&nbsp; 13063404 | &nbsp;&nbsp;&nbsp; 250926 | &nbsp;&nbsp;&nbsp; 18841324 |
| Class R5 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 1011 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 500 |
| Class R6 | &nbsp;&nbsp;&nbsp; 181141 | &nbsp;&nbsp;&nbsp; 15630286 | &nbsp;&nbsp;&nbsp; 119906 | &nbsp;&nbsp;&nbsp; 9032808 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 56859 | &nbsp;&nbsp;&nbsp; 4639152 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class C | &nbsp;&nbsp;&nbsp; 5852 | &nbsp;&nbsp;&nbsp; 415702 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R | &nbsp;&nbsp;&nbsp; 6863 | &nbsp;&nbsp;&nbsp; 534190 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 21431 | &nbsp;&nbsp;&nbsp; 1821242 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; 5386 | &nbsp;&nbsp;&nbsp; 467959 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |

---

**13**

**Invesco Global Focus Fund**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 48106 | &nbsp;&nbsp;&nbsp; $3860759 | &nbsp;&nbsp;&nbsp; 49861 | &nbsp;&nbsp;&nbsp; $3602191 |
| Class C | &nbsp;&nbsp;&nbsp; (55366)<br>| &nbsp;&nbsp;&nbsp; (3860759)<br>| &nbsp;&nbsp;&nbsp; (56870)<br>| &nbsp;&nbsp;&nbsp; (3602191)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (742545)<br>| &nbsp;&nbsp;&nbsp; (60254978)<br>| &nbsp;&nbsp;&nbsp; (948115)<br>| &nbsp;&nbsp;&nbsp; (68247768)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (91404)<br>| &nbsp;&nbsp;&nbsp; (6379536)<br>| &nbsp;&nbsp;&nbsp; (122580)<br>| &nbsp;&nbsp;&nbsp; (7806858)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (90371)<br>| &nbsp;&nbsp;&nbsp; (7077589)<br>| &nbsp;&nbsp;&nbsp; (146480)<br>| &nbsp;&nbsp;&nbsp; (10375452)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (471119)<br>| &nbsp;&nbsp;&nbsp; (40088313)<br>| &nbsp;&nbsp;&nbsp; (821103)<br>| &nbsp;&nbsp;&nbsp; (59626980)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; (1506)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (105)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (121855)<br>| &nbsp;&nbsp;&nbsp; (10577707)<br>| &nbsp;&nbsp;&nbsp; (182004)<br>| &nbsp;&nbsp;&nbsp; (14022874)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (710933)<br>| &nbsp;&nbsp;&nbsp; $(57321064)<br>| &nbsp;&nbsp;&nbsp; (1249565)<br>| &nbsp;&nbsp;&nbsp; $(89410157)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**14**

**Invesco Global Focus Fund**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco Global Focus Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Focus Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**15**

**Invesco Global Focus Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Focus Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior

Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back

office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the fourth quintile for the three year period and the second quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results.

**16**

**Invesco Global Focus Fund**

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The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and

measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement

and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

**17**

**Invesco Global Focus Fund**

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The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**18**

**Invesco Global Focus Fund**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $13422152 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**19**

**Invesco Global Focus Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**20**

**Invesco Global Focus Fund**

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![](img077ddbd61.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

O-GLF-NCSR

------

![](img790c6edc1.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Global Fund**

Nasdaq:

A: OPPAX ■ C: OGLCX ■ R: OGLNX ■ Y: OGLYX ■ R5: GFDDX ■ R6: OGLIX

------

---

| | |
|:---|:---|
| [2](#xx_8b8a5a24-4267-46a6-924b-a8b74982b621_SOI-Continued-685_1) | Schedule of Investments |
| [4](#xx_8b8a5a24-4267-46a6-924b-a8b74982b621_FS-Continued-685_1) | Financial Statements |
| [7](#xx_8b8a5a24-4267-46a6-924b-a8b74982b621_FS-Continued-685_4) | Financial Highlights |
| [8](#xx_8b8a5a24-4267-46a6-924b-a8b74982b621_NTF-Continued-685_1) | Notes to Financial Statements |
| [15](#xx_8b8a5a24-4267-46a6-924b-a8b74982b621_ARS-Continued-685_1) | Report of Independent Registered Public Accounting Firm |
| [16](#xx_8b8a5a24-4267-46a6-924b-a8b74982b621_AOC-Continued-685_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [19](#xx_8b8a5a24-4267-46a6-924b-a8b74982b621_TI-Continued-685_1) | Tax Information |
| [20](#xx_8b8a5a24-4267-46a6-924b-a8b74982b621_OIRSR-Continued-685_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–100.50%** | **Common Stocks & Other Equity Interests–100.50%** | **Common Stocks & Other Equity Interests–100.50%** |
| **Argentina–0.16%** | **Argentina–0.16%** | **Argentina–0.16%** |
| Ciro Holding S.A.<sup>(a)(b)</sup>  | 79422317553 | &nbsp;&nbsp; $15010818 |
| **Brazil–0.60%** | **Brazil–0.60%** | **Brazil–0.60%** |
| MercadoLibre, Inc.<sup>(c)(d)</sup>  | 24212 | &nbsp;&nbsp; 56347619 |
| **Canada–2.55%** | **Canada–2.55%** | **Canada–2.55%** |
| Shopify, Inc., Class A<sup>(c)</sup>  | 1387135 | &nbsp;&nbsp; 241167291 |
| **China–2.87%** | **China–2.87%** | **China–2.87%** |
| JD.com, Inc., ADR<sup>(d)</sup>  | 5311373 | &nbsp;&nbsp; 175487764 |
| Tencent Holdings Ltd. | 1181700 | &nbsp;&nbsp; 95986771 |
|  |  | &nbsp;&nbsp; 271474535 |
| **France–6.55%** | **France–6.55%** | **France–6.55%** |
| Airbus SE | 1368335 | &nbsp;&nbsp; 337391768 |
| EssilorLuxottica S.A. | 321107 | &nbsp;&nbsp; 117595367 |
| LVMH Moet Hennessy Louis Vuitton SE | 232276 | &nbsp;&nbsp; 164177924 |
|  |  | &nbsp;&nbsp; 619165059 |
| **Germany–2.90%** | **Germany–2.90%** | **Germany–2.90%** |
| Allianz SE | 178922 | &nbsp;&nbsp; 71898302 |
| SAP SE | 777767 | &nbsp;&nbsp; 202275696 |
|  |  | &nbsp;&nbsp; 274173998 |
| **India–5.29%** | **India–5.29%** | **India–5.29%** |
| DLF Ltd. | 37515765 | &nbsp;&nbsp; 319363881 |
| HDFC Bank Ltd. | 4314116 | &nbsp;&nbsp; 47967971 |
| ICICI Bank Ltd., ADR | 4403275 | &nbsp;&nbsp; 133419232 |
|  |  | &nbsp;&nbsp; 500751084 |
| **Israel–0.31%** | **Israel–0.31%** | **Israel–0.31%** |
| Nice Ltd., ADR<sup>(c)(d)</sup>  | 213249 | &nbsp;&nbsp; 29142608 |
| **Italy–1.02%** | **Italy–1.02%** | **Italy–1.02%** |
| Brunello Cucinelli S.p.A. | 768461 | &nbsp;&nbsp; 77882233 |
| Moncler S.p.A. | 311299 | &nbsp;&nbsp; 18674625 |
|  |  | &nbsp;&nbsp; 96556858 |
| **Japan–2.11%** | **Japan–2.11%** | **Japan–2.11%** |
| Capcom Co. Ltd. | 2613000 | &nbsp;&nbsp; 68233536 |
| Hoya Corp. | 343400 | &nbsp;&nbsp; 55779151 |
| Keyence Corp. | 153412 | &nbsp;&nbsp; 56936486 |
| Nintendo Co. Ltd. | 223700 | &nbsp;&nbsp; 19079348 |
|  |  | &nbsp;&nbsp; 200028521 |
| **Netherlands–2.43%** | **Netherlands–2.43%** | **Netherlands–2.43%** |
| Adyen N.V.<sup>(c)(e)</sup>  | 74849 | &nbsp;&nbsp; 128252578 |
| ASML Holding N.V. | 29159 | &nbsp;&nbsp; 30830083 |
| BE Semiconductor Industries N.V. | 284760 | &nbsp;&nbsp; 48550464 |
| Universal Music Group N.V. | 836649 | &nbsp;&nbsp; 22440582 |
|  |  | &nbsp;&nbsp; 230073707 |
| **Spain–0.81%** | **Spain–0.81%** | **Spain–0.81%** |
| Amadeus IT Group S.A. | 999234 | &nbsp;&nbsp; 76382140 |
| **Sweden–1.96%** | **Sweden–1.96%** | **Sweden–1.96%** |
| Assa Abloy AB, Class B | 1486702 | &nbsp;&nbsp; 56025709 |
| Atlas Copco AB, Class A<sup>(d)</sup>  | 2768355 | &nbsp;&nbsp; 46386704 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Sweden–(continued)** | **Sweden–(continued)** | **Sweden–(continued)** |
| Spotify Technology S.A.<sup>(c)</sup>  | 127055 | &nbsp;&nbsp; $83261683 |
|  |  | &nbsp;&nbsp; 185674096 |
| **Switzerland–1.95%** | **Switzerland–1.95%** | **Switzerland–1.95%** |
| Galderma Group AG, Class A | 344283 | &nbsp;&nbsp; 63937486 |
| Lonza Group AG | 173906 | &nbsp;&nbsp; 120087567 |
|  |  | &nbsp;&nbsp; 184025053 |
| **Taiwan–4.70%** | **Taiwan–4.70%** | **Taiwan–4.70%** |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. | 9199000 | &nbsp;&nbsp; 444860570 |
| **United States–64.29%** | **United States–64.29%** | **United States–64.29%** |
| Alphabet, Inc., Class A | 3571240 | &nbsp;&nbsp; 1004196976 |
| Amazon.com, Inc.<sup>(c)</sup>  | 1086055 | &nbsp;&nbsp; 265236352 |
| Analog Devices, Inc. | 1036224 | &nbsp;&nbsp; 242611125 |
| ARM Holdings PLC, ADR<sup>(c)(d)</sup>  | 510346 | &nbsp;&nbsp; 86666958 |
| Boston Scientific Corp.<sup>(c)</sup>  | 1342893 | &nbsp;&nbsp; 135256183 |
| Broadcom, Inc. | 844146 | &nbsp;&nbsp; 312021686 |
| Cadence Design Systems, Inc.<sup>(c)(d)</sup>  | 149703 | &nbsp;&nbsp; 50702909 |
| Ecolab, Inc. | 203676 | &nbsp;&nbsp; 52222526 |
| Eli Lilly and Co. | 277285 | &nbsp;&nbsp; 239258135 |
| Equifax, Inc.<sup>(d)</sup>  | 355214 | &nbsp;&nbsp; 74985675 |
| IDEXX Laboratories, Inc.<sup>(c)</sup>  | 71597 | &nbsp;&nbsp; 45071028 |
| Intuit, Inc. | 375569 | &nbsp;&nbsp; 250711086 |
| Intuitive Surgical, Inc.<sup>(c)</sup>  | 261302 | &nbsp;&nbsp; 139608433 |
| IQVIA Holdings, Inc.<sup>(c)</sup>  | 177736 | &nbsp;&nbsp; 38472735 |
| Lam Research Corp. | 1897907 | &nbsp;&nbsp; 298844436 |
| Linde PLC | 63721 | &nbsp;&nbsp; 26654494 |
| Marriott International, Inc., Class A<sup>(d)</sup>  | 338455 | &nbsp;&nbsp; 88194604 |
| Marvell Technology, Inc. | 1415171 | &nbsp;&nbsp; 132658130 |
| Mastercard, Inc., Class A | 155368 | &nbsp;&nbsp; 85761582 |
| Meta Platforms, Inc., Class A | 847524 | &nbsp;&nbsp; 549492185 |
| Microsoft Corp. | 567269 | &nbsp;&nbsp; 293737561 |
| Netflix, Inc.<sup>(c)</sup>  | 142300 | &nbsp;&nbsp; 159213778 |
| NVIDIA Corp. | 2648627 | &nbsp;&nbsp; 536320481 |
| Phathom Pharmaceuticals, Inc.<sup>(c)(d)</sup>  | 1975378 | &nbsp;&nbsp; 26766372 |
| S&P Global, Inc. | 718277 | &nbsp;&nbsp; 349951737 |
| ServiceNow, Inc.<sup>(c)</sup>  | 57589 | &nbsp;&nbsp; 52940416 |
| Stryker Corp. | 108646 | &nbsp;&nbsp; 38704051 |
| Thermo Fisher Scientific, Inc. | 230127 | &nbsp;&nbsp; 130571759 |
| TJX Cos., Inc. (The) | 476702 | &nbsp;&nbsp; 66805018 |
| Visa, Inc., Class A | 839996 | &nbsp;&nbsp; 286220237 |
| Zoetis, Inc. | 146824 | &nbsp;&nbsp; 21155870 |
|  |  | &nbsp;&nbsp; 6081014518 |
| Total Common Stocks & Other Equity Interests <br> (Cost $4,099,929,735) | Total Common Stocks & Other Equity Interests <br> (Cost $4,099,929,735) | &nbsp;&nbsp; 9505848475 |
| **Money Market Funds–0.14%** | **Money Market Funds–0.14%** | **Money Market Funds–0.14%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.06%<sup>(a)(f)</sup>  | 4817879 | &nbsp;&nbsp; 4817879 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Global Fund**

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, <br> Institutional Class, 3.96%<sup>(a)(f)</sup>  | Invesco Treasury Portfolio, <br> Institutional Class, 3.96%<sup>(a)(f)</sup>  | 8947489 | &nbsp;&nbsp; $8947489 |
| Total Money Market Funds (Cost $13,765,368) | Total Money Market Funds (Cost $13,765,368) | Total Money Market Funds (Cost $13,765,368) | &nbsp;&nbsp; 13765368 |
| TOTAL INVESTMENTS IN <br> SECURITIES (excluding <br> Investments purchased with <br> cash collateral from securities <br> on loan)-100.64% <br> (Cost $4,113,695,103)<br>|  |  | &nbsp;&nbsp; 9519613843 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.14%** | **Money Market Funds–1.14%** | **Money Market Funds–1.14%** | **Money Market Funds–1.14%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(a)(f)(g)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(a)(f)(g)</sup>  | 29583801 | &nbsp;&nbsp; 29583801 |

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| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, <br> 4.30%<sup>(a)(f)(g)</sup>  | 78362508 | &nbsp;&nbsp; $78386016 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $107,976,039) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $107,976,039) | &nbsp;&nbsp; 107969817 |
| TOTAL INVESTMENTS IN SECURITIES—101.78% <br> (Cost $4,221,671,142) | TOTAL INVESTMENTS IN SECURITIES—101.78% <br> (Cost $4,221,671,142) | &nbsp;&nbsp; 9627583660 |
| OTHER ASSETS LESS LIABILITIES–(1.78)% | OTHER ASSETS LESS LIABILITIES–(1.78)% | &nbsp;&nbsp; (168691951)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $9458891709 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $1425596 | &nbsp;&nbsp; $296653742 | &nbsp;&nbsp; $(293261459) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4817879 | &nbsp;&nbsp; $173096 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 2647536 | &nbsp;&nbsp; 550928376 | &nbsp;&nbsp; (544628423) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8947489 | &nbsp;&nbsp; 289301 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 32979192 | &nbsp;&nbsp; 881071578 | &nbsp;&nbsp; (884466969) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 29583801 | &nbsp;&nbsp; 1,289,196\* |
| Invesco Private Prime Fund | 78617477 | &nbsp;&nbsp; 1760959992 | &nbsp;&nbsp; (1761180319) | &nbsp;&nbsp; (6222) | &nbsp;&nbsp; (4912) | &nbsp;&nbsp; 78386016 | &nbsp;&nbsp; 3,393,045\* |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| Ciro Holding S.A. | 21244913 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (6234095) | &nbsp;&nbsp; - | &nbsp;&nbsp; 15010818 | &nbsp;&nbsp; - |
| Total | $136914714 | &nbsp;&nbsp; $3489613688 | &nbsp;&nbsp; $(3483537170) | &nbsp;&nbsp; $(6240317) | &nbsp;&nbsp; $(4912) | &nbsp;&nbsp; $136746003 | &nbsp;&nbsp; $5144638 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(b)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> All or a portion of this security was out on loan at October 31, 2025.

<sup>(e)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2025 represented 1.36% of the Fund's Net Assets. 

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco Global Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $4,088,272,401)\*<br>| &nbsp;&nbsp; $9490837657 |
| Investments in affiliates, at value <br>(Cost $133,398,741)<br>| &nbsp;&nbsp; 136746003 |
| Cash | &nbsp;&nbsp; 7000070 |
| Foreign currencies, at value (Cost $714,915) | &nbsp;&nbsp; 714968 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 25741834 |
| Fund shares sold | &nbsp;&nbsp; 1953226 |
| Dividends | &nbsp;&nbsp; 5327549 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 1030042 |
| Other assets | &nbsp;&nbsp; 83746 |
| Total assets | &nbsp;&nbsp; 9669435095 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 52601193 |
| Dividends | &nbsp;&nbsp; 11 |
| Fund shares reacquired | &nbsp;&nbsp; 5417862 |
| Accrued foreign taxes | &nbsp;&nbsp; 38809742 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 107976039 |
| Accrued fees to affiliates | &nbsp;&nbsp; 3482496 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 325488 |
| Accrued other operating expenses | &nbsp;&nbsp; 412524 |
| IRS closing agreement fees for foreign withholding <br> tax claims<br>| &nbsp;&nbsp; 478465 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 1039566 |
| Total liabilities | &nbsp;&nbsp; 210543386 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $9458891709 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2363178168 |
| Distributable earnings | &nbsp;&nbsp; 7095713541 |
|  | &nbsp;&nbsp; $9458891709 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $6335445602 |
| Class C | &nbsp;&nbsp; $111195589 |
| Class R | &nbsp;&nbsp; $192403082 |
| Class Y | &nbsp;&nbsp; $1261006223 |
| Class R5 | &nbsp;&nbsp; $9757188 |
| Class R6 | &nbsp;&nbsp; $1549084025 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 58745547 |
| Class C | &nbsp;&nbsp; 1300974 |
| Class R | &nbsp;&nbsp; 1842963 |
| Class Y | &nbsp;&nbsp; 11441497 |
| Class R5 | &nbsp;&nbsp; 87870 |
| Class R6 | &nbsp;&nbsp; 13901262 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $107.85 |
| Maximum offering price per share <br>(Net asset value of $107.85 ÷ 94.50%)<br>| &nbsp;&nbsp; $114.13 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $85.47 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $104.40 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $110.21 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $111.04 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $111.43 |

---

\* At October 31, 2025, securities with an aggregate value of $103,527,862 were on loan to brokers. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco Global Fund**

------

**Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $5,282,310) | &nbsp;&nbsp; $74606549 |
| Dividends from affiliated money market funds (includes net securities lending income of $696,253) | &nbsp;&nbsp; 1158650 |
| Total investment income | &nbsp;&nbsp; 75765199 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 58690112 |
| Administrative services fees | &nbsp;&nbsp; 1284618 |
| Custodian fees | &nbsp;&nbsp; 366117 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 13949040 |
| Class C | &nbsp;&nbsp; 1138073 |
| Class R | &nbsp;&nbsp; 919175 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 9706847 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 9304 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 421457 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 88605 |
| Registration and filing fees | &nbsp;&nbsp; 195327 |
| Reports to shareholders | &nbsp;&nbsp; 305104 |
| Professional services fees | &nbsp;&nbsp; 190776 |
| Other | &nbsp;&nbsp; (191260)<br>|
| Total expenses | &nbsp;&nbsp; 87073295 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (218174)<br>|
| Net expenses | &nbsp;&nbsp; 86855121 |
| Net investment income (loss) | &nbsp;&nbsp; (11089922)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $6,666,000) | &nbsp;&nbsp; 1995092918 |
| Affiliated investment securities | &nbsp;&nbsp; (4912)<br>|
| Foreign currencies | &nbsp;&nbsp; (3675798)<br>|
|  | &nbsp;&nbsp; 1991412208 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $9,217,349) | &nbsp;&nbsp; (509708635)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (6240317)<br>|
| Foreign currencies | &nbsp;&nbsp; 405080 |
|  | &nbsp;&nbsp; (515543872)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 1475868336 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $1464778414 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco Global Fund**

------

**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(11089922)<br>| &nbsp;&nbsp; $2452362 |
| Net realized gain | &nbsp;&nbsp; 1991412208 | &nbsp;&nbsp; 1011525169 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (515543872)<br>| &nbsp;&nbsp; 1601556508 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1464778414 | &nbsp;&nbsp; 2615534039 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (656874497)<br>| &nbsp;&nbsp; (571159610)<br>|
| Class C | &nbsp;&nbsp; (15910002)<br>| &nbsp;&nbsp; (15496785)<br>|
| Class R | &nbsp;&nbsp; (20607152)<br>| &nbsp;&nbsp; (17759400)<br>|
| Class Y | &nbsp;&nbsp; (140959907)<br>| &nbsp;&nbsp; (127890291)<br>|
| Class R5 | &nbsp;&nbsp; (1003448)<br>| &nbsp;&nbsp; (1061940)<br>|
| Class R6 | &nbsp;&nbsp; (150594645)<br>| &nbsp;&nbsp; (137236150)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (985949651)<br>| &nbsp;&nbsp; (870604176)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (82002955)<br>| &nbsp;&nbsp; (131171622)<br>|
| Class C | &nbsp;&nbsp; (11523749)<br>| &nbsp;&nbsp; (17379610)<br>|
| Class R | &nbsp;&nbsp; (757272)<br>| &nbsp;&nbsp; (3543593)<br>|
| Class Y | &nbsp;&nbsp; (136061185)<br>| &nbsp;&nbsp; (96501720)<br>|
| Class R5 | &nbsp;&nbsp; (1325973)<br>| &nbsp;&nbsp; (788776)<br>|
| Class R6 | &nbsp;&nbsp; 8960667 | &nbsp;&nbsp; (94909133)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (222710467)<br>| &nbsp;&nbsp; (344294454)<br>|
| Net increase in net assets | &nbsp;&nbsp; 256118296 | &nbsp;&nbsp; 1400635409 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 9202773413 | &nbsp;&nbsp; 7802138004 |
| End of year | &nbsp;&nbsp; $9458891709 | &nbsp;&nbsp; $9202773413 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco Global Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $102.55 | $(0.19)<br>| $16.66 | $16.47 | $(11.17)<br>| $107.85 | 17.25 %<sup>(d)</sup><br>| $6335446 | 1.03 %<sup>(d)</sup><br>| 1.03 %<sup>(d)</sup><br>| (0.19 )%<sup>(d)</sup><br>| 24<br> %<br>|
| Year ended 10/31/24 | 84.62 | (0.04)<br>| 27.59 | 27.55 | (9.62)<br>| 102.55 | 34.55 <br><sup>(d)</sup><br>| 6108660 | 1.05 <br><sup>(d)</sup><br>| 1.05 <br><sup>(d)</sup><br>| (0.05 )<sup>(d)</sup><br>| 7 |
| Year ended 10/31/23 | 79.63 | (0.05)<br>| 15.59 | 15.54 | (10.55)<br>| 84.62 | 20.54 <br><sup>(d)</sup><br>| 5099198 | 1.06 <br><sup>(d)</sup><br>| 1.06 <br><sup>(d)</sup><br>| (0.05 )<sup>(d)</sup><br>| 7 |
| Year ended 10/31/22 | 135.11 | (0.10)<br>| (46.46)<br>| (46.56)<br>| (8.92)<br>| 79.63 | (36.79 )<sup>(d)</sup><br>| 4538019 | 1.04 <br><sup>(d)</sup><br>| 1.04 <br><sup>(d)</sup><br>| (0.09 )<sup>(d)</sup><br>| 9 |
| Year ended 10/31/21 | 101.84 | (0.52)<br>| 40.40 | 39.88 | (6.61)<br>| 135.11 | 40.51 <br><sup>(d)</sup><br>| 8073179 | 1.03 <br><sup>(d)</sup><br>| 1.03 <br><sup>(d)</sup><br>| (0.42 )<sup>(d)</sup><br>| 7 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 84.05 | (0.75)<br>| 13.34 | 12.59 | (11.17)<br>| 85.47 | 16.34 | 111196 | 1.80 | 1.80 | (0.96)<br>| 24 |
| Year ended 10/31/24 | 71.35 | (0.66)<br>| 22.98 | 22.32 | (9.62)<br>| 84.05 | 33.52 | 121722 | 1.82 | 1.82 | (0.82)<br>| 7 |
| Year ended 10/31/23 | 69.09 | (0.59)<br>| 13.40 | 12.81 | (10.55)<br>| 71.35 | 19.61 | 117135 | 1.83 | 1.83 | (0.82)<br>| 7 |
| Year ended 10/31/22 | 119.28 | (0.77)<br>| (40.50)<br>| (41.27)<br>| (8.92)<br>| 69.09 | (37.26)<br>| 122529 | 1.81 | 1.81 | (0.86)<br>| 9 |
| Year ended 10/31/21 | 91.23 | (1.30)<br>| 35.96 | 34.66 | (6.61)<br>| 119.28 | 39.44 | 248647 | 1.80 | 1.80 | (1.19)<br>| 7 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 99.85 | (0.44)<br>| 16.16 | 15.72 | (11.17)<br>| 104.40 | 16.95 | 192403 | 1.30 | 1.30 | (0.46)<br>| 24 |
| Year ended 10/31/24 | 82.82 | (0.30)<br>| 26.95 | 26.65 | (9.62)<br>| 99.85 | 34.17 | 184912 | 1.32 | 1.32 | (0.32)<br>| 7 |
| Year ended 10/31/23 | 78.33 | (0.27)<br>| 15.31 | 15.04 | (10.55)<br>| 82.82 | 20.21 | 154644 | 1.33 | 1.33 | (0.32)<br>| 7 |
| Year ended 10/31/22 | 133.38 | (0.36)<br>| (45.77)<br>| (46.13)<br>| (8.92)<br>| 78.33 | (36.95)<br>| 142467 | 1.31 | 1.31 | (0.36)<br>| 9 |
| Year ended 10/31/21 | 100.86 | (0.84)<br>| 39.97 | 39.13 | (6.61)<br>| 133.38 | 40.16 | 247549 | 1.30 | 1.30 | (0.69)<br>| 7 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 104.35 | 0.04 | 16.99 | 17.03 | (11.17)<br>| 110.21 | 17.52 | 1261006 | 0.80 | 0.80 | 0.04 | 24 |
| Year ended 10/31/24 | 85.77 | 0.19 | 28.01 | 28.20 | (9.62)<br>| 104.35 | 34.86 | 1335411 | 0.82 | 0.82 | 0.18 | 7 |
| Year ended 10/31/23 | 80.42 | 0.16 | 15.74 | 15.90 | (10.55)<br>| 85.77 | 20.82 | 1168865 | 0.83 | 0.83 | 0.18 | 7 |
| Year ended 10/31/22 | 136.06 | 0.14 | (46.86)<br>| (46.72)<br>| (8.92)<br>| 80.42 | (36.63)<br>| 1405313 | 0.81 | 0.81 | 0.14 | 9 |
| Year ended 10/31/21 | 102.29 | (0.23)<br>| 40.61 | 40.38 | (6.61)<br>| 136.06 | 40.84 | 2713045 | 0.80 | 0.80 | (0.19)<br>| 7 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 105.03 | 0.06 | 17.12 | 17.18 | (11.17)<br>| 111.04 | 17.55 | 9757 | 0.77 | 0.77 | 0.07 | 24 |
| Year ended 10/31/24 | 86.21 | 0.27 | 28.17 | 28.44 | (9.62)<br>| 105.03 | 34.97 | 10584 | 0.74 | 0.74 | 0.26 | 7 |
| Year ended 10/31/23 | 80.72 | 0.23 | 15.81 | 16.04 | (10.55)<br>| 86.21 | 20.93 | 9306 | 0.74 | 0.74 | 0.27 | 7 |
| Year ended 10/31/22 | 136.38 | 0.21 | (46.95)<br>| (46.74)<br>| (8.92)<br>| 80.72 | (36.56)<br>| 7132 | 0.69 | 0.69 | 0.26 | 9 |
| Year ended 10/31/21 | 102.39 | (0.06)<br>| 40.66 | 40.60 | (6.61)<br>| 136.38 | 41.03 | 16 | 0.66 | 0.66 | (0.05)<br>| 7 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 105.30 | 0.14 | 17.16 | 17.30 | (11.17)<br>| 111.43 | 17.64 | 1549084 | 0.70 | 0.70 | 0.14 | 24 |
| Year ended 10/31/24 | 86.39 | 0.29 | 28.24 | 28.53 | (9.62)<br>| 105.30 | 34.99 | 1441484 | 0.72 | 0.72 | 0.28 | 7 |
| Year ended 10/31/23 | 80.86 | 0.25 | 15.83 | 16.08 | (10.55)<br>| 86.39 | 20.94 | 1252990 | 0.72 | 0.72 | 0.29 | 7 |
| Year ended 10/31/22 | 136.59 | 0.26 | (47.07)<br>| (46.81)<br>| (8.92)<br>| 80.86 | (36.56)<br>| 1520303 | 0.69 | 0.69 | 0.26 | 9 |
| Year ended 10/31/21 | 102.54 | (0.07)<br>| 40.73 | 40.66 | (6.61)<br>| 136.59 | 41.02 | 2629798 | 0.66 | 0.66 | (0.05)<br>| 7 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2023, the portfolio turnover calculation excludes the value of securities purchased of $580,042,718 in connection with the acquisition of Invesco Global Growth Fund into the Fund. 

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.23% for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco Global Fund**

------

**Notes to Financial Statements**

*October 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco Global Fund (the "Fund") is a series portfolio of AIM International Mutual Funds (Invesco International Mutual 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 the Fund or each class.

The Fund's investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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**Invesco Global Fund**

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The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2025, the Fund did not enter into any closing agreements.

**G.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

**9**

**Invesco Global Fund**

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overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliates* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2025, the Fund paid the Adviser $67,392 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliates* on the Statement of Operations.

**L.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**N.** **Other Risks** - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets,

**10**

**Invesco Global Fund**

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restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

The Economic and Monetary Union of the European Union (the "EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and recessions in an EU member country may have significant adverse effects on the economies of EU member countries. Responses to financial problems by EU countries may not produce the desired results, may limit future growth and economic recovery, may result in social unrest, or have other unintended consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. A number of countries in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU, such as the departure of the United Kingdom, referred to as "Brexit", could place the departing member's currency and banking system under severe stress or even in jeopardy. An exit by other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.800% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.770% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.630% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |
| Next $8 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.560% |
| Over $23 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.540% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.65%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended October 31, 2025, the Adviser waived advisory fees of $12,626.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to

**11**

**Invesco Global Fund**

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customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $207,619 in front-end sales commissions from the sale of Class A shares and $2,194 and $3,798 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2025, the Fund incurred $16,078 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Argentina | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15010818 | &nbsp;&nbsp;&nbsp;&nbsp; $15010818 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 56347619 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56347619 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 241167291 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 241167291 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 175487764 | &nbsp;&nbsp;&nbsp;&nbsp; 95986771 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 271474535 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 619165059 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 619165059 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274173998 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274173998 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 133419232 | &nbsp;&nbsp;&nbsp;&nbsp; 367331852 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 500751084 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; 29142608 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29142608 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96556858 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96556858 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 200028521 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 200028521 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230073707 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230073707 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76382140 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76382140 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; 83261683 | &nbsp;&nbsp;&nbsp;&nbsp; 102412413 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 185674096 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 184025053 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 184025053 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 444860570 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 444860570 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 6081014518 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6081014518 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 13765368 | &nbsp;&nbsp;&nbsp;&nbsp; 107969817 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121735185 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $6813606083 | &nbsp;&nbsp;&nbsp;&nbsp; $2798966759 | &nbsp;&nbsp;&nbsp;&nbsp; $15010818 | &nbsp;&nbsp;&nbsp;&nbsp; $9627583660 |

---

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $205,548.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**12**

**Invesco Global Fund**

------

**NOTE 6—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Long-term capital gain | &nbsp;&nbsp; $985949651 | &nbsp;&nbsp;&nbsp;&nbsp; $870604176 |

---

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $7339671 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 1843796933 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 5328261652 |
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (35702)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (1201729)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (82447284)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 2363178168 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $9458891709 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and passive foreign investment companies.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of October 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $16077238 | &nbsp;&nbsp;&nbsp;&nbsp; $66370046 | &nbsp;&nbsp;&nbsp;&nbsp; $82447284 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $2,141,873,399 and $3,354,201,636, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $5401228281 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (72966629)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $5328261652 |

---

Cost of investments for tax purposes is $4,299,322,008.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization, on October 31, 2025, undistributed net investment income (loss) was decreased by $10,341,798, undistributed net realized gain was decreased by $140,504,201 and shares of beneficial interest was increased by $150,845,999. This reclassification had no effect on the net assets of the Fund.

**13**

**Invesco Global Fund**

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**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2105594 | &nbsp;&nbsp;&nbsp; $205603297 | &nbsp;&nbsp;&nbsp; 2390672 | &nbsp;&nbsp;&nbsp; $233195592 |
| Class C | &nbsp;&nbsp;&nbsp; 150634 | &nbsp;&nbsp;&nbsp; 11645302 | &nbsp;&nbsp;&nbsp; 168882 | &nbsp;&nbsp;&nbsp; 13659078 |
| Class R | &nbsp;&nbsp;&nbsp; 236275 | &nbsp;&nbsp;&nbsp; 22373644 | &nbsp;&nbsp;&nbsp; 254855 | &nbsp;&nbsp;&nbsp; 24313583 |
| Class Y | &nbsp;&nbsp;&nbsp; 1210736 | &nbsp;&nbsp;&nbsp; 120186901 | &nbsp;&nbsp;&nbsp; 1585605 | &nbsp;&nbsp;&nbsp; 157476154 |
| Class R5 | &nbsp;&nbsp;&nbsp; 3753 | &nbsp;&nbsp;&nbsp; 367957 | &nbsp;&nbsp;&nbsp; 11098 | &nbsp;&nbsp;&nbsp; 1063229 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2150928 | &nbsp;&nbsp;&nbsp; 208644936 | &nbsp;&nbsp;&nbsp; 1683247 | &nbsp;&nbsp;&nbsp; 169332966 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 6223168 | &nbsp;&nbsp;&nbsp; 604829693 | &nbsp;&nbsp;&nbsp; 6183134 | &nbsp;&nbsp;&nbsp; 540282065 |
| Class C | &nbsp;&nbsp;&nbsp; 201081 | &nbsp;&nbsp;&nbsp; 15595881 | &nbsp;&nbsp;&nbsp; 212218 | &nbsp;&nbsp;&nbsp; 15298852 |
| Class R | &nbsp;&nbsp;&nbsp; 217657 | &nbsp;&nbsp;&nbsp; 20527204 | &nbsp;&nbsp;&nbsp; 207490 | &nbsp;&nbsp;&nbsp; 17694688 |
| Class Y | &nbsp;&nbsp;&nbsp; 1232842 | &nbsp;&nbsp;&nbsp; 122199284 | &nbsp;&nbsp;&nbsp; 1277123 | &nbsp;&nbsp;&nbsp; 113319104 |
| Class R5 | &nbsp;&nbsp;&nbsp; 10030 | &nbsp;&nbsp;&nbsp; 1001534 | &nbsp;&nbsp;&nbsp; 11881 | &nbsp;&nbsp;&nbsp; 1060291 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1481785 | &nbsp;&nbsp;&nbsp; 148385905 | &nbsp;&nbsp;&nbsp; 1520600 | &nbsp;&nbsp;&nbsp; 136017676 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 174005 | &nbsp;&nbsp;&nbsp; 16976403 | &nbsp;&nbsp;&nbsp; 209738 | &nbsp;&nbsp;&nbsp; 20355491 |
| Class C | &nbsp;&nbsp;&nbsp; (218383)<br>| &nbsp;&nbsp;&nbsp; (16976403)<br>| &nbsp;&nbsp;&nbsp; (254345)<br>| &nbsp;&nbsp;&nbsp; (20355491)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (9323800)<br>| &nbsp;&nbsp;&nbsp; (909412348)<br>| &nbsp;&nbsp;&nbsp; (9478648)<br>| &nbsp;&nbsp;&nbsp; (925004770)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (280653)<br>| &nbsp;&nbsp;&nbsp; (21788529)<br>| &nbsp;&nbsp;&nbsp; (320141)<br>| &nbsp;&nbsp;&nbsp; (25982049)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (462785)<br>| &nbsp;&nbsp;&nbsp; (43658120)<br>| &nbsp;&nbsp;&nbsp; (477874)<br>| &nbsp;&nbsp;&nbsp; (45551864)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (3799522)<br>| &nbsp;&nbsp;&nbsp; (378447370)<br>| &nbsp;&nbsp;&nbsp; (3692906)<br>| &nbsp;&nbsp;&nbsp; (367296978)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (26687)<br>| &nbsp;&nbsp;&nbsp; (2695464)<br>| &nbsp;&nbsp;&nbsp; (30151)<br>| &nbsp;&nbsp;&nbsp; (2912296)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (3421365)<br>| &nbsp;&nbsp;&nbsp; (348070174)<br>| &nbsp;&nbsp;&nbsp; (4016983)<br>| &nbsp;&nbsp;&nbsp; (400259775)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2134707)<br>| &nbsp;&nbsp;&nbsp; $(222710467)<br>| &nbsp;&nbsp;&nbsp; (2554505)<br>| &nbsp;&nbsp;&nbsp; $(344294454)<br>|

---

<sup>(a)</sup> There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 5% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

**14**

**Invesco Global Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco Global Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**15**

**Invesco Global Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the fourth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund

**16**

**Invesco Global Fund**

------

performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were reasonably comparable to and below, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the

performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent,

**17**

**Invesco Global Fund**

------

including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**18**

**Invesco Global Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $1136795651 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**19**

**Invesco Global Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**20**

**Invesco Global Fund**

------

![](img790c6edc1.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

O-GLBL-NCSR

------

![](img60bab3351.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Global Opportunities Fund**

Nasdaq:

A: OPGIX ■ C: OGICX ■ R: OGINX ■ Y: OGIYX ■ R5: GOFFX ■ R6: OGIIX

------

---

| | |
|:---|:---|
| [2](#xx_a7fc68db-cf22-4da2-a5cd-0f544ab1eb5a_SOI-Continued-684_1) | Schedule of Investments |
| [5](#xx_a7fc68db-cf22-4da2-a5cd-0f544ab1eb5a_FS-Continued-684_1) | Financial Statements |
| [8](#xx_a7fc68db-cf22-4da2-a5cd-0f544ab1eb5a_FS-Continued-684_4) | Financial Highlights |
| [9](#xx_a7fc68db-cf22-4da2-a5cd-0f544ab1eb5a_NTF-Continued-684_1) | Notes to Financial Statements |
| [16](#xx_a7fc68db-cf22-4da2-a5cd-0f544ab1eb5a_ARS-Continued-684_1) | Report of Independent Registered Public Accounting Firm |
| [17](#xx_a7fc68db-cf22-4da2-a5cd-0f544ab1eb5a_AOC-Continued-684_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [20](#xx_a7fc68db-cf22-4da2-a5cd-0f544ab1eb5a_TI-Continued-684_1) | Tax Information |
| [21](#xx_a7fc68db-cf22-4da2-a5cd-0f544ab1eb5a_OIRSR-Continued-684_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.77%** | **Common Stocks & Other Equity Interests–97.77%** | **Common Stocks & Other Equity Interests–97.77%** |
| **Australia–1.39%** | **Australia–1.39%** | **Australia–1.39%** |
| ALS Ltd. | 631849 | &nbsp;&nbsp; $8967648 |
| Cochlear Ltd. | 38422 | &nbsp;&nbsp; 7213338 |
| Computershare Ltd. | 459345 | &nbsp;&nbsp; 10973550 |
| Woolworths Group Ltd. | 305981 | &nbsp;&nbsp; 5684819 |
|  |  | &nbsp;&nbsp; 32839355 |
| **Austria–0.35%** | **Austria–0.35%** | **Austria–0.35%** |
| ANDRITZ AG | 110730 | &nbsp;&nbsp; 8371833 |
| **Brazil–3.06%** | **Brazil–3.06%** | **Brazil–3.06%** |
| Embraer S.A., ADR<sup>(a)</sup>  | 194992 | &nbsp;&nbsp; 12573084 |
| Itausa S.A., Preference Shares | 5760300 | &nbsp;&nbsp; 12473628 |
| Odontoprev S.A. | 2395332 | &nbsp;&nbsp; 5667818 |
| Raia Drogasil S.A. | 3407900 | &nbsp;&nbsp; 12668891 |
| TOTVS S.A. | 1291900 | &nbsp;&nbsp; 10654672 |
| WEG S.A. | 2338642 | &nbsp;&nbsp; 18300696 |
|  |  | &nbsp;&nbsp; 72338789 |
| **Canada–1.91%** | **Canada–1.91%** | **Canada–1.91%** |
| CCL Industries, Inc., Class B | 208021 | &nbsp;&nbsp; 11604266 |
| Celestica, Inc.<sup>(b)</sup>  | 62764 | &nbsp;&nbsp; 21620943 |
| Metro, Inc. | 81448 | &nbsp;&nbsp; 5429092 |
| Sprott, Inc. | 80203 | &nbsp;&nbsp; 6572636 |
|  |  | &nbsp;&nbsp; 45226937 |
| **China–0.72%** | **China–0.72%** | **China–0.72%** |
| Chow Tai Fook Jewellery Group Ltd.<sup>(a)</sup>  | 4875600 | &nbsp;&nbsp; 9542632 |
| Tingyi Cayman Islands Holding Corp. | 5492000 | &nbsp;&nbsp; 7535181 |
|  |  | &nbsp;&nbsp; 17077813 |
| **Denmark–0.93%** | **Denmark–0.93%** | **Denmark–0.93%** |
| ChemoMetec A/S | 110976 | &nbsp;&nbsp; 13562433 |
| Pandora A/S | 63806 | &nbsp;&nbsp; 8537797 |
|  |  | &nbsp;&nbsp; 22100230 |
| **Finland–0.61%** | **Finland–0.61%** | **Finland–0.61%** |
| Elisa OYJ | 163652 | &nbsp;&nbsp; 7211195 |
| Wartsila OYJ Abp | 218589 | &nbsp;&nbsp; 7151597 |
|  |  | &nbsp;&nbsp; 14362792 |
| **France–2.20%** | **France–2.20%** | **France–2.20%** |
| Alten S.A. | 83546 | &nbsp;&nbsp; 6880454 |
| Gaztransport Et Technigaz S.A. | 48749 | &nbsp;&nbsp; 9653761 |
| Interparfums S.A. | 151818 | &nbsp;&nbsp; 4993925 |
| Lectra | 178219 | &nbsp;&nbsp; 4726385 |
| Legrand S.A. | 76611 | &nbsp;&nbsp; 13229778 |
| Neurones | 170191 | &nbsp;&nbsp; 7730639 |
| Thermador Groupe | 30160 | &nbsp;&nbsp; 2655667 |
| Vetoquinol S.A. | 24380 | &nbsp;&nbsp; 2096607 |
|  |  | &nbsp;&nbsp; 51967216 |
| **Germany–2.37%** | **Germany–2.37%** | **Germany–2.37%** |
| Atoss Software SE | 28327 | &nbsp;&nbsp; 3799083 |
| Carl Zeiss Meditec AG, BR | 402007 | &nbsp;&nbsp; 20390160 |
| CTS Eventim AG & Co. KGaA | 142770 | &nbsp;&nbsp; 12790957 |
| FUCHS SE, Preference Shares | 177372 | &nbsp;&nbsp; 7939976 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Germany–(continued)** | **Germany–(continued)** | **Germany–(continued)** |
| Knorr-Bremse AG | 119356 | &nbsp;&nbsp; $11105833 |
|  |  | &nbsp;&nbsp; 56026009 |
| **Hong Kong–0.36%** | **Hong Kong–0.36%** | **Hong Kong–0.36%** |
| HKT Trust & HKT Ltd. | 5842000 | &nbsp;&nbsp; 8530323 |
| **Indonesia–1.26%** | **Indonesia–1.26%** | **Indonesia–1.26%** |
| PT Indofood CBP Sukses Makmur Tbk | 9388200 | &nbsp;&nbsp; 4906338 |
| PT Selamat Sempurna Tbk | 31986700 | &nbsp;&nbsp; 3692217 |
| PT Telkom Indonesia (Persero) Tbk | 79242100 | &nbsp;&nbsp; 15328167 |
| PT United Tractors Tbk | 3580000 | &nbsp;&nbsp; 5788422 |
|  |  | &nbsp;&nbsp; 29715144 |
| **Ireland–0.53%** | **Ireland–0.53%** | **Ireland–0.53%** |
| AIB Group PLC | 1348859 | &nbsp;&nbsp; 12431524 |
| **Italy–0.83%** | **Italy–0.83%** | **Italy–0.83%** |
| Interpump Group S.p.A. | 155450 | &nbsp;&nbsp; 8022825 |
| Recordati Industria Chimica e <br> Farmaceutica S.p.A. | 194575 | &nbsp;&nbsp; 11581445 |
|  |  | &nbsp;&nbsp; 19604270 |
| **Japan–7.23%** | **Japan–7.23%** | **Japan–7.23%** |
| As One Corp. | 156800 | &nbsp;&nbsp; 2559586 |
| Azbil Corp. | 1484900 | &nbsp;&nbsp; 14637231 |
| Disco Corp. | 51100 | &nbsp;&nbsp; 16969438 |
| Fujimi, Inc. | 435200 | &nbsp;&nbsp; 6805751 |
| Fukui Computer Holdings, Inc. | 151000 | &nbsp;&nbsp; 3019019 |
| Funai Soken Holdings, Inc. | 157200 | &nbsp;&nbsp; 2476469 |
| JCU Corp. | 71200 | &nbsp;&nbsp; 2099976 |
| Katitas Co. Ltd. | 281900 | &nbsp;&nbsp; 4582854 |
| Kikkoman Corp. | 1306500 | &nbsp;&nbsp; 10403703 |
| MEITEC Group Holdings, Inc. | 416300 | &nbsp;&nbsp; 8533544 |
| MISUMI Group, Inc. | 374602 | &nbsp;&nbsp; 5840430 |
| NOF Corp. | 277100 | &nbsp;&nbsp; 4930867 |
| Nomura Research Institute Ltd. | 138391 | &nbsp;&nbsp; 5343699 |
| NSD Co. Ltd. | 205300 | &nbsp;&nbsp; 4386360 |
| OBIC Business Consultants Co. Ltd. | 112800 | &nbsp;&nbsp; 6455582 |
| OBIC Co. Ltd. | 354200 | &nbsp;&nbsp; 10987663 |
| Seria Co. Ltd. | 575800 | &nbsp;&nbsp; 10964313 |
| Shimano, Inc. | 70902 | &nbsp;&nbsp; 7428107 |
| SHO-BOND Holdings Co. Ltd. | 219600 | &nbsp;&nbsp; 6968242 |
| SMS Co. Ltd. | 253200 | &nbsp;&nbsp; 2182351 |
| Sysmex Corp. | 542547 | &nbsp;&nbsp; 6048075 |
| TKC Corp. | 201200 | &nbsp;&nbsp; 5264272 |
| Toyo Suisan Kaisha Ltd. | 201200 | &nbsp;&nbsp; 14583966 |
| USS Co. Ltd. | 684300 | &nbsp;&nbsp; 7553218 |
|  |  | &nbsp;&nbsp; 171024716 |
| **Mexico–0.39%** | **Mexico–0.39%** | **Mexico–0.39%** |
| Gruma S.A.B. de C.V., Class B | 545740 | &nbsp;&nbsp; 9261585 |
| **Netherlands–0.33%** | **Netherlands–0.33%** | **Netherlands–0.33%** |
| IMCD N.V. | 75441 | &nbsp;&nbsp; 7817473 |
| **South Africa–0.08%** | **South Africa–0.08%** | **South Africa–0.08%** |
| Hudaco Industries Ltd. | 190248 | &nbsp;&nbsp; 1946716 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Global Opportunities Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **South Korea–1.13%** | **South Korea–1.13%** | **South Korea–1.13%** |
| Coupang, Inc.<sup>(b)</sup>  | 324168 | &nbsp;&nbsp; $10363651 |
| Coway Co. Ltd. (Acquired <br> 07/09/2025-07/10/2025; <br> Cost $10,293,222)<sup>(c)</sup>  | 141453 | &nbsp;&nbsp; 8845025 |
| NICE Information Service Co. Ltd. | 307862 | &nbsp;&nbsp; 3128922 |
| Park Systems Corp. | 26191 | &nbsp;&nbsp; 4461418 |
|  |  | &nbsp;&nbsp; 26799016 |
| **Sweden–2.32%** | **Sweden–2.32%** | **Sweden–2.32%** |
| Addtech AB, Class B | 227898 | &nbsp;&nbsp; 7678040 |
| Hexpol AB | 571162 | &nbsp;&nbsp; 5193131 |
| Karnov Group AB<sup>(b)</sup>  | 498991 | &nbsp;&nbsp; 5887901 |
| Loomis AB | 187612 | &nbsp;&nbsp; 7558030 |
| MIPS AB<sup>(d)</sup>  | 125059 | &nbsp;&nbsp; 4477825 |
| Mycronic AB | 469773 | &nbsp;&nbsp; 11020302 |
| Svenska Handelsbanken AB, Class A | 1011141 | &nbsp;&nbsp; 13194710 |
|  |  | &nbsp;&nbsp; 55009939 |
| **Switzerland–3.39%** | **Switzerland–3.39%** | **Switzerland–3.39%** |
| BKW AG | 41978 | &nbsp;&nbsp; 9394989 |
| Cembra Money Bank AG | 63289 | &nbsp;&nbsp; 7237288 |
| Partners Group Holding AG | 18082 | &nbsp;&nbsp; 22143519 |
| TE Connectivity PLC | 77070 | &nbsp;&nbsp; 19037061 |
| Tecan Group AG, Class R<sup>(b)</sup>  | 52730 | &nbsp;&nbsp; 9629208 |
| VZ Holding AG | 65470 | &nbsp;&nbsp; 12789433 |
|  |  | &nbsp;&nbsp; 80231498 |
| **Taiwan–0.73%** | **Taiwan–0.73%** | **Taiwan–0.73%** |
| Advantech Co. Ltd. | 925000 | &nbsp;&nbsp; 9395572 |
| Nien Made Enterprise Co. Ltd. | 649000 | &nbsp;&nbsp; 7774905 |
|  |  | &nbsp;&nbsp; 17170477 |
| **United Kingdom–6.20%** | **United Kingdom–6.20%** | **United Kingdom–6.20%** |
| Bunzl PLC | 417449 | &nbsp;&nbsp; 12689490 |
| Diploma PLC | 105610 | &nbsp;&nbsp; 7791165 |
| Greggs PLC<sup>(a)</sup>  | 247616 | &nbsp;&nbsp; 5248294 |
| Halma PLC | 250089 | &nbsp;&nbsp; 11653751 |
| Hill & Smith PLC | 290660 | &nbsp;&nbsp; 8224799 |
| Howden Joinery Group PLC | 857226 | &nbsp;&nbsp; 9736255 |
| IMI PLC | 394923 | &nbsp;&nbsp; 12415973 |
| Intertek Group PLC | 151287 | &nbsp;&nbsp; 10076928 |
| Rathbones Group PLC | 233747 | &nbsp;&nbsp; 5478917 |
| Rightmove PLC | 678029 | &nbsp;&nbsp; 5953402 |
| Rotork PLC | 2184407 | &nbsp;&nbsp; 9833882 |
| Spirax Group PLC | 178889 | &nbsp;&nbsp; 16685460 |
| TechnipFMC PLC | 354646 | &nbsp;&nbsp; 14664612 |
| Weir Group PLC (The) | 415879 | &nbsp;&nbsp; 16189294 |
|  |  | &nbsp;&nbsp; 146642222 |
| **United States–59.45%** | **United States–59.45%** | **United States–59.45%** |
| Affirm Holdings, Inc.<sup>(b)</sup>  | 135220 | &nbsp;&nbsp; 9719614 |
| Agilent Technologies, Inc. | 75764 | &nbsp;&nbsp; 11088819 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup>  | 49664 | &nbsp;&nbsp; 22648771 |
| Ares Management Corp., Class A | 56926 | &nbsp;&nbsp; 8465465 |
| AutoZone, Inc.<sup>(b)</sup>  | 5632 | &nbsp;&nbsp; 20694390 |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 41711 | &nbsp;&nbsp; 30542046 |
| BWX Technologies, Inc.<sup>(a)</sup>  | 79618 | &nbsp;&nbsp; 17007201 |
| Carpenter Technology Corp. | 60560 | &nbsp;&nbsp; 19130904 |
| Carvana Co.<sup>(b)</sup>  | 53010 | &nbsp;&nbsp; 16249685 |
| Casey's General Stores, Inc. | 30574 | &nbsp;&nbsp; 15690271 |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 166581 | &nbsp;&nbsp; 25391942 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Cencora, Inc. | 100142 | &nbsp;&nbsp; $33828969 |
| Cheniere Energy, Inc. | 55490 | &nbsp;&nbsp; 11763880 |
| Chewy, Inc., Class A<sup>(b)</sup>  | 108723 | &nbsp;&nbsp; 3666140 |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 168683 | &nbsp;&nbsp; 42727404 |
| Comfort Systems USA, Inc. | 42700 | &nbsp;&nbsp; 41230266 |
| CoreWeave, Inc., Class A<sup>(b)</sup>  | 89726 | &nbsp;&nbsp; 11997263 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup>  | 116982 | &nbsp;&nbsp; 21948163 |
| Curtiss-Wright Corp. | 40347 | &nbsp;&nbsp; 24035918 |
| CyberArk Software Ltd.<sup>(b)</sup>  | 8522 | &nbsp;&nbsp; 4438087 |
| D.R. Horton, Inc. | 65254 | &nbsp;&nbsp; 9728066 |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 109728 | &nbsp;&nbsp; 27911511 |
| Duolingo, Inc.<sup>(b)</sup>  | 30671 | &nbsp;&nbsp; 8300799 |
| Dutch Bros, Inc., Class A<sup>(b)</sup>  | 120760 | &nbsp;&nbsp; 6707010 |
| EMCOR Group, Inc. | 28846 | &nbsp;&nbsp; 19493550 |
| Encompass Health Corp. | 223674 | &nbsp;&nbsp; 25465285 |
| Evercore, Inc., Class A | 74359 | &nbsp;&nbsp; 21903187 |
| Fastenal Co. | 503920 | &nbsp;&nbsp; 20736308 |
| Fermi LLC<sup>(b)</sup>  | 110448 | &nbsp;&nbsp; 2894842 |
| Flex Ltd.<sup>(b)</sup>  | 466731 | &nbsp;&nbsp; 29180022 |
| Guidewire Software, Inc.<sup>(b)</sup>  | 92254 | &nbsp;&nbsp; 21554225 |
| HEICO Corp. | 63950 | &nbsp;&nbsp; 20321391 |
| Hilton Worldwide Holdings, Inc. | 164586 | &nbsp;&nbsp; 42292019 |
| Howmet Aerospace, Inc. | 220746 | &nbsp;&nbsp; 45462639 |
| ICON PLC<sup>(b)</sup>  | 65594 | &nbsp;&nbsp; 11270361 |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 22961 | &nbsp;&nbsp; 14454179 |
| Insulet Corp.<sup>(b)</sup>  | 77512 | &nbsp;&nbsp; 24262031 |
| ITT, Inc. | 120767 | &nbsp;&nbsp; 22350349 |
| Karman Holdings, Inc.<sup>(a)(b)</sup>  | 169878 | &nbsp;&nbsp; 14310523 |
| Labcorp Holdings, Inc. | 43994 | &nbsp;&nbsp; 11172716 |
| Lattice Semiconductor Corp.<sup>(a)(b)</sup>  | 322662 | &nbsp;&nbsp; 23541420 |
| LPL Financial Holdings, Inc. | 57291 | &nbsp;&nbsp; 21616467 |
| Lumentum Holdings, Inc.<sup>(a)(b)</sup>  | 89893 | &nbsp;&nbsp; 18118833 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 94593 | &nbsp;&nbsp; 14012061 |
| Martin Marietta Materials, Inc. | 11755 | &nbsp;&nbsp; 7206990 |
| MasTec, Inc.<sup>(b)</sup>  | 83654 | &nbsp;&nbsp; 17078801 |
| MongoDB, Inc.<sup>(b)</sup>  | 56933 | &nbsp;&nbsp; 20485632 |
| Monolithic Power Systems, Inc. | 43820 | &nbsp;&nbsp; 44039100 |
| Nasdaq, Inc. | 246841 | &nbsp;&nbsp; 21102437 |
| Natera, Inc.<sup>(b)</sup>  | 93745 | &nbsp;&nbsp; 18648693 |
| NRG Energy, Inc. | 97029 | &nbsp;&nbsp; 16675404 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup>  | 146324 | &nbsp;&nbsp; 17677402 |
| PriceSmart, Inc.<sup>(a)</sup>  | 70634 | &nbsp;&nbsp; 8118672 |
| Pure Storage, Inc., Class A<sup>(b)</sup>  | 166709 | &nbsp;&nbsp; 16454178 |
| Quanta Services, Inc. | 77196 | &nbsp;&nbsp; 34671039 |
| Ralph Lauren Corp. | 45741 | &nbsp;&nbsp; 14621568 |
| Reddit, Inc., Class A<sup>(b)</sup>  | 35763 | &nbsp;&nbsp; 7472679 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup>  | 169609 | &nbsp;&nbsp; 24895209 |
| Roblox Corp., Class A<sup>(b)</sup>  | 174241 | &nbsp;&nbsp; 19814687 |
| Rockwell Automation, Inc. | 20116 | &nbsp;&nbsp; 7409930 |
| Rubrik, Inc., Class A<sup>(b)</sup>  | 127312 | &nbsp;&nbsp; 9582774 |
| ServiceTitan, Inc.<sup>(a)(b)</sup>  | 91228 | &nbsp;&nbsp; 8608274 |
| SPX Technologies, Inc.<sup>(b)</sup>  | 57947 | &nbsp;&nbsp; 12973754 |
| Synchrony Financial | 97286 | &nbsp;&nbsp; 7236133 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 39430 | &nbsp;&nbsp; 10108669 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 109747 | &nbsp;&nbsp; 22661658 |
| Teradyne, Inc. | 73458 | &nbsp;&nbsp; 13351726 |
| TKO Group Holdings, Inc. | 68409 | &nbsp;&nbsp; 12888256 |
| Tradeweb Markets, Inc., Class A | 70053 | &nbsp;&nbsp; 7382886 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco Global Opportunities Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Ulta Beauty, Inc.<sup>(b)</sup>  | Ulta Beauty, Inc.<sup>(b)</sup>  | 34402 | &nbsp;&nbsp; $17884912 |
| Vertiv Holdings Co., Class A | Vertiv Holdings Co., Class A | 202101 | &nbsp;&nbsp; 38977199 |
| Viking Holdings Ltd.<sup>(b)</sup>  | Viking Holdings Ltd.<sup>(b)</sup>  | 322486 | &nbsp;&nbsp; 19623273 |
| Vistra Corp. | Vistra Corp. | 113842 | &nbsp;&nbsp; 21436449 |
| XPO, Inc.<sup>(a)(b)</sup>  | XPO, Inc.<sup>(a)(b)</sup>  | 80408 | &nbsp;&nbsp; 11568299 |
| Zscaler, Inc.<sup>(b)</sup>  | Zscaler, Inc.<sup>(b)</sup>  | 80196 | &nbsp;&nbsp; 26556103 |
|  |  |  | &nbsp;&nbsp; 1406537778 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,964,955,472) | Total Common Stocks & Other Equity Interests <br> (Cost $1,964,955,472) | Total Common Stocks & Other Equity Interests <br> (Cost $1,964,955,472) | &nbsp;&nbsp; 2313033655 |
| **Money Market Funds–1.48%** | **Money Market Funds–1.48%** | **Money Market Funds–1.48%** | **Money Market Funds–1.48%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup>  | 12269572 | &nbsp;&nbsp; 12269572 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(e)(f)</sup>  | 22786347 | &nbsp;&nbsp; 22786347 |
| Total Money Market Funds (Cost $35,055,919) | Total Money Market Funds (Cost $35,055,919) | Total Money Market Funds (Cost $35,055,919) | &nbsp;&nbsp; 35055919 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-99.25% <br> (Cost $2,000,011,391)<br>|  |  | &nbsp;&nbsp; 2348089574 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–3.18%** | **Money Market Funds–3.18%** | **Money Market Funds–3.18%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup>  | 20889766 | &nbsp;&nbsp; $20889766 |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup>  | 54389256 | &nbsp;&nbsp; 54405573 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $75,296,187) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $75,296,187) | &nbsp;&nbsp; 75295339 |
| TOTAL INVESTMENTS IN SECURITIES—102.43% <br> (Cost $2,075,307,578) | TOTAL INVESTMENTS IN SECURITIES—102.43% <br> (Cost $2,075,307,578) | &nbsp;&nbsp; 2423384913 |
| OTHER ASSETS LESS LIABILITIES–(2.43)% | OTHER ASSETS LESS LIABILITIES–(2.43)% | &nbsp;&nbsp; (57565404)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $2365819509 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> BR – Bearer Shares

Notes to Schedule of Investments:

<sup>(a)</sup> All or a portion of this security was out on loan at October 31, 2025.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Restricted security. The value of this security at October 31, 2025 represented less than 1% of the Fund's Net Assets.

<sup>(d)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $4,477,825, which represented less than 1% of the Fund's Net Assets. 

<sup>(e)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $9358016 | &nbsp;&nbsp; $345205087 | &nbsp;&nbsp; $(342293531) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12269572 | &nbsp;&nbsp; $914884 |
| Invesco Treasury Portfolio, Institutional Class | 17379172 | &nbsp;&nbsp; 641095162 | &nbsp;&nbsp; (635687987) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 22786347 | &nbsp;&nbsp; 1684812 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 23337143 | &nbsp;&nbsp; 352791284 | &nbsp;&nbsp; (355238661) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 20889766 | &nbsp;&nbsp; 793,125\* |
| Invesco Private Prime Fund | 36728472 | &nbsp;&nbsp; 755587934 | &nbsp;&nbsp; (737910828) | (635) | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 54405573 | &nbsp;&nbsp; 2,124,033\* |
| Total | $86802803 | &nbsp;&nbsp; $2094679467 | &nbsp;&nbsp; $(2071131007) | &nbsp;&nbsp; $(635) | &nbsp;&nbsp; $630 | &nbsp;&nbsp; $110351258 | &nbsp;&nbsp; $5516854 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco Global Opportunities Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,964,955,472)\*<br>| &nbsp;&nbsp; $2313033655 |
| Investments in affiliated money market funds, at value <br> (Cost $110,352,106)<br>| &nbsp;&nbsp; 110351258 |
| Cash | &nbsp;&nbsp; 4000000 |
| Foreign currencies, at value (Cost $276,497) | &nbsp;&nbsp; 267911 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 16287678 |
| Fund shares sold | &nbsp;&nbsp; 568454 |
| Dividends | &nbsp;&nbsp; 7016152 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 298538 |
| Other assets | &nbsp;&nbsp; 56721 |
| Total assets | &nbsp;&nbsp; 2451880367 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 4982985 |
| Fund shares reacquired | &nbsp;&nbsp; 4181087 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 75296187 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1050880 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 93025 |
| Accrued other operating expenses | &nbsp;&nbsp; 158156 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 298538 |
| Total liabilities | &nbsp;&nbsp; 86060858 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2365819509 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2126907921 |
| Distributable earnings | &nbsp;&nbsp; 238911588 |
|  | &nbsp;&nbsp; $2365819509 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1352220248 |
| Class C | &nbsp;&nbsp; $65877277 |
| Class R | &nbsp;&nbsp; $105103214 |
| Class Y | &nbsp;&nbsp; $254983506 |
| Class R5 | &nbsp;&nbsp; $44883 |
| Class R6 | &nbsp;&nbsp; $587590381 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 26182998 |
| Class C | &nbsp;&nbsp; 1615240 |
| Class R | &nbsp;&nbsp; 2192700 |
| Class Y | &nbsp;&nbsp; 4774618 |
| Class R5 | &nbsp;&nbsp; 852 |
| Class R6 | &nbsp;&nbsp; 10826785 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $51.64 |
| Maximum offering price per share <br>(Net asset value of $51.64 ÷ 94.50%)<br>| &nbsp;&nbsp; $54.65 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $40.78 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $47.93 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $53.40 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $52.68 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $54.27 |

---

\* At October 31, 2025, securities with an aggregate value of $72,507,254 were on loan to brokers. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco Global Opportunities Fund**

------

**Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $3501 |
| Dividends (net of foreign withholding taxes of $2,064,316) | &nbsp;&nbsp; 28158797 |
| Dividends from affiliated money market funds (includes net securities lending income of $238,022) | &nbsp;&nbsp; 2837718 |
| Foreign withholding tax claims | &nbsp;&nbsp; 287044 |
| Total investment income | &nbsp;&nbsp; 31287060 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 17522270 |
| Administrative services fees | &nbsp;&nbsp; 353422 |
| Custodian fees | &nbsp;&nbsp; 80517 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 3310772 |
| Class C | &nbsp;&nbsp; 766176 |
| Class R | &nbsp;&nbsp; 534473 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 3173268 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 26 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 184943 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 39916 |
| Registration and filing fees | &nbsp;&nbsp; 105830 |
| Reports to shareholders | &nbsp;&nbsp; 302256 |
| Professional services fees | &nbsp;&nbsp; 103640 |
| Other | &nbsp;&nbsp; 32181 |
| Total expenses | &nbsp;&nbsp; 26509690 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (176625)<br>|
| Net expenses | &nbsp;&nbsp; 26333065 |
| Net investment income | &nbsp;&nbsp; 4953995 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (includes net gains from securities sold to affiliates of $29,370,975) | &nbsp;&nbsp; 301638109 |
| Affiliated investment securities | &nbsp;&nbsp; 630 |
| Foreign currencies | &nbsp;&nbsp; 198529 |
| Forward foreign currency contracts | &nbsp;&nbsp; (79886)<br>|
|  | &nbsp;&nbsp; 301757382 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $427,924) | &nbsp;&nbsp; (194265484)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (635)<br>|
| Foreign currencies | &nbsp;&nbsp; 335389 |
|  | &nbsp;&nbsp; (193930730)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 107826652 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $112780647 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco Global Opportunities Fund**

------

**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $4953995 | &nbsp;&nbsp; $10693078 |
| Net realized gain | &nbsp;&nbsp; 301757382 | &nbsp;&nbsp; 500698011 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (193930730)<br>| &nbsp;&nbsp; 202816023 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 112780647 | &nbsp;&nbsp; 714207112 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (104874)<br>| &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; (996448)<br>| &nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp; (147)<br>| &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; (2900150)<br>| &nbsp;&nbsp; — |
| Total distributions from distributable earnings | &nbsp;&nbsp; (4001619)<br>| &nbsp;&nbsp; — |
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (268583310)<br>| &nbsp;&nbsp; (396113850)<br>|
| Class C | &nbsp;&nbsp; (33480111)<br>| &nbsp;&nbsp; (48864386)<br>|
| Class R | &nbsp;&nbsp; (18262874)<br>| &nbsp;&nbsp; (30069345)<br>|
| Class Y | &nbsp;&nbsp; (143319565)<br>| &nbsp;&nbsp; (289286972)<br>|
| Class R5 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; (4)<br>|
| Class R6 | &nbsp;&nbsp; (160714707)<br>| &nbsp;&nbsp; (297318063)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (624360485)<br>| &nbsp;&nbsp; (1061652620)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (515581457)<br>| &nbsp;&nbsp; (347445508)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 2881400966 | &nbsp;&nbsp; 3228846474 |
| End of year | &nbsp;&nbsp; $2365819509 | &nbsp;&nbsp; $2881400966 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco Global Opportunities Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $48.99 | $0.05 | $2.60 | $2.65 | $(0.00)<br>| $— | $— | $51.64 | 5.41 %<sup>(d)</sup><br>| &nbsp;&nbsp; $1352220 | 1.14 %<sup>(d)</sup><br>| 1.15 %<sup>(d)</sup><br>| 0.12 %<sup>(d)</sup><br>| 136<br> %<br>|
| Year ended 10/31/24 | 39.92 | 0.11 | 8.96 | 9.07 |  |  |  | 48.99 | 22.72 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1556246 | 1.16 <br><sup>(d)</sup><br>| 1.17 <br><sup>(d)</sup><br>| 0.24 <br><sup>(d)</sup><br>| 62 |
| Year ended 10/31/23 | 41.51 | (0.19)<br>| (1.40)<br>| (1.59)<br>|  |  |  | 39.92 | (3.83 )<sup>(d)</sup><br>| &nbsp;&nbsp; 1596178 | 1.11 <br><sup>(d)</sup><br>| 1.12 <br><sup>(d)</sup><br>| (0.41 )<sup>(d)</sup><br>| 29 |
| Year ended 10/31/22 | 79.58 | (0.34)<br>| (33.80)<br>| (34.14)<br>|  | (3.93)<br>| (3.93)<br>| 41.51 | (44.95 )<sup>(d)</sup><br>| &nbsp;&nbsp; 1927070 | 1.11 <br><sup>(d)</sup><br>| 1.11 <br><sup>(d)</sup><br>| (0.60 )<sup>(d)</sup><br>| 9 |
| Year ended 10/31/21 | 68.56 | (0.57)<br>| 18.59 | 18.02 |  | (7.00)<br>| (7.00)<br>| 79.58 | 26.83 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 3991359 | 1.04 <br><sup>(d)</sup><br>| 1.04 <br><sup>(d)</sup><br>| (0.71 )<sup>(d)</sup><br>| 7 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 38.98 | (0.25)<br>| 2.05 | 1.80 |  |  |  | 40.78 | 4.62 | &nbsp;&nbsp; 65877 | 1.90 | 1.91 | (0.64)<br>| 136 |
| Year ended 10/31/24 | 32.01 | (0.21)<br>| 7.18 | 6.97 |  |  |  | 38.98 | 21.77 | &nbsp;&nbsp; 97312 | 1.92 | 1.93 | (0.52)<br>| 62 |
| Year ended 10/31/23 | 33.54 | (0.44)<br>| (1.09)<br>| (1.53)<br>|  |  |  | 32.01 | (4.56)<br>| &nbsp;&nbsp; 120384 | 1.87 | 1.88 | (1.17)<br>| 29 |
| Year ended 10/31/22 | 65.56 | (0.63)<br>| (27.46)<br>| (28.09)<br>|  | (3.93)<br>| (3.93)<br>| 33.54 | (45.36)<br>| &nbsp;&nbsp; 165705 | 1.87 | 1.87 | (1.36)<br>| 9 |
| Year ended 10/31/21 | 57.90 | (0.98)<br>| 15.64 | 14.66 |  | (7.00)<br>| (7.00)<br>| 65.56 | 25.89 | &nbsp;&nbsp; 418630 | 1.80 | 1.80 | (1.47)<br>| 7 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 45.58 | (0.07)<br>| 2.42 | 2.35 |  |  |  | 47.93 | 5.15 | &nbsp;&nbsp; 105103 | 1.40 | 1.41 | (0.14)<br>| 136 |
| Year ended 10/31/24 | 37.24 | (0.01)<br>| 8.35 | 8.34 |  |  |  | 45.58 | 22.40 | &nbsp;&nbsp; 118476 | 1.42 | 1.43 | (0.02)<br>| 62 |
| Year ended 10/31/23 | 38.83 | (0.29)<br>| (1.30)<br>| (1.59)<br>|  |  |  | 37.24 | (4.10)<br>| &nbsp;&nbsp; 122156 | 1.37 | 1.38 | (0.67)<br>| 29 |
| Year ended 10/31/22 | 74.88 | (0.45)<br>| (31.67)<br>| (32.12)<br>|  | (3.93)<br>| (3.93)<br>| 38.83 | (45.08)<br>| &nbsp;&nbsp; 139891 | 1.37 | 1.37 | (0.86)<br>| 9 |
| Year ended 10/31/21 | 65.02 | (0.73)<br>| 17.59 | 16.86 |  | (7.00)<br>| (7.00)<br>| 74.88 | 26.49 | &nbsp;&nbsp; 274251 | 1.30 | 1.30 | (0.97)<br>| 7 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 50.67 | 0.17 | 2.70 | 2.87 | (0.14)<br>|  | (0.14)<br>| 53.40 | 5.68 | &nbsp;&nbsp; 254984 | 0.90 | 0.91 | 0.36 | 136 |
| Year ended 10/31/24 | 41.19 | 0.23 | 9.25 | 9.48 |  |  |  | 50.67 | 23.02 | &nbsp;&nbsp; 388468 | 0.92 | 0.93 | 0.48 | 62 |
| Year ended 10/31/23 | 42.73 | (0.08)<br>| (1.46)<br>| (1.54)<br>|  |  |  | 41.19 | (3.60)<br>| &nbsp;&nbsp; 557786 | 0.87 | 0.88 | (0.17)<br>| 29 |
| Year ended 10/31/22 | 81.60 | (0.21)<br>| (34.73)<br>| (34.94)<br>|  | (3.93)<br>| (3.93)<br>| 42.73 | (44.81)<br>| &nbsp;&nbsp; 892146 | 0.87 | 0.87 | (0.36)<br>| 9 |
| Year ended 10/31/21 | 70.00 | (0.38)<br>| 18.98 | 18.60 |  | (7.00)<br>| (7.00)<br>| 81.60 | 27.13 | &nbsp;&nbsp; 2419916 | 0.80 | 0.80 | (0.47)<br>| 7 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 49.97 | 0.22 | 2.66 | 2.88 | (0.17)<br>|  | (0.17)<br>| 52.68 | 5.79 | &nbsp;&nbsp; 45 | 0.80 | 0.80 | 0.46 | 136 |
| Year ended 10/31/24 | 40.59 | 0.26 | 9.12 | 9.38 |  |  |  | 49.97 | 23.11 | &nbsp;&nbsp; 42 | 0.86 | 0.86 | 0.54 | 62 |
| Year ended 10/31/23 | 42.08 | (0.05)<br>| (1.44)<br>| (1.49)<br>|  |  |  | 40.59 | (3.54)<br>| &nbsp;&nbsp; 35 | 0.81 | 0.82 | (0.11)<br>| 29 |
| Year ended 10/31/22 | 80.36 | (0.16)<br>| (34.19)<br>| (34.35)<br>|  | (3.93)<br>| (3.93)<br>| 42.08 | (44.77)<br>| &nbsp;&nbsp; 625 | 0.80 | 0.80 | (0.29)<br>| 9 |
| Year ended 10/31/21 | 68.95 | (0.28)<br>| 18.69 | 18.41 |  | (7.00)<br>| (7.00)<br>| 80.36 | 27.28 | &nbsp;&nbsp; 1089 | 0.68 | 0.68 | (0.35)<br>| 7 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 51.49 | 0.25 | 2.74 | 2.99 | (0.21)<br>|  | (0.21)<br>| 54.27 | 5.84 | &nbsp;&nbsp; 587590 | 0.77 | 0.77 | 0.49 | 136 |
| Year ended 10/31/24 | 41.81 | 0.31 | 9.37 | 9.68 |  |  |  | 51.49 | 23.15 | &nbsp;&nbsp; 720856 | 0.79 | 0.79 | 0.61 | 62 |
| Year ended 10/31/23 | 43.32 | (0.02)<br>| (1.49)<br>| (1.51)<br>|  |  |  | 41.81 | (3.49)<br>| &nbsp;&nbsp; 832308 | 0.74 | 0.75 | (0.04)<br>| 29 |
| Year ended 10/31/22 | 82.55 | (0.13)<br>| (35.17)<br>| (35.30)<br>|  | (3.93)<br>| (3.93)<br>| 43.32 | (44.73)<br>| &nbsp;&nbsp; 1118236 | 0.73 | 0.73 | (0.22)<br>| 9 |
| Year ended 10/31/21 | 70.67 | (0.30)<br>| 19.18 | 18.88 |  | (7.00)<br>| (7.00)<br>| 82.55 | 27.28 | &nbsp;&nbsp; 2117391 | 0.68 | 0.68 | (0.35)<br>| 7 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco Global Opportunities Fund**

------

**Notes to Financial Statements**

*October 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco Global Opportunities Fund (the "Fund") is a series portfolio of AIM International Mutual Funds (Invesco International Mutual 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 the Fund or each class.

The Fund's investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**9**

**Invesco Global Opportunities Fund**

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The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2025, the Fund did not enter into any closing agreements.

**G.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

**10**

**Invesco Global Opportunities Fund**

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overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2025, the Fund paid the Adviser $11,973 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**L.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**N.** **Other Risks** - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to

**11**

**Invesco Global Opportunities Fund**

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evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.800% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.770% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.630% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.610% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.70%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended October 31, 2025, the Adviser waived advisory fees of $70,749.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $131,874 in front-end sales commissions from the sale of Class A shares and $1,340 and $3,675 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2025, the Fund incurred $17,122 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**12**

**Invesco Global Opportunities Fund**

------

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $32839355 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $32839355 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8371833 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8371833 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 72338789 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72338789 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 45226937 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45226937 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17077813 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17077813 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22100230 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22100230 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14362792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14362792 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51967216 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51967216 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56026009 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56026009 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8530323 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8530323 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29715144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29715144 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12431524 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12431524 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19604270 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19604270 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 171024716 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 171024716 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 9261585 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9261585 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7817473 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7817473 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1946716 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1946716 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; 10363651 | &nbsp;&nbsp;&nbsp;&nbsp; 16435365 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26799016 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55009939 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55009939 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; 19037061 | &nbsp;&nbsp;&nbsp;&nbsp; 61194437 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80231498 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17170477 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17170477 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 14664612 | &nbsp;&nbsp;&nbsp;&nbsp; 131977610 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146642222 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 1406537778 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1406537778 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 35055919 | &nbsp;&nbsp;&nbsp;&nbsp; 75295339 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110351258 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1612486332 | &nbsp;&nbsp;&nbsp;&nbsp; $810898581 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2423384913 |

---

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Effect of Derivative Investments for the year ended October 31, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(79886)<br>|

---

**13**

**Invesco Global Opportunities Fund**

------

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $3604270 |

---

**NOTE 5—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended October 31, 2025, the Fund engaged in securities purchases of $397,120,892 and securities sales of $237,108,248, which resulted in net realized gains of $29,370,975.

**NOTE 6—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $105,876.

**NOTE 7—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 8—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 9—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $4001619 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $4858436 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 332588825 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 28381 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (361762)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (98202292)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 2126907921 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $2365819509 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

**14**

**Invesco Global Opportunities Fund**

------

The Fund has a capital loss carryforward as of October 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $98202292 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $98202292 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 10—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $3,312,091,051 and $3,887,820,944, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $388590741 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (56001916)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $332588825 |

---

Cost of investments for tax purposes is $2,090,796,088.

**NOTE 11—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of passive foreign investment companies and foreign currency transactions, on October 31, 2025, undistributed net investment income was increased by $171,564 and undistributed net realized gain (loss) was decreased by $171,564. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 12—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1216457 | &nbsp;&nbsp;&nbsp; $58358615 | &nbsp;&nbsp;&nbsp; 2093904 | &nbsp;&nbsp;&nbsp; $101344954 |
| Class C | &nbsp;&nbsp;&nbsp; 164722 | &nbsp;&nbsp;&nbsp; 6258331 | &nbsp;&nbsp;&nbsp; 241681 | &nbsp;&nbsp;&nbsp; 9314589 |
| Class R | &nbsp;&nbsp;&nbsp; 276215 | &nbsp;&nbsp;&nbsp; 12257422 | &nbsp;&nbsp;&nbsp; 405309 | &nbsp;&nbsp;&nbsp; 18167443 |
| Class Y | &nbsp;&nbsp;&nbsp; 706032 | &nbsp;&nbsp;&nbsp; 34988970 | &nbsp;&nbsp;&nbsp; 1530315 | &nbsp;&nbsp;&nbsp; 75884664 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 192 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2369828 | &nbsp;&nbsp;&nbsp; 118035119 | &nbsp;&nbsp;&nbsp; 3248617 | &nbsp;&nbsp;&nbsp; 164084693 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1937 | &nbsp;&nbsp;&nbsp; 95274 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 14270 | &nbsp;&nbsp;&nbsp; 723900 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R5 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; 53056 | &nbsp;&nbsp;&nbsp; 2732359 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 303872 | &nbsp;&nbsp;&nbsp; 14585354 | &nbsp;&nbsp;&nbsp; 329812 | &nbsp;&nbsp;&nbsp; 15941625 |
| Class C | &nbsp;&nbsp;&nbsp; (383316)<br>| &nbsp;&nbsp;&nbsp; (14585354)<br>| &nbsp;&nbsp;&nbsp; (412958)<br>| &nbsp;&nbsp;&nbsp; (15941625)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (7107850)<br>| &nbsp;&nbsp;&nbsp; (341622553)<br>| &nbsp;&nbsp;&nbsp; (10637149)<br>| &nbsp;&nbsp;&nbsp; (513400429)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (662747)<br>| &nbsp;&nbsp;&nbsp; (25153088)<br>| &nbsp;&nbsp;&nbsp; (1093337)<br>| &nbsp;&nbsp;&nbsp; (42237350)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (682745)<br>| &nbsp;&nbsp;&nbsp; (30520296)<br>| &nbsp;&nbsp;&nbsp; (1086042)<br>| &nbsp;&nbsp;&nbsp; (48236788)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (3612774)<br>| &nbsp;&nbsp;&nbsp; (179032435)<br>| &nbsp;&nbsp;&nbsp; (7404689)<br>| &nbsp;&nbsp;&nbsp; (365171636)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (196)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (5594725)<br>| &nbsp;&nbsp;&nbsp; (281482185)<br>| &nbsp;&nbsp;&nbsp; (9158362)<br>| &nbsp;&nbsp;&nbsp; (461402756)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (12937766)<br>| &nbsp;&nbsp;&nbsp; $(624360485)<br>| &nbsp;&nbsp;&nbsp; (21942899)<br>| &nbsp;&nbsp;&nbsp; $(1061652620)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**15**

**Invesco Global Opportunities Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco Global Opportunities Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Opportunities Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**16**

**Invesco Global Opportunities Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Opportunities Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior

Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back

office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI ACWI ex USA Small Mid Cap Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund's stock selection in certain sectors and geographic regions, as well as exposure to growth stocks and small- and mid-capitalization companies outside of the U.S., which have underperformed in recent years, detracted from Fund performance. The

**17**

**Invesco Global Opportunities Fund**

------

Board also considered that the Fund underwent a change in portfolio management and investment process in 2023. The Board noted Invesco's restructuring of its fundamental equity platform to create a unified global platform in an effort to drive improved Fund performance. The Board considered that as part of such restructuring, certain members of the Fund's portfolio management team would be changed effective June 23, 2025. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees

payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including

information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by

**18**

**Invesco Global Opportunities Fund**

------

Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**19**

**Invesco Global Opportunities Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 100.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 100.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**20**

**Invesco Global Opportunities Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**21**

**Invesco Global Opportunities Fund**

------

![](img60bab3351.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

O-GLOPP-NCSR

------

![](img5f5edd4d1.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco International Growth Fund**

Effective August 22, 2025, Invesco Oppenheimer International Growth Fund was renamed Invesco International Growth Fund.

Nasdaq:

A: OIGAX ■ C: OIGCX ■ R: OIGNX ■ Y: OIGYX ■ R5: INGFX ■ R6: OIGIX

------

---

| | |
|:---|:---|
| [2](#xx_b5a4ba97-396d-419c-9b4d-025ea1bb30ae_SOI-Continued-682_1) | Schedule of Investments |
| [4](#xx_b5a4ba97-396d-419c-9b4d-025ea1bb30ae_FS-Continued-682_1) | Financial Statements |
| [7](#xx_b5a4ba97-396d-419c-9b4d-025ea1bb30ae_FS-Continued-682_4) | Financial Highlights |
| [8](#xx_b5a4ba97-396d-419c-9b4d-025ea1bb30ae_NTF-Continued-682_1) | Notes to Financial Statements |
| [15](#xx_b5a4ba97-396d-419c-9b4d-025ea1bb30ae_ARS-Continued-682_1) | Report of Independent Registered Public Accounting Firm |
| [16](#xx_b5a4ba97-396d-419c-9b4d-025ea1bb30ae_AOC-Continued-682_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [19](#xx_b5a4ba97-396d-419c-9b4d-025ea1bb30ae_TI-Continued-682_1) | Tax Information |
| [20](#xx_b5a4ba97-396d-419c-9b4d-025ea1bb30ae_OIRSR-Continued-682_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–100.05%** | **Common Stocks & Other Equity Interests–100.05%** | **Common Stocks & Other Equity Interests–100.05%** |
| **Belgium–1.05%** | **Belgium–1.05%** | **Belgium–1.05%** |
| Anheuser-Busch InBev S.A./N.V. | 789371 | &nbsp;&nbsp; $48133633 |
| **Canada–6.29%** | **Canada–6.29%** | **Canada–6.29%** |
| Alimentation Couche-Tard, Inc. | 1149227 | &nbsp;&nbsp; 58405690 |
| Dollarama, Inc. | 1063917 | &nbsp;&nbsp; 138292901 |
| Shopify, Inc., Class A<sup>(a)</sup>  | 525002 | &nbsp;&nbsp; 91276848 |
|  |  | &nbsp;&nbsp; 287975439 |
| **China–7.31%** | **China–7.31%** | **China–7.31%** |
| Alibaba Group Holding Ltd., ADR<sup>(b)</sup>  | 851839 | &nbsp;&nbsp; 145178921 |
| Contemporary Amperex Technology <br> Co. Ltd. | 321500 | &nbsp;&nbsp; 23007183 |
| Tencent Holdings Ltd. | 2050000 | &nbsp;&nbsp; 166516781 |
|  |  | &nbsp;&nbsp; 334702885 |
| **Denmark–0.90%** | **Denmark–0.90%** | **Denmark–0.90%** |
| Orsted A/S<sup>(a)(c)</sup>  | 2290193 | &nbsp;&nbsp; 41015628 |
| **France–12.96%** | **France–12.96%** | **France–12.96%** |
| Airbus SE | 322505 | &nbsp;&nbsp; 79520390 |
| EssilorLuxottica S.A. | 151308 | &nbsp;&nbsp; 55411809 |
| Hermes International S.C.A. | 31947 | &nbsp;&nbsp; 79051540 |
| L'Oreal S.A. | 92537 | &nbsp;&nbsp; 38616736 |
| LVMH Moet Hennessy Louis Vuitton SE | 126167 | &nbsp;&nbsp; 89177685 |
| Sartorius Stedim Biotech | 520440 | &nbsp;&nbsp; 124473335 |
| Schneider Electric SE | 241762 | &nbsp;&nbsp; 68885194 |
| Societe Generale S.A. | 918407 | &nbsp;&nbsp; 58245929 |
|  |  | &nbsp;&nbsp; 593382618 |
| **Germany–5.48%** | **Germany–5.48%** | **Germany–5.48%** |
| Allianz SE | 123005 | &nbsp;&nbsp; 49428525 |
| SAP SE | 224210 | &nbsp;&nbsp; 58310823 |
| Siemens AG | 505629 | &nbsp;&nbsp; 143293844 |
|  |  | &nbsp;&nbsp; 251033192 |
| **Guernsey–0.34%** | **Guernsey–0.34%** | **Guernsey–0.34%** |
| Super Group (SGHC) Ltd.<sup>(b)</sup>  | 1456972 | &nbsp;&nbsp; 15735298 |
| **India–6.35%** | **India–6.35%** | **India–6.35%** |
| Dr Lal PathLabs Ltd.<sup>(c)</sup>  | 2484533 | &nbsp;&nbsp; 87748240 |
| ICICI Bank Ltd. | 4812523 | &nbsp;&nbsp; 72922406 |
| Reliance Industries Ltd. | 7777503 | &nbsp;&nbsp; 130139720 |
|  |  | &nbsp;&nbsp; 290810366 |
| **Ireland–1.53%** | **Ireland–1.53%** | **Ireland–1.53%** |
| Flutter Entertainment PLC<sup>(a)</sup>  | 304783 | &nbsp;&nbsp; 70214586 |
| **Italy–2.93%** | **Italy–2.93%** | **Italy–2.93%** |
| FinecoBank Banca Fineco S.p.A.<sup>(b)</sup>  | 3102229 | &nbsp;&nbsp; 70979450 |
| Ryanair Holdings PLC | 2092209 | &nbsp;&nbsp; 63342906 |
|  |  | &nbsp;&nbsp; 134322356 |
| **Japan–10.02%** | **Japan–10.02%** | **Japan–10.02%** |
| Daikin Industries Ltd. | 453200 | &nbsp;&nbsp; 52652782 |
| Hitachi Ltd. | 2325600 | &nbsp;&nbsp; 79440123 |
| Hoya Corp. | 504310 | &nbsp;&nbsp; 81916086 |
| Keyence Corp.<sup>(b)</sup>  | 163484 | &nbsp;&nbsp; 60674553 |
| Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup>  | 5747800 | &nbsp;&nbsp; 86822054 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Japan–(continued)** | **Japan–(continued)** | **Japan–(continued)** | **Japan–(continued)** |
| Nintendo Co. Ltd. | Nintendo Co. Ltd. | 581000 | &nbsp;&nbsp; $49553425 |
| OBIC Business Consultants Co. Ltd. | OBIC Business Consultants Co. Ltd. | 835700 | &nbsp;&nbsp; 47827395 |
|  |  |  | &nbsp;&nbsp; 458886418 |
| **Netherlands–5.52%** | **Netherlands–5.52%** | **Netherlands–5.52%** | **Netherlands–5.52%** |
| ASM International N.V. | ASM International N.V. | 74022 | &nbsp;&nbsp; 48028774 |
| ASML Holding N.V. | ASML Holding N.V. | 114605 | &nbsp;&nbsp; 121172938 |
| Universal Music Group N.V. | Universal Music Group N.V. | 3113663 | &nbsp;&nbsp; 83514603 |
|  |  |  | &nbsp;&nbsp; 252716315 |
| **South Korea–0.81%** | **South Korea–0.81%** | **South Korea–0.81%** | **South Korea–0.81%** |
| Samsung Electronics Co. Ltd. | Samsung Electronics Co. Ltd. | 494216 | &nbsp;&nbsp; 37202693 |
| **Spain–0.40%** | **Spain–0.40%** | **Spain–0.40%** | **Spain–0.40%** |
| Banco Santander S.A.<sup>(b)</sup>  | Banco Santander S.A.<sup>(b)</sup>  | 1797732 | &nbsp;&nbsp; 18319224 |
| **Sweden–0.07%** | **Sweden–0.07%** | **Sweden–0.07%** | **Sweden–0.07%** |
| Atlas Copco AB, Class A<sup>(b)</sup>  | Atlas Copco AB, Class A<sup>(b)</sup>  | 204044 | &nbsp;&nbsp; 3418972 |
| **Switzerland–3.99%** | **Switzerland–3.99%** | **Switzerland–3.99%** | **Switzerland–3.99%** |
| Lonza Group AG | Lonza Group AG | 138645 | &nbsp;&nbsp; 95738737 |
| Sika AG | Sika AG | 221646 | &nbsp;&nbsp; 43439894 |
| Straumann Holding AG<sup>(a)</sup>  | Straumann Holding AG<sup>(a)</sup>  | 346221 | &nbsp;&nbsp; 43520579 |
|  |  |  | &nbsp;&nbsp; 182699210 |
| **Taiwan–6.89%** | **Taiwan–6.89%** | **Taiwan–6.89%** | **Taiwan–6.89%** |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. | Taiwan Semiconductor Manufacturing <br> Co. Ltd. | 6523000 | &nbsp;&nbsp; 315450103 |
| **United Kingdom–13.85%** | **United Kingdom–13.85%** | **United Kingdom–13.85%** | **United Kingdom–13.85%** |
| AstraZeneca PLC | AstraZeneca PLC | 649138 | &nbsp;&nbsp; 107074359 |
| BAE Systems PLC | BAE Systems PLC | 5882841 | &nbsp;&nbsp; 144914779 |
| Compass Group PLC | Compass Group PLC | 2459072 | &nbsp;&nbsp; 81394844 |
| ConvaTec Group PLC<sup>(c)</sup>  | ConvaTec Group PLC<sup>(c)</sup>  | 14799771 | &nbsp;&nbsp; 47530695 |
| HSBC Holdings PLC | HSBC Holdings PLC | 4063870 | &nbsp;&nbsp; 56891911 |
| RELX PLC | RELX PLC | 1197481 | &nbsp;&nbsp; 52924320 |
| Rightmove PLC | Rightmove PLC | 6018603 | &nbsp;&nbsp; 52846062 |
| RS Group PLC | RS Group PLC | 6079841 | &nbsp;&nbsp; 44497640 |
| Trainline PLC<sup>(a)(c)</sup>  | Trainline PLC<sup>(a)(c)</sup>  | 14075983 | &nbsp;&nbsp; 46465155 |
|  |  |  | &nbsp;&nbsp; 634539765 |
| **United States–13.36%** | **United States–13.36%** | **United States–13.36%** | **United States–13.36%** |
| Accenture PLC, Class A | Accenture PLC, Class A | 210362 | &nbsp;&nbsp; 52611536 |
| ARM Holdings PLC, ADR<sup>(a)(b)</sup>  | ARM Holdings PLC, ADR<sup>(a)(b)</sup>  | 63132 | &nbsp;&nbsp; 10721076 |
| Booking Holdings, Inc. | Booking Holdings, Inc. | 8552 | &nbsp;&nbsp; 43424833 |
| EPAM Systems, Inc.<sup>(a)</sup>  | EPAM Systems, Inc.<sup>(a)</sup>  | 579337 | &nbsp;&nbsp; 94744773 |
| Experian PLC | Experian PLC | 1677332 | &nbsp;&nbsp; 78239409 |
| Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | 526982 | &nbsp;&nbsp; 130016903 |
| Illumina, Inc.<sup>(a)</sup>  | Illumina, Inc.<sup>(a)</sup>  | 595600 | &nbsp;&nbsp; 73580424 |
| ResMed, Inc.<sup>(b)</sup>  | ResMed, Inc.<sup>(b)</sup>  | 520808 | &nbsp;&nbsp; 128577079 |
|  |  |  | &nbsp;&nbsp; 611916033 |
| Total Common Stocks & Other Equity Interests <br> (Cost $2,793,711,123) | Total Common Stocks & Other Equity Interests <br> (Cost $2,793,711,123) | Total Common Stocks & Other Equity Interests <br> (Cost $2,793,711,123) | &nbsp;&nbsp; 4582474734 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from <br> securities on loan)-100.05% <br> (Cost $2,793,711,123)<br>|  |  | &nbsp;&nbsp; 4582474734 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco International Growth Fund**

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---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–5.55%** | **Money Market Funds–5.55%** | **Money Market Funds–5.55%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | 64824931 | &nbsp;&nbsp; $64824931 |
| Invesco Private Prime Fund, <br> 4.30%<sup>(d)(e)(f)</sup>  | 189519365 | &nbsp;&nbsp; 189576221 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $254,410,654) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $254,410,654) | &nbsp;&nbsp; 254401152 |
| TOTAL INVESTMENTS IN SECURITIES—105.60% <br> (Cost $3,048,121,777) | TOTAL INVESTMENTS IN SECURITIES—105.60% <br> (Cost $3,048,121,777) | &nbsp;&nbsp; 4836875886 |
| OTHER ASSETS LESS LIABILITIES–(5.60)% | OTHER ASSETS LESS LIABILITIES–(5.60)% | &nbsp;&nbsp; (256430965)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $4580444921 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2025.

<sup>(c)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $222,759,718, which represented 4.86% of the Fund's Net Assets. 

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $11325706 | &nbsp;&nbsp; $271314941 | &nbsp;&nbsp; $(282640647) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $103587 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 21033453 | &nbsp;&nbsp; 503870604 | &nbsp;&nbsp; (524904057) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 193179 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 13008777 | &nbsp;&nbsp; 859721076 | &nbsp;&nbsp; (807904922) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 64824931 | &nbsp;&nbsp; 1,600,294\* |
| Invesco Private Prime Fund | 34028659 | &nbsp;&nbsp; 1982400271 | &nbsp;&nbsp; (1826833814) | &nbsp;&nbsp; (9502) | &nbsp;&nbsp; (9393) | &nbsp;&nbsp; 189576221 | &nbsp;&nbsp; 4,329,052\* |
| Total | $79396595 | &nbsp;&nbsp; $3617306892 | &nbsp;&nbsp; $(3442283440) | &nbsp;&nbsp; $(9502) | &nbsp;&nbsp; $(9393) | &nbsp;&nbsp; $254401152 | &nbsp;&nbsp; $6226112 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco International Growth Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,793,711,123)\*<br>| &nbsp;&nbsp; $4582474734 |
| Investments in affiliated money market funds, at value <br> (Cost $254,410,654)<br>| &nbsp;&nbsp; 254401152 |
| Foreign currencies, at value (Cost $1,657,076) | &nbsp;&nbsp; 1641273 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 36691470 |
| Fund shares sold | &nbsp;&nbsp; 1434873 |
| Dividends | &nbsp;&nbsp; 20279374 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 558174 |
| Other assets | &nbsp;&nbsp; 66045 |
| Total assets | &nbsp;&nbsp; 4897547095 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 25515879 |
| Fund shares reacquired | &nbsp;&nbsp; 6149311 |
| Amount due custodian | &nbsp;&nbsp; 9852916 |
| Accrued foreign taxes | &nbsp;&nbsp; 17675772 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 254410654 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1593506 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 47965 |
| Accrued other operating expenses | &nbsp;&nbsp; 335431 |
| IRS closing agreement fees for foreign withholding <br> tax claims<br>| &nbsp;&nbsp; 962566 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 558174 |
| Total liabilities | &nbsp;&nbsp; 317102174 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $4580444921 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1485264377 |
| Distributable earnings | &nbsp;&nbsp; 3095180544 |
|  | &nbsp;&nbsp; $4580444921 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $919203782 |
| Class C | &nbsp;&nbsp; $28848690 |
| Class R | &nbsp;&nbsp; $202832837 |
| Class Y | &nbsp;&nbsp; $1546531923 |
| Class R5 | &nbsp;&nbsp; $9568 |
| Class R6 | &nbsp;&nbsp; $1883018121 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 24912017 |
| Class C | &nbsp;&nbsp; 888858 |
| Class R | &nbsp;&nbsp; 5735447 |
| Class Y | &nbsp;&nbsp; 42142321 |
| Class R5 | &nbsp;&nbsp; 258 |
| Class R6 | &nbsp;&nbsp; 51340245 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $36.90 |
| Maximum offering price per share <br>(Net asset value of $36.90 ÷ 94.50%)<br>| &nbsp;&nbsp; $39.05 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $32.46 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $35.36 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $36.70 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $37.09 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $36.68 |

---

\* At October 31, 2025, securities with an aggregate value of $244,209,296 were on loan to brokers. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco International Growth Fund**

------

**Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $6,408,629) | &nbsp;&nbsp; $78786627 |
| Dividends from affiliates (includes net securities lending income of $598,483) | &nbsp;&nbsp; 895249 |
| Total investment income | &nbsp;&nbsp; 79681876 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 36503319 |
| Administrative services fees | &nbsp;&nbsp; 765055 |
| Custodian fees | &nbsp;&nbsp; 392170 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 2251359 |
| Class C | &nbsp;&nbsp; 318356 |
| Class R | &nbsp;&nbsp; 1003319 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 5359078 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2201 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 771304 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 42788 |
| Registration and filing fees | &nbsp;&nbsp; 129389 |
| Reports to shareholders | &nbsp;&nbsp; 496497 |
| Professional services fees | &nbsp;&nbsp; 153705 |
| Other | &nbsp;&nbsp; 122398 |
| Total expenses | &nbsp;&nbsp; 48310938 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (58375)<br>|
| Net expenses | &nbsp;&nbsp; 48252563 |
| Net investment income | &nbsp;&nbsp; 31429313 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1716548586 |
| Affiliated investment securities | &nbsp;&nbsp; (9393)<br>|
| Foreign currencies | &nbsp;&nbsp; (2106479)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (135358)<br>|
|  | &nbsp;&nbsp; 1714297356 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $10,115,401) | &nbsp;&nbsp; (1151624936)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (9502)<br>|
| Foreign currencies | &nbsp;&nbsp; 867492 |
|  | &nbsp;&nbsp; (1150766946)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 563530410 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $594959723 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco International Growth Fund**

------

**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $31429313 | &nbsp;&nbsp; $35788123 |
| Net realized gain | &nbsp;&nbsp; 1714297356 | &nbsp;&nbsp; 648495935 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1150766946)<br>| &nbsp;&nbsp; 772537842 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 594959723 | &nbsp;&nbsp; 1456821900 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (94469932)<br>| &nbsp;&nbsp; (113498005)<br>|
| Class C | &nbsp;&nbsp; (3757131)<br>| &nbsp;&nbsp; (5742254)<br>|
| Class R | &nbsp;&nbsp; (20151763)<br>| &nbsp;&nbsp; (24063311)<br>|
| Class Y | &nbsp;&nbsp; (213286100)<br>| &nbsp;&nbsp; (281922094)<br>|
| Class R5 | &nbsp;&nbsp; (274416)<br>| &nbsp;&nbsp; (290978)<br>|
| Class R6 | &nbsp;&nbsp; (284083581)<br>| &nbsp;&nbsp; (372310434)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (616022923)<br>| &nbsp;&nbsp; (797827076)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (70254674)<br>| &nbsp;&nbsp; (43457552)<br>|
| Class C | &nbsp;&nbsp; (7187566)<br>| &nbsp;&nbsp; (13736751)<br>|
| Class R | &nbsp;&nbsp; (4887076)<br>| &nbsp;&nbsp; (7981133)<br>|
| Class Y | &nbsp;&nbsp; (711824708)<br>| &nbsp;&nbsp; (266729624)<br>|
| Class R5 | &nbsp;&nbsp; (2636203)<br>| &nbsp;&nbsp; 217808 |
| Class R6 | &nbsp;&nbsp; (944168831)<br>| &nbsp;&nbsp; (545178225)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (1740959058)<br>| &nbsp;&nbsp; (876865477)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (1762022258)<br>| &nbsp;&nbsp; (217870653)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 6342467179 | &nbsp;&nbsp; 6560337832 |
| End of year | &nbsp;&nbsp; $4580444921 | &nbsp;&nbsp; $6342467179 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco International Growth Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $36.54 | $0.12 | $3.83 | $3.95 | $(0.10)<br>| $(3.49)<br>| $(3.59)<br>| $36.90 | 11.89 %<sup>(d)</sup><br>| &nbsp;&nbsp; $919204 | 1.14 %<sup>(d)</sup><br>| 1.14 %<sup>(d)</sup><br>| 0.34 %<sup>(d)</sup><br>| 34<br> %<br>|
| Year ended 10/31/24 | 33.46 | 0.10 | 7.14 | 7.24 | (0.26)<br>| (3.90)<br>| (4.16)<br>| 36.54 | 22.28 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 981462 | 1.11 <br><sup>(d)</sup><br>| 1.11 <br><sup>(d)</sup><br>| 0.27 <br><sup>(d)</sup><br>| 10 |
| Year ended 10/31/23 | 31.02 | 0.08 | 2.36 | 2.44 |  |  |  | 33.46 | 7.87 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 932029 | 1.10 <br><sup>(d)</sup><br>| 1.10 <br><sup>(d)</sup><br>| 0.23 <br><sup>(d)</sup><br>| 13 |
| Year ended 10/31/22 | 52.65 | 0.00 | (15.44)<br>| (15.44)<br>| (0.05)<br>| (6.14)<br>| (6.19)<br>| 31.02 | (32.80)<br>| &nbsp;&nbsp; 1014906 | 1.08 | 1.08 | 0.01 | 9 |
| Year ended 10/31/21 | 45.87 | 0.01 | 13.72 | 13.73 |  | (6.95)<br>| (6.95)<br>| 52.65 | 32.14 | &nbsp;&nbsp; 1680415 | 1.10 | 1.10 | 0.00 | 18 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 32.69 | (0.13)<br>| 3.39 | 3.26 |  | (3.49)<br>| (3.49)<br>| 32.46 | 11.07 | &nbsp;&nbsp; 28849 | 1.90 | 1.90 | (0.42)<br>| 34 |
| Year ended 10/31/24 | 30.30 | (0.16)<br>| 6.45 | 6.29 |  | (3.90)<br>| (3.90)<br>| 32.69 | 21.33 | &nbsp;&nbsp; 36624 | 1.87 | 1.87 | (0.49)<br>| 10 |
| Year ended 10/31/23 | 28.30 | (0.17)<br>| 2.17 | 2.00 |  |  |  | 30.30 | 7.07 | &nbsp;&nbsp; 46143 | 1.86 | 1.86 | (0.53)<br>| 13 |
| Year ended 10/31/22 | 48.88 | (0.26)<br>| (14.18)<br>| (14.44)<br>|  | (6.14)<br>| (6.14)<br>| 28.30 | (33.31)<br>| &nbsp;&nbsp; 65001 | 1.83 | 1.83 | (0.74)<br>| 9 |
| Year ended 10/31/21 | 43.30 | (0.35)<br>| 12.88 | 12.53 |  | (6.95)<br>| (6.95)<br>| 48.88 | 31.15 | &nbsp;&nbsp; 150110 | 1.85 | 1.85 | (0.75)<br>| 18 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 35.15 | 0.03 | 3.67 | 3.70 | (0.00)<br>| (3.49)<br>| (3.49)<br>| 35.36 | 11.59 | &nbsp;&nbsp; 202833 | 1.40 | 1.40 | 0.08 | 34 |
| Year ended 10/31/24 | 32.32 | 0.00 | 6.89 | 6.89 | (0.16)<br>| (3.90)<br>| (4.06)<br>| 35.15 | 21.94 | &nbsp;&nbsp; 205796 | 1.37 | 1.37 | 0.01 | 10 |
| Year ended 10/31/23 | 30.04 | (0.01)<br>| 2.29 | 2.28 |  |  |  | 32.32 | 7.59 | &nbsp;&nbsp; 195099 | 1.36 | 1.36 | (0.03)<br>| 13 |
| Year ended 10/31/22 | 51.26 | (0.09)<br>| (14.99)<br>| (15.08)<br>|  | (6.14)<br>| (6.14)<br>| 30.04 | (32.97)<br>| &nbsp;&nbsp; 203428 | 1.33 | 1.33 | (0.24)<br>| 9 |
| Year ended 10/31/21 | 44.92 | (0.12)<br>| 13.41 | 13.29 |  | (6.95)<br>| (6.95)<br>| 51.26 | 31.80 | &nbsp;&nbsp; 311920 | 1.35 | 1.35 | (0.25)<br>| 18 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 36.37 | 0.20 | 3.82 | 4.02 | (0.20)<br>| (3.49)<br>| (3.69)<br>| 36.70 | 12.18 | &nbsp;&nbsp; 1546532 | 0.90 | 0.90 | 0.58 | 34 |
| Year ended 10/31/24 | 33.33 | 0.19 | 7.10 | 7.29 | (0.35)<br>| (3.90)<br>| (4.25)<br>| 36.37 | 22.57 | &nbsp;&nbsp; 2284608 | 0.87 | 0.87 | 0.51 | 10 |
| Year ended 10/31/23 | 30.84 | 0.17 | 2.33 | 2.50 | (0.01)<br>|  | (0.01)<br>| 33.33 | 8.12 | &nbsp;&nbsp; 2320877 | 0.86 | 0.86 | 0.47 | 13 |
| Year ended 10/31/22 | 52.41 | 0.10 | (15.35)<br>| (15.25)<br>| (0.18)<br>| (6.14)<br>| (6.32)<br>| 30.84 | (32.64)<br>| &nbsp;&nbsp; 2575369 | 0.83 | 0.83 | 0.26 | 9 |
| Year ended 10/31/21 | 45.63 | 0.13 | 13.65 | 13.78 | (0.05)<br>| (6.95)<br>| (7.00)<br>| 52.41 | 32.46 | &nbsp;&nbsp; 5009610 | 0.85 | 0.85 | 0.25 | 18 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 36.72 | 0.23 | 3.85 | 4.08 | (0.22)<br>| (3.49)<br>| (3.71)<br>| 37.09 | 12.25 | &nbsp;&nbsp; 10 | 0.82 | 0.82 | 0.66 | 34 |
| Year ended 10/31/24 | 33.65 | 0.21 | 7.16 | 7.37 | (0.40)<br>| (3.90)<br>| (4.30)<br>| 36.72 | 22.60 | &nbsp;&nbsp; 2681 | 0.81 | 0.81 | 0.57 | 10 |
| Year ended 10/31/23 | 31.11 | 0.23 | 2.36 | 2.59 | (0.05)<br>|  | (0.05)<br>| 33.65 | 8.31 | &nbsp;&nbsp; 2245 | 0.69 | 0.69 | 0.64 | 13 |
| Year ended 10/31/22 | 52.84 | 0.12 | (15.46)<br>| (15.34)<br>| (0.25)<br>| (6.14)<br>| (6.39)<br>| 31.11 | (32.58)<br>| &nbsp;&nbsp; 1974 | 0.76 | 0.76 | 0.33 | 9 |
| Year ended 10/31/21 | 45.97 | 0.20 | 13.76 | 13.96 | (0.14)<br>| (6.95)<br>| (7.09)<br>| 52.84 | 32.66 | &nbsp;&nbsp; 44233 | 0.72 | 0.72 | 0.38 | 18 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 36.36 | 0.25 | 3.81 | 4.06 | (0.25)<br>| (3.49)<br>| (3.74)<br>| 36.68 | 12.34 | &nbsp;&nbsp; 1883018 | 0.75 | 0.75 | 0.73 | 34 |
| Year ended 10/31/24 | 33.33 | 0.23 | 7.10 | 7.33 | (0.40)<br>| (3.90)<br>| (4.30)<br>| 36.36 | 22.71 | &nbsp;&nbsp; 2831297 | 0.74 | 0.74 | 0.64 | 10 |
| Year ended 10/31/23 | 30.85 | 0.22 | 2.34 | 2.56 | (0.08)<br>|  | (0.08)<br>| 33.33 | 8.30 | &nbsp;&nbsp; 3063945 | 0.73 | 0.73 | 0.60 | 13 |
| Year ended 10/31/22 | 52.44 | 0.15 | (15.34)<br>| (15.19)<br>| (0.26)<br>| (6.14)<br>| (6.40)<br>| 30.85 | (32.55)<br>| &nbsp;&nbsp; 3283066 | 0.69 | 0.69 | 0.40 | 9 |
| Year ended 10/31/21 | 45.67 | 0.20 | 13.66 | 13.86 | (0.14)<br>| (6.95)<br>| (7.09)<br>| 52.44 | 32.66 | &nbsp;&nbsp; 5824515 | 0.70 | 0.70 | 0.40 | 18 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2025, 2024 and 2023, respectively. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco International Growth Fund**

------

**Notes to Financial Statements**

*October 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco International Growth Fund, formerly Invesco Oppenheimer International Growth Fund, (the "Fund") is a series portfolio of AIM International Mutual Funds (Invesco International Mutual 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 the Fund or each class.

The Fund's investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2025, the Fund did not enter into any closing agreements.

**G.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

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overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2025, the Fund paid the Adviser $11,066 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**L.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**N.** **Other Risks** - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly

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and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

The Economic and Monetary Union of the European Union (the "EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and recessions in an EU member country may have significant adverse effects on the economies of EU member countries. Responses to financial problems by EU countries may not produce the desired results, may limit future growth and economic recovery, may result in social unrest, or have other unintended consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. A number of countries in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU, such as the departure of the United Kingdom, referred to as "Brexit", could place the departing member's currency and banking system under severe stress or even in jeopardy. An exit by other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.800% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.770% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $3 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% |
| Next $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |
| Next $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.630% |
| Next $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.610% |
| Over $30 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.590% |

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\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.68%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended October 31, 2025, the Adviser waived advisory fees of $8,686.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of

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the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $55,123 in front-end sales commissions from the sale of Class A shares and $1,252 and $1,292 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2025, the Fund incurred $999 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $48133633 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $48133633 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 287975439 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 287975439 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 145178921 | &nbsp;&nbsp;&nbsp;&nbsp; 189523964 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 334702885 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41015628 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41015628 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 593382618 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 593382618 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 251033192 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 251033192 |
| Guernsey | &nbsp;&nbsp;&nbsp;&nbsp; 15735298 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15735298 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 290810366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 290810366 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70214586 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70214586 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134322356 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134322356 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 458886418 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 458886418 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 252716315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 252716315 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37202693 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37202693 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18319224 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18319224 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3418972 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3418972 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182699210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182699210 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 315450103 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 315450103 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 634539765 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 634539765 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 403659721 | &nbsp;&nbsp;&nbsp;&nbsp; 208256312 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 611916033 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 254401152 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 254401152 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $852549379 | &nbsp;&nbsp;&nbsp;&nbsp; $3984326507 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4836875886 |

---

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**12**

**Invesco International Growth Fund**

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**Effect of Derivative Investments for the year ended October 31, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(135358)<br>|

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $22741986 |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $49,689.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $42420519 | &nbsp;&nbsp;&nbsp;&nbsp; $66313221 |
| Long-term capital gain | &nbsp;&nbsp; 573602404 | &nbsp;&nbsp;&nbsp;&nbsp; 731513855 |
| Total distributions | &nbsp;&nbsp; $616022923 | &nbsp;&nbsp;&nbsp;&nbsp; $797827076 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $50403645 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 1278759327 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 1765979847 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 599924 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (562199)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1485264377 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $4580444921 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of October 31, 2025.

**13**

**Invesco International Growth Fund**

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**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $1,820,718,977 and $4,103,334,682, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1890336430 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (124356583)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1765979847 |

---

Cost of investments for tax purposes is $3,070,896,039.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization, on October 31, 2025, undistributed net investment income was decreased by $2,106,479, undistributed net realized gain was decreased by $399,245,522 and shares of beneficial interest was increased by $401,352,001. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2463319 | &nbsp;&nbsp;&nbsp; $84270325 | &nbsp;&nbsp;&nbsp; 2835884 | &nbsp;&nbsp;&nbsp; $103751713 |
| Class C | &nbsp;&nbsp;&nbsp; 126606 | &nbsp;&nbsp;&nbsp; 3859828 | &nbsp;&nbsp;&nbsp; 119093 | &nbsp;&nbsp;&nbsp; 3925524 |
| Class R | &nbsp;&nbsp;&nbsp; 568812 | &nbsp;&nbsp;&nbsp; 18537582 | &nbsp;&nbsp;&nbsp; 439953 | &nbsp;&nbsp;&nbsp; 15552121 |
| Class Y | &nbsp;&nbsp;&nbsp; 8603004 | &nbsp;&nbsp;&nbsp; 289213727 | &nbsp;&nbsp;&nbsp; 10896066 | &nbsp;&nbsp;&nbsp; 397419101 |
| Class R5 | &nbsp;&nbsp;&nbsp; 10737 | &nbsp;&nbsp;&nbsp; 356779 | &nbsp;&nbsp;&nbsp; 7416 | &nbsp;&nbsp;&nbsp; 275561 |
| Class R6 | &nbsp;&nbsp;&nbsp; 9177476 | &nbsp;&nbsp;&nbsp; 309259748 | &nbsp;&nbsp;&nbsp; 7328137 | &nbsp;&nbsp;&nbsp; 266989812 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2557006 | &nbsp;&nbsp;&nbsp; 84918149 | &nbsp;&nbsp;&nbsp; 3025704 | &nbsp;&nbsp;&nbsp; 105112971 |
| Class C | &nbsp;&nbsp;&nbsp; 122796 | &nbsp;&nbsp;&nbsp; 3611434 | &nbsp;&nbsp;&nbsp; 177019 | &nbsp;&nbsp;&nbsp; 5538920 |
| Class R | &nbsp;&nbsp;&nbsp; 628828 | &nbsp;&nbsp;&nbsp; 20065908 | &nbsp;&nbsp;&nbsp; 717139 | &nbsp;&nbsp;&nbsp; 24024146 |
| Class Y | &nbsp;&nbsp;&nbsp; 5185456 | &nbsp;&nbsp;&nbsp; 170912613 | &nbsp;&nbsp;&nbsp; 7094033 | &nbsp;&nbsp;&nbsp; 244815080 |
| Class R5 | &nbsp;&nbsp;&nbsp; 8212 | &nbsp;&nbsp;&nbsp; 273460 | &nbsp;&nbsp;&nbsp; 8322 | &nbsp;&nbsp;&nbsp; 289869 |
| Class R6 | &nbsp;&nbsp;&nbsp; 8200977 | &nbsp;&nbsp;&nbsp; 269812148 | &nbsp;&nbsp;&nbsp; 9422671 | &nbsp;&nbsp;&nbsp; 324705235 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 184856 | &nbsp;&nbsp;&nbsp; 6352894 | &nbsp;&nbsp;&nbsp; 298151 | &nbsp;&nbsp;&nbsp; 10957250 |
| Class C | &nbsp;&nbsp;&nbsp; (209080)<br>| &nbsp;&nbsp;&nbsp; (6352894)<br>| &nbsp;&nbsp;&nbsp; (331890)<br>| &nbsp;&nbsp;&nbsp; (10957250)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (7154319)<br>| &nbsp;&nbsp;&nbsp; (245796042)<br>| &nbsp;&nbsp;&nbsp; (7150857)<br>| &nbsp;&nbsp;&nbsp; (263279486)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (271773)<br>| &nbsp;&nbsp;&nbsp; (8305934)<br>| &nbsp;&nbsp;&nbsp; (366794)<br>| &nbsp;&nbsp;&nbsp; (12243945)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1316705)<br>| &nbsp;&nbsp;&nbsp; (43490566)<br>| &nbsp;&nbsp;&nbsp; (1339236)<br>| &nbsp;&nbsp;&nbsp; (47557400)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (34457757)<br>| &nbsp;&nbsp;&nbsp; (1171951048)<br>| &nbsp;&nbsp;&nbsp; (24803115)<br>| &nbsp;&nbsp;&nbsp; (908963805)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (91684)<br>| &nbsp;&nbsp;&nbsp; (3266442)<br>| &nbsp;&nbsp;&nbsp; (9469)<br>| &nbsp;&nbsp;&nbsp; (347622)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (43908430)<br>| &nbsp;&nbsp;&nbsp; (1523240727)<br>| &nbsp;&nbsp;&nbsp; (30813438)<br>| &nbsp;&nbsp;&nbsp; (1136873272)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (49571663)<br>| &nbsp;&nbsp;&nbsp; $(1740959058)<br>| &nbsp;&nbsp;&nbsp; (22445211)<br>| &nbsp;&nbsp;&nbsp; $(876865477)<br>|

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 44% of the outstanding shares of the <br> Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are <br> considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities <br> brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of <br> record by these entities are also owned beneficially.<br>|
|  | In addition, 3% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |

---

**14**

**Invesco International Growth Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco International Growth Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco International Growth Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**15**

**Invesco International Growth Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco International Growth Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior

Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back

office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World ex-USA® Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, and the fourth quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that stock selection in certain regions and sectors and the Fund's overweight or underweight exposure to certain factors detracted from Fund performance. The Board considered information provided by management

**16**

**Invesco International Growth Fund**

------

regarding management's evaluation of the drivers of the Fund's underperformance and certain enhancements to the Fund's investment process intended to address such underperformance. The Board also noted that the portfolio management team underwent changes in 2024 following the retirement of a portfolio manager. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were below and reasonably comparable to, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the

performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent,

**17**

**Invesco International Growth Fund**

------

including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**18**

**Invesco International Growth Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Federal and State Income Tax** |  |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $974954404 |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 100.00% |  |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 4.29% |  |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |  |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |  |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |  |
| Foreign Taxes | &nbsp;&nbsp; $0.0371 | &nbsp;&nbsp; per share |
| Foreign Source Income | &nbsp;&nbsp; $0.6316 | &nbsp;&nbsp; per share |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $9416535 |

---

**19**

**Invesco International Growth Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**20**

**Invesco International Growth Fund**

------

![](img5f5edd4d1.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

O-IGR-NCSR

------

![](imgd52b2f5c1.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco International Small-Mid Company Fund**

Nasdaq:

A: OSMAX ■ C: OSMCX ■ R: OSMNX ■ Y: OSMYX ■ R5: INSLX ■ R6: OSCIX

------

---

| | |
|:---|:---|
| [2](#xx_aa94e8c5-e867-40ee-90eb-38b2d203ba05_SOI-Continued-673_1) | Schedule of Investments |
| [5](#xx_aa94e8c5-e867-40ee-90eb-38b2d203ba05_FS-Continued-673_1) | Financial Statements |
| [8](#xx_aa94e8c5-e867-40ee-90eb-38b2d203ba05_FS-Continued-673_4) | Financial Highlights |
| [9](#xx_aa94e8c5-e867-40ee-90eb-38b2d203ba05_NTF-Continued-673_1) | Notes to Financial Statements |
| [17](#xx_aa94e8c5-e867-40ee-90eb-38b2d203ba05_ARS-Continued-673_1) | Report of Independent Registered Public Accounting Firm |
| [18](#xx_aa94e8c5-e867-40ee-90eb-38b2d203ba05_AOC-Continued-673_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [21](#xx_aa94e8c5-e867-40ee-90eb-38b2d203ba05_TI-Continued-673_1) | Tax Information |
| [22](#xx_aa94e8c5-e867-40ee-90eb-38b2d203ba05_OIRSR-Continued-673_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.71%** | **Common Stocks & Other Equity Interests–98.71%** | **Common Stocks & Other Equity Interests–98.71%** |
| **Australia–3.82%** | **Australia–3.82%** | **Australia–3.82%** |
| ALS Ltd. | 2020297 | &nbsp;&nbsp; $28673484 |
| Cochlear Ltd. | 123607 | &nbsp;&nbsp; 23205951 |
| Computershare Ltd. | 1477742 | &nbsp;&nbsp; 35302607 |
| Woolworths Group Ltd. | 984051 | &nbsp;&nbsp; 18282679 |
|  |  | &nbsp;&nbsp; 105464721 |
| **Austria–0.99%** | **Austria–0.99%** | **Austria–0.99%** |
| ANDRITZ AG | 361380 | &nbsp;&nbsp; 27322434 |
| **Brazil–6.95%** | **Brazil–6.95%** | **Brazil–6.95%** |
| Itausa S.A., Preference Shares | 18486092 | &nbsp;&nbsp; 40030664 |
| Odontoprev S.A. | 7651209 | &nbsp;&nbsp; 18104237 |
| Raia Drogasil S.A. | 10936579 | &nbsp;&nbsp; 40656806 |
| TOTVS S.A. | 4145915 | &nbsp;&nbsp; 34192557 |
| WEG S.A. | 7520532 | &nbsp;&nbsp; 58850807 |
|  |  | &nbsp;&nbsp; 191835071 |
| **Canada–2.72%** | **Canada–2.72%** | **Canada–2.72%** |
| CCL Industries, Inc., Class B | 661481 | &nbsp;&nbsp; 36900128 |
| Metro, Inc. | 258995 | &nbsp;&nbsp; 17263871 |
| Sprott, Inc. | 255019 | &nbsp;&nbsp; 20898807 |
|  |  | &nbsp;&nbsp; 75062806 |
| **China–1.98%** | **China–1.98%** | **China–1.98%** |
| Chow Tai Fook Jewellery Group Ltd. | 15573800 | &nbsp;&nbsp; 30481383 |
| Tingyi Cayman Islands Holding Corp. | 17572000 | &nbsp;&nbsp; 24109287 |
|  |  | &nbsp;&nbsp; 54590670 |
| **Denmark–2.56%** | **Denmark–2.56%** | **Denmark–2.56%** |
| ChemoMetec A/S | 354483 | &nbsp;&nbsp; 43321546 |
| Pandora A/S | 204486 | &nbsp;&nbsp; 27362002 |
|  |  | &nbsp;&nbsp; 70683548 |
| **Finland–1.68%** | **Finland–1.68%** | **Finland–1.68%** |
| Elisa OYJ<sup>(a)</sup>  | 526435 | &nbsp;&nbsp; 23196938 |
| Wartsila OYJ Abp | 708494 | &nbsp;&nbsp; 23179867 |
|  |  | &nbsp;&nbsp; 46376805 |
| **France–6.07%** | **France–6.07%** | **France–6.07%** |
| Alten S.A. | 266866 | &nbsp;&nbsp; 21977824 |
| Gaztransport Et Technigaz S.A. | 156818 | &nbsp;&nbsp; 31054657 |
| Interparfums S.A. | 477409 | &nbsp;&nbsp; 15703967 |
| Lectra | 574746 | &nbsp;&nbsp; 15242320 |
| Legrand S.A. | 244715 | &nbsp;&nbsp; 42259273 |
| Neurones | 578382 | &nbsp;&nbsp; 26272027 |
| Thermador Groupe | 95149 | &nbsp;&nbsp; 8378117 |
| Vetoquinol S.A. | 77878 | &nbsp;&nbsp; 6697273 |
|  |  | &nbsp;&nbsp; 167585458 |
| **Germany–6.48%** | **Germany–6.48%** | **Germany–6.48%** |
| Atoss Software SE | 90546 | &nbsp;&nbsp; 12143601 |
| Carl Zeiss Meditec AG, BR<sup>(a)</sup>  | 1274517 | &nbsp;&nbsp; 64644659 |
| CTS Eventim AG & Co. KGaA | 457543 | &nbsp;&nbsp; 40991896 |
| FUCHS SE, Preference Shares | 564972 | &nbsp;&nbsp; 25290711 |
| Knorr-Bremse AG | 383944 | &nbsp;&nbsp; 35725208 |
|  |  | &nbsp;&nbsp; 178796075 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Hong Kong–0.98%** | **Hong Kong–0.98%** | **Hong Kong–0.98%** |
| HKT Trust & HKT Ltd. | 18543000 | &nbsp;&nbsp; $27075963 |
| **Indonesia–3.39%** | **Indonesia–3.39%** | **Indonesia–3.39%** |
| PT Indofood CBP Sukses Makmur Tbk | 28814500 | &nbsp;&nbsp; 15058655 |
| PT Selamat Sempurna Tbk | 98274200 | &nbsp;&nbsp; 11343767 |
| PT Telkom Indonesia (Persero) Tbk | 252030400 | &nbsp;&nbsp; 48751409 |
| PT United Tractors Tbk | 11386300 | &nbsp;&nbsp; 18410254 |
|  |  | &nbsp;&nbsp; 93564085 |
| **Ireland–1.45%** | **Ireland–1.45%** | **Ireland–1.45%** |
| AIB Group PLC | 4332561 | &nbsp;&nbsp; 39930294 |
| **Italy–2.30%** | **Italy–2.30%** | **Italy–2.30%** |
| Interpump Group S.p.A. | 506899 | &nbsp;&nbsp; 26161223 |
| Recordati Industria Chimica e <br> Farmaceutica S.p.A. | 625907 | &nbsp;&nbsp; 37255082 |
|  |  | &nbsp;&nbsp; 63416305 |
| **Japan–20.02%** | **Japan–20.02%** | **Japan–20.02%** |
| As One Corp. | 501752 | &nbsp;&nbsp; 8190543 |
| Azbil Corp. | 4751100 | &nbsp;&nbsp; 46833421 |
| Disco Corp. | 163600 | &nbsp;&nbsp; 54328769 |
| Fujimi, Inc. | 1392800 | &nbsp;&nbsp; 21780907 |
| Fukui Computer Holdings, Inc. | 502600 | &nbsp;&nbsp; 10048736 |
| Funai Soken Holdings, Inc. | 502900 | &nbsp;&nbsp; 7922495 |
| JCU Corp. | 227600 | &nbsp;&nbsp; 6712844 |
| Katitas Co. Ltd. | 902100 | &nbsp;&nbsp; 14665459 |
| Kikkoman Corp. | 4187000 | &nbsp;&nbsp; 33341221 |
| Medikit Co. Ltd. | 29000 | &nbsp;&nbsp; 509335 |
| MEITEC Group Holdings, Inc. | 1332458 | &nbsp;&nbsp; 27313450 |
| MISUMI Group, Inc. | 1204800 | &nbsp;&nbsp; 18784069 |
| NOF Corp. | 886900 | &nbsp;&nbsp; 15781976 |
| Nomura Research Institute Ltd. | 442900 | &nbsp;&nbsp; 17101720 |
| NSD Co. Ltd. | 657094 | &nbsp;&nbsp; 14039216 |
| OBIC Business Consultants Co. Ltd. | 360900 | &nbsp;&nbsp; 20654430 |
| OBIC Co. Ltd. | 1133400 | &nbsp;&nbsp; 35159282 |
| Seria Co. Ltd. | 1960700 | &nbsp;&nbsp; 37335409 |
| Shimano, Inc. | 227500 | &nbsp;&nbsp; 23834227 |
| SHO-BOND Holdings Co. Ltd. | 706500 | &nbsp;&nbsp; 22418318 |
| SMS Co. Ltd. | 811700 | &nbsp;&nbsp; 6996106 |
| Sysmex Corp. | 1744600 | &nbsp;&nbsp; 19448034 |
| TKC Corp. | 716018 | &nbsp;&nbsp; 18734163 |
| Toyo Suisan Kaisha Ltd. | 643900 | &nbsp;&nbsp; 46673039 |
| USS Co. Ltd. | 2189696 | &nbsp;&nbsp; 24169590 |
|  |  | &nbsp;&nbsp; 552776759 |
| **Mexico–1.07%** | **Mexico–1.07%** | **Mexico–1.07%** |
| Gruma S.A.B. de C.V., Class B | 1741677 | &nbsp;&nbsp; 29557464 |
| **Netherlands–0.91%** | **Netherlands–0.91%** | **Netherlands–0.91%** |
| IMCD N.V. | 243412 | &nbsp;&nbsp; 25223243 |
| **South Africa–0.26%** | **South Africa–0.26%** | **South Africa–0.26%** |
| Hudaco Industries Ltd. | 711650 | &nbsp;&nbsp; 7281969 |
| **South Korea–1.89%** | **South Korea–1.89%** | **South Korea–1.89%** |
| Coway Co. Ltd. (Acquired <br> 05/02/2024-06/10/2024; <br> Cost $19,132,347)<sup>(b)</sup>  | 450352 | &nbsp;&nbsp; 28160411 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco International Small-Mid Company Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **South Korea–(continued)** | **South Korea–(continued)** | **South Korea–(continued)** |
| NICE Information Service Co. Ltd. | 973637 | &nbsp;&nbsp; $9895454 |
| Park Systems Corp. | 82207 | &nbsp;&nbsp; 14003276 |
|  |  | &nbsp;&nbsp; 52059141 |
| **Sweden–6.40%** | **Sweden–6.40%** | **Sweden–6.40%** |
| Addtech AB, Class B | 739370 | &nbsp;&nbsp; 24909882 |
| Hexpol AB | 1842320 | &nbsp;&nbsp; 16750780 |
| Karnov Group AB<sup>(c)</sup>  | 1652145 | &nbsp;&nbsp; 19494674 |
| Loomis AB | 609773 | &nbsp;&nbsp; 24564968 |
| MIPS AB<sup>(d)</sup>  | 363246 | &nbsp;&nbsp; 13006278 |
| Mycronic AB | 1523898 | &nbsp;&nbsp; 35748788 |
| Svenska Handelsbanken AB, Class A | 3227780 | &nbsp;&nbsp; 42120359 |
|  |  | &nbsp;&nbsp; 176595729 |
| **Switzerland–7.15%** | **Switzerland–7.15%** | **Switzerland–7.15%** |
| BKW AG | 135038 | &nbsp;&nbsp; 30222510 |
| Cembra Money Bank AG | 203591 | &nbsp;&nbsp; 23281243 |
| Partners Group Holding AG | 59062 | &nbsp;&nbsp; 72328311 |
| Tecan Group AG, Class R<sup>(c)</sup>  | 168989 | &nbsp;&nbsp; 30859668 |
| VZ Holding AG | 207751 | &nbsp;&nbsp; 40583741 |
|  |  | &nbsp;&nbsp; 197275473 |
| **Taiwan–1.99%** | **Taiwan–1.99%** | **Taiwan–1.99%** |
| Advantech Co. Ltd. | 2965726 | &nbsp;&nbsp; 30123993 |
| Nien Made Enterprise Co. Ltd. | 2082000 | &nbsp;&nbsp; 24941991 |
|  |  | &nbsp;&nbsp; 55065984 |
| **United Kingdom–15.41%** | **United Kingdom–15.41%** | **United Kingdom–15.41%** |
| Bunzl PLC | 1342842 | &nbsp;&nbsp; 40819310 |
| Diploma PLC | 337344 | &nbsp;&nbsp; 24886874 |
| Greggs PLC | 796278 | &nbsp;&nbsp; 16877346 |
| Halma PLC | 807074 | &nbsp;&nbsp; 37608370 |
| Hill & Smith PLC | 945380 | &nbsp;&nbsp; 26751397 |
| Howden Joinery Group PLC | 2762224 | &nbsp;&nbsp; 31372960 |
| IMI PLC | 1276173 | &nbsp;&nbsp; 40121567 |
| Intertek Group PLC | 486660 | &nbsp;&nbsp; 32415460 |
| Rathbones Group PLC | 751840 | &nbsp;&nbsp; 17622767 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **United Kingdom–(continued)** | **United Kingdom–(continued)** | **United Kingdom–(continued)** | **United Kingdom–(continued)** |
| Rightmove PLC | Rightmove PLC | 2177398 | &nbsp;&nbsp; $19118541 |
| Rotork PLC | Rotork PLC | 7069373 | &nbsp;&nbsp; 31825287 |
| Spirax Group PLC | Spirax Group PLC | 579779 | &nbsp;&nbsp; 54077553 |
| Weir Group PLC (The) | Weir Group PLC (The) | 1336797 | &nbsp;&nbsp; 52038693 |
|  |  |  | &nbsp;&nbsp; 425536125 |
| **United States–2.24%** | **United States–2.24%** | **United States–2.24%** | **United States–2.24%** |
| ICON PLC<sup>(c)</sup>  | ICON PLC<sup>(c)</sup>  | 208568 | &nbsp;&nbsp; 35836154 |
| PriceSmart, Inc. | PriceSmart, Inc. | 225622 | &nbsp;&nbsp; 25932992 |
|  |  |  | &nbsp;&nbsp; 61769146 |
| Total Common Stocks & Other Equity Interests <br> (Cost $2,014,811,816) | Total Common Stocks & Other Equity Interests <br> (Cost $2,014,811,816) | Total Common Stocks & Other Equity Interests <br> (Cost $2,014,811,816) | &nbsp;&nbsp; 2724845268 |
| **Money Market Funds–1.15%** | **Money Market Funds–1.15%** | **Money Market Funds–1.15%** | **Money Market Funds–1.15%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup>  | 11110564 | &nbsp;&nbsp; 11110564 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(e)(f)</sup>  | 20633904 | &nbsp;&nbsp; 20633904 |
| Total Money Market Funds (Cost $31,744,468) | Total Money Market Funds (Cost $31,744,468) | Total Money Market Funds (Cost $31,744,468) | &nbsp;&nbsp; 31744468 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from <br> securities on loan)-99.86% <br> (Cost $2,046,556,284)<br>|  |  | &nbsp;&nbsp; 2756589736 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–0.32%** | **Money Market Funds–0.32%** | **Money Market Funds–0.32%** | **Money Market Funds–0.32%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup>  | 2362415 | &nbsp;&nbsp; 2362415 |
| Invesco Private Prime Fund, <br> 4.30%<sup>(e)(f)(g)</sup>  | Invesco Private Prime Fund, <br> 4.30%<sup>(e)(f)(g)</sup>  | 6417196 | &nbsp;&nbsp; 6419121 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $8,781,536) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $8,781,536) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $8,781,536) | &nbsp;&nbsp; 8781536 |
| TOTAL INVESTMENTS IN SECURITIES—100.18% <br> (Cost $2,055,337,820) | TOTAL INVESTMENTS IN SECURITIES—100.18% <br> (Cost $2,055,337,820) | TOTAL INVESTMENTS IN SECURITIES—100.18% <br> (Cost $2,055,337,820) | &nbsp;&nbsp; 2765371272 |
| OTHER ASSETS LESS LIABILITIES–(0.18)% | OTHER ASSETS LESS LIABILITIES–(0.18)% | OTHER ASSETS LESS LIABILITIES–(0.18)% | &nbsp;&nbsp; (4982144)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $2760389128 |

---

Investment Abbreviations:

BR – Bearer Shares

Notes to Schedule of Investments:

<sup>(a)</sup> All or a portion of this security was out on loan at October 31, 2025.

<sup>(b)</sup> Restricted security. The value of this security at October 31, 2025 represented 1.02% of the Fund's Net Assets.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2025 represented less than 1% of the Fund's Net Assets. 

<sup>(e)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| $15036809 | &nbsp;&nbsp; $702663121 | &nbsp;&nbsp; $(706589366) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11110564 | &nbsp;&nbsp; $1597806 |
| Invesco Treasury Portfolio, <br> Institutional Class<br>| 27925503 | &nbsp;&nbsp; 1304945794 | &nbsp;&nbsp; (1312237393) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 20633904 | &nbsp;&nbsp; 2474203 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco International Small-Mid Company Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with Cash** <br> **Collateral from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $14492353 | &nbsp;&nbsp; $115186389 | &nbsp;&nbsp; $(127316327) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2362415 | &nbsp;&nbsp; $247,742\* |
| Invesco Private Prime Fund | 37736196 | &nbsp;&nbsp; 277782122 | &nbsp;&nbsp; (309093404) | &nbsp;&nbsp; 202 | &nbsp;&nbsp; (5995) | &nbsp;&nbsp; 6419121 | &nbsp;&nbsp; 666,341\* |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| Amadeus Fire AG | 27096687 | &nbsp;&nbsp; - | &nbsp;&nbsp; (25270008) | &nbsp;&nbsp; 6608030 | &nbsp;&nbsp; (8434709) | &nbsp;&nbsp; - | &nbsp;&nbsp; 785790 |
| ChemoMetec A/S\*\* | 55427724 | &nbsp;&nbsp; 1101342 | &nbsp;&nbsp; (49844817) | &nbsp;&nbsp; 13426936 | &nbsp;&nbsp; 23210361 | &nbsp;&nbsp; 43321546 | &nbsp;&nbsp; 350170 |
| Fabasoft AG | 18856280 | &nbsp;&nbsp; - | &nbsp;&nbsp; (20687876) | &nbsp;&nbsp; 10722257 | &nbsp;&nbsp; (8890661) | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Fukui Computer Holdings, Inc.\*\* | 22723421 | &nbsp;&nbsp; 368756 | &nbsp;&nbsp; (15978651) | &nbsp;&nbsp; 8547077 | &nbsp;&nbsp; (5611867) | &nbsp;&nbsp; 10048736 | &nbsp;&nbsp; 368774 |
| Karnov Group AB\*\* | 55403705 | &nbsp;&nbsp; 2105848 | &nbsp;&nbsp; (52340111) | &nbsp;&nbsp; (4429474) | &nbsp;&nbsp; 18754706 | &nbsp;&nbsp; 19494674 | &nbsp;&nbsp; - |
| Restore PLC | 28887925 | &nbsp;&nbsp; - | &nbsp;&nbsp; (26908884) | &nbsp;&nbsp; 1375324 | &nbsp;&nbsp; (3354365) | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| STRATEC SE | 31156562 | &nbsp;&nbsp; - | &nbsp;&nbsp; (24200602) | &nbsp;&nbsp; 8678797 | &nbsp;&nbsp; (15634757) | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Total | $334743165 | &nbsp;&nbsp; $2404153372 | &nbsp;&nbsp; $(2670467439) | &nbsp;&nbsp; $44929149 | &nbsp;&nbsp; $32713 | &nbsp;&nbsp; $113390960 | &nbsp;&nbsp; $6490826 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

\*\* At October 31, 2025, this security was no longer an affiliate of the Fund.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** |
| **Currency Risk** |  |  |  |  |  |  |
| 11/04/2025 | State Street Bank & Trust Co. | ZAR | 2239437 | USD | 129560 | &nbsp;&nbsp;&nbsp; $393 |

---

Abbreviations: <br> USD – U.S. Dollar <br> ZAR – South African Rand

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco International Small-Mid Company Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,014,811,816)\*<br>| &nbsp;&nbsp; $2724845268 |
| Investments in affiliated money market funds, at value <br> (Cost $40,526,004)<br>| &nbsp;&nbsp; 40526004 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 393 |
| Cash | &nbsp;&nbsp; 3000000 |
| Foreign currencies, at value (Cost $626,012) | &nbsp;&nbsp; 623236 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 25497996 |
| Fund shares sold | &nbsp;&nbsp; 818229 |
| Dividends | &nbsp;&nbsp; 22576423 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 242810 |
| Other assets | &nbsp;&nbsp; 68452 |
| Total assets | &nbsp;&nbsp; 2818198811 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 47296697 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 8781536 |
| Accrued fees to affiliates | &nbsp;&nbsp; 998917 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 34137 |
| Accrued other operating expenses | &nbsp;&nbsp; 455586 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 242810 |
| Total liabilities | &nbsp;&nbsp; 57809683 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2760389128 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1674835318 |
| Distributable earnings | &nbsp;&nbsp; 1085553810 |
|  | &nbsp;&nbsp; $2760389128 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $587083301 |
| Class C | &nbsp;&nbsp; $9556122 |
| Class R | &nbsp;&nbsp; $52889378 |
| Class Y | &nbsp;&nbsp; $820178467 |
| Class R5 | &nbsp;&nbsp; $410355 |
| Class R6 | &nbsp;&nbsp; $1290271505 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 13853318 |
| Class C | &nbsp;&nbsp; 268571 |
| Class R | &nbsp;&nbsp; 1362023 |
| Class Y | &nbsp;&nbsp; 19520193 |
| Class R5 | &nbsp;&nbsp; 9596 |
| Class R6 | &nbsp;&nbsp; 30501757 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $42.38 |
| Maximum offering price per share <br>(Net asset value of $42.38 ÷ 94.50%)<br>| &nbsp;&nbsp; $44.85 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $35.58 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $38.83 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $42.02 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $42.76 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $42.30 |

---

\* At October 31, 2025, securities with an aggregate value of $8,317,698 were on loan to brokers. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco International Small-Mid Company Fund**

------

**Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $223584 |
| Dividends (net of foreign withholding taxes of $8,910,224) | &nbsp;&nbsp; 72077202 |
| Dividends from affiliates (includes net securities lending income of $142,451) | &nbsp;&nbsp; 5719194 |
| Foreign withholding tax claims | &nbsp;&nbsp; 1714775 |
| Total investment income | &nbsp;&nbsp; 79734755 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 33374374 |
| Administrative services fees | &nbsp;&nbsp; 513270 |
| Custodian fees | &nbsp;&nbsp; 273425 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1479798 |
| Class C | &nbsp;&nbsp; 100367 |
| Class R | &nbsp;&nbsp; 277148 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 3272912 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 435 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 568094 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 33785 |
| Registration and filing fees | &nbsp;&nbsp; 137252 |
| Reports to shareholders | &nbsp;&nbsp; 627608 |
| Professional services fees | &nbsp;&nbsp; 145359 |
| Other | &nbsp;&nbsp; 119727 |
| Total expenses | &nbsp;&nbsp; 40923554 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (138026)<br>|
| Net expenses | &nbsp;&nbsp; 40785528 |
| Net investment income | &nbsp;&nbsp; 38949227 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $8,487,845) (includes net gains from securities sold to affiliates of $98,263,439) | &nbsp;&nbsp; 595939140 |
| Affiliated investment securities | &nbsp;&nbsp; 32713 |
| Foreign currencies | &nbsp;&nbsp; 569126 |
| Forward foreign currency contracts | &nbsp;&nbsp; (77792)<br>|
|  | &nbsp;&nbsp; 596463187 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $10,058,675) | &nbsp;&nbsp; (308120004)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 44929149 |
| Foreign currencies | &nbsp;&nbsp; 583526 |
| Forward foreign currency contracts | &nbsp;&nbsp; 393 |
|  | &nbsp;&nbsp; (262606936)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 333856251 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $372805478 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco International Small-Mid Company Fund**

------

**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $38949227 | &nbsp;&nbsp; $31780913 |
| Net realized gain | &nbsp;&nbsp; 596463187 | &nbsp;&nbsp; 366014211 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (262606936)<br>| &nbsp;&nbsp; 471199544 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 372805478 | &nbsp;&nbsp; 868994668 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (60358408)<br>| &nbsp;&nbsp; (18392780)<br>|
| Class C | &nbsp;&nbsp; (1067357)<br>| &nbsp;&nbsp; (412802)<br>|
| Class R | &nbsp;&nbsp; (5446884)<br>| &nbsp;&nbsp; (1534744)<br>|
| Class Y | &nbsp;&nbsp; (104860428)<br>| &nbsp;&nbsp; (45080252)<br>|
| Class R5 | &nbsp;&nbsp; (36466)<br>| &nbsp;&nbsp; (13554)<br>|
| Class R6 | &nbsp;&nbsp; (187018544)<br>| &nbsp;&nbsp; (68977194)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (358788087)<br>| &nbsp;&nbsp; (134411326)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (96580217)<br>| &nbsp;&nbsp; (103942848)<br>|
| Class C | &nbsp;&nbsp; (2058012)<br>| &nbsp;&nbsp; (13231089)<br>|
| Class R | &nbsp;&nbsp; (4921679)<br>| &nbsp;&nbsp; (8394513)<br>|
| Class Y | &nbsp;&nbsp; (375140398)<br>| &nbsp;&nbsp; (604461152)<br>|
| Class R5 | &nbsp;&nbsp; 2959 | &nbsp;&nbsp; (139845)<br>|
| Class R6 | &nbsp;&nbsp; (954485077)<br>| &nbsp;&nbsp; (300026316)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (1433182424)<br>| &nbsp;&nbsp; (1030195763)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (1419165033)<br>| &nbsp;&nbsp; (295612421)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 4179554161 | &nbsp;&nbsp; 4475166582 |
| End of year | &nbsp;&nbsp; $2760389128 | &nbsp;&nbsp; $4179554161 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco International Small-Mid Company Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $42.04 | $0.32 | $3.85 | $4.17 | $(0.57)<br>| $(3.26)<br>| $(3.83)<br>| $42.38 | 10.94 %<sup>(d)</sup><br>| &nbsp;&nbsp; $587083 | 1.41 %<sup>(d)</sup><br>| 1.41 %<sup>(d)</sup><br>| 0.79 %<sup>(d)</sup><br>| 52<br> %<br>|
| Year ended 10/31/24 | 36.15 | 0.16 | 6.74 | 6.90 | (0.36)<br>| (0.65)<br>| (1.01)<br>| 42.04 | 19.19 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 682142 | 1.38 <br><sup>(d)</sup><br>| 1.38 <br><sup>(d)</sup><br>| 0.39 <br><sup>(d)</sup><br>| 21 |
| Year ended 10/31/23 | 36.30 | 0.15 | (0.19 )<sup>(e)</sup><br>| (0.04)<br>|  | (0.11)<br>| (0.11)<br>| 36.15 | (0.15 )<sup>(d)</sup><br>| &nbsp;&nbsp; 676005 | 1.35 <br><sup>(d)</sup><br>| 1.35 <br><sup>(d)</sup><br>| 0.37 <br><sup>(d)</sup><br>| 26 |
| Year ended 10/31/22 | 63.38 | 0.04 | (21.41)<br>| (21.37)<br>| (0.02)<br>| (5.69)<br>| (5.71)<br>| 36.30 | (36.72 )<sup>(d)</sup><br>| &nbsp;&nbsp; 787042 | 1.33 <br><sup>(d)</sup><br>| 1.33 <br><sup>(d)</sup><br>| 0.10 <br><sup>(d)</sup><br>| 20 |
| Year ended 10/31/21 | 51.69 | 0.02 | 16.17 | 16.19 |  | (4.50)<br>| (4.50)<br>| 63.38 | 33.13 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1439340 | 1.31 <br><sup>(d)</sup><br>| 1.31 <br><sup>(d)</sup><br>| 0.04 <br><sup>(d)</sup><br>| 24 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 35.78 | 0.01 | 3.23 | 3.24 | (0.18)<br>| (3.26)<br>| (3.44)<br>| 35.58 | 10.09 | &nbsp;&nbsp; 9556 | 2.17 | 2.17 | 0.03 | 52 |
| Year ended 10/31/24 | 30.81 | (0.13)<br>| 5.75 | 5.62 |  | (0.65)<br>| (0.65)<br>| 35.78 | 18.30 | &nbsp;&nbsp; 11757 | 2.14 | 2.14 | (0.37)<br>| 21 |
| Year ended 10/31/23 | 31.19 | (0.13)<br>| (0.14 )<sup>(e)</sup><br>| (0.27)<br>|  | (0.11)<br>| (0.11)<br>| 30.81 | (0.91)<br>| &nbsp;&nbsp; 21483 | 2.11 | 2.11 | (0.39)<br>| 26 |
| Year ended 10/31/22 | 55.66 | (0.27)<br>| (18.51)<br>| (18.78)<br>|  | (5.69)<br>| (5.69)<br>| 31.19 | (37.20)<br>| &nbsp;&nbsp; 41813 | 2.09 | 2.09 | (0.66)<br>| 20 |
| Year ended 10/31/21 | 46.22 | (0.37)<br>| 14.31 | 13.94 |  | (4.50)<br>| (4.50)<br>| 55.66 | 32.10 | &nbsp;&nbsp; 117303 | 2.07 | 2.07 | (0.72)<br>| 24 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 38.82 | 0.20 | 3.52 | 3.72 | (0.45)<br>| (3.26)<br>| (3.71)<br>| 38.83 | 10.64 | &nbsp;&nbsp; 52889 | 1.67 | 1.67 | 0.53 | 52 |
| Year ended 10/31/24 | 33.44 | 0.05 | 6.24 | 6.29 | (0.26)<br>| (0.65)<br>| (0.91)<br>| 38.82 | 18.89 | &nbsp;&nbsp; 57634 | 1.64 | 1.64 | 0.13 | 21 |
| Year ended 10/31/23 | 33.68 | 0.04 | (0.17 )<sup>(e)</sup><br>| (0.13)<br>|  | (0.11)<br>| (0.11)<br>| 33.44 | (0.43)<br>| &nbsp;&nbsp; 56784 | 1.61 | 1.61 | 0.11 | 26 |
| Year ended 10/31/22 | 59.34 | (0.07)<br>| (19.90)<br>| (19.97)<br>|  | (5.69)<br>| (5.69)<br>| 33.68 | (36.87)<br>| &nbsp;&nbsp; 63205 | 1.59 | 1.59 | (0.16)<br>| 20 |
| Year ended 10/31/21 | 48.78 | (0.12)<br>| 15.18 | 15.06 |  | (4.50)<br>| (4.50)<br>| 59.34 | 32.76 | &nbsp;&nbsp; 106435 | 1.57 | 1.57 | (0.22)<br>| 24 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 41.74 | 0.41 | 3.81 | 4.22 | (0.68)<br>| (3.26)<br>| (3.94)<br>| 42.02 | 11.20 | &nbsp;&nbsp; 820178 | 1.17 | 1.17 | 1.03 | 52 |
| Year ended 10/31/24 | 35.90 | 0.27 | 6.69 | 6.96 | (0.47)<br>| (0.65)<br>| (1.12)<br>| 41.74 | 19.50 | &nbsp;&nbsp; 1203547 | 1.14 | 1.14 | 0.63 | 21 |
| Year ended 10/31/23 | 36.06 | 0.25 | (0.20 )<sup>(e)</sup><br>| 0.05 | (0.10)<br>| (0.11)<br>| (0.21)<br>| 35.90 | 0.07 | &nbsp;&nbsp; 1554427 | 1.11 | 1.11 | 0.61 | 26 |
| Year ended 10/31/22 | 63.00 | 0.15 | (21.23)<br>| (21.08)<br>| (0.17)<br>| (5.69)<br>| (5.86)<br>| 36.06 | (36.55)<br>| &nbsp;&nbsp; 1943233 | 1.09 | 1.09 | 0.34 | 20 |
| Year ended 10/31/21 | 51.29 | 0.16 | 16.05 | 16.21 |  | (4.50)<br>| (4.50)<br>| 63.00 | 33.45 | &nbsp;&nbsp; 4039299 | 1.07 | 1.07 | 0.28 | 24 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 42.41 | 0.46 | 3.87 | 4.33 | (0.72)<br>| (3.26)<br>| (3.98)<br>| 42.76 | 11.29 | &nbsp;&nbsp; 410 | 1.07 | 1.07 | 1.13 | 52 |
| Year ended 10/31/24 | 36.49 | 0.30 | 6.80 | 7.10 | (0.53)<br>| (0.65)<br>| (1.18)<br>| 42.41 | 19.57 | &nbsp;&nbsp; 396 | 1.07 | 1.07 | 0.70 | 21 |
| Year ended 10/31/23 | 36.64 | 0.30 | (0.19 )<sup>(e)</sup><br>| 0.11 | (0.15)<br>| (0.11)<br>| (0.26)<br>| 36.49 | 0.22 | &nbsp;&nbsp; 459 | 0.99 | 0.99 | 0.73 | 26 |
| Year ended 10/31/22 | 63.92 | 0.19 | (21.57)<br>| (21.38)<br>| (0.21)<br>| (5.69)<br>| (5.90)<br>| 36.64 | (36.51)<br>| &nbsp;&nbsp; 379 | 1.00 | 1.00 | 0.43 | 20 |
| Year ended 10/31/21 | 51.94 | 0.20 | 16.28 | 16.48 |  | (4.50)<br>| (4.50)<br>| 63.92 | 33.55 | &nbsp;&nbsp; 512 | 1.00 | 1.00 | 0.35 | 24 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 42.00 | 0.49 | 3.82 | 4.31 | (0.75)<br>| (3.26)<br>| (4.01)<br>| 42.30 | 11.39 | &nbsp;&nbsp; 1290272 | 1.00 | 1.00 | 1.20 | 52 |
| Year ended 10/31/24 | 36.13 | 0.32 | 6.73 | 7.05 | (0.53)<br>| (0.65)<br>| (1.18)<br>| 42.00 | 19.62 | &nbsp;&nbsp; 2224079 | 1.00 | 1.00 | 0.77 | 21 |
| Year ended 10/31/23 | 36.30 | 0.30 | (0.19 )<sup>(e)</sup><br>| 0.11 | (0.17)<br>| (0.11)<br>| (0.28)<br>| 36.13 | 0.21 | &nbsp;&nbsp; 2166008 | 0.99 | 0.99 | 0.73 | 26 |
| Year ended 10/31/22 | 63.39 | 0.21 | (21.37)<br>| (21.16)<br>| (0.24)<br>| (5.69)<br>| (5.93)<br>| 36.30 | (36.48)<br>| &nbsp;&nbsp; 1846459 | 0.97 | 0.97 | 0.46 | 20 |
| Year ended 10/31/21 | 51.52 | 0.23 | 16.14 | 16.37 |  | (4.50)<br>| (4.50)<br>| 63.39 | 33.62 | &nbsp;&nbsp; 3227212 | 0.95 | 0.95 | 0.40 | 24 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

<sup>(e)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco International Small-Mid Company Fund**

------

**Notes to Financial Statements**

*October 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco International Small-Mid Company Fund (the "Fund") is a series portfolio of AIM International Mutual Funds (Invesco International Mutual 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 the Fund or each class.

The Fund's investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**9**

**Invesco International Small-Mid Company Fund**

------

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2025, the Fund did not enter into any closing agreements.

**G.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

**10**

**Invesco International Small-Mid Company Fund**

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overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2025, the Fund paid the Adviser $656 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**L.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**N.** **Other Risks** - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets,

**11**

**Invesco International Small-Mid Company Fund**

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restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

The Economic and Monetary Union of the European Union (the "EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and recessions in an EU member country may have significant adverse effects on the economies of EU member countries. Responses to financial problems by EU countries may not produce the desired results, may limit future growth and economic recovery, may result in social unrest, or have other unintended consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. A number of countries in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU, such as the departure of the United Kingdom, referred to as "Brexit", could place the departing member's currency and banking system under severe stress or even in jeopardy. An exit by other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.950% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.920% |
| Next $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.900% |
| Next $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.880% |
| Over $20 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.870% |

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\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.92%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended October 31, 2025, the Adviser waived advisory fees of $110,269.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the

**12**

**Invesco International Small-Mid Company Fund**

------

shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $25,540 in front-end sales commissions from the sale of Class A shares and $1,257 and $182 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2025, the Fund incurred $5,509 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $105464721 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $105464721 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27322434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27322434 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 191835071 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 191835071 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 75062806 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75062806 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54590670 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54590670 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70683548 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70683548 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46376805 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46376805 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167585458 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167585458 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 178796075 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 178796075 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27075963 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27075963 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93564085 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93564085 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39930294 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39930294 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63416305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63416305 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 552776759 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 552776759 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 29557464 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29557464 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25223243 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25223243 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7281969 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7281969 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52059141 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52059141 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 176595729 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 176595729 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 197275473 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 197275473 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55065984 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55065984 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 425536125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 425536125 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 61769146 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61769146 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 31744468 | &nbsp;&nbsp;&nbsp;&nbsp; 8781536 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40526004 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 389968955 | &nbsp;&nbsp;&nbsp;&nbsp; 2375402317 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2765371272 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 393 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $389968955 | &nbsp;&nbsp;&nbsp;&nbsp; $2375402710 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2765371665 |

---

\* Unrealized appreciation.

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**13**

**Invesco International Small-Mid Company Fund**

------

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $393 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $393 |

---

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; $393 | &nbsp;&nbsp;&nbsp; $393 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $393 |

---

**Effect of Derivative Investments for the year ended October 31, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(77792)<br>|
| Change in Net Unrealized Appreciation: |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 393 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(77399)<br>|

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $1313707 |

---

**NOTE 5—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended October 31, 2025, the Fund engaged in securities purchases of $237,108,248 and securities sales of $393,630,204, which resulted in net realized gains of $98,263,439.

**NOTE 6—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $27,757.

**NOTE 7—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**14**

**Invesco International Small-Mid Company Fund**

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**NOTE 8—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 9—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $103784124 | &nbsp;&nbsp;&nbsp;&nbsp; $56811435 |
| Long-term capital gain | &nbsp;&nbsp; 255003963 | &nbsp;&nbsp;&nbsp;&nbsp; 77599891 |
| Total distributions | &nbsp;&nbsp; $358788087 | &nbsp;&nbsp;&nbsp;&nbsp; $134411326 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $81383139 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 377460705 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 626452838 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 503172 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (246044)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1674835318 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $2760389128 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and passive foreign investment companies.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of October 31, 2025.

**NOTE 10—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $1,807,528,037 and $3,428,151,758, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $677449023 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (50996185)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $626452838 |

---

Cost of investments for tax purposes is $2,138,918,827.

**NOTE 11—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of passive foreign investment companies and equalization, on October 31, 2025, undistributed net investment income was increased by $35,451,253, undistributed net realized gain was decreased by $193,660,252 and shares of beneficial interest was increased by $158,208,999. This reclassification had no effect on the net assets of the Fund.

**15**

**Invesco International Small-Mid Company Fund**

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**NOTE 12—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1101666 | &nbsp;&nbsp;&nbsp; $44681175 | &nbsp;&nbsp;&nbsp; 1787753 | &nbsp;&nbsp;&nbsp; $75709318 |
| Class C | &nbsp;&nbsp;&nbsp; 61869 | &nbsp;&nbsp;&nbsp; 2132378 | &nbsp;&nbsp;&nbsp; 54731 | &nbsp;&nbsp;&nbsp; 1990786 |
| Class R | &nbsp;&nbsp;&nbsp; 89437 | &nbsp;&nbsp;&nbsp; 3274231 | &nbsp;&nbsp;&nbsp; 137042 | &nbsp;&nbsp;&nbsp; 5313928 |
| Class Y | &nbsp;&nbsp;&nbsp; 4101892 | &nbsp;&nbsp;&nbsp; 160257039 | &nbsp;&nbsp;&nbsp; 5144001 | &nbsp;&nbsp;&nbsp; 214115728 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1572 | &nbsp;&nbsp;&nbsp; 62311 | &nbsp;&nbsp;&nbsp; 1332 | &nbsp;&nbsp;&nbsp; 56654 |
| Class R6 | &nbsp;&nbsp;&nbsp; 15093576 | &nbsp;&nbsp;&nbsp; 625339350 | &nbsp;&nbsp;&nbsp; 11626535 | &nbsp;&nbsp;&nbsp; 490419995 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1452753 | &nbsp;&nbsp;&nbsp; 55378934 | &nbsp;&nbsp;&nbsp; 416708 | &nbsp;&nbsp;&nbsp; 16980836 |
| Class C | &nbsp;&nbsp;&nbsp; 32043 | &nbsp;&nbsp;&nbsp; 1032419 | &nbsp;&nbsp;&nbsp; 11043 | &nbsp;&nbsp;&nbsp; 385504 |
| Class R | &nbsp;&nbsp;&nbsp; 155415 | &nbsp;&nbsp;&nbsp; 5441082 | &nbsp;&nbsp;&nbsp; 40653 | &nbsp;&nbsp;&nbsp; 1533024 |
| Class Y | &nbsp;&nbsp;&nbsp; 2270557 | &nbsp;&nbsp;&nbsp; 85622718 | &nbsp;&nbsp;&nbsp; 873435 | &nbsp;&nbsp;&nbsp; 35260562 |
| Class R5 | &nbsp;&nbsp;&nbsp; 929 | &nbsp;&nbsp;&nbsp; 35619 | &nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp; 13303 |
| Class R6 | &nbsp;&nbsp;&nbsp; 4805870 | &nbsp;&nbsp;&nbsp; 182190534 | &nbsp;&nbsp;&nbsp; 1649677 | &nbsp;&nbsp;&nbsp; 66943898 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 46945 | &nbsp;&nbsp;&nbsp; 1915930 | &nbsp;&nbsp;&nbsp; 247160 | &nbsp;&nbsp;&nbsp; 10425279 |
| Class C | &nbsp;&nbsp;&nbsp; (55697)<br>| &nbsp;&nbsp;&nbsp; (1915930)<br>| &nbsp;&nbsp;&nbsp; (289174)<br>| &nbsp;&nbsp;&nbsp; (10425279)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4972465)<br>| &nbsp;&nbsp;&nbsp; (198556256)<br>| &nbsp;&nbsp;&nbsp; (4926736)<br>| &nbsp;&nbsp;&nbsp; (207058281)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (98195)<br>| &nbsp;&nbsp;&nbsp; (3306879)<br>| &nbsp;&nbsp;&nbsp; (145248)<br>| &nbsp;&nbsp;&nbsp; (5182100)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (367427)<br>| &nbsp;&nbsp;&nbsp; (13636992)<br>| &nbsp;&nbsp;&nbsp; (391041)<br>| &nbsp;&nbsp;&nbsp; (15241465)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (15687503)<br>| &nbsp;&nbsp;&nbsp; (621020155)<br>| &nbsp;&nbsp;&nbsp; (20477849)<br>| &nbsp;&nbsp;&nbsp; (853837442)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (2239)<br>| &nbsp;&nbsp;&nbsp; (94971)<br>| &nbsp;&nbsp;&nbsp; (4915)<br>| &nbsp;&nbsp;&nbsp; (209802)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (42346826)<br>| &nbsp;&nbsp;&nbsp; (1762014961)<br>| &nbsp;&nbsp;&nbsp; (20282935)<br>| &nbsp;&nbsp;&nbsp; (857390209)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (34315828)<br>| &nbsp;&nbsp;&nbsp; $(1433182424)<br>| &nbsp;&nbsp;&nbsp; (24527503)<br>| &nbsp;&nbsp;&nbsp; $(1030195763)<br>|

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% of the outstanding shares of the <br> Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are <br> considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities <br> brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of <br> record by these entities are also owned beneficially.<br>|
|  | In addition, 11% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |

---

**16**

**Invesco International Small-Mid Company Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco International Small-Mid Company Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco International Small-Mid Company Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**17**

**Invesco International Small-Mid Company Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco International Small-Mid Company Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior

Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back

office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI ACWI ex USA Small Mid Cap Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and three year periods, and the fourth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that stock selection in certain regions and sectors and the Fund's overweight or underweight exposure to certain factors detracted from Fund performance. The Board considered information provided by management

**18**

**Invesco International Small-Mid Company Fund**

------

regarding management's evaluation of the drivers of the Fund's underperformance and certain enhancements to the Fund's investment process intended to address such underperformance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's actual management fees, contractual management fees, and total expense ratio were each in the fourth quintile of its expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee

waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related

**19**

**Invesco International Small-Mid Company Fund**

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responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**20**

**Invesco International Small-Mid Company Fund**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Federal and State Income Tax** |  |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $413212963 |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 69.07% |  |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |  |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |  |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |  |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |  |
| Foreign Taxes | &nbsp;&nbsp; $0.2337 | &nbsp;&nbsp; per share |
| Foreign Source Income | &nbsp;&nbsp; $1.2445 | &nbsp;&nbsp; per share |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $41104245 |

---

**21**

**Invesco International Small-Mid Company Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**22**

**Invesco International Small-Mid Company Fund**

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![](imgd52b2f5c1.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

O-ISMC-NCSR

------

![](img3344e5c81.jpg)

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**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco International Value Fund**

Effective August 22, 2025, Invesco EQV European Equity Fund was renamed Invesco International Value Fund.

Nasdaq:

A: AEDAX ■ C: AEDCX ■ R: AEDRX ■ Y: AEDYX ■ Investor: EGINX ■ R6: AEGSX

------

---

| | |
|:---|:---|
| [2](#xx_91776d03-0476-420e-8568-88a988fc6760_SOI-Continued-127_1) | Schedule of Investments |
| [4](#xx_91776d03-0476-420e-8568-88a988fc6760_FS-Continued-127_1) | Financial Statements |
| [7](#xx_91776d03-0476-420e-8568-88a988fc6760_FS-Continued-127_4) | Financial Highlights |
| [8](#xx_91776d03-0476-420e-8568-88a988fc6760_NTF-Continued-127_1) | Notes to Financial Statements |
| [16](#xx_91776d03-0476-420e-8568-88a988fc6760_ARS-Continued-127_1) | Report of Independent Registered Public Accounting Firm |
| [17](#xx_91776d03-0476-420e-8568-88a988fc6760_AOC-Continued-127_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [20](#xx_91776d03-0476-420e-8568-88a988fc6760_TI-Continued-127_1) | Tax Information |
| [21](#xx_91776d03-0476-420e-8568-88a988fc6760_OIRSR-Continued-127_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.22%** | **Common Stocks & Other Equity Interests–99.22%** | **Common Stocks & Other Equity Interests–99.22%** |
| **Australia–3.75%** | **Australia–3.75%** | **Australia–3.75%** |
| Macquarie Group Ltd. | 85014 | &nbsp;&nbsp; $12125935 |
| Origin Energy Ltd. | 2827713 | &nbsp;&nbsp; 22660781 |
|  |  | &nbsp;&nbsp; 34786716 |
| **Austria–3.75%** | **Austria–3.75%** | **Austria–3.75%** |
| Erste Group Bank AG | 200910 | &nbsp;&nbsp; 20812038 |
| OMV AG | 254667 | &nbsp;&nbsp; 13942032 |
|  |  | &nbsp;&nbsp; 34754070 |
| **Belgium–1.93%** | **Belgium–1.93%** | **Belgium–1.93%** |
| Anheuser-Busch InBev S.A./N.V. | 294389 | &nbsp;&nbsp; 17951017 |
| **Canada–4.30%** | **Canada–4.30%** | **Canada–4.30%** |
| AltaGas Ltd.<sup>(a)</sup>  | 453926 | &nbsp;&nbsp; 13324398 |
| Suncor Energy, Inc. | 667507 | &nbsp;&nbsp; 26580347 |
|  |  | &nbsp;&nbsp; 39904745 |
| **China–7.06%** | **China–7.06%** | **China–7.06%** |
| Alibaba Group Holding Ltd. | 1786400 | &nbsp;&nbsp; 38012335 |
| Contemporary Amperex Technology <br> Co. Ltd. | 252500 | &nbsp;&nbsp; 18069405 |
| Tingyi Cayman Islands Holding Corp. | 6842000 | &nbsp;&nbsp; 9387420 |
|  |  | &nbsp;&nbsp; 65469160 |
| **Denmark–0.83%** | **Denmark–0.83%** | **Denmark–0.83%** |
| Novo Nordisk A/S, Class B | 156313 | &nbsp;&nbsp; 7695550 |
| **Finland–1.81%** | **Finland–1.81%** | **Finland–1.81%** |
| UPM-Kymmene OYJ | 626699 | &nbsp;&nbsp; 16815774 |
| **France–4.88%** | **France–4.88%** | **France–4.88%** |
| Airbus SE | 54294 | &nbsp;&nbsp; 13387327 |
| AXA S.A. | 336390 | &nbsp;&nbsp; 14595426 |
| Societe Generale S.A. | 271881 | &nbsp;&nbsp; 17242858 |
|  |  | &nbsp;&nbsp; 45225611 |
| **Germany–10.39%** | **Germany–10.39%** | **Germany–10.39%** |
| Deutsche Bank AG | 273181 | &nbsp;&nbsp; 9779926 |
| Deutsche Telekom AG | 639633 | &nbsp;&nbsp; 19812741 |
| E.ON SE | 1128173 | &nbsp;&nbsp; 20991211 |
| Infineon Technologies AG | 256310 | &nbsp;&nbsp; 10173686 |
| Siemens AG | 56180 | &nbsp;&nbsp; 15921255 |
| Vonovia SE | 654888 | &nbsp;&nbsp; 19683149 |
|  |  | &nbsp;&nbsp; 96361968 |
| **Hong Kong–3.11%** | **Hong Kong–3.11%** | **Hong Kong–3.11%** |
| AIA Group Ltd. | 2961600 | &nbsp;&nbsp; 28818529 |
| **India–5.06%** | **India–5.06%** | **India–5.06%** |
| HDFC Bank Ltd., ADR<sup>(a)</sup>  | 660322 | &nbsp;&nbsp; 23916863 |
| Reliance Industries Ltd., GDR<sup>(b)</sup>  | 346854 | &nbsp;&nbsp; 22996420 |
|  |  | &nbsp;&nbsp; 46913283 |
| **Italy–6.34%** | **Italy–6.34%** | **Italy–6.34%** |
| Banca Monte dei Paschi di Siena <br> S.p.A.<sup>(a)</sup>  | 1531675 | &nbsp;&nbsp; 13433532 |
| Intesa Sanpaolo S.p.A. | 3341025 | &nbsp;&nbsp; 21534039 |
| Ryanair Holdings PLC | 492512 | &nbsp;&nbsp; 14911102 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Italy–(continued)** | **Italy–(continued)** | **Italy–(continued)** |
| UniCredit S.p.A. | 120557 | &nbsp;&nbsp; $8926839 |
|  |  | &nbsp;&nbsp; 58805512 |
| **Japan–16.53%** | **Japan–16.53%** | **Japan–16.53%** |
| Japan Tobacco, Inc. | 591900 | &nbsp;&nbsp; 20617583 |
| KDDI Corp. | 900100 | &nbsp;&nbsp; 14347908 |
| Kyoto Financial Group, Inc. | 233400 | &nbsp;&nbsp; 4728302 |
| Mitsubishi UFJ Financial Group, Inc. | 1555500 | &nbsp;&nbsp; 23496243 |
| Mitsui & Co. Ltd. | 1030600 | &nbsp;&nbsp; 25344124 |
| ORIX Corp. | 748700 | &nbsp;&nbsp; 18314723 |
| Sony Group Corp. | 645500 | &nbsp;&nbsp; 17976903 |
| Sumitomo Forestry Co. Ltd.<sup>(a)</sup>  | 1465900 | &nbsp;&nbsp; 15249422 |
| Sumitomo Realty & Development Co. Ltd. | 311500 | &nbsp;&nbsp; 13300111 |
|  |  | &nbsp;&nbsp; 153375319 |
| **Netherlands–5.09%** | **Netherlands–5.09%** | **Netherlands–5.09%** |
| ASR Nederland N.V. | 256569 | &nbsp;&nbsp; 17123066 |
| Koninklijke Philips N.V. | 341346 | &nbsp;&nbsp; 9351238 |
| Prosus N.V.<sup>(c)</sup>  | 300445 | &nbsp;&nbsp; 20766293 |
|  |  | &nbsp;&nbsp; 47240597 |
| **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** |
| Sberbank of Russia PJSC, Preference <br> Shares<sup>(d)</sup>  | 11172332 | &nbsp;&nbsp; 11 |
| **South Africa–1.73%** | **South Africa–1.73%** | **South Africa–1.73%** |
| Anglo American PLC | 424681 | &nbsp;&nbsp; 16066794 |
| **South Korea–2.99%** | **South Korea–2.99%** | **South Korea–2.99%** |
| Samsung Electronics Co. Ltd., GDR<sup>(b)</sup>  | 14857 | &nbsp;&nbsp; 27708305 |
| **Spain–5.40%** | **Spain–5.40%** | **Spain–5.40%** |
| Banco Bilbao Vizcaya Argentaria S.A.<sup>(a)</sup>  | 1216499 | &nbsp;&nbsp; 24507676 |
| Banco Santander S.A.<sup>(a)</sup>  | 2509220 | &nbsp;&nbsp; 25569419 |
|  |  | &nbsp;&nbsp; 50077095 |
| **Sweden–1.15%** | **Sweden–1.15%** | **Sweden–1.15%** |
| Volvo AB, Class B | 390641 | &nbsp;&nbsp; 10701629 |
| **Switzerland–4.25%** | **Switzerland–4.25%** | **Switzerland–4.25%** |
| Nestle S.A. | 179627 | &nbsp;&nbsp; 17163080 |
| Sandoz Group AG | 334281 | &nbsp;&nbsp; 22288784 |
|  |  | &nbsp;&nbsp; 39451864 |
| **United Kingdom–7.84%** | **United Kingdom–7.84%** | **United Kingdom–7.84%** |
| BAE Systems PLC | 673102 | &nbsp;&nbsp; 16580837 |
| British American Tobacco PLC | 294092 | &nbsp;&nbsp; 15062067 |
| Croda International PLC | 274855 | &nbsp;&nbsp; 10433787 |
| Standard Chartered PLC | 1493143 | &nbsp;&nbsp; 30650103 |
|  |  | &nbsp;&nbsp; 72726794 |
| **United States–1.03%** | **United States–1.03%** | **United States–1.03%** |
| Stellantis N.V. | 948382 | &nbsp;&nbsp; 9601642 |
| Total Common Stocks & Other Equity Interests <br> (Cost $901,487,952) | Total Common Stocks & Other Equity Interests <br> (Cost $901,487,952) | &nbsp;&nbsp; 920451985 |
| **Money Market Funds–0.28%** | **Money Market Funds–0.28%** | **Money Market Funds–0.28%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup>  | 906399 | &nbsp;&nbsp; 906399 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco International Value Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(e)(f)</sup>  | 1683306 | &nbsp;&nbsp; $1683306 |
| Total Money Market Funds (Cost $2,589,705) | Total Money Market Funds (Cost $2,589,705) | Total Money Market Funds (Cost $2,589,705) | &nbsp;&nbsp; 2589705 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-99.50% <br> (Cost $904,077,657)<br>|  |  | &nbsp;&nbsp; 923041690 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–8.86%** | **Money Market Funds–8.86%** | **Money Market Funds–8.86%** | **Money Market Funds–8.86%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup>  | 22807697 | &nbsp;&nbsp; 22807697 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup>  | 59344758 | &nbsp;&nbsp; $59362562 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $82,170,402) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $82,170,402) | &nbsp;&nbsp; 82170259 |
| TOTAL INVESTMENTS IN SECURITIES—108.36% <br> (Cost $986,248,059) | TOTAL INVESTMENTS IN SECURITIES—108.36% <br> (Cost $986,248,059) | &nbsp;&nbsp; 1005211949 |
| OTHER ASSETS LESS LIABILITIES–(8.36)% | OTHER ASSETS LESS LIABILITIES–(8.36)% | &nbsp;&nbsp; (77575849)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $927636100 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> GDR – Global Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> All or a portion of this security was out on loan at October 31, 2025.

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $50,704,725, which represented 5.47% of the Fund's Net Assets. 

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(e)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $296418 | &nbsp;&nbsp; $195529590 | &nbsp;&nbsp; $(194919609) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $906399 | &nbsp;&nbsp; $133381 |
| Invesco Treasury Portfolio, Institutional Class | 550091 | &nbsp;&nbsp; 363126379 | &nbsp;&nbsp; (361993164) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1683306 | &nbsp;&nbsp; 245242 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 74838882 | &nbsp;&nbsp; (52031185) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 22807697 | &nbsp;&nbsp; 120,018\* |
| Invesco Private Prime Fund | - | &nbsp;&nbsp; 178153346 | &nbsp;&nbsp; (118791820) | (143) | &nbsp;&nbsp; 1179 | &nbsp;&nbsp; 59362562 | &nbsp;&nbsp; 327,451\* |
| Total | $846509 | &nbsp;&nbsp; $811648197 | &nbsp;&nbsp; $(727735778) | &nbsp;&nbsp; $(143) | &nbsp;&nbsp; $1179 | &nbsp;&nbsp; $84759964 | &nbsp;&nbsp; $826092 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco International Value Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $901,487,952)\*<br>| &nbsp;&nbsp; $920451985 |
| Investments in affiliated money market funds, at value <br> (Cost $84,760,107)<br>| &nbsp;&nbsp; 84759964 |
| Foreign currencies, at value (Cost $1,705) | &nbsp;&nbsp; 1649 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 6217741 |
| Fund shares sold | &nbsp;&nbsp; 109283 |
| Dividends | &nbsp;&nbsp; 4564357 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 188505 |
| Other assets | &nbsp;&nbsp; 53007 |
| Total assets | &nbsp;&nbsp; 1016346491 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 4262614 |
| Fund shares reacquired | &nbsp;&nbsp; 251057 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 82170402 |
| Accrued fees to affiliates | &nbsp;&nbsp; 250823 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1365 |
| Accrued other operating expenses | &nbsp;&nbsp; 134209 |
| IRS closing agreement fees for foreign withholding <br> tax claims<br>| &nbsp;&nbsp; 1444164 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 195757 |
| Total liabilities | &nbsp;&nbsp; 88710391 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $927636100 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $773802165 |
| Distributable earnings | &nbsp;&nbsp; 153833935 |
|  | &nbsp;&nbsp; $927636100 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $223894322 |
| Class C | &nbsp;&nbsp; $3181850 |
| Class R | &nbsp;&nbsp; $3998179 |
| Class Y | &nbsp;&nbsp; $80966346 |
| Investor Class | &nbsp;&nbsp; $90001215 |
| Class R6 | &nbsp;&nbsp; $525594188 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 6100110 |
| Class C | &nbsp;&nbsp; 95770 |
| Class R | &nbsp;&nbsp; 109524 |
| Class Y | &nbsp;&nbsp; 2202794 |
| Investor Class | &nbsp;&nbsp; 2460325 |
| Class R6 | &nbsp;&nbsp; 14316513 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $36.70 |
| Maximum offering price per share <br>(Net asset value of $36.70 ÷ 94.50%)<br>| &nbsp;&nbsp; $38.84 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $33.22 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $36.51 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $36.76 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $36.58 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $36.71 |

---

\* At October 31, 2025, securities with an aggregate value of $78,077,371 were on loan to brokers. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco International Value Fund**

------

**Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $1,044,297) | &nbsp;&nbsp; $14790553 |
| Dividends from affiliated money market funds (includes net securities lending income of $46,616) | &nbsp;&nbsp; 425239 |
| Less: IRS closing agreement fees for foreign withholding tax claims | &nbsp;&nbsp; (385164)<br>|
| Total investment income | &nbsp;&nbsp; 14830628 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 4570824 |
| Administrative services fees | &nbsp;&nbsp; 72958 |
| Custodian fees | &nbsp;&nbsp; 25902 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 550978 |
| Class C | &nbsp;&nbsp; 38701 |
| Class R | &nbsp;&nbsp; 18810 |
| Investor Class | &nbsp;&nbsp; 122014 |
| Transfer agent fees — A, C, R, Y and Investor | &nbsp;&nbsp; 693681 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 31382 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 24660 |
| Registration and filing fees | &nbsp;&nbsp; 86881 |
| Reports to shareholders | &nbsp;&nbsp; 103650 |
| Professional services fees | &nbsp;&nbsp; 108728 |
| Other | &nbsp;&nbsp; 20507 |
| Total expenses | &nbsp;&nbsp; 6469676 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (174852)<br>|
| Net expenses | &nbsp;&nbsp; 6294824 |
| Net investment income | &nbsp;&nbsp; 8535804 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 144679780 |
| Affiliated investment securities | &nbsp;&nbsp; 1179 |
| Foreign currencies | &nbsp;&nbsp; 1737590 |
|  | &nbsp;&nbsp; 146418549 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (105764060)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (143)<br>|
| Foreign currencies | &nbsp;&nbsp; 1005621 |
|  | &nbsp;&nbsp; (104758582)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 41659967 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $50195771 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco International Value Fund**

------

**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $8535804 | &nbsp;&nbsp; $6933098 |
| Net realized gain | &nbsp;&nbsp; 146418549 | &nbsp;&nbsp; 32147655 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (104758582)<br>| &nbsp;&nbsp; 56019817 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 50195771 | &nbsp;&nbsp; 95100570 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (20432158)<br>| &nbsp;&nbsp; (6273441)<br>|
| Class C | &nbsp;&nbsp; (394797)<br>| &nbsp;&nbsp; (114974)<br>|
| Class R | &nbsp;&nbsp; (321685)<br>| &nbsp;&nbsp; (93038)<br>|
| Class Y | &nbsp;&nbsp; (9994971)<br>| &nbsp;&nbsp; (3858775)<br>|
| Investor Class | &nbsp;&nbsp; (8167428)<br>| &nbsp;&nbsp; (2501041)<br>|
| Class R6 | &nbsp;&nbsp; (400030)<br>| &nbsp;&nbsp; (85881)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (39711069)<br>| &nbsp;&nbsp; (12927150)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (11056318)<br>| &nbsp;&nbsp; (25785095)<br>|
| Class C | &nbsp;&nbsp; (1271461)<br>| &nbsp;&nbsp; (2522687)<br>|
| Class R | &nbsp;&nbsp; 217209 | &nbsp;&nbsp; (560888)<br>|
| Class Y | &nbsp;&nbsp; (35159708)<br>| &nbsp;&nbsp; (34469201)<br>|
| Investor Class | &nbsp;&nbsp; (1169264)<br>| &nbsp;&nbsp; (9339904)<br>|
| Class R6 | &nbsp;&nbsp; 514359218 | &nbsp;&nbsp; 1167175 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 465919676 | &nbsp;&nbsp; (71510600)<br>|
| Net increase in net assets | &nbsp;&nbsp; 476404378 | &nbsp;&nbsp; 10662820 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 451231722 | &nbsp;&nbsp; 440568902 |
| End of year | &nbsp;&nbsp; $927636100 | &nbsp;&nbsp; $451231722 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco International Value Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $36.41 | $0.52 | $3.08 | $3.60 | $(1.21)<br>| $(2.10)<br>| $(3.31)<br>| $36.70 | 11.15<br> %<br>| &nbsp;&nbsp; $223894 | 1.38<br> %<br>| 1.41<br> %<br>| 1.50<br> %<br>| 120<br> %<br>|
| Year ended 10/31/24 | 30.64 | 0.50 | 6.17 | 6.67 | (0.52)<br>| (0.38)<br>| (0.90)<br>| 36.41 | 21.96 | &nbsp;&nbsp; 232445 | 1.42 | 1.42 | 1.37 | 19 |
| Year ended 10/31/23 | 28.86 | 0.49 <br><sup>(d)</sup><br>| 3.53 | 4.02 | (0.01)<br>| (2.23)<br>| (2.24)<br>| 30.64 | 14.18 | &nbsp;&nbsp; 217328 | 1.42 | 1.42 | 1.52 <br><sup>(d)</sup><br>| 17 |
| Year ended 10/31/22 | 45.47 | 0.46 | (13.20)<br>| (12.74)<br>| (1.04)<br>| (2.83)<br>| (3.87)<br>| 28.86 | (30.38)<br>| &nbsp;&nbsp; 213529 | 1.37 | 1.37 | 1.32 | 24 |
| Year ended 10/31/21 | 33.73 | 0.44 | 11.81 | 12.25 | (0.51)<br>|  | (0.51)<br>| 45.47 | 36.58 | &nbsp;&nbsp; 359154 | 1.35 | 1.35 | 1.02 | 18 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 33.18 | 0.23 | 2.80 | 3.03 | (0.89)<br>| (2.10)<br>| (2.99)<br>| 33.22 | 10.33 | &nbsp;&nbsp; 3182 | 2.14 | 2.16 | 0.74 | 120 |
| Year ended 10/31/24 | 27.93 | 0.20 | 5.64 | 5.84 | (0.21)<br>| (0.38)<br>| (0.59)<br>| 33.18 | 21.01 | &nbsp;&nbsp; 4485 | 2.17 | 2.17 | 0.62 | 19 |
| Year ended 10/31/23 | 26.66 | 0.23 <br><sup>(d)</sup><br>| 3.27 | 3.50 |  | (2.23)<br>| (2.23)<br>| 27.93 | 13.33 | &nbsp;&nbsp; 5925 | 2.17 | 2.17 | 0.77 <br><sup>(d)</sup><br>| 17 |
| Year ended 10/31/22 | 42.22 | 0.18 | (12.24)<br>| (12.06)<br>| (0.67)<br>| (2.83)<br>| (3.50)<br>| 26.66 | (30.89)<br>| &nbsp;&nbsp; 8844 | 2.12 | 2.12 | 0.57 | 24 |
| Year ended 10/31/21 | 31.31 | 0.11 | 11.00 | 11.11 | (0.20)<br>|  | (0.20)<br>| 42.22 | 35.56 | &nbsp;&nbsp; 20596 | 2.10 | 2.10 | 0.27 | 18 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 36.21 | 0.43 | 3.07 | 3.50 | (1.10)<br>| (2.10)<br>| (3.20)<br>| 36.51 | 10.89 | &nbsp;&nbsp; 3998 | 1.63 | 1.66 | 1.25 | 120 |
| Year ended 10/31/24 | 30.46 | 0.40 | 6.15 | 6.55 | (0.42)<br>| (0.38)<br>| (0.80)<br>| 36.21 | 21.66 | &nbsp;&nbsp; 3717 | 1.67 | 1.67 | 1.12 | 19 |
| Year ended 10/31/23 | 28.76 | 0.41 <br><sup>(d)</sup><br>| 3.52 | 3.93 |  | (2.23)<br>| (2.23)<br>| 30.46 | 13.89 | &nbsp;&nbsp; 3571 | 1.67 | 1.67 | 1.27 <br><sup>(d)</sup><br>| 17 |
| Year ended 10/31/22 | 45.29 | 0.37 | (13.15)<br>| (12.78)<br>| (0.92)<br>| (2.83)<br>| (3.75)<br>| 28.76 | (30.53)<br>| &nbsp;&nbsp; 4661 | 1.62 | 1.62 | 1.07 | 24 |
| Year ended 10/31/21 | 33.59 | 0.33 | 11.78 | 12.11 | (0.41)<br>|  | (0.41)<br>| 45.29 | 36.25 | &nbsp;&nbsp; 7420 | 1.60 | 1.60 | 0.77 | 18 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 36.47 | 0.60 | 3.10 | 3.70 | (1.31)<br>| (2.10)<br>| (3.41)<br>| 36.76 | 11.47 | &nbsp;&nbsp; 80966 | 1.15 | 1.17 | 1.73 | 120 |
| Year ended 10/31/24 | 30.70 | 0.59 | 6.17 | 6.76 | (0.61)<br>| (0.38)<br>| (0.99)<br>| 36.47 | 22.22 | &nbsp;&nbsp; 116331 | 1.17 | 1.17 | 1.62 | 19 |
| Year ended 10/31/23 | 28.93 | 0.58 <br><sup>(d)</sup><br>| 3.53 | 4.11 | (0.11)<br>| (2.23)<br>| (2.34)<br>| 30.70 | 14.47 | &nbsp;&nbsp; 127534 | 1.17 | 1.17 | 1.77 <br><sup>(d)</sup><br>| 17 |
| Year ended 10/31/22 | 45.58 | 0.56 | (13.23)<br>| (12.67)<br>| (1.15)<br>| (2.83)<br>| (3.98)<br>| 28.93 | (30.21)<br>| &nbsp;&nbsp; 199354 | 1.12 | 1.12 | 1.57 | 24 |
| Year ended 10/31/21 | 33.81 | 0.54 | 11.84 | 12.38 | (0.61)<br>|  | (0.61)<br>| 45.58 | 36.93 | &nbsp;&nbsp; 628317 | 1.10 | 1.10 | 1.27 | 18 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year ended 10/31/25 | 36.30 | 0.56 | 3.06 | 3.62 | (1.24)<br>| (2.10)<br>| (3.34)<br>| 36.58 | 11.27 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 90001 | 1.29 <br><sup>(e)</sup><br>| 1.30 <br><sup>(e)</sup><br>| 1.59 <br><sup>(e)</sup><br>| 120 |
| Year ended 10/31/24 | 30.55 | 0.52 | 6.16 | 6.68 | (0.55)<br>| (0.38)<br>| (0.93)<br>| 36.30 | 22.07 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 90033 | 1.34 <br><sup>(e)</sup><br>| 1.34 <br><sup>(e)</sup><br>| 1.45 <br><sup>(e)</sup><br>| 19 |
| Year ended 10/31/23 | 28.78 | 0.52 <br><sup>(d)</sup><br>| 3.52 | 4.04 | (0.04)<br>| (2.23)<br>| (2.27)<br>| 30.55 | 14.29 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 83597 | 1.33 <br><sup>(e)</sup><br>| 1.33 <br><sup>(e)</sup><br>| 1.61 <br><sup>(d)(e)</sup><br>| 17 |
| Year ended 10/31/22 | 45.37 | 0.48 | (13.16)<br>| (12.68)<br>| (1.08)<br>| (2.83)<br>| (3.91)<br>| 28.78 | (30.33 )<sup>(e)</sup><br>| &nbsp;&nbsp; 80989 | 1.30 <br><sup>(e)</sup><br>| 1.30 <br><sup>(e)</sup><br>| 1.39 <br><sup>(e)</sup><br>| 24 |
| Year ended 10/31/21 | 33.65 | 0.48 | 11.79 | 12.27 | (0.55)<br>|  | (0.55)<br>| 45.37 | 36.73 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 128214 | 1.24 <br><sup>(e)</sup><br>| 1.24 <br><sup>(e)</sup><br>| 1.13 <br><sup>(e)</sup><br>| 18 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 36.45 | 0.73 | 2.99 | 3.72 | (1.36)<br>| (2.10)<br>| (3.46)<br>| 36.71 | 11.57 | &nbsp;&nbsp; 525594 | 0.88 | 0.92 | 2.00 | 120 |
| Year ended 10/31/24 | 30.68 | 0.64 | 6.17 | 6.81 | (0.66)<br>| (0.38)<br>| (1.04)<br>| 36.45 | 22.41 | &nbsp;&nbsp; 4222 | 1.04 | 1.04 | 1.75 | 19 |
| Year ended 10/31/23 | 28.93 | 0.62 <br><sup>(d)</sup><br>| 3.53 | 4.15 | (0.17)<br>| (2.23)<br>| (2.40)<br>| 30.68 | 14.63 | &nbsp;&nbsp; 2613 | 1.04 | 1.04 | 1.90 <br><sup>(d)</sup><br>| 17 |
| Year ended 10/31/22 | 45.58 | 0.60 | (13.22)<br>| (12.62)<br>| (1.20)<br>| (2.83)<br>| (4.03)<br>| 28.93 | (30.11)<br>| &nbsp;&nbsp; 3048 | 1.00 | 1.00 | 1.69 | 24 |
| Year ended 10/31/21 | 33.81 | 0.59 | 11.84 | 12.43 | (0.66)<br>|  | (0.66)<br>| 45.58 | 37.08 | &nbsp;&nbsp; 7026 | 0.98 | 0.98 | 1.39 | 18 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended October 31, 2023. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.29 and 0.91%, $0.03 and 0.16%, $0.21 and 0.66%, $0.38 and 1.16%, $0.32 and 1.00%, $0.42 and 1.29% for Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares, respectively. 

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.14%, 0.17%, 0.16%, 0.18% and 0.14% for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco International Value Fund**

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**Notes to Financial Statements**

*October 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco International Value Fund, formerly Invesco EQV European Equity Fund, (the "Fund") is a series portfolio of AIM International Mutual Funds (Invesco International Mutual 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 the Fund or each class.

The Fund's investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Investor Class and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Investor Class shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**8**

**Invesco International Value Fund**

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The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2025, the Fund received refunds in excess of the foreign tax paid during the year and has recorded the estimated liability as a reduction to income which is reflected as IRS closing agreement fees for foreign withholding tax claims on the Statement of Operations.

**G.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

**9**

**Invesco International Value Fund**

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overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2025, the Fund paid the Adviser fees for securities lending agent services, which were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**L.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**N.** **Other Risks** - The Economic and Monetary Union of the European Union (the "EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and recessions in an EU member country may have significant adverse effects on the economies of EU member countries. Responses to financial problems by EU countries may not produce the desired results, may limit future growth and economic recovery, may result in social unrest, or have other unintended consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. A number of countries in Eastern Europe remain relatively undeveloped and can be particularly sensitive to

**10**

**Invesco International Value Fund**

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political and economic developments. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU, such as the departure of the United Kingdom, referred to as "Brexit", could place the departing member's currency and banking system under severe stress or even in jeopardy. An exit by other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; lack of publicly available information; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China's dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.

The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. In addition, export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has recently imposed tariffs on the other country's products. Further, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

The Fund's Japanese investments may be adversely affected by protectionist trade policies, slow economic activity worldwide, dependence on exports and international trade, increasing competition from Asia's other low-cost emerging economies, political and social instability, regional and global conflicts and natural disasters, as well as by commodity markets fluctuations related to Japan's limited natural resource supply. The Japanese economy also faces several other concerns, including a financial system with large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major corporations, a changing corporate governance structure, and large government deficits.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.850% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.825% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.785% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.760% |

---

Prior to August 22, 2025, the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.935% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.910% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.885% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.860% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.835% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.810% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.785% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.760% |

---

For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.89%.

**11**

**Invesco International Value Fund**

------

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective August 22, 2025, the Adviser has contractually agreed, through at least August 31, 2027, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares to 1.11%, 1.86%, 1.36%, 0.86%, 1.11% and 0.86%, respectively, of the Fund's average daily net assets (the "expense limits"). Prior to August 22, 2025, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.25% and 2.00%, respectively, of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on August 31, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended October 31, 2025, the Adviser waived advisory fees of $20,245 and reimbursed class level expenses of $57,642, $880, $23,229, $1,030, $21,244 and $31,382 of Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C, Class R, Investor Class shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2025, IDI advised the Fund that IDI retained $15,888 in front-end sales commissions from the sale of Class A shares and $4,065 and $382 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2025, the Fund incurred $238 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**12**

**Invesco International Value Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $34786716 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $34786716 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34754070 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34754070 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17951017 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17951017 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 39904745 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39904745 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65469160 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65469160 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7695550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7695550 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16815774 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16815774 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45225611 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45225611 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96361968 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96361968 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28818529 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28818529 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 46913283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46913283 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58805512 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58805512 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153375319 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153375319 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47240597 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47240597 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16066794 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16066794 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; 27708305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27708305 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50077095 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50077095 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10701629 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10701629 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39451864 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39451864 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72726794 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72726794 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9601642 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9601642 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 2589705 | &nbsp;&nbsp;&nbsp;&nbsp; 82170259 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84759964 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $117116038 | &nbsp;&nbsp;&nbsp;&nbsp; $888095900 | &nbsp;&nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp;&nbsp; $1005211949 |

---

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $19,200.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $16097806 | &nbsp;&nbsp;&nbsp;&nbsp; $7637013 |
| Long-term capital gain | &nbsp;&nbsp; 23613263 | &nbsp;&nbsp;&nbsp;&nbsp; 5290137 |
| Total distributions | &nbsp;&nbsp; $39711069 | &nbsp;&nbsp;&nbsp;&nbsp; $12927150 |

---

\* Includes short-term capital gain distributions, if any.

**13**

**Invesco International Value Fund**

------

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $22839819 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 119069265 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 11927040 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 107116 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (109305)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 773802165 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $927636100 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and passive foreign investment companies.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of October 31, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $1,067,215,492 and $635,576,840, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $49759630 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (37832590)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $11927040 |

---

Cost of investments for tax purposes is $993,284,909.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of passive foreign investment companies and equalization, on October 31, 2025, undistributed net investment income was increased by $21,130,309, undistributed net realized gain was decreased by $26,503,311 and shares of beneficial interest was increased by $5,373,002. This reclassification had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 275702 | &nbsp;&nbsp;&nbsp; $9469559 | &nbsp;&nbsp;&nbsp; 165162 | &nbsp;&nbsp;&nbsp; $5955059 |
| Class C | &nbsp;&nbsp;&nbsp; 16867 | &nbsp;&nbsp;&nbsp; 526278 | &nbsp;&nbsp;&nbsp; 13049 | &nbsp;&nbsp;&nbsp; 426052 |
| Class R | &nbsp;&nbsp;&nbsp; 22628 | &nbsp;&nbsp;&nbsp; 786835 | &nbsp;&nbsp;&nbsp; 15331 | &nbsp;&nbsp;&nbsp; 549456 |
| Class Y | &nbsp;&nbsp;&nbsp; 275813 | &nbsp;&nbsp;&nbsp; 9420956 | &nbsp;&nbsp;&nbsp; 233740 | &nbsp;&nbsp;&nbsp; 8567444 |
| Investor Class | &nbsp;&nbsp;&nbsp; 35549 | &nbsp;&nbsp;&nbsp; 1202387 | &nbsp;&nbsp;&nbsp; 22351 | &nbsp;&nbsp;&nbsp; 796780 |
| Class R6 | &nbsp;&nbsp;&nbsp; 14444309 | &nbsp;&nbsp;&nbsp; 523181448 | &nbsp;&nbsp;&nbsp; 53803 | &nbsp;&nbsp;&nbsp; 2007359 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 561721 | &nbsp;&nbsp;&nbsp; 18098583 | &nbsp;&nbsp;&nbsp; 162551 | &nbsp;&nbsp;&nbsp; 5567362 |
| Class C | &nbsp;&nbsp;&nbsp; 12629 | &nbsp;&nbsp;&nbsp; 370794 | &nbsp;&nbsp;&nbsp; 3362 | &nbsp;&nbsp;&nbsp; 105643 |
| Class R | &nbsp;&nbsp;&nbsp; 9889 | &nbsp;&nbsp;&nbsp; 317618 | &nbsp;&nbsp;&nbsp; 2691 | &nbsp;&nbsp;&nbsp; 91856 |
| Class Y | &nbsp;&nbsp;&nbsp; 189409 | &nbsp;&nbsp;&nbsp; 6098966 | &nbsp;&nbsp;&nbsp; 66546 | &nbsp;&nbsp;&nbsp; 2277871 |
| Investor Class | &nbsp;&nbsp;&nbsp; 224572 | &nbsp;&nbsp;&nbsp; 7204280 | &nbsp;&nbsp;&nbsp; 65158 | &nbsp;&nbsp;&nbsp; 2223201 |
| Class R6 | &nbsp;&nbsp;&nbsp; 11688 | &nbsp;&nbsp;&nbsp; 375521 | &nbsp;&nbsp;&nbsp; 2206 | &nbsp;&nbsp;&nbsp; 75388 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 27940 | &nbsp;&nbsp;&nbsp; 978493 | &nbsp;&nbsp;&nbsp; 46553 | &nbsp;&nbsp;&nbsp; 1673903 |
| Class C | &nbsp;&nbsp;&nbsp; (30772)<br>| &nbsp;&nbsp;&nbsp; (978493)<br>| &nbsp;&nbsp;&nbsp; (50897)<br>| &nbsp;&nbsp;&nbsp; (1673903)<br>|

---

**14**

**Invesco International Value Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1149410)<br>| &nbsp;&nbsp;&nbsp; $(39602953)<br>| &nbsp;&nbsp;&nbsp; (1082151)<br>| &nbsp;&nbsp;&nbsp; $(38981419)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (38109)<br>| &nbsp;&nbsp;&nbsp; (1190040)<br>| &nbsp;&nbsp;&nbsp; (42497)<br>| &nbsp;&nbsp;&nbsp; (1380479)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (25645)<br>| &nbsp;&nbsp;&nbsp; (887244)<br>| &nbsp;&nbsp;&nbsp; (32604)<br>| &nbsp;&nbsp;&nbsp; (1202200)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1451767)<br>| &nbsp;&nbsp;&nbsp; (50679630)<br>| &nbsp;&nbsp;&nbsp; (1265408)<br>| &nbsp;&nbsp;&nbsp; (45314516)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (280263)<br>| &nbsp;&nbsp;&nbsp; (9575931)<br>| &nbsp;&nbsp;&nbsp; (343057)<br>| &nbsp;&nbsp;&nbsp; (12359885)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (255301)<br>| &nbsp;&nbsp;&nbsp; (9197751)<br>| &nbsp;&nbsp;&nbsp; (25362)<br>| &nbsp;&nbsp;&nbsp; (915572)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 12877449 | &nbsp;&nbsp;&nbsp; $465919676 | &nbsp;&nbsp;&nbsp; (1989473)<br>| &nbsp;&nbsp;&nbsp; $(71510600)<br>|

---

<sup>(a)</sup> 56% of the outstanding shares of the Fund are owned by the Adviser.

**15**

**Invesco International Value Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco International Value Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco International Value Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**16**

**Invesco International Value Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco International Value Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI Europe Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and five year periods and the fourth quintile for the three year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund's underperformance relative to its peers was attributable to its smaller market cap profile relative to peers, as well as stock selection in certain sectors, and that the Fund's long-term performance continued to be negatively impacted by Russian exposure. The

**17**

**Invesco International Value Fund**

------

Board considered information provided by management in response to follow-up questions from the Board regarding management's plans to improve the performance of the Fund. The Board noted Invesco's restructuring of its fundamental equity platform to create a unified global platform in an effort to drive improved Fund performance. The Board considered that as part of such restructuring, the Fund's portfolio management team would be changed effective June 23, 2025 and the Fund also would be repositioned to an international value strategy effective on or about August 22, 2025. The Board further considered that as part of the repositioning, the Fund's investment strategy, investable universe, investment process and benchmark indices would be changed, and the Fund would be renamed "Invesco International Value Fund." The Board received and evaluated information from management regarding the estimated portfolio turnover and related transaction costs, as well as the estimated tax impact, associated with such changes. The Board also received and reviewed information provided by management comparing the risk-adjusted returns and other metrics of the Fund's current Broadridge performance universe to the performance universe associated with the new strategy. The Board considered information provided and discussed by management regarding the strength and track record of the new portfolio management team. The Board considered management's rationale for the changes, as well as management's views regarding how the changes could benefit Fund shareholders. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were reasonably comparable to and above, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's actual management fees were in the fifth quintile of its expense group and discussed with management reasons for such actual management fees. The independent Trustees reviewed and considered

additional information provided by management, including with respect to the Fund's actual management fees relative to peers and the additional management resources and costs required for the Fund's significant (and greater relative to peers) small cap holdings. The Board considered limitations with regard to the Fund's expense group, in particular that the expense group does not differentiate by capitalization weighting. The Board also considered information provided by management regarding how the Fund's actual and contractual management fees compare to other similar funds not included in the expense group. The Board considered that in connection with the repositioning of the Fund to an international value strategy discussed above, the Fund's contractual management fee schedule would be reduced at all breakpoint levels effective on or about August 22, 2025. In considering the changes to the Fund's management fee schedule, the Board received and reviewed information provided by management comparing the Fund's anticipated expense information to that of other international value funds, as determined by a third-party data provider, which category of funds management believed was representative of the Fund's new expense group.

The Board noted that Invesco Advisers had voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund. The Board further noted that, effective on or about August 22, 2025 in connection with the Fund's repositioning discussed above, Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for at least one year in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated

measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

**18**

**Invesco International Value 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. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for

executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**19**

**Invesco International Value Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Federal and State Income Tax** |  |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $28986263 |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 59.05% |  |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |  |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |  |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |  |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |  |
| Foreign Taxes | &nbsp;&nbsp; $0.0332 | &nbsp;&nbsp; per share |
| Foreign Source Income | &nbsp;&nbsp; $0.6263 | &nbsp;&nbsp; per share |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $1378982 |

---

**20**

**Invesco International Value Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**21**

**Invesco International Value Fund**

------

![](img3344e5c81.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

EGR-NCSR

------

![](img448689331.jpg)

------

**Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco MSCI World SRI Index Fund**

Nasdaq:

A: VSQAX ■ C: VSQCX ■ R: VSQRX ■ Y: VSQYX ■ R5: VSQFX ■ R6: VSQSX

------

---

| | |
|:---|:---|
| [2](#xx_ff3a86cd-be48-4db2-8411-532bde32c9b9_SOI-Continued-131_1) | Schedule of Investments |
| [7](#xx_ff3a86cd-be48-4db2-8411-532bde32c9b9_FS-Continued-131_1) | Financial Statements |
| [10](#xx_ff3a86cd-be48-4db2-8411-532bde32c9b9_FS-Continued-131_4) | Financial Highlights |
| [11](#xx_ff3a86cd-be48-4db2-8411-532bde32c9b9_NTF-Continued-131_1) | Notes to Financial Statements |
| [19](#xx_ff3a86cd-be48-4db2-8411-532bde32c9b9_ARS-Continued-131_1) | Report of Independent Registered Public Accounting Firm |
| [20](#xx_ff3a86cd-be48-4db2-8411-532bde32c9b9_AOC-Continued-131_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [23](#xx_ff3a86cd-be48-4db2-8411-532bde32c9b9_TI-Continued-131_1) | Tax Information |
| [24](#xx_ff3a86cd-be48-4db2-8411-532bde32c9b9_OIRSR-Continued-131_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–96.58%** | **Common Stocks & Other Equity Interests–96.58%** | **Common Stocks & Other Equity Interests–96.58%** |
| **Australia–1.42%** | **Australia–1.42%** | **Australia–1.42%** |
| ASX Ltd. | 53 | &nbsp;&nbsp; $1955 |
| BlueScope Steel Ltd. | 214 | &nbsp;&nbsp; 3202 |
| Brambles Ltd. | 565 | &nbsp;&nbsp; 9181 |
| Cochlear Ltd. | 24 | &nbsp;&nbsp; 4506 |
| CSL Ltd. | 197 | &nbsp;&nbsp; 22958 |
| Evolution Mining Ltd. | 544 | &nbsp;&nbsp; 3850 |
| Goodman Group | 881 | &nbsp;&nbsp; 19002 |
| James Hardie Industries PLC, CDI<sup>(a)</sup>  | 159 | &nbsp;&nbsp; 3349 |
| Northern Star Resources Ltd. | 425 | &nbsp;&nbsp; 6853 |
| QBE Insurance Group Ltd. | 666 | &nbsp;&nbsp; 8641 |
| Suncorp Group Ltd. | 353 | &nbsp;&nbsp; 4531 |
| Transurban Group | 1380 | &nbsp;&nbsp; 13057 |
| WiseTech Global Ltd. | 93 | &nbsp;&nbsp; 4194 |
|  |  | &nbsp;&nbsp; 105279 |
| **Austria–0.04%** | **Austria–0.04%** | **Austria–0.04%** |
| Verbund AG | 41 | &nbsp;&nbsp; 3164 |
| **Belgium–0.25%** | **Belgium–0.25%** | **Belgium–0.25%** |
| Ageas S.A./N.V. | 85 | &nbsp;&nbsp; 5625 |
| KBC Group N.V. | 107 | &nbsp;&nbsp; 12873 |
|  |  | &nbsp;&nbsp; 18498 |
| **Canada–3.20%** | **Canada–3.20%** | **Canada–3.20%** |
| Agnico Eagle Mines Ltd. | 156 | &nbsp;&nbsp; 25090 |
| Bank of Nova Scotia (The) | 376 | &nbsp;&nbsp; 24661 |
| Canadian Tire Corp. Ltd., Class A | 31 | &nbsp;&nbsp; 3555 |
| CGI, Inc., Class A | 66 | &nbsp;&nbsp; 5744 |
| Dollarama, Inc. | 135 | &nbsp;&nbsp; 17548 |
| Fortis, Inc. | 237 | &nbsp;&nbsp; 11913 |
| Metro, Inc. | 56 | &nbsp;&nbsp; 3733 |
| National Bank of Canada | 188 | &nbsp;&nbsp; 21004 |
| RB Global, Inc. | 61 | &nbsp;&nbsp; 6052 |
| Saputo, Inc. | 142 | &nbsp;&nbsp; 3431 |
| Shopify, Inc., Class A<sup>(a)</sup>  | 217 | &nbsp;&nbsp; 37729 |
| Sun Life Financial, Inc. | 287 | &nbsp;&nbsp; 17457 |
| TELUS Corp. | 186 | &nbsp;&nbsp; 2720 |
| Thomson Reuters Corp. | 43 | &nbsp;&nbsp; 6587 |
| Toronto-Dominion Bank (The) | 359 | &nbsp;&nbsp; 29477 |
| Wheaton Precious Metals Corp. | 154 | &nbsp;&nbsp; 14872 |
| WSP Global, Inc. | 31 | &nbsp;&nbsp; 5927 |
|  |  | &nbsp;&nbsp; 237500 |
| **Denmark–1.42%** | **Denmark–1.42%** | **Denmark–1.42%** |
| DSV A/S | 86 | &nbsp;&nbsp; 18353 |
| Genmab A/S<sup>(a)</sup>  | 15 | &nbsp;&nbsp; 4278 |
| Novo Nordisk A/S, Class B | 1255 | &nbsp;&nbsp; 61786 |
| Novonesis (Novozymes) B, Class B | 155 | &nbsp;&nbsp; 9263 |
| Pandora A/S | 32 | &nbsp;&nbsp; 4282 |
| Vestas Wind Systems A/S | 371 | &nbsp;&nbsp; 7588 |
|  |  | &nbsp;&nbsp; 105550 |
| **Finland–0.42%** | **Finland–0.42%** | **Finland–0.42%** |
| Elisa OYJ | 58 | &nbsp;&nbsp; 2556 |
| Kesko OYJ, Class B | 132 | &nbsp;&nbsp; 2785 |
| Kone OYJ, Class B | 124 | &nbsp;&nbsp; 8285 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Finland–(continued)** | **Finland–(continued)** | **Finland–(continued)** |
| Sampo OYJ | 782 | &nbsp;&nbsp; $8716 |
| Stora Enso OYJ, Class R | 335 | &nbsp;&nbsp; 3901 |
| UPM-Kymmene OYJ | 188 | &nbsp;&nbsp; 5044 |
|  |  | &nbsp;&nbsp; 31287 |
| **France–2.46%** | **France–2.46%** | **France–2.46%** |
| AXA S.A. | 737 | &nbsp;&nbsp; 31977 |
| Cie Generale des Etablissements Michelin S.C.A. | 326 | &nbsp;&nbsp; 10414 |
| Credit Agricole S.A. | 456 | &nbsp;&nbsp; 8231 |
| Danone S.A. | 276 | &nbsp;&nbsp; 24375 |
| Hermes International S.C.A. | 13 | &nbsp;&nbsp; 32168 |
| Publicis Groupe S.A. | 100 | &nbsp;&nbsp; 10023 |
| Rexel S.A. | 103 | &nbsp;&nbsp; 3572 |
| Schneider Electric SE | 218 | &nbsp;&nbsp; 62115 |
|  |  | &nbsp;&nbsp; 182875 |
| **Germany–0.86%** | **Germany–0.86%** | **Germany–0.86%** |
| adidas AG | 85 | &nbsp;&nbsp; 16072 |
| Deutsche Boerse AG | 82 | &nbsp;&nbsp; 20766 |
| Fresenius SE & Co. KGaA | 124 | &nbsp;&nbsp; 7135 |
| GEA Group AG | 47 | &nbsp;&nbsp; 3362 |
| Henkel AG & Co. KGaA, Preference Shares | 101 | &nbsp;&nbsp; 8182 |
| LEG Immobilien SE | 30 | &nbsp;&nbsp; 2286 |
| Merck KGaA | 47 | &nbsp;&nbsp; 6157 |
|  |  | &nbsp;&nbsp; 63960 |
| **Hong Kong–0.60%** | **Hong Kong–0.60%** | **Hong Kong–0.60%** |
| AIA Group Ltd. | 4200 | &nbsp;&nbsp; 40869 |
| MTR Corp. Ltd. | 1000 | &nbsp;&nbsp; 3669 |
|  |  | &nbsp;&nbsp; 44538 |
| **Ireland–0.07%** | **Ireland–0.07%** | **Ireland–0.07%** |
| Kerry Group PLC, Class A | 55 | &nbsp;&nbsp; 5017 |
| **Italy–0.61%** | **Italy–0.61%** | **Italy–0.61%** |
| Assicurazioni Generali S.p.A. | 439 | &nbsp;&nbsp; 16900 |
| FinecoBank Banca Fineco S.p.A. | 238 | &nbsp;&nbsp; 5446 |
| Mediobanca Banca di Credito Finanziario S.p.A. | 296 | &nbsp;&nbsp; 5657 |
| Moncler S.p.A. | 84 | &nbsp;&nbsp; 5039 |
| Poste Italiane S.p.A.<sup>(b)</sup>  | 309 | &nbsp;&nbsp; 7450 |
| Terna S.p.A. | 484 | &nbsp;&nbsp; 4963 |
|  |  | &nbsp;&nbsp; 45455 |
| **Japan–6.46%** | **Japan–6.46%** | **Japan–6.46%** |
| Ajinomoto Co., Inc. | 300 | &nbsp;&nbsp; 8509 |
| Asahi Kasei Corp. | 300 | &nbsp;&nbsp; 2299 |
| Bridgestone Corp. | 200 | &nbsp;&nbsp; 8731 |
| Daiwa Securities Group, Inc. | 400 | &nbsp;&nbsp; 3078 |
| FANUC Corp. | 300 | &nbsp;&nbsp; 10011 |
| Fujitsu Ltd. | 800 | &nbsp;&nbsp; 20848 |
| Hitachi Ltd. | 1600 | &nbsp;&nbsp; 54654 |
| Hoya Corp. | 100 | &nbsp;&nbsp; 16243 |
| JFE Holdings, Inc. | 300 | &nbsp;&nbsp; 3438 |
| Kao Corp. | 200 | &nbsp;&nbsp; 8464 |
| KDDI Corp. | 1200 | &nbsp;&nbsp; 19128 |
| LY Corp. | 1300 | &nbsp;&nbsp; 3820 |
| MatsukiyoCocokara & Co. | 200 | &nbsp;&nbsp; 3624 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco MSCI World SRI Index Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Japan–(continued)** | **Japan–(continued)** | **Japan–(continued)** |
| Mitsubishi Chemical Group Corp. | 600 | &nbsp;&nbsp; $3134 |
| Mitsubishi Estate Co. Ltd. | 500 | &nbsp;&nbsp; 10596 |
| Nitto Denko Corp. | 300 | &nbsp;&nbsp; 7472 |
| Nomura Research Institute Ltd. | 200 | &nbsp;&nbsp; 7723 |
| Oriental Land Co. Ltd. | 500 | &nbsp;&nbsp; 10119 |
| ORIX Corp. | 500 | &nbsp;&nbsp; 12231 |
| Pan Pacific International Holdings Corp. | 1000 | &nbsp;&nbsp; 5949 |
| Rakuten Group, Inc.<sup>(a)</sup>  | 600 | &nbsp;&nbsp; 3925 |
| Recruit Holdings Co. Ltd. | 600 | &nbsp;&nbsp; 29753 |
| Secom Co. Ltd. | 200 | &nbsp;&nbsp; 6761 |
| Sekisui House Ltd. | 200 | &nbsp;&nbsp; 4291 |
| SG Holdings Co. Ltd. | 300 | &nbsp;&nbsp; 2757 |
| Shiseido Co. Ltd. | 200 | &nbsp;&nbsp; 3369 |
| SoftBank Corp. | 12100 | &nbsp;&nbsp; 17194 |
| Sompo Holdings, Inc. | 300 | &nbsp;&nbsp; 9143 |
| Sony Financial Group, Inc.<sup>(a)</sup>  | 1800 | &nbsp;&nbsp; 1815 |
| Sony Group Corp. | 1800 | &nbsp;&nbsp; 50129 |
| Sumitomo Metal Mining Co. Ltd. | 100 | &nbsp;&nbsp; 3271 |
| Sumitomo Mitsui Financial Group, Inc. | 1400 | &nbsp;&nbsp; 37903 |
| Sysmex Corp. | 200 | &nbsp;&nbsp; 2230 |
| T&D Holdings, Inc. | 200 | &nbsp;&nbsp; 4295 |
| Tokio Marine Holdings, Inc. | 700 | &nbsp;&nbsp; 26105 |
| Tokyo Electron Ltd. | 200 | &nbsp;&nbsp; 44094 |
| Toray Industries, Inc. | 600 | &nbsp;&nbsp; 3674 |
| Unicharm Corp. | 500 | &nbsp;&nbsp; 3094 |
| Yamaha Motor Co. Ltd. | 300 | &nbsp;&nbsp; 2161 |
| Yokohama Financial Group, Inc. | 500 | &nbsp;&nbsp; 3632 |
|  |  | &nbsp;&nbsp; 479667 |
| **Netherlands–3.23%** | **Netherlands–3.23%** | **Netherlands–3.23%** |
| Akzo Nobel N.V. | 79 | &nbsp;&nbsp; 5221 |
| argenx SE<sup>(a)</sup>  | 21 | &nbsp;&nbsp; 17152 |
| ASML Holding N.V. | 121 | &nbsp;&nbsp; 127934 |
| Koninklijke Ahold Delhaize N.V. | 319 | &nbsp;&nbsp; 13053 |
| Koninklijke KPN N.V. | 1246 | &nbsp;&nbsp; 5766 |
| NXP Semiconductors N.V. | 101 | &nbsp;&nbsp; 21121 |
| Prosus N.V.<sup>(a)</sup>  | 538 | &nbsp;&nbsp; 37186 |
| Wolters Kluwer N.V. | 105 | &nbsp;&nbsp; 12871 |
|  |  | &nbsp;&nbsp; 240304 |
| **New Zealand–0.04%** | **New Zealand–0.04%** | **New Zealand–0.04%** |
| Meridian Energy Ltd. | 903 | &nbsp;&nbsp; 3057 |
| **Norway–0.24%** | **Norway–0.24%** | **Norway–0.24%** |
| DNB Bank ASA | 337 | &nbsp;&nbsp; 8602 |
| Mowi ASA | 172 | &nbsp;&nbsp; 3781 |
| Orkla ASA | 280 | &nbsp;&nbsp; 2844 |
| Telenor ASA | 186 | &nbsp;&nbsp; 2766 |
|  |  | &nbsp;&nbsp; 17993 |
| **Singapore–0.04%** | **Singapore–0.04%** | **Singapore–0.04%** |
| CapitaLand Investment Ltd. | 1400 | &nbsp;&nbsp; 2837 |
| **Spain–0.35%** | **Spain–0.35%** | **Spain–0.35%** |
| Amadeus IT Group S.A. | 216 | &nbsp;&nbsp; 16511 |
| Cellnex Telecom S.A.<sup>(b)</sup>  | 225 | &nbsp;&nbsp; 7005 |
| Redeia Corp. S.A. | 122 | &nbsp;&nbsp; 2196 |
|  |  | &nbsp;&nbsp; 25712 |
| **Sweden–0.57%** | **Sweden–0.57%** | **Sweden–0.57%** |
| Boliden AB<sup>(a)</sup>  | 92 | &nbsp;&nbsp; 4126 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Sweden–(continued)** | **Sweden–(continued)** | **Sweden–(continued)** |
| EQT AB | 107 | &nbsp;&nbsp; $3698 |
| Essity AB, Class B | 214 | &nbsp;&nbsp; 5878 |
| Sandvik AB | 299 | &nbsp;&nbsp; 9042 |
| Svenska Cellulosa AB S.C.A., Class B | 159 | &nbsp;&nbsp; 2118 |
| Svenska Handelsbanken AB, Class A | 576 | &nbsp;&nbsp; 7516 |
| Tele2 AB, Class B | 346 | &nbsp;&nbsp; 5496 |
| Telia Co. AB | 1235 | &nbsp;&nbsp; 4862 |
|  |  | &nbsp;&nbsp; 42736 |
| **Switzerland–2.34%** | **Switzerland–2.34%** | **Switzerland–2.34%** |
| ABB Ltd. | 632 | &nbsp;&nbsp; 46988 |
| DSM-Firmenich AG | 90 | &nbsp;&nbsp; 7336 |
| Givaudan S.A. | 4 | &nbsp;&nbsp; 16387 |
| Julius Baer Group Ltd. | 53 | &nbsp;&nbsp; 3578 |
| Kuehne + Nagel International AG, Class R | 22 | &nbsp;&nbsp; 4221 |
| Lonza Group AG | 34 | &nbsp;&nbsp; 23478 |
| SGS S.A. | 59 | &nbsp;&nbsp; 6653 |
| SIG Group AG<sup>(a)</sup>  | 145 | &nbsp;&nbsp; 1621 |
| Sika AG | 52 | &nbsp;&nbsp; 10191 |
| Sonova Holding AG, Class A | 19 | &nbsp;&nbsp; 5183 |
| Straumann Holding AG<sup>(a)</sup>  | 25 | &nbsp;&nbsp; 3142 |
| VAT Group AG<sup>(b)</sup>  | 8 | &nbsp;&nbsp; 3496 |
| Zurich Insurance Group AG | 60 | &nbsp;&nbsp; 41728 |
|  |  | &nbsp;&nbsp; 174002 |
| **United Kingdom–3.13%** | **United Kingdom–3.13%** | **United Kingdom–3.13%** |
| 3i Group PLC | 423 | &nbsp;&nbsp; 24479 |
| Admiral Group PLC | 69 | &nbsp;&nbsp; 2971 |
| Auto Trader Group PLC<sup>(b)</sup>  | 289 | &nbsp;&nbsp; 2965 |
| Barratt Redrow PLC | 464 | &nbsp;&nbsp; 2296 |
| DCC PLC | 45 | &nbsp;&nbsp; 2965 |
| Informa PLC | 372 | &nbsp;&nbsp; 4737 |
| Intertek Group PLC | 34 | &nbsp;&nbsp; 2265 |
| J Sainsbury PLC | 611 | &nbsp;&nbsp; 2743 |
| Kingfisher PLC | 1023 | &nbsp;&nbsp; 4149 |
| Land Securities Group PLC | 362 | &nbsp;&nbsp; 2958 |
| Legal & General Group PLC | 2286 | &nbsp;&nbsp; 7144 |
| London Stock Exchange Group PLC | 196 | &nbsp;&nbsp; 24427 |
| M&G PLC | 1189 | &nbsp;&nbsp; 4117 |
| National Grid PLC | 2050 | &nbsp;&nbsp; 30738 |
| Pearson PLC | 204 | &nbsp;&nbsp; 2839 |
| RELX PLC | 759 | &nbsp;&nbsp; 33545 |
| Schroders PLC | 825 | &nbsp;&nbsp; 4117 |
| Segro PLC | 312 | &nbsp;&nbsp; 2863 |
| SSE PLC | 459 | &nbsp;&nbsp; 11563 |
| Unilever PLC | 971 | &nbsp;&nbsp; 58264 |
|  |  | &nbsp;&nbsp; 232145 |
| **United States–68.83%** | **United States–68.83%** | **United States–68.83%** |
| Adobe, Inc.<sup>(a)</sup>  | 169 | &nbsp;&nbsp; 57512 |
| Advanced Micro Devices, Inc.<sup>(a)</sup>  | 621 | &nbsp;&nbsp; 159051 |
| Agilent Technologies, Inc. | 123 | &nbsp;&nbsp; 18002 |
| Akamai Technologies, Inc.<sup>(a)</sup>  | 41 | &nbsp;&nbsp; 3079 |
| Alcon AG | 169 | &nbsp;&nbsp; 12596 |
| Allegion PLC | 25 | &nbsp;&nbsp; 4144 |
| American Express Co. | 221 | &nbsp;&nbsp; 79721 |
| American Tower Corp. | 189 | &nbsp;&nbsp; 33827 |
| American Water Works Co., Inc. | 72 | &nbsp;&nbsp; 9247 |
| Ameriprise Financial, Inc. | 43 | &nbsp;&nbsp; 19469 |
| Amgen, Inc. | 212 | &nbsp;&nbsp; 63267 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco MSCI World SRI Index Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Analog Devices, Inc. | 190 | &nbsp;&nbsp; $44485 |
| Annaly Capital Management, Inc. | 125 | &nbsp;&nbsp; 2646 |
| Applied Materials, Inc. | 317 | &nbsp;&nbsp; 73893 |
| Aptiv PLC<sup>(a)</sup>  | 100 | &nbsp;&nbsp; 8110 |
| Atlassian Corp., Class A<sup>(a)</sup>  | 55 | &nbsp;&nbsp; 9318 |
| Autodesk, Inc.<sup>(a)</sup>  | 92 | &nbsp;&nbsp; 27723 |
| Automatic Data Processing, Inc. | 165 | &nbsp;&nbsp; 42950 |
| Axon Enterprise, Inc.<sup>(a)</sup>  | 30 | &nbsp;&nbsp; 21967 |
| Ball Corp. | 116 | &nbsp;&nbsp; 5452 |
| Bank of New York Mellon Corp. (The) | 300 | &nbsp;&nbsp; 32379 |
| Best Buy Co., Inc. | 66 | &nbsp;&nbsp; 5421 |
| Biogen, Inc.<sup>(a)</sup>  | 53 | &nbsp;&nbsp; 8176 |
| BlackRock, Inc. | 58 | &nbsp;&nbsp; 62803 |
| Booking Holdings, Inc. | 13 | &nbsp;&nbsp; 66011 |
| Broadridge Financial Solutions, Inc. | 43 | &nbsp;&nbsp; 9477 |
| Bunge Global S.A. | 38 | &nbsp;&nbsp; 3595 |
| C.H. Robinson Worldwide, Inc. | 39 | &nbsp;&nbsp; 6006 |
| Cadence Design Systems, Inc.<sup>(a)</sup>  | 103 | &nbsp;&nbsp; 34885 |
| Carrier Global Corp. | 353 | &nbsp;&nbsp; 21000 |
| Centene Corp.<sup>(a)</sup>  | 174 | &nbsp;&nbsp; 6154 |
| Church & Dwight Co., Inc. | 93 | &nbsp;&nbsp; 8155 |
| Cigna Group (The) | 111 | &nbsp;&nbsp; 27130 |
| Clorox Co. (The) | 45 | &nbsp;&nbsp; 5061 |
| CMS Energy Corp. | 107 | &nbsp;&nbsp; 7870 |
| CNH Industrial N.V. | 299 | &nbsp;&nbsp; 3137 |
| Coca-Cola Co. (The) | 1571 | &nbsp;&nbsp; 108242 |
| Consolidated Edison, Inc. | 132 | &nbsp;&nbsp; 12858 |
| Cooper Cos., Inc. (The)<sup>(a)</sup>  | 72 | &nbsp;&nbsp; 5034 |
| CRH PLC | 238 | &nbsp;&nbsp; 28346 |
| Crown Castle, Inc. | 145 | &nbsp;&nbsp; 13082 |
| Cummins, Inc. | 52 | &nbsp;&nbsp; 22759 |
| D.R. Horton, Inc. | 132 | &nbsp;&nbsp; 19679 |
| Danaher Corp. | 257 | &nbsp;&nbsp; 55353 |
| DaVita, Inc.<sup>(a)</sup>  | 27 | &nbsp;&nbsp; 3214 |
| Deckers Outdoor Corp.<sup>(a)</sup>  | 57 | &nbsp;&nbsp; 4646 |
| Dick's Sporting Goods, Inc. | 16 | &nbsp;&nbsp; 3543 |
| Digital Realty Trust, Inc. | 122 | &nbsp;&nbsp; 20790 |
| DocuSign, Inc.<sup>(a)</sup>  | 38 | &nbsp;&nbsp; 2779 |
| Dover Corp. | 51 | &nbsp;&nbsp; 9254 |
| Dynatrace, Inc.<sup>(a)</sup>  | 58 | &nbsp;&nbsp; 2933 |
| eBay, Inc. | 142 | &nbsp;&nbsp; 11546 |
| Ecolab, Inc. | 108 | &nbsp;&nbsp; 27691 |
| Edwards Lifesciences Corp.<sup>(a)</sup>  | 284 | &nbsp;&nbsp; 23416 |
| Electronic Arts, Inc. | 109 | &nbsp;&nbsp; 21807 |
| Elevance Health, Inc. | 90 | &nbsp;&nbsp; 28548 |
| EMCOR Group, Inc. | 12 | &nbsp;&nbsp; 8109 |
| Equinix, Inc. | 39 | &nbsp;&nbsp; 32994 |
| Essential Utilities, Inc. | 82 | &nbsp;&nbsp; 3200 |
| Eversource Energy | 126 | &nbsp;&nbsp; 9300 |
| Exelon Corp. | 377 | &nbsp;&nbsp; 17387 |
| Expeditors International of Washington, Inc. | 47 | &nbsp;&nbsp; 5729 |
| F5, Inc.<sup>(a)</sup>  | 11 | &nbsp;&nbsp; 2784 |
| FactSet Research Systems, Inc. | 11 | &nbsp;&nbsp; 2935 |
| Fair Isaac Corp.<sup>(a)</sup>  | 8 | &nbsp;&nbsp; 13276 |
| Ferguson Enterprises, Inc. | 85 | &nbsp;&nbsp; 21123 |
| Fidelity National Information Services, Inc. | 249 | &nbsp;&nbsp; 15567 |
| First Solar, Inc.<sup>(a)</sup>  | 41 | &nbsp;&nbsp; 10945 |
| Fiserv, Inc.<sup>(a)</sup>  | 236 | &nbsp;&nbsp; 15739 |
| Fortive Corp. | 127 | &nbsp;&nbsp; 6393 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Fox Corp., Class A | 105 | &nbsp;&nbsp; $6788 |
| Gartner, Inc.<sup>(a)</sup>  | 21 | &nbsp;&nbsp; 5215 |
| General Mills, Inc. | 208 | &nbsp;&nbsp; 9695 |
| Genuine Parts Co. | 27 | &nbsp;&nbsp; 3437 |
| Gilead Sciences, Inc. | 495 | &nbsp;&nbsp; 59296 |
| GoDaddy, Inc., Class A<sup>(a)</sup>  | 39 | &nbsp;&nbsp; 5192 |
| Graco, Inc. | 55 | &nbsp;&nbsp; 4497 |
| Hartford Insurance Group, Inc. (The) | 111 | &nbsp;&nbsp; 13784 |
| HCA Healthcare, Inc. | 75 | &nbsp;&nbsp; 34476 |
| Hologic, Inc.<sup>(a)</sup>  | 89 | &nbsp;&nbsp; 6578 |
| Home Depot, Inc. (The) | 382 | &nbsp;&nbsp; 145003 |
| HubSpot, Inc.<sup>(a)</sup>  | 14 | &nbsp;&nbsp; 6887 |
| Humana, Inc. | 32 | &nbsp;&nbsp; 8902 |
| Huntington Bancshares, Inc. | 637 | &nbsp;&nbsp; 9835 |
| IDEX Corp. | 21 | &nbsp;&nbsp; 3601 |
| IDEXX Laboratories, Inc.<sup>(a)</sup>  | 36 | &nbsp;&nbsp; 22662 |
| Illinois Tool Works, Inc. | 108 | &nbsp;&nbsp; 26343 |
| Ingersoll Rand, Inc. | 151 | &nbsp;&nbsp; 11526 |
| Insulet Corp.<sup>(a)</sup>  | 19 | &nbsp;&nbsp; 5947 |
| Intel Corp.<sup>(a)</sup>  | 1712 | &nbsp;&nbsp; 68463 |
| Intercontinental Exchange, Inc. | 221 | &nbsp;&nbsp; 32330 |
| International Paper Co. | 117 | &nbsp;&nbsp; 4521 |
| Intuit, Inc. | 110 | &nbsp;&nbsp; 73431 |
| IQVIA Holdings, Inc.<sup>(a)</sup>  | 54 | &nbsp;&nbsp; 11689 |
| J.B. Hunt Transport Services, Inc. | 29 | &nbsp;&nbsp; 4897 |
| Johnson Controls International PLC | 278 | &nbsp;&nbsp; 31800 |
| Kellanova | 126 | &nbsp;&nbsp; 10466 |
| Kenvue, Inc. | 622 | &nbsp;&nbsp; 8938 |
| KeyCorp | 284 | &nbsp;&nbsp; 4996 |
| Keysight Technologies, Inc.<sup>(a)</sup>  | 50 | &nbsp;&nbsp; 9148 |
| Labcorp Holdings, Inc. | 31 | &nbsp;&nbsp; 7873 |
| Lam Research Corp. | 503 | &nbsp;&nbsp; 79202 |
| Lennox International, Inc. | 12 | &nbsp;&nbsp; 6060 |
| Lowe's Cos., Inc. | 225 | &nbsp;&nbsp; 53579 |
| lululemon athletica, Inc.<sup>(a)</sup>  | 46 | &nbsp;&nbsp; 7845 |
| Marsh & McLennan Cos., Inc. | 199 | &nbsp;&nbsp; 35452 |
| Marvell Technology, Inc. | 355 | &nbsp;&nbsp; 33278 |
| McCormick & Co., Inc. | 66 | &nbsp;&nbsp; 4235 |
| Mettler-Toledo International, Inc.<sup>(a)</sup>  | 7 | &nbsp;&nbsp; 9914 |
| Molina Healthcare, Inc.<sup>(a)</sup>  | 22 | &nbsp;&nbsp; 3367 |
| MongoDB, Inc.<sup>(a)</sup>  | 35 | &nbsp;&nbsp; 12594 |
| Moody's Corp. | 68 | &nbsp;&nbsp; 32660 |
| Motorola Solutions, Inc. | 57 | &nbsp;&nbsp; 23182 |
| Nasdaq, Inc. | 159 | &nbsp;&nbsp; 13593 |
| NetApp, Inc. | 47 | &nbsp;&nbsp; 5536 |
| Newmont Corp. | 420 | &nbsp;&nbsp; 34007 |
| Northern Trust Corp. | 56 | &nbsp;&nbsp; 7206 |
| Nutanix, Inc., Class A<sup>(a)</sup>  | 59 | &nbsp;&nbsp; 4203 |
| NVIDIA Corp. | 3796 | &nbsp;&nbsp; 768652 |
| Okta, Inc.<sup>(a)</sup>  | 44 | &nbsp;&nbsp; 4027 |
| Old Dominion Freight Line, Inc. | 72 | &nbsp;&nbsp; 10110 |
| Owens Corning | 31 | &nbsp;&nbsp; 3947 |
| Palo Alto Networks, Inc.<sup>(a)</sup>  | 260 | &nbsp;&nbsp; 57262 |
| Paychex, Inc. | 111 | &nbsp;&nbsp; 12990 |
| Pentair PLC | 46 | &nbsp;&nbsp; 4892 |
| PepsiCo, Inc. | 537 | &nbsp;&nbsp; 78450 |
| PNC Financial Services Group, Inc. (The) | 167 | &nbsp;&nbsp; 30486 |
| Pool Corp. | 12 | &nbsp;&nbsp; 3205 |
| PPG Industries, Inc. | 85 | &nbsp;&nbsp; 8309 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco MSCI World SRI Index Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Principal Financial Group, Inc. | 50 | &nbsp;&nbsp; $4202 |
| Progressive Corp. (The) | 234 | &nbsp;&nbsp; 48204 |
| Prudential Financial, Inc. | 137 | &nbsp;&nbsp; 14248 |
| PTC, Inc.<sup>(a)</sup>  | 38 | &nbsp;&nbsp; 7545 |
| PulteGroup, Inc. | 63 | &nbsp;&nbsp; 7552 |
| Pure Storage, Inc., Class A<sup>(a)</sup>  | 75 | &nbsp;&nbsp; 7403 |
| Quanta Services, Inc. | 63 | &nbsp;&nbsp; 28295 |
| Quest Diagnostics, Inc. | 36 | &nbsp;&nbsp; 6334 |
| Raymond James Financial, Inc. | 51 | &nbsp;&nbsp; 8092 |
| Regions Financial Corp. | 273 | &nbsp;&nbsp; 6607 |
| Rivian Automotive, Inc., Class A<sup>(a)</sup>  | 310 | &nbsp;&nbsp; 4207 |
| Rockwell Automation, Inc. | 41 | &nbsp;&nbsp; 15103 |
| S&P Global, Inc. | 125 | &nbsp;&nbsp; 60901 |
| Samsara, Inc., Class A<sup>(a)</sup>  | 69 | &nbsp;&nbsp; 2772 |
| ServiceNow, Inc.<sup>(a)</sup>  | 81 | &nbsp;&nbsp; 74462 |
| State Street Corp. | 101 | &nbsp;&nbsp; 11682 |
| Steel Dynamics, Inc. | 46 | &nbsp;&nbsp; 7213 |
| STERIS PLC | 36 | &nbsp;&nbsp; 8485 |
| Swiss Re AG | 131 | &nbsp;&nbsp; 23921 |
| Synchrony Financial | 142 | &nbsp;&nbsp; 10562 |
| Synopsys, Inc.<sup>(a)</sup>  | 77 | &nbsp;&nbsp; 34944 |
| T. Rowe Price Group, Inc. | 66 | &nbsp;&nbsp; 6767 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup>  | 85 | &nbsp;&nbsp; 21791 |
| Target Corp. | 159 | &nbsp;&nbsp; 14742 |
| Tesla, Inc.<sup>(a)</sup>  | 1072 | &nbsp;&nbsp; 489432 |
| Texas Instruments, Inc. | 359 | &nbsp;&nbsp; 57964 |
| Tractor Supply Co. | 196 | &nbsp;&nbsp; 10606 |
| Trane Technologies PLC | 92 | &nbsp;&nbsp; 41276 |
| Travelers Cos., Inc. (The) | 96 | &nbsp;&nbsp; 25788 |
| Trimble, Inc.<sup>(a)</sup>  | 47 | &nbsp;&nbsp; 3748 |
| Truist Financial Corp. | 499 | &nbsp;&nbsp; 22270 |
| Twilio, Inc., Class A<sup>(a)</sup>  | 55 | &nbsp;&nbsp; 7418 |
| U.S. Bancorp | 582 | &nbsp;&nbsp; 27168 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Ulta Beauty, Inc.<sup>(a)</sup>  | 14 | &nbsp;&nbsp; $7278 |
| United Rentals, Inc. | 28 | &nbsp;&nbsp; 24393 |
| Veeva Systems, Inc., Class A<sup>(a)</sup>  | 47 | &nbsp;&nbsp; 13686 |
| Veralto Corp. | 74 | &nbsp;&nbsp; 7302 |
| Verizon Communications, Inc. | 1650 | &nbsp;&nbsp; 65571 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  | 100 | &nbsp;&nbsp; 42557 |
| W.W. Grainger, Inc. | 19 | &nbsp;&nbsp; 18601 |
| Walt Disney Co. (The) | 700 | &nbsp;&nbsp; 78834 |
| Waters Corp.<sup>(a)</sup>  | 22 | &nbsp;&nbsp; 7691 |
| West Pharmaceutical Services, Inc. | 27 | &nbsp;&nbsp; 7616 |
| Western Digital Corp. | 112 | &nbsp;&nbsp; 16824 |
| Williams-Sonoma, Inc. | 39 | &nbsp;&nbsp; 7579 |
| Willis Towers Watson PLC | 28 | &nbsp;&nbsp; 8767 |
| Workday, Inc., Class A<sup>(a)</sup>  | 91 | &nbsp;&nbsp; 21833 |
| Xylem, Inc. | 91 | &nbsp;&nbsp; 13727 |
| Zimmer Biomet Holdings, Inc. | 77 | &nbsp;&nbsp; 7743 |
| Zoetis, Inc. | 179 | &nbsp;&nbsp; 25792 |
| Zscaler, Inc.<sup>(a)</sup>  | 40 | &nbsp;&nbsp; 13246 |
|  |  | &nbsp;&nbsp; 5111923 |
| Total Common Stocks & Other Equity Interests <br> (Cost $4,891,593) | Total Common Stocks & Other Equity Interests <br> (Cost $4,891,593) | &nbsp;&nbsp; 7173499 |
| **Money Market Funds–3.05%** | **Money Market Funds–3.05%** | **Money Market Funds–3.05%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup>  | 79278 | &nbsp;&nbsp; 79278 |
| Invesco Treasury Portfolio, Institutional Class, <br> 3.96%<sup>(c)(d)</sup>  | 147123 | &nbsp;&nbsp; 147123 |
| Total Money Market Funds (Cost $226,401) | Total Money Market Funds (Cost $226,401) | &nbsp;&nbsp; 226401 |
| TOTAL INVESTMENTS IN SECURITIES—99.63% <br> (Cost $5,117,994) | TOTAL INVESTMENTS IN SECURITIES—99.63% <br> (Cost $5,117,994) | &nbsp;&nbsp; 7399900 |
| OTHER ASSETS LESS LIABILITIES–0.37% | OTHER ASSETS LESS LIABILITIES–0.37% | &nbsp;&nbsp; 27150 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $7427050 |

---

Investment Abbreviations:

CDI – CREST Depository Interest

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $20,916, which represented less than 1% of the Fund's Net Assets. 

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $145974 | &nbsp;&nbsp; $1446056 | &nbsp;&nbsp; $(1512752) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $79278 | &nbsp;&nbsp; $6984 |
| Invesco Treasury Portfolio, Institutional Class | 270840 | &nbsp;&nbsp; 2685533 | &nbsp;&nbsp; (2809250) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 147123 | &nbsp;&nbsp; 12856 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 705684 | &nbsp;&nbsp; (705684) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 203\* |
| Invesco Private Prime Fund | - | &nbsp;&nbsp; 1814475 | &nbsp;&nbsp; (1814475) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 349\* |
| Total | $416814 | &nbsp;&nbsp; $6651748 | &nbsp;&nbsp; $(6842161) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $226401 | &nbsp;&nbsp; $20392 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco MSCI World SRI Index Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| MSCI World Index | &nbsp;&nbsp;&nbsp; 1 | December-2025 | &nbsp;&nbsp;&nbsp; $141210 | &nbsp;&nbsp;&nbsp; $1299 | &nbsp;&nbsp;&nbsp; $1299 |

---

<sup>(a)</sup> Futures contracts collateralized by $9,753 cash held with Merrill Lynch International, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco MSCI World SRI Index Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $4,891,593)<br>| &nbsp;&nbsp; $7173499 |
| Investments in affiliated money market funds, at value <br> (Cost $226,401)<br>| &nbsp;&nbsp; 226401 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 1200 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 9753 |
| Foreign currencies, at value (Cost $5,217) | &nbsp;&nbsp; 5179 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 1335 |
| Fund expenses absorbed | &nbsp;&nbsp; 1365 |
| Dividends | &nbsp;&nbsp; 13767 |
| Foreign withholding tax claims | &nbsp;&nbsp; 48 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 28147 |
| Other assets | &nbsp;&nbsp; 47890 |
| Total assets | &nbsp;&nbsp; 7508584 |
| **Liabilities:** |  |
| Payable for: |  |
| Amount due custodian | &nbsp;&nbsp; 1790 |
| Accrued fees to affiliates | &nbsp;&nbsp; 2490 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1224 |
| Accrued other operating expenses | &nbsp;&nbsp; 47883 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 28147 |
| Total liabilities | &nbsp;&nbsp; 81534 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $7427050 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $3853203 |
| Distributable earnings | &nbsp;&nbsp; 3573847 |
|  | &nbsp;&nbsp; $7427050 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1696160 |
| Class C | &nbsp;&nbsp; $232076 |
| Class R | &nbsp;&nbsp; $1141360 |
| Class Y | &nbsp;&nbsp; $825568 |
| Class R5 | &nbsp;&nbsp; $19066 |
| Class R6 | &nbsp;&nbsp; $3512820 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 90009 |
| Class C | &nbsp;&nbsp; 12658 |
| Class R | &nbsp;&nbsp; 61172 |
| Class Y | &nbsp;&nbsp; 43337 |
| Class R5 | &nbsp;&nbsp; 1001 |
| Class R6 | &nbsp;&nbsp; 184463 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $18.84 |
| Maximum offering price per share <br>(Net asset value of $18.84 ÷ 94.50%)<br>| &nbsp;&nbsp; $19.94 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $18.33 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $18.66 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $19.05 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $19.05 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $19.04 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco MSCI World SRI Index Fund**

------

**Statement of Operations**

*For the year ended October 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $552 |
| Dividends (net of foreign withholding taxes of $18,093) | &nbsp;&nbsp; 241205 |
| Dividends from affiliated money market funds (includes net securities lending income of $21) | &nbsp;&nbsp; 19861 |
| Foreign withholding tax claims | &nbsp;&nbsp; 48 |
| Total investment income | &nbsp;&nbsp; 261666 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 22894 |
| Administrative services fees | &nbsp;&nbsp; 2467 |
| Custodian fees | &nbsp;&nbsp; 1717 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 4079 |
| Class C | &nbsp;&nbsp; 2216 |
| Class R | &nbsp;&nbsp; 5203 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 6583 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 6 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 3814 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 20714 |
| Registration and filing fees | &nbsp;&nbsp; 79714 |
| Licensing fees | &nbsp;&nbsp; 8296 |
| Reports to shareholders | &nbsp;&nbsp; 11282 |
| Professional services fees | &nbsp;&nbsp; 65146 |
| Other | &nbsp;&nbsp; 14410 |
| Total expenses | &nbsp;&nbsp; 248541 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (206538)<br>|
| Net expenses | &nbsp;&nbsp; 42003 |
| Net investment income | &nbsp;&nbsp; 219663 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 2714719 |
| Foreign currencies | &nbsp;&nbsp; 4260 |
| Futures contracts | &nbsp;&nbsp; 71789 |
|  | &nbsp;&nbsp; 2790768 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (755110)<br>|
| Foreign currencies | &nbsp;&nbsp; 788 |
| Futures contracts | &nbsp;&nbsp; 1220 |
|  | &nbsp;&nbsp; (753102)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 2037666 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $2257329 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco MSCI World SRI Index Fund**

------

**Statement of Changes in Net Assets**

*For the years ended October 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $219663 | &nbsp;&nbsp; $230596 |
| Net realized gain | &nbsp;&nbsp; 2790768 | &nbsp;&nbsp; 1484368 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (753102)<br>| &nbsp;&nbsp; 1721153 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2257329 | &nbsp;&nbsp; 3436117 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (157589)<br>| &nbsp;&nbsp; (36712)<br>|
| Class C | &nbsp;&nbsp; (20702)<br>| &nbsp;&nbsp; (5445)<br>|
| Class R | &nbsp;&nbsp; (98263)<br>| &nbsp;&nbsp; (19346)<br>|
| Class Y | &nbsp;&nbsp; (114923)<br>| &nbsp;&nbsp; (26685)<br>|
| Class R5 | &nbsp;&nbsp; (1787)<br>| &nbsp;&nbsp; (489)<br>|
| Class R6 | &nbsp;&nbsp; (1251827)<br>| &nbsp;&nbsp; (292951)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (1645091)<br>| &nbsp;&nbsp; (381628)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (976)<br>| &nbsp;&nbsp; 236152 |
| Class C | &nbsp;&nbsp; 3911 | &nbsp;&nbsp; 10395 |
| Class R | &nbsp;&nbsp; 104877 | &nbsp;&nbsp; 224496 |
| Class Y | &nbsp;&nbsp; (408726)<br>| &nbsp;&nbsp; 69198 |
| Class R6 | &nbsp;&nbsp; (9792496)<br>| &nbsp;&nbsp; 2840061 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (10093410)<br>| &nbsp;&nbsp; 3380302 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (9481172)<br>| &nbsp;&nbsp; 6434791 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 16908222 | &nbsp;&nbsp; 10473431 |
| End of year | &nbsp;&nbsp; $7427050 | &nbsp;&nbsp; $16908222 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco MSCI World SRI Index Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 10/31/25 | $18.03 | $0.20 | $2.36 | $2.56 | $(0.24)<br>| $(1.51)<br>| $(1.75)<br>| $18.84 | 15.19<br> %<br>| &nbsp;&nbsp; $1696 | 0.44<br> %<br>| 1.81<br> %<br>| 1.16<br> %<br>| 29<br> %<br>|
| Year ended 10/31/24 | 14.39 | 0.23 | 3.90 | 4.13 | (0.23)<br>| (0.26)<br>| (0.49)<br>| 18.03 | 29.11 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1636 | 0.44 | 2.00 | 1.37 | 32 |
| Year ended 10/31/23 | 12.82 | 0.23 | 1.54 | 1.77 | (0.20)<br>|  | (0.20)<br>| 14.39 | 13.99 | &nbsp;&nbsp; 1088 | 0.44 | 2.45 | 1.57 | 23 |
| Year ended 10/31/22 | 16.76 | 0.19 | (3.93)<br>| (3.74)<br>| (0.20)<br>|  | (0.20)<br>| 12.82 | (22.58)<br>| &nbsp;&nbsp; 914 | 0.44 | 2.15 | 1.28 | 13 |
| Year ended 10/31/21 | 11.78 | 0.19 | 4.98 | 5.17 | (0.19)<br>|  | (0.19)<br>| 16.76 | 44.35 | &nbsp;&nbsp; 1337 | 0.44 | 3.31 | 1.28 | 19 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 10/31/25 | 17.61 | 0.07 | 2.30 | 2.37 | (0.14)<br>| (1.51)<br>| (1.65)<br>| 18.33 | 14.34 | &nbsp;&nbsp; 232 | 1.19 | 2.56 | 0.41 | 29 |
| Year ended 10/31/24 | 14.15 | 0.10 | 3.83 | 3.93 | (0.21)<br>| (0.26)<br>| (0.47)<br>| 17.61 | 28.15 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 220 | 1.19 | 2.75 | 0.62 | 32 |
| Year ended 10/31/23 | 12.60 | 0.12 | 1.53 | 1.65 | (0.10)<br>|  | (0.10)<br>| 14.15 | 13.14 | &nbsp;&nbsp; 166 | 1.19 | 3.20 | 0.82 | 23 |
| Year ended 10/31/22 | 16.49 | 0.08 | (3.88)<br>| (3.80)<br>| (0.09)<br>|  | (0.09)<br>| 12.60 | (23.16)<br>| &nbsp;&nbsp; 148 | 1.19 | 2.90 | 0.53 | 13 |
| Year ended 10/31/21 | 11.67 | 0.08 | 4.92 | 5.00 | (0.18)<br>|  | (0.18)<br>| 16.49 | 43.21 | &nbsp;&nbsp; 207 | 1.19 | 4.06 | 0.53 | 19 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 10/31/25 | 17.88 | 0.16 | 2.34 | 2.50 | (0.21)<br>| (1.51)<br>| (1.72)<br>| 18.66 | 14.94 | &nbsp;&nbsp; 1141 | 0.69 | 2.06 | 0.91 | 29 |
| Year ended 10/31/24 | 14.30 | 0.19 | 3.87 | 4.06 | (0.22)<br>| (0.26)<br>| (0.48)<br>| 17.88 | 28.81 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 985 | 0.69 | 2.25 | 1.12 | 32 |
| Year ended 10/31/23 | 12.74 | 0.19 | 1.54 | 1.73 | (0.17)<br>|  | (0.17)<br>| 14.30 | 13.69 | &nbsp;&nbsp; 583 | 0.69 | 2.70 | 1.32 | 23 |
| Year ended 10/31/22 | 16.66 | 0.15 | (3.90)<br>| (3.75)<br>| (0.17)<br>|  | (0.17)<br>| 12.74 | (22.76)<br>| &nbsp;&nbsp; 464 | 0.69 | 2.40 | 1.03 | 13 |
| Year ended 10/31/21 | 11.74 | 0.15 | 4.96 | 5.11 | (0.19)<br>|  | (0.19)<br>| 16.66 | 43.93 | &nbsp;&nbsp; 571 | 0.69 | 3.56 | 1.03 | 19 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 10/31/25 | 18.20 | 0.25 | 2.39 | 2.64 | (0.28)<br>| (1.51)<br>| (1.79)<br>| 19.05 | 15.50 | &nbsp;&nbsp; 826 | 0.19 | 1.56 | 1.41 | 29 |
| Year ended 10/31/24 | 14.49 | 0.28 | 3.92 | 4.20 | (0.23)<br>| (0.26)<br>| (0.49)<br>| 18.20 | 29.45 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1201 | 0.19 | 1.75 | 1.62 | 32 |
| Year ended 10/31/23 | 12.91 | 0.26 | 1.56 | 1.82 | (0.24)<br>|  | (0.24)<br>| 14.49 | 14.28 | &nbsp;&nbsp; 902 | 0.19 | 2.20 | 1.82 | 23 |
| Year ended 10/31/22 | 16.87 | 0.22 | (3.94)<br>| (3.72)<br>| (0.24)<br>|  | (0.24)<br>| 12.91 | (22.37)<br>| &nbsp;&nbsp; 793 | 0.19 | 1.90 | 1.53 | 13 |
| Year ended 10/31/21 | 11.83 | 0.23 | 5.01 | 5.24 | (0.20)<br>|  | (0.20)<br>| 16.87 | 44.73 | &nbsp;&nbsp; 793 | 0.19 | 3.06 | 1.53 | 19 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 10/31/25 | 18.20 | 0.25 | 2.39 | 2.64 | (0.28)<br>| (1.51)<br>| (1.79)<br>| 19.05 | 15.50 | &nbsp;&nbsp; 19 | 0.19 | 1.42 | 1.41 | 29 |
| Year ended 10/31/24 | 14.49 | 0.28 | 3.92 | 4.20 | (0.23)<br>| (0.26)<br>| (0.49)<br>| 18.20 | 29.45 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 18 | 0.19 | 1.63 | 1.62 | 32 |
| Year ended 10/31/23 | 12.91 | 0.26 | 1.56 | 1.82 | (0.24)<br>|  | (0.24)<br>| 14.49 | 14.28 | &nbsp;&nbsp; 15 | 0.19 | 2.08 | 1.82 | 23 |
| Year ended 10/31/22 | 16.87 | 0.23 | (3.95)<br>| (3.72)<br>| (0.24)<br>|  | (0.24)<br>| 12.91 | (22.37)<br>| &nbsp;&nbsp; 13 | 0.19 | 1.78 | 1.53 | 13 |
| Year ended 10/31/21 | 11.83 | 0.22 | 5.02 | 5.24 | (0.20)<br>|  | (0.20)<br>| 16.87 | 44.73 | &nbsp;&nbsp; 17 | 0.19 | 2.86 | 1.53 | 19 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 10/31/25 | 18.20 | 0.25 | 2.38 | 2.63 | (0.28)<br>| (1.51)<br>| (1.79)<br>| 19.04 | 15.44 | &nbsp;&nbsp; 3513 | 0.19 | 1.42 | 1.41 | 29 |
| Year ended 10/31/24 | 14.49 | 0.28 | 3.92 | 4.20 | (0.23)<br>| (0.26)<br>| (0.49)<br>| 18.20 | 29.45 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 12848 | 0.19 | 1.63 | 1.62 | 32 |
| Year ended 10/31/23 | 12.91 | 0.26 | 1.56 | 1.82 | (0.24)<br>|  | (0.24)<br>| 14.49 | 14.28 | &nbsp;&nbsp; 7719 | 0.19 | 2.08 | 1.82 | 23 |
| Year ended 10/31/22 | 16.87 | 0.23 | (3.95)<br>| (3.72)<br>| (0.24)<br>|  | (0.24)<br>| 12.91 | (22.37)<br>| &nbsp;&nbsp; 6590 | 0.19 | 1.80 | 1.53 | 13 |
| Year ended 10/31/21 | 11.83 | 0.22 | 5.02 | 5.24 | (0.20)<br>|  | (0.20)<br>| 16.87 | 44.73 | &nbsp;&nbsp; 9884 | 0.19 | 2.79 | 1.53 | 19 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> Amount includes the effect of the Adviser pay-in for an economic loss that occurred on July 31, 2024. Had the pay-in not been made, the total return would have been 27.96%, 26.99%, 27.66%, 28.31%, 28.31% and 28.31% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco MSCI World SRI Index Fund**

------

**Notes to Financial Statements**

*October 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco MSCI World SRI Index Fund (the "Fund") is a series portfolio of AIM International Mutual Funds (Invesco International Mutual 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 the Fund or each class.

The Fund's investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

All share classes, except for Class R6 shares, are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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**Invesco MSCI World SRI Index Fund**

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The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the year ended October 31, 2025, the Fund did not enter into any closing agreements.

**G.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

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**Invesco MSCI World SRI Index Fund**

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overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2025, the Fund paid the Adviser fees for securities lending agent services, which were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**L.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**N.** **Futures Contracts** — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the

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**Invesco MSCI World SRI Index Fund**

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Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

**O.** **Leverage Risk** — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**P.** **Other Risks** - The Fund intends to be diversified in approximately the same proportion as the MSCI World SRI Index (the "Underlying Index") is diversified. The Fund may be "non-diversified," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. To the extent the Fund becomes non-diversified, the Fund may invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers' securities will therefore affect the value of the Fund more than if it was a diversified fund.

Because MSCI Inc. ("MSCI"), the index provider of the Underlying Index, uses Environmental, Social and Governance ("ESG") factors to exclude, select and assign weights to certain stocks of companies included in the Underlying Index for non-financial reasons, the Fund may forego some market opportunities available to funds that do not use these factors. Consequently, the Fund may underperform other funds that do not use ESG factors. Further, there is a risk that information used by MSCI to evaluate the ESG factors may not be readily available, complete or accurate, which could negatively impact MSCI's ability to apply its ESG standards when compiling the Underlying Index, which may negatively impact the Fund's performance. MSCI's assessment of a company, based on the company's level of involvement in a particular industry or other ESG factors, may differ from that of other funds, the Adviser or an investor. As a result, the companies deemed eligible by MSCI for inclusion in the Underlying Index may not reflect the beliefs and values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them. Not every investment or issuer held by the Fund may be evaluated for ESG considerations.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.140% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.120% |

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For the year ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.14%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2027, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.44%, 1.19%, 0.69%, 0.19%, 0.19% and 0.19%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2027. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended October 31, 2025, the Adviser waived advisory fees of $22,894, reimbursed fund level expenses of $173,039 and reimbursed class level expenses of $2,735, $371, $1,743, $1,734, $6 and $3,815 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

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**Invesco MSCI World SRI Index Fund**

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**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $105279 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $105279 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3164 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3164 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18498 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18498 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 237500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 237500 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105550 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31287 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31287 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182875 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63960 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63960 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44538 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44538 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5017 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5017 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45455 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45455 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; 1815 | &nbsp;&nbsp;&nbsp;&nbsp; 477852 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 479667 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 21121 | &nbsp;&nbsp;&nbsp;&nbsp; 219183 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 240304 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3057 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3057 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17993 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17993 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2837 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2837 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25712 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25712 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42736 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42736 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 174002 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 174002 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 232145 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 232145 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 5075406 | &nbsp;&nbsp;&nbsp;&nbsp; 36517 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5111923 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 226401 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 226401 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 5562243 | &nbsp;&nbsp;&nbsp;&nbsp; 1837657 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7399900 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1299 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1299 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $5563542 | &nbsp;&nbsp;&nbsp;&nbsp; $1837657 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7401199 |

---

\* Unrealized appreciation.

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**15**

**Invesco MSCI World SRI Index Fund**

------

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1299 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (1299)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**Effect of Derivative Investments for the year ended October 31, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $71789 |
| Change in Net Unrealized Appreciation: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1220 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $73009 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $410132 |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $201.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $297038 | &nbsp;&nbsp;&nbsp;&nbsp; $180528 |
| Long-term capital gain | &nbsp;&nbsp; 1348053 | &nbsp;&nbsp;&nbsp;&nbsp; 201100 |
| Total distributions | &nbsp;&nbsp; $1645091 | &nbsp;&nbsp;&nbsp;&nbsp; $381628 |

---

\* Includes short-term capital gain distributions, if any.

**16**

**Invesco MSCI World SRI Index Fund**

------

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $643687 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 753204 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 2195616 |
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (140)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (18520)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 3853203 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $7427050 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and passive foreign investment companies.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of October 31, 2025.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2025 was $4,388,318 and $15,590,689, respectively. As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2378347 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (182731)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2195616 |

---

Cost of investments for tax purposes is $5,205,583.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization, on October 31, 2025, undistributed net investment income was increased by $59,085, undistributed net realized gain was decreased by $1,711,086 and shares of beneficial interest was increased by $1,652,001. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 16569 | &nbsp;&nbsp;&nbsp; $268890 | &nbsp;&nbsp;&nbsp; 24724 | &nbsp;&nbsp;&nbsp; $405388 |
| Class C | &nbsp;&nbsp;&nbsp; 541 | &nbsp;&nbsp;&nbsp; 9016 | &nbsp;&nbsp;&nbsp; 1444 | &nbsp;&nbsp;&nbsp; 23395 |
| Class R | &nbsp;&nbsp;&nbsp; 10989 | &nbsp;&nbsp;&nbsp; 194629 | &nbsp;&nbsp;&nbsp; 22839 | &nbsp;&nbsp;&nbsp; 371380 |
| Class Y | &nbsp;&nbsp;&nbsp; 22010 | &nbsp;&nbsp;&nbsp; 412479 | &nbsp;&nbsp;&nbsp; 73131 | &nbsp;&nbsp;&nbsp; 1239150 |
| Class R6 | &nbsp;&nbsp;&nbsp; 89357 | &nbsp;&nbsp;&nbsp; 1562601 | &nbsp;&nbsp;&nbsp; 241416 | &nbsp;&nbsp;&nbsp; 4025830 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 8912 | &nbsp;&nbsp;&nbsp; 152490 | &nbsp;&nbsp;&nbsp; 2170 | &nbsp;&nbsp;&nbsp; 34374 |
| Class C | &nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp; 20702 | &nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 4982 |
| Class R | &nbsp;&nbsp;&nbsp; 5686 | &nbsp;&nbsp;&nbsp; 96540 | &nbsp;&nbsp;&nbsp; 1199 | &nbsp;&nbsp;&nbsp; 18870 |
| Class Y | &nbsp;&nbsp;&nbsp; 6361 | &nbsp;&nbsp;&nbsp; 109788 | &nbsp;&nbsp;&nbsp; 1447 | &nbsp;&nbsp;&nbsp; 23082 |
| Class R6 | &nbsp;&nbsp;&nbsp; 72454 | &nbsp;&nbsp;&nbsp; 1250550 | &nbsp;&nbsp;&nbsp; 18345 | &nbsp;&nbsp;&nbsp; 292601 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 859 | &nbsp;&nbsp;&nbsp; 14608 | &nbsp;&nbsp;&nbsp; 979 | &nbsp;&nbsp;&nbsp; 17648 |
| Class C | &nbsp;&nbsp;&nbsp; (881)<br>| &nbsp;&nbsp;&nbsp; (14608)<br>| &nbsp;&nbsp;&nbsp; (1001)<br>| &nbsp;&nbsp;&nbsp; (17648)<br>|

---

**17**

**Invesco MSCI World SRI Index Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (27069)<br>| &nbsp;&nbsp;&nbsp; $(436964)<br>| &nbsp;&nbsp;&nbsp; (12764)<br>| &nbsp;&nbsp;&nbsp; $(221258)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (732)<br>| &nbsp;&nbsp;&nbsp; (11199)<br>| &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; (334)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (10612)<br>| &nbsp;&nbsp;&nbsp; (186292)<br>| &nbsp;&nbsp;&nbsp; (9720)<br>| &nbsp;&nbsp;&nbsp; (165754)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (51007)<br>| &nbsp;&nbsp;&nbsp; (930993)<br>| &nbsp;&nbsp;&nbsp; (70854)<br>| &nbsp;&nbsp;&nbsp; (1193034)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (683366)<br>| &nbsp;&nbsp;&nbsp; (12605647)<br>| &nbsp;&nbsp;&nbsp; (86464)<br>| &nbsp;&nbsp;&nbsp; (1478370)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (538694)<br>| &nbsp;&nbsp;&nbsp; $(10093410)<br>| &nbsp;&nbsp;&nbsp; 207191 | &nbsp;&nbsp;&nbsp; $3380302 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 66% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**NOTE 12—Subsequent Event**

At a meeting held December 8-10, 2025, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund will close to investments by new accounts after the close of business on January 6, 2026. The Fund will be liquidated on or about February 10, 2026.

**18**

**Invesco MSCI World SRI Index Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) and Shareholders of Invesco MSCI World SRI Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco MSCI World SRI Index Fund (one of the funds constituting AIM International Mutual Funds (Invesco International Mutual Funds), referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 18, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**19**

**Invesco MSCI World SRI Index Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM International Mutual Funds (Invesco International Mutual Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco MSCI World SRI Index Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Deutschland GmbH currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco MSCI World SRI Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one, three and five year periods. The Board noted that the Fund seeks to track the investment results of the Index, and that the Fund's performance will typically lag the Index due to the fees associated with the Fund. The Board considered that the Fund is passively managed and discussed reasons for differences in the Fund's performance

**20**

**Invesco MSCI World SRI Index Fund**

------

versus its peers. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between the Fund's investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe, and specifically that the Fund's peer group includes funds that are actively managed or may track a different index than the Fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board also noted that the Fund's actual management fee rate was 0.00% due to expense limits and/or waivers, which was below the median actual management fee rate of its expense group. The Board noted that that there were only three funds (including the Fund) in the expense group, therefore, Broadridge did not provide quintile rankings. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management regarding the Fund's limited peer group.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional

services described herein other than day-to-day portfolio management.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including

information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco

**21**

**Invesco MSCI World SRI Index Fund**

------

Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**22**

**Invesco MSCI World SRI Index Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $3000053 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 75.49% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 40.26% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $50014 |

---

**23**

**Invesco MSCI World SRI Index Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**24**

**Invesco MSCI World SRI Index Fund**

------

![](img448689331.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

GLRE-NCSR

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is filed under Item 7 of this Form N-CSR.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

None.

------

Item 16. Controls and Procedures.

(a) As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that the Registrant's disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

[(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.](Code_of_Ethics.htm)

(a)(2) Not applicable.

[(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>AIM International Mutual Funds (Invesco International Mutual Funds)</u>

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: January 5, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: January 5, 2026

By: <u>/s/ Adrien Deberghes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Adrien Deberghes

Title: Principal Financial Officer

Date: January 5, 2026

------

## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM International Mutual Funds (Invesco International Mutual Funds) on Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: January 5, 2026  | /s/ Glenn Brightman  |
|  | Glenn Brightman <br> Principal Executive Officer  |

---

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM International Mutual Funds (Invesco International Mutual Funds) on Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: January 5, 2026  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

---

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Glenn Brightman, certify that:

1. I have reviewed this report on Form N-CSR of AIM International Mutual Funds (Invesco International Mutual Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp; January 5, 2026</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Glenn Brightman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glenn Brightman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

------

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Adrien Deberghes, certify that:

1. I have reviewed this report on Form N-CSR of AIM International Mutual Funds (Invesco International Mutual Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:<u>January 5, 2026</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Adrien Deberghes</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adrien Deberghes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer

------

## Ex-99.Code

#### Exhibit 99.CODEETH

#### EXHIBIT (a)(1)

### CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

---

| | |
|:---|:---|
| **Applicable To**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Invesco Funds; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Invesco ETFs (together with the Invesco Funds, a "Fund," and collectively, the "Funds").  |
| **Risk Addressed by Policy**  | Ethics Violations by Principals  |
| **Relevant Law & Related Resources**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Investment Company Act of 1940; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Sarbanes-Oxley Act of 2002.  |
| **Date of Last Review**  | July 2025  |
| **Policy Inception Date**  | August 2003  |

---

I.  **<u>PURPOSE</u>** 

This Code of Ethics (the "Code") for the Invesco Funds and the Invesco ETFs applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller or persons performing similar functions (collectively, the "Covered Officers," each of whom is set forth in Exhibit A to this Code) for the purpose of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the registrant;

· compliance with applicable governmental laws, rules and regulations;

· prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

The Code shall be administered by the Chief Compliance Officer of the respective Funds (the "Chief Compliance Officer"), or his or her delegate. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

------

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers<sup>1</sup> sought by a Covered Officer must be considered by the Independent Trustees<sup>2</sup> of the relevant Fund or Funds. Any question about the application of the Code should be referred to the Funds' Chief Compliance Officer.

II.  **<u>COVERED OFFICERS TO ACT HONESTLY AND CANDIDLY</u>** 

Each Covered Officer named in Exhibit A to this Code owes a duty to the respective Fund for which he/she serves to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

• act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds' policies;

• observe both the form and spirit of laws and governmental rules and regulations and accounting standards;

• adhere to a high standard of business ethics; and

• place the interest of the Funds and its shareholders before the Covered Officer's own personal interests.

III.  **<u>COVERED OFFICERS SHOULD HANDLE ETHICAL, ACTUAL AND APPARENT CONFLICTS OF INTEREST</u>** 

**<u>Overview</u>. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his/her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Funds.** 

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Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict-of-interest provisions in the Investment Company Act of 1940 as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Funds or the Funds' investment adviser. The Funds' and their investment adviser's and any sub-adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the Chief Compliance Officer determines that any violation of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and their investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

• avoid conflicts of interest wherever possible;

• handle any actual or apparent conflict of interest ethically;

• not use his/her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Funds;

• not cause the Funds to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of the Funds;

• not use material non-public knowledge of portfolio transactions made or contemplated for, or actions proposed to be taken by, the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

• as described in more detail below, discuss any material transactions or relationship that could reasonably be expected to give rise to a conflict of interest with the applicable Chief Compliance Officer.

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Each Covered Officer must, at the time of signing this Code, report to the Chief Compliance Officer all affiliations or significant business relationships outside of the Funds and must update the report annually.

Conflict of interest situations should always be approved by the Chief Compliance Officer and communicated to the relevant Funds or Fund's Board. Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer's family living in the same household engages in such an activity or has such a relationship. Examples of these include:

• service or significant business relationships as a trustee/director on the board of any public or private company;

• being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member;

• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership.

IV.  **<u>DISCLOSURE AND COMPLIANCE</u>** 

Each Covered Officer should:

• familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds;

• not knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the same, facts about the Funds to others, whether within or outside the Funds, including to the Funds' Trustees and auditors, or to governmental regulators and self-regulatory organizations;

• to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and their investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

• promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V.  **<u>REPORTING AND ACCOUNTABILITY</u>** 

Each Covered Officer must:

• upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Compliance Officer that he/she has received, read and understands the Code;

• annually thereafter, affirm to the Chief Compliance Officers that he/she has complied with the requirements of the Code;

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• not retaliate against any other Covered Officer, other officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

• notify the Chief Compliance Officer promptly if he/she knows of or suspects any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

• the Chief Compliance Officer will take all appropriate action to investigate any potential violation reported to him/her;

• if, after such investigation, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

• any matter that the Chief Compliance Officer believes is a violation will be reported to the relevant Trust's Audit Committee;

• if the Independent Trustees of the relevant Funds concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions;

• the Independent Trustees of the relevant Funds will be responsible for granting waivers of this Code, as appropriate; and

• any changes to, or waivers of, this Code will, to the extent required, be disclosed as provided by SEC rules.

VI.  **<u>OTHER POLICIES AND PROCEDURES</u>** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII.  **<u>AMENDMENTS</u>** 

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These Procedures have been adopted by the Board, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds (the "Independent Trustees"). All material amendments to these Procedures must either be approved in advance by the Board and the Independent Trustees or ratified by the Board and the Independent Trustees, as determined by Legal and Compliance upon consultation with counsel to the Funds. Non-material amendments to these Procedures may be made by Legal and Compliance and will be reported to the Compliance Committee or other applicable committee of the Board or to the Board at the next scheduled in-person meeting of the committee or Board.

VIII.  **<u>CONFIDENTIALITY</u>** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Covered Officers, the Chief Compliance Officer, Independent Trustees of the relevant Fund or Funds and the Independent Trustees' counsel, the relevant Fund or Funds and those Funds' counsel and the senior management of the investment adviser and its counsel.

IX.  **<u>INTERNAL USE</u>** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

I have read and understand the terms of the above Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the above Code.

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#### EXHIBIT A
Persons Covered by this Code of Ethics:

• **Invesco Funds** 

• President and Principal Executive Officer - Glenn Brightman

• Treasurer and Principal Financial Officer - Adrian Deberghes

• **Invesco ETFs** 

• President and Principal Executive Officer — Brian Hartigan

• Treasurer and Principal Financial Officer — Kelli Gallegos

<sup>1</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Securities Exchange Act of 1934, of the registrant."<br>

<sup>2</sup> Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds

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