# EDGAR Filing Document

**Accession Number:** 0000880859
**File Stem:** 0001145549-25-045429
**Filing Date:** 2025-7
**Character Count:** 1275719
**Document Hash:** 9b607a24e830a9455b720c45ec0f0fb9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-045429.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001145549-25-045429

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM 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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06463
- **FILM NUMBER:** 251098435

**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 EQV 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 EQV European Equity 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 Oppenheimer 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:

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

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

![TSR_logo](images_2527.jpg)

### Invesco Advantage International Fund

### Class A: QMGAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Advantage International Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Advantage International Fund<br> (Class A) | $601.16%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$36876344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp., H Shares | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A. | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | &nbsp;&nbsp;&nbsp;1.14% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338146.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Advantage International Fund

### Class C: QMGCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Advantage International Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Advantage International Fund<br> (Class C) | $981.91%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$36876344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp., H Shares | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A. | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | &nbsp;&nbsp;&nbsp;1.14% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338125.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Advantage International Fund

### Class R: QMGRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Advantage International Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Advantage International Fund<br> (Class R) | $731.41%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$36876344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp., H Shares | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A. | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | &nbsp;&nbsp;&nbsp;1.14% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338104.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Advantage International Fund

### Class Y: QMGYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Advantage International Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Advantage International Fund<br> (Class Y) | $470.91%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$36876344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp., H Shares | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A. | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | &nbsp;&nbsp;&nbsp;1.14% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338083.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Advantage International Fund

### Class R5: GMAGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Advantage International Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Advantage International Fund<br> (Class R5) | $470.91%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$36876344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp., H Shares | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A. | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | &nbsp;&nbsp;&nbsp;1.14% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338062.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Advantage International Fund

### Class R6: QMGIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Advantage International Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Advantage International Fund<br> (Class R6) | $470.91%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$36876344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp., H Shares | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A. | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | &nbsp;&nbsp;&nbsp;1.14% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338041.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco EQV Asia Pacific Equity Fund

### Class A: ASIAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV Asia Pacific Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco EQV Asia Pacific Equity Fund<br> (Class A) | $70 | 1.44% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$410803484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;8.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;6.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Mitra Keluarga Karyasehat Tbk | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airtac International Group | &nbsp;&nbsp;&nbsp;2.38% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9339238.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

APG-SAR-A **Invesco EQV Asia Pacific Equity Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV Asia Pacific Equity Fund

### Class C: ASICX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV Asia Pacific Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco EQV Asia Pacific Equity Fund<br> (Class C) | $107 | 2.19% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$410803484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;8.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;6.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Mitra Keluarga Karyasehat Tbk | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airtac International Group | &nbsp;&nbsp;&nbsp;2.38% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9339217.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

APG-SAR-C **Invesco EQV Asia Pacific Equity Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV Asia Pacific Equity Fund

### Class R: ASQRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV Asia Pacific Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>▼</sup>** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco EQV Asia Pacific Equity Fund<br> (Class R) | $83 | 1.69% |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | *For the period February 24, 2025 (commencement of operations) to April 30, 2025. Expenses for a full reporting period would be higher.* |
| *\** | **Annualized.**  |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$410803484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;8.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;6.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Mitra Keluarga Karyasehat Tbk | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airtac International Group | &nbsp;&nbsp;&nbsp;2.38% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338014.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

APG-SAR-R **Invesco EQV Asia Pacific Equity Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV Asia Pacific Equity Fund

### Class Y: ASIYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV Asia Pacific Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco EQV Asia Pacific Equity Fund<br> (Class Y) | $58 | 1.19% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$410803484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;8.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;6.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Mitra Keluarga Karyasehat Tbk | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airtac International Group | &nbsp;&nbsp;&nbsp;2.38% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9339196.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

APG-SAR-Y **Invesco EQV Asia Pacific Equity Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV Asia Pacific Equity Fund

### Class R6: ASISX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV Asia Pacific Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco EQV Asia Pacific Equity Fund<br> (Class R6) | $50 | 1.02% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$410803484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;8.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;6.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;PT Mitra Keluarga Karyasehat Tbk | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airtac International Group | &nbsp;&nbsp;&nbsp;2.38% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9339175.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

APG-SAR-R6 **Invesco EQV Asia Pacific Equity Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV European Equity Fund

### Class A: AEDAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV European Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco EQV European Equity Fund<br> (Class A) | $731.44%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$415223889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;IG Group Holdings PLC | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Liquide S.A. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Technogym S.p.A. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;2.22% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9339154.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

EGR-SAR-A **Invesco EQV European Equity Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV European Equity Fund

### Class C: AEDCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV European Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco EQV European Equity Fund<br> (Class C) | $1102.19%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$415223889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;IG Group Holdings PLC | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Liquide S.A. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Technogym S.p.A. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;2.22% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9339133.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

EGR-SAR-C **Invesco EQV European Equity Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV European Equity Fund

### Class R: AEDRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV European Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco EQV European Equity Fund<br> (Class R) | $851.69%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$415223889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;IG Group Holdings PLC | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Liquide S.A. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Technogym S.p.A. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;2.22% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9339112.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

EGR-SAR-R **Invesco EQV European Equity Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV European Equity Fund

### Class Y: AEDYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV European Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco EQV European Equity Fund<br> (Class Y) | $601.19%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$415223889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;IG Group Holdings PLC | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Liquide S.A. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Technogym S.p.A. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;2.22% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9339091.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

EGR-SAR-Y **Invesco EQV European Equity Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV European Equity Fund

### Investor Class: EGINX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV European Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco EQV European Equity Fund<br> (Investor Class) | $681.34%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$415223889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;IG Group Holdings PLC | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Liquide S.A. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Technogym S.p.A. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;2.22% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9339070.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

EGR-SAR-INV **Invesco EQV European Equity Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV European Equity Fund

### Class R6: AEGSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV European Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco EQV European Equity Fund<br> (Class R6) | $53 | 1.04% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$415223889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;IG Group Holdings PLC | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Liquide S.A. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Technogym S.p.A. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;2.22% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9339049.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

EGR-SAR-R6 **Invesco EQV European Equity Fund**

![TSR_logo](images_2527.jpg)

### Invesco EQV International Equity Fund

### Class A: AIIEX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco EQV International Equity Fund<br> (Class A) | $64 | 1.28% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2390369758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;1.72% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338902.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco EQV International Equity Fund

### Class C: AIECX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco EQV International Equity Fund<br> (Class C) | $101 | 2.03% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2390369758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;1.72% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338881.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco EQV International Equity Fund

### Class R: AIERX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco EQV International Equity Fund<br> (Class R) | $76 | 1.53% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2390369758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;1.72% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338860.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco EQV International Equity Fund

### Class Y: AIIYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco EQV International Equity Fund<br> (Class Y) | $51 | 1.03% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2390369758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;1.72% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338839.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco EQV International Equity Fund

### Class R5: AIEVX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco EQV International Equity Fund<br> (Class R5) | $46 | 0.92% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2390369758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;1.72% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338818.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco EQV International Equity Fund

### Class R6: IGFRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco EQV International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco EQV International Equity Fund<br> (Class R6) | $43 | 0.85% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2390369758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;1.72% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338797.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Focus Fund

### Class A: GLVAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Focus Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Focus Fund<br> (Class A) | $62 | 1.24% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$537697171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;9.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;6.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;3.60% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338650.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Focus Fund

### Class C: GLVCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Focus Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Focus Fund<br> (Class C) | $99 | 1.99% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$537697171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;9.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;6.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;3.60% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338629.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Focus Fund

### Class R: GLVNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Focus Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Focus Fund<br> (Class R) | $75 | 1.49% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$537697171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;9.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;6.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;3.60% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338608.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Focus Fund

### Class Y: GLVYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Focus Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Focus Fund<br> (Class Y) | $50 | 0.99% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$537697171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;9.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;6.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;3.60% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338545.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Focus Fund

### Class R5: GFFDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Focus Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Focus Fund<br> (Class R5) | $44 | 0.87% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$537697171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;9.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;6.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;3.60% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338587.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Focus Fund

### Class R6: GLVIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Focus Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Focus Fund<br> (Class R6) | $44 | 0.87% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$537697171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;9.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;6.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;3.60% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338566.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Fund

### Class A: OPPAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Fund<br> (Class A) | $51 | 1.05% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8332585263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;9.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;8.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;DLF Ltd. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;3.13% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338272.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Fund

### Class C: OGLCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Fund<br> (Class C) | $89 | 1.82% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8332585263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;9.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;8.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;DLF Ltd. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;3.13% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338251.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Fund

### Class R: OGLNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Fund<br> (Class R) | $64 | 1.32% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8332585263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;9.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;8.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;DLF Ltd. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;3.13% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338230.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Fund

### Class Y: OGLYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Fund<br> (Class Y) | $40 | 0.82% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8332585263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;9.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;8.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;DLF Ltd. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;3.13% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338167.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Fund

### Class R5: GFDDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Fund<br> (Class R5) | $38 | 0.78% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8332585263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;9.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;8.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;DLF Ltd. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;3.13% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338209.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Fund

### Class R6: OGLIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Fund<br> (Class R6) | $35 | 0.71% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8332585263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;9.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;8.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;DLF Ltd. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;3.13% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338188.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Opportunities Fund

### Class A: OPGIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Opportunities Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Opportunities Fund<br> (Class A) | $551.16%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2302883267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;71% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEG S.A. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legrand S.A. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Givaudan S.A. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338398.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Opportunities Fund

### Class C: OGICX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Opportunities Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Opportunities Fund<br> (Class C) | $911.92%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2302883267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;71% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEG S.A. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legrand S.A. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Givaudan S.A. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338377.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Opportunities Fund

### Class R: OGINX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Opportunities Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Opportunities Fund<br> (Class R) | $671.42%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2302883267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;71% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEG S.A. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legrand S.A. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Givaudan S.A. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338356.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-GLOPP-SAR-R **Invesco Global Opportunities Fund**

![TSR_logo](images_2527.jpg)

### Invesco Global Opportunities Fund

### Class Y: OGIYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Opportunities Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Global Opportunities Fund<br> (Class Y) | $440.92%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2302883267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;71% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEG S.A. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legrand S.A. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Givaudan S.A. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338292.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-GLOPP-SAR-Y **Invesco Global Opportunities Fund**

![TSR_logo](images_2527.jpg)

### Invesco Global Opportunities Fund

### Class R5: GOFFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Opportunities Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Opportunities Fund<br> (Class R5) | $40 | 0.84% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2302883267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;71% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEG S.A. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legrand S.A. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Givaudan S.A. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338335.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-GLOPP-SAR-R5 **Invesco Global Opportunities Fund**

![TSR_logo](images_2527.jpg)

### Invesco Global Opportunities Fund

### Class R6: OGIIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Global Opportunities Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Opportunities Fund<br> (Class R6) | $37 | 0.77% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2302883267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;71% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEG S.A. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legrand S.A. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Givaudan S.A. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338314.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-GLOPP-SAR-R6 **Invesco Global Opportunities Fund**

![TSR_logo](images_2527.jpg)

### Invesco International Small-Mid Company Fund

### Class A: OSMAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco International Small-Mid Company Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco International Small-Mid Company Fund<br> (Class A) | $72 | 1.43% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3477725107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;VZ Holding AG | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBIC Co. Ltd. | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weir Group PLC (The) | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seria Co. Ltd. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnoPro Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.42% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338776.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-ISMC-SAR-A **Invesco International Small-Mid Company Fund**

![TSR_logo](images_2527.jpg)

### Invesco International Small-Mid Company Fund

### Class C: OSMCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco International Small-Mid Company Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco International Small-Mid Company Fund<br> (Class C) | $110 | 2.19% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3477725107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;VZ Holding AG | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBIC Co. Ltd. | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weir Group PLC (The) | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seria Co. Ltd. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnoPro Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.42% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338755.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-ISMC-SAR-C **Invesco International Small-Mid Company Fund**

![TSR_logo](images_2527.jpg)

### Invesco International Small-Mid Company Fund

### Class R: OSMNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco International Small-Mid Company Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco International Small-Mid Company Fund<br> (Class R) | $85 | 1.69% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3477725107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;VZ Holding AG | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBIC Co. Ltd. | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weir Group PLC (The) | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seria Co. Ltd. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnoPro Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.42% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338734.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-ISMC-SAR-R **Invesco International Small-Mid Company Fund**

![TSR_logo](images_2527.jpg)

### Invesco International Small-Mid Company Fund

### Class Y: OSMYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco International Small-Mid Company Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco International Small-Mid Company Fund<br> (Class Y) | $60 | 1.19% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3477725107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;VZ Holding AG | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBIC Co. Ltd. | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weir Group PLC (The) | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seria Co. Ltd. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnoPro Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.42% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338671.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-ISMC-SAR-Y **Invesco International Small-Mid Company Fund**

![TSR_logo](images_2527.jpg)

### Invesco International Small-Mid Company Fund

### Class R5: INSLX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco International Small-Mid Company Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco International Small-Mid Company Fund<br> (Class R5) | $54 | 1.07% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3477725107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;VZ Holding AG | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBIC Co. Ltd. | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weir Group PLC (The) | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seria Co. Ltd. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnoPro Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.42% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338713.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-ISMC-SAR-R5 **Invesco International Small-Mid Company Fund**

![TSR_logo](images_2527.jpg)

### Invesco International Small-Mid Company Fund

### Class R6: OSCIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco International Small-Mid Company Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco International Small-Mid Company Fund<br> (Class R6) | $51 | 1.01% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3477725107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG, BR | &nbsp;&nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;VZ Holding AG | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBIC Co. Ltd. | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weir Group PLC (The) | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seria Co. Ltd. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnoPro Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.42% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338692.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-ISMC-SAR-R6 **Invesco International Small-Mid Company Fund**

![TSR_logo](images_2527.jpg)

### Invesco MSCI World SRI Index Fund

### Class A: VSQAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco MSCI World SRI Index Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco MSCI World SRI Index Fund<br> (Class A) | $210.44%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$16096920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;14.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;4.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;0.98% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9339028.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

GLRE-SAR-A **Invesco MSCI World SRI Index Fund**

![TSR_logo](images_2527.jpg)

### Invesco MSCI World SRI Index Fund

### Class C: VSQCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco MSCI World SRI Index Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco MSCI World SRI Index Fund<br>(Class C) | $581.19%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$16096920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;14.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;4.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;0.98% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9339007.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

GLRE-SAR-C **Invesco MSCI World SRI Index Fund**

![TSR_logo](images_2527.jpg)

### Invesco MSCI World SRI Index Fund

### Class R: VSQRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco MSCI World SRI Index Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco MSCI World SRI Index Fund<br> (Class R) | $340.69%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$16096920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;14.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;4.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;0.98% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338986.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

GLRE-SAR-R **Invesco MSCI World SRI Index Fund**

![TSR_logo](images_2527.jpg)

### Invesco MSCI World SRI Index Fund

### Class Y: VSQYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco MSCI World SRI Index Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco MSCI World SRI Index Fund<br> (Class Y) | $90.19%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$16096920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;14.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;4.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;0.98% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338965.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

GLRE-SAR-Y **Invesco MSCI World SRI Index Fund**

![TSR_logo](images_2527.jpg)

### Invesco MSCI World SRI Index Fund

### Class R5: VSQFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco MSCI World SRI Index Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco MSCI World SRI Index Fund<br> (Class R5) | $90.19%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$16096920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;14.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;4.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;0.98% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338944.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

GLRE-SAR-R5 **Invesco MSCI World SRI Index Fund**

![TSR_logo](images_2527.jpg)

### Invesco MSCI World SRI Index Fund

### Class R6: VSQSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco MSCI World SRI Index Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco MSCI World SRI Index Fund<br> (Class R6) | $90.19%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$16096920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;14.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;4.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;0.98% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338923.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

GLRE-SAR-R6 **Invesco MSCI World SRI Index Fund**

![TSR_logo](images_2527.jpg)

### Invesco Oppenheimer International Growth Fund

### Class A: OIGAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Oppenheimer International Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Oppenheimer International Growth Fund<br> (Class A) | $58 | 1.16% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5338034859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;2.41% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338524.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-IGR-SAR-A **Invesco Oppenheimer International Growth Fund**

![TSR_logo](images_2527.jpg)

### Invesco Oppenheimer International Growth Fund

### Class C: OIGCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Oppenheimer International Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Oppenheimer International Growth Fund<br>(Class C) | $96 | 1.92% |

---

*\** **Annualized.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5338034859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;2.41% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338503.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-IGR-SAR-C **Invesco Oppenheimer International Growth Fund**

![TSR_logo](images_2527.jpg)

### Invesco Oppenheimer International Growth Fund

### Class R: OIGNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Oppenheimer International Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Oppenheimer International Growth Fund<br> (Class R) | $71 | 1.42% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5338034859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;2.41% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338482.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-IGR-SAR-R **Invesco Oppenheimer International Growth Fund**

![TSR_logo](images_2527.jpg)

### Invesco Oppenheimer International Growth Fund

### Class Y: OIGYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Oppenheimer International Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Oppenheimer International Growth Fund<br> (Class Y) | $46 | 0.92% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5338034859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;2.41% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338419.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-IGR-SAR-Y **Invesco Oppenheimer International Growth Fund**

![TSR_logo](images_2527.jpg)

### Invesco Oppenheimer International Growth Fund

### Class R5: INGFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Oppenheimer International Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Oppenheimer International Growth Fund<br> (Class R5) | $41 | 0.81% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5338034859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;2.41% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338461.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-IGR-SAR-R5 **Invesco Oppenheimer International Growth Fund**

![TSR_logo](images_2527.jpg)

### Invesco Oppenheimer International Growth Fund

### Class R6: OIGIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Oppenheimer International Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Oppenheimer International Growth Fund<br> (Class R6) | $37 | 0.74% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5338034859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;2.41% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9338440.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

O-IGR-SAR-R6 **Invesco Oppenheimer International Growth Fund**

------

(b) Not applicable.

------

Item 2. Code of Ethics.

Not applicable for a semi-annual report.

------

Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.

------

Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.

------

Item 5. Audit Committee of Listed Registrants.

Not applicable.

------

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](imgde4c66281.jpg)

------

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

**April 30, 2025**

**Invesco Advantage International Fund**

Nasdaq:

A: QMGAX ■ C: QMGCX ■ R: QMGRX ■ Y: QMGYX ■ R5: GMAGX ■ R6: QMGIX

------

---

| | |
|:---|:---|
| [2](#xx_1ffd1c2f-27da-4d7f-b0a6-30a4687908f1_SOI-Continued-764_1) | Schedule of Investments |
| [8](#xx_1ffd1c2f-27da-4d7f-b0a6-30a4687908f1_FS-Continued-764_1) | Financial Statements |
| [11](#xx_1ffd1c2f-27da-4d7f-b0a6-30a4687908f1_FS-Continued-764_4) | Financial Highlights |
| [12](#xx_1ffd1c2f-27da-4d7f-b0a6-30a4687908f1_NTF-Continued-764_1) | Notes to Financial Statements |
| [21](#xx_1ffd1c2f-27da-4d7f-b0a6-30a4687908f1_OIRSR-Continued-764_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–79.04%** | **Common Stocks & Other Equity Interests–79.04%** | **Common Stocks & Other Equity Interests–79.04%** |
| **Australia–2.06%** | **Australia–2.06%** | **Australia–2.06%** |
| ANZ Group Holdings Ltd. | 778 | &nbsp;&nbsp; $14877 |
| BHP Group Ltd. | 3423 | &nbsp;&nbsp; 81583 |
| Commonwealth Bank of Australia | 56 | &nbsp;&nbsp; 5969 |
| Fortescue Ltd. | 5780 | &nbsp;&nbsp; 59694 |
| Glencore PLC<sup>(a)</sup>  | 31578 | &nbsp;&nbsp; 103536 |
| Goodman Group | 778 | &nbsp;&nbsp; 14894 |
| Rio Tinto Ltd. | 2692 | &nbsp;&nbsp; 201408 |
| Rio Tinto PLC | 3983 | &nbsp;&nbsp; 237345 |
| Telstra Group Ltd. | 3001 | &nbsp;&nbsp; 8661 |
| Wesfarmers Ltd. | 306 | &nbsp;&nbsp; 15329 |
| Woolworths Group Ltd. | 750 | &nbsp;&nbsp; 15137 |
|  |  | &nbsp;&nbsp; 758433 |
| **Belgium–0.67%** | **Belgium–0.67%** | **Belgium–0.67%** |
| Anheuser-Busch InBev S.A./N.V. | 3129 | &nbsp;&nbsp; 206229 |
| UCB S.A. | 222 | &nbsp;&nbsp; 40701 |
|  |  | &nbsp;&nbsp; 246930 |
| **Brazil–1.96%** | **Brazil–1.96%** | **Brazil–1.96%** |
| Alupar Investimento S.A., Series CPO | 1456 | &nbsp;&nbsp; 7907 |
| Ambev S.A. | 22800 | &nbsp;&nbsp; 58535 |
| B3 S.A. - Brasil, Bolsa, Balcao | 3500 | &nbsp;&nbsp; 8320 |
| Banco Bradesco S.A., Preference <br> Shares | 25800 | &nbsp;&nbsp; 62418 |
| Banco do Brasil S.A. | 7000 | &nbsp;&nbsp; 35684 |
| Banco Santander Brasil S.A., <br> Series CPO | 8300 | &nbsp;&nbsp; 43173 |
| BB Seguridade Participacoes S.A. | 2200 | &nbsp;&nbsp; 16580 |
| Centrais Eletricas Brasileiras S.A. | 1300 | &nbsp;&nbsp; 10068 |
| CPFL Energia S.A. | 1100 | &nbsp;&nbsp; 7402 |
| Equatorial Energia S.A. | 1800 | &nbsp;&nbsp; 11675 |
| Gerdau S.A., Preference Shares | 2400 | &nbsp;&nbsp; 6339 |
| Itausa S.A., Preference Shares | 4800 | &nbsp;&nbsp; 9050 |
| Petroleo Brasileiro S.A., Preference <br> Shares | 33100 | &nbsp;&nbsp; 174915 |
| Telefonica Brasil S.A. | 2800 | &nbsp;&nbsp; 13711 |
| TIM S.A. | 3600 | &nbsp;&nbsp; 12021 |
| Vale S.A. | 21900 | &nbsp;&nbsp; 203983 |
| WEG S.A. | 5200 | &nbsp;&nbsp; 40903 |
|  |  | &nbsp;&nbsp; 722684 |
| **Chile–0.17%** | **Chile–0.17%** | **Chile–0.17%** |
| Banco de Chile | 113205 | &nbsp;&nbsp; 16618 |
| Cencosud S.A. | 7725 | &nbsp;&nbsp; 26433 |
| Falabella S.A. | 4251 | &nbsp;&nbsp; 19303 |
|  |  | &nbsp;&nbsp; 62354 |
| **China–11.11%** | **China–11.11%** | **China–11.11%** |
| Agricultural Bank of China Ltd., H <br> Shares | 48000 | &nbsp;&nbsp; 29290 |
| Alibaba Group Holding Ltd. | 37600 | &nbsp;&nbsp; 561369 |
| Aluminum Corp. of China Ltd., H Shares | 14000 | &nbsp;&nbsp; 7514 |
| Anhui Conch Cement Co. Ltd., H Shares | 3000 | &nbsp;&nbsp; 8451 |
| ANTA Sports Products Ltd. | 600 | &nbsp;&nbsp; 7089 |
| Baidu, Inc., A Shares<sup>(a)</sup>  | 4800 | &nbsp;&nbsp; 52930 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **China–(continued)** | **China–(continued)** | **China–(continued)** |
| Bank of China Ltd., H Shares | 597000 | &nbsp;&nbsp; $333349 |
| Bank of Communications Co. Ltd., H Shares | 95000 | &nbsp;&nbsp; 83074 |
| BOC Hong Kong (Holdings) Ltd. | 14000 | &nbsp;&nbsp; 58077 |
| BYD Co. Ltd., H Shares | 5000 | &nbsp;&nbsp; 237481 |
| BYD Electronic International Co. Ltd. | 1500 | &nbsp;&nbsp; 6226 |
| China CITIC Bank Corp. Ltd., H Shares | 65000 | &nbsp;&nbsp; 51410 |
| China Construction Bank Corp., H Shares | 545000 | &nbsp;&nbsp; 447678 |
| China Everbright Bank Co. Ltd., H Shares | 17000 | &nbsp;&nbsp; 7382 |
| China Galaxy Securities Co. Ltd., H Shares | 7000 | &nbsp;&nbsp; 6359 |
| China Hongqiao Group Ltd. | 36500 | &nbsp;&nbsp; 65518 |
| China Life Insurance Co. Ltd., H Shares | 6000 | &nbsp;&nbsp; 10966 |
| China Mengniu Dairy Co. Ltd. | 5000 | &nbsp;&nbsp; 12453 |
| China Merchants Bank Co. Ltd., H Shares | 9000 | &nbsp;&nbsp; 49092 |
| China Minsheng Banking Corp. Ltd., H Shares | 44000 | &nbsp;&nbsp; 20647 |
| China Overseas Land & Investment Ltd. | 10500 | &nbsp;&nbsp; 18629 |
| China Pacific Insurance (Group) Co. Ltd., H <br> Shares | 10800 | &nbsp;&nbsp; 29384 |
| China Petroleum & Chemical Corp., H Shares | 50000 | &nbsp;&nbsp; 25524 |
| China Resources Land Ltd. | 4500 | &nbsp;&nbsp; 15141 |
| China Resources Power Holdings Co. Ltd. | 4000 | &nbsp;&nbsp; 9650 |
| China Taiping Insurance Holdings Co. Ltd. | 9000 | &nbsp;&nbsp; 12463 |
| China Tower Corp. Ltd., H Shares<sup>(b)</sup>  | 9600 | &nbsp;&nbsp; 13905 |
| Chongqing Rural Commercial Bank Co. Ltd., H <br> Shares | 9000 | &nbsp;&nbsp; 6910 |
| CITIC Ltd. | 15000 | &nbsp;&nbsp; 18235 |
| CITIC Telecom International Holdings Ltd. | 20000 | &nbsp;&nbsp; 6084 |
| CMOC Group Ltd., H Shares | 9000 | &nbsp;&nbsp; 7066 |
| COSCO SHIPPING Holdings Co. Ltd., H Shares | 5000 | &nbsp;&nbsp; 7545 |
| CSPC Pharmaceutical Group Ltd. | 18640 | &nbsp;&nbsp; 14682 |
| Full Truck Alliance Co. Ltd., ADR | 1223 | &nbsp;&nbsp; 13893 |
| Geely Automobile Holdings Ltd. | 9000 | &nbsp;&nbsp; 18894 |
| Great Wall Motor Co. Ltd. | 5000 | &nbsp;&nbsp; 7145 |
| H World Group Ltd., ADR | 195 | &nbsp;&nbsp; 6677 |
| Haier Smart Home Co. Ltd., H Shares | 3600 | &nbsp;&nbsp; 10447 |
| Industrial & Commercial Bank of China Ltd., H <br> Shares | 539000 | &nbsp;&nbsp; 369221 |
| JD Logistics, Inc.<sup>(a)(b)</sup>  | 7600 | &nbsp;&nbsp; 11920 |
| JD.com, Inc., A Shares | 9166 | &nbsp;&nbsp; 149236 |
| Kanzhun Ltd., ADR<sup>(a)</sup>  | 417 | &nbsp;&nbsp; 6380 |
| KE Holdings, Inc., ADR | 2816 | &nbsp;&nbsp; 57165 |
| Kingsoft Corp. Ltd. | 1600 | &nbsp;&nbsp; 7972 |
| Kuaishou Technology<sup>(a)(b)</sup>  | 1700 | &nbsp;&nbsp; 11220 |
| Kunlun Energy Co. Ltd. | 6000 | &nbsp;&nbsp; 5719 |
| Lenovo Group Ltd. | 10000 | &nbsp;&nbsp; 11566 |
| Li Auto, Inc., A Shares<sup>(a)</sup>  | 2500 | &nbsp;&nbsp; 30462 |
| Li Ning Co. Ltd. | 3500 | &nbsp;&nbsp; 6599 |
| Meituan, B Shares<sup>(a)(b)</sup>  | 6500 | &nbsp;&nbsp; 107623 |
| MINISO Group Holding Ltd., ADR | 472 | &nbsp;&nbsp; 8510 |
| NetEase, Inc. | 3000 | &nbsp;&nbsp; 64489 |
| New China Life Insurance Co. Ltd., H Shares | 3700 | &nbsp;&nbsp; 13512 |
| New Oriental Education & Technology Group, <br> Inc. | 2800 | &nbsp;&nbsp; 13718 |
| Nongfu Spring Co. Ltd.<sup>(b)</sup>  | 1600 | &nbsp;&nbsp; 7355 |
| PDD Holdings, Inc., ADR<sup>(a)</sup>  | 1287 | &nbsp;&nbsp; 135869 |
| PetroChina Co. Ltd., H Shares | 36000 | &nbsp;&nbsp; 27509 |

---

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)** |
| Ping An Insurance (Group) Co. of China Ltd., H <br> Shares | 18000 | &nbsp;&nbsp; $107731 |
| Postal Savings Bank of China Co. Ltd., H <br> Shares<sup>(b)</sup>  | 17000 | &nbsp;&nbsp; 10451 |
| Sino Biopharmaceutical Ltd. | 51000 | &nbsp;&nbsp; 25612 |
| SITC International Holdings Co. Ltd. | 3000 | &nbsp;&nbsp; 8307 |
| Sunny Optical Technology Group Co. Ltd. | 800 | &nbsp;&nbsp; 6731 |
| Tencent Holdings Ltd. | 6200 | &nbsp;&nbsp; 379756 |
| Tencent Music Entertainment Group, ADR | 2334 | &nbsp;&nbsp; 31322 |
| Trip.com Group Ltd. | 800 | &nbsp;&nbsp; 48193 |
| Vipshop Holdings Ltd., ADR | 1890 | &nbsp;&nbsp; 25742 |
| Want Want China Holdings Ltd. | 35000 | &nbsp;&nbsp; 22904 |
| Wuxi Biologics (Cayman), Inc.<sup>(a)(b)</sup>  | 3000 | &nbsp;&nbsp; 8713 |
| XPeng, Inc.<sup>(a)</sup>  | 700 | &nbsp;&nbsp; 6516 |
| Yum China Holdings, Inc. | 389 | &nbsp;&nbsp; 16848 |
| Zhejiang Expressway Co. Ltd., H Shares | 10000 | &nbsp;&nbsp; 8242 |
| Zijin Mining Group Co. Ltd., H Shares | 8000 | &nbsp;&nbsp; 17477 |
| ZTO Express (Cayman), Inc., ADR | 1593 | &nbsp;&nbsp; 29470 |
|  |  | &nbsp;&nbsp; 4098689 |
| **Colombia–0.05%** | **Colombia–0.05%** | **Colombia–0.05%** |
| Bancolombia S.A., Preference Shares | 1675 | &nbsp;&nbsp; 17204 |
| **Denmark–0.77%** | **Denmark–0.77%** | **Denmark–0.77%** |
| A.P. Moller - Maersk A/S, Class B | 59 | &nbsp;&nbsp; 101591 |
| Danske Bank A/S | 1252 | &nbsp;&nbsp; 43929 |
| DSV A/S | 83 | &nbsp;&nbsp; 17593 |
| Genmab A/S<sup>(a)</sup>  | 176 | &nbsp;&nbsp; 37319 |
| Novo Nordisk A/S, Class B | 1280 | &nbsp;&nbsp; 85583 |
|  |  | &nbsp;&nbsp; 286015 |
| **Finland–0.28%** | **Finland–0.28%** | **Finland–0.28%** |
| Nokia OYJ | 13088 | &nbsp;&nbsp; 65429 |
| Nordea Bank Abp | 1195 | &nbsp;&nbsp; 16550 |
| UPM-Kymmene OYJ | 889 | &nbsp;&nbsp; 23546 |
|  |  | &nbsp;&nbsp; 105525 |
| **France–5.20%** | **France–5.20%** | **France–5.20%** |
| AXA S.A. | 472 | &nbsp;&nbsp; 22324 |
| BNP Paribas S.A. | 3755 | &nbsp;&nbsp; 318159 |
| Capgemini SE | 361 | &nbsp;&nbsp; 57635 |
| Cie de Saint-Gobain S.A. | 1166 | &nbsp;&nbsp; 126765 |
| Cie Generale des Etablissements Michelin S.C.A. | 1723 | &nbsp;&nbsp; 63003 |
| Credit Agricole S.A. | 4865 | &nbsp;&nbsp; 91251 |
| Danone S.A. | 417 | &nbsp;&nbsp; 35881 |
| ENGIE S.A. | 9815 | &nbsp;&nbsp; 202860 |
| EssilorLuxottica S.A. | 111 | &nbsp;&nbsp; 31985 |
| Kering S.A. | 195 | &nbsp;&nbsp; 39673 |
| Legrand S.A. | 667 | &nbsp;&nbsp; 73303 |
| L'Oreal S.A. | 111 | &nbsp;&nbsp; 49047 |
| Orange S.A. | 8336 | &nbsp;&nbsp; 120939 |
| Safran S.A. | 83 | &nbsp;&nbsp; 22088 |
| Schneider Electric SE | 167 | &nbsp;&nbsp; 39019 |
| Societe Generale S.A. | 2333 | &nbsp;&nbsp; 121640 |
| STMicroelectronics N.V. | 1195 | &nbsp;&nbsp; 27171 |
| Thales S.A. | 29 | &nbsp;&nbsp; 8124 |
| TotalEnergies SE | 3784 | &nbsp;&nbsp; 215518 |
| Vinci S.A. | 1792 | &nbsp;&nbsp; 251717 |
|  |  | &nbsp;&nbsp; 1918102 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Germany–6.20%** | **Germany–6.20%** | **Germany–6.20%** |
| adidas AG | 111 | &nbsp;&nbsp; $25540 |
| Allianz SE | 234 | &nbsp;&nbsp; 96777 |
| BASF SE | 361 | &nbsp;&nbsp; 18436 |
| Bayer AG | 1834 | &nbsp;&nbsp; 48064 |
| Bayerische Motoren Werke AG | 1195 | &nbsp;&nbsp; 101357 |
| Deutsche Bank AG | 6088 | &nbsp;&nbsp; 159629 |
| Deutsche Boerse AG | 28 | &nbsp;&nbsp; 9019 |
| Deutsche Post AG | 2084 | &nbsp;&nbsp; 89045 |
| Deutsche Telekom AG | 15391 | &nbsp;&nbsp; 552807 |
| Dr. Ing. h.c. F. Porsche AG, Preference <br> Shares<sup>(b)</sup>  | 250 | &nbsp;&nbsp; 12568 |
| E.ON SE | 3946 | &nbsp;&nbsp; 69014 |
| Henkel AG & Co. KGaA, Preference Shares | 556 | &nbsp;&nbsp; 43182 |
| Infineon Technologies AG | 306 | &nbsp;&nbsp; 10136 |
| Mercedes-Benz Group AG | 2077 | &nbsp;&nbsp; 124181 |
| Merck KGaA | 171 | &nbsp;&nbsp; 23807 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, Class R | 56 | &nbsp;&nbsp; 38338 |
| RWE AG | 1778 | &nbsp;&nbsp; 69047 |
| SAP SE | 644 | &nbsp;&nbsp; 188427 |
| Siemens AG | 1522 | &nbsp;&nbsp; 350458 |
| Siemens Energy AG, Class A<sup>(a)</sup>  | 1139 | &nbsp;&nbsp; 87912 |
| Siemens Healthineers AG<sup>(b)</sup>  | 445 | &nbsp;&nbsp; 23989 |
| Volkswagen AG, Preference Shares | 1223 | &nbsp;&nbsp; 133075 |
| Vonovia SE | 333 | &nbsp;&nbsp; 11046 |
|  |  | &nbsp;&nbsp; 2285854 |
| **Greece–0.25%** | **Greece–0.25%** | **Greece–0.25%** |
| Athens International Airport S.A. | 806 | &nbsp;&nbsp; 8351 |
| Eurobank Ergasias Services and Holdings S.A. | 9354 | &nbsp;&nbsp; 26547 |
| Hellenic Telecommunications Organization S.A. | 788 | &nbsp;&nbsp; 14954 |
| National Bank of Greece S.A. | 2584 | &nbsp;&nbsp; 27425 |
| OPAP S.A. | 695 | &nbsp;&nbsp; 15442 |
|  |  | &nbsp;&nbsp; 92719 |
| **Hong Kong–1.34%** | **Hong Kong–1.34%** | **Hong Kong–1.34%** |
| AIA Group Ltd. | 8800 | &nbsp;&nbsp; 65937 |
| CK Hutchison Holdings Ltd. | 21000 | &nbsp;&nbsp; 118421 |
| Hang Seng Bank Ltd. | 1900 | &nbsp;&nbsp; 26522 |
| Hong Kong Exchanges & Clearing Ltd. | 300 | &nbsp;&nbsp; 13107 |
| Prudential PLC | 4779 | &nbsp;&nbsp; 50814 |
| Sun Hung Kai Properties Ltd. | 22000 | &nbsp;&nbsp; 208701 |
| Techtronic Industries Co. Ltd. | 1000 | &nbsp;&nbsp; 10064 |
|  |  | &nbsp;&nbsp; 493566 |
| **Hungary–0.15%** | **Hungary–0.15%** | **Hungary–0.15%** |
| MOL Hungarian Oil & Gas PLC | 834 | &nbsp;&nbsp; 7062 |
| OTP Bank Nyrt. | 556 | &nbsp;&nbsp; 41071 |
| Richter Gedeon Nyrt | 250 | &nbsp;&nbsp; 7582 |
|  |  | &nbsp;&nbsp; 55715 |
| **Indonesia–0.58%** | **Indonesia–0.58%** | **Indonesia–0.58%** |
| PT Alamtri Resources (Indonesia) Tbk | 62900 | &nbsp;&nbsp; 7205 |
| PT Astra International Tbk | 61000 | &nbsp;&nbsp; 17631 |
| PT Bank Central Asia Tbk | 167900 | &nbsp;&nbsp; 89271 |
| PT Bank Mandiri (Persero) Tbk | 21100 | &nbsp;&nbsp; 6231 |
| PT Bank Negara Indonesia (Persero) Tbk | 31600 | &nbsp;&nbsp; 7963 |
| PT Bank Rakyat Indonesia (Persero) Tbk | 29900 | &nbsp;&nbsp; 6925 |
| PT Barito Renewables Energy Tbk | 26600 | &nbsp;&nbsp; 9638 |
| PT Kalbe Farma Tbk | 66100 | &nbsp;&nbsp; 5448 |

---

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

**3**

**Invesco Advantage International Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Indonesia–(continued)** | **Indonesia–(continued)** | **Indonesia–(continued)** |
| PT Telkom Indonesia (Persero) Tbk | 352000 | &nbsp;&nbsp; $55482 |
| PT United Tractors Tbk | 5600 | &nbsp;&nbsp; 7653 |
|  |  | &nbsp;&nbsp; 213447 |
| **Italy–1.22%** | **Italy–1.22%** | **Italy–1.22%** |
| Assicurazioni Generali S.p.A. | 306 | &nbsp;&nbsp; 11184 |
| Enel S.p.A. | 5613 | &nbsp;&nbsp; 48659 |
| Ferrari N.V. | 83 | &nbsp;&nbsp; 37996 |
| Intesa Sanpaolo S.p.A. | 12115 | &nbsp;&nbsp; 64673 |
| Poste Italiane S.p.A.<sup>(b)</sup>  | 1223 | &nbsp;&nbsp; 24823 |
| UniCredit S.p.A. | 4506 | &nbsp;&nbsp; 262163 |
|  |  | &nbsp;&nbsp; 449498 |
| **Japan–11.86%** | **Japan–11.86%** | **Japan–11.86%** |
| Asahi Group Holdings Ltd. | 10500 | &nbsp;&nbsp; 145134 |
| Astellas Pharma, Inc. | 900 | &nbsp;&nbsp; 9013 |
| Bridgestone Corp. | 1800 | &nbsp;&nbsp; 75267 |
| Canon, Inc. | 2100 | &nbsp;&nbsp; 64805 |
| Central Japan Railway Co. | 4400 | &nbsp;&nbsp; 92593 |
| Chugai Pharmaceutical Co. Ltd. | 500 | &nbsp;&nbsp; 28805 |
| Dai-ichi Life Holdings, Inc. | 12000 | &nbsp;&nbsp; 86645 |
| Daiichi Sankyo Co. Ltd. | 500 | &nbsp;&nbsp; 12790 |
| Denso Corp. | 1500 | &nbsp;&nbsp; 19368 |
| FANUC Corp. | 200 | &nbsp;&nbsp; 5076 |
| Fast Retailing Co. Ltd. | 100 | &nbsp;&nbsp; 32895 |
| Fujitsu Ltd. | 1300 | &nbsp;&nbsp; 28880 |
| Hitachi Ltd. | 7100 | &nbsp;&nbsp; 175480 |
| Honda Motor Co. Ltd. | 12300 | &nbsp;&nbsp; 125149 |
| Hoya Corp. | 100 | &nbsp;&nbsp; 11767 |
| ITOCHU Corp. | 2300 | &nbsp;&nbsp; 117629 |
| Japan Post Bank Co. Ltd. | 3100 | &nbsp;&nbsp; 31874 |
| Japan Post Holdings Co. Ltd. | 3300 | &nbsp;&nbsp; 32077 |
| Japan Tobacco, Inc. | 4200 | &nbsp;&nbsp; 129394 |
| Kao Corp. | 300 | &nbsp;&nbsp; 12846 |
| KDDI Corp. | 4400 | &nbsp;&nbsp; 77984 |
| Komatsu Ltd. | 1800 | &nbsp;&nbsp; 52055 |
| Kyocera Corp. | 4400 | &nbsp;&nbsp; 52148 |
| LY Corp. | 6400 | &nbsp;&nbsp; 24205 |
| Mitsubishi Corp. | 6400 | &nbsp;&nbsp; 121514 |
| Mitsubishi Electric Corp. | 3500 | &nbsp;&nbsp; 67709 |
| Mitsubishi Estate Co. Ltd. | 3700 | &nbsp;&nbsp; 64994 |
| Mitsubishi UFJ Financial Group, Inc. | 21200 | &nbsp;&nbsp; 267101 |
| Mitsui & Co. Ltd. | 7000 | &nbsp;&nbsp; 141548 |
| Mizuho Financial Group, Inc. | 5670 | &nbsp;&nbsp; 141765 |
| MS&AD Insurance Group Holdings, Inc. | 1000 | &nbsp;&nbsp; 22730 |
| Murata Manufacturing Co. Ltd. | 3100 | &nbsp;&nbsp; 44164 |
| Nintendo Co. Ltd. | 600 | &nbsp;&nbsp; 49812 |
| Nippon Telegraph & Telephone Corp. | 92000 | &nbsp;&nbsp; 96165 |
| Olympus Corp. | 6700 | &nbsp;&nbsp; 87790 |
| ORIX Corp. | 2600 | &nbsp;&nbsp; 52156 |
| Otsuka Holdings Co. Ltd. | 1400 | &nbsp;&nbsp; 68251 |
| Panasonic Holdings Corp. | 12200 | &nbsp;&nbsp; 139885 |
| Recruit Holdings Co. Ltd. | 2900 | &nbsp;&nbsp; 160704 |
| Renesas Electronics Corp. | 8800 | &nbsp;&nbsp; 103270 |
| Seven & i Holdings Co. Ltd. | 3300 | &nbsp;&nbsp; 48578 |
| Shin-Etsu Chemical Co. Ltd. | 700 | &nbsp;&nbsp; 21302 |
| SoftBank Corp. | 26300 | &nbsp;&nbsp; 39798 |
| SoftBank Group Corp. | 200 | &nbsp;&nbsp; 10114 |
| Sompo Holdings, Inc. | 2800 | &nbsp;&nbsp; 91759 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Japan–(continued)** | **Japan–(continued)** | **Japan–(continued)** |
| Sony Group Corp. | 9600 | &nbsp;&nbsp; $253275 |
| Sumitomo Corp. | 4700 | &nbsp;&nbsp; 114757 |
| Sumitomo Mitsui Financial Group, Inc. | 8300 | &nbsp;&nbsp; 198015 |
| Suzuki Motor Corp. | 3000 | &nbsp;&nbsp; 35951 |
| Takeda Pharmaceutical Co. Ltd. | 2938 | &nbsp;&nbsp; 88870 |
| Tokio Marine Holdings, Inc. | 1100 | &nbsp;&nbsp; 44091 |
| Toyota Industries Corp. | 400 | &nbsp;&nbsp; 46910 |
| Toyota Motor Corp. | 16000 | &nbsp;&nbsp; 305591 |
|  |  | &nbsp;&nbsp; 4372448 |
| **Luxembourg–0.25%** | **Luxembourg–0.25%** | **Luxembourg–0.25%** |
| ArcelorMittal S.A. | 3072 | &nbsp;&nbsp; 90844 |
| **Malaysia–0.86%** | **Malaysia–0.86%** | **Malaysia–0.86%** |
| CelcomDigi Bhd. | 11200 | &nbsp;&nbsp; 9924 |
| CIMB Group Holdings Bhd. | 18400 | &nbsp;&nbsp; 30395 |
| Gamuda Bhd. | 7200 | &nbsp;&nbsp; 7094 |
| Hong Leong Bank Bhd. | 1500 | &nbsp;&nbsp; 6953 |
| IHH Healthcare Bhd. | 13700 | &nbsp;&nbsp; 21957 |
| Malayan Banking Bhd. | 25600 | &nbsp;&nbsp; 59323 |
| MISC Bhd. | 13100 | &nbsp;&nbsp; 22779 |
| Petronas Chemicals Group Bhd. | 8800 | &nbsp;&nbsp; 7509 |
| Public Bank Bhd. | 25500 | &nbsp;&nbsp; 26435 |
| QL Resources Bhd. | 10400 | &nbsp;&nbsp; 11568 |
| RHB Bank Bhd. | 13200 | &nbsp;&nbsp; 20361 |
| Telekom Malaysia Bhd. | 19800 | &nbsp;&nbsp; 31205 |
| Tenaga Nasional Bhd. | 13900 | &nbsp;&nbsp; 44704 |
| TIME dotCom Bhd. | 13900 | &nbsp;&nbsp; 16590 |
|  |  | &nbsp;&nbsp; 316797 |
| **Mexico–0.95%** | **Mexico–0.95%** | **Mexico–0.95%** |
| America Movil S.A.B. de C.V., Class B | 103100 | &nbsp;&nbsp; 88955 |
| Arca Continental S.A.B. de C.V. | 3200 | &nbsp;&nbsp; 33675 |
| CEMEX S.A.B. de C.V., Series CPO | 20100 | &nbsp;&nbsp; 12402 |
| Coca-Cola FEMSA S.A.B. de C.V., Series CPO | 1200 | &nbsp;&nbsp; 11303 |
| Fomento Economico Mexicano S.A.B. de C.V., <br> Series CPO | 9200 | &nbsp;&nbsp; 96816 |
| Grupo Financiero Banorte S.A.B. de C.V., <br> Class O | 3300 | &nbsp;&nbsp; 28358 |
| Grupo Financiero Inbursa S.A.B. de C.V., <br> Class O<sup>(a)</sup>  | 5200 | &nbsp;&nbsp; 13367 |
| Grupo Mexico S.A.B. de C.V., Class B | 7200 | &nbsp;&nbsp; 37412 |
| Wal-Mart de Mexico S.A.B. de C.V., Series V | 9173 | &nbsp;&nbsp; 29071 |
|  |  | &nbsp;&nbsp; 351359 |
| **Netherlands–1.99%** | **Netherlands–1.99%** | **Netherlands–1.99%** |
| ASML Holding N.V. | 205 | &nbsp;&nbsp; 137236 |
| EXOR N.V. | 556 | &nbsp;&nbsp; 52495 |
| Heineken Holding N.V. | 306 | &nbsp;&nbsp; 23926 |
| ING Groep N.V. | 9047 | &nbsp;&nbsp; 175686 |
| Koninklijke Ahold Delhaize N.V. | 2816 | &nbsp;&nbsp; 115622 |
| Koninklijke Philips N.V.<sup>(a)</sup>  | 2779 | &nbsp;&nbsp; 70530 |
| NXP Semiconductors N.V. | 484 | &nbsp;&nbsp; 89206 |
| Prosus N.V.<sup>(a)</sup>  | 722 | &nbsp;&nbsp; 33851 |
| Wolters Kluwer N.V. | 195 | &nbsp;&nbsp; 34429 |
|  |  | &nbsp;&nbsp; 732981 |
| **Peru–0.12%** | **Peru–0.12%** | **Peru–0.12%** |
| Credicorp Ltd. | 222 | &nbsp;&nbsp; 44886 |

---

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

**4**

**Invesco Advantage International Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Philippines–0.16%** | **Philippines–0.16%** | **Philippines–0.16%** |
| Bank of the Philippine Islands | 5440 | &nbsp;&nbsp; $13640 |
| International Container Terminal Services, Inc. | 7200 | &nbsp;&nbsp; 44036 |
|  |  | &nbsp;&nbsp; 57676 |
| **Poland–0.16%** | **Poland–0.16%** | **Poland–0.16%** |
| Asseco Poland S.A. | 306 | &nbsp;&nbsp; 12636 |
| Bank Polska Kasa Opieki S.A. | 361 | &nbsp;&nbsp; 18094 |
| KGHM Polska Miedz S.A. | 222 | &nbsp;&nbsp; 7087 |
| Powszechna Kasa Oszczednosci Bank Polski <br> S.A. | 611 | &nbsp;&nbsp; 11747 |
| Powszechny Zaklad Ubezpieczen S.A. | 528 | &nbsp;&nbsp; 8237 |
|  |  | &nbsp;&nbsp; 57801 |
| **Romania–0.03%** | **Romania–0.03%** | **Romania–0.03%** |
| NEPI Rockcastle N.V.<sup>(a)</sup>  | 1278 | &nbsp;&nbsp; 9803 |
| **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** |
| Sberbank of Russia PJSC<sup>(c)</sup>  | 9800 | &nbsp;&nbsp; 0 |
| Tatneft PJSC<sup>(c)</sup>  | 1980 | &nbsp;&nbsp; 0 |
| VTB Bank PJSC<sup>(a)(c)</sup>  | 1943 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| **Singapore–0.94%** | **Singapore–0.94%** | **Singapore–0.94%** |
| DBS Group Holdings Ltd. | 800 | &nbsp;&nbsp; 25991 |
| Oversea-Chinese Banking Corp. Ltd. | 7400 | &nbsp;&nbsp; 91581 |
| Sea Ltd., ADR<sup>(a)</sup>  | 1112 | &nbsp;&nbsp; 149064 |
| Singapore Telecommunications Ltd. | 4800 | &nbsp;&nbsp; 13887 |
| United Overseas Bank Ltd. | 2500 | &nbsp;&nbsp; 66397 |
|  |  | &nbsp;&nbsp; 346920 |
| **South Africa–1.06%** | **South Africa–1.06%** | **South Africa–1.06%** |
| Absa Group Ltd. | 1849 | &nbsp;&nbsp; 17064 |
| Anglo American PLC | 1084 | &nbsp;&nbsp; 29591 |
| Bid Corp. Ltd. | 639 | &nbsp;&nbsp; 16058 |
| Bidvest Group Ltd. (The) | 528 | &nbsp;&nbsp; 6694 |
| Capitec Bank Holdings Ltd. | 341 | &nbsp;&nbsp; 63292 |
| Clicks Group Ltd. | 333 | &nbsp;&nbsp; 7093 |
| Discovery Ltd. | 667 | &nbsp;&nbsp; 7409 |
| FirstRand Ltd. | 11266 | &nbsp;&nbsp; 44110 |
| Gold Fields Ltd. | 2001 | &nbsp;&nbsp; 44880 |
| Impala Platinum Holdings Ltd.<sup>(a)</sup>  | 1528 | &nbsp;&nbsp; 9087 |
| Naspers Ltd. | 111 | &nbsp;&nbsp; 29187 |
| Nedbank Group Ltd. | 2834 | &nbsp;&nbsp; 38708 |
| Sanlam Ltd. | 2084 | &nbsp;&nbsp; 9489 |
| Sasol Ltd.<sup>(a)</sup>  | 1667 | &nbsp;&nbsp; 5758 |
| Shoprite Holdings Ltd. | 2162 | &nbsp;&nbsp; 33265 |
| Standard Bank Group Ltd. | 2417 | &nbsp;&nbsp; 30184 |
|  |  | &nbsp;&nbsp; 391869 |
| **South Korea–1.21%** | **South Korea–1.21%** | **South Korea–1.21%** |
| Celltrion, Inc. | 6 | &nbsp;&nbsp; 680 |
| KB Financial Group, Inc. | 195 | &nbsp;&nbsp; 12324 |
| LG Energy Solution Ltd.<sup>(a)</sup>  | 56 | &nbsp;&nbsp; 12776 |
| NAVER Corp. | 176 | &nbsp;&nbsp; 24764 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup>  | 28 | &nbsp;&nbsp; 20722 |
| Samsung C&T Corp. | 199 | &nbsp;&nbsp; 17126 |
| Samsung Electronics Co. Ltd. | 7988 | &nbsp;&nbsp; 311672 |
| Samsung SDI Co. Ltd. | 83 | &nbsp;&nbsp; 10278 |
| Samsung SDI Co. Ltd., Rts., expiring <br> 06/30/2025<sup>(a)</sup>  | 11 | &nbsp;&nbsp; 231 |
| Shinhan Financial Group Co. Ltd. | 306 | &nbsp;&nbsp; 11059 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **South Korea–(continued)** | **South Korea–(continued)** | **South Korea–(continued)** |
| SK hynix, Inc. | 195 | &nbsp;&nbsp; $24331 |
|  |  | &nbsp;&nbsp; 445963 |
| **Spain–2.99%** | **Spain–2.99%** | **Spain–2.99%** |
| Aena SME S.A.<sup>(b)</sup>  | 28 | &nbsp;&nbsp; 7034 |
| Amadeus IT Group S.A. | 278 | &nbsp;&nbsp; 21882 |
| Banco Bilbao Vizcaya Argentaria S.A. | 13143 | &nbsp;&nbsp; 180375 |
| Banco Santander S.A. | 59686 | &nbsp;&nbsp; 420241 |
| CaixaBank S.A. | 1417 | &nbsp;&nbsp; 10860 |
| Endesa S.A. | 278 | &nbsp;&nbsp; 8349 |
| Iberdrola S.A. | 13456 | &nbsp;&nbsp; 242556 |
| Industria de Diseno Textil S.A. | 1056 | &nbsp;&nbsp; 56787 |
| Repsol S.A. | 7454 | &nbsp;&nbsp; 91115 |
| Telefonica S.A. | 12226 | &nbsp;&nbsp; 62808 |
|  |  | &nbsp;&nbsp; 1102007 |
| **Sweden–1.28%** | **Sweden–1.28%** | **Sweden–1.28%** |
| Assa Abloy AB, Class B | 361 | &nbsp;&nbsp; 10958 |
| Atlas Copco AB, Class A | 834 | &nbsp;&nbsp; 12909 |
| Essity AB, Class B | 278 | &nbsp;&nbsp; 8039 |
| Hexagon AB, Class B | 3946 | &nbsp;&nbsp; 38405 |
| Investor AB, Class B | 4168 | &nbsp;&nbsp; 123491 |
| Sandvik AB | 2306 | &nbsp;&nbsp; 47606 |
| Skandinaviska Enskilda Banken AB, Class A | 639 | &nbsp;&nbsp; 10139 |
| Spotify Technology S.A.<sup>(a)</sup>  | 146 | &nbsp;&nbsp; 89641 |
| Svenska Handelsbanken AB, Class A | 3168 | &nbsp;&nbsp; 41469 |
| Swedbank AB, Class A | 2167 | &nbsp;&nbsp; 54097 |
| Telefonaktiebolaget LM Ericsson, Class B | 4251 | &nbsp;&nbsp; 35910 |
|  |  | &nbsp;&nbsp; 472664 |
| **Switzerland–4.33%** | **Switzerland–4.33%** | **Switzerland–4.33%** |
| ABB Ltd. | 1028 | &nbsp;&nbsp; 54289 |
| DSM-Firmenich AG | 1309 | &nbsp;&nbsp; 142201 |
| Geberit AG | 28 | &nbsp;&nbsp; 19396 |
| Givaudan S.A. | 2 | &nbsp;&nbsp; 9649 |
| Kuehne + Nagel International AG, Class R | 83 | &nbsp;&nbsp; 19115 |
| Lonza Group AG | 28 | &nbsp;&nbsp; 20118 |
| Nestle S.A. | 732 | &nbsp;&nbsp; 77912 |
| Partners Group Holding AG | 10 | &nbsp;&nbsp; 13103 |
| Roche Holding AG | 1960 | &nbsp;&nbsp; 640893 |
| Swisscom AG | 56 | &nbsp;&nbsp; 37346 |
| UBS Group AG | 17264 | &nbsp;&nbsp; 524055 |
| Zurich Insurance Group AG | 57 | &nbsp;&nbsp; 40428 |
|  |  | &nbsp;&nbsp; 1598505 |
| **Taiwan–7.36%** | **Taiwan–7.36%** | **Taiwan–7.36%** |
| Advantech Co. Ltd. | 2000 | &nbsp;&nbsp; 20952 |
| ASE Technology Holding Co. Ltd., ADR | 5149 | &nbsp;&nbsp; 44951 |
| Asia Cement Corp. | 8000 | &nbsp;&nbsp; 11268 |
| Asustek Computer, Inc. | 3000 | &nbsp;&nbsp; 54861 |
| Catcher Technology Co. Ltd. | 8000 | &nbsp;&nbsp; 54458 |
| Cathay Financial Holding Co. Ltd. | 24000 | &nbsp;&nbsp; 44220 |
| Chailease Holding Co. Ltd. | 3000 | &nbsp;&nbsp; 10794 |
| Chang Hwa Commercial Bank Ltd. | 21320 | &nbsp;&nbsp; 12157 |
| Cheng Shin Rubber Industry Co. Ltd. | 5000 | &nbsp;&nbsp; 7723 |
| China Steel Corp. | 41000 | &nbsp;&nbsp; 26514 |
| Chunghwa Telecom Co. Ltd., ADR | 6350 | &nbsp;&nbsp; 256794 |
| CTBC Financial Holding Co. Ltd. | 26000 | &nbsp;&nbsp; 32038 |
| Delta Electronics, Inc. | 4000 | &nbsp;&nbsp; 41913 |
| E Ink Holdings, Inc. | 1000 | &nbsp;&nbsp; 6986 |

---

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)** |
| E.Sun Financial Holding Co. Ltd. | 26460 | &nbsp;&nbsp; $23469 |
| Evergreen Marine Corp. Taiwan Ltd. | 2800 | &nbsp;&nbsp; 18141 |
| Far Eastern New Century Corp. | 46000 | &nbsp;&nbsp; 47336 |
| Far EasTone Telecommunications Co. Ltd. | 15000 | &nbsp;&nbsp; 40223 |
| First Financial Holding Co. Ltd. | 36510 | &nbsp;&nbsp; 29073 |
| Formosa Chemicals & Fibre Corp. | 21000 | &nbsp;&nbsp; 16411 |
| Formosa Plastics Corp. | 20000 | &nbsp;&nbsp; 21309 |
| Fubon Financial Holding Co. Ltd. | 19757 | &nbsp;&nbsp; 52365 |
| Hon Hai Precision Industry Co. Ltd. | 57000 | &nbsp;&nbsp; 253952 |
| Hua Nan Financial Holdings Co. Ltd. | 32210 | &nbsp;&nbsp; 27273 |
| KGI Financial Holding Co. Ltd. | 30000 | &nbsp;&nbsp; 15560 |
| MediaTek, Inc. | 2000 | &nbsp;&nbsp; 84986 |
| Mega Financial Holding Co. Ltd. | 23750 | &nbsp;&nbsp; 28127 |
| Nan Ya Plastics Corp. | 22000 | &nbsp;&nbsp; 21083 |
| Novatek Microelectronics Corp. | 2000 | &nbsp;&nbsp; 32526 |
| Pegatron Corp. | 24000 | &nbsp;&nbsp; 60978 |
| President Chain Store Corp. | 5000 | &nbsp;&nbsp; 40888 |
| Quanta Computer, Inc. | 4000 | &nbsp;&nbsp; 30051 |
| Radiant Opto-Electronics Corp. | 2000 | &nbsp;&nbsp; 9290 |
| Shanghai Commercial & Savings Bank Ltd. (The) | 13000 | &nbsp;&nbsp; 19171 |
| SinoPac Financial Holdings Co. Ltd. | 19600 | &nbsp;&nbsp; 13097 |
| Synnex Technology International Corp. | 5000 | &nbsp;&nbsp; 11093 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 27455 | &nbsp;&nbsp; 20969 |
| Taiwan High Speed Rail Corp. | 24000 | &nbsp;&nbsp; 20375 |
| Taiwan Mobile Co. Ltd. | 31000 | &nbsp;&nbsp; 110066 |
| Taiwan Secom Co. Ltd. | 2000 | &nbsp;&nbsp; 7177 |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR | 4477 | &nbsp;&nbsp; 746271 |
| TCC Group Holdings Co. Ltd. | 23000 | &nbsp;&nbsp; 21374 |
| Uni-President Enterprises Corp. | 44000 | &nbsp;&nbsp; 105739 |
| United Microelectronics Corp., ADR | 7909 | &nbsp;&nbsp; 55679 |
| Wan Hai Lines Ltd. | 4000 | &nbsp;&nbsp; 10397 |
| Wistron Corp. | 9000 | &nbsp;&nbsp; 28879 |
| WPG Holdings Ltd. | 7000 | &nbsp;&nbsp; 14830 |
| Yageo Corp. | 1194 | &nbsp;&nbsp; 17120 |
| Yuanta Financial Holding Co. Ltd. | 33859 | &nbsp;&nbsp; 33174 |
|  |  | &nbsp;&nbsp; 2714081 |
| **Turkey–0.32%** | **Turkey–0.32%** | **Turkey–0.32%** |
| Akbank T.A.S. | 10948 | &nbsp;&nbsp; 13912 |
| BIM Birlesik Magazalar A.S. | 1138 | &nbsp;&nbsp; 13369 |
| KOC Holding A.S. | 5057 | &nbsp;&nbsp; 18207 |
| Turk Hava Yollari AO<sup>(a)</sup>  | 4001 | &nbsp;&nbsp; 29687 |
| Turkiye Garanti Bankasi A.S. | 3946 | &nbsp;&nbsp; 10607 |
| Turkiye Is Bankasi A.S., Class C | 28121 | &nbsp;&nbsp; 7571 |
| Turkiye Petrol Rafinerileri A.S. | 5224 | &nbsp;&nbsp; 16980 |
| Yapi Ve Kredi Bankasi A.S.<sup>(a)</sup>  | 13338 | &nbsp;&nbsp; 7933 |
|  |  | &nbsp;&nbsp; 118266 |
| **United Kingdom–5.81%** | **United Kingdom–5.81%** | **United Kingdom–5.81%** |
| 3i Group PLC | 417 | &nbsp;&nbsp; 23640 |
| AngloGold Ashanti PLC | 750 | &nbsp;&nbsp; 31224 |
| Associated British Foods PLC | 945 | &nbsp;&nbsp; 26049 |
| AstraZeneca PLC | 427 | &nbsp;&nbsp; 61175 |
| BAE Systems PLC | 7311 | &nbsp;&nbsp; 169488 |
| Barclays PLC | 35034 | &nbsp;&nbsp; 139563 |
| British American Tobacco PLC | 1056 | &nbsp;&nbsp; 45998 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **United Kingdom–(continued)** | **United Kingdom–(continued)** | **United Kingdom–(continued)** |
| Coca-Cola Europacific Partners PLC | 341 | &nbsp;&nbsp; $30942 |
| Compass Group PLC | 1167 | &nbsp;&nbsp; 39345 |
| Haleon PLC | 15818 | &nbsp;&nbsp; 79594 |
| HSBC Holdings PLC | 39180 | &nbsp;&nbsp; 436754 |
| Imperial Brands PLC | 3186 | &nbsp;&nbsp; 130731 |
| Lloyds Banking Group PLC | 175189 | &nbsp;&nbsp; 172119 |
| London Stock Exchange Group PLC | 85 | &nbsp;&nbsp; 13235 |
| National Grid PLC | 1223 | &nbsp;&nbsp; 17653 |
| NatWest Group PLC | 20682 | &nbsp;&nbsp; 133033 |
| Reckitt Benckiser Group PLC | 167 | &nbsp;&nbsp; 10779 |
| Rolls-Royce Holdings PLC | 8225 | &nbsp;&nbsp; 83257 |
| Shell PLC | 1945 | &nbsp;&nbsp; 62769 |
| SSE PLC | 3918 | &nbsp;&nbsp; 88336 |
| Standard Chartered PLC | 4723 | &nbsp;&nbsp; 68027 |
| Tesco PLC | 4974 | &nbsp;&nbsp; 24616 |
| Unilever PLC | 1501 | &nbsp;&nbsp; 95569 |
| Vodafone Group PLC | 160196 | &nbsp;&nbsp; 157425 |
|  |  | &nbsp;&nbsp; 2141321 |
| **United States–5.35%** | **United States–5.35%** | **United States–5.35%** |
| Alcon AG | 139 | &nbsp;&nbsp; 13505 |
| Atlassian Corp., Class A<sup>(a)</sup>  | 56 | &nbsp;&nbsp; 12785 |
| BP PLC | 56329 | &nbsp;&nbsp; 260093 |
| CRH PLC | 500 | &nbsp;&nbsp; 47425 |
| Experian PLC | 528 | &nbsp;&nbsp; 26269 |
| Ferguson Enterprises, Inc. | 83 | &nbsp;&nbsp; 14094 |
| Ferrovial SE | 250 | &nbsp;&nbsp; 12196 |
| GSK PLC | 13456 | &nbsp;&nbsp; 266196 |
| Holcim AG<sup>(a)</sup>  | 945 | &nbsp;&nbsp; 105601 |
| JBS S.A. | 2700 | &nbsp;&nbsp; 20972 |
| Novartis AG | 5238 | &nbsp;&nbsp; 597432 |
| Sanofi S.A. | 3983 | &nbsp;&nbsp; 435708 |
| Stellantis N.V. | 16273 | &nbsp;&nbsp; 151427 |
| Swiss Re AG | 56 | &nbsp;&nbsp; 10052 |
|  |  | &nbsp;&nbsp; 1973755 |
| **Vietnam–0.00%** | **Vietnam–0.00%** | **Vietnam–0.00%** |
| Vietnam Dairy Products JSC | 2 | &nbsp;&nbsp; 5 |
| Total Common Stocks & Other Equity Interests <br> (Cost $23,794,586) | Total Common Stocks & Other Equity Interests <br> (Cost $23,794,586) | &nbsp;&nbsp; 29146686 |
| **Preferred Stocks–0.01%** | **Preferred Stocks–0.01%** | **Preferred Stocks–0.01%** |
| **Multinational–0.01%** | **Multinational–0.01%** | **Multinational–0.01%** |
| Harambee Re Ltd., Pfd.<sup>(c)</sup>  | 3 | &nbsp;&nbsp; 635 |
| Viribus Re Ltd., Pfd.<sup>(c)</sup>  | 29303 | &nbsp;&nbsp; 2178 |
| Total Preferred Stocks (Cost $30,046) | Total Preferred Stocks (Cost $30,046) | &nbsp;&nbsp; 2813 |
| **Money Market Funds–18.39%** | **Money Market Funds–18.39%** | **Money Market Funds–18.39%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 2374119 | &nbsp;&nbsp; 2374119 |
| Invesco Treasury Portfolio, Institutional Class, <br> 4.23%<sup>(d)(e)</sup>  | 4409060 | &nbsp;&nbsp; 4409060 |
| Total Money Market Funds (Cost $6,783,179) | Total Money Market Funds (Cost $6,783,179) | &nbsp;&nbsp; 6783179 |
| TOTAL INVESTMENTS IN SECURITIES—97.44% <br> (Cost $30,607,811) | TOTAL INVESTMENTS IN SECURITIES—97.44% <br> (Cost $30,607,811) | &nbsp;&nbsp; 35932678 |
| OTHER ASSETS LESS LIABILITIES–2.56% | OTHER ASSETS LESS LIABILITIES–2.56% | &nbsp;&nbsp; 943666 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $36876344 |

---

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

**6**

**Invesco Advantage International Fund**

------

Investment Abbreviations:

---

| | |
|:---|:---|
| ADR | – American Depositary Receipt |
| CPO | – Certificates of Ordinary Participation |
| Pfd. | – Preferred |
| Rts. | – Rights |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2025 was $260,323, which represented less than 1% of the Fund's Net Assets. 

<sup>(c)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $2261715 | &nbsp;&nbsp; $2474301 | &nbsp;&nbsp; $(2361897) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2374119 | &nbsp;&nbsp; $43739 |
| Invesco Treasury Portfolio, Institutional Class | 4200310 | &nbsp;&nbsp; 4595131 | &nbsp;&nbsp; (4386381) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4409060 | &nbsp;&nbsp; 80528 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 97590 | &nbsp;&nbsp; (97590) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 170\* |
| Invesco Private Prime Fund | - | &nbsp;&nbsp; 241608 | &nbsp;&nbsp; (241604) | &nbsp;&nbsp; - | (4) | &nbsp;&nbsp; - | &nbsp;&nbsp; 457\* |
| Total | $6462025 | &nbsp;&nbsp; $7408630 | &nbsp;&nbsp; $(7087472) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(4) | &nbsp;&nbsp; $6783179 | &nbsp;&nbsp; $124894 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>|
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| Canadian Dollar | &nbsp;&nbsp;&nbsp; 39 | June-2025 | &nbsp;&nbsp;&nbsp; $2835885 | &nbsp;&nbsp;&nbsp; $114959 | &nbsp;&nbsp;&nbsp; $114959 |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P/TSX 60 Index | &nbsp;&nbsp;&nbsp; 13 | June-2025 | &nbsp;&nbsp;&nbsp; 2819527 | &nbsp;&nbsp;&nbsp; 36552 | &nbsp;&nbsp;&nbsp; 36552 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $151511 | &nbsp;&nbsp;&nbsp; $151511 |

---

<sup>(a)</sup> Futures contracts collateralized by $243,425 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** | **Floating** <br>**Rate** <br>**Index**<br>| **Payment** <br>**Frequency**<br>| **Number of** <br>**Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation**<br>|
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Citibank, N.A. | Receive | MSCI Emerging Markets <br> Minimum Volatility Index<br>| SOFR + <br> 0.130%<br>| Monthly | 53 | June—2025 | USD | 133447 | $— | $4412 | $4412 |
| Citibank, N.A. | Receive | MSCI Emerging Markets <br> Minimum Volatility Index<br>| SOFR + <br> 0.170%<br>| Monthly | 21 | June—2025 | USD | 52875 |  | 1748 | 1748 |
| Citibank, N.A. | Receive | MSCI Emerging Markets <br> Minimum Volatility Index<br>| SOFR + <br> 0.210%<br>| Monthly | 1048 | July—2025 | USD | 2675324 |  | 50640 | 50640 |
| 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 |  |  |  |  | $— | $56800 | $56800 |

---

<sup>(a)</sup> The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

Abbreviations: <br> SOFR —Secured Overnight Financing Rate <br> USD —U.S. Dollar

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**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $23,824,632)<br>| &nbsp;&nbsp; $29149499 |
| Investments in affiliated money market funds, at value <br> (Cost $6,783,179)<br>| &nbsp;&nbsp; 6783179 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 8575 |
| Swaps receivable — OTC | &nbsp;&nbsp; 74467 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 56800 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 243425 |
| Cash | &nbsp;&nbsp; 156441 |
| Foreign currencies, at value (Cost $155,006) | &nbsp;&nbsp; 156260 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 71690 |
| Dividends | &nbsp;&nbsp; 220131 |
| Foreign withholding tax claims | &nbsp;&nbsp; 591 |
| Interest | &nbsp;&nbsp; 381 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 20803 |
| Other assets | &nbsp;&nbsp; 35011 |
| Total assets | &nbsp;&nbsp; 36977253 |
| **Liabilities:** |  |
| Other investments: |  |
| Swaps payable — OTC | &nbsp;&nbsp; 15344 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 10656 |
| Accrued fees to affiliates | &nbsp;&nbsp; 11296 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 194 |
| Accrued other operating expenses | &nbsp;&nbsp; 42616 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 20803 |
| Total liabilities | &nbsp;&nbsp; 100909 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $36876344 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $33677066 |
| Distributable earnings | &nbsp;&nbsp; 3199278 |
|  | &nbsp;&nbsp; $36876344 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $19268725 |
| Class C | &nbsp;&nbsp; $3418493 |
| Class R | &nbsp;&nbsp; $4846845 |
| Class Y | &nbsp;&nbsp; $1296554 |
| Class R5 | &nbsp;&nbsp; $11426 |
| Class R6 | &nbsp;&nbsp; $8034301 |
| **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; 1658064 |
| Class C | &nbsp;&nbsp; 308035 |
| Class R | &nbsp;&nbsp; 423211 |
| Class Y | &nbsp;&nbsp; 110099 |
| Class R5 | &nbsp;&nbsp; 974 |
| Class R6 | &nbsp;&nbsp; 680619 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $11.62 |
| Maximum offering price per share <br>(Net asset value of $11.62 ÷ 94.50%)<br>| &nbsp;&nbsp; $12.30 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.10 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.45 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.78 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.73 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.80 |

---

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 six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $28373 |
| Dividends (net of foreign withholding taxes of $57,541) | &nbsp;&nbsp; 505903 |
| Dividends from affiliated money market funds (includes net securities lending income of $892) | &nbsp;&nbsp; 125159 |
| Foreign withholding tax claims | &nbsp;&nbsp; 591 |
| Total investment income | &nbsp;&nbsp; 660026 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 80326 |
| Administrative services fees | &nbsp;&nbsp; 2238 |
| Custodian fees | &nbsp;&nbsp; 14717 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 19023 |
| Class C | &nbsp;&nbsp; 15253 |
| Class R | &nbsp;&nbsp; 11172 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 21349 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 1146 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 9798 |
| Registration and filing fees | &nbsp;&nbsp; 38902 |
| Reports to shareholders | &nbsp;&nbsp; 5505 |
| Professional services fees | &nbsp;&nbsp; 34769 |
| Other | &nbsp;&nbsp; 23411 |
| Total expenses | &nbsp;&nbsp; 277611 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (81397)<br>|
| Net expenses | &nbsp;&nbsp; 196214 |
| Net investment income | &nbsp;&nbsp; 463812 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 463994 |
| Affiliated investment securities | &nbsp;&nbsp; (4)<br>|
| Foreign currencies | &nbsp;&nbsp; (6733)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (357)<br>|
| Futures contracts | &nbsp;&nbsp; (62512)<br>|
| Swap agreements | &nbsp;&nbsp; 43031 |
|  | &nbsp;&nbsp; 437419 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1353571 |
| Foreign currencies | &nbsp;&nbsp; 10761 |
| Futures contracts | &nbsp;&nbsp; 147915 |
| Swap agreements | &nbsp;&nbsp; 191312 |
|  | &nbsp;&nbsp; 1703559 |
| Net realized and unrealized gain | &nbsp;&nbsp; 2140978 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $2604790 |

---

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

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $463812 | &nbsp;&nbsp; $907076 |
| Net realized gain | &nbsp;&nbsp; 437419 | &nbsp;&nbsp; 697271 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 1703559 | &nbsp;&nbsp; 2945640 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2604790 | &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; 3102161 | &nbsp;&nbsp; (373213)<br>|
| Class C | &nbsp;&nbsp; 197023 | &nbsp;&nbsp; (63802)<br>|
| Class R | &nbsp;&nbsp; 284922 | &nbsp;&nbsp; (105805)<br>|
| Class Y | &nbsp;&nbsp; 34830 | &nbsp;&nbsp; (504755)<br>|
| Class R6 | &nbsp;&nbsp; (24605)<br>| &nbsp;&nbsp; 378223 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 3594331 | &nbsp;&nbsp; (669352)<br>|
| Net increase in net assets | &nbsp;&nbsp; 4877391 | &nbsp;&nbsp; 2313186 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 31998953 | &nbsp;&nbsp; 29685767 |
| End of period | &nbsp;&nbsp; $36876344 | &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**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 04/30/25 | $11.25 | $0.16 | $0.68 | $0.84 | $(0.47)<br>| $— | $(0.47)<br>| $11.62 | 7.83 %<sup>(d)</sup><br>| &nbsp;&nbsp; $19269 | 1.16 %<sup>(d)(e)</sup><br>| 1.69 %<sup>(d)(e)</sup><br>| 2.87 %<sup>(d)(e)</sup><br>| 56<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 |
| Year ended 10/31/20 | 10.90 | 0.12 | (0.13)<br>| (0.01)<br>|  | (0.06)<br>| (0.06)<br>| 10.83 | (0.09)<br>| &nbsp;&nbsp; 9934 | 0.94 | 1.74 | 1.08 | 238 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 10.73 | 0.11 | 0.66 | 0.77 | (0.40)<br>|  | (0.40)<br>| 11.10 | 7.48 | &nbsp;&nbsp; 3418 | 1.91 <br><sup>(e)</sup><br>| 2.45 <br><sup>(e)</sup><br>| 2.12 <br><sup>(e)</sup><br>| 56 |
| 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 |
| Year ended 10/31/20 | 10.66 | 0.04 | (0.12)<br>| (0.08)<br>|  | (0.06)<br>| (0.06)<br>| 10.52 | (0.75)<br>| &nbsp;&nbsp; 3241 | 1.65 | 2.49 | 0.37 | 238 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 04/30/25 | 11.08 | 0.14 | 0.68 | 0.82 | (0.45)<br>|  | (0.45)<br>| 11.45 | 7.69 | &nbsp;&nbsp; 4847 | 1.41 <br><sup>(e)</sup><br>| 1.95 <br><sup>(e)</sup><br>| 2.62 <br><sup>(e)</sup><br>| 56 |
| 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 |
| Year ended 10/31/20 | 10.83 | 0.09 | (0.12)<br>| (0.03)<br>|  | (0.06)<br>| (0.06)<br>| 10.74 | (0.28)<br>| &nbsp;&nbsp; 3607 | 1.14 | 1.99 | 0.88 | 238 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 11.41 | 0.17 | 0.70 | 0.87 | (0.50)<br>|  | (0.50)<br>| 11.78 | 7.95 | &nbsp;&nbsp; 1297 | 0.91 <br><sup>(e)</sup><br>| 1.45 <br><sup>(e)</sup><br>| 3.12 <br><sup>(e)</sup><br>| 56 |
| 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 |
| Year ended 10/31/20 | 10.95 | 0.14 | (0.12)<br>| 0.02 |  | (0.06)<br>| (0.06)<br>| 10.91 | 0.18 | &nbsp;&nbsp; 890 | 0.71 | 1.49 | 1.31 | 238 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 04/30/25 | 11.36 | 0.17 | 0.69 | 0.86 | (0.49)<br>|  | (0.49)<br>| 11.73 | 7.96 | &nbsp;&nbsp; 11 | 0.91 <br><sup>(e)</sup><br>| 1.31 <br><sup>(e)</sup><br>| 3.12 <br><sup>(e)</sup><br>| 56 |
| 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 |
| Year ended 10/31/20 | 10.91 | 0.15 | (0.12)<br>| 0.03 |  | (0.06)<br>| (0.06)<br>| 10.88 | 0.28 | &nbsp;&nbsp; 11 | 0.66 | 1.47 | 1.36 | 238 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 11.43 | 0.17 | 0.69 | 0.86 | (0.49)<br>|  | (0.49)<br>| 11.80 | 7.91 | &nbsp;&nbsp; 8034 | 0.91 <br><sup>(e)</sup><br>| 1.31 <br><sup>(e)</sup><br>| 3.12 <br><sup>(e)</sup><br>| 56 |
| 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 |
| Year ended 10/31/20 | 10.96 | 0.14 | (0.11)<br>| 0.03 |  | (0.06)<br>| (0.06)<br>| 10.93 | 0.28 | &nbsp;&nbsp; 2 | 0.68 | 1.47 | 1.34 | 238 |

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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%, 0.23%, 0.24%, 0.23% and 0.23% for the six months ended April 30, 2025 and the years ended October 31, 2024, 2023, 2022 and 2021, respectively. 

<sup>(e)</sup> Annualized.

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

**11**

**Invesco Advantage International Fund**

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**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**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.

Prior to February 10, 2020, the Fund sought to gain exposure to Regulation S securities primarily through investments in the Invesco Oppenheimer Global Multi-Asset Growth Fund (Cayman) Ltd. (the "Subsidiary"), a wholly owned and controlled subsidiary by the Fund that was organized under the laws of the Cayman Islands. Effective February 10, 2020, the Subsidiary liquidated and ceased operations. For periods prior to February 10, 2020, the Subsidiary operations were consolidated on the Financial Highlights.

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.

**12**

**Invesco Advantage International Fund**

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the 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 six months ended April 30, 2025, the Fund did not enter into any closing agreements.

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

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

**13**

**Invesco Advantage International Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid the Adviser 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

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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 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

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degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. As there is no limit on how much the price of the security can increase, the Fund's exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2025, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

**Q.** **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 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.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.490% |
| 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 six months ended April 30, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to

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the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least February 28, 2026, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.18%, 1.93%, 1.43%, 0.93%, 0.93% and 0.93%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $53,874, reimbursed fund level expenses of $3,119 and reimbursed class level expenses of $13,933, $2,599, $3,807, $1,010, $2 and $1,146 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2025, IDI advised the Fund that IDI retained $5,111 in front-end sales commissions from the sale of Class A shares and $0 and $15 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $758433 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $758433 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 246930 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 246930 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 722684 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 722684 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; 62354 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62354 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 331876 | &nbsp;&nbsp;&nbsp;&nbsp; 3766813 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4098689 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; 17204 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17204 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 286015 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 286015 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105525 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105525 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1918102 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1918102 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2285854 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2285854 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92719 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92719 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 493566 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 493566 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55715 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55715 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 213447 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 213447 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 449498 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 449498 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4372448 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4372448 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90844 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90844 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316797 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316797 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 351359 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 351359 |
| Multinational | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2813 | &nbsp;&nbsp;&nbsp;&nbsp; 2813 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 89206 | &nbsp;&nbsp;&nbsp;&nbsp; 643775 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 732981 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 44886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44886 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57676 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57676 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57801 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57801 |
| Romania | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9803 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9803 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 149064 | &nbsp;&nbsp;&nbsp;&nbsp; 197856 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 346920 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 391869 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 391869 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 445963 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 445963 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1102007 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1102007 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; 89641 | &nbsp;&nbsp;&nbsp;&nbsp; 383023 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 472664 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1598505 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1598505 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 1103695 | &nbsp;&nbsp;&nbsp;&nbsp; 1610386 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2714081 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 118266 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 118266 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 30942 | &nbsp;&nbsp;&nbsp;&nbsp; 2110379 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2141321 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 33757 | &nbsp;&nbsp;&nbsp;&nbsp; 1939998 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1973755 |
| Vietnam | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 6783179 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6783179 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 9809847 | &nbsp;&nbsp;&nbsp;&nbsp; 26120018 | &nbsp;&nbsp;&nbsp;&nbsp; 2813 | &nbsp;&nbsp;&nbsp;&nbsp; 35932678 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 151511 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 151511 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56800 |
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 151511 | &nbsp;&nbsp;&nbsp;&nbsp; 56800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 208311 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $9961358 | &nbsp;&nbsp;&nbsp;&nbsp; $26176818 | &nbsp;&nbsp;&nbsp;&nbsp; $2813 | &nbsp;&nbsp;&nbsp;&nbsp; $36140989 |

---

\* Unrealized appreciation.

**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**

------

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| **Total** |
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $114959 | &nbsp;&nbsp;&nbsp;&nbsp; $36552 | &nbsp;&nbsp;&nbsp;&nbsp; $151511 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56800 | &nbsp;&nbsp;&nbsp;&nbsp; 56800 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 114959 | &nbsp;&nbsp;&nbsp;&nbsp; 93352 | &nbsp;&nbsp;&nbsp;&nbsp; 208311 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (114959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36552)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (151511)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $56800 | &nbsp;&nbsp;&nbsp;&nbsp; $56800 |

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial Derivative Liabilities** |  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Swap** <br>**Agreements**<br>| &nbsp;&nbsp; **Swap** <br>**Agreements**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; $131267 | &nbsp;&nbsp;&nbsp; $(15344)<br>| &nbsp;&nbsp;&nbsp; $115923 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $115923 |

---

**Effect of Derivative Investments for the six months ended April 30, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(357)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(357)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (156702)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 94190 | &nbsp;&nbsp;&nbsp;&nbsp; (62512)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 43031 | &nbsp;&nbsp;&nbsp;&nbsp; 43031 |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 171649 | &nbsp;&nbsp;&nbsp;&nbsp; (23734)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 147915 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 191312 | &nbsp;&nbsp;&nbsp;&nbsp; 191312 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $14590 | &nbsp;&nbsp;&nbsp;&nbsp; $304799 | &nbsp;&nbsp;&nbsp;&nbsp; $319389 |

---

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; $42191 | &nbsp;&nbsp;&nbsp;&nbsp; $5259370 | &nbsp;&nbsp;&nbsp;&nbsp; $3843983 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $1,907.

**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

**19**

**Invesco Advantage International Fund**

------

may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Tax Information**

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

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

The Fund had a capital loss carryforward as of October 31, 2024, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $967011 | &nbsp;&nbsp;&nbsp;&nbsp; $2050144 | &nbsp;&nbsp;&nbsp;&nbsp; $3017155 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $17,666,017 and $14,727,969, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $5883531 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (549947)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $5333584 |

---

Cost of investments for tax purposes is $30,807,405.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 421734 | &nbsp;&nbsp;&nbsp; $4715590 | &nbsp;&nbsp;&nbsp; 193328 | &nbsp;&nbsp;&nbsp; $2106388 |
| Class C | &nbsp;&nbsp;&nbsp; 68869 | &nbsp;&nbsp;&nbsp; 744658 | &nbsp;&nbsp;&nbsp; 49139 | &nbsp;&nbsp;&nbsp; 511583 |
| Class R | &nbsp;&nbsp;&nbsp; 50055 | &nbsp;&nbsp;&nbsp; 539967 | &nbsp;&nbsp;&nbsp; 70107 | &nbsp;&nbsp;&nbsp; 751718 |
| Class Y | &nbsp;&nbsp;&nbsp; 22154 | &nbsp;&nbsp;&nbsp; 244694 | &nbsp;&nbsp;&nbsp; 51549 | &nbsp;&nbsp;&nbsp; 572902 |
| Class R6 | &nbsp;&nbsp;&nbsp; 35674 | &nbsp;&nbsp;&nbsp; 387903 | &nbsp;&nbsp;&nbsp; 62240 | &nbsp;&nbsp;&nbsp; 690174 |
| **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; 112355 | &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; 6345 | &nbsp;&nbsp;&nbsp; 70319 | &nbsp;&nbsp;&nbsp; 9538 | &nbsp;&nbsp;&nbsp; 102496 |
| Class C | &nbsp;&nbsp;&nbsp; (6642)<br>| &nbsp;&nbsp;&nbsp; (70319)<br>| &nbsp;&nbsp;&nbsp; (9959)<br>| &nbsp;&nbsp;&nbsp; (102496)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (208354)<br>| &nbsp;&nbsp;&nbsp; (2326223)<br>| &nbsp;&nbsp;&nbsp; (303613)<br>| &nbsp;&nbsp;&nbsp; (3323513)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (54341)<br>| &nbsp;&nbsp;&nbsp; (589671)<br>| &nbsp;&nbsp;&nbsp; (57646)<br>| &nbsp;&nbsp;&nbsp; (605021)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (38872)<br>| &nbsp;&nbsp;&nbsp; (429080)<br>| &nbsp;&nbsp;&nbsp; (98772)<br>| &nbsp;&nbsp;&nbsp; (1070841)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (21669)<br>| &nbsp;&nbsp;&nbsp; (245097)<br>| &nbsp;&nbsp;&nbsp; (104061)<br>| &nbsp;&nbsp;&nbsp; (1143069)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (65710)<br>| &nbsp;&nbsp;&nbsp; (738408)<br>| &nbsp;&nbsp;&nbsp; (63195)<br>| &nbsp;&nbsp;&nbsp; (679465)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 329538 | &nbsp;&nbsp;&nbsp; $3594331 | &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 19% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**20**

**Invesco Advantage International Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**21**

**Invesco Advantage International Fund**

------

![](imgde4c66281.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

O-GLMAG-NCSRS

------

![](img1de5a8741.jpg)

------

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

**April 30, 2025**

**Invesco EQV Asia Pacific Equity Fund**

Nasdaq:

A: ASIAX ■ C: ASICX ■ R: ASQRX ■ Y: ASIYX ■ R6: ASISX

------

---

| | |
|:---|:---|
| [2](#xx_201dcd65-a39a-4bb7-93c8-5a9592b3697f_SOI-Continued-126_1) | Schedule of Investments |
| [4](#xx_201dcd65-a39a-4bb7-93c8-5a9592b3697f_FS-Continued-126_1) | Financial Statements |
| [7](#xx_201dcd65-a39a-4bb7-93c8-5a9592b3697f_FS-Continued-126_4) | Financial Highlights |
| [8](#xx_201dcd65-a39a-4bb7-93c8-5a9592b3697f_NTF-Continued-126_1) | Notes to Financial Statements |
| [15](#xx_201dcd65-a39a-4bb7-93c8-5a9592b3697f_OIRSR-Continued-126_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.53%** | **Common Stocks & Other Equity Interests–97.53%** | **Common Stocks & Other Equity Interests–97.53%** |
| **Australia–3.79%** | **Australia–3.79%** | **Australia–3.79%** |
| Aristocrat Leisure Ltd.<sup>(a)</sup>  | 207824 | &nbsp;&nbsp; $8875965 |
| Brambles Ltd. | 390871 | &nbsp;&nbsp; 5136693 |
| Hansen Technologies Ltd. | 451670 | &nbsp;&nbsp; 1567321 |
|  |  | &nbsp;&nbsp; 15579979 |
| **China–27.60%** | **China–27.60%** | **China–27.60%** |
| Airtac International Group | 356000 | &nbsp;&nbsp; 9777974 |
| Alibaba Group Holding Ltd. | 423700 | &nbsp;&nbsp; 6325852 |
| China Mengniu Dairy Co. Ltd. | 2370000 | &nbsp;&nbsp; 5902842 |
| China Resources Beer (Holdings) Co. <br> Ltd. | 1020000 | &nbsp;&nbsp; 3585507 |
| Fuyao Glass Industry Group Co. Ltd., H <br> Shares<sup>(b)</sup>  | 1336000 | &nbsp;&nbsp; 9448208 |
| Kanzhun Ltd., ADR<sup>(c)</sup>  | 350831 | &nbsp;&nbsp; 5367714 |
| Meituan, B Shares<sup>(b)(c)</sup>  | 420300 | &nbsp;&nbsp; 6959091 |
| Shenzhen Inovance Technology Co. <br> Ltd., A Shares | 904600 | &nbsp;&nbsp; 8904222 |
| Sunresin New Materials Co. Ltd., A <br> Shares | 716987 | &nbsp;&nbsp; 4294584 |
| Tencent Holdings Ltd. | 437700 | &nbsp;&nbsp; 26809537 |
| Tongcheng Travel Holdings Ltd.<sup>(b)</sup>  | 3688000 | &nbsp;&nbsp; 9673688 |
| Trip.com Group Ltd. | 159100 | &nbsp;&nbsp; 9584310 |
| Wuliangye Yibin Co. Ltd., A Shares | 381338 | &nbsp;&nbsp; 6758477 |
|  |  | &nbsp;&nbsp; 113392006 |
| **Hong Kong–4.70%** | **Hong Kong–4.70%** | **Hong Kong–4.70%** |
| AIA Group Ltd. | 1274000 | &nbsp;&nbsp; 9545970 |
| Techtronic Industries Co. Ltd. | 968000 | &nbsp;&nbsp; 9741934 |
|  |  | &nbsp;&nbsp; 19287904 |
| **India–13.84%** | **India–13.84%** | **India–13.84%** |
| Cyient Ltd. | 219132 | &nbsp;&nbsp; 3084529 |
| Emami Ltd. | 885474 | &nbsp;&nbsp; 6536460 |
| HDFC Bank Ltd., ADR<sup>(a)</sup>  | 283603 | &nbsp;&nbsp; 20615102 |
| MakeMyTrip Ltd.<sup>(a)(c)</sup>  | 47544 | &nbsp;&nbsp; 4983562 |
| Reliance Industries Ltd. | 733458 | &nbsp;&nbsp; 12178574 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup>  | 451296 | &nbsp;&nbsp; 9438442 |
|  |  | &nbsp;&nbsp; 56836669 |
| **Indonesia–8.25%** | **Indonesia–8.25%** | **Indonesia–8.25%** |
| PT Bank Central Asia Tbk | 16008600 | &nbsp;&nbsp; 8511618 |
| PT Bank Rakyat Indonesia (Persero) Tbk | 18565300 | &nbsp;&nbsp; 4299904 |
| PT Kalbe Farma Tbk | 81387300 | &nbsp;&nbsp; 6708351 |
| PT Mitra Keluarga Karyasehat Tbk<sup>(b)</sup>  | 65912100 | &nbsp;&nbsp; 9964752 |
| PT Pakuwon Jati Tbk | 191986600 | &nbsp;&nbsp; 4412933 |
|  |  | &nbsp;&nbsp; 33897558 |
| **Macau–0.56%** | **Macau–0.56%** | **Macau–0.56%** |
| Galaxy Entertainment Group Ltd. | 642000 | &nbsp;&nbsp; 2318645 |
| **Malaysia–3.74%** | **Malaysia–3.74%** | **Malaysia–3.74%** |
| Bursa Malaysia Bhd. | 2178250 | &nbsp;&nbsp; 3731003 |
| Heineken Malaysia Bhd. | 1200200 | &nbsp;&nbsp; 7334978 |
| KPJ Healthcare Bhd. | 6419500 | &nbsp;&nbsp; 4279411 |
|  |  | &nbsp;&nbsp; 15345392 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **New Zealand–1.49%** | **New Zealand–1.49%** | **New Zealand–1.49%** | **New Zealand–1.49%** |
| Auckland International Airport Ltd. | Auckland International Airport Ltd. | 440354 | &nbsp;&nbsp; $1967307 |
| Freightways Group Ltd. | Freightways Group Ltd. | 710335 | &nbsp;&nbsp; 4152661 |
|  |  |  | &nbsp;&nbsp; 6119968 |
| **Philippines–6.43%** | **Philippines–6.43%** | **Philippines–6.43%** | **Philippines–6.43%** |
| BDO Unibank, Inc. | BDO Unibank, Inc. | 3882358 | &nbsp;&nbsp; 11142595 |
| SM Investments Corp. | SM Investments Corp. | 564236 | &nbsp;&nbsp; 8783160 |
| SM Prime Holdings, Inc. | SM Prime Holdings, Inc. | 14840900 | &nbsp;&nbsp; 6478460 |
|  |  |  | &nbsp;&nbsp; 26404215 |
| **Singapore–2.49%** | **Singapore–2.49%** | **Singapore–2.49%** | **Singapore–2.49%** |
| United Overseas Bank Ltd. | United Overseas Bank Ltd. | 385700 | &nbsp;&nbsp; 10243743 |
| **South Korea–4.60%** | **South Korea–4.60%** | **South Korea–4.60%** | **South Korea–4.60%** |
| KB Financial Group, Inc. | KB Financial Group, Inc. | 25859 | &nbsp;&nbsp; 1640859 |
| LEENO Industrial, Inc. | LEENO Industrial, Inc. | 141615 | &nbsp;&nbsp; 3596528 |
| Samsung Electronics Co. Ltd. | Samsung Electronics Co. Ltd. | 260725 | &nbsp;&nbsp; 10172847 |
| Tokai Carbon Korea Co. Ltd. | Tokai Carbon Korea Co. Ltd. | 57564 | &nbsp;&nbsp; 3464450 |
|  |  |  | &nbsp;&nbsp; 18874684 |
| **Taiwan–13.14%** | **Taiwan–13.14%** | **Taiwan–13.14%** | **Taiwan–13.14%** |
| ASPEED Technology, Inc. | ASPEED Technology, Inc. | 36000 | &nbsp;&nbsp; 3386749 |
| MediaTek, Inc. | MediaTek, Inc. | 316000 | &nbsp;&nbsp; 13427809 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd. | Taiwan Semiconductor Manufacturing Co. <br> Ltd. | 1218464 | &nbsp;&nbsp; 34524631 |
| Visual Photonics Epitaxy Co. Ltd. | Visual Photonics Epitaxy Co. Ltd. | 845000 | &nbsp;&nbsp; 2638251 |
|  |  |  | &nbsp;&nbsp; 53977440 |
| **Thailand–4.80%** | **Thailand–4.80%** | **Thailand–4.80%** | **Thailand–4.80%** |
| Bangkok Dusit Medical Services PCL, <br> Foreign Shares | Bangkok Dusit Medical Services PCL, <br> Foreign Shares | 11658600 | &nbsp;&nbsp; 8360805 |
| Central Pattana PCL, Foreign Shares | Central Pattana PCL, Foreign Shares | 5468200 | &nbsp;&nbsp; 8267049 |
| Humanica PCL, Foreign Shares | Humanica PCL, Foreign Shares | 12927200 | &nbsp;&nbsp; 3109282 |
|  |  |  | &nbsp;&nbsp; 19737136 |
| **United States–2.10%** | **United States–2.10%** | **United States–2.10%** | **United States–2.10%** |
| Broadcom, Inc. | Broadcom, Inc. | 44879 | &nbsp;&nbsp; 8637861 |
| Total Common Stocks & Other Equity Interests <br> (Cost $299,339,558) | Total Common Stocks & Other Equity Interests <br> (Cost $299,339,558) | Total Common Stocks & Other Equity Interests <br> (Cost $299,339,558) | &nbsp;&nbsp; 400653200 |
| **Money Market Funds–2.47%** | **Money Market Funds–2.47%** | **Money Market Funds–2.47%** | **Money Market Funds–2.47%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 3537138 | &nbsp;&nbsp; 3537138 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 6591857 | &nbsp;&nbsp; 6591857 |
| Total Money Market Funds (Cost $10,128,995) | Total Money Market Funds (Cost $10,128,995) | Total Money Market Funds (Cost $10,128,995) | &nbsp;&nbsp; 10128995 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-100.00% <br> (Cost $309,468,553)<br>|  |  | &nbsp;&nbsp; 410782195 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–3.64%** | **Money Market Funds–3.64%** | **Money Market Funds–3.64%** | **Money Market Funds–3.64%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | 4144137 | &nbsp;&nbsp; 4144137 |

---

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

**2**

**Invesco EQV Asia Pacific Equity Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | 10819197 | &nbsp;&nbsp; $10821361 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $14,966,069) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $14,966,069) | &nbsp;&nbsp; 14965498 |
| TOTAL INVESTMENTS IN SECURITIES—103.64% <br> (Cost $324,434,622) | TOTAL INVESTMENTS IN SECURITIES—103.64% <br> (Cost $324,434,622) | &nbsp;&nbsp; 425747693 |
| OTHER ASSETS LESS LIABILITIES–(3.64)% | OTHER ASSETS LESS LIABILITIES–(3.64)% | &nbsp;&nbsp; (14944209)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $410803484 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> All or a portion of this security was out on loan at April 30, 2025.

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2025 was $45,484,181, which represented 11.07% of the Fund's Net Assets. 

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $3224755 | &nbsp;&nbsp; $23405016 | &nbsp;&nbsp; $(23092633) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3537138 | &nbsp;&nbsp; $94359 |
| Invesco Treasury Portfolio, Institutional Class | 6011717 | &nbsp;&nbsp; 43466458 | &nbsp;&nbsp; (42886318) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6591857 | &nbsp;&nbsp; 174269 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1239365 | &nbsp;&nbsp; 12737071 | &nbsp;&nbsp; (9832299) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4144137 | &nbsp;&nbsp; 50,394\* |
| Invesco Private Prime Fund | 3232685 | &nbsp;&nbsp; 32672321 | &nbsp;&nbsp; (25081892) | (571) | &nbsp;&nbsp; (1182) | &nbsp;&nbsp; 10821361 | &nbsp;&nbsp; 134,150\* |
| Total | $13708522 | &nbsp;&nbsp; $112280866 | &nbsp;&nbsp; $(100893142) | &nbsp;&nbsp; $(571) | &nbsp;&nbsp; $(1182) | &nbsp;&nbsp; $25094493 | &nbsp;&nbsp; $453172 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

**Invesco EQV Asia Pacific Equity Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $299,339,558)\*<br>| &nbsp;&nbsp; $400653200 |
| Investments in affiliated money market funds, at value <br> (Cost $25,095,064)<br>| &nbsp;&nbsp; 25094493 |
| Foreign currencies, at value (Cost $78,368) | &nbsp;&nbsp; 78880 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2127165 |
| Fund shares sold | &nbsp;&nbsp; 75143 |
| Dividends | &nbsp;&nbsp; 859804 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 161399 |
| Other assets | &nbsp;&nbsp; 59903 |
| Total assets | &nbsp;&nbsp; 429109987 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2176559 |
| Fund shares reacquired | &nbsp;&nbsp; 250531 |
| Accrued foreign taxes | &nbsp;&nbsp; 385250 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 14966069 |
| Accrued fees to affiliates | &nbsp;&nbsp; 219242 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 348 |
| Accrued other operating expenses | &nbsp;&nbsp; 101530 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 206974 |
| Total liabilities | &nbsp;&nbsp; 18306503 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $410803484 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $290511020 |
| Distributable earnings | &nbsp;&nbsp; 120292464 |
|  | &nbsp;&nbsp; $410803484 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $312460539 |
| Class C | &nbsp;&nbsp; $5829919 |
| Class R | &nbsp;&nbsp; $750887 |
| Class Y | &nbsp;&nbsp; $77119196 |
| Class R6 | &nbsp;&nbsp; $14642943 |
| **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; 11528338 |
| Class C | &nbsp;&nbsp; 247995 |
| Class R | &nbsp;&nbsp; 27727 |
| Class Y | &nbsp;&nbsp; 2840229 |
| Class R6 | &nbsp;&nbsp; 540870 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $27.10 |
| Maximum offering price per share <br>(Net asset value of $27.10 ÷ 94.50%)<br>| &nbsp;&nbsp; $28.68 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.51 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $27.08 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $27.15 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $27.07 |

---

\* At April 30, 2025, securities with an aggregate value of $14,652,900 were on loan to brokers. 

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

**4**

**Invesco EQV Asia Pacific Equity Fund**

------

**Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $465,409) | &nbsp;&nbsp; $2821037 |
| Dividends from affiliated money market funds (includes net securities lending income of $5,144) | &nbsp;&nbsp; 273772 |
| Total investment income | &nbsp;&nbsp; 3094809 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1760932 |
| Administrative services fees | &nbsp;&nbsp; 27726 |
| Custodian fees | &nbsp;&nbsp; 33572 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 365159 |
| Class C | &nbsp;&nbsp; 25963 |
| Class R | &nbsp;&nbsp; 649 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 381598 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 1874 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11164 |
| Registration and filing fees | &nbsp;&nbsp; 32882 |
| Reports to shareholders | &nbsp;&nbsp; 25769 |
| Professional services fees | &nbsp;&nbsp; 33050 |
| Other | &nbsp;&nbsp; 6090 |
| Total expenses | &nbsp;&nbsp; 2706428 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (14872)<br>|
| Net expenses | &nbsp;&nbsp; 2691556 |
| Net investment income | &nbsp;&nbsp; 403253 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $85,037) | &nbsp;&nbsp; 19256396 |
| Affiliated investment securities | &nbsp;&nbsp; (1182)<br>|
| Foreign currencies | &nbsp;&nbsp; (113179)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (1794)<br>|
|  | &nbsp;&nbsp; 19140241 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $559,064) | &nbsp;&nbsp; (33396924)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (571)<br>|
| Foreign currencies | &nbsp;&nbsp; 4922 |
|  | &nbsp;&nbsp; (33392573)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (14252332)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(13849079)<br>|

---

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

**5**

**Invesco EQV Asia Pacific Equity Fund**

------

**Statement of Changes in Net Assets**

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

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $403253 | &nbsp;&nbsp; $2397287 |
| Net realized gain | &nbsp;&nbsp; 19140241 | &nbsp;&nbsp; 30992263 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (33392573)<br>| &nbsp;&nbsp; 43951451 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (13849079)<br>| &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; 46525146 | &nbsp;&nbsp; (41934635)<br>|
| Class C | &nbsp;&nbsp; 1312237 | &nbsp;&nbsp; (1734382)<br>|
| Class R | &nbsp;&nbsp; 766552 | &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; 2977890 | &nbsp;&nbsp; (32613271)<br>|
| Class R6 | &nbsp;&nbsp; 3508092 | &nbsp;&nbsp; (11425653)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 55089917 | &nbsp;&nbsp; (87707941)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 10214279 | &nbsp;&nbsp; (22598560)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 400589205 | &nbsp;&nbsp; 423187765 |
| End of period | &nbsp;&nbsp; $410803484 | &nbsp;&nbsp; $400589205 |

---

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

**6**

**Invesco EQV Asia Pacific Equity Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 04/30/25 | $30.38 | $0.02 | $(0.93)<br>| $(0.91)<br>| $(0.14)<br>| $(2.23)<br>| $(2.37)<br>| $27.10 | (3.22)%<br>| &nbsp;&nbsp; $312461 | 1.44 %<sup>(d)</sup><br>| 1.44 %<sup>(d)</sup><br>| 0.15 %<sup>(d)</sup><br>| 22<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 |
| Year ended 10/31/20 | 33.15 | 0.13 | 5.12 | 5.25 | (0.35)<br>| (1.85)<br>| (2.20)<br>| 36.20 | 16.67 | &nbsp;&nbsp; 438473 | 1.44 | 1.45 | 0.40 | 27 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 26.62 | (0.07)<br>| (0.81)<br>| (0.88)<br>|  | (2.23)<br>| (2.23)<br>| 23.51 | (3.57)<br>| &nbsp;&nbsp; 5830 | 2.19 <br><sup>(d)</sup><br>| 2.19 <br><sup>(d)</sup><br>| (0.60 )<sup>(d)</sup><br>| 22 |
| 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 |
| Year ended 10/31/20 | 30.25 | (0.10)<br>| 4.65 | 4.55 | (0.05)<br>| (1.85)<br>| (1.90)<br>| 32.90 | 15.78 | &nbsp;&nbsp; 23167 | 2.19 | 2.20 | (0.35)<br>| 27 |
| **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 04/30/25<sup>(e)</sup> <br>| 27.68 | 0.13 | (0.73)<br>| (0.60)<br>|  |  |  | 27.08 | (2.17)<br>| &nbsp;&nbsp; 751 | 1.69 <br><sup>(d)</sup><br>| 1.69 <br><sup>(d)</sup><br>| (0.10 )<sup>(d)</sup><br>| 22 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 30.47 | 0.06 | (0.93)<br>| (0.87)<br>| (0.22)<br>| (2.23)<br>| (2.45)<br>| 27.15 | (3.09)<br>| &nbsp;&nbsp; 77119 | 1.19 <br><sup>(d)</sup><br>| 1.19 <br><sup>(d)</sup><br>| 0.40 <br><sup>(d)</sup><br>| 22 |
| 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 |
| Year ended 10/31/20 | 33.25 | 0.21 | 5.13 | 5.34 | (0.43)<br>| (1.85)<br>| (2.28)<br>| 36.31 | 16.95 | &nbsp;&nbsp; 154378 | 1.19 | 1.20 | 0.65 | 27 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 30.43 | 0.08 | (0.93)<br>| (0.85)<br>| (0.28)<br>| (2.23)<br>| (2.51)<br>| 27.07 | (3.03)<br>| &nbsp;&nbsp; 14643 | 1.02 <br><sup>(d)</sup><br>| 1.02 <br><sup>(d)</sup><br>| 0.57 <br><sup>(d)</sup><br>| 22 |
| 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 |
| Year ended 10/31/20 | 33.27 | 0.28 | 5.12 | 5.40 | (0.50)<br>| (1.85)<br>| (2.35)<br>| 36.32 | 17.16 | &nbsp;&nbsp; 107226 | 0.99 | 1.00 | 0.85 | 27 |

---

<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 six months ended April 30, 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> Annualized.

<sup>(e)</sup> Commencement date of February 24, 2025.

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

**7**

**Invesco EQV Asia Pacific Equity Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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 EQV 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 note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When 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 EQV Asia Pacific Equity Fund**

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Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid the Adviser 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.

**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** - 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 EQV Asia Pacific Equity Fund**

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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:

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| | |
|:---|:---|
| **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 six months ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.90%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $6,140.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y 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

**11**

**Invesco EQV Asia Pacific Equity Fund**

------

(collectively, the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2025, IDI advised the Fund that IDI retained $17,990 in front-end sales commissions from the sale of Class A shares and $123 and $38 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2025, the Fund incurred $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 April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15579979 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15579979 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 5367714 | &nbsp;&nbsp;&nbsp;&nbsp; 108024292 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113392006 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19287904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19287904 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 25598664 | &nbsp;&nbsp;&nbsp;&nbsp; 31238005 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56836669 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33897558 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33897558 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2318645 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2318645 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15345392 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15345392 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6119968 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6119968 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26404215 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26404215 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10243743 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10243743 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18874684 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18874684 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53977440 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53977440 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19737136 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19737136 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 8637861 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8637861 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 10128995 | &nbsp;&nbsp;&nbsp;&nbsp; 14965498 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25094493 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $49733234 | &nbsp;&nbsp;&nbsp;&nbsp; $376014459 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $425747693 |

---

**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 EQV Asia Pacific Equity Fund**

------

**Effect of Derivative Investments for the six months ended April 30, 2025**

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

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **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 six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $8,732.

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

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Tax Information**

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

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

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $103,146,743 and $85,288,168, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $115947708 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (15027706)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $100920002 |

---

Cost of investments for tax purposes is $324,827,691.

**13**

**Invesco EQV Asia Pacific Equity Fund**

------

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 231807 | &nbsp;&nbsp;&nbsp; $6360364 | &nbsp;&nbsp;&nbsp; 381255 | &nbsp;&nbsp;&nbsp; $10629578 |
| Class C | &nbsp;&nbsp;&nbsp; 12385 | &nbsp;&nbsp;&nbsp; 298901 | &nbsp;&nbsp;&nbsp; 34197 | &nbsp;&nbsp;&nbsp; 844803 |
| Class R | &nbsp;&nbsp;&nbsp; 7928 | &nbsp;&nbsp;&nbsp; 216553 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 410363 | &nbsp;&nbsp;&nbsp; 11419106 | &nbsp;&nbsp;&nbsp; 638799 | &nbsp;&nbsp;&nbsp; 17894179 |
| Class R6 | &nbsp;&nbsp;&nbsp; 158517 | &nbsp;&nbsp;&nbsp; 4350582 | &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; 15917 | &nbsp;&nbsp;&nbsp; 435347 | &nbsp;&nbsp;&nbsp; 27725 | &nbsp;&nbsp;&nbsp; 776339 |
| Class C | &nbsp;&nbsp;&nbsp; (18314)<br>| &nbsp;&nbsp;&nbsp; (435347)<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; - |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1081932)<br>| &nbsp;&nbsp;&nbsp; (29872635)<br>| &nbsp;&nbsp;&nbsp; (2205271)<br>| &nbsp;&nbsp;&nbsp; (61246078)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (37133)<br>| &nbsp;&nbsp;&nbsp; (886556)<br>| &nbsp;&nbsp;&nbsp; (79044)<br>| &nbsp;&nbsp;&nbsp; (1916189)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (6614)<br>| &nbsp;&nbsp;&nbsp; (181115)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; (610513)<br>| &nbsp;&nbsp;&nbsp; (16889723)<br>| &nbsp;&nbsp;&nbsp; (1920488)<br>| &nbsp;&nbsp;&nbsp; (52692938)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (73462)<br>| &nbsp;&nbsp;&nbsp; (2022407)<br>| &nbsp;&nbsp;&nbsp; (524696)<br>| &nbsp;&nbsp;&nbsp; (14570346)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 1984499 | &nbsp;&nbsp;&nbsp; $55089917 | &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 40% 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 six months ended April 30, 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; $298192 |
| Net realized/unrealized gains | &nbsp;&nbsp;&nbsp;&nbsp; (11307724)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; $(11009532)<br>|

---

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.

**14**

**Invesco EQV 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>**

Not applicable.

**15**

**Invesco EQV Asia Pacific Equity Fund**

------

![](img1de5a8741.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

APG-NCSRS

------

![](img67be798a1.jpg)

------

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

**April 30, 2025**

**Invesco EQV European Equity Fund**

Nasdaq:

A: AEDAX ■ C: AEDCX ■ R: AEDRX ■ Y: AEDYX ■ Investor: EGINX ■ R6: AEGSX

------

---

| | |
|:---|:---|
| [2](#xx_63f73627-fba2-43c3-80cc-29a9437f5803_SOI-Continued-127_1) | Schedule of Investments |
| [4](#xx_63f73627-fba2-43c3-80cc-29a9437f5803_FS-Continued-127_1) | Financial Statements |
| [7](#xx_63f73627-fba2-43c3-80cc-29a9437f5803_FS-Continued-127_4) | Financial Highlights |
| [8](#xx_63f73627-fba2-43c3-80cc-29a9437f5803_NTF-Continued-127_1) | Notes to Financial Statements |
| [14](#xx_63f73627-fba2-43c3-80cc-29a9437f5803_OIRSR-Continued-127_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.67%** | **Common Stocks & Other Equity Interests–97.67%** | **Common Stocks & Other Equity Interests–97.67%** |
| **Denmark–1.91%** | **Denmark–1.91%** | **Denmark–1.91%** |
| Novo Nordisk A/S, Class B | 118668 | &nbsp;&nbsp; $7934322 |
| **France–20.27%** | **France–20.27%** | **France–20.27%** |
| Air Liquide S.A. | 47813 | &nbsp;&nbsp; 9824528 |
| Arkema S.A. | 48591 | &nbsp;&nbsp; 3694154 |
| BNP Paribas S.A. | 51170 | &nbsp;&nbsp; 4335607 |
| Bollore SE | 1188159 | &nbsp;&nbsp; 7349265 |
| Capgemini SE | 34600 | &nbsp;&nbsp; 5523972 |
| Edenred SE | 158664 | &nbsp;&nbsp; 4948247 |
| Kaufman & Broad S.A. | 140385 | &nbsp;&nbsp; 5512030 |
| Legrand S.A. | 37769 | &nbsp;&nbsp; 4150806 |
| LVMH Moet Hennessy Louis Vuitton SE | 15250 | &nbsp;&nbsp; 8447422 |
| Pernod Ricard S.A. | 30674 | &nbsp;&nbsp; 3324923 |
| Publicis Groupe S.A. | 96861 | &nbsp;&nbsp; 9855315 |
| Schneider Electric SE | 31097 | &nbsp;&nbsp; 7265682 |
| STMicroelectronics N.V. | 114305 | &nbsp;&nbsp; 2598508 |
| TotalEnergies SE | 128701 | &nbsp;&nbsp; 7330191 |
|  |  | &nbsp;&nbsp; 84160650 |
| **Germany–9.64%** | **Germany–9.64%** | **Germany–9.64%** |
| Allianz SE | 20053 | &nbsp;&nbsp; 8293454 |
| CTS Eventim AG & Co. KGaA | 42003 | &nbsp;&nbsp; 4976809 |
| Deutsche Boerse AG | 43164 | &nbsp;&nbsp; 13902859 |
| Deutsche Telekom AG | 137882 | &nbsp;&nbsp; 4952381 |
| flatexDEGIRO AG | 300545 | &nbsp;&nbsp; 7909392 |
|  |  | &nbsp;&nbsp; 40034895 |
| **Hungary–2.08%** | **Hungary–2.08%** | **Hungary–2.08%** |
| Richter Gedeon Nyrt | 284655 | &nbsp;&nbsp; 8633190 |
| **Ireland–2.48%** | **Ireland–2.48%** | **Ireland–2.48%** |
| Flutter Entertainment PLC<sup>(a)</sup>  | 12601 | &nbsp;&nbsp; 3036715 |
| Kingspan Group PLC | 85868 | &nbsp;&nbsp; 7245921 |
|  |  | &nbsp;&nbsp; 10282636 |
| **Israel–0.85%** | **Israel–0.85%** | **Israel–0.85%** |
| Teva Pharmaceutical Industries Ltd., <br> ADR<sup>(a)</sup>  | 229165 | &nbsp;&nbsp; 3554349 |
| **Italy–6.96%** | **Italy–6.96%** | **Italy–6.96%** |
| Amplifon S.p.A. | 238660 | &nbsp;&nbsp; 4567701 |
| Danieli & C. Officine Meccaniche S.p.A., <br> RSP | 228786 | &nbsp;&nbsp; 6192129 |
| FinecoBank Banca Fineco S.p.A. | 443052 | &nbsp;&nbsp; 8865880 |
| Technogym S.p.A.<sup>(b)</sup>  | 687245 | &nbsp;&nbsp; 9286630 |
|  |  | &nbsp;&nbsp; 28912340 |
| **Netherlands–8.94%** | **Netherlands–8.94%** | **Netherlands–8.94%** |
| ASM International N.V. | 7456 | &nbsp;&nbsp; 3644396 |
| ASML Holding N.V. | 13966 | &nbsp;&nbsp; 9349425 |
| EXOR N.V. | 46971 | &nbsp;&nbsp; 4434753 |
| Heineken Holding N.V. | 94005 | &nbsp;&nbsp; 7350236 |
| Prosus N.V.<sup>(a)</sup>  | 139495 | &nbsp;&nbsp; 6540166 |
| Wolters Kluwer N.V. | 32959 | &nbsp;&nbsp; 5819206 |
|  |  | &nbsp;&nbsp; 37138182 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Poland–0.96%** | **Poland–0.96%** | **Poland–0.96%** |
| Allegro.eu S.A.<sup>(a)(b)</sup>  | 454799 | &nbsp;&nbsp; $3990597 |
| **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** |
| Sberbank of Russia PJSC, Preference <br> Shares<sup>(c)</sup>  | 11172332 | &nbsp;&nbsp; 11 |
| **Spain–1.65%** | **Spain–1.65%** | **Spain–1.65%** |
| Bankinter S.A. | 235376 | &nbsp;&nbsp; 2741880 |
| Construcciones y Auxiliar de Ferrocarriles <br> S.A. | 83826 | &nbsp;&nbsp; 4097243 |
|  |  | &nbsp;&nbsp; 6839123 |
| **Sweden–5.32%** | **Sweden–5.32%** | **Sweden–5.32%** |
| Investor AB, Class B | 499791 | &nbsp;&nbsp; 14808037 |
| Lifco AB, Class B<sup>(d)</sup>  | 87211 | &nbsp;&nbsp; 3376352 |
| Svenska Handelsbanken AB, Class A | 297887 | &nbsp;&nbsp; 3899284 |
|  |  | &nbsp;&nbsp; 22083673 |
| **Switzerland–6.34%** | **Switzerland–6.34%** | **Switzerland–6.34%** |
| Cie Financiere Richemont S.A. | 34868 | &nbsp;&nbsp; 6161357 |
| Nestle S.A. | 82107 | &nbsp;&nbsp; 8739254 |
| Roche Holding AG | 34937 | &nbsp;&nbsp; 11423922 |
|  |  | &nbsp;&nbsp; 26324533 |
| **United Kingdom–26.67%** | **United Kingdom–26.67%** | **United Kingdom–26.67%** |
| Ashtead Group PLC | 69535 | &nbsp;&nbsp; 3722376 |
| AstraZeneca PLC | 58310 | &nbsp;&nbsp; 8353887 |
| BAE Systems PLC | 387937 | &nbsp;&nbsp; 8993403 |
| Barclays PLC | 1706514 | &nbsp;&nbsp; 6798139 |
| Clarkson PLC | 117140 | &nbsp;&nbsp; 5148708 |
| DCC PLC | 124438 | &nbsp;&nbsp; 8133001 |
| Diploma PLC | 173696 | &nbsp;&nbsp; 9216578 |
| Haleon PLC | 1697845 | &nbsp;&nbsp; 8543336 |
| IG Group Holdings PLC | 862146 | &nbsp;&nbsp; 12288144 |
| London Stock Exchange Group PLC | 45424 | &nbsp;&nbsp; 7073038 |
| RELX PLC | 233567 | &nbsp;&nbsp; 12746952 |
| Savills PLC | 413711 | &nbsp;&nbsp; 5130413 |
| Serco Group PLC | 2329667 | &nbsp;&nbsp; 5346508 |
| Shell PLC | 286214 | &nbsp;&nbsp; 9236626 |
|  |  | &nbsp;&nbsp; 110731109 |
| **United States–3.60%** | **United States–3.60%** | **United States–3.60%** |
| CRH PLC | 63391 | &nbsp;&nbsp; 6048769 |
| ICON PLC<sup>(a)</sup>  | 38218 | &nbsp;&nbsp; 5787734 |
| Linde PLC | 6877 | &nbsp;&nbsp; 3116863 |
|  |  | &nbsp;&nbsp; 14953366 |
| Total Common Stocks & Other Equity Interests <br> (Cost $289,266,278) | Total Common Stocks & Other Equity Interests <br> (Cost $289,266,278) | &nbsp;&nbsp; 405572976 |
| **Money Market Funds–2.03%** | **Money Market Funds–2.03%** | **Money Market Funds–2.03%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup>  | 2944749 | &nbsp;&nbsp; 2944749 |

---

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

**2**

**Invesco EQV European Equity Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(e)(f)</sup>  | 5468806 | &nbsp;&nbsp; $5468806 |
| Total Money Market Funds (Cost $8,413,555) | Total Money Market Funds (Cost $8,413,555) | Total Money Market Funds (Cost $8,413,555) | &nbsp;&nbsp; 8413555 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-99.70% <br> (Cost $297,679,833)<br>|  |  | &nbsp;&nbsp; 413986531 |
| **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–0.82%** | **Money Market Funds–0.82%** | **Money Market Funds–0.82%** | **Money Market Funds–0.82%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup>  | 948109 | &nbsp;&nbsp; 948109 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup>  | 2463474 | &nbsp;&nbsp; $2463967 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,412,076) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,412,076) | &nbsp;&nbsp; 3412076 |
| TOTAL INVESTMENTS IN SECURITIES—100.52% <br> (Cost $301,091,909) | TOTAL INVESTMENTS IN SECURITIES—100.52% <br> (Cost $301,091,909) | &nbsp;&nbsp; 417398607 |
| OTHER ASSETS LESS LIABILITIES–(0.52)% | OTHER ASSETS LESS LIABILITIES–(0.52)% | &nbsp;&nbsp; (2174718)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $415223889 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> RSP – Registered Savings Plan Shares

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2025 was $13,277,227, which represented 3.20% 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 April 30, 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 six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $296418 | &nbsp;&nbsp; $17270845 | &nbsp;&nbsp; $(14622514) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2944749 | &nbsp;&nbsp; $49107 |
| Invesco Treasury Portfolio, Institutional Class | 550091 | &nbsp;&nbsp; 32074426 | &nbsp;&nbsp; (27155711) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5468806 | &nbsp;&nbsp; 90382 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 2183419 | &nbsp;&nbsp; (1235310) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 948109 | &nbsp;&nbsp; 3,391\* |
| Invesco Private Prime Fund | - | &nbsp;&nbsp; 5595421 | &nbsp;&nbsp; (3131451) | &nbsp;&nbsp; - | (3) | &nbsp;&nbsp; 2463967 | &nbsp;&nbsp; 8,982\* |
| Total | $846509 | &nbsp;&nbsp; $57124111 | &nbsp;&nbsp; $(46144986) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(3) | &nbsp;&nbsp; $11825631 | &nbsp;&nbsp; $151862 |

---

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

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

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

**3**

**Invesco EQV European Equity Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $289,266,278)\*<br>| &nbsp;&nbsp; $405572976 |
| Investments in affiliated money market funds, at value <br> (Cost $11,825,631)<br>| &nbsp;&nbsp; 11825631 |
| Foreign currencies, at value (Cost $1,004,908) | &nbsp;&nbsp; 1030482 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 48167 |
| Dividends | &nbsp;&nbsp; 2641839 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 171699 |
| Other assets | &nbsp;&nbsp; 49549 |
| Total assets | &nbsp;&nbsp; 421340343 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1036751 |
| Fund shares reacquired | &nbsp;&nbsp; 145846 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 3412076 |
| Accrued fees to affiliates | &nbsp;&nbsp; 232144 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 426 |
| Accrued other operating expenses | &nbsp;&nbsp; 49938 |
| IRS closing agreement fees for foreign withholding tax <br> claims<br>| &nbsp;&nbsp; 1059000 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 180273 |
| Total liabilities | &nbsp;&nbsp; 6116454 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $415223889 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $292462963 |
| Distributable earnings | &nbsp;&nbsp; 122760926 |
|  | &nbsp;&nbsp; $415223889 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $218256851 |
| Class C | &nbsp;&nbsp; $3860028 |
| Class R | &nbsp;&nbsp; $3705680 |
| Class Y | &nbsp;&nbsp; $97155798 |
| Investor Class | &nbsp;&nbsp; $87112599 |
| Class R6 | &nbsp;&nbsp; $5132933 |
| **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; 6379656 |
| Class C | &nbsp;&nbsp; 124172 |
| Class R | &nbsp;&nbsp; 108770 |
| Class Y | &nbsp;&nbsp; 2839331 |
| Investor Class | &nbsp;&nbsp; 2556246 |
| Class R6 | &nbsp;&nbsp; 150243 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $34.21 |
| Maximum offering price per share <br>(Net asset value of $34.21 ÷ 94.50%)<br>| &nbsp;&nbsp; $36.20 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.09 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.07 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.22 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.08 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.16 |

---

\* At April 30, 2025, security with a value of $3,346,135 was on loan to brokers. 

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

**4**

**Invesco EQV European Equity Fund**

------

**Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $280,726) | &nbsp;&nbsp; $3670766 |
| Dividends from affiliated money market funds (includes net securities lending income of $19,086) | &nbsp;&nbsp; 158575 |
| Total investment income | &nbsp;&nbsp; 3829341 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1902338 |
| Administrative services fees | &nbsp;&nbsp; 30946 |
| Custodian fees | &nbsp;&nbsp; 16219 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 268893 |
| Class C | &nbsp;&nbsp; 19939 |
| Class R | &nbsp;&nbsp; 8821 |
| Investor Class | &nbsp;&nbsp; 62006 |
| Transfer agent fees — A, C, R, Y and Investor | &nbsp;&nbsp; 390168 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 632 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11396 |
| Registration and filing fees | &nbsp;&nbsp; 41820 |
| Reports to shareholders | &nbsp;&nbsp; 25569 |
| Professional services fees | &nbsp;&nbsp; 41463 |
| Other | &nbsp;&nbsp; 8106 |
| Total expenses | &nbsp;&nbsp; 2828316 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (14794)<br>|
| Net expenses | &nbsp;&nbsp; 2813522 |
| Net investment income | &nbsp;&nbsp; 1015819 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 20046736 |
| Affiliated investment securities | &nbsp;&nbsp; (3)<br>|
| Foreign currencies | &nbsp;&nbsp; 50402 |
|  | &nbsp;&nbsp; 20097135 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (8421395)<br>|
| Foreign currencies | &nbsp;&nbsp; 1058201 |
|  | &nbsp;&nbsp; (7363194)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 12733941 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $13749760 |

---

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

**5**

**Invesco EQV European Equity Fund**

------

**Statement of Changes in Net Assets**

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

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1015819 | &nbsp;&nbsp; $6933098 |
| Net realized gain | &nbsp;&nbsp; 20097135 | &nbsp;&nbsp; 32147655 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (7363194)<br>| &nbsp;&nbsp; 56019817 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 13749760 | &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; (1026648)<br>| &nbsp;&nbsp; (25785095)<br>|
| Class C | &nbsp;&nbsp; (337911)<br>| &nbsp;&nbsp; (2522687)<br>|
| Class R | &nbsp;&nbsp; 189443 | &nbsp;&nbsp; (560888)<br>|
| Class Y | &nbsp;&nbsp; (12259335)<br>| &nbsp;&nbsp; (34469201)<br>|
| Investor Class | &nbsp;&nbsp; 2274194 | &nbsp;&nbsp; (9339904)<br>|
| Class R6 | &nbsp;&nbsp; 1113733 | &nbsp;&nbsp; 1167175 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (10046524)<br>| &nbsp;&nbsp; (71510600)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (36007833)<br>| &nbsp;&nbsp; 10662820 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 451231722 | &nbsp;&nbsp; 440568902 |
| End of period | &nbsp;&nbsp; $415223889 | &nbsp;&nbsp; $451231722 |

---

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

**6**

**Invesco EQV European Equity Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 04/30/25 | $36.41 | $0.07 | $1.04 | $1.11 | $(1.21)<br>| $(2.10)<br>| $(3.31)<br>| $34.21 | 3.61<br> %<br>| &nbsp;&nbsp; $218257 | 1.44 %<sup>(d)</sup><br>| 1.45 %<sup>(d)</sup><br>| 0.42 %<sup>(d)</sup><br>| 12<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>(e)</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>(e)</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 |
| Year ended 10/31/20 | 38.76 | 0.30 | (4.31)<br>| (4.01)<br>| (1.02)<br>|  | (1.02)<br>| 33.73 | (10.74)<br>| &nbsp;&nbsp; 287960 | 1.36 | 1.37 | 0.84 | 27 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 33.18 | (0.05)<br>| 0.95 | 0.90 | (0.89)<br>| (2.10)<br>| (2.99)<br>| 31.09 | 3.25 | &nbsp;&nbsp; 3860 | 2.19 <br><sup>(d)</sup><br>| 2.20 <br><sup>(d)</sup><br>| (0.33 )<sup>(d)</sup><br>| 12 |
| 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>(e)</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>(e)</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 |
| Year ended 10/31/20 | 35.97 | 0.03 | (4.04)<br>| (4.01)<br>| (0.65)<br>|  | (0.65)<br>| 31.31 | (11.43)<br>| &nbsp;&nbsp; 22166 | 2.11 | 2.12 | 0.09 | 27 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 04/30/25 | 36.21 | 0.03 | 1.03 | 1.06 | (1.10)<br>| (2.10)<br>| (3.20)<br>| 34.07 | 3.48 | &nbsp;&nbsp; 3706 | 1.69 <br><sup>(d)</sup><br>| 1.70 <br><sup>(d)</sup><br>| 0.17 <br><sup>(d)</sup><br>| 12 |
| 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>(e)</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>(e)</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 |
| Year ended 10/31/20 | 38.59 | 0.21 | (4.32)<br>| (4.11)<br>| (0.89)<br>|  | (0.89)<br>| 33.59 | (10.98)<br>| &nbsp;&nbsp; 6092 | 1.61 | 1.62 | 0.59 | 27 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 36.47 | 0.11 | 1.05 | 1.16 | (1.31)<br>| (2.10)<br>| (3.41)<br>| 34.22 | 3.77 | &nbsp;&nbsp; 97156 | 1.19 <br><sup>(d)</sup><br>| 1.20 <br><sup>(d)</sup><br>| 0.67 <br><sup>(d)</sup><br>| 12 |
| 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>(e)</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>(e)</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 |
| Year ended 10/31/20 | 38.85 | 0.39 | (4.31)<br>| (3.92)<br>| (1.12)<br>|  | (1.12)<br>| 33.81 | (10.51)<br>| &nbsp;&nbsp; 524899 | 1.11 | 1.12 | 1.09 | 27 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six months ended 04/30/25 | 36.30 | 0.09 | 1.03 | 1.12 | (1.24)<br>| (2.10)<br>| (3.34)<br>| 34.08 | 3.66 <br><sup>(f)</sup><br>| &nbsp;&nbsp; 87113 | 1.34 <br><sup>(d)(f)</sup><br>| 1.35 <br><sup>(d)(f)</sup><br>| 0.52 <br><sup>(d)(f)</sup><br>| 12 |
| 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>(f)</sup><br>| &nbsp;&nbsp; 90033 | 1.34 <br><sup>(f)</sup><br>| 1.34 <br><sup>(f)</sup><br>| 1.45 <br><sup>(f)</sup><br>| 19 |
| Year ended 10/31/23 | 28.78 | 0.52 <br><sup>(e)</sup><br>| 3.52 | 4.04 | (0.04)<br>| (2.23)<br>| (2.27)<br>| 30.55 | 14.29 <br><sup>(f)</sup><br>| &nbsp;&nbsp; 83597 | 1.33 <br><sup>(f)</sup><br>| 1.33 <br><sup>(f)</sup><br>| 1.61 <br><sup>(e)(f)</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>(f)</sup><br>| &nbsp;&nbsp; 80989 | 1.30 <br><sup>(f)</sup><br>| 1.30 <br><sup>(f)</sup><br>| 1.39 <br><sup>(f)</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>(f)</sup><br>| &nbsp;&nbsp; 128214 | 1.24 <br><sup>(f)</sup><br>| 1.24 <br><sup>(f)</sup><br>| 1.13 <br><sup>(f)</sup><br>| 18 |
| Year ended 10/31/20 | 38.67 | 0.33 | (4.31)<br>| (3.98)<br>| (1.04)<br>|  | (1.04)<br>| 33.65 | (10.68 )<sup>(f)</sup><br>| &nbsp;&nbsp; 103954 | 1.27 <br><sup>(f)</sup><br>| 1.28 <br><sup>(f)</sup><br>| 0.93 <br><sup>(f)</sup><br>| 27 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 36.45 | 0.14 | 1.03 | 1.17 | (1.36)<br>| (2.10)<br>| (3.46)<br>| 34.16 | 3.82 | &nbsp;&nbsp; 5133 | 1.04 <br><sup>(d)</sup><br>| 1.04 <br><sup>(d)</sup><br>| 0.82 <br><sup>(d)</sup><br>| 12 |
| 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>(e)</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>(e)</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 |
| Year ended 10/31/20 | 38.86 | 0.43 | (4.32)<br>| (3.89)<br>| (1.16)<br>|  | (1.16)<br>| 33.81 | (10.43)<br>| &nbsp;&nbsp; 8477 | 0.99 | 1.00 | 1.21 | 27 |

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<sup>(a)</sup> Calculated using average shares outstanding.

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

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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>(f)</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 0.15%, 0.17%, 0.16%, 0.18%, 0.14% and 0.16% for the six months ended April 30, 2025 and the years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

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

**7**

**Invesco EQV European Equity Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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 and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class 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.

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 European 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.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the six months ended April 30, 2025, the Fund did not enter into any closing agreements.

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

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

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

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the

**9**

**Invesco EQV European Equity Fund**

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Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the 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** - 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.

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

**10**

**Invesco EQV European Equity Fund**

------

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.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.935% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.910% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.885% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.860% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.835% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.810% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.785% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.760% |

---

For the six months ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.93%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, 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 (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $3,567.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, 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 six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the

**11**

**Invesco EQV European Equity Fund**

------

shareholder. During the six months ended April 30, 2025, IDI advised the Fund that IDI retained $8,625 in front-end sales commissions from the sale of Class A shares and $4,021 and $13 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7934322 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7934322 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84160650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84160650 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40034895 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40034895 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8633190 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8633190 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 3036715 | &nbsp;&nbsp;&nbsp;&nbsp; 7245921 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10282636 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; 3554349 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3554349 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28912340 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28912340 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37138182 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37138182 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3990597 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3990597 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6839123 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6839123 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22083673 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22083673 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26324533 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26324533 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110731109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110731109 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 14953366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14953366 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 8413555 | &nbsp;&nbsp;&nbsp;&nbsp; 3412076 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11825631 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $29957985 | &nbsp;&nbsp;&nbsp;&nbsp; $387440611 | &nbsp;&nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp;&nbsp; $417398607 |

---

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $11,227.

**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.

**12**

**Invesco EQV European Equity Fund**

------

**NOTE 7—Tax Information**

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

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

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $49,863,021 and $105,601,969, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $119620481 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (17921699)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $101698782 |

---

Cost of investments for tax purposes is $315,699,825.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 151889 | &nbsp;&nbsp;&nbsp; $5041674 | &nbsp;&nbsp;&nbsp; 165162 | &nbsp;&nbsp;&nbsp; $5955059 |
| Class C | &nbsp;&nbsp;&nbsp; 9716 | &nbsp;&nbsp;&nbsp; 295025 | &nbsp;&nbsp;&nbsp; 13049 | &nbsp;&nbsp;&nbsp; 426052 |
| Class R | &nbsp;&nbsp;&nbsp; 8344 | &nbsp;&nbsp;&nbsp; 275194 | &nbsp;&nbsp;&nbsp; 15331 | &nbsp;&nbsp;&nbsp; 549456 |
| Class Y | &nbsp;&nbsp;&nbsp; 182993 | &nbsp;&nbsp;&nbsp; 6090299 | &nbsp;&nbsp;&nbsp; 233740 | &nbsp;&nbsp;&nbsp; 8567444 |
| Investor Class | &nbsp;&nbsp;&nbsp; 22383 | &nbsp;&nbsp;&nbsp; 734935 | &nbsp;&nbsp;&nbsp; 22351 | &nbsp;&nbsp;&nbsp; 796780 |
| Class R6 | &nbsp;&nbsp;&nbsp; 40673 | &nbsp;&nbsp;&nbsp; 1335286 | &nbsp;&nbsp;&nbsp; 53803 | &nbsp;&nbsp;&nbsp; 2007359 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 561751 | &nbsp;&nbsp;&nbsp; 18099605 | &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; 9888 | &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; 11043 | &nbsp;&nbsp;&nbsp; 368206 | &nbsp;&nbsp;&nbsp; 46553 | &nbsp;&nbsp;&nbsp; 1673903 |
| Class C | &nbsp;&nbsp;&nbsp; (12132)<br>| &nbsp;&nbsp;&nbsp; (368206)<br>| &nbsp;&nbsp;&nbsp; (50897)<br>| &nbsp;&nbsp;&nbsp; (1673903)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (729184)<br>| &nbsp;&nbsp;&nbsp; (24536133)<br>| &nbsp;&nbsp;&nbsp; (1082151)<br>| &nbsp;&nbsp;&nbsp; (38981419)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (21196)<br>| &nbsp;&nbsp;&nbsp; (635524)<br>| &nbsp;&nbsp;&nbsp; (42497)<br>| &nbsp;&nbsp;&nbsp; (1380479)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (12114)<br>| &nbsp;&nbsp;&nbsp; (403369)<br>| &nbsp;&nbsp;&nbsp; (32604)<br>| &nbsp;&nbsp;&nbsp; (1202200)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (722410)<br>| &nbsp;&nbsp;&nbsp; (24448600)<br>| &nbsp;&nbsp;&nbsp; (1265408)<br>| &nbsp;&nbsp;&nbsp; (45314516)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (171176)<br>| &nbsp;&nbsp;&nbsp; (5665021)<br>| &nbsp;&nbsp;&nbsp; (343057)<br>| &nbsp;&nbsp;&nbsp; (12359885)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (17935)<br>| &nbsp;&nbsp;&nbsp; (597074)<br>| &nbsp;&nbsp;&nbsp; (25362)<br>| &nbsp;&nbsp;&nbsp; (915572)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (249169)<br>| &nbsp;&nbsp;&nbsp; $(10046524)<br>| &nbsp;&nbsp;&nbsp; (1989473)<br>| &nbsp;&nbsp;&nbsp; $(71510600)<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 36% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**13**

**Invesco EQV European 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>**

Not applicable.

**14**

**Invesco EQV European Equity Fund**

------

![](img67be798a1.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

EGR-NCSRS

------

![](imgf1511d5d1.jpg)

------

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

**April 30, 2025**

**Invesco EQV International Equity Fund**

Nasdaq:

A: AIIEX ■ C: AIECX ■ R: AIERX ■ Y: AIIYX ■ R5: AIEVX ■ R6: IGFRX

------

---

| | |
|:---|:---|
| [2](#xx_2aa26ef1-b297-469e-afb9-1785bbae9d46_SOI-Continued-136_1) | Schedule of Investments |
| [4](#xx_2aa26ef1-b297-469e-afb9-1785bbae9d46_FS-Continued-136_1) | Financial Statements |
| [7](#xx_2aa26ef1-b297-469e-afb9-1785bbae9d46_FS-Continued-136_4) | Financial Highlights |
| [8](#xx_2aa26ef1-b297-469e-afb9-1785bbae9d46_NTF-Continued-136_1) | Notes to Financial Statements |
| [15](#xx_2aa26ef1-b297-469e-afb9-1785bbae9d46_OIRSR-Continued-136_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.58%** | **Common Stocks & Other Equity Interests–97.58%** | **Common Stocks & Other Equity Interests–97.58%** |
| **Australia–2.32%** | **Australia–2.32%** | **Australia–2.32%** |
| Aristocrat Leisure Ltd. | 863949 | &nbsp;&nbsp; $36898440 |
| Brambles Ltd. | 1406963 | &nbsp;&nbsp; 18489825 |
|  |  | &nbsp;&nbsp; 55388265 |
| **Brazil–2.38%** | **Brazil–2.38%** | **Brazil–2.38%** |
| MercadoLibre, Inc.<sup>(a)</sup>  | 11419 | &nbsp;&nbsp; 26615976 |
| TOTVS S.A. | 4580400 | &nbsp;&nbsp; 30363012 |
|  |  | &nbsp;&nbsp; 56978988 |
| **Canada–7.74%** | **Canada–7.74%** | **Canada–7.74%** |
| Alimentation Couche-Tard, Inc. | 351638 | &nbsp;&nbsp; 18354759 |
| Canadian Pacific Kansas City Ltd. | 477058 | &nbsp;&nbsp; 34649512 |
| Celestica, Inc.<sup>(a)</sup>  | 305634 | &nbsp;&nbsp; 26078433 |
| CGI, Inc., Class A | 330388 | &nbsp;&nbsp; 35032727 |
| RB Global, Inc. | 506598 | &nbsp;&nbsp; 51052996 |
| Royal Bank of Canada | 166042 | &nbsp;&nbsp; 19929617 |
|  |  | &nbsp;&nbsp; 185098044 |
| **China–5.58%** | **China–5.58%** | **China–5.58%** |
| Airtac International Group | 1095000 | &nbsp;&nbsp; 30075510 |
| Meituan, B Shares<sup>(a)(b)</sup>  | 1098800 | &nbsp;&nbsp; 18193312 |
| Shenzhen Inovance Technology Co. <br> Ltd., A Shares | 3324630 | &nbsp;&nbsp; 32725231 |
| Trip.com Group Ltd. | 605450 | &nbsp;&nbsp; 36472786 |
| Wuliangye Yibin Co. Ltd., A Shares | 904076 | &nbsp;&nbsp; 16022994 |
|  |  | &nbsp;&nbsp; 133489833 |
| **Denmark–1.29%** | **Denmark–1.29%** | **Denmark–1.29%** |
| Novo Nordisk A/S, Class B | 460139 | &nbsp;&nbsp; 30765589 |
| **France–12.45%** | **France–12.45%** | **France–12.45%** |
| Air Liquide S.A. | 176619 | &nbsp;&nbsp; 36291351 |
| Arkema S.A. | 304228 | &nbsp;&nbsp; 23129076 |
| BNP Paribas S.A. | 137469 | &nbsp;&nbsp; 11647676 |
| Capgemini SE | 123797 | &nbsp;&nbsp; 19764485 |
| Edenred SE | 551115 | &nbsp;&nbsp; 17187599 |
| Legrand S.A. | 218367 | &nbsp;&nbsp; 23998493 |
| LVMH Moet Hennessy Louis Vuitton SE | 62517 | &nbsp;&nbsp; 34629999 |
| Pernod Ricard S.A.<sup>(c)</sup>  | 121206 | &nbsp;&nbsp; 13138180 |
| Publicis Groupe S.A. | 411316 | &nbsp;&nbsp; 41850165 |
| Schneider Electric SE | 172022 | &nbsp;&nbsp; 40192209 |
| STMicroelectronics N.V. | 450729 | &nbsp;&nbsp; 10246472 |
| TotalEnergies SE | 448923 | &nbsp;&nbsp; 25568499 |
|  |  | &nbsp;&nbsp; 297644204 |
| **Germany–3.72%** | **Germany–3.72%** | **Germany–3.72%** |
| Allianz SE | 85780 | &nbsp;&nbsp; 35476610 |
| Deutsche Boerse AG | 92954 | &nbsp;&nbsp; 29939912 |
| Deutsche Telekom AG | 651871 | &nbsp;&nbsp; 23413599 |
|  |  | &nbsp;&nbsp; 88830121 |
| **Hong Kong–2.54%** | **Hong Kong–2.54%** | **Hong Kong–2.54%** |
| AIA Group Ltd. | 3026600 | &nbsp;&nbsp; 22678047 |
| Techtronic Industries Co. Ltd. | 3768000 | &nbsp;&nbsp; 37921083 |
|  |  | &nbsp;&nbsp; 60599130 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **India–4.79%** | **India–4.79%** | **India–4.79%** |
| HDFC Bank Ltd., ADR<sup>(c)</sup>  | 741213 | &nbsp;&nbsp; $53878773 |
| Reliance Industries Ltd. | 2199386 | &nbsp;&nbsp; 36519318 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup>  | 1152824 | &nbsp;&nbsp; 24110256 |
|  |  | &nbsp;&nbsp; 114508347 |
| **Ireland–2.38%** | **Ireland–2.38%** | **Ireland–2.38%** |
| Flutter Entertainment PLC<sup>(a)</sup>  | 89541 | &nbsp;&nbsp; 21578485 |
| Kingspan Group PLC | 419704 | &nbsp;&nbsp; 35416478 |
|  |  | &nbsp;&nbsp; 56994963 |
| **Israel–0.91%** | **Israel–0.91%** | **Israel–0.91%** |
| Teva Pharmaceutical Industries Ltd., <br> ADR<sup>(a)</sup>  | 1399778 | &nbsp;&nbsp; 21710557 |
| **Italy–1.88%** | **Italy–1.88%** | **Italy–1.88%** |
| FinecoBank Banca Fineco S.p.A. | 2239145 | &nbsp;&nbsp; 44807363 |
| **Japan–12.58%** | **Japan–12.58%** | **Japan–12.58%** |
| Asahi Group Holdings Ltd. | 1970900 | &nbsp;&nbsp; 27242349 |
| FANUC Corp. | 493660 | &nbsp;&nbsp; 12528923 |
| Hoya Corp. | 302800 | &nbsp;&nbsp; 35629290 |
| Keyence Corp. | 122100 | &nbsp;&nbsp; 51048973 |
| M3, Inc.<sup>(a)(c)</sup>  | 1351400 | &nbsp;&nbsp; 16936540 |
| Recruit Holdings Co. Ltd. | 427300 | &nbsp;&nbsp; 23678937 |
| Shimano, Inc.<sup>(c)</sup>  | 231300 | &nbsp;&nbsp; 32586773 |
| SMC Corp. | 58800 | &nbsp;&nbsp; 19030085 |
| Sony Group Corp. | 1920600 | &nbsp;&nbsp; 50670775 |
| Tokyo Electron Ltd. | 210800 | &nbsp;&nbsp; 31387766 |
|  |  | &nbsp;&nbsp; 300740411 |
| **Mexico–1.21%** | **Mexico–1.21%** | **Mexico–1.21%** |
| Wal-Mart de Mexico S.A.B. de C.V., <br> Series V | 9156002 | &nbsp;&nbsp; 29017390 |
| **Netherlands–4.21%** | **Netherlands–4.21%** | **Netherlands–4.21%** |
| ASM International N.V. | 36965 | &nbsp;&nbsp; 18068010 |
| ASML Holding N.V. | 34998 | &nbsp;&nbsp; 23429127 |
| Heineken N.V. | 280881 | &nbsp;&nbsp; 25143110 |
| Wolters Kluwer N.V. | 192371 | &nbsp;&nbsp; 33964821 |
|  |  | &nbsp;&nbsp; 100605068 |
| **Singapore–1.24%** | **Singapore–1.24%** | **Singapore–1.24%** |
| United Overseas Bank Ltd. | 1115766 | &nbsp;&nbsp; 29633447 |
| **South Korea–0.91%** | **South Korea–0.91%** | **South Korea–0.91%** |
| KB Financial Group, Inc. | 112797 | &nbsp;&nbsp; 7157432 |
| Samsung Electronics Co. Ltd. | 375232 | &nbsp;&nbsp; 14640627 |
|  |  | &nbsp;&nbsp; 21798059 |
| **Spain–0.55%** | **Spain–0.55%** | **Spain–0.55%** |
| Bankinter S.A. | 1129328 | &nbsp;&nbsp; 13155470 |
| **Sweden–4.32%** | **Sweden–4.32%** | **Sweden–4.32%** |
| Investor AB, Class B<sup>(c)</sup>  | 2743635 | &nbsp;&nbsp; 81289676 |
| Svenska Handelsbanken AB, Class A<sup>(c)</sup>  | 1675518 | &nbsp;&nbsp; 21932213 |
|  |  | &nbsp;&nbsp; 103221889 |
| **Switzerland–3.26%** | **Switzerland–3.26%** | **Switzerland–3.26%** |
| Cie Financiere Richemont S.A. | 172419 | &nbsp;&nbsp; 30467334 |

---

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. | 240648 | &nbsp;&nbsp; $25613943 |
| Roche Holding AG | 67073 | &nbsp;&nbsp; 21931956 |
|  |  | &nbsp;&nbsp; 78013233 |
| **Taiwan–4.20%** | **Taiwan–4.20%** | **Taiwan–4.20%** |
| MediaTek, Inc. | 639000 | &nbsp;&nbsp; 27153071 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd. | 2583887 | &nbsp;&nbsp; 73213278 |
|  |  | &nbsp;&nbsp; 100366349 |
| **Thailand–0.81%** | **Thailand–0.81%** | **Thailand–0.81%** |
| Bangkok Dusit Medical Services PCL, <br> Foreign Shares | 26860300 | &nbsp;&nbsp; 19262494 |
| **United Kingdom–10.78%** | **United Kingdom–10.78%** | **United Kingdom–10.78%** |
| Ashtead Group PLC | 314354 | &nbsp;&nbsp; 16828129 |
| AstraZeneca PLC | 160970 | &nbsp;&nbsp; 23061657 |
| BAE Systems PLC | 1726426 | &nbsp;&nbsp; 40023108 |
| Barclays PLC | 7679034 | &nbsp;&nbsp; 30590516 |
| Haleon PLC | 6649245 | &nbsp;&nbsp; 33458138 |
| London Stock Exchange Group PLC | 191202 | &nbsp;&nbsp; 29772345 |
| RELX PLC | 1026862 | &nbsp;&nbsp; 56041139 |
| Shell PLC | 861328 | &nbsp;&nbsp; 27796559 |
|  |  | &nbsp;&nbsp; 257571591 |
| **United States–5.53%** | **United States–5.53%** | **United States–5.53%** |
| Broadcom, Inc. | 150027 | &nbsp;&nbsp; 28875697 |
| CRH PLC | 430433 | &nbsp;&nbsp; 41071917 |
| ICON PLC<sup>(a)</sup>  | 197085 | &nbsp;&nbsp; 29846552 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Linde PLC | Linde PLC | 71628 | &nbsp;&nbsp; $32463958 |
|  |  |  | &nbsp;&nbsp; 132258124 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,649,873,687) | Total Common Stocks & Other Equity Interests <br> (Cost $1,649,873,687) | Total Common Stocks & Other Equity Interests <br> (Cost $1,649,873,687) | &nbsp;&nbsp; 2332458929 |
| **Money Market Funds–1.36%** | **Money Market Funds–1.36%** | **Money Market Funds–1.36%** | **Money Market Funds–1.36%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 11396076 | &nbsp;&nbsp; 11396076 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 21130079 | &nbsp;&nbsp; 21130079 |
| Total Money Market Funds (Cost $32,526,155) | Total Money Market Funds (Cost $32,526,155) | Total Money Market Funds (Cost $32,526,155) | &nbsp;&nbsp; 32526155 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-98.94% <br> (Cost $1,682,399,842)<br>|  |  | &nbsp;&nbsp; 2364985084 |
| **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–4.21%** | **Money Market Funds–4.21%** | **Money Market Funds–4.21%** | **Money Market Funds–4.21%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | 27995352 | &nbsp;&nbsp; 27995352 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | 72557640 | &nbsp;&nbsp; 72572151 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $100,567,740) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $100,567,740) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $100,567,740) | &nbsp;&nbsp; 100567503 |
| TOTAL INVESTMENTS IN SECURITIES—103.15% <br> (Cost $1,782,967,582) | TOTAL INVESTMENTS IN SECURITIES—103.15% <br> (Cost $1,782,967,582) | TOTAL INVESTMENTS IN SECURITIES—103.15% <br> (Cost $1,782,967,582) | &nbsp;&nbsp; 2465552587 |
| OTHER ASSETS LESS LIABILITIES–(3.15)% | OTHER ASSETS LESS LIABILITIES–(3.15)% | OTHER ASSETS LESS LIABILITIES–(3.15)% | &nbsp;&nbsp; (75182829)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $2390369758 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2025 was $42,303,568, which represented 1.77% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at April 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $11838328 | &nbsp;&nbsp; $132586122 | &nbsp;&nbsp; $(133028374) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11396076 | &nbsp;&nbsp; $343736 |
| Invesco Treasury Portfolio, Institutional Class | 21951404 | &nbsp;&nbsp; 246231370 | &nbsp;&nbsp; (247052695) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 21130079 | &nbsp;&nbsp; 632256 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 8866594 | &nbsp;&nbsp; 83202978 | &nbsp;&nbsp; (64074220) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 27995352 | &nbsp;&nbsp; 240,408\* |
| Invesco Private Prime Fund | 23236535 | &nbsp;&nbsp; 147889147 | &nbsp;&nbsp; (98549327) | &nbsp;&nbsp; 1174 | &nbsp;&nbsp; (5378) | &nbsp;&nbsp; 72572151 | &nbsp;&nbsp; 646,269\* |
| Total | $65892861 | &nbsp;&nbsp; $609909617 | &nbsp;&nbsp; $(542704616) | &nbsp;&nbsp; $1174 | &nbsp;&nbsp; $(5378) | &nbsp;&nbsp; $133093658 | &nbsp;&nbsp; $1862669 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

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

**3**

**Invesco EQV International Equity Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,649,873,687)\*<br>| &nbsp;&nbsp; $2332458929 |
| Investments in affiliated money market funds, at value <br> (Cost $133,093,895)<br>| &nbsp;&nbsp; 133093658 |
| Foreign currencies, at value (Cost $5,941,698) | &nbsp;&nbsp; 5933190 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 26764826 |
| Fund shares sold | &nbsp;&nbsp; 627132 |
| Dividends | &nbsp;&nbsp; 12642174 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 744656 |
| Other assets | &nbsp;&nbsp; 82147 |
| Total assets | &nbsp;&nbsp; 2512346712 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 12990285 |
| Fund shares reacquired | &nbsp;&nbsp; 2092805 |
| Accrued foreign taxes | &nbsp;&nbsp; 1302878 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 100567740 |
| Accrued fees to affiliates | &nbsp;&nbsp; 941146 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 4341 |
| Accrued other operating expenses | &nbsp;&nbsp; 164003 |
| IRS closing agreement fees for foreign withholding <br> tax claims<br>| &nbsp;&nbsp; 3083028 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 830728 |
| Total liabilities | &nbsp;&nbsp; 121976954 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2390369758 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1675432308 |
| Distributable earnings | &nbsp;&nbsp; 714937450 |
|  | &nbsp;&nbsp; $2390369758 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $983321093 |
| Class C | &nbsp;&nbsp; $13914904 |
| Class R | &nbsp;&nbsp; $53224663 |
| Class Y | &nbsp;&nbsp; $260587528 |
| Class R5 | &nbsp;&nbsp; $87693808 |
| Class R6 | &nbsp;&nbsp; $991627762 |
| **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; 44202486 |
| Class C | &nbsp;&nbsp; 754010 |
| Class R | &nbsp;&nbsp; 2458983 |
| Class Y | &nbsp;&nbsp; 11649324 |
| Class R5 | &nbsp;&nbsp; 3808005 |
| Class R6 | &nbsp;&nbsp; 43254525 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $22.25 |
| Maximum offering price per share <br>(Net asset value of $22.25 ÷ 94.50%)<br>| &nbsp;&nbsp; $23.54 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $18.45 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $21.64 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $22.37 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.03 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $22.93 |

---

\* At April 30, 2025, securities with an aggregate value of $66,865,003 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 six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $1,749,194) | &nbsp;&nbsp; $20336050 |
| Dividends from affiliated money market funds (includes net securities lending income of $123,752) | &nbsp;&nbsp; 1099744 |
| Foreign withholding tax claims | &nbsp;&nbsp; 293229 |
| Total investment income | &nbsp;&nbsp; 21729023 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 9592860 |
| Administrative services fees | &nbsp;&nbsp; 181713 |
| Custodian fees | &nbsp;&nbsp; 101905 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1240941 |
| Class C | &nbsp;&nbsp; 77214 |
| Class R | &nbsp;&nbsp; 132724 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1392374 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 49106 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 163273 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 18474 |
| Registration and filing fees | &nbsp;&nbsp; 53478 |
| Reports to shareholders | &nbsp;&nbsp; 98857 |
| Professional services fees | &nbsp;&nbsp; 70798 |
| Other | &nbsp;&nbsp; 18458 |
| Total expenses | &nbsp;&nbsp; 13192175 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (52151)<br>|
| Net expenses | &nbsp;&nbsp; 13140024 |
| Net investment income | &nbsp;&nbsp; 8588999 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $278,672) | &nbsp;&nbsp; 115156070 |
| Affiliated investment securities | &nbsp;&nbsp; (5378)<br>|
| Foreign currencies | &nbsp;&nbsp; (147586)<br>|
|  | &nbsp;&nbsp; 115003106 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $162,254) | &nbsp;&nbsp; (90069479)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 1174 |
| Foreign currencies | &nbsp;&nbsp; 548902 |
|  | &nbsp;&nbsp; (89519403)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 25483703 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $34072702 |

---

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

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $8588999 | &nbsp;&nbsp; $32468754 |
| Net realized gain | &nbsp;&nbsp; 115003106 | &nbsp;&nbsp; 139930226 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (89519403)<br>| &nbsp;&nbsp; 289982461 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 34072702 | &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; (6582915)<br>| &nbsp;&nbsp; (106521346)<br>|
| Class C | &nbsp;&nbsp; (2427971)<br>| &nbsp;&nbsp; (4865533)<br>|
| Class R | &nbsp;&nbsp; 1658623 | &nbsp;&nbsp; (5294540)<br>|
| Class Y | &nbsp;&nbsp; (47795259)<br>| &nbsp;&nbsp; (72112238)<br>|
| Class R5 | &nbsp;&nbsp; (15103633)<br>| &nbsp;&nbsp; (11915941)<br>|
| Class R6 | &nbsp;&nbsp; (12540472)<br>| &nbsp;&nbsp; (153343665)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (82791627)<br>| &nbsp;&nbsp; (354053263)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (226226800)<br>| &nbsp;&nbsp; 58530149 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2616596558 | &nbsp;&nbsp; 2558066409 |
| End of period | &nbsp;&nbsp; $2390369758 | &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**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 04/30/25 | $23.55 | $0.05 | $0.26 | $0.31 | $(0.60)<br>| $(1.01)<br>| $(1.61)<br>| $22.25 | 1.44<br> %<br>| &nbsp;&nbsp; $983321 | 1.28 %<sup>(d)</sup><br>| 1.28 %<sup>(d)</sup><br>| 0.49 %<sup>(d)</sup><br>| 20<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 |
| Year ended 10/31/20 | 34.10 | 0.11 | 0.62 | 0.73 | (0.65)<br>| (2.84)<br>| (3.49)<br>| 31.34 | 1.97 | &nbsp;&nbsp; 1262456 | 1.35 | 1.35 | 0.36 | 35 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 19.73 | (0.02)<br>| 0.20 | 0.18 | (0.45)<br>| (1.01)<br>| (1.46)<br>| 18.45 | 1.03 | &nbsp;&nbsp; 13915 | 2.03 <br><sup>(d)</sup><br>| 2.03 <br><sup>(d)</sup><br>| (0.26 )<sup>(d)</sup><br>| 20 |
| 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 |
| Year ended 10/31/20 | 31.01 | (0.11)<br>| 0.56 | 0.45 | (0.40)<br>| (2.84)<br>| (3.24)<br>| 28.22 | 1.20 | &nbsp;&nbsp; 36108 | 2.10 | 2.10 | (0.39)<br>| 35 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 04/30/25 | 22.93 | 0.03 | 0.24 | 0.27 | (0.55)<br>| (1.01)<br>| (1.56)<br>| 21.64 | 1.29 | &nbsp;&nbsp; 53225 | 1.53 <br><sup>(d)</sup><br>| 1.53 <br><sup>(d)</sup><br>| 0.24 <br><sup>(d)</sup><br>| 20 |
| 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 |
| Year ended 10/31/20 | 33.64 | 0.03 | 0.61 | 0.64 | (0.57)<br>| (2.84)<br>| (3.41)<br>| 30.87 | 1.71 | &nbsp;&nbsp; 47493 | 1.60 | 1.60 | 0.11 | 35 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 23.69 | 0.08 | 0.26 | 0.34 | (0.65)<br>| (1.01)<br>| (1.66)<br>| 22.37 | 1.58 | &nbsp;&nbsp; 260588 | 1.03 <br><sup>(d)</sup><br>| 1.03 <br><sup>(d)</sup><br>| 0.74 <br><sup>(d)</sup><br>| 20 |
| 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 |
| Year ended 10/31/20 | 34.21 | 0.19 | 0.62 | 0.81 | (0.72)<br>| (2.84)<br>| (3.56)<br>| 31.46 | 2.22 | &nbsp;&nbsp; 751518 | 1.10 | 1.10 | 0.61 | 35 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 04/30/25 | 24.35 | 0.10 | 0.26 | 0.36 | (0.67)<br>| (1.01)<br>| (1.68)<br>| 23.03 | 1.62 | &nbsp;&nbsp; 87694 | 0.92 <br><sup>(d)</sup><br>| 0.92 <br><sup>(d)</sup><br>| 0.85 <br><sup>(d)</sup><br>| 20 |
| 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 |
| Year ended 10/31/20 | 34.76 | 0.22 | 0.63 | 0.85 | (0.75)<br>| (2.84)<br>| (3.59)<br>| 32.02 | 2.32 | &nbsp;&nbsp; 486808 | 1.00 | 1.00 | 0.71 | 35 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 24.26 | 0.10 | 0.27 | 0.37 | (0.69)<br>| (1.01)<br>| (1.70)<br>| 22.93 | 1.65 | &nbsp;&nbsp; 991628 | 0.85 <br><sup>(d)</sup><br>| 0.85 <br><sup>(d)</sup><br>| 0.92 <br><sup>(d)</sup><br>| 20 |
| 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 |
| Year ended 10/31/20 | 34.71 | 0.25 | 0.63 | 0.88 | (0.78)<br>| (2.84)<br>| (3.62)<br>| 31.97 | 2.41 | &nbsp;&nbsp; 914873 | 0.91 | 0.91 | 0.80 | 35 |

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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. 

<sup>(d)</sup> Annualized.

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

**7**

**Invesco EQV International Equity Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**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**

------

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

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

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

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

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

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

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

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the six months ended April 30, 2025, the Fund did not enter into any closing agreements.

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

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

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

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

**9**

**Invesco EQV International Equity Fund**

------

overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid the Adviser 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 EQV International Equity 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.

Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; lack of publicly available information; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China's dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.

The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. In addition, export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has recently imposed tariffs on the other country's products. Further, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.850% |
| 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 six months ended April 30, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2026, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (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"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $24,753.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

**11**

**Invesco EQV International 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, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2025, IDI advised the Fund that IDI retained $53,578 in front-end sales commissions from the sale of Class A shares and $1,161 and $65 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2025, the Fund incurred $1,945 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $55388265 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $55388265 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 56978988 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56978988 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 185098044 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 185098044 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133489833 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133489833 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30765589 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30765589 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 297644204 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 297644204 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88830121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88830121 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60599130 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60599130 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 53878773 | &nbsp;&nbsp;&nbsp;&nbsp; 60629574 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114508347 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 21578485 | &nbsp;&nbsp;&nbsp;&nbsp; 35416478 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56994963 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; 21710557 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21710557 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44807363 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44807363 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 300740411 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 300740411 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 29017390 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29017390 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100605068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100605068 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29633447 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29633447 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21798059 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21798059 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13155470 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13155470 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103221889 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103221889 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78013233 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78013233 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100366349 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100366349 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19262494 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19262494 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 257571591 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 257571591 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 132258124 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132258124 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 32526155 | &nbsp;&nbsp;&nbsp;&nbsp; 100567503 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133093658 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $533046516 | &nbsp;&nbsp;&nbsp;&nbsp; $1932506071 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2465552587 |

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**12**

**Invesco EQV International Equity Fund**

------

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $27,398.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $497,032,745 and $770,622,212, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $650296717 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (58647227)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $591649490 |

---

Cost of investments for tax purposes is $1,873,903,097.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1320277 | &nbsp;&nbsp;&nbsp; $29214514 | &nbsp;&nbsp;&nbsp; 2618114 | &nbsp;&nbsp;&nbsp; $60665062 |
| Class C | &nbsp;&nbsp;&nbsp; 56530 | &nbsp;&nbsp;&nbsp; 1039341 | &nbsp;&nbsp;&nbsp; 105453 | &nbsp;&nbsp;&nbsp; 2060704 |
| Class R | &nbsp;&nbsp;&nbsp; 182360 | &nbsp;&nbsp;&nbsp; 3939001 | &nbsp;&nbsp;&nbsp; 363655 | &nbsp;&nbsp;&nbsp; 8273792 |
| Class Y | &nbsp;&nbsp;&nbsp; 1016449 | &nbsp;&nbsp;&nbsp; 22609243 | &nbsp;&nbsp;&nbsp; 1925416 | &nbsp;&nbsp;&nbsp; 44808516 |
| Class R5 | &nbsp;&nbsp;&nbsp; 621022 | &nbsp;&nbsp;&nbsp; 14570808 | &nbsp;&nbsp;&nbsp; 572859 | &nbsp;&nbsp;&nbsp; 13709818 |
| Class R6 | &nbsp;&nbsp;&nbsp; 4091271 | &nbsp;&nbsp;&nbsp; 94589942 | &nbsp;&nbsp;&nbsp; 5094023 | &nbsp;&nbsp;&nbsp; 122341445 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2980985 | &nbsp;&nbsp;&nbsp; 65343182 | &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; 97112 | &nbsp;&nbsp;&nbsp; 2167116 | &nbsp;&nbsp;&nbsp; 132392 | &nbsp;&nbsp;&nbsp; 3106291 |
| Class C | &nbsp;&nbsp;&nbsp; (116804)<br>| &nbsp;&nbsp;&nbsp; (2167116)<br>| &nbsp;&nbsp;&nbsp; (157455)<br>| &nbsp;&nbsp;&nbsp; (3106291)<br>|

---

**13**

**Invesco EQV International Equity Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4643117)<br>| &nbsp;&nbsp;&nbsp; $(103307727)<br>| &nbsp;&nbsp;&nbsp; (8052506)<br>| &nbsp;&nbsp;&nbsp; $(186969348)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (135800)<br>| &nbsp;&nbsp;&nbsp; (2502836)<br>| &nbsp;&nbsp;&nbsp; (209276)<br>| &nbsp;&nbsp;&nbsp; (4082714)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (273215)<br>| &nbsp;&nbsp;&nbsp; (5943690)<br>| &nbsp;&nbsp;&nbsp; (633287)<br>| &nbsp;&nbsp;&nbsp; (14388570)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (3848795)<br>| &nbsp;&nbsp;&nbsp; (85549996)<br>| &nbsp;&nbsp;&nbsp; (5281357)<br>| &nbsp;&nbsp;&nbsp; (122511409)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (1576365)<br>| &nbsp;&nbsp;&nbsp; (36502369)<br>| &nbsp;&nbsp;&nbsp; (1146664)<br>| &nbsp;&nbsp;&nbsp; (27587162)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (7805244)<br>| &nbsp;&nbsp;&nbsp; (178580226)<br>| &nbsp;&nbsp;&nbsp; (12434558)<br>| &nbsp;&nbsp;&nbsp; (297596478)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (3638183)<br>| &nbsp;&nbsp;&nbsp; $(82791627)<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 38% 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, 15% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |

---

**14**

**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>**

Not applicable.

**15**

**Invesco EQV International Equity Fund**

------

![](imgf1511d5d1.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

IGR-NCSRS

------

![](img247bd9f81.jpg)

------

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

**April 30, 2025**

**Invesco Global Focus Fund**

Nasdaq:

A: GLVAX ■ C: GLVCX ■ R: GLVNX ■ Y: GLVYX ■ R5: GFFDX ■ R6: GLVIX

------

---

| | |
|:---|:---|
| [2](#xx_5e6a963f-0eeb-4390-9e8a-edc697bdc592_SOI-Continued-681_1) | Schedule of Investments |
| [4](#xx_5e6a963f-0eeb-4390-9e8a-edc697bdc592_FS-Continued-681_1) | Financial Statements |
| [7](#xx_5e6a963f-0eeb-4390-9e8a-edc697bdc592_FS-Continued-681_4) | Financial Highlights |
| [8](#xx_5e6a963f-0eeb-4390-9e8a-edc697bdc592_NTF-Continued-681_1) | Notes to Financial Statements |
| [14](#xx_5e6a963f-0eeb-4390-9e8a-edc697bdc592_OIRSR-Continued-681_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.72%** | **Common Stocks & Other Equity Interests–99.72%** | **Common Stocks & Other Equity Interests–99.72%** |
| **Apparel Retail–0.93%** | **Apparel Retail–0.93%** | **Apparel Retail–0.93%** |
| TJX Cos., Inc. (The) | 38869 | &nbsp;&nbsp; $5001663 |
| **Apparel, Accessories & Luxury Goods–5.17%** | **Apparel, Accessories & Luxury Goods–5.17%** | **Apparel, Accessories & Luxury Goods–5.17%** |
| Hermes International S.C.A. (France) | 8340 | &nbsp;&nbsp; 22936501 |
| Moncler S.p.A. (Italy) | 78456 | &nbsp;&nbsp; 4842372 |
|  |  | &nbsp;&nbsp; 27778873 |
| **Application Software–4.64%** | **Application Software–4.64%** | **Application Software–4.64%** |
| Nice Ltd., ADR (Israel)<sup>(b)</sup>  | 72332 | &nbsp;&nbsp; 11273304 |
| Salesforce, Inc. | 40036 | &nbsp;&nbsp; 10758073 |
| Synopsys, Inc.<sup>(b)</sup>  | 6372 | &nbsp;&nbsp; 2924812 |
|  |  | &nbsp;&nbsp; 24956189 |
| **Automobile Manufacturers–0.50%** | **Automobile Manufacturers–0.50%** | **Automobile Manufacturers–0.50%** |
| Ferrari N.V. (Italy) | 5859 | &nbsp;&nbsp; 2682137 |
| **Broadline Retail–7.82%** | **Broadline Retail–7.82%** | **Broadline Retail–7.82%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 177274 | &nbsp;&nbsp; 32692871 |
| JD.com, Inc., ADR (China) | 286010 | &nbsp;&nbsp; 9329646 |
|  |  | &nbsp;&nbsp; 42022517 |
| **Financial Exchanges & Data–2.10%** | **Financial Exchanges & Data–2.10%** | **Financial Exchanges & Data–2.10%** |
| S&P Global, Inc. | 22603 | &nbsp;&nbsp; 11302630 |
| **Health Care Equipment–6.11%** | **Health Care Equipment–6.11%** | **Health Care Equipment–6.11%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 88726 | &nbsp;&nbsp; 9127244 |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 12928 | &nbsp;&nbsp; 5593299 |
| Stryker Corp. | 48541 | &nbsp;&nbsp; 18150451 |
|  |  | &nbsp;&nbsp; 32870994 |
| **Hotels, Resorts & Cruise Lines–4.33%** | **Hotels, Resorts & Cruise Lines–4.33%** | **Hotels, Resorts & Cruise Lines–4.33%** |
| Airbnb, Inc., Class A<sup>(b)(c)</sup>  | 67865 | &nbsp;&nbsp; 8274101 |
| Amadeus IT Group S.A. (Spain) | 190593 | &nbsp;&nbsp; 15002146 |
|  |  | &nbsp;&nbsp; 23276247 |
| **Industrial Gases–1.09%** | **Industrial Gases–1.09%** | **Industrial Gases–1.09%** |
| Linde PLC | 12992 | &nbsp;&nbsp; 5888364 |
| **Interactive Media & Services–19.81%** | **Interactive Media & Services–19.81%** | **Interactive Media & Services–19.81%** |
| Alphabet, Inc., Class A | 213541 | &nbsp;&nbsp; 33910311 |
| Meta Platforms, Inc., Class A | 94445 | &nbsp;&nbsp; 51850305 |
| Tencent Holdings Ltd. (China) | 338700 | &nbsp;&nbsp; 20745694 |
|  |  | &nbsp;&nbsp; 106506310 |
| **Internet Services & Infrastructure–0.96%** | **Internet Services & Infrastructure–0.96%** | **Internet Services & Infrastructure–0.96%** |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup>  | 54094 | &nbsp;&nbsp; 5138930 |
| **Life Sciences Tools & Services–5.89%** | **Life Sciences Tools & Services–5.89%** | **Life Sciences Tools & Services–5.89%** |
| Lonza Group AG (Switzerland) | 22314 | &nbsp;&nbsp; 16032814 |
| Thermo Fisher Scientific, Inc. | 36444 | &nbsp;&nbsp; 15634476 |
|  |  | &nbsp;&nbsp; 31667290 |
| **Movies & Entertainment–3.47%** | **Movies & Entertainment–3.47%** | **Movies & Entertainment–3.47%** |
| Netflix, Inc.<sup>(b)</sup>  | 14238 | &nbsp;&nbsp; 16113430 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup>  | 4182 | &nbsp;&nbsp; 2567664 |
|  |  | &nbsp;&nbsp; 18681094 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Passenger Ground Transportation–4.06%** | **Passenger Ground Transportation–4.06%** | **Passenger Ground Transportation–4.06%** | **Passenger Ground Transportation–4.06%** |
| Uber Technologies, Inc.<sup>(b)</sup>  | Uber Technologies, Inc.<sup>(b)</sup>  | 269567 | &nbsp;&nbsp; $21837623 |
| **Pharmaceuticals–5.82%** | **Pharmaceuticals–5.82%** | **Pharmaceuticals–5.82%** | **Pharmaceuticals–5.82%** |
| Eli Lilly and Co. | Eli Lilly and Co. | 21653 | &nbsp;&nbsp; 19464964 |
| Novo Nordisk A/S, Class B (Denmark) | Novo Nordisk A/S, Class B (Denmark) | 96892 | &nbsp;&nbsp; 6478346 |
| Zoetis, Inc. | Zoetis, Inc. | 34105 | &nbsp;&nbsp; 5334022 |
|  |  |  | &nbsp;&nbsp; 31277332 |
| **Semiconductor Materials & Equipment–1.42%** | **Semiconductor Materials & Equipment–1.42%** | **Semiconductor Materials & Equipment–1.42%** | **Semiconductor Materials & Equipment–1.42%** |
| ASML Holding N.V. (Netherlands) | ASML Holding N.V. (Netherlands) | 2659 | &nbsp;&nbsp; 1780046 |
| BE Semiconductor Industries N.V. <br> (Netherlands)<sup>(c)</sup>  | BE Semiconductor Industries N.V. <br> (Netherlands)<sup>(c)</sup>  | 28657 | &nbsp;&nbsp; 3103659 |
| Lam Research Corp. | Lam Research Corp. | 38145 | &nbsp;&nbsp; 2733852 |
|  |  |  | &nbsp;&nbsp; 7617557 |
| **Semiconductors–5.89%** | **Semiconductors–5.89%** | **Semiconductors–5.89%** | **Semiconductors–5.89%** |
| Broadcom, Inc. | Broadcom, Inc. | 48939 | &nbsp;&nbsp; 9419289 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | 165474 | &nbsp;&nbsp; 9658717 |
| NVIDIA Corp. | NVIDIA Corp. | 86390 | &nbsp;&nbsp; 9409599 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | 8264 | &nbsp;&nbsp; 1226874 |
| Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan) | Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan) | 70000 | &nbsp;&nbsp; 1983419 |
|  |  |  | &nbsp;&nbsp; 31697898 |
| **Specialty Chemicals–0.69%** | **Specialty Chemicals–0.69%** | **Specialty Chemicals–0.69%** | **Specialty Chemicals–0.69%** |
| Symrise AG (Germany) | Symrise AG (Germany) | 32018 | &nbsp;&nbsp; 3692682 |
| **Systems Software–8.39%** | **Systems Software–8.39%** | **Systems Software–8.39%** | **Systems Software–8.39%** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup>  | CrowdStrike Holdings, Inc., Class A<sup>(b)</sup>  | 47444 | &nbsp;&nbsp; 20347309 |
| Microsoft Corp. | Microsoft Corp. | 13683 | &nbsp;&nbsp; 5408343 |
| ServiceNow, Inc.<sup>(b)</sup>  | ServiceNow, Inc.<sup>(b)</sup>  | 20287 | &nbsp;&nbsp; 19374288 |
|  |  |  | &nbsp;&nbsp; 45129940 |
| **Transaction & Payment Processing Services–10.63%** | **Transaction & Payment Processing Services–10.63%** | **Transaction & Payment Processing Services–10.63%** | **Transaction & Payment Processing Services–10.63%** |
| Adyen N.V. (Netherlands)<sup>(b)(d)</sup>  | Adyen N.V. (Netherlands)<sup>(b)(d)</sup>  | 5645 | &nbsp;&nbsp; 9134812 |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 52422 | &nbsp;&nbsp; 28730401 |
| Visa, Inc., Class A | Visa, Inc., Class A | 55884 | &nbsp;&nbsp; 19307922 |
|  |  |  | &nbsp;&nbsp; 57173135 |
| Total Common Stocks & Other Equity Interests <br> (Cost $283,078,700) | Total Common Stocks & Other Equity Interests <br> (Cost $283,078,700) | Total Common Stocks & Other Equity Interests <br> (Cost $283,078,700) | &nbsp;&nbsp; 536199405 |
| **Money Market Funds–0.23%** | **Money Market Funds–0.23%** | **Money Market Funds–0.23%** | **Money Market Funds–0.23%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup>  | 439699 | &nbsp;&nbsp; 439699 |
| Invesco Treasury Portfolio, Institutional Class, <br> 4.23%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 4.23%<sup>(e)(f)</sup>  | 816583 | &nbsp;&nbsp; 816583 |
| Total Money Market Funds (Cost $1,256,282) | Total Money Market Funds (Cost $1,256,282) | Total Money Market Funds (Cost $1,256,282) | &nbsp;&nbsp; 1256282 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased with <br> cash collateral from securities on <br> loan)-99.95% (Cost $284,334,982)<br>|  |  | &nbsp;&nbsp; 537455687 |
| **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–1.65%** | **Money Market Funds–1.65%** | **Money Market Funds–1.65%** | **Money Market Funds–1.65%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup>  | 2478830 | &nbsp;&nbsp; 2478830 |

---

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

**2**

**Invesco Global Focus Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup>  | 6380931 | &nbsp;&nbsp; $6382207 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $8,861,037) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $8,861,037) | &nbsp;&nbsp; 8861037 |
| TOTAL INVESTMENTS IN SECURITIES–101.60% <br> (Cost $293,196,019) | TOTAL INVESTMENTS IN SECURITIES–101.60% <br> (Cost $293,196,019) | &nbsp;&nbsp; 546316724 |
| OTHER ASSETS LESS LIABILITIES—(1.60)% | OTHER ASSETS LESS LIABILITIES—(1.60)% | &nbsp;&nbsp; (8619553)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $537697171 |

---

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 April 30, 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 April 30, 2025 represented 1.70% 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 six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $1034474 | &nbsp;&nbsp; $11156553 | &nbsp;&nbsp; $(11751328) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $439699 | &nbsp;&nbsp; $11170 |
| Invesco Treasury Portfolio, Institutional Class | 1921165 | &nbsp;&nbsp; 20719313 | &nbsp;&nbsp; (21823895) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 816583 | &nbsp;&nbsp; 20594 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 14515839 | &nbsp;&nbsp; (12037009) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2478830 | &nbsp;&nbsp; 5,745\* |
| Invesco Private Prime Fund | 3281189 | &nbsp;&nbsp; 37192956 | &nbsp;&nbsp; (34091978) | &nbsp;&nbsp; - | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 6382207 | &nbsp;&nbsp; 16,751\* |
| Total | $6236828 | &nbsp;&nbsp; $83584661 | &nbsp;&nbsp; $(79704210) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $40 | &nbsp;&nbsp; $10117319 | &nbsp;&nbsp; $54260 |

---

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

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

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

**3**

**Invesco Global Focus Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $283,078,700)\*<br>| &nbsp;&nbsp; $536199405 |
| Investments in affiliated money market funds, at value <br> (Cost $10,117,319)<br>| &nbsp;&nbsp; 10117319 |
| Cash | &nbsp;&nbsp; 100000 |
| Foreign currencies, at value (Cost $870) | &nbsp;&nbsp; 915 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 162287 |
| Dividends | &nbsp;&nbsp; 450418 |
| Foreign withholding tax claims | &nbsp;&nbsp; 33095 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 34742 |
| Other assets | &nbsp;&nbsp; 38632 |
| Total assets | &nbsp;&nbsp; 547136813 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 260918 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 8861037 |
| Accrued fees to affiliates | &nbsp;&nbsp; 234974 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 341 |
| Accrued other operating expenses | &nbsp;&nbsp; 47630 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 34742 |
| Total liabilities | &nbsp;&nbsp; 9439642 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $537697171 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $258876477 |
| Distributable earnings | &nbsp;&nbsp; 278820694 |
|  | &nbsp;&nbsp; $537697171 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $291721689 |
| Class C | &nbsp;&nbsp; $20527117 |
| Class R | &nbsp;&nbsp; $32078346 |
| Class Y | &nbsp;&nbsp; $148768269 |
| Class R5 | &nbsp;&nbsp; $11497 |
| Class R6 | &nbsp;&nbsp; $44590253 |
| **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; 3817534 |
| Class C | &nbsp;&nbsp; 309381 |
| Class R | &nbsp;&nbsp; 440304 |
| Class Y | &nbsp;&nbsp; 1867413 |
| Class R5 | &nbsp;&nbsp; 147 |
| Class R6 | &nbsp;&nbsp; 547233 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $76.42 |
| Maximum offering price per share <br>(Net asset value of $76.42 ÷ 94.50%)<br>| &nbsp;&nbsp; $80.87 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $66.35 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $72.85 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $79.67 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $78.21 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $81.48 |

---

\* At April 30, 2025, securities with an aggregate value of $8,427,319 were 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 six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $59,621) | &nbsp;&nbsp; $1394990 |
| Dividends from affiliated money market funds (includes net securities lending income of $827) | &nbsp;&nbsp; 32591 |
| Foreign withholding tax claims | &nbsp;&nbsp; 33095 |
| Total investment income | &nbsp;&nbsp; 1460676 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2196979 |
| Administrative services fees | &nbsp;&nbsp; 40388 |
| Custodian fees | &nbsp;&nbsp; 10642 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 377604 |
| Class C | &nbsp;&nbsp; 118289 |
| Class R | &nbsp;&nbsp; 81279 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 389937 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 5647 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11748 |
| Registration and filing fees | &nbsp;&nbsp; 44001 |
| Reports to shareholders | &nbsp;&nbsp; 20222 |
| Professional services fees | &nbsp;&nbsp; 30328 |
| Other | &nbsp;&nbsp; 11486 |
| Total expenses | &nbsp;&nbsp; 3338552 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (12146)<br>|
| Net expenses | &nbsp;&nbsp; 3326406 |
| Net investment income (loss) | &nbsp;&nbsp; (1865730)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 32426998 |
| Affiliated investment securities | &nbsp;&nbsp; 40 |
| Foreign currencies | &nbsp;&nbsp; 12353 |
|  | &nbsp;&nbsp; 32439391 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (19406859)<br>|
| Foreign currencies | &nbsp;&nbsp; 7768 |
|  | &nbsp;&nbsp; (19399091)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 13040300 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $11174570 |

---

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

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1865730)<br>| &nbsp;&nbsp; $(3774454)<br>|
| Net realized gain | &nbsp;&nbsp; 32439391 | &nbsp;&nbsp; 35302631 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (19399091)<br>| &nbsp;&nbsp; 136913574 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 11174570 | &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; (14971495)<br>| &nbsp;&nbsp; (31176453)<br>|
| Class C | &nbsp;&nbsp; (3952024)<br>| &nbsp;&nbsp; (7536435)<br>|
| Class R | &nbsp;&nbsp; 558854 | &nbsp;&nbsp; (4921942)<br>|
| Class Y | &nbsp;&nbsp; (11939324)<br>| &nbsp;&nbsp; (40785656)<br>|
| Class R5 | &nbsp;&nbsp; (495)<br>| &nbsp;&nbsp; 395 |
| Class R6 | &nbsp;&nbsp; 7665962 | &nbsp;&nbsp; (4990066)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (22638522)<br>| &nbsp;&nbsp; (89410157)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (20373104)<br>| &nbsp;&nbsp; 79031594 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 558070275 | &nbsp;&nbsp; 479038681 |
| End of period | &nbsp;&nbsp; $537697171 | &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**

*(Unaudited)*

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 04/30/25 | $76.11 | $(0.28)<br>| $1.83 | $1.55 | $(1.24)<br>| $76.42 | 1.94<br> %<br>| $291722 | 1.24 %<sup>(d)</sup><br>| 1.24 %<sup>(d)</sup><br>| (0.72 )%<sup>(d)</sup><br>| 7<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>(e)</sup><br>| (37.02)<br>| (37.53)<br>| (3.12)<br>| 45.11 | (45.25)<br>| 206115 | 1.23 | 1.23 | (0.85 )<sup>(e)</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>(f)</sup><br>| 414186 | 1.18 <br><sup>(f)</sup><br>| 1.18 <br><sup>(f)</sup><br>| (1.03 )<sup>(f)</sup><br>| 24 |
| Year ended 10/31/20 | 52.99 | (0.51)<br>| 25.00 | 24.49 | (5.22)<br>| 72.26 | 50.31 <br><sup>(f)</sup><br>| 273684 | 1.26 <br><sup>(f)</sup><br>| 1.26 <br><sup>(f)</sup><br>| (0.84 )<sup>(f)</sup><br>| 43 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 66.48 | (0.50)<br>| 1.61 | 1.11 | (1.24)<br>| 66.35 | 1.55 | 20527 | 1.99 <br><sup>(d)</sup><br>| 1.99 <br><sup>(d)</sup><br>| (1.47 )<sup>(d)</sup><br>| 7 |
| 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>(e)</sup><br>| (32.99)<br>| (33.88)<br>| (3.12)<br>| 40.00 | (45.66)<br>| 22964 | 1.98 | 1.98 | (1.60 )<sup>(e)</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 |
| Year ended 10/31/20 | 48.95 | (0.88)<br>| 22.84 | 21.96 | (5.22)<br>| 65.69 | 49.20 | 73587 | 2.01 | 2.02 | (1.59)<br>| 43 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 04/30/25 | 72.69 | (0.36)<br>| 1.76 | 1.40 | (1.24)<br>| 72.85 | 1.82 | 32078 | 1.49 <br><sup>(d)</sup><br>| 1.49 <br><sup>(d)</sup><br>| (0.97 )<sup>(d)</sup><br>| 7 |
| 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>(e)</sup><br>| (35.58)<br>| (36.22)<br>| (3.12)<br>| 43.29 | (45.38)<br>| 21519 | 1.48 | 1.48 | (1.10 )<sup>(e)</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 |
| Year ended 10/31/20 | 51.54 | (0.65)<br>| 24.24 | 23.59 | (5.22)<br>| 69.91 | 49.95 | 22854 | 1.52 | 1.52 | (1.10)<br>| 43 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 79.20 | (0.19)<br>| 1.90 | 1.71 | (1.24)<br>| 79.67 | 2.07 | 148768 | 0.99 <br><sup>(d)</sup><br>| 0.99 <br><sup>(d)</sup><br>| (0.47 )<sup>(d)</sup><br>| 7 |
| 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>(e)</sup><br>| (38.27)<br>| (38.65)<br>| (3.12)<br>| 46.71 | (45.11)<br>| 174208 | 0.98 | 0.98 | (0.60 )<sup>(e)</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 |
| Year ended 10/31/20 | 54.21 | (0.38)<br>| 25.67 | 25.29 | (5.22)<br>| 74.28 | 50.68 | 304779 | 1.02 | 1.02 | (0.60)<br>| 43 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 04/30/25 | 77.73 | (0.14)<br>| 1.86 | 1.72 | (1.24)<br>| 78.21 | 2.12 | 11 | 0.87 <br><sup>(d)</sup><br>| 0.87 <br><sup>(d)</sup><br>| (0.35 )<sup>(d)</sup><br>| 7 |
| 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>(e)</sup><br>| (37.44)<br>| (37.73)<br>| (3.12)<br>| 45.71 | (45.05)<br>| 7 | 0.85 | 0.85 | (0.47 )<sup>(e)</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 |
| Year ended 10/31/20 | 53.08 | (0.28)<br>| 25.09 | 24.81 | (5.22)<br>| 72.67 | 50.88 | 14 | 0.89 | 0.89 | (0.47)<br>| 43 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 80.94 | (0.14)<br>| 1.92 | 1.78 | (1.24)<br>| 81.48 | 2.11 | 44590 | 0.87 <br><sup>(d)</sup><br>| 0.87 <br><sup>(d)</sup><br>| (0.35 )<sup>(d)</sup><br>| 7 |
| 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>(e)</sup><br>| (38.98)<br>| (39.28)<br>| (3.12)<br>| 47.62 | (45.04)<br>| 26910 | 0.85 | 0.85 | (0.47 )<sup>(e)</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 |
| Year ended 10/31/20 | 54.89 | (0.26)<br>| 26.02 | 25.76 | (5.22)<br>| 75.43 | 50.94 | 33645 | 0.85 | 0.89 | (0.43)<br>| 43 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

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

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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>(f)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2021 and 2020, respectively. 

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

**7**

**Invesco Global Focus Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**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 six months ended April 30, 2025, the Fund did not enter into any closing agreements.

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

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

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

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

**9**

**Invesco Global Focus Fund**

------

overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the 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 Focus 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.

**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 six months ended April 30, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $778.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2025, IDI advised the Fund that IDI retained $24,489 in front-end sales commissions from the sale of Class A shares and $1 and $209 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2025, the Fund incurred $1,722 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

**11**

**Invesco Global Focus Fund**

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rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $427784777 | &nbsp;&nbsp;&nbsp;&nbsp; $108414628 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $536199405 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1256282 | &nbsp;&nbsp;&nbsp;&nbsp; 8861037 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10117319 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $429041059 | &nbsp;&nbsp;&nbsp;&nbsp; $117275665 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $546316724 |

---

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $11,368.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $39,995,350 and $71,339,868, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $260296522 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (9055431)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $251241091 |

---

Cost of investments for tax purposes is $295,075,633.

**12**

**Invesco Global Focus Fund**

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**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 157733 | &nbsp;&nbsp;&nbsp; $12516517 | &nbsp;&nbsp;&nbsp; 466666 | &nbsp;&nbsp;&nbsp; $33469124 |
| Class C | &nbsp;&nbsp;&nbsp; 26817 | &nbsp;&nbsp;&nbsp; 1864498 | &nbsp;&nbsp;&nbsp; 61467 | &nbsp;&nbsp;&nbsp; 3872614 |
| Class R | &nbsp;&nbsp;&nbsp; 46917 | &nbsp;&nbsp;&nbsp; 3544009 | &nbsp;&nbsp;&nbsp; 78756 | &nbsp;&nbsp;&nbsp; 5453510 |
| Class Y | &nbsp;&nbsp;&nbsp; 87899 | &nbsp;&nbsp;&nbsp; 7231878 | &nbsp;&nbsp;&nbsp; 250926 | &nbsp;&nbsp;&nbsp; 18841324 |
| Class R5 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 500 |
| Class R6 | &nbsp;&nbsp;&nbsp; 155043 | &nbsp;&nbsp;&nbsp; 13236847 | &nbsp;&nbsp;&nbsp; 119906 | &nbsp;&nbsp;&nbsp; 9032808 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 56859 | &nbsp;&nbsp;&nbsp; 4639160 | &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 R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; 5386 | &nbsp;&nbsp;&nbsp; 467959 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 33927 | &nbsp;&nbsp;&nbsp; 2647143 | &nbsp;&nbsp;&nbsp; 49861 | &nbsp;&nbsp;&nbsp; 3602191 |
| Class C | &nbsp;&nbsp;&nbsp; (39000)<br>| &nbsp;&nbsp;&nbsp; (2647143)<br>| &nbsp;&nbsp;&nbsp; (56870)<br>| &nbsp;&nbsp;&nbsp; (3602191)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (444256)<br>| &nbsp;&nbsp;&nbsp; (34774315)<br>| &nbsp;&nbsp;&nbsp; (948115)<br>| &nbsp;&nbsp;&nbsp; (68247768)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (53060)<br>| &nbsp;&nbsp;&nbsp; (3585081)<br>| &nbsp;&nbsp;&nbsp; (122580)<br>| &nbsp;&nbsp;&nbsp; (7806858)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (46730)<br>| &nbsp;&nbsp;&nbsp; (3519345)<br>| &nbsp;&nbsp;&nbsp; (146480)<br>| &nbsp;&nbsp;&nbsp; (10375452)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (255308)<br>| &nbsp;&nbsp;&nbsp; (20992444)<br>| &nbsp;&nbsp;&nbsp; (821103)<br>| &nbsp;&nbsp;&nbsp; (59626980)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; (1507)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (105)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (72041)<br>| &nbsp;&nbsp;&nbsp; (6038844)<br>| &nbsp;&nbsp;&nbsp; (182004)<br>| &nbsp;&nbsp;&nbsp; (14022874)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (305674)<br>| &nbsp;&nbsp;&nbsp; $(22638522)<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 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.

**13**

**Invesco Global Focus Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**14**

**Invesco Global Focus Fund**

------

![](img247bd9f81.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

O-GLF-NCSRS

------

![](img74e20aaf1.jpg)

------

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

**April 30, 2025**

**Invesco Global Fund**

Nasdaq:

A: OPPAX ■ C: OGLCX ■ R: OGLNX ■ Y: OGLYX ■ R5: GFDDX ■ R6: OGLIX

------

---

| | |
|:---|:---|
| [2](#xx_3595f8dd-7a2e-4428-91bb-ca87a3f49bea_SOI-Continued-685_1) | Schedule of Investments |
| [4](#xx_3595f8dd-7a2e-4428-91bb-ca87a3f49bea_FS-Continued-685_1) | Financial Statements |
| [7](#xx_3595f8dd-7a2e-4428-91bb-ca87a3f49bea_FS-Continued-685_4) | Financial Highlights |
| [8](#xx_3595f8dd-7a2e-4428-91bb-ca87a3f49bea_NTF-Continued-685_1) | Notes to Financial Statements |
| [14](#xx_3595f8dd-7a2e-4428-91bb-ca87a3f49bea_OIRSR-Continued-685_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.98%** | **Common Stocks & Other Equity Interests–99.98%** | **Common Stocks & Other Equity Interests–99.98%** |
| **Argentina–0.22%** | **Argentina–0.22%** | **Argentina–0.22%** |
| Ciro Holding S.A.<sup>(a)</sup>  | 79422317553 | &nbsp;&nbsp; $17949444 |
| **Canada–1.07%** | **Canada–1.07%** | **Canada–1.07%** |
| Shopify, Inc., Class A<sup>(b)</sup>  | 943151 | &nbsp;&nbsp; 89599345 |
| **China–3.32%** | **China–3.32%** | **China–3.32%** |
| JD.com, Inc., ADR<sup>(c)</sup>  | 6478091 | &nbsp;&nbsp; 211315329 |
| Tencent Holdings Ltd. | 1065000 | &nbsp;&nbsp; 65232253 |
|  |  | &nbsp;&nbsp; 276547582 |
| **Denmark–1.16%** | **Denmark–1.16%** | **Denmark–1.16%** |
| Novo Nordisk A/S, Class B | 1441396 | &nbsp;&nbsp; 96373915 |
| **France–6.48%** | **France–6.48%** | **France–6.48%** |
| Airbus SE | 1492768 | &nbsp;&nbsp; 253308551 |
| Dassault Systemes SE | 886284 | &nbsp;&nbsp; 33214503 |
| EssilorLuxottica S.A. | 321107 | &nbsp;&nbsp; 92527941 |
| LVMH Moet Hennessy Louis Vuitton SE | 289998 | &nbsp;&nbsp; 160638395 |
|  |  | &nbsp;&nbsp; 539689390 |
| **Germany–5.91%** | **Germany–5.91%** | **Germany–5.91%** |
| Allianz SE | 178922 | &nbsp;&nbsp; 73997971 |
| SAP SE | 1429815 | &nbsp;&nbsp; 418347731 |
|  |  | &nbsp;&nbsp; 492345702 |
| **India–6.58%** | **India–6.58%** | **India–6.58%** |
| DLF Ltd. | 41510155 | &nbsp;&nbsp; 331101113 |
| HDFC Bank Ltd. | 2157058 | &nbsp;&nbsp; 48995299 |
| ICICI Bank Ltd., ADR<sup>(c)</sup>  | 5015935 | &nbsp;&nbsp; 168334779 |
|  |  | &nbsp;&nbsp; 548431191 |
| **Israel–0.97%** | **Israel–0.97%** | **Israel–0.97%** |
| Nice Ltd., ADR<sup>(b)(c)</sup>  | 520172 | &nbsp;&nbsp; 81071407 |
| **Italy–1.69%** | **Italy–1.69%** | **Italy–1.69%** |
| Brunello Cucinelli S.p.A. | 768461 | &nbsp;&nbsp; 86758988 |
| Ferrari N.V. | 76319 | &nbsp;&nbsp; 34937369 |
| Moncler S.p.A. | 311299 | &nbsp;&nbsp; 19213646 |
|  |  | &nbsp;&nbsp; 140910003 |
| **Japan–3.65%** | **Japan–3.65%** | **Japan–3.65%** |
| Capcom Co. Ltd. | 2045000 | &nbsp;&nbsp; 59203787 |
| Hoya Corp. | 343400 | &nbsp;&nbsp; 40406533 |
| Keyence Corp. | 336212 | &nbsp;&nbsp; 140567382 |
| TDK Corp. | 6035900 | &nbsp;&nbsp; 64411758 |
|  |  | &nbsp;&nbsp; 304589460 |
| **Netherlands–2.07%** | **Netherlands–2.07%** | **Netherlands–2.07%** |
| Adyen N.V.<sup>(b)(d)</sup>  | 60500 | &nbsp;&nbsp; 97901878 |
| ASML Holding N.V. | 29159 | &nbsp;&nbsp; 19520256 |
| BE Semiconductor Industries N.V.<sup>(c)</sup>  | 284760 | &nbsp;&nbsp; 30840558 |
| Universal Music Group N.V. | 836649 | &nbsp;&nbsp; 24602065 |
|  |  | &nbsp;&nbsp; 172864757 |
| **Spain–1.52%** | **Spain–1.52%** | **Spain–1.52%** |
| Amadeus IT Group S.A. | 1610692 | &nbsp;&nbsp; 126782398 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Sweden–3.82%** | **Sweden–3.82%** | **Sweden–3.82%** |
| Assa Abloy AB, Class B | 3744361 | &nbsp;&nbsp; $113656238 |
| Atlas Copco AB, Class A | 9151024 | &nbsp;&nbsp; 141645922 |
| Spotify Technology S.A.<sup>(b)</sup>  | 102461 | &nbsp;&nbsp; 62909005 |
|  |  | &nbsp;&nbsp; 318211165 |
| **Switzerland–1.40%** | **Switzerland–1.40%** | **Switzerland–1.40%** |
| Lonza Group AG | 161966 | &nbsp;&nbsp; 116374060 |
| **Taiwan–0.57%** | **Taiwan–0.57%** | **Taiwan–0.57%** |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. | 1675000 | &nbsp;&nbsp; 47460373 |
| **United States–59.55%** | **United States–59.55%** | **United States–59.55%** |
| Alphabet, Inc., Class A | 5114383 | &nbsp;&nbsp; 812164020 |
| Amazon.com, Inc.<sup>(b)</sup>  | 729381 | &nbsp;&nbsp; 134512444 |
| Analog Devices, Inc.<sup>(c)</sup>  | 1423518 | &nbsp;&nbsp; 277472128 |
| Boston Scientific Corp.<sup>(b)</sup>  | 801241 | &nbsp;&nbsp; 82423662 |
| Broadcom, Inc. | 698004 | &nbsp;&nbsp; 134344830 |
| Ecolab, Inc. | 168790 | &nbsp;&nbsp; 42438870 |
| Eli Lilly and Co. | 336835 | &nbsp;&nbsp; 302797823 |
| Equifax, Inc.<sup>(c)</sup>  | 485359 | &nbsp;&nbsp; 126256437 |
| IDEXX Laboratories, Inc.<sup>(b)(c)</sup>  | 71597 | &nbsp;&nbsp; 30976442 |
| Intuit, Inc.<sup>(c)</sup>  | 415255 | &nbsp;&nbsp; 260560055 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 261302 | &nbsp;&nbsp; 134779571 |
| IQVIA Holdings, Inc.<sup>(b)(c)</sup>  | 400033 | &nbsp;&nbsp; 62033117 |
| Lam Research Corp.<sup>(c)</sup>  | 618230 | &nbsp;&nbsp; 44308544 |
| Linde PLC | 63721 | &nbsp;&nbsp; 28880269 |
| Marriott International, Inc., Class A | 338455 | &nbsp;&nbsp; 80748594 |
| Marvell Technology, Inc.<sup>(c)</sup>  | 3109582 | &nbsp;&nbsp; 181506301 |
| Mastercard, Inc., Class A | 73811 | &nbsp;&nbsp; 40452857 |
| Meta Platforms, Inc., Class A<sup>(c)</sup>  | 1247604 | &nbsp;&nbsp; 684934596 |
| Microsoft Corp. | 528370 | &nbsp;&nbsp; 208843526 |
| Netflix, Inc.<sup>(b)(c)</sup>  | 143740 | &nbsp;&nbsp; 162673433 |
| NVIDIA Corp. | 2535790 | &nbsp;&nbsp; 276198247 |
| Phathom Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 1975378 | &nbsp;&nbsp; 8474372 |
| QUALCOMM, Inc.<sup>(c)</sup>  | 108393 | &nbsp;&nbsp; 16092025 |
| S&P Global, Inc.<sup>(c)</sup>  | 763073 | &nbsp;&nbsp; 381574654 |
| Stryker Corp.<sup>(c)</sup>  | 60750 | &nbsp;&nbsp; 22715640 |
| Synopsys, Inc.<sup>(b)</sup>  | 75227 | &nbsp;&nbsp; 34529945 |
| Thermo Fisher Scientific, Inc.<sup>(c)</sup>  | 64184 | &nbsp;&nbsp; 27534936 |
| TJX Cos., Inc. (The) | 375926 | &nbsp;&nbsp; 48374158 |
| Visa, Inc., Class A<sup>(c)</sup>  | 839996 | &nbsp;&nbsp; 290218618 |
| Zoetis, Inc. | 146824 | &nbsp;&nbsp; 22963273 |
|  |  | &nbsp;&nbsp; 4961783387 |
| Total Common Stocks & Other Equity Interests <br> (Cost $3,580,616,101) | Total Common Stocks & Other Equity Interests <br> (Cost $3,580,616,101) | &nbsp;&nbsp; 8330983579 |
| **Money Market Funds–0.18%** | **Money Market Funds–0.18%** | **Money Market Funds–0.18%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(e)(f)</sup>  | 5412050 | &nbsp;&nbsp; 5412050 |

---

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

**2**

**Invesco Global Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **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, 4.23%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, <br> Institutional Class, 4.23%<sup>(e)(f)</sup>  | 10050950 | &nbsp;&nbsp; $10050950 |
| Total Money Market Funds (Cost $15,463,000) | Total Money Market Funds (Cost $15,463,000) | Total Money Market Funds (Cost $15,463,000) | &nbsp;&nbsp; 15463000 |
| TOTAL INVESTMENTS IN <br> SECURITIES (excluding <br> Investments purchased with <br> cash collateral from securities <br> on loan)-100.16% <br> (Cost $3,596,079,101)<br>|  |  | &nbsp;&nbsp; 8346446579 |
| **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–0.61%** | **Money Market Funds–0.61%** | **Money Market Funds–0.61%** | **Money Market Funds–0.61%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup>  | 15393106 | &nbsp;&nbsp; 15393106 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, <br> 4.46%<sup>(e)(f)(g)</sup>  | 35268729 | &nbsp;&nbsp; $35275782 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $50,668,888) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $50,668,888) | &nbsp;&nbsp; 50668888 |
| TOTAL INVESTMENTS IN SECURITIES—100.77% <br> (Cost $3,646,747,989) | TOTAL INVESTMENTS IN SECURITIES—100.77% <br> (Cost $3,646,747,989) | &nbsp;&nbsp; 8397115467 |
| OTHER ASSETS LESS LIABILITIES–(0.77)% | OTHER ASSETS LESS LIABILITIES–(0.77)% | &nbsp;&nbsp; (64530204)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $8332585263 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at April 30, 2025.

<sup>(d)</sup> Security 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 April 30, 2025 represented 1.17% 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 six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $1425596 | &nbsp;&nbsp; $157373722 | &nbsp;&nbsp; $(153387268) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5412050 | &nbsp;&nbsp; $120431 |
| Invesco Treasury Portfolio, Institutional Class | 2647536 | &nbsp;&nbsp; 292265485 | &nbsp;&nbsp; (284862071) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10050950 | &nbsp;&nbsp; 179683 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 32979192 | &nbsp;&nbsp; 397126329 | &nbsp;&nbsp; (414712415) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 15393106 | &nbsp;&nbsp; 617,701\* |
| Invesco Private Prime Fund | 78617477 | &nbsp;&nbsp; 853631066 | &nbsp;&nbsp; (896968972) | &nbsp;&nbsp; - | &nbsp;&nbsp; (3789) | &nbsp;&nbsp; 35275782 | &nbsp;&nbsp; 1,632,783\* |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| Ciro Holding S.A.\*\* | 21244913 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (3295469) | &nbsp;&nbsp; - | &nbsp;&nbsp; 17949444 | &nbsp;&nbsp; - |
| Total | $136914714 | &nbsp;&nbsp; $1700396602 | &nbsp;&nbsp; $(1749930726) | &nbsp;&nbsp; $(3295469) | &nbsp;&nbsp; $(3789) | &nbsp;&nbsp; $84081332 | &nbsp;&nbsp; $2550598 |

---

\* 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 April 30, 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 April 30, 2025.

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

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

**3**

**Invesco Global Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $3,580,616,101)\*<br>| &nbsp;&nbsp; $8330983579 |
| Investments in affiliated money market funds, at value <br> (Cost $66,131,888)<br>| &nbsp;&nbsp; 66131888 |
| Cash | &nbsp;&nbsp; 7000000 |
| Foreign currencies, at value (Cost $8,387,648) | &nbsp;&nbsp; 8375593 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 3746882 |
| Dividends | &nbsp;&nbsp; 12109551 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 956219 |
| Other assets | &nbsp;&nbsp; 131780 |
| Total assets | &nbsp;&nbsp; 8429435492 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 7034615 |
| Accrued foreign taxes | &nbsp;&nbsp; 32714818 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 50668888 |
| Accrued fees to affiliates | &nbsp;&nbsp; 3586790 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 369886 |
| Accrued other operating expenses | &nbsp;&nbsp; 616409 |
| IRS closing agreement fees for foreign withholding <br> tax claims<br>| &nbsp;&nbsp; 893000 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 965823 |
| Total liabilities | &nbsp;&nbsp; 96850229 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $8332585263 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2811541548 |
| Distributable earnings | &nbsp;&nbsp; 5521043715 |
|  | &nbsp;&nbsp; $8332585263 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $5518566923 |
| Class C | &nbsp;&nbsp; $103541078 |
| Class R | &nbsp;&nbsp; $168639780 |
| Class Y | &nbsp;&nbsp; $1150798278 |
| Class R5 | &nbsp;&nbsp; $8460533 |
| Class R6 | &nbsp;&nbsp; $1382578671 |
| **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; 61993105 |
| Class C | &nbsp;&nbsp; 1461950 |
| Class R | &nbsp;&nbsp; 1954336 |
| Class Y | &nbsp;&nbsp; 12664686 |
| Class R5 | &nbsp;&nbsp; 92422 |
| Class R6 | &nbsp;&nbsp; 15055342 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $89.02 |
| Maximum offering price per share <br>(Net asset value of $89.02 ÷ 94.50%)<br>| &nbsp;&nbsp; $94.20 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $70.82 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $86.29 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $90.87 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $91.54 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $91.83 |

---

\* At April 30, 2025, securities with an aggregate value of $49,469,907 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 six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $2,220,654) | &nbsp;&nbsp; $41101752 |
| Dividends from affiliated money market funds (includes net securities lending income of $104,834) | &nbsp;&nbsp; 404948 |
| Total investment income | &nbsp;&nbsp; 41506700 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 28901801 |
| Administrative services fees | &nbsp;&nbsp; 638544 |
| Custodian fees | &nbsp;&nbsp; 347925 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 6864268 |
| Class C | &nbsp;&nbsp; 579975 |
| Class R | &nbsp;&nbsp; 454538 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 5225457 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 4646 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 217080 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; (61550)<br>|
| Registration and filing fees | &nbsp;&nbsp; 93130 |
| Reports to shareholders | &nbsp;&nbsp; 156124 |
| Professional services fees | &nbsp;&nbsp; 71859 |
| Other | &nbsp;&nbsp; 73345 |
| Total expenses | &nbsp;&nbsp; 43567142 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (127459)<br>|
| Net expenses | &nbsp;&nbsp; 43439683 |
| Net investment income (loss) | &nbsp;&nbsp; (1932983)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $3,190,218) | &nbsp;&nbsp; 906123606 |
| Affiliated investment securities | &nbsp;&nbsp; (3789)<br>|
| Foreign currencies | &nbsp;&nbsp; 142146 |
|  | &nbsp;&nbsp; 906261963 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $15,312,273) | &nbsp;&nbsp; (1162103599)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (3295469)<br>|
| Foreign currencies | &nbsp;&nbsp; 332677 |
|  | &nbsp;&nbsp; (1165066391)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (258804428)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(260737411)<br>|

---

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

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1932983)<br>| &nbsp;&nbsp; $2452362 |
| Net realized gain | &nbsp;&nbsp; 906261963 | &nbsp;&nbsp; 1011525169 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1165066391)<br>| &nbsp;&nbsp; 1601556508 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (260737411)<br>| &nbsp;&nbsp; 2615534039 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (656874497)<br>| &nbsp;&nbsp; (571159610)<br>|
| Class C | &nbsp;&nbsp; (15910003)<br>| &nbsp;&nbsp; (15496785)<br>|
| Class R | &nbsp;&nbsp; (20607151)<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; 244142305 | &nbsp;&nbsp; (131171622)<br>|
| Class C | &nbsp;&nbsp; 1422529 | &nbsp;&nbsp; (17379610)<br>|
| Class R | &nbsp;&nbsp; 10106119 | &nbsp;&nbsp; (3543593)<br>|
| Class Y | &nbsp;&nbsp; (8535264)<br>| &nbsp;&nbsp; (96501720)<br>|
| Class R5 | &nbsp;&nbsp; (872012)<br>| &nbsp;&nbsp; (788776)<br>|
| Class R6 | &nbsp;&nbsp; 130235235 | &nbsp;&nbsp; (94909133)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 376498912 | &nbsp;&nbsp; (344294454)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (870188150)<br>| &nbsp;&nbsp; 1400635409 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 9202773413 | &nbsp;&nbsp; 7802138004 |
| End of period | &nbsp;&nbsp; $8332585263 | &nbsp;&nbsp; $9202773413 |

---

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

**6**

**Invesco Global Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 04/30/25 | $102.55 | $(0.05)<br>| $(2.31)<br>| $(2.36)<br>| $— | $(11.17)<br>| $(11.17)<br>| $89.02 | (3.22 )%<sup>(d)</sup><br>| &nbsp;&nbsp; $5518567 | 1.05 %<sup>(d)(e)</sup><br>| 1.05 %<sup>(d)(e)</sup><br>| (0.12 )%<sup>(d)(e)</sup><br>| 8<br> %<br>|
| Year ended 10/31/24 | 84.62 | (0.04)<br>| 27.59 | 27.55 |  | (9.62)<br>| (9.62)<br>| 102.55 | 34.55 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 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>| (10.55)<br>| 84.62 | 20.54 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 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>| (8.92)<br>| 79.63 | (36.79 )<sup>(d)</sup><br>| &nbsp;&nbsp; 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>| (6.61)<br>| 135.11 | 40.51 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 8073179 | 1.03 <br><sup>(d)</sup><br>| 1.03 <br><sup>(d)</sup><br>| (0.42 )<sup>(d)</sup><br>| 7 |
| Year ended 10/31/20 | 90.42 | (0.23)<br>| 12.95 | 12.72 | (0.51)<br>| (0.79)<br>| (1.30)<br>| 101.84 | 14.17 | &nbsp;&nbsp; 6256292 | 1.06 | 1.06 | (0.25)<br>| 8 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 84.05 | (0.34)<br>| (1.72)<br>| (2.06)<br>|  | (11.17)<br>| (11.17)<br>| 70.82 | (3.60)<br>| &nbsp;&nbsp; 103541 | 1.82 <br><sup>(e)</sup><br>| 1.82 <br><sup>(e)</sup><br>| (0.89 )<sup>(e)</sup><br>| 8 |
| Year ended 10/31/24 | 71.35 | (0.66)<br>| 22.98 | 22.32 |  | (9.62)<br>| (9.62)<br>| 84.05 | 33.52 | &nbsp;&nbsp; 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>| (10.55)<br>| 71.35 | 19.61 | &nbsp;&nbsp; 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>| (8.92)<br>| 69.09 | (37.26)<br>| &nbsp;&nbsp; 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>| (6.61)<br>| 119.28 | 39.44 | &nbsp;&nbsp; 248647 | 1.80 | 1.80 | (1.19)<br>| 7 |
| Year ended 10/31/20 | 81.75 | (0.85)<br>| 11.63 | 10.78 | (0.51)<br>| (0.79)<br>| (1.30)<br>| 91.23 | 13.28 | &nbsp;&nbsp; 243600 | 1.83 | 1.83 | (1.02)<br>| 8 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 04/30/25 | 99.85 | (0.18)<br>| (2.21)<br>| (2.39)<br>|  | (11.17)<br>| (11.17)<br>| 86.29 | (3.34)<br>| &nbsp;&nbsp; 168640 | 1.32 <br><sup>(e)</sup><br>| 1.32 <br><sup>(e)</sup><br>| (0.39 )<sup>(e)</sup><br>| 8 |
| Year ended 10/31/24 | 82.82 | (0.30)<br>| 26.95 | 26.65 |  | (9.62)<br>| (9.62)<br>| 99.85 | 34.17 | &nbsp;&nbsp; 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>| (10.55)<br>| 82.82 | 20.21 | &nbsp;&nbsp; 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>| (8.92)<br>| 78.33 | (36.95)<br>| &nbsp;&nbsp; 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>| (6.61)<br>| 133.38 | 40.16 | &nbsp;&nbsp; 247549 | 1.30 | 1.30 | (0.69)<br>| 7 |
| Year ended 10/31/20 | 89.81 | (0.48)<br>| 12.83 | 12.35 | (0.51)<br>| (0.79)<br>| (1.30)<br>| 100.86 | 13.85 | &nbsp;&nbsp; 197067 | 1.33 | 1.33 | (0.52)<br>| 8 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 104.35 | 0.06 | (2.37)<br>| (2.31)<br>|  | (11.17)<br>| (11.17)<br>| 90.87 | (3.11)<br>| &nbsp;&nbsp; 1150798 | 0.82 <br><sup>(e)</sup><br>| 0.82 <br><sup>(e)</sup><br>| 0.11 <br><sup>(e)</sup><br>| 8 |
| Year ended 10/31/24 | 85.77 | 0.19 | 28.01 | 28.20 |  | (9.62)<br>| (9.62)<br>| 104.35 | 34.86 | &nbsp;&nbsp; 1335411 | 0.82 | 0.82 | 0.18 | 7 |
| Year ended 10/31/23 | 80.42 | 0.16 | 15.74 | 15.90 |  | (10.55)<br>| (10.55)<br>| 85.77 | 20.82 | &nbsp;&nbsp; 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>| (8.92)<br>| 80.42 | (36.63)<br>| &nbsp;&nbsp; 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>| (6.61)<br>| 136.06 | 40.84 | &nbsp;&nbsp; 2713045 | 0.80 | 0.80 | (0.19)<br>| 7 |
| Year ended 10/31/20 | 90.61 | (0.01)<br>| 12.99 | 12.98 | (0.51)<br>| (0.79)<br>| (1.30)<br>| 102.29 | 14.42 | &nbsp;&nbsp; 2093441 | 0.83 | 0.83 | (0.02)<br>| 8 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 04/30/25 | 105.03 | 0.07 | (2.39)<br>| (2.32)<br>|  | (11.17)<br>| (11.17)<br>| 91.54 | (3.10)<br>| &nbsp;&nbsp; 8461 | 0.78 <br><sup>(e)</sup><br>| 0.78 <br><sup>(e)</sup><br>| 0.15 <br><sup>(e)</sup><br>| 8 |
| Year ended 10/31/24 | 86.21 | 0.27 | 28.17 | 28.44 |  | (9.62)<br>| (9.62)<br>| 105.03 | 34.97 | &nbsp;&nbsp; 10584 | 0.74 | 0.74 | 0.26 | 7 |
| Year ended 10/31/23 | 80.72 | 0.23 | 15.81 | 16.04 |  | (10.55)<br>| (10.55)<br>| 86.21 | 20.93 | &nbsp;&nbsp; 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>| (8.92)<br>| 80.72 | (36.56)<br>| &nbsp;&nbsp; 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>| (6.61)<br>| 136.38 | 41.03 | &nbsp;&nbsp; 16 | 0.66 | 0.66 | (0.05)<br>| 7 |
| Year ended 10/31/20 | 90.55 | 0.14 | 13.00 | 13.14 | (0.51)<br>| (0.79)<br>| (1.30)<br>| 102.39 | 14.62 | &nbsp;&nbsp; 12 | 0.68 | 0.68 | 0.13 | 8 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 105.30 | 0.11 | (2.41)<br>| (2.30)<br>|  | (11.17)<br>| (11.17)<br>| 91.83 | (3.06)<br>| &nbsp;&nbsp; 1382579 | 0.71 <br><sup>(e)</sup><br>| 0.71 <br><sup>(e)</sup><br>| 0.22 <br><sup>(e)</sup><br>| 8 |
| Year ended 10/31/24 | 86.39 | 0.29 | 28.24 | 28.53 |  | (9.62)<br>| (9.62)<br>| 105.30 | 34.99 | &nbsp;&nbsp; 1441484 | 0.72 | 0.72 | 0.28 | 7 |
| Year ended 10/31/23 | 80.86 | 0.25 | 15.83 | 16.08 |  | (10.55)<br>| (10.55)<br>| 86.39 | 20.94 | &nbsp;&nbsp; 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>| (8.92)<br>| 80.86 | (36.56)<br>| &nbsp;&nbsp; 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>| (6.61)<br>| 136.59 | 41.02 | &nbsp;&nbsp; 2629798 | 0.66 | 0.66 | (0.05)<br>| 7 |
| Year ended 10/31/20 | 90.69 | 0.13 | 13.02 | 13.15 | (0.51)<br>| (0.79)<br>| (1.30)<br>| 102.54 | 14.61 | &nbsp;&nbsp; 1934295 | 0.68 | 0.68 | 0.13 | 8 |

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<sup>(a)</sup> Calculated using average shares outstanding.

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

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2023, the portfolio turnover calculation excludes the value of securities purchased of $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 six months ended April 30, 2025 and the years ended October 31, 2024, 2023, 2022, and 2021, respectively. 

<sup>(e)</sup> Annualized.

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

**7**

**Invesco Global Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**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.

**8**

**Invesco Global Fund**

------

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

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

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

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

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

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

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

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the six months ended April 30, 2025, the Fund 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 Global 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 note disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid the Adviser $7,686 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

**10**

**Invesco Global Fund**

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the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 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 six months ended April 30, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $6,857.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2025, IDI advised the Fund that IDI retained $114,145 in front-end sales commissions from the sale of Class A shares and $1,287 and $2,815 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2025, the Fund incurred $15,020 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.

**11**

**Invesco Global Fund**

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**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the 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** |  |  |  |  |
| Argentina | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $17949444 | &nbsp;&nbsp;&nbsp;&nbsp; $17949444 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 89599345 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89599345 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 211315329 | &nbsp;&nbsp;&nbsp;&nbsp; 65232253 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 276547582 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96373915 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96373915 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 539689390 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 539689390 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 492345702 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 492345702 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 168334779 | &nbsp;&nbsp;&nbsp;&nbsp; 380096412 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 548431191 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; 81071407 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81071407 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140910003 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140910003 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 304589460 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 304589460 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172864757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172864757 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126782398 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126782398 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; 62909005 | &nbsp;&nbsp;&nbsp;&nbsp; 255302160 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 318211165 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116374060 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116374060 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47460373 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47460373 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 4961783387 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4961783387 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 15463000 | &nbsp;&nbsp;&nbsp;&nbsp; 50668888 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66131888 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $5590476252 | &nbsp;&nbsp;&nbsp;&nbsp; $2788689771 | &nbsp;&nbsp;&nbsp;&nbsp; $17949444 | &nbsp;&nbsp;&nbsp;&nbsp; $8397115467 |

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**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $120,602.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

**12**

**Invesco Global 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 had a capital loss carryforward as of October 31, 2024, as follows:

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| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $16077238 | &nbsp;&nbsp;&nbsp;&nbsp; $82397803 | &nbsp;&nbsp;&nbsp;&nbsp; $98475041 |

---

\*

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $759,379,262 and $1,398,797,725, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $4899864252 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (182680839)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $4717183413 |

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Cost of investments for tax purposes is $3,679,932,054.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1274513 | &nbsp;&nbsp;&nbsp; $122153123 | &nbsp;&nbsp;&nbsp; 2390672 | &nbsp;&nbsp;&nbsp; $233195592 |
| Class C | &nbsp;&nbsp;&nbsp; 83362 | &nbsp;&nbsp;&nbsp; 6294595 | &nbsp;&nbsp;&nbsp; 168882 | &nbsp;&nbsp;&nbsp; 13659078 |
| Class R | &nbsp;&nbsp;&nbsp; 140797 | &nbsp;&nbsp;&nbsp; 13061425 | &nbsp;&nbsp;&nbsp; 254855 | &nbsp;&nbsp;&nbsp; 24313583 |
| Class Y | &nbsp;&nbsp;&nbsp; 617088 | &nbsp;&nbsp;&nbsp; 59613702 | &nbsp;&nbsp;&nbsp; 1585605 | &nbsp;&nbsp;&nbsp; 157476154 |
| Class R5 | &nbsp;&nbsp;&nbsp; 2501 | &nbsp;&nbsp;&nbsp; 238957 | &nbsp;&nbsp;&nbsp; 11098 | &nbsp;&nbsp;&nbsp; 1063229 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1559396 | &nbsp;&nbsp;&nbsp; 147496900 | &nbsp;&nbsp;&nbsp; 1683247 | &nbsp;&nbsp;&nbsp; 169332966 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 6223168 | &nbsp;&nbsp;&nbsp; 604829737 | &nbsp;&nbsp;&nbsp; 6183134 | &nbsp;&nbsp;&nbsp; 540282065 |
| Class C | &nbsp;&nbsp;&nbsp; 201082 | &nbsp;&nbsp;&nbsp; 15595901 | &nbsp;&nbsp;&nbsp; 212218 | &nbsp;&nbsp;&nbsp; 15298852 |
| Class R | &nbsp;&nbsp;&nbsp; 217657 | &nbsp;&nbsp;&nbsp; 20527197 | &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; 95037 | &nbsp;&nbsp;&nbsp; 8984314 | &nbsp;&nbsp;&nbsp; 209738 | &nbsp;&nbsp;&nbsp; 20355491 |
| Class C | &nbsp;&nbsp;&nbsp; (118915)<br>| &nbsp;&nbsp;&nbsp; (8984314)<br>| &nbsp;&nbsp;&nbsp; (254345)<br>| &nbsp;&nbsp;&nbsp; (20355491)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (5166193)<br>| &nbsp;&nbsp;&nbsp; (491824869)<br>| &nbsp;&nbsp;&nbsp; (9478648)<br>| &nbsp;&nbsp;&nbsp; (925004770)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (151874)<br>| &nbsp;&nbsp;&nbsp; (11483653)<br>| &nbsp;&nbsp;&nbsp; (320141)<br>| &nbsp;&nbsp;&nbsp; (25982049)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (255934)<br>| &nbsp;&nbsp;&nbsp; (23482503)<br>| &nbsp;&nbsp;&nbsp; (477874)<br>| &nbsp;&nbsp;&nbsp; (45551864)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1982685)<br>| &nbsp;&nbsp;&nbsp; (190348250)<br>| &nbsp;&nbsp;&nbsp; (3692906)<br>| &nbsp;&nbsp;&nbsp; (367296978)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (20883)<br>| &nbsp;&nbsp;&nbsp; (2112503)<br>| &nbsp;&nbsp;&nbsp; (30151)<br>| &nbsp;&nbsp;&nbsp; (2912296)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1675753)<br>| &nbsp;&nbsp;&nbsp; (165647570)<br>| &nbsp;&nbsp;&nbsp; (4016983)<br>| &nbsp;&nbsp;&nbsp; (400259775)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 3767021 | &nbsp;&nbsp;&nbsp; $376498912 | &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.

**13**

**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>**

Not applicable.

**14**

**Invesco Global Fund**

------

![](img74e20aaf1.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

O-GLBL-NCSRS

------

![](img83f022ce1.jpg)

------

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

**April 30, 2025**

**Invesco Global Opportunities Fund**

Nasdaq:

A: OPGIX ■ C: OGICX ■ R: OGINX ■ Y: OGIYX ■ R5: GOFFX ■ R6: OGIIX

------

---

| | |
|:---|:---|
| [2](#xx_e112b524-fbfa-40b2-997b-a3ea5c56cd49_SOI-Continued-684_1) | Schedule of Investments |
| [5](#xx_e112b524-fbfa-40b2-997b-a3ea5c56cd49_FS-Continued-684_1) | Financial Statements |
| [8](#xx_e112b524-fbfa-40b2-997b-a3ea5c56cd49_FS-Continued-684_4) | Financial Highlights |
| [9](#xx_e112b524-fbfa-40b2-997b-a3ea5c56cd49_NTF-Continued-684_1) | Notes to Financial Statements |
| [16](#xx_e112b524-fbfa-40b2-997b-a3ea5c56cd49_OIRSR-Continued-684_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–96.91%** | **Common Stocks & Other Equity Interests–96.91%** | **Common Stocks & Other Equity Interests–96.91%** |
| **Australia–0.69%** | **Australia–0.69%** | **Australia–0.69%** |
| Computershare Ltd. | 609375 | &nbsp;&nbsp; $15923824 |
| **Brazil–4.01%** | **Brazil–4.01%** | **Brazil–4.01%** |
| Embraer S.A., ADR<sup>(a)</sup>  | 194992 | &nbsp;&nbsp; 8957932 |
| Raia Drogasil S.A. | 10886000 | &nbsp;&nbsp; 38056834 |
| WEG S.A. | 5775500 | &nbsp;&nbsp; 45429340 |
|  |  | &nbsp;&nbsp; 92444106 |
| **Canada–0.92%** | **Canada–0.92%** | **Canada–0.92%** |
| FirstService Corp. | 121202 | &nbsp;&nbsp; 21272331 |
| **China–0.33%** | **China–0.33%** | **China–0.33%** |
| Chow Tai Fook Jewellery Group Ltd. | 5628000 | &nbsp;&nbsp; 7523580 |
| **Denmark–1.63%** | **Denmark–1.63%** | **Denmark–1.63%** |
| Novonesis (Novozymes) B, Class B | 283417 | &nbsp;&nbsp; 18410010 |
| Pandora A/S | 128532 | &nbsp;&nbsp; 19133642 |
|  |  | &nbsp;&nbsp; 37543652 |
| **France–2.74%** | **France–2.74%** | **France–2.74%** |
| Gaztransport Et Technigaz S.A. | 63534 | &nbsp;&nbsp; 10356219 |
| Lectra | 376983 | &nbsp;&nbsp; 9789927 |
| Legrand S.A. | 391757 | &nbsp;&nbsp; 43054021 |
|  |  | &nbsp;&nbsp; 63200167 |
| **Germany–2.78%** | **Germany–2.78%** | **Germany–2.78%** |
| Carl Zeiss Meditec AG, BR | 755191 | &nbsp;&nbsp; 51902395 |
| Knorr-Bremse AG | 122759 | &nbsp;&nbsp; 12174838 |
|  |  | &nbsp;&nbsp; 64077233 |
| **Israel–0.68%** | **Israel–0.68%** | **Israel–0.68%** |
| Check Point Software Technologies <br> Ltd.<sup>(a)</sup>  | 70876 | &nbsp;&nbsp; 15561535 |
| **Italy–1.70%** | **Italy–1.70%** | **Italy–1.70%** |
| Brunello Cucinelli S.p.A. | 182256 | &nbsp;&nbsp; 20576641 |
| Reply S.p.A. | 104456 | &nbsp;&nbsp; 18648469 |
|  |  | &nbsp;&nbsp; 39225110 |
| **Japan–12.40%** | **Japan–12.40%** | **Japan–12.40%** |
| Disco Corp. | 248300 | &nbsp;&nbsp; 48040953 |
| DTS Corp. | 491536 | &nbsp;&nbsp; 13980201 |
| Hoshizaki Corp.<sup>(b)</sup>  | 543774 | &nbsp;&nbsp; 23119151 |
| Kakaku.com, Inc. | 1330253 | &nbsp;&nbsp; 23526674 |
| MISUMI Group, Inc. | 2348902 | &nbsp;&nbsp; 32906363 |
| Nomura Research Institute Ltd. | 953391 | &nbsp;&nbsp; 36102467 |
| Shimano, Inc. | 181402 | &nbsp;&nbsp; 25556878 |
| Sysmex Corp. | 2930847 | &nbsp;&nbsp; 54405758 |
| Visional, Inc.<sup>(a)</sup>  | 459500 | &nbsp;&nbsp; 27799144 |
|  |  | &nbsp;&nbsp; 285437589 |
| **South Korea–0.37%** | **South Korea–0.37%** | **South Korea–0.37%** |
| NICE Information Service Co. Ltd. | 935822 | &nbsp;&nbsp; 8497873 |
| **Sweden–3.17%** | **Sweden–3.17%** | **Sweden–3.17%** |
| Addtech AB, Class B | 673355 | &nbsp;&nbsp; 22653303 |
| Cellavision AB | 608426 | &nbsp;&nbsp; 12684234 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Sweden–(continued)** | **Sweden–(continued)** | **Sweden–(continued)** |
| Indutrade AB | 767423 | &nbsp;&nbsp; $20761585 |
| Spotify Technology S.A.<sup>(a)</sup>  | 27460 | &nbsp;&nbsp; 16859891 |
|  |  | &nbsp;&nbsp; 72959013 |
| **Switzerland–5.71%** | **Switzerland–5.71%** | **Switzerland–5.71%** |
| Geberit AG | 26631 | &nbsp;&nbsp; 18447834 |
| Givaudan S.A. | 8203 | &nbsp;&nbsp; 39574220 |
| Partners Group Holding AG | 32611 | &nbsp;&nbsp; 42729259 |
| Straumann Holding AG | 251403 | &nbsp;&nbsp; 30655277 |
|  |  | &nbsp;&nbsp; 131406590 |
| **Taiwan–0.95%** | **Taiwan–0.95%** | **Taiwan–0.95%** |
| Voltronic Power Technology Corp. | 468000 | &nbsp;&nbsp; 21945100 |
| **Thailand–1.06%** | **Thailand–1.06%** | **Thailand–1.06%** |
| Bumrungrad Hospital PCL, Foreign Shares | 4943541 | &nbsp;&nbsp; 24356203 |
| **United Kingdom–4.78%** | **United Kingdom–4.78%** | **United Kingdom–4.78%** |
| Rotork PLC | 3466789 | &nbsp;&nbsp; 14115962 |
| Sage Group PLC (The) | 2122542 | &nbsp;&nbsp; 35188860 |
| Spirax Group PLC | 639676 | &nbsp;&nbsp; 50416689 |
| TechnipFMC PLC | 364900 | &nbsp;&nbsp; 10279233 |
|  |  | &nbsp;&nbsp; 110000744 |
| **United States–52.99%** | **United States–52.99%** | **United States–52.99%** |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup>  | 54993 | &nbsp;&nbsp; 14476357 |
| AppLovin Corp., Class A<sup>(a)</sup>  | 71749 | &nbsp;&nbsp; 19322723 |
| Ares Management Corp., Class A | 159497 | &nbsp;&nbsp; 24328077 |
| Astera Labs, Inc.<sup>(a)</sup>  | 106960 | &nbsp;&nbsp; 6985558 |
| AutoZone, Inc.<sup>(a)</sup>  | 5677 | &nbsp;&nbsp; 21360280 |
| Axon Enterprise, Inc.<sup>(a)</sup>  | 54813 | &nbsp;&nbsp; 33616813 |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup>  | 92786 | &nbsp;&nbsp; 10907922 |
| Blue Owl Capital, Inc. | 277023 | &nbsp;&nbsp; 5133236 |
| Brown & Brown, Inc. | 194838 | &nbsp;&nbsp; 21549083 |
| Builders FirstSource, Inc.<sup>(a)</sup>  | 74241 | &nbsp;&nbsp; 8881451 |
| Burlington Stores, Inc.<sup>(a)</sup>  | 58266 | &nbsp;&nbsp; 13112181 |
| Carpenter Technology Corp.<sup>(b)</sup>  | 71719 | &nbsp;&nbsp; 14028954 |
| Casey's General Stores, Inc. | 17450 | &nbsp;&nbsp; 8072195 |
| Cava Group, Inc.<sup>(a)(b)</sup>  | 71695 | &nbsp;&nbsp; 6626769 |
| CBRE Group, Inc., Class A<sup>(a)</sup>  | 71812 | &nbsp;&nbsp; 8773990 |
| Cencora, Inc. | 125195 | &nbsp;&nbsp; 36640821 |
| Cheniere Energy, Inc. | 82548 | &nbsp;&nbsp; 19077668 |
| Chewy, Inc., Class A<sup>(a)</sup>  | 499473 | &nbsp;&nbsp; 18730237 |
| Cloudflare, Inc., Class A<sup>(a)</sup>  | 153587 | &nbsp;&nbsp; 18550238 |
| Comfort Systems USA, Inc. | 24609 | &nbsp;&nbsp; 9783308 |
| Coterra Energy, Inc. | 299726 | &nbsp;&nbsp; 7361271 |
| Curtiss-Wright Corp. | 43063 | &nbsp;&nbsp; 14851998 |
| CyberArk Software Ltd.<sup>(a)</sup>  | 80896 | &nbsp;&nbsp; 28488335 |
| Datadog, Inc., Class A<sup>(a)</sup>  | 92328 | &nbsp;&nbsp; 9432228 |
| Duolingo, Inc.<sup>(a)(b)</sup>  | 52847 | &nbsp;&nbsp; 20582850 |
| Dutch Bros, Inc., Class A<sup>(a)</sup>  | 133061 | &nbsp;&nbsp; 7949064 |
| EMCOR Group, Inc.<sup>(b)</sup>  | 25964 | &nbsp;&nbsp; 10403775 |
| Encompass Health Corp. | 301237 | &nbsp;&nbsp; 35241717 |
| Evercore, Inc., Class A | 34703 | &nbsp;&nbsp; 7124179 |
| Fastenal Co. | 118946 | &nbsp;&nbsp; 9631058 |
| Flex Ltd.<sup>(a)</sup>  | 623871 | &nbsp;&nbsp; 21423730 |

---

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

**2**

**Invesco Global Opportunities Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Garmin Ltd. | 66629 | &nbsp;&nbsp; $12450961 |
| Globus Medical, Inc., Class A<sup>(a)</sup>  | 171744 | &nbsp;&nbsp; 12326067 |
| GoDaddy, Inc., Class A<sup>(a)</sup>  | 183172 | &nbsp;&nbsp; 34496783 |
| Guidewire Software, Inc.<sup>(a)</sup>  | 92254 | &nbsp;&nbsp; 18890852 |
| Hamilton Lane, Inc., Class A<sup>(b)</sup>  | 48031 | &nbsp;&nbsp; 7420309 |
| HealthEquity, Inc.<sup>(a)</sup>  | 68889 | &nbsp;&nbsp; 5905165 |
| HEICO Corp.<sup>(b)</sup>  | 43881 | &nbsp;&nbsp; 11003600 |
| Hilton Worldwide Holdings, Inc. | 80946 | &nbsp;&nbsp; 18251704 |
| Howmet Aerospace, Inc. | 239877 | &nbsp;&nbsp; 33242155 |
| HubSpot, Inc.<sup>(a)</sup>  | 38853 | &nbsp;&nbsp; 23758609 |
| Insulet Corp.<sup>(a)</sup>  | 70469 | &nbsp;&nbsp; 17778624 |
| ITT, Inc.<sup>(b)</sup>  | 53064 | &nbsp;&nbsp; 7270829 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup>  | 77804 | &nbsp;&nbsp; 17693408 |
| Labcorp Holdings, Inc. | 55411 | &nbsp;&nbsp; 13354605 |
| Lennox International, Inc. | 27936 | &nbsp;&nbsp; 15274008 |
| LPL Financial Holdings, Inc. | 39233 | &nbsp;&nbsp; 12546321 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(a)</sup>  | 151543 | &nbsp;&nbsp; 15722586 |
| Monolithic Power Systems, Inc. | 18492 | &nbsp;&nbsp; 10967605 |
| Motorola Solutions, Inc. | 34335 | &nbsp;&nbsp; 15120791 |
| Nasdaq, Inc. | 210480 | &nbsp;&nbsp; 16040681 |
| Natera, Inc.<sup>(a)</sup>  | 143852 | &nbsp;&nbsp; 21711582 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup>  | 55083 | &nbsp;&nbsp; 5844857 |
| Packaging Corp. of America | 31113 | &nbsp;&nbsp; 5774884 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup>  | 272072 | &nbsp;&nbsp; 32224208 |
| Penumbra, Inc.<sup>(a)</sup>  | 34215 | &nbsp;&nbsp; 10019521 |
| Planet Fitness, Inc., Class A<sup>(a)(b)</sup>  | 117339 | &nbsp;&nbsp; 11099096 |
| Procore Technologies, Inc.<sup>(a)</sup>  | 73113 | &nbsp;&nbsp; 4685812 |
| Q2 Holdings, Inc.<sup>(a)</sup>  | 85571 | &nbsp;&nbsp; 6781502 |
| Quanta Services, Inc. | 78480 | &nbsp;&nbsp; 22970311 |
| Raymond James Financial, Inc. | 46718 | &nbsp;&nbsp; 6402235 |
| Reddit, Inc., Class A<sup>(a)(b)</sup>  | 50043 | &nbsp;&nbsp; 5833513 |
| Repligen Corp.<sup>(a)(b)</sup>  | 44503 | &nbsp;&nbsp; 6140969 |
| Republic Services, Inc. | 59659 | &nbsp;&nbsp; 14959494 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup>  | 204162 | &nbsp;&nbsp; 10026396 |
| Ryan Specialty Holdings, Inc., Class A<sup>(b)</sup>  | 187450 | &nbsp;&nbsp; 12279849 |
| Samsara, Inc., Class A<sup>(a)</sup>  | 270640 | &nbsp;&nbsp; 10733582 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup>  | 29974 | &nbsp;&nbsp; 6993534 |
| Targa Resources Corp. | 152835 | &nbsp;&nbsp; 26119501 |
| Tenet Healthcare Corp.<sup>(a)</sup>  | 109747 | &nbsp;&nbsp; 15688334 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Texas Roadhouse, Inc.<sup>(b)</sup>  | Texas Roadhouse, Inc.<sup>(b)</sup>  | 97773 | &nbsp;&nbsp; $16226407 |
| TKO Group Holdings, Inc. | TKO Group Holdings, Inc. | 51254 | &nbsp;&nbsp; 8349789 |
| Toast, Inc., Class A<sup>(a)</sup>  | Toast, Inc., Class A<sup>(a)</sup>  | 242094 | &nbsp;&nbsp; 8613705 |
| Tradeweb Markets, Inc., Class A | Tradeweb Markets, Inc., Class A | 199937 | &nbsp;&nbsp; 27651287 |
| Tyler Technologies, Inc.<sup>(a)</sup>  | Tyler Technologies, Inc.<sup>(a)</sup>  | 37502 | &nbsp;&nbsp; 20374837 |
| Verisk Analytics, Inc. | Verisk Analytics, Inc. | 66551 | &nbsp;&nbsp; 19727713 |
| Vertiv Holdings Co., Class A | Vertiv Holdings Co., Class A | 118946 | &nbsp;&nbsp; 10155609 |
| Viking Holdings Ltd.<sup>(a)</sup>  | Viking Holdings Ltd.<sup>(a)</sup>  | 322486 | &nbsp;&nbsp; 13231601 |
| Vistra Corp. | Vistra Corp. | 83723 | &nbsp;&nbsp; 10853012 |
| Wabtec Corp. | Wabtec Corp. | 124336 | &nbsp;&nbsp; 22969833 |
| Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | 35885 | &nbsp;&nbsp; 3060990 |
| XPO, Inc.<sup>(a)(b)</sup>  | XPO, Inc.<sup>(a)(b)</sup>  | 101503 | &nbsp;&nbsp; 10771498 |
|  |  |  | &nbsp;&nbsp; 1220239190 |
| Total Common Stocks & Other Equity Interests <br> (Cost $2,079,975,128) | Total Common Stocks & Other Equity Interests <br> (Cost $2,079,975,128) | Total Common Stocks & Other Equity Interests <br> (Cost $2,079,975,128) | &nbsp;&nbsp; 2231613840 |
| **Money Market Funds–2.72%** | **Money Market Funds–2.72%** | **Money Market Funds–2.72%** | **Money Market Funds–2.72%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup>  | 21961060 | &nbsp;&nbsp; 21961060 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(c)(d)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(c)(d)</sup>  | 40784827 | &nbsp;&nbsp; 40784827 |
| Total Money Market Funds (Cost $62,745,887) | Total Money Market Funds (Cost $62,745,887) | Total Money Market Funds (Cost $62,745,887) | &nbsp;&nbsp; 62745887 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-99.63% <br> (Cost $2,142,721,015)<br>|  |  | &nbsp;&nbsp; 2294359727 |
| **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–1.80%** | **Money Market Funds–1.80%** | **Money Market Funds–1.80%** | **Money Market Funds–1.80%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup>  | 10378233 | &nbsp;&nbsp; 10378233 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup>  | Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup>  | 31127370 | &nbsp;&nbsp; 31133595 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $41,511,828) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $41,511,828) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $41,511,828) | &nbsp;&nbsp; 41511828 |
| TOTAL INVESTMENTS IN SECURITIES—101.43% <br> (Cost $2,184,232,843) | TOTAL INVESTMENTS IN SECURITIES—101.43% <br> (Cost $2,184,232,843) | TOTAL INVESTMENTS IN SECURITIES—101.43% <br> (Cost $2,184,232,843) | &nbsp;&nbsp; 2335871555 |
| OTHER ASSETS LESS LIABILITIES–(1.43)% | OTHER ASSETS LESS LIABILITIES–(1.43)% | OTHER ASSETS LESS LIABILITIES–(1.43)% | &nbsp;&nbsp; (32988288)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $2302883267 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> BR – Bearer Shares

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 April 30, 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 six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $9358016 | &nbsp;&nbsp; $177570863 | &nbsp;&nbsp; $(164967819) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $21961060 | &nbsp;&nbsp; $619989 |
| Invesco Treasury Portfolio, Institutional Class | 17379172 | &nbsp;&nbsp; 329774460 | &nbsp;&nbsp; (306368805) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 40784827 | &nbsp;&nbsp; 1141672 |

---

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

**3**

**Invesco Global Opportunities Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $23337143 | &nbsp;&nbsp; $122290070 | &nbsp;&nbsp; $(135248980) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10378233 | &nbsp;&nbsp; $334,951\* |
| Invesco Private Prime Fund | 36728472 | &nbsp;&nbsp; 278012968 | &nbsp;&nbsp; (283604190) | &nbsp;&nbsp; 213 | &nbsp;&nbsp; (3868) | &nbsp;&nbsp; 31133595 | &nbsp;&nbsp; 894,787\* |
| Total | $86802803 | &nbsp;&nbsp; $907648361 | &nbsp;&nbsp; $(890189794) | &nbsp;&nbsp; $213 | &nbsp;&nbsp; $(3868) | &nbsp;&nbsp; $104257715 | &nbsp;&nbsp; $2991399 |

---

\* 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 April 30, 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 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**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,079,975,128)\*<br>| &nbsp;&nbsp; $2231613840 |
| Investments in affiliated money market funds, at value <br> (Cost $104,257,715)<br>| &nbsp;&nbsp; 104257715 |
| Cash | &nbsp;&nbsp; 4000000 |
| Foreign currencies, at value (Cost $975,147) | &nbsp;&nbsp; 975859 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1396939 |
| Fund shares sold | &nbsp;&nbsp; 813455 |
| Dividends | &nbsp;&nbsp; 8742570 |
| Foreign withholding tax claims | &nbsp;&nbsp; 91730 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 281766 |
| Other assets | &nbsp;&nbsp; 47321 |
| Total assets | &nbsp;&nbsp; 2352221195 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2900782 |
| Fund shares reacquired | &nbsp;&nbsp; 3022752 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 41511828 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1180546 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 105544 |
| Accrued other operating expenses | &nbsp;&nbsp; 334710 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 281766 |
| Total liabilities | &nbsp;&nbsp; 49337928 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2302883267 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2395633097 |
| Distributable earnings (loss) | &nbsp;&nbsp; (92749830)<br>|
|  | &nbsp;&nbsp; $2302883267 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1270615989 |
| Class C | &nbsp;&nbsp; $69836942 |
| Class R | &nbsp;&nbsp; $99038868 |
| Class Y | &nbsp;&nbsp; $276002349 |
| Class R5 | &nbsp;&nbsp; $39007 |
| Class R6 | &nbsp;&nbsp; $587350112 |
| **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; 28259257 |
| Class C | &nbsp;&nbsp; 1959325 |
| Class R | &nbsp;&nbsp; 2370147 |
| Class Y | &nbsp;&nbsp; 5943576 |
| Class R5 | &nbsp;&nbsp; 852 |
| Class R6 | &nbsp;&nbsp; 12453581 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $44.96 |
| Maximum offering price per share <br>(Net asset value of $44.96 ÷ 94.50%)<br>| &nbsp;&nbsp; $47.58 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $35.64 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $41.79 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $46.44 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $45.78 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $47.16 |

---

\* At April 30, 2025, securities with an aggregate value of $41,296,270 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 six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $990,353) | &nbsp;&nbsp; $15395503 |
| Dividends from affiliated money market funds (includes net securities lending income of $38,788) | &nbsp;&nbsp; 1800449 |
| Foreign withholding tax claims | &nbsp;&nbsp; 91730 |
| Total investment income | &nbsp;&nbsp; 17287682 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 8994579 |
| Administrative services fees | &nbsp;&nbsp; 183561 |
| Custodian fees | &nbsp;&nbsp; 65705 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1681351 |
| Class C | &nbsp;&nbsp; 415421 |
| Class R | &nbsp;&nbsp; 269680 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1795851 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 20 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 111759 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; (9272)<br>|
| Registration and filing fees | &nbsp;&nbsp; 55261 |
| Reports to shareholders | &nbsp;&nbsp; 188689 |
| Professional services fees | &nbsp;&nbsp; 43422 |
| Other | &nbsp;&nbsp; 27957 |
| Total expenses | &nbsp;&nbsp; 13823984 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (107468)<br>|
| Net expenses | &nbsp;&nbsp; 13716516 |
| Net investment income | &nbsp;&nbsp; 3571166 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (includes net gains from securities sold to affiliates of $1,376,631) | &nbsp;&nbsp; 167547905 |
| Affiliated investment securities | &nbsp;&nbsp; (3868)<br>|
| Foreign currencies | &nbsp;&nbsp; 268405 |
| Forward foreign currency contracts | &nbsp;&nbsp; 3289 |
|  | &nbsp;&nbsp; 167815731 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $427,924) | &nbsp;&nbsp; (390704955)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 213 |
| Foreign currencies | &nbsp;&nbsp; 437074 |
|  | &nbsp;&nbsp; (390267668)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (222451937)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(218880771)<br>|

---

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

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $3571166 | &nbsp;&nbsp; $10693078 |
| Net realized gain | &nbsp;&nbsp; 167815731 | &nbsp;&nbsp; 500698011 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (390267668)<br>| &nbsp;&nbsp; 202816023 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (218880771)<br>| &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; (165688561)<br>| &nbsp;&nbsp; (396113850)<br>|
| Class C | &nbsp;&nbsp; (20040849)<br>| &nbsp;&nbsp; (48864386)<br>|
| Class R | &nbsp;&nbsp; (10064829)<br>| &nbsp;&nbsp; (30069345)<br>|
| Class Y | &nbsp;&nbsp; (83599919)<br>| &nbsp;&nbsp; (289286972)<br>|
| Class R5 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; (4)<br>|
| Class R6 | &nbsp;&nbsp; (76241253)<br>| &nbsp;&nbsp; (297318063)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (355635309)<br>| &nbsp;&nbsp; (1061652620)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (578517699)<br>| &nbsp;&nbsp; (347445508)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2881400966 | &nbsp;&nbsp; 3228846474 |
| End of period | &nbsp;&nbsp; $2302883267 | &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**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total 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** |
| Six months ended 04/30/25 | $48.99 | $0.04 | $(4.07)<br>| $(4.03)<br>| $(0.00)<br>| $— | $— | $44.96 | (8.22 )%<sup>(d)</sup><br>| &nbsp;&nbsp; $1270616 | 1.16 %<sup>(d)(e)</sup><br>| 1.17 %<sup>(d)(e)</sup><br>| 0.19 %<sup>(d)(e)</sup><br>| 71<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 |
| Year ended 10/31/20 | 57.92 | (0.45)<br>| 14.86 | 14.41 |  | (3.77)<br>| (3.77)<br>| 68.56 | 25.88 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 3359360 | 1.10 <br><sup>(d)</sup><br>| 1.10 <br><sup>(d)</sup><br>| (0.74 )<sup>(d)</sup><br>| 12 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 38.98 | (0.11)<br>| (3.23)<br>| (3.34)<br>|  |  |  | 35.64 | (8.57)<br>| &nbsp;&nbsp; 69837 | 1.92 <br><sup>(e)</sup><br>| 1.93 <br><sup>(e)</sup><br>| (0.57 )<sup>(e)</sup><br>| 71 |
| 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 |
| Year ended 10/31/20 | 49.81 | (0.77)<br>| 12.63 | 11.86 |  | (3.77)<br>| (3.77)<br>| 57.90 | 24.91 | &nbsp;&nbsp; 422919 | 1.86 | 1.86 | (1.50)<br>| 12 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 04/30/25 | 45.58 | (0.02)<br>| (3.77)<br>| (3.79)<br>|  |  |  | 41.79 | (8.32)<br>| &nbsp;&nbsp; 99039 | 1.42 <br><sup>(e)</sup><br>| 1.43 <br><sup>(e)</sup><br>| (0.07 )<sup>(e)</sup><br>| 71 |
| 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 |
| Year ended 10/31/20 | 55.25 | (0.58)<br>| 14.12 | 13.54 |  | (3.77)<br>| (3.77)<br>| 65.02 | 25.53 | &nbsp;&nbsp; 233141 | 1.36 | 1.36 | (1.00)<br>| 12 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 50.67 | 0.10 | (4.19)<br>| (4.09)<br>| (0.14)<br>|  | (0.14)<br>| 46.44 | (8.10)<br>| &nbsp;&nbsp; 276002 | 0.92 <br><sup>(e)</sup><br>| 0.93 <br><sup>(e)</sup><br>| 0.43 <br><sup>(e)</sup><br>| 71 |
| 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 |
| Year ended 10/31/20 | 58.93 | (0.31)<br>| 15.15 | 14.84 |  | (3.77)<br>| (3.77)<br>| 70.00 | 26.18 | &nbsp;&nbsp; 1940275 | 0.86 | 0.86 | (0.50)<br>| 12 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 04/30/25 | 49.97 | 0.12 | (4.14)<br>| (4.02)<br>| (0.17)<br>|  | (0.17)<br>| 45.78 | (8.07)<br>| &nbsp;&nbsp; 39 | 0.84 <br><sup>(e)</sup><br>| 0.84 <br><sup>(e)</sup><br>| 0.51 <br><sup>(e)</sup><br>| 71 |
| 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 |
| Year ended 10/31/20 | 58.01 | (0.21)<br>| 14.92 | 14.71 |  | (3.77)<br>| (3.77)<br>| 68.95 | 26.38 | &nbsp;&nbsp; 12 | 0.70 | 0.70 | (0.34)<br>| 12 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 51.49 | 0.14 | (4.26)<br>| (4.12)<br>| (0.21)<br>|  | (0.21)<br>| 47.16 | (8.03)<br>| &nbsp;&nbsp; 587350 | 0.77 <br><sup>(e)</sup><br>| 0.77 <br><sup>(e)</sup><br>| 0.58 <br><sup>(e)</sup><br>| 71 |
| 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 |
| Year ended 10/31/20 | 59.37 | (0.21)<br>| 15.28 | 15.07 |  | (3.77)<br>| (3.77)<br>| 70.67 | 26.39 | &nbsp;&nbsp; 1558563 | 0.70 | 0.70 | (0.34)<br>| 12 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

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

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended April 30, 2025 and for the years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>(e)</sup> Annualized.

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

**8**

**Invesco Global Opportunities Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**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.

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**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 six months ended April 30, 2025, the Fund did not enter into any closing agreements.

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

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

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

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

**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 note disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid the Adviser $2,366 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

**11**

**Invesco Global Opportunities 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.

**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% |

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

For the six months ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.70%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $44,560.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2025, IDI advised the Fund that IDI retained $71,201 in front-end sales commissions from the sale of Class A shares and $988 and $2,234 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2025, the Fund incurred $15,534 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**

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**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the 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; $15923824 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15923824 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 92444106 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92444106 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 21272331 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21272331 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7523580 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7523580 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37543652 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37543652 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63200167 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63200167 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64077233 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64077233 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; 15561535 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15561535 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39225110 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39225110 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 285437589 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 285437589 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8497873 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8497873 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; 16859891 | &nbsp;&nbsp;&nbsp;&nbsp; 56099122 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72959013 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131406590 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131406590 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21945100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21945100 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24356203 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24356203 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 10279233 | &nbsp;&nbsp;&nbsp;&nbsp; 99721511 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110000744 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 1220239190 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1220239190 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 62745887 | &nbsp;&nbsp;&nbsp;&nbsp; 41511828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104257715 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1439402173 | &nbsp;&nbsp;&nbsp;&nbsp; $896469382 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2335871555 |

---

**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 six months ended April 30, 2025**

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

---

| | |
|:---|:---|
|  | **Location of Gain on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain: |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $3289 |

---

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; $655522 |

---

**13**

**Invesco Global Opportunities Fund**

------

**NOTE 5—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended April 30, 2025, the Fund engaged in securities sales of $13,965,957, which resulted in net realized gains of $1,376,631.

**NOTE 6—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $62,908.

**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—Tax Information**

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

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

The Fund had a capital loss carryforward as of October 31, 2024, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $64054500 | &nbsp;&nbsp;&nbsp;&nbsp; $336101407 | &nbsp;&nbsp;&nbsp;&nbsp; $400155907 |

---

\*

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

**NOTE 10—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $1,761,799,487 and $2,093,928,788, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $223878192 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (87353431)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $136524761 |

---

Cost of investments for tax purposes is $2,199,346,794.

**14**

**Invesco Global Opportunities Fund**

------

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 700380 | &nbsp;&nbsp;&nbsp; $32843898 | &nbsp;&nbsp;&nbsp; 2093904 | &nbsp;&nbsp;&nbsp; $101344954 |
| Class C | &nbsp;&nbsp;&nbsp; 94659 | &nbsp;&nbsp;&nbsp; 3518094 | &nbsp;&nbsp;&nbsp; 241681 | &nbsp;&nbsp;&nbsp; 9314589 |
| Class R | &nbsp;&nbsp;&nbsp; 169071 | &nbsp;&nbsp;&nbsp; 7323816 | &nbsp;&nbsp;&nbsp; 405309 | &nbsp;&nbsp;&nbsp; 18167443 |
| Class Y | &nbsp;&nbsp;&nbsp; 417940 | &nbsp;&nbsp;&nbsp; 20301484 | &nbsp;&nbsp;&nbsp; 1530315 | &nbsp;&nbsp;&nbsp; 75884664 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 192 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1602994 | &nbsp;&nbsp;&nbsp; 78303169 | &nbsp;&nbsp;&nbsp; 3248617 | &nbsp;&nbsp;&nbsp; 164084693 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1937 | &nbsp;&nbsp;&nbsp; 95273 | &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; 169005 | &nbsp;&nbsp;&nbsp; 7912514 | &nbsp;&nbsp;&nbsp; 329812 | &nbsp;&nbsp;&nbsp; 15941625 |
| Class C | &nbsp;&nbsp;&nbsp; (212871)<br>| &nbsp;&nbsp;&nbsp; (7912514)<br>| &nbsp;&nbsp;&nbsp; (412958)<br>| &nbsp;&nbsp;&nbsp; (15941625)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4380647)<br>| &nbsp;&nbsp;&nbsp; (206540246)<br>| &nbsp;&nbsp;&nbsp; (10637149)<br>| &nbsp;&nbsp;&nbsp; (513400429)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (419044)<br>| &nbsp;&nbsp;&nbsp; (15646429)<br>| &nbsp;&nbsp;&nbsp; (1093337)<br>| &nbsp;&nbsp;&nbsp; (42237350)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (398154)<br>| &nbsp;&nbsp;&nbsp; (17388645)<br>| &nbsp;&nbsp;&nbsp; (1086042)<br>| &nbsp;&nbsp;&nbsp; (48236788)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (2155724)<br>| &nbsp;&nbsp;&nbsp; (104625303)<br>| &nbsp;&nbsp;&nbsp; (7404689)<br>| &nbsp;&nbsp;&nbsp; (365171636)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (0)<br>| &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (196)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (3201095)<br>| &nbsp;&nbsp;&nbsp; (157276781)<br>| &nbsp;&nbsp;&nbsp; (9158362)<br>| &nbsp;&nbsp;&nbsp; (461402756)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (7544221)<br>| &nbsp;&nbsp;&nbsp; $(355635309)<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 31% 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**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco Global Opportunities Fund**

------

![](img83f022ce1.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

O-GLOPP-NCSRS

------

![](img3ac560471.jpg)

------

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

**April 30, 2025**

**Invesco International Small-Mid Company Fund**

Nasdaq:

A: OSMAX ■ C: OSMCX ■ R: OSMNX ■ Y: OSMYX ■ R5: INSLX ■ R6: OSCIX

------

---

| | |
|:---|:---|
| [2](#xx_cfceb0b1-21c1-41fa-baf2-26fc51afe1bd_SOI-Continued-673_1) | Schedule of Investments |
| [5](#xx_cfceb0b1-21c1-41fa-baf2-26fc51afe1bd_FS-Continued-673_1) | Financial Statements |
| [8](#xx_cfceb0b1-21c1-41fa-baf2-26fc51afe1bd_FS-Continued-673_4) | Financial Highlights |
| [9](#xx_cfceb0b1-21c1-41fa-baf2-26fc51afe1bd_NTF-Continued-673_1) | Notes to Financial Statements |
| [16](#xx_cfceb0b1-21c1-41fa-baf2-26fc51afe1bd_OIRSR-Continued-673_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–96.35%** | **Common Stocks & Other Equity Interests–96.35%** | **Common Stocks & Other Equity Interests–96.35%** |
| **Australia–2.60%** | **Australia–2.60%** | **Australia–2.60%** |
| ALS Ltd. | 3633084 | &nbsp;&nbsp; $39863881 |
| Cochlear Ltd. | 159493 | &nbsp;&nbsp; 27932103 |
| Computershare Ltd. | 860811 | &nbsp;&nbsp; 22494200 |
|  |  | &nbsp;&nbsp; 90290184 |
| **Austria–0.62%** | **Austria–0.62%** | **Austria–0.62%** |
| ANDRITZ AG | 276467 | &nbsp;&nbsp; 19866838 |
| Fabasoft AG | 94918 | &nbsp;&nbsp; 1851067 |
|  |  | &nbsp;&nbsp; 21717905 |
| **Brazil–3.25%** | **Brazil–3.25%** | **Brazil–3.25%** |
| Odontoprev S.A. | 21142340 | &nbsp;&nbsp; 39787528 |
| TOTVS S.A. | 5017937 | &nbsp;&nbsp; 33263401 |
| WEG S.A. | 5097000 | &nbsp;&nbsp; 40092347 |
|  |  | &nbsp;&nbsp; 113143276 |
| **Canada–1.12%** | **Canada–1.12%** | **Canada–1.12%** |
| CCL Industries, Inc., Class B | 747858 | &nbsp;&nbsp; 39080002 |
| **China–0.37%** | **China–0.37%** | **China–0.37%** |
| Chow Tai Fook Jewellery Group Ltd. | 9640000 | &nbsp;&nbsp; 12886871 |
| **Denmark–2.53%** | **Denmark–2.53%** | **Denmark–2.53%** |
| ChemoMetec A/S | 661977 | &nbsp;&nbsp; 47694123 |
| Pandora A/S | 271608 | &nbsp;&nbsp; 40432346 |
|  |  | &nbsp;&nbsp; 88126469 |
| **Finland–0.70%** | **Finland–0.70%** | **Finland–0.70%** |
| Elisa OYJ | 454163 | &nbsp;&nbsp; 24228698 |
| **France–5.44%** | **France–5.44%** | **France–5.44%** |
| Alten S.A. | 354918 | &nbsp;&nbsp; 30084033 |
| Gaztransport Et Technigaz S.A. | 152592 | &nbsp;&nbsp; 24872921 |
| Interparfums S.A. | 688942 | &nbsp;&nbsp; 27307462 |
| Lectra | 531629 | &nbsp;&nbsp; 13805951 |
| Legrand S.A. | 202915 | &nbsp;&nbsp; 22300321 |
| Neurones | 776148 | &nbsp;&nbsp; 42073624 |
| Thermador Groupe | 213595 | &nbsp;&nbsp; 15991306 |
| Vetoquinol S.A. | 150582 | &nbsp;&nbsp; 12723242 |
|  |  | &nbsp;&nbsp; 189158860 |
| **Germany–8.26%** | **Germany–8.26%** | **Germany–8.26%** |
| Amadeus Fire AG | 204686 | &nbsp;&nbsp; 17400268 |
| Atoss Software SE | 117393 | &nbsp;&nbsp; 17647231 |
| Carl Zeiss Meditec AG, BR<sup>(a)</sup>  | 1424693 | &nbsp;&nbsp; 97915599 |
| CTS Eventim AG & Co. KGaA | 379612 | &nbsp;&nbsp; 44979078 |
| FUCHS SE, Preference Shares | 857479 | &nbsp;&nbsp; 42996256 |
| Knorr-Bremse AG | 618709 | &nbsp;&nbsp; 61361541 |
| STRATEC SE | 179785 | &nbsp;&nbsp; 4891661 |
|  |  | &nbsp;&nbsp; 287191634 |
| **Hong Kong–0.32%** | **Hong Kong–0.32%** | **Hong Kong–0.32%** |
| HKT Trust & HKT Ltd. | 7708000 | &nbsp;&nbsp; 10968324 |
| **India–1.25%** | **India–1.25%** | **India–1.25%** |
| AIA Engineering Ltd. | 215966 | &nbsp;&nbsp; 8171163 |
| Coforge Ltd. | 235653 | &nbsp;&nbsp; 20487446 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **India–(continued)** | **India–(continued)** | **India–(continued)** |
| Triveni Turbine Ltd. | 2427827 | &nbsp;&nbsp; $14937718 |
|  |  | &nbsp;&nbsp; 43596327 |
| **Indonesia–2.03%** | **Indonesia–2.03%** | **Indonesia–2.03%** |
| PT Indofood CBP Sukses Makmur Tbk | 23411900 | &nbsp;&nbsp; 15999882 |
| PT Selamat Sempurna Tbk | 143307000 | &nbsp;&nbsp; 15387123 |
| PT Telkom Indonesia (Persero) Tbk | 248486100 | &nbsp;&nbsp; 39166045 |
|  |  | &nbsp;&nbsp; 70553050 |
| **Italy–3.37%** | **Italy–3.37%** | **Italy–3.37%** |
| Carel Industries S.p.A.<sup>(b)</sup>  | 146133 | &nbsp;&nbsp; 2928875 |
| DiaSorin S.p.A. | 350543 | &nbsp;&nbsp; 40058901 |
| Interpump Group S.p.A. | 769350 | &nbsp;&nbsp; 26386993 |
| Recordati Industria Chimica e <br> Farmaceutica S.p.A. | 812261 | &nbsp;&nbsp; 47930156 |
|  |  | &nbsp;&nbsp; 117304925 |
| **Japan–27.59%** | **Japan–27.59%** | **Japan–27.59%** |
| As One Corp. | 1086452 | &nbsp;&nbsp; 17218789 |
| Azbil Corp. | 8221800 | &nbsp;&nbsp; 70800309 |
| Disco Corp. | 187200 | &nbsp;&nbsp; 36219357 |
| Fujimi, Inc. | 1498400 | &nbsp;&nbsp; 19612949 |
| Fukui Computer Holdings, Inc. | 876600 | &nbsp;&nbsp; 21665673 |
| Funai Soken Holdings, Inc. | 1138600 | &nbsp;&nbsp; 18202595 |
| Japan Elevator Service Holdings Co. Ltd. | 1737200 | &nbsp;&nbsp; 37556815 |
| JCU Corp. | 636800 | &nbsp;&nbsp; 14062470 |
| Katitas Co. Ltd. | 2617300 | &nbsp;&nbsp; 37922227 |
| Konami Group Corp. | 144400 | &nbsp;&nbsp; 20622619 |
| Medikit Co. Ltd. | 297200 | &nbsp;&nbsp; 5131233 |
| MEITEC Group Holdings, Inc. | 1888858 | &nbsp;&nbsp; 38769915 |
| MISUMI Group, Inc. | 2202500 | &nbsp;&nbsp; 30855380 |
| MonotaRO Co. Ltd. | 1478820 | &nbsp;&nbsp; 28441950 |
| NOF Corp. | 2560600 | &nbsp;&nbsp; 38544328 |
| NSD Co. Ltd. | 1045394 | &nbsp;&nbsp; 24611122 |
| OBIC Business Consultants Co. Ltd. | 699800 | &nbsp;&nbsp; 33640482 |
| OBIC Co. Ltd. | 1849300 | &nbsp;&nbsp; 64746751 |
| SCSK Corp. | 2035400 | &nbsp;&nbsp; 53236749 |
| Seria Co. Ltd. | 2551100 | &nbsp;&nbsp; 51792831 |
| Shimano, Inc. | 215100 | &nbsp;&nbsp; 30304431 |
| SHO-BOND Holdings Co. Ltd. | 1249200 | &nbsp;&nbsp; 44841771 |
| SMS Co. Ltd. | 3053200 | &nbsp;&nbsp; 28296924 |
| Sysmex Corp. | 2087200 | &nbsp;&nbsp; 38745011 |
| TechnoPro Holdings, Inc. | 2213000 | &nbsp;&nbsp; 49349028 |
| TKC Corp. | 1018118 | &nbsp;&nbsp; 28697816 |
| Toyo Suisan Kaisha Ltd. | 570900 | &nbsp;&nbsp; 36906261 |
| USS Co. Ltd. | 3885796 | &nbsp;&nbsp; 38732603 |
|  |  | &nbsp;&nbsp; 959528389 |
| **Jersey–0.77%** | **Jersey–0.77%** | **Jersey–0.77%** |
| JTC PLC<sup>(b)</sup>  | 2391143 | &nbsp;&nbsp; 26888746 |
| **Mexico–1.17%** | **Mexico–1.17%** | **Mexico–1.17%** |
| Gruma S.A.B. de C.V., Class B | 2119885 | &nbsp;&nbsp; 40511364 |
| **Netherlands–0.84%** | **Netherlands–0.84%** | **Netherlands–0.84%** |
| IMCD N.V. | 219296 | &nbsp;&nbsp; 29162124 |

---

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 Africa–0.29%** | **South Africa–0.29%** | **South Africa–0.29%** |
| Hudaco Industries Ltd. | 985344 | &nbsp;&nbsp; $9912811 |
| **South Korea–2.20%** | **South Korea–2.20%** | **South Korea–2.20%** |
| Coway Co. Ltd. | 708134 | &nbsp;&nbsp; 43600135 |
| NICE Information Service Co. Ltd. | 1291231 | &nbsp;&nbsp; 11725218 |
| Park Systems Corp. | 148113 | &nbsp;&nbsp; 21100667 |
|  |  | &nbsp;&nbsp; 76426020 |
| **Sweden–6.32%** | **Sweden–6.32%** | **Sweden–6.32%** |
| Addtech AB, Class B | 894902 | &nbsp;&nbsp; 30106684 |
| Epiroc AB, Class A | 1512767 | &nbsp;&nbsp; 32728273 |
| Hexpol AB | 2919869 | &nbsp;&nbsp; 25389618 |
| Karnov Group AB<sup>(c)</sup>  | 3227845 | &nbsp;&nbsp; 30296912 |
| Loomis AB | 655086 | &nbsp;&nbsp; 27265613 |
| MIPS AB<sup>(b)</sup>  | 572868 | &nbsp;&nbsp; 20190969 |
| Mycronic AB | 1095679 | &nbsp;&nbsp; 43751552 |
| SmartCraft ASA<sup>(c)</sup>  | 4045105 | &nbsp;&nbsp; 10095334 |
|  |  | &nbsp;&nbsp; 219824955 |
| **Switzerland–7.55%** | **Switzerland–7.55%** | **Switzerland–7.55%** |
| Belimo Holding AG | 40355 | &nbsp;&nbsp; 34288086 |
| BKW AG | 78482 | &nbsp;&nbsp; 15734644 |
| Bossard Holding AG, Class A | 69047 | &nbsp;&nbsp; 15057068 |
| Cembra Money Bank AG | 132795 | &nbsp;&nbsp; 16029518 |
| Kardex Holding AG | 50532 | &nbsp;&nbsp; 12730185 |
| Partners Group Holding AG | 59345 | &nbsp;&nbsp; 77758053 |
| Tecan Group AG, Class R<sup>(c)</sup>  | 134621 | &nbsp;&nbsp; 26218650 |
| VZ Holding AG | 314402 | &nbsp;&nbsp; 64875736 |
|  |  | &nbsp;&nbsp; 262691940 |
| **Taiwan–1.92%** | **Taiwan–1.92%** | **Taiwan–1.92%** |
| Advantech Co. Ltd. | 3242726 | &nbsp;&nbsp; 33971336 |
| Nien Made Enterprise Co. Ltd. | 2687000 | &nbsp;&nbsp; 32904550 |
|  |  | &nbsp;&nbsp; 66875886 |
| **United Kingdom–14.13%** | **United Kingdom–14.13%** | **United Kingdom–14.13%** |
| Bunzl PLC | 1094860 | &nbsp;&nbsp; 34405441 |
| Diploma PLC | 563688 | &nbsp;&nbsp; 29910156 |
| Greggs PLC | 1090796 | &nbsp;&nbsp; 27155350 |
| Halma PLC | 1224913 | &nbsp;&nbsp; 45213534 |
| Hill & Smith PLC | 1253918 | &nbsp;&nbsp; 30144496 |
| Howden Joinery Group PLC | 3922697 | &nbsp;&nbsp; 40339045 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **United Kingdom–(continued)** | **United Kingdom–(continued)** | **United Kingdom–(continued)** | **United Kingdom–(continued)** |
| IMI PLC | IMI PLC | 1936890 | &nbsp;&nbsp; $45967841 |
| Intertek Group PLC | Intertek Group PLC | 442122 | &nbsp;&nbsp; 27152881 |
| Rathbones Group PLC | Rathbones Group PLC | 1318769 | &nbsp;&nbsp; 27764487 |
| Rightmove PLC | Rightmove PLC | 3747049 | &nbsp;&nbsp; 37006436 |
| Rotork PLC | Rotork PLC | 9078704 | &nbsp;&nbsp; 36966382 |
| Spirax Group PLC | Spirax Group PLC | 610697 | &nbsp;&nbsp; 48132680 |
| Weir Group PLC (The) | Weir Group PLC (The) | 2028906 | &nbsp;&nbsp; 61158349 |
|  |  |  | &nbsp;&nbsp; 491317078 |
| **United States–1.71%** | **United States–1.71%** | **United States–1.71%** | **United States–1.71%** |
| ICON PLC<sup>(c)</sup>  | ICON PLC<sup>(c)</sup>  | 215095 | &nbsp;&nbsp; 32573987 |
| PriceSmart, Inc.<sup>(a)</sup>  | PriceSmart, Inc.<sup>(a)</sup>  | 264147 | &nbsp;&nbsp; 26808279 |
|  |  |  | &nbsp;&nbsp; 59382266 |
| Total Common Stocks & Other Equity Interests <br> (Cost $2,513,610,781) | Total Common Stocks & Other Equity Interests <br> (Cost $2,513,610,781) | Total Common Stocks & Other Equity Interests <br> (Cost $2,513,610,781) | &nbsp;&nbsp; 3350768104 |
| **Money Market Funds–2.69%** | **Money Market Funds–2.69%** | **Money Market Funds–2.69%** | **Money Market Funds–2.69%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 32731038 | &nbsp;&nbsp; 32731038 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 60786214 | &nbsp;&nbsp; 60786214 |
| Total Money Market Funds (Cost $93,517,252) | Total Money Market Funds (Cost $93,517,252) | Total Money Market Funds (Cost $93,517,252) | &nbsp;&nbsp; 93517252 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from <br> securities on loan)-99.04% <br> (Cost $2,607,128,033)<br>|  |  | &nbsp;&nbsp; 3444285356 |
| **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–1.06%** | **Money Market Funds–1.06%** | **Money Market Funds–1.06%** | **Money Market Funds–1.06%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | 10211135 | &nbsp;&nbsp; 10211135 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | 26610123 | &nbsp;&nbsp; 26615445 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $36,826,921) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $36,826,921) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $36,826,921) | &nbsp;&nbsp; 36826580 |
| TOTAL INVESTMENTS IN SECURITIES—100.10% <br> (Cost $2,643,954,954) | TOTAL INVESTMENTS IN SECURITIES—100.10% <br> (Cost $2,643,954,954) | TOTAL INVESTMENTS IN SECURITIES—100.10% <br> (Cost $2,643,954,954) | &nbsp;&nbsp; 3481111936 |
| OTHER ASSETS LESS LIABILITIES–(0.10)% | OTHER ASSETS LESS LIABILITIES–(0.10)% | OTHER ASSETS LESS LIABILITIES–(0.10)% | &nbsp;&nbsp; (3386829)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $3477725107 |

---

Investment Abbreviations:

BR – Bearer Shares

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

**3**

**Invesco International Small-Mid Company Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> All or a portion of this security was out on loan at April 30, 2025.

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2025 was $50,008,590, which represented 1.44% of the Fund's Net Assets. 

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $15036809 | &nbsp;&nbsp; $206219716 | &nbsp;&nbsp; $(188525487) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $32731038 | &nbsp;&nbsp; $652195 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 27925503 | &nbsp;&nbsp; 382979473 | &nbsp;&nbsp; (350118762) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 60786214 | &nbsp;&nbsp; 1010228 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 14492353 | &nbsp;&nbsp; 45040405 | &nbsp;&nbsp; (49321623) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10211135 | &nbsp;&nbsp; 112,440\* |
| Invesco Private Prime Fund | 37736196 | &nbsp;&nbsp; 102217232 | &nbsp;&nbsp; (113334646) | (139) | &nbsp;&nbsp; (3198) | &nbsp;&nbsp; 26615445 | &nbsp;&nbsp; 298,996\* |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| Amadeus Fire AG\*\* | 27096687 | &nbsp;&nbsp; - | &nbsp;&nbsp; (10061260) | &nbsp;&nbsp; 4127105 | &nbsp;&nbsp; (3762263) | &nbsp;&nbsp; 17400268 | &nbsp;&nbsp; - |
| ChemoMetec A/S\*\* | 55427724 | &nbsp;&nbsp; - | &nbsp;&nbsp; (20756854) | &nbsp;&nbsp; 5574893 | &nbsp;&nbsp; 7448360 | &nbsp;&nbsp; 47694123 | &nbsp;&nbsp; - |
| Fabasoft AG\*\* | 18856280 | &nbsp;&nbsp; - | &nbsp;&nbsp; (19092019) | &nbsp;&nbsp; 11202674 | &nbsp;&nbsp; (9115868) | &nbsp;&nbsp; 1851067 | &nbsp;&nbsp; - |
| Fukui Computer Holdings, Inc.\*\* | 22723421 | &nbsp;&nbsp; - | &nbsp;&nbsp; (7840249) | &nbsp;&nbsp; 10586824 | &nbsp;&nbsp; (3804323) | &nbsp;&nbsp; 21665673 | &nbsp;&nbsp; 367963 |
| Karnov Group AB\*\* | 55403705 | &nbsp;&nbsp; - | &nbsp;&nbsp; (33062232) | &nbsp;&nbsp; (710864) | &nbsp;&nbsp; 8666303 | &nbsp;&nbsp; 30296912 | &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; (19313149) | &nbsp;&nbsp; 5990989 | &nbsp;&nbsp; (12942742) | &nbsp;&nbsp; 4891661 | &nbsp;&nbsp; - |
| Total | $334743165 | &nbsp;&nbsp; $736456826 | &nbsp;&nbsp; $(838335165) | &nbsp;&nbsp; $38146806 | &nbsp;&nbsp; $(16868096) | &nbsp;&nbsp; $254143536 | &nbsp;&nbsp; $2441822 |

---

\* 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 April 30, 2025, this security was no longer an affiliate of the Fund.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

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

**4**

**Invesco International Small-Mid Company Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,513,610,781)\*<br>| &nbsp;&nbsp; $3350768104 |
| Investments in affiliated money market funds, at value <br> (Cost $130,344,173)<br>| &nbsp;&nbsp; 130343832 |
| Cash | &nbsp;&nbsp; 5137489 |
| Foreign currencies, at value (Cost $6,594,921) | &nbsp;&nbsp; 6667341 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 9427745 |
| Fund shares sold | &nbsp;&nbsp; 1855618 |
| Dividends | &nbsp;&nbsp; 32425810 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 234904 |
| Other assets | &nbsp;&nbsp; 62633 |
| Total assets | &nbsp;&nbsp; 3536923476 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 11999513 |
| Fund shares reacquired | &nbsp;&nbsp; 4854165 |
| Accrued foreign taxes | &nbsp;&nbsp; 3569016 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 36826921 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1295784 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 39591 |
| Accrued other operating expenses | &nbsp;&nbsp; 378475 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 234904 |
| Total liabilities | &nbsp;&nbsp; 59198369 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $3477725107 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2498187658 |
| Distributable earnings | &nbsp;&nbsp; 979537449 |
|  | &nbsp;&nbsp; $3477725107 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $595432414 |
| Class C | &nbsp;&nbsp; $9572168 |
| Class R | &nbsp;&nbsp; $55060173 |
| Class Y | &nbsp;&nbsp; $935133834 |
| Class R5 | &nbsp;&nbsp; $425177 |
| Class R6 | &nbsp;&nbsp; $1882101341 |
| **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; 15100422 |
| Class C | &nbsp;&nbsp; 288026 |
| Class R | &nbsp;&nbsp; 1521887 |
| Class Y | &nbsp;&nbsp; 23948865 |
| Class R5 | &nbsp;&nbsp; 10703 |
| Class R6 | &nbsp;&nbsp; 47911462 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $39.43 |
| Maximum offering price per share <br>(Net asset value of $39.43 ÷ 94.50%)<br>| &nbsp;&nbsp; $41.72 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $33.23 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $36.18 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $39.05 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $39.73 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $39.28 |

---

\* At April 30, 2025, securities with an aggregate value of $34,943,553 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 six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $54316 |
| Dividends (net of foreign withholding taxes of $3,543,372) | &nbsp;&nbsp; 31647261 |
| Dividends from affiliates (includes net securities lending income of $53,011) | &nbsp;&nbsp; 2083397 |
| Foreign withholding tax claims | &nbsp;&nbsp; 1068216 |
| Total investment income | &nbsp;&nbsp; 34853190 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 16489127 |
| Administrative services fees | &nbsp;&nbsp; 256357 |
| Custodian fees | &nbsp;&nbsp; 213482 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 737935 |
| Class C | &nbsp;&nbsp; 50765 |
| Class R | &nbsp;&nbsp; 136543 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1894102 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 197 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 362312 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 15588 |
| Registration and filing fees | &nbsp;&nbsp; 76040 |
| Reports to shareholders | &nbsp;&nbsp; 301772 |
| Professional services fees | &nbsp;&nbsp; 51065 |
| Other | &nbsp;&nbsp; 46835 |
| Total expenses | &nbsp;&nbsp; 20632120 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (55356)<br>|
| Net expenses | &nbsp;&nbsp; 20576764 |
| Net investment income | &nbsp;&nbsp; 14276426 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $4,962,755) | &nbsp;&nbsp; 249716247 |
| Affiliated investment securities | &nbsp;&nbsp; (16868096)<br>|
| Foreign currencies | &nbsp;&nbsp; (613798)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (41423)<br>|
|  | &nbsp;&nbsp; 232192930 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $6,488,963) | &nbsp;&nbsp; (177783843)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 38146806 |
| Foreign currencies | &nbsp;&nbsp; 1747799 |
|  | &nbsp;&nbsp; (137889238)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 94303692 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $108580118 |

---

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

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $14276426 | &nbsp;&nbsp; $31780913 |
| Net realized gain | &nbsp;&nbsp; 232192930 | &nbsp;&nbsp; 366014211 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (137889238)<br>| &nbsp;&nbsp; 471199544 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 108580118 | &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; (43786941)<br>| &nbsp;&nbsp; (103942848)<br>|
| Class C | &nbsp;&nbsp; (1358125)<br>| &nbsp;&nbsp; (13231089)<br>|
| Class R | &nbsp;&nbsp; 1282419 | &nbsp;&nbsp; (8394513)<br>|
| Class Y | &nbsp;&nbsp; (190587651)<br>| &nbsp;&nbsp; (604461152)<br>|
| Class R5 | &nbsp;&nbsp; 51455 | &nbsp;&nbsp; (139845)<br>|
| Class R6 | &nbsp;&nbsp; (217222242)<br>| &nbsp;&nbsp; (300026316)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (451621085)<br>| &nbsp;&nbsp; (1030195763)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (701829054)<br>| &nbsp;&nbsp; (295612421)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 4179554161 | &nbsp;&nbsp; 4475166582 |
| End of period | &nbsp;&nbsp; $3477725107 | &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**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 04/30/25 | $42.04 | $0.10 | $1.12 | $1.22 | $(0.57)<br>| $(3.26)<br>| $(3.83)<br>| $39.43 | 3.22 %<sup>(d)</sup><br>| &nbsp;&nbsp; $595432 | 1.43 %<sup>(d)(e)</sup><br>| 1.43 %<sup>(d)(e)</sup><br>| 0.52 %<sup>(d)(e)</sup><br>| 16<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>(f)</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 |
| Year ended 10/31/20 | 48.20 | (0.10)<br>| 5.95 | 5.85 | (0.18)<br>| (2.18)<br>| (2.36)<br>| 51.69 | 12.53 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1199225 | 1.34 <br><sup>(d)</sup><br>| 1.34 <br><sup>(d)</sup><br>| (0.22 )<sup>(d)</sup><br>| 73 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 35.78 | (0.04)<br>| 0.93 | 0.89 | (0.18)<br>| (3.26)<br>| (3.44)<br>| 33.23 | 2.82 | &nbsp;&nbsp; 9572 | 2.19 <br><sup>(e)</sup><br>| 2.19 <br><sup>(e)</sup><br>| (0.24 )<sup>(e)</sup><br>| 16 |
| 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>(f)</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 |
| Year ended 10/31/20 | 43.62 | (0.41)<br>| 5.34 | 4.93 | (0.15)<br>| (2.18)<br>| (2.33)<br>| 46.22 | 11.70 | &nbsp;&nbsp; 135265 | 2.10 | 2.10 | (0.98)<br>| 73 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 04/30/25 | 38.82 | 0.04 | 1.03 | 1.07 | (0.45)<br>| (3.26)<br>| (3.71)<br>| 36.18 | 3.09 | &nbsp;&nbsp; 55060 | 1.69 <br><sup>(e)</sup><br>| 1.69 <br><sup>(e)</sup><br>| 0.26 <br><sup>(e)</sup><br>| 16 |
| 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>(f)</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 |
| Year ended 10/31/20 | 45.70 | (0.21)<br>| 5.63 | 5.42 | (0.16)<br>| (2.18)<br>| (2.34)<br>| 48.78 | 12.26 | &nbsp;&nbsp; 88420 | 1.60 | 1.60 | (0.48)<br>| 73 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 41.74 | 0.14 | 1.11 | 1.25 | (0.68)<br>| (3.26)<br>| (3.94)<br>| 39.05 | 3.34 | &nbsp;&nbsp; 935134 | 1.19 <br><sup>(e)</sup><br>| 1.19 <br><sup>(e)</sup><br>| 0.76 <br><sup>(e)</sup><br>| 16 |
| 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>(f)</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 |
| Year ended 10/31/20 | 47.75 | 0.02 | 5.90 | 5.92 | (0.20)<br>| (2.18)<br>| (2.38)<br>| 51.29 | 12.81 | &nbsp;&nbsp; 3240701 | 1.10 | 1.10 | 0.02 | 73 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 04/30/25 | 42.41 | 0.17 | 1.13 | 1.30 | (0.72)<br>| (3.26)<br>| (3.98)<br>| 39.73 | 3.40 | &nbsp;&nbsp; 425 | 1.07 <br><sup>(e)</sup><br>| 1.07 <br><sup>(e)</sup><br>| 0.88 <br><sup>(e)</sup><br>| 16 |
| 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>(f)</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 |
| Year ended 10/31/20 | 48.26 | 0.07 | 5.99 | 6.06 | (0.20)<br>| (2.18)<br>| (2.38)<br>| 51.94 | 12.99 | &nbsp;&nbsp; 191 | 0.99 | 0.99 | 0.13 | 73 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 42.00 | 0.18 | 1.11 | 1.29 | (0.75)<br>| (3.26)<br>| (4.01)<br>| 39.28 | 3.44 | &nbsp;&nbsp; 1882101 | 1.01 <br><sup>(e)</sup><br>| 1.01 <br><sup>(e)</sup><br>| 0.94 <br><sup>(e)</sup><br>| 16 |
| 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>(f)</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 |
| Year ended 10/31/20 | 47.90 | 0.08 | 5.93 | 6.01 | (0.21)<br>| (2.18)<br>| (2.39)<br>| 51.52 | 12.97 | &nbsp;&nbsp; 2532327 | 0.95 | 0.95 | 0.17 | 73 |

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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 six months ended April 30, 2025 and the years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> 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**

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**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**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 six months ended April 30, 2025, the Fund did not enter into any closing agreements.

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

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

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

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

**10**

**Invesco International Small-Mid Company Fund**

------

overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid the Adviser $2,576 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

**11**

**Invesco International Small-Mid Company 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\*** |
| Up to $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% |

---

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

For the six months ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.92%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $38,915.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2025, IDI advised the Fund that IDI retained $12,747 in front-end sales commissions from the sale of Class A shares and $1,081 and $200 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2025, the Fund incurred $5,491 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

**12**

**Invesco International Small-Mid Company Fund**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $90290184 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $90290184 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21717905 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21717905 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 113143276 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113143276 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 39080002 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39080002 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12886871 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12886871 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88126469 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88126469 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24228698 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24228698 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189158860 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189158860 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 287191634 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 287191634 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10968324 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10968324 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43596327 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43596327 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70553050 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70553050 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117304925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117304925 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 959528389 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 959528389 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26888746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26888746 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 40511364 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40511364 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29162124 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29162124 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9912811 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9912811 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76426020 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76426020 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 219824955 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 219824955 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 262691940 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 262691940 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66875886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66875886 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 491317078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 491317078 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 59382266 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59382266 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 93517252 | &nbsp;&nbsp;&nbsp;&nbsp; 36826580 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130343832 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $345634160 | &nbsp;&nbsp;&nbsp;&nbsp; $3135477776 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3481111936 |

---

**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 six months ended April 30, 2025**

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

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(41423)<br>|

---

**13**

**Invesco International Small-Mid Company Fund**

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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; $2498246 |

---

**NOTE 5—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended April 30, 2025, the Fund engaged in securities purchases of $13,965,957.

**NOTE 6—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $16,441.

**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—Tax Information**

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

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

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

**NOTE 10—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $555,486,742 and $1,310,662,925, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $817116233 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (84930553)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $732185680 |

---

Cost of investments for tax purposes is $2,748,926,256.

**14**

**Invesco International Small-Mid Company Fund**

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**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 539109 | &nbsp;&nbsp;&nbsp; $20854653 | &nbsp;&nbsp;&nbsp; 1787753 | &nbsp;&nbsp;&nbsp; $75709318 |
| Class C | &nbsp;&nbsp;&nbsp; 21217 | &nbsp;&nbsp;&nbsp; 683752 | &nbsp;&nbsp;&nbsp; 54731 | &nbsp;&nbsp;&nbsp; 1990786 |
| Class R | &nbsp;&nbsp;&nbsp; 56256 | &nbsp;&nbsp;&nbsp; 1989960 | &nbsp;&nbsp;&nbsp; 137042 | &nbsp;&nbsp;&nbsp; 5313928 |
| Class Y | &nbsp;&nbsp;&nbsp; 2710657 | &nbsp;&nbsp;&nbsp; 102331586 | &nbsp;&nbsp;&nbsp; 5144001 | &nbsp;&nbsp;&nbsp; 214115728 |
| Class R5 | &nbsp;&nbsp;&nbsp; 789 | &nbsp;&nbsp;&nbsp; 30047 | &nbsp;&nbsp;&nbsp; 1332 | &nbsp;&nbsp;&nbsp; 56654 |
| Class R6 | &nbsp;&nbsp;&nbsp; 4053331 | &nbsp;&nbsp;&nbsp; 155103065 | &nbsp;&nbsp;&nbsp; 11626535 | &nbsp;&nbsp;&nbsp; 490419995 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1452752 | &nbsp;&nbsp;&nbsp; 55378917 | &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; 21324 | &nbsp;&nbsp;&nbsp; 825172 | &nbsp;&nbsp;&nbsp; 247160 | &nbsp;&nbsp;&nbsp; 10425279 |
| Class C | &nbsp;&nbsp;&nbsp; (25236)<br>| &nbsp;&nbsp;&nbsp; (825172)<br>| &nbsp;&nbsp;&nbsp; (289174)<br>| &nbsp;&nbsp;&nbsp; (10425279)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3137182)<br>| &nbsp;&nbsp;&nbsp; (120845683)<br>| &nbsp;&nbsp;&nbsp; (4926736)<br>| &nbsp;&nbsp;&nbsp; (207058281)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (68549)<br>| &nbsp;&nbsp;&nbsp; (2249124)<br>| &nbsp;&nbsp;&nbsp; (145248)<br>| &nbsp;&nbsp;&nbsp; (5182100)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (174382)<br>| &nbsp;&nbsp;&nbsp; (6148623)<br>| &nbsp;&nbsp;&nbsp; (391041)<br>| &nbsp;&nbsp;&nbsp; (15241465)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (9867596)<br>| &nbsp;&nbsp;&nbsp; (378541955)<br>| &nbsp;&nbsp;&nbsp; (20477849)<br>| &nbsp;&nbsp;&nbsp; (853837442)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (349)<br>| &nbsp;&nbsp;&nbsp; (14211)<br>| &nbsp;&nbsp;&nbsp; (4915)<br>| &nbsp;&nbsp;&nbsp; (209802)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (13896876)<br>| &nbsp;&nbsp;&nbsp; (554515841)<br>| &nbsp;&nbsp;&nbsp; (20282935)<br>| &nbsp;&nbsp;&nbsp; (857390209)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (11049921)<br>| &nbsp;&nbsp;&nbsp; $(451621085)<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 39% 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, 13% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |

---

**15**

**Invesco International Small-Mid Company Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco International Small-Mid Company Fund**

------

![](img3ac560471.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

O-ISMC-NCSRS

------

![](imgc97660c51.jpg)

------

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

**April 30, 2025**

**Invesco MSCI World SRI Index Fund**

Nasdaq:

A: VSQAX ■ C: VSQCX ■ R: VSQRX ■ Y: VSQYX ■ R5: VSQFX ■ R6: VSQSX

------

---

| | |
|:---|:---|
| [2](#xx_7a9fd327-d334-4c70-a423-e1b26923548e_SOI-Continued-131_1) | Schedule of Investments |
| [7](#xx_7a9fd327-d334-4c70-a423-e1b26923548e_FS-Continued-131_1) | Financial Statements |
| [10](#xx_7a9fd327-d334-4c70-a423-e1b26923548e_FS-Continued-131_4) | Financial Highlights |
| [11](#xx_7a9fd327-d334-4c70-a423-e1b26923548e_NTF-Continued-131_1) | Notes to Financial Statements |
| [19](#xx_7a9fd327-d334-4c70-a423-e1b26923548e_OIRSR-Continued-131_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–95.34%** | **Common Stocks & Other Equity Interests–95.34%** | **Common Stocks & Other Equity Interests–95.34%** |
| **Australia–1.53%** | **Australia–1.53%** | **Australia–1.53%** |
| APA Group | 1580 | &nbsp;&nbsp; $8314 |
| ASX Ltd. | 141 | &nbsp;&nbsp; 6385 |
| BlueScope Steel Ltd. | 568 | &nbsp;&nbsp; 8700 |
| Brambles Ltd. | 1106 | &nbsp;&nbsp; 14535 |
| Cochlear Ltd. | 63 | &nbsp;&nbsp; 11033 |
| CSL Ltd. | 455 | &nbsp;&nbsp; 73033 |
| Goodman Group | 1623 | &nbsp;&nbsp; 31071 |
| GPT Group (The) | 2682 | &nbsp;&nbsp; 7950 |
| James Hardie Industries PLC, CDI<sup>(a)</sup>  | 421 | &nbsp;&nbsp; 9882 |
| Northern Star Resources Ltd. | 832 | &nbsp;&nbsp; 10220 |
| QBE Insurance Group Ltd. | 1449 | &nbsp;&nbsp; 20025 |
| Suncorp Group Ltd. | 932 | &nbsp;&nbsp; 12120 |
| Transurban Group | 2817 | &nbsp;&nbsp; 25385 |
| WiseTech Global Ltd. | 129 | &nbsp;&nbsp; 7335 |
|  |  | &nbsp;&nbsp; 245988 |
| **Austria–0.05%** | **Austria–0.05%** | **Austria–0.05%** |
| Verbund AG | 109 | &nbsp;&nbsp; 8377 |
| **Belgium–0.17%** | **Belgium–0.17%** | **Belgium–0.17%** |
| Ageas S.A./N.V. | 162 | &nbsp;&nbsp; 10160 |
| KBC Group N.V. | 189 | &nbsp;&nbsp; 17427 |
|  |  | &nbsp;&nbsp; 27587 |
| **Canada–3.90%** | **Canada–3.90%** | **Canada–3.90%** |
| Agnico Eagle Mines Ltd. | 492 | &nbsp;&nbsp; 57826 |
| Bank of Nova Scotia (The) | 1025 | &nbsp;&nbsp; 51287 |
| Canadian National Railway Co. | 525 | &nbsp;&nbsp; 50843 |
| Canadian Tire Corp. Ltd., Class A | 82 | &nbsp;&nbsp; 8974 |
| CGI, Inc., Class A | 122 | &nbsp;&nbsp; 12936 |
| Dollarama, Inc. | 277 | &nbsp;&nbsp; 34178 |
| Fortis, Inc. | 514 | &nbsp;&nbsp; 25454 |
| Gildan Activewear, Inc. | 175 | &nbsp;&nbsp; 8065 |
| Metro, Inc. | 148 | &nbsp;&nbsp; 11405 |
| National Bank of Canada | 333 | &nbsp;&nbsp; 29247 |
| Nutrien Ltd. | 462 | &nbsp;&nbsp; 26374 |
| Pembina Pipeline Corp. | 563 | &nbsp;&nbsp; 21522 |
| RB Global, Inc. | 162 | &nbsp;&nbsp; 16326 |
| Saputo, Inc. | 375 | &nbsp;&nbsp; 7317 |
| Shopify, Inc., Class A<sup>(a)</sup>  | 1125 | &nbsp;&nbsp; 107000 |
| Sun Life Financial, Inc. | 533 | &nbsp;&nbsp; 31761 |
| TELUS Corp. | 493 | &nbsp;&nbsp; 7589 |
| Toronto-Dominion Bank (The) | 1671 | &nbsp;&nbsp; 106774 |
| WSP Global, Inc. | 70 | &nbsp;&nbsp; 12408 |
|  |  | &nbsp;&nbsp; 627286 |
| **Denmark–1.50%** | **Denmark–1.50%** | **Denmark–1.50%** |
| Novo Nordisk A/S, Class B | 2826 | &nbsp;&nbsp; 188951 |
| Novonesis (Novozymes) B, Class B | 326 | &nbsp;&nbsp; 21176 |
| Orsted A/S<sup>(a)(b)</sup>  | 141 | &nbsp;&nbsp; 5611 |
| Pandora A/S | 85 | &nbsp;&nbsp; 12653 |
| Vestas Wind Systems A/S | 980 | &nbsp;&nbsp; 13065 |
|  |  | &nbsp;&nbsp; 241456 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Finland–0.47%** | **Finland–0.47%** | **Finland–0.47%** |
| Elisa OYJ | 152 | &nbsp;&nbsp; $8109 |
| Kesko OYJ, Class B | 349 | &nbsp;&nbsp; 8013 |
| Kone OYJ, Class B | 255 | &nbsp;&nbsp; 15793 |
| Neste OYJ | 584 | &nbsp;&nbsp; 6058 |
| Sampo OYJ | 1590 | &nbsp;&nbsp; 15929 |
| Stora Enso OYJ, Class R | 886 | &nbsp;&nbsp; 8229 |
| UPM-Kymmene OYJ | 498 | &nbsp;&nbsp; 13190 |
|  |  | &nbsp;&nbsp; 75321 |
| **France–2.37%** | **France–2.37%** | **France–2.37%** |
| AXA S.A. | 1582 | &nbsp;&nbsp; 74822 |
| Cie Generale des Etablissements Michelin S.C.A. | 665 | &nbsp;&nbsp; 24316 |
| Credit Agricole S.A. | 493 | &nbsp;&nbsp; 9247 |
| Danone S.A. | 547 | &nbsp;&nbsp; 47068 |
| Hermes International S.C.A. | 29 | &nbsp;&nbsp; 79755 |
| Publicis Groupe S.A. | 138 | &nbsp;&nbsp; 14041 |
| Rexel S.A. | 271 | &nbsp;&nbsp; 7530 |
| Schneider Electric SE | 533 | &nbsp;&nbsp; 124533 |
|  |  | &nbsp;&nbsp; 381312 |
| **Germany–1.43%** | **Germany–1.43%** | **Germany–1.43%** |
| adidas AG | 128 | &nbsp;&nbsp; 29452 |
| Deutsche Boerse AG | 159 | &nbsp;&nbsp; 51213 |
| GEA Group AG | 124 | &nbsp;&nbsp; 8090 |
| Henkel AG & Co. KGaA, Preference Shares | 224 | &nbsp;&nbsp; 17397 |
| LEG Immobilien SE | 80 | &nbsp;&nbsp; 6782 |
| Merck KGaA | 123 | &nbsp;&nbsp; 17124 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen, Class R | 122 | &nbsp;&nbsp; 83522 |
| Puma SE | 253 | &nbsp;&nbsp; 6533 |
| Zalando SE<sup>(a)(b)</sup>  | 295 | &nbsp;&nbsp; 10772 |
|  |  | &nbsp;&nbsp; 230885 |
| **Hong Kong–0.62%** | **Hong Kong–0.62%** | **Hong Kong–0.62%** |
| AIA Group Ltd. | 11200 | &nbsp;&nbsp; 83920 |
| Hang Seng Bank Ltd. | 600 | &nbsp;&nbsp; 8375 |
| MTR Corp. Ltd. | 2000 | &nbsp;&nbsp; 6905 |
|  |  | &nbsp;&nbsp; 99200 |
| **Ireland–0.07%** | **Ireland–0.07%** | **Ireland–0.07%** |
| Kerry Group PLC, Class A | 110 | &nbsp;&nbsp; 11645 |
| **Italy–0.50%** | **Italy–0.50%** | **Italy–0.50%** |
| Assicurazioni Generali S.p.A. | 816 | &nbsp;&nbsp; 29823 |
| Coca-Cola HBC AG<sup>(a)</sup>  | 239 | &nbsp;&nbsp; 12445 |
| FinecoBank Banca Fineco S.p.A. | 393 | &nbsp;&nbsp; 7864 |
| Mediobanca Banca di Credito Finanziario S.p.A. | 460 | &nbsp;&nbsp; 9409 |
| Moncler S.p.A. | 141 | &nbsp;&nbsp; 8703 |
| Poste Italiane S.p.A.<sup>(b)</sup>  | 601 | &nbsp;&nbsp; 12199 |
|  |  | &nbsp;&nbsp; 80443 |
| **Japan–6.67%** | **Japan–6.67%** | **Japan–6.67%** |
| Ajinomoto Co., Inc. | 800 | &nbsp;&nbsp; 16363 |
| Asahi Kasei Corp. | 900 | &nbsp;&nbsp; 6272 |
| Bridgestone Corp. | 400 | &nbsp;&nbsp; 16726 |
| Concordia Financial Group Ltd. | 1400 | &nbsp;&nbsp; 9055 |
| Daikin Industries Ltd. | 300 | &nbsp;&nbsp; 34177 |

---

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)** |
| Daiwa Securities Group, Inc. | 1100 | &nbsp;&nbsp; $7234 |
| FANUC Corp. | 900 | &nbsp;&nbsp; 22842 |
| Fujitsu Ltd. | 1800 | &nbsp;&nbsp; 39988 |
| Hitachi Ltd. | 4500 | &nbsp;&nbsp; 111220 |
| Hoya Corp. | 300 | &nbsp;&nbsp; 35300 |
| JFE Holdings, Inc. | 700 | &nbsp;&nbsp; 8152 |
| Kao Corp. | 400 | &nbsp;&nbsp; 17129 |
| KDDI Corp. | 2600 | &nbsp;&nbsp; 46081 |
| Kubota Corp. | 900 | &nbsp;&nbsp; 10458 |
| LY Corp. | 3300 | &nbsp;&nbsp; 12481 |
| MatsukiyoCocokara & Co. | 600 | &nbsp;&nbsp; 11014 |
| Mitsubishi Chemical Group Corp. | 1500 | &nbsp;&nbsp; 7292 |
| Mitsubishi Estate Co. Ltd. | 1100 | &nbsp;&nbsp; 19323 |
| NEC Corp. | 1000 | &nbsp;&nbsp; 24343 |
| Nitto Denko Corp. | 1000 | &nbsp;&nbsp; 17577 |
| Nomura Research Institute Ltd. | 300 | &nbsp;&nbsp; 11360 |
| Omron Corp. | 300 | &nbsp;&nbsp; 8905 |
| Oriental Land Co. Ltd. | 1000 | &nbsp;&nbsp; 21179 |
| ORIX Corp. | 1200 | &nbsp;&nbsp; 24072 |
| Pan Pacific International Holdings Corp. | 300 | &nbsp;&nbsp; 9236 |
| Rakuten Group, Inc.<sup>(a)</sup>  | 1700 | &nbsp;&nbsp; 10024 |
| Renesas Electronics Corp. | 1400 | &nbsp;&nbsp; 16429 |
| SECOM Co. Ltd. | 400 | &nbsp;&nbsp; 14708 |
| Seiko Epson Corp. | 500 | &nbsp;&nbsp; 6937 |
| Sekisui House Ltd. | 400 | &nbsp;&nbsp; 9196 |
| SG Holdings Co. Ltd. | 800 | &nbsp;&nbsp; 8424 |
| Shiseido Co. Ltd. | 500 | &nbsp;&nbsp; 8221 |
| SoftBank Corp. | 27000 | &nbsp;&nbsp; 40858 |
| Sompo Holdings, Inc. | 800 | &nbsp;&nbsp; 26217 |
| Sony Group Corp. | 6000 | &nbsp;&nbsp; 158297 |
| Sumitomo Metal Mining Co. Ltd. | 300 | &nbsp;&nbsp; 6656 |
| Sumitomo Mitsui Financial Group, Inc. | 3600 | &nbsp;&nbsp; 85886 |
| Sysmex Corp. | 500 | &nbsp;&nbsp; 9282 |
| T&D Holdings, Inc. | 400 | &nbsp;&nbsp; 8511 |
| TDK Corp. | 1500 | &nbsp;&nbsp; 16007 |
| Tokio Marine Holdings, Inc. | 1800 | &nbsp;&nbsp; 72148 |
| Toray Industries, Inc. | 1700 | &nbsp;&nbsp; 10857 |
| Unicharm Corp. | 1200 | &nbsp;&nbsp; 11142 |
| Yamaha Motor Co. Ltd. | 900 | &nbsp;&nbsp; 7068 |
|  |  | &nbsp;&nbsp; 1074647 |
| **Jersey–0.09%** | **Jersey–0.09%** | **Jersey–0.09%** |
| Aptiv PLC<sup>(a)</sup>  | 264 | &nbsp;&nbsp; 15064 |
| **Netherlands–2.83%** | **Netherlands–2.83%** | **Netherlands–2.83%** |
| Akzo Nobel N.V. | 144 | &nbsp;&nbsp; 9091 |
| argenx SE<sup>(a)</sup>  | 42 | &nbsp;&nbsp; 27151 |
| ASML Holding N.V. | 358 | &nbsp;&nbsp; 239660 |
| Koninklijke Ahold Delhaize N.V. | 609 | &nbsp;&nbsp; 25005 |
| Koninklijke KPN N.V. | 2176 | &nbsp;&nbsp; 10122 |
| NXP Semiconductors N.V. | 251 | &nbsp;&nbsp; 46262 |
| Prosus N.V.<sup>(a)</sup>  | 1194 | &nbsp;&nbsp; 55980 |
| Wolters Kluwer N.V. | 237 | &nbsp;&nbsp; 41845 |
|  |  | &nbsp;&nbsp; 455116 |
| **New Zealand–0.05%** | **New Zealand–0.05%** | **New Zealand–0.05%** |
| Meridian Energy Ltd. | 2393 | &nbsp;&nbsp; 7790 |
| **Norway–0.26%** | **Norway–0.26%** | **Norway–0.26%** |
| DNB Bank ASA | 692 | &nbsp;&nbsp; 17298 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Norway–(continued)** | **Norway–(continued)** | **Norway–(continued)** |
| Mowi ASA | 457 | &nbsp;&nbsp; $8380 |
| Orkla ASA | 740 | &nbsp;&nbsp; 8253 |
| Telenor ASA | 492 | &nbsp;&nbsp; 7390 |
|  |  | &nbsp;&nbsp; 41321 |
| **Singapore–0.15%** | **Singapore–0.15%** | **Singapore–0.15%** |
| CapitaLand Ascendas REIT | 4100 | &nbsp;&nbsp; 8354 |
| CapitaLand Integrated Commercial Trust | 4600 | &nbsp;&nbsp; 7570 |
| CapitaLand Investment Ltd. | 3800 | &nbsp;&nbsp; 8009 |
|  |  | &nbsp;&nbsp; 23933 |
| **Spain–0.36%** | **Spain–0.36%** | **Spain–0.36%** |
| Amadeus IT Group S.A. | 431 | &nbsp;&nbsp; 33925 |
| Cellnex Telecom S.A.<sup>(b)</sup>  | 426 | &nbsp;&nbsp; 17240 |
| Redeia Corp. S.A. | 322 | &nbsp;&nbsp; 6753 |
|  |  | &nbsp;&nbsp; 57918 |
| **Sweden–0.36%** | **Sweden–0.36%** | **Sweden–0.36%** |
| Boliden AB<sup>(a)</sup>  | 242 | &nbsp;&nbsp; 7415 |
| Essity AB, Class B | 400 | &nbsp;&nbsp; 11568 |
| Svenska Cellulosa AB S.C.A., Class B | 423 | &nbsp;&nbsp; 5470 |
| Svenska Handelsbanken AB, Class A | 993 | &nbsp;&nbsp; 12998 |
| Tele2 AB, Class B | 579 | &nbsp;&nbsp; 8542 |
| Telia Co. AB | 3275 | &nbsp;&nbsp; 12302 |
|  |  | &nbsp;&nbsp; 58295 |
| **Switzerland–1.99%** | **Switzerland–1.99%** | **Switzerland–1.99%** |
| ABB Ltd. | 1332 | &nbsp;&nbsp; 70344 |
| DSM-Firmenich AG | 178 | &nbsp;&nbsp; 19337 |
| Givaudan S.A. | 8 | &nbsp;&nbsp; 38595 |
| Julius Baer Group Ltd. | 139 | &nbsp;&nbsp; 9014 |
| Kuehne + Nagel International AG, Class R | 37 | &nbsp;&nbsp; 8521 |
| Lonza Group AG | 66 | &nbsp;&nbsp; 47421 |
| SGS S.A. | 100 | &nbsp;&nbsp; 9766 |
| SIG Group AG<sup>(a)</sup>  | 382 | &nbsp;&nbsp; 7369 |
| Sonova Holding AG, Class A | 38 | &nbsp;&nbsp; 11682 |
| Zurich Insurance Group AG | 138 | &nbsp;&nbsp; 97879 |
|  |  | &nbsp;&nbsp; 319928 |
| **United Kingdom–3.09%** | **United Kingdom–3.09%** | **United Kingdom–3.09%** |
| 3i Group PLC | 937 | &nbsp;&nbsp; 53119 |
| Admiral Group PLC | 182 | &nbsp;&nbsp; 7916 |
| Associated British Foods PLC | 251 | &nbsp;&nbsp; 6919 |
| Barratt Redrow PLC | 1232 | &nbsp;&nbsp; 7681 |
| DCC PLC | 118 | &nbsp;&nbsp; 7712 |
| Informa PLC | 982 | &nbsp;&nbsp; 9593 |
| Intertek Group PLC | 89 | &nbsp;&nbsp; 5466 |
| J Sainsbury PLC | 1618 | &nbsp;&nbsp; 5751 |
| Kingfisher PLC | 2709 | &nbsp;&nbsp; 10412 |
| Land Securities Group PLC | 957 | &nbsp;&nbsp; 7584 |
| Legal & General Group PLC | 4006 | &nbsp;&nbsp; 12615 |
| M&G PLC | 3152 | &nbsp;&nbsp; 8746 |
| National Grid PLC | 4458 | &nbsp;&nbsp; 64347 |
| Pearson PLC | 540 | &nbsp;&nbsp; 8657 |
| RELX PLC | 1770 | &nbsp;&nbsp; 96598 |
| Schroders PLC | 2189 | &nbsp;&nbsp; 9645 |
| Segro PLC | 825 | &nbsp;&nbsp; 7505 |
| SSE PLC | 1004 | &nbsp;&nbsp; 22636 |
| Unilever PLC | 2283 | &nbsp;&nbsp; 145358 |
|  |  | &nbsp;&nbsp; 498260 |

---

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–66.88%** | **United States–66.88%** | **United States–66.88%** |
| Adobe, Inc.<sup>(a)</sup>  | 397 | &nbsp;&nbsp; $148867 |
| Agilent Technologies, Inc. | 288 | &nbsp;&nbsp; 30989 |
| Alcon AG | 367 | &nbsp;&nbsp; 35658 |
| Allegion PLC | 65 | &nbsp;&nbsp; 9048 |
| Ally Financial, Inc. | 283 | &nbsp;&nbsp; 9243 |
| American Express Co. | 524 | &nbsp;&nbsp; 139599 |
| American Tower Corp. | 441 | &nbsp;&nbsp; 99406 |
| American Water Works Co., Inc. | 191 | &nbsp;&nbsp; 28079 |
| Ameriprise Financial, Inc. | 102 | &nbsp;&nbsp; 48044 |
| Amgen, Inc. | 491 | &nbsp;&nbsp; 142842 |
| Annaly Capital Management, Inc. | 329 | &nbsp;&nbsp; 6448 |
| Applied Materials, Inc. | 794 | &nbsp;&nbsp; 119664 |
| Atmos Energy Corp. | 146 | &nbsp;&nbsp; 23452 |
| Autodesk, Inc.<sup>(a)</sup>  | 200 | &nbsp;&nbsp; 54850 |
| Automatic Data Processing, Inc. | 379 | &nbsp;&nbsp; 113927 |
| Avantor, Inc.<sup>(a)</sup>  | 645 | &nbsp;&nbsp; 8379 |
| Axon Enterprise, Inc.<sup>(a)</sup>  | 70 | &nbsp;&nbsp; 42931 |
| Baker Hughes Co., Class A | 975 | &nbsp;&nbsp; 34515 |
| Ball Corp. | 305 | &nbsp;&nbsp; 15842 |
| Bank of New York Mellon Corp. (The) | 741 | &nbsp;&nbsp; 59584 |
| Best Buy Co., Inc. | 174 | &nbsp;&nbsp; 11604 |
| Biogen, Inc.<sup>(a)</sup>  | 140 | &nbsp;&nbsp; 16951 |
| BlackRock, Inc. | 137 | &nbsp;&nbsp; 125254 |
| Booking Holdings, Inc. | 31 | &nbsp;&nbsp; 158078 |
| Broadridge Financial Solutions, Inc. | 114 | &nbsp;&nbsp; 27634 |
| Bunge Global S.A. | 100 | &nbsp;&nbsp; 7872 |
| C.H. Robinson Worldwide, Inc. | 102 | &nbsp;&nbsp; 9100 |
| CarMax, Inc.<sup>(a)</sup>  | 122 | &nbsp;&nbsp; 7890 |
| Carrier Global Corp. | 712 | &nbsp;&nbsp; 44528 |
| CBRE Group, Inc., Class A<sup>(a)</sup>  | 295 | &nbsp;&nbsp; 36043 |
| Centene Corp.<sup>(a)</sup>  | 527 | &nbsp;&nbsp; 31541 |
| Cheniere Energy, Inc. | 228 | &nbsp;&nbsp; 52693 |
| Church & Dwight Co., Inc. | 244 | &nbsp;&nbsp; 24239 |
| Cigna Group (The) | 267 | &nbsp;&nbsp; 90791 |
| Clorox Co. (The) | 118 | &nbsp;&nbsp; 16791 |
| CMS Energy Corp. | 283 | &nbsp;&nbsp; 20843 |
| CNH Industrial N.V. | 790 | &nbsp;&nbsp; 9140 |
| Coca-Cola Co. (The) | 3656 | &nbsp;&nbsp; 265243 |
| Conagra Brands, Inc. | 436 | &nbsp;&nbsp; 10774 |
| Consolidated Edison, Inc. | 349 | &nbsp;&nbsp; 39350 |
| Cooper Cos., Inc. (The)<sup>(a)</sup>  | 191 | &nbsp;&nbsp; 15599 |
| CRH PLC | 523 | &nbsp;&nbsp; 49607 |
| Crown Castle, Inc. | 383 | &nbsp;&nbsp; 40506 |
| Cummins, Inc. | 135 | &nbsp;&nbsp; 39668 |
| D.R. Horton, Inc. | 265 | &nbsp;&nbsp; 33480 |
| Danaher Corp. | 580 | &nbsp;&nbsp; 115611 |
| DaVita, Inc.<sup>(a)</sup>  | 71 | &nbsp;&nbsp; 10050 |
| Dayforce, Inc.<sup>(a)</sup>  | 96 | &nbsp;&nbsp; 5556 |
| Deckers Outdoor Corp.<sup>(a)</sup>  | 150 | &nbsp;&nbsp; 16625 |
| Dick's Sporting Goods, Inc. | 43 | &nbsp;&nbsp; 8073 |
| Discover Financial Services | 219 | &nbsp;&nbsp; 40005 |
| Dover Corp. | 134 | &nbsp;&nbsp; 22867 |
| Ecolab, Inc. | 241 | &nbsp;&nbsp; 60595 |
| Edwards Lifesciences Corp.<sup>(a)</sup>  | 575 | &nbsp;&nbsp; 43407 |
| Electronic Arts, Inc. | 249 | &nbsp;&nbsp; 36127 |
| Elevance Health, Inc. | 231 | &nbsp;&nbsp; 97154 |
| EMCOR Group, Inc. | 31 | &nbsp;&nbsp; 12422 |
| Equinix, Inc. | 87 | &nbsp;&nbsp; 74885 |
| Essential Utilities, Inc. | 215 | &nbsp;&nbsp; 8843 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Eversource Energy | 332 | &nbsp;&nbsp; $19747 |
| Exelon Corp. | 859 | &nbsp;&nbsp; 40287 |
| Expeditors International of Washington, Inc. | 125 | &nbsp;&nbsp; 13739 |
| FactSet Research Systems, Inc. | 28 | &nbsp;&nbsp; 12102 |
| Ferguson Enterprises, Inc. | 198 | &nbsp;&nbsp; 33593 |
| Fidelity National Information Services, Inc. | 571 | &nbsp;&nbsp; 45040 |
| Fiserv, Inc.<sup>(a)</sup>  | 528 | &nbsp;&nbsp; 97453 |
| Fortive Corp. | 335 | &nbsp;&nbsp; 23346 |
| Fortune Brands Innovations, Inc. | 97 | &nbsp;&nbsp; 5221 |
| Fox Corp., Class A | 278 | &nbsp;&nbsp; 13842 |
| GE HealthCare Technologies, Inc. | 377 | &nbsp;&nbsp; 26514 |
| General Mills, Inc. | 552 | &nbsp;&nbsp; 31320 |
| Gilead Sciences, Inc. | 1149 | &nbsp;&nbsp; 122414 |
| Graco, Inc. | 145 | &nbsp;&nbsp; 11833 |
| Halliburton Co. | 850 | &nbsp;&nbsp; 16847 |
| Hartford Insurance Group, Inc. (The) | 292 | &nbsp;&nbsp; 35820 |
| HCA Healthcare, Inc. | 193 | &nbsp;&nbsp; 66600 |
| Hologic, Inc.<sup>(a)</sup>  | 235 | &nbsp;&nbsp; 13677 |
| Home Depot, Inc. (The) | 885 | &nbsp;&nbsp; 319034 |
| Humana, Inc. | 78 | &nbsp;&nbsp; 20455 |
| Huntington Bancshares, Inc. | 1368 | &nbsp;&nbsp; 19877 |
| IDEX Corp. | 55 | &nbsp;&nbsp; 9568 |
| IDEXX Laboratories, Inc.<sup>(a)</sup>  | 77 | &nbsp;&nbsp; 33314 |
| Illinois Tool Works, Inc. | 287 | &nbsp;&nbsp; 68854 |
| Ingersoll Rand, Inc. | 399 | &nbsp;&nbsp; 30097 |
| Insulet Corp.<sup>(a)</sup>  | 51 | &nbsp;&nbsp; 12867 |
| Intel Corp. | 4181 | &nbsp;&nbsp; 84038 |
| International Flavors & Fragrances, Inc. | 246 | &nbsp;&nbsp; 19301 |
| International Paper Co. | 309 | &nbsp;&nbsp; 14115 |
| Interpublic Group of Cos., Inc. (The) | 296 | &nbsp;&nbsp; 7436 |
| Intuit, Inc. | 257 | &nbsp;&nbsp; 161260 |
| IQVIA Holdings, Inc.<sup>(a)</sup>  | 143 | &nbsp;&nbsp; 22175 |
| Iron Mountain, Inc. | 280 | &nbsp;&nbsp; 25108 |
| J.B. Hunt Transport Services, Inc. | 76 | &nbsp;&nbsp; 9924 |
| Johnson Controls International PLC | 653 | &nbsp;&nbsp; 54787 |
| Kellanova | 248 | &nbsp;&nbsp; 20527 |
| Kenvue, Inc. | 1398 | &nbsp;&nbsp; 32993 |
| KeyCorp | 751 | &nbsp;&nbsp; 11145 |
| Keysight Technologies, Inc.<sup>(a)</sup>  | 131 | &nbsp;&nbsp; 19047 |
| Labcorp Holdings, Inc. | 82 | &nbsp;&nbsp; 19763 |
| Lam Research Corp. | 1290 | &nbsp;&nbsp; 92454 |
| Lennox International, Inc. | 31 | &nbsp;&nbsp; 16949 |
| LKQ Corp. | 217 | &nbsp;&nbsp; 8292 |
| Lowe's Cos., Inc. | 523 | &nbsp;&nbsp; 116922 |
| lululemon athletica, inc.<sup>(a)</sup>  | 104 | &nbsp;&nbsp; 28160 |
| LyondellBasell Industries N.V., Class A | 174 | &nbsp;&nbsp; 10129 |
| Marsh & McLennan Cos., Inc. | 460 | &nbsp;&nbsp; 103716 |
| McCormick & Co., Inc. | 174 | &nbsp;&nbsp; 13339 |
| Mettler-Toledo International, Inc.<sup>(a)</sup>  | 18 | &nbsp;&nbsp; 19270 |
| Molina Healthcare, Inc.<sup>(a)</sup>  | 57 | &nbsp;&nbsp; 18640 |
| Moody's Corp. | 161 | &nbsp;&nbsp; 72952 |
| Nasdaq, Inc. | 326 | &nbsp;&nbsp; 24844 |
| Newmont Corp. | 1113 | &nbsp;&nbsp; 58633 |
| NiSource, Inc. | 229 | &nbsp;&nbsp; 8956 |
| Northern Trust Corp. | 147 | &nbsp;&nbsp; 13815 |
| NVIDIA Corp. | 22033 | &nbsp;&nbsp; 2399834 |
| Old Dominion Freight Line, Inc. | 189 | &nbsp;&nbsp; 28970 |
| ONEOK, Inc. | 564 | &nbsp;&nbsp; 46338 |
| Owens Corning | 83 | &nbsp;&nbsp; 12069 |

---

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)** |
| Paychex, Inc. | 254 | &nbsp;&nbsp; $37368 |
| Pentair PLC | 122 | &nbsp;&nbsp; 11069 |
| PepsiCo, Inc. | 1241 | &nbsp;&nbsp; 168255 |
| Phillips 66 | 432 | &nbsp;&nbsp; 44954 |
| PNC Financial Services Group, Inc. (The) | 395 | &nbsp;&nbsp; 63473 |
| Pool Corp. | 31 | &nbsp;&nbsp; 9087 |
| PPG Industries, Inc. | 225 | &nbsp;&nbsp; 24493 |
| Principal Financial Group, Inc. | 133 | &nbsp;&nbsp; 9862 |
| Progressive Corp. (The) | 544 | &nbsp;&nbsp; 153267 |
| Prudential Financial, Inc. | 360 | &nbsp;&nbsp; 36976 |
| Quanta Services, Inc. | 141 | &nbsp;&nbsp; 41269 |
| Quest Diagnostics, Inc. | 94 | &nbsp;&nbsp; 16753 |
| Raymond James Financial, Inc. | 130 | &nbsp;&nbsp; 17815 |
| Regions Financial Corp. | 721 | &nbsp;&nbsp; 14716 |
| Rivian Automotive, Inc., Class A<sup>(a)</sup>  | 496 | &nbsp;&nbsp; 6775 |
| Rockwell Automation, Inc. | 108 | &nbsp;&nbsp; 26749 |
| S&P Global, Inc. | 292 | &nbsp;&nbsp; 146015 |
| SBA Communications Corp., Class A | 93 | &nbsp;&nbsp; 22636 |
| Sempra | 585 | &nbsp;&nbsp; 43448 |
| Solventum Corp.<sup>(a)</sup>  | 145 | &nbsp;&nbsp; 9587 |
| State Street Corp. | 266 | &nbsp;&nbsp; 23435 |
| Steel Dynamics, Inc. | 120 | &nbsp;&nbsp; 15565 |
| STERIS PLC | 95 | &nbsp;&nbsp; 21350 |
| Swiss Re AG | 291 | &nbsp;&nbsp; 52236 |
| Synchrony Financial | 374 | &nbsp;&nbsp; 19429 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup>  | 166 | &nbsp;&nbsp; 38731 |
| Targa Resources Corp. | 206 | &nbsp;&nbsp; 35205 |
| Target Corp. | 348 | &nbsp;&nbsp; 33652 |
| Tesla, Inc.<sup>(a)</sup>  | 2580 | &nbsp;&nbsp; 727973 |
| Texas Instruments, Inc. | 834 | &nbsp;&nbsp; 133482 |
| Tractor Supply Co. | 520 | &nbsp;&nbsp; 26322 |
| Trane Technologies PLC | 223 | &nbsp;&nbsp; 85478 |
| Travelers Cos., Inc. (The) | 219 | &nbsp;&nbsp; 57844 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Truist Financial Corp. | 1221 | &nbsp;&nbsp; $46813 |
| U.S. Bancorp | 1294 | &nbsp;&nbsp; 52200 |
| Ulta Beauty, Inc.<sup>(a)</sup>  | 38 | &nbsp;&nbsp; 15034 |
| United Rentals, Inc. | 65 | &nbsp;&nbsp; 41044 |
| Valero Energy Corp. | 323 | &nbsp;&nbsp; 37497 |
| Veeva Systems, Inc., Class A<sup>(a)</sup>  | 103 | &nbsp;&nbsp; 24070 |
| Veralto Corp. | 196 | &nbsp;&nbsp; 18796 |
| Verizon Communications, Inc. | 3736 | &nbsp;&nbsp; 164608 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  | 216 | &nbsp;&nbsp; 110052 |
| W.W. Grainger, Inc. | 44 | &nbsp;&nbsp; 45070 |
| Walt Disney Co. (The) | 1636 | &nbsp;&nbsp; 148794 |
| Waters Corp.<sup>(a)</sup>  | 57 | &nbsp;&nbsp; 19821 |
| West Pharmaceutical Services, Inc. | 72 | &nbsp;&nbsp; 15213 |
| Williams-Sonoma, Inc. | 102 | &nbsp;&nbsp; 15756 |
| Willis Towers Watson PLC | 73 | &nbsp;&nbsp; 22469 |
| Workday, Inc., Class A<sup>(a)</sup>  | 191 | &nbsp;&nbsp; 46795 |
| Xylem, Inc. | 240 | &nbsp;&nbsp; 28937 |
| Zimmer Biomet Holdings, Inc. | 203 | &nbsp;&nbsp; 20919 |
| Zoetis, Inc. | 439 | &nbsp;&nbsp; 68660 |
|  |  | &nbsp;&nbsp; 10765985 |
| Total Common Stocks & Other Equity Interests <br> (Cost $12,938,539) | Total Common Stocks & Other Equity Interests <br> (Cost $12,938,539) | &nbsp;&nbsp; 15347757 |
| **Money Market Funds–4.10%** | **Money Market Funds–4.10%** | **Money Market Funds–4.10%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup>  | 230890 | &nbsp;&nbsp; 230890 |
| Invesco Treasury Portfolio, Institutional Class, <br> 4.23%<sup>(c)(d)</sup>  | 428540 | &nbsp;&nbsp; 428540 |
| Total Money Market Funds (Cost $659,430) | Total Money Market Funds (Cost $659,430) | &nbsp;&nbsp; 659430 |
| TOTAL INVESTMENTS IN SECURITIES—99.44% <br> (Cost $13,597,969) | TOTAL INVESTMENTS IN SECURITIES—99.44% <br> (Cost $13,597,969) | &nbsp;&nbsp; 16007187 |
| OTHER ASSETS LESS LIABILITIES–0.56% | OTHER ASSETS LESS LIABILITIES–0.56% | &nbsp;&nbsp; 89733 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $16096920 |

---

Investment Abbreviations:

CDI – CREST Depository Interest <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2025 was $45,822, 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 six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $145974 | &nbsp;&nbsp; $497124 | &nbsp;&nbsp; $(412208) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $230890 | &nbsp;&nbsp; $2832 |
| Invesco Treasury Portfolio, Institutional Class | 270840 | &nbsp;&nbsp; 923230 | &nbsp;&nbsp; (765530) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 428540 | &nbsp;&nbsp; 5204 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 394401 | &nbsp;&nbsp; (394401) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 143\* |
| Invesco Private Prime Fund | - | &nbsp;&nbsp; 1014262 | &nbsp;&nbsp; (1014262) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 253\* |
| Total | $416814 | &nbsp;&nbsp; $2829017 | &nbsp;&nbsp; $(2586401) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $659430 | &nbsp;&nbsp; $8432 |

---

\* 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 April 30, 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> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| MSCI World Index | &nbsp;&nbsp;&nbsp; 5 | June-2025 | &nbsp;&nbsp;&nbsp; $579250 | &nbsp;&nbsp;&nbsp; $(13342)<br>| &nbsp;&nbsp;&nbsp; $(13342)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $44,016 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**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $12,938,539)<br>| &nbsp;&nbsp; $15347757 |
| Investments in affiliated money market funds, at value <br> (Cost $659,430)<br>| &nbsp;&nbsp; 659430 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 2052 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 44016 |
| Foreign currencies, at value (Cost $594) | &nbsp;&nbsp; 601 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 5740 |
| Dividends | &nbsp;&nbsp; 30799 |
| Foreign withholding tax claims | &nbsp;&nbsp; 48 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 23887 |
| Other assets | &nbsp;&nbsp; 36940 |
| Total assets | &nbsp;&nbsp; 16151270 |
| **Liabilities:** |  |
| Payable for: |  |
| Amount due custodian | &nbsp;&nbsp; 5650 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1616 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 571 |
| Accrued other operating expenses | &nbsp;&nbsp; 22626 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 23887 |
| Total liabilities | &nbsp;&nbsp; 54350 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $16096920 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $13667380 |
| Distributable earnings | &nbsp;&nbsp; 2429540 |
|  | &nbsp;&nbsp; $16096920 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1467157 |
| Class C | &nbsp;&nbsp; $199578 |
| Class R | &nbsp;&nbsp; $960860 |
| Class Y | &nbsp;&nbsp; $932853 |
| Class R5 | &nbsp;&nbsp; $15977 |
| Class R6 | &nbsp;&nbsp; $12520495 |
| **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; 92790 |
| Class C | &nbsp;&nbsp; 12925 |
| Class R | &nbsp;&nbsp; 61299 |
| Class Y | &nbsp;&nbsp; 58437 |
| Class R5 | &nbsp;&nbsp; 1001 |
| Class R6 | &nbsp;&nbsp; 784390 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $15.81 |
| Maximum offering price per share <br>(Net asset value of $15.81 ÷ 94.50%)<br>| &nbsp;&nbsp; $16.73 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.44 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.67 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.96 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.96 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.96 |

---

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 six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $211 |
| Dividends (net of foreign withholding taxes of $10,989) | &nbsp;&nbsp; 119837 |
| Dividends from affiliated money market funds (includes net securities lending income of $16) | &nbsp;&nbsp; 8052 |
| Foreign withholding tax claims | &nbsp;&nbsp; 48 |
| Total investment income | &nbsp;&nbsp; 128148 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 11666 |
| Administrative services fees | &nbsp;&nbsp; 1226 |
| Custodian fees | &nbsp;&nbsp; 1507 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 2045 |
| Class C | &nbsp;&nbsp; 1092 |
| Class R | &nbsp;&nbsp; 2479 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 3412 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 3 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 1922 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 9375 |
| Registration and filing fees | &nbsp;&nbsp; 39296 |
| Licensing fees | &nbsp;&nbsp; 3410 |
| Reports to shareholders | &nbsp;&nbsp; 4630 |
| Professional services fees | &nbsp;&nbsp; 26213 |
| Other | &nbsp;&nbsp; 7245 |
| Total expenses | &nbsp;&nbsp; 115521 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (94272)<br>|
| Net expenses | &nbsp;&nbsp; 21249 |
| Net investment income | &nbsp;&nbsp; 106899 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (9910)<br>|
| Foreign currencies | &nbsp;&nbsp; 103 |
| Futures contracts | &nbsp;&nbsp; 1971 |
|  | &nbsp;&nbsp; (7836)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (627798)<br>|
| Foreign currencies | &nbsp;&nbsp; 3177 |
| Futures contracts | &nbsp;&nbsp; (13421)<br>|
|  | &nbsp;&nbsp; (638042)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (645878)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(538979)<br>|

---

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

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $106899 | &nbsp;&nbsp; $230596 |
| Net realized gain (loss) | &nbsp;&nbsp; (7836)<br>| &nbsp;&nbsp; 1484368 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (638042)<br>| &nbsp;&nbsp; 1721153 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (538979)<br>| &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; 45840 | &nbsp;&nbsp; 236152 |
| Class C | &nbsp;&nbsp; 8738 | &nbsp;&nbsp; 10395 |
| Class R | &nbsp;&nbsp; 107922 | &nbsp;&nbsp; 224496 |
| Class Y | &nbsp;&nbsp; (127207)<br>| &nbsp;&nbsp; 69198 |
| Class R6 | &nbsp;&nbsp; 1337475 | &nbsp;&nbsp; 2840061 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 1372768 | &nbsp;&nbsp; 3380302 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (811302)<br>| &nbsp;&nbsp; 6434791 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 16908222 | &nbsp;&nbsp; 10473431 |
| End of period | &nbsp;&nbsp; $16096920 | &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**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 04/30/25 | $18.03 | $0.09 | $(0.56)<br>| $(0.47)<br>| $(0.24)<br>| $(1.51)<br>| $(1.75)<br>| $15.81 | (3.33)%<br>| &nbsp;&nbsp; $1467 | 0.44 %<sup>(d)</sup><br>| 1.68 %<sup>(d)</sup><br>| 1.10 %<sup>(d)</sup><br>| 2<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>(e)</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 |
| Year ended 10/31/20 | 11.86 | 0.17 | (0.06)<br>| 0.11 | (0.19)<br>|  | (0.19)<br>| 11.78 | 0.89 | &nbsp;&nbsp; 922 | 0.70 | 3.03 | 1.48 | 118 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 17.61 | 0.03 | (0.55)<br>| (0.52)<br>| (0.14)<br>| (1.51)<br>| (1.65)<br>| 15.44 | (3.68)<br>| &nbsp;&nbsp; 200 | 1.19 <br><sup>(d)</sup><br>| 2.43 <br><sup>(d)</sup><br>| 0.35 <br><sup>(d)</sup><br>| 2 |
| 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>(e)</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 |
| Year ended 10/31/20 | 11.75 | 0.08 | (0.05)<br>| 0.03 | (0.11)<br>|  | (0.11)<br>| 11.67 | 0.21 | &nbsp;&nbsp; 158 | 1.45 | 3.78 | 0.73 | 118 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 04/30/25 | 17.88 | 0.07 | (0.56)<br>| (0.49)<br>| (0.21)<br>| (1.51)<br>| (1.72)<br>| 15.67 | (3.48)<br>| &nbsp;&nbsp; 961 | 0.69 <br><sup>(d)</sup><br>| 1.93 <br><sup>(d)</sup><br>| 0.85 <br><sup>(d)</sup><br>| 2 |
| 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>(e)</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 |
| Year ended 10/31/20 | 11.81 | 0.15 | (0.06)<br>| 0.09 | (0.16)<br>|  | (0.16)<br>| 11.74 | 0.74 | &nbsp;&nbsp; 325 | 0.95 | 3.28 | 1.23 | 118 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 18.20 | 0.11 | (0.56)<br>| (0.45)<br>| (0.28)<br>| (1.51)<br>| (1.79)<br>| 15.96 | (3.24)<br>| &nbsp;&nbsp; 933 | 0.19 <br><sup>(d)</sup><br>| 1.43 <br><sup>(d)</sup><br>| 1.35 <br><sup>(d)</sup><br>| 2 |
| 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>(e)</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 |
| Year ended 10/31/20 | 11.91 | 0.20 | (0.06)<br>| 0.14 | (0.22)<br>|  | (0.22)<br>| 11.83 | 1.11 | &nbsp;&nbsp; 485 | 0.45 | 2.78 | 1.73 | 118 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 04/30/25 | 18.20 | 0.11 | (0.56)<br>| (0.45)<br>| (0.28)<br>| (1.51)<br>| (1.79)<br>| 15.96 | (3.24)<br>| &nbsp;&nbsp; 16 | 0.19 <br><sup>(d)</sup><br>| 1.28 <br><sup>(d)</sup><br>| 1.35 <br><sup>(d)</sup><br>| 2 |
| 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>(e)</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 |
| Year ended 10/31/20 | 11.90 | 0.20 | (0.05)<br>| 0.15 | (0.22)<br>|  | (0.22)<br>| 11.83 | 1.20 | &nbsp;&nbsp; 22 | 0.45 | 2.56 | 1.73 | 118 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 18.20 | 0.11 | (0.56)<br>| (0.45)<br>| (0.28)<br>| (1.51)<br>| (1.79)<br>| 15.96 | (3.24)<br>| &nbsp;&nbsp; 12520 | 0.19 <br><sup>(d)</sup><br>| 1.28 <br><sup>(d)</sup><br>| 1.35 <br><sup>(d)</sup><br>| 2 |
| 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>(e)</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 |
| Year ended 10/31/20 | 11.90 | 0.20 | (0.05)<br>| 0.15 | (0.22)<br>|  | (0.22)<br>| 11.83 | 1.20 | &nbsp;&nbsp; 6342 | 0.45 | 2.51 | 1.73 | 118 |

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<sup>(a)</sup> Calculated using average shares outstanding.

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

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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**

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**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**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.

**11**

**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 six months ended April 30, 2025, the Fund did not enter into any closing agreements.

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

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

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

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

**12**

**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 note disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid the Adviser 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

**13**

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

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:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.140% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.120% |

---

For the six months ended April 30, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2026, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (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, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $11,666, reimbursed fund level expenses of $77,152 and reimbursed class level expenses of $1,434, $192, $870, $917, $3 and $1,922 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

**14**

**Invesco MSCI World SRI Index Fund**

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $245988 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $245988 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8377 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8377 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27587 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27587 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 627286 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 627286 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 241456 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 241456 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75321 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75321 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 381312 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 381312 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230885 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230885 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99200 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11645 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11645 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80443 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80443 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1074647 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1074647 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp; 15064 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15064 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 46262 | &nbsp;&nbsp;&nbsp;&nbsp; 408854 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 455116 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7790 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7790 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41321 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41321 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23933 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23933 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57918 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57918 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58295 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58295 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 319928 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 319928 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 498260 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 498260 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 10628484 | &nbsp;&nbsp;&nbsp;&nbsp; 137501 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10765985 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 659430 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 659430 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 11976526 | &nbsp;&nbsp;&nbsp;&nbsp; 4030661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16007187 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (13342)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13342)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $11963184 | &nbsp;&nbsp;&nbsp;&nbsp; $4030661 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15993845 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

**15**

**Invesco MSCI World SRI Index 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 April 30, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(13342)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 13342 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**Effect of Derivative Investments for the six months ended April 30, 2025**

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

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1971 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (13421)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(11450)<br>|

---

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $439153 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $116.

**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—Tax Information**

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

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

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $327,470 and $770,290, respectively. As of April 30, 2025, the aggregate cost of investments,

**16**

**Invesco MSCI World SRI Index Fund**

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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; $3191557 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (813972)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2377585 |

---

Cost of investments for tax purposes is $13,616,260.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 14088 | &nbsp;&nbsp;&nbsp; $225360 | &nbsp;&nbsp;&nbsp; 24724 | &nbsp;&nbsp;&nbsp; $405388 |
| Class C | &nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 5735 | &nbsp;&nbsp;&nbsp; 1444 | &nbsp;&nbsp;&nbsp; 23395 |
| Class R | &nbsp;&nbsp;&nbsp; 8066 | &nbsp;&nbsp;&nbsp; 143467 | &nbsp;&nbsp;&nbsp; 22839 | &nbsp;&nbsp;&nbsp; 371380 |
| Class Y | &nbsp;&nbsp;&nbsp; 604 | &nbsp;&nbsp;&nbsp; 11015 | &nbsp;&nbsp;&nbsp; 73131 | &nbsp;&nbsp;&nbsp; 1239150 |
| Class R6 | &nbsp;&nbsp;&nbsp; 47440 | &nbsp;&nbsp;&nbsp; 792991 | &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; 415 | &nbsp;&nbsp;&nbsp; 6502 | &nbsp;&nbsp;&nbsp; 979 | &nbsp;&nbsp;&nbsp; 17648 |
| Class C | &nbsp;&nbsp;&nbsp; (425)<br>| &nbsp;&nbsp;&nbsp; (6502)<br>| &nbsp;&nbsp;&nbsp; (1001)<br>| &nbsp;&nbsp;&nbsp; (17648)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (21363)<br>| &nbsp;&nbsp;&nbsp; (338512)<br>| &nbsp;&nbsp;&nbsp; (12764)<br>| &nbsp;&nbsp;&nbsp; (221258)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (732)<br>| &nbsp;&nbsp;&nbsp; (11197)<br>| &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; (334)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (7562)<br>| &nbsp;&nbsp;&nbsp; (132085)<br>| &nbsp;&nbsp;&nbsp; (9720)<br>| &nbsp;&nbsp;&nbsp; (165754)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (14501)<br>| &nbsp;&nbsp;&nbsp; (248010)<br>| &nbsp;&nbsp;&nbsp; (70854)<br>| &nbsp;&nbsp;&nbsp; (1193034)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (41522)<br>| &nbsp;&nbsp;&nbsp; (706066)<br>| &nbsp;&nbsp;&nbsp; (86464)<br>| &nbsp;&nbsp;&nbsp; (1478370)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 79508 | &nbsp;&nbsp;&nbsp; $1372768 | &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 77% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**17**

**Invesco MSCI World SRI Index Fund**

------

**18**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**19**

**Invesco MSCI World SRI Index Fund**

------

![](imgc97660c51.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

GLRE-NCSRS

------

![](img7d9c21a81.jpg)

------

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

**April 30, 2025**

**Invesco Oppenheimer International Growth Fund**

Nasdaq:

A: OIGAX ■ C: OIGCX ■ R: OIGNX ■ Y: OIGYX ■ R5: INGFX ■ R6: OIGIX

------

---

| | |
|:---|:---|
| [2](#xx_4fcffc4c-6b9b-434f-8046-52d44c07f7f5_SOI-Continued-682_1) | Schedule of Investments |
| [4](#xx_4fcffc4c-6b9b-434f-8046-52d44c07f7f5_FS-Continued-682_1) | Financial Statements |
| [7](#xx_4fcffc4c-6b9b-434f-8046-52d44c07f7f5_FS-Continued-682_4) | Financial Highlights |
| [8](#xx_4fcffc4c-6b9b-434f-8046-52d44c07f7f5_NTF-Continued-682_1) | Notes to Financial Statements |
| [15](#xx_4fcffc4c-6b9b-434f-8046-52d44c07f7f5_OIRSR-Continued-682_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*April 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–100.18%** | **Common Stocks & Other Equity Interests–100.18%** | **Common Stocks & Other Equity Interests–100.18%** |
| **Canada–5.60%** | **Canada–5.60%** | **Canada–5.60%** |
| Alimentation Couche-Tard, Inc. | 1512051 | &nbsp;&nbsp; $78925860 |
| Dollarama, Inc. | 1345087 | &nbsp;&nbsp; 165964963 |
| Shopify, Inc., Class A<sup>(a)</sup>  | 569031 | &nbsp;&nbsp; 54057945 |
|  |  | &nbsp;&nbsp; 298948768 |
| **China–3.55%** | **China–3.55%** | **China–3.55%** |
| Alibaba Group Holding Ltd., ADR<sup>(b)</sup>  | 995862 | &nbsp;&nbsp; 118935799 |
| Tencent Holdings Ltd. | 1150200 | &nbsp;&nbsp; 70450833 |
|  |  | &nbsp;&nbsp; 189386632 |
| **Denmark–0.74%** | **Denmark–0.74%** | **Denmark–0.74%** |
| Novo Nordisk A/S, Class B | 592020 | &nbsp;&nbsp; 39583352 |
| **France–15.77%** | **France–15.77%** | **France–15.77%** |
| Airbus SE | 394167 | &nbsp;&nbsp; 66886396 |
| Dassault Systemes SE | 1701725 | &nbsp;&nbsp; 63774083 |
| Edenred SE | 1996776 | &nbsp;&nbsp; 62273366 |
| EssilorLuxottica S.A.<sup>(b)</sup>  | 275001 | &nbsp;&nbsp; 79242359 |
| Hermes International S.C.A. | 44906 | &nbsp;&nbsp; 123499581 |
| L'Oreal S.A. | 240284 | &nbsp;&nbsp; 106173247 |
| LVMH Moet Hennessy Louis Vuitton SE | 185550 | &nbsp;&nbsp; 102781586 |
| Sartorius Stedim Biotech | 545192 | &nbsp;&nbsp; 128660359 |
| Schneider Electric SE | 312536 | &nbsp;&nbsp; 73022708 |
| Societe Generale S.A. | 680606 | &nbsp;&nbsp; 35486096 |
|  |  | &nbsp;&nbsp; 841799781 |
| **Germany–4.65%** | **Germany–4.65%** | **Germany–4.65%** |
| SAP SE | 327123 | &nbsp;&nbsp; 95712497 |
| Siemens AG | 662265 | &nbsp;&nbsp; 152494080 |
|  |  | &nbsp;&nbsp; 248206577 |
| **India–6.78%** | **India–6.78%** | **India–6.78%** |
| Dr Lal PathLabs Ltd.<sup>(c)</sup>  | 2943012 | &nbsp;&nbsp; 96581789 |
| ICICI Bank Ltd. | 5850991 | &nbsp;&nbsp; 98350907 |
| Reliance Industries Ltd. | 10053703 | &nbsp;&nbsp; 166934941 |
|  |  | &nbsp;&nbsp; 361867637 |
| **Ireland–3.55%** | **Ireland–3.55%** | **Ireland–3.55%** |
| Accenture PLC, Class A | 228003 | &nbsp;&nbsp; 68207097 |
| Flutter Entertainment PLC<sup>(a)</sup>  | 498740 | &nbsp;&nbsp; 121052518 |
|  |  | &nbsp;&nbsp; 189259615 |
| **Italy–2.27%** | **Italy–2.27%** | **Italy–2.27%** |
| FinecoBank Banca Fineco S.p.A. | 3363341 | &nbsp;&nbsp; 67303565 |
| Ryanair Holdings PLC | 2267672 | &nbsp;&nbsp; 53980800 |
|  |  | &nbsp;&nbsp; 121284365 |
| **Japan–10.92%** | **Japan–10.92%** | **Japan–10.92%** |
| Daikin Industries Ltd. | 773800 | &nbsp;&nbsp; 88153792 |
| Hitachi Ltd. | 2520900 | &nbsp;&nbsp; 62305335 |
| Hoya Corp. | 546610 | &nbsp;&nbsp; 64317457 |
| Keyence Corp. | 177084 | &nbsp;&nbsp; 74037317 |
| Kobe Bussan Co. Ltd.<sup>(b)</sup>  | 2067500 | &nbsp;&nbsp; 63183059 |
| Mitsubishi UFJ Financial Group, Inc. | 6230500 | &nbsp;&nbsp; 78498826 |
| MonotaRO Co. Ltd.<sup>(b)</sup>  | 5671900 | &nbsp;&nbsp; 109086904 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Japan–(continued)** | **Japan–(continued)** | **Japan–(continued)** | **Japan–(continued)** |
| OBIC Business Consultants Co. Ltd. | OBIC Business Consultants Co. Ltd. | 906000 | &nbsp;&nbsp; $43552838 |
|  |  |  | &nbsp;&nbsp; 583135528 |
| **Netherlands–5.54%** | **Netherlands–5.54%** | **Netherlands–5.54%** | **Netherlands–5.54%** |
| ASM International N.V. | ASM International N.V. | 126230 | &nbsp;&nbsp; 61699578 |
| ASML Holding N.V. | ASML Holding N.V. | 143991 | &nbsp;&nbsp; 96393606 |
| Universal Music Group N.V. | Universal Music Group N.V. | 4684357 | &nbsp;&nbsp; 137745766 |
|  |  |  | &nbsp;&nbsp; 295838950 |
| **Spain–2.65%** | **Spain–2.65%** | **Spain–2.65%** | **Spain–2.65%** |
| Amadeus IT Group S.A. | Amadeus IT Group S.A. | 1012370 | &nbsp;&nbsp; 79686679 |
| CaixaBank S.A.<sup>(b)</sup>  | CaixaBank S.A.<sup>(b)</sup>  | 8028423 | &nbsp;&nbsp; 61531489 |
|  |  |  | &nbsp;&nbsp; 141218168 |
| **Sweden–4.43%** | **Sweden–4.43%** | **Sweden–4.43%** | **Sweden–4.43%** |
| Atlas Copco AB, Class A<sup>(b)</sup>  | Atlas Copco AB, Class A<sup>(b)</sup>  | 5510134 | &nbsp;&nbsp; 85289691 |
| Epiroc AB, Class A | Epiroc AB, Class A | 3615807 | &nbsp;&nbsp; 78226931 |
| Svenska Handelsbanken AB, Class A | Svenska Handelsbanken AB, Class A | 5564406 | &nbsp;&nbsp; 72837019 |
|  |  |  | &nbsp;&nbsp; 236353641 |
| **Switzerland–2.93%** | **Switzerland–2.93%** | **Switzerland–2.93%** | **Switzerland–2.93%** |
| Lonza Group AG | Lonza Group AG | 150271 | &nbsp;&nbsp; 107971096 |
| Sika AG | Sika AG | 194396 | &nbsp;&nbsp; 48581028 |
|  |  |  | &nbsp;&nbsp; 156552124 |
| **Taiwan–2.45%** | **Taiwan–2.45%** | **Taiwan–2.45%** | **Taiwan–2.45%** |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. | Taiwan Semiconductor Manufacturing <br> Co. Ltd. | 4624000 | &nbsp;&nbsp; 131018965 |
| **United Kingdom–19.36%** | **United Kingdom–19.36%** | **United Kingdom–19.36%** | **United Kingdom–19.36%** |
| Ashtead Group PLC | Ashtead Group PLC | 1590929 | &nbsp;&nbsp; 85166268 |
| AstraZeneca PLC | AstraZeneca PLC | 941153 | &nbsp;&nbsp; 134835980 |
| Auto Trader Group PLC<sup>(c)</sup>  | Auto Trader Group PLC<sup>(c)</sup>  | 5822282 | &nbsp;&nbsp; 65412495 |
| BAE Systems PLC | BAE Systems PLC | 6376266 | &nbsp;&nbsp; 147818662 |
| Compass Group PLC | Compass Group PLC | 3822346 | &nbsp;&nbsp; 128869715 |
| ConvaTec Group PLC<sup>(c)</sup>  | ConvaTec Group PLC<sup>(c)</sup>  | 20546235 | &nbsp;&nbsp; 71432254 |
| Diageo PLC | Diageo PLC | 2075056 | &nbsp;&nbsp; 58268381 |
| London Stock Exchange Group PLC | London Stock Exchange Group PLC | 1038423 | &nbsp;&nbsp; 161694375 |
| Rightmove PLC | Rightmove PLC | 7559416 | &nbsp;&nbsp; 74657963 |
| RS Group PLC | RS Group PLC | 6590753 | &nbsp;&nbsp; 45443263 |
| Trainline PLC<sup>(a)(c)</sup>  | Trainline PLC<sup>(a)(c)</sup>  | 15257469 | &nbsp;&nbsp; 59764086 |
|  |  |  | &nbsp;&nbsp; 1033363442 |
| **United States–8.99%** | **United States–8.99%** | **United States–8.99%** | **United States–8.99%** |
| EPAM Systems, Inc.<sup>(a)</sup>  | EPAM Systems, Inc.<sup>(a)</sup>  | 572211 | &nbsp;&nbsp; 89785628 |
| Experian PLC | Experian PLC | 2009770 | &nbsp;&nbsp; 99988155 |
| Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | 634378 | &nbsp;&nbsp; 107723019 |
| Illumina, Inc.<sup>(a)</sup>  | Illumina, Inc.<sup>(a)</sup>  | 514058 | &nbsp;&nbsp; 39890901 |
| ResMed, Inc. | ResMed, Inc. | 602272 | &nbsp;&nbsp; 142491532 |
|  |  |  | &nbsp;&nbsp; 479879235 |
| Total Common Stocks & Other Equity Interests <br> (Cost $3,324,978,464) | Total Common Stocks & Other Equity Interests <br> (Cost $3,324,978,464) | Total Common Stocks & Other Equity Interests <br> (Cost $3,324,978,464) | &nbsp;&nbsp; 5347696780 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from <br> securities on loan)-100.18% <br> (Cost $3,324,978,464)<br>|  |  | &nbsp;&nbsp; 5347696780 |

---

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

**2**

**Invesco Oppenheimer International Growth Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–2.94%** | **Money Market Funds–2.94%** | **Money Market Funds–2.94%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | 43493794 | &nbsp;&nbsp; $43493794 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | 113515671 | &nbsp;&nbsp; 113538374 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $157,039,059) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $157,039,059) | &nbsp;&nbsp; 157032168 |
| TOTAL INVESTMENTS IN SECURITIES—103.12% <br> (Cost $3,482,017,523) | TOTAL INVESTMENTS IN SECURITIES—103.12% <br> (Cost $3,482,017,523) | &nbsp;&nbsp; 5504728948 |
| OTHER ASSETS LESS LIABILITIES–(3.12)% | OTHER ASSETS LESS LIABILITIES–(3.12)% | &nbsp;&nbsp; (166694089)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $5338034859 |

---

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 April 30, 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 April 30, 2025 was $293,190,624, which represented 5.49% 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 six months ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio | $11325706 | &nbsp;&nbsp; $151018333 | &nbsp;&nbsp; $(162344039) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $62287 |
| Invesco Treasury Portfolio | 21033453 | &nbsp;&nbsp; 280462620 | &nbsp;&nbsp; (301496073) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 113801 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 13008777 | &nbsp;&nbsp; 422202151 | &nbsp;&nbsp; (391717134) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 43493794 | &nbsp;&nbsp; 784,770\* |
| Invesco Private Prime Fund | 34028659 | &nbsp;&nbsp; 971464481 | &nbsp;&nbsp; (891939639) | &nbsp;&nbsp; (6891) | &nbsp;&nbsp; (8236) | &nbsp;&nbsp; 113538374 | &nbsp;&nbsp; 2,113,753\* |
| Total | $79396595 | &nbsp;&nbsp; $1825147585 | &nbsp;&nbsp; $(1747496885) | &nbsp;&nbsp; $(6891) | &nbsp;&nbsp; $(8236) | &nbsp;&nbsp; $157032168 | &nbsp;&nbsp; $3074611 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1K. 

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

**3**

**Invesco Oppenheimer International Growth Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $3,324,978,464)\*<br>| &nbsp;&nbsp; $5347696780 |
| Investments in affiliated money market funds, at value <br> (Cost $157,039,059)<br>| &nbsp;&nbsp; 157032168 |
| Foreign currencies, at value (Cost $6,952,788) | &nbsp;&nbsp; 6954431 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 28322002 |
| Fund shares sold | &nbsp;&nbsp; 2661074 |
| Dividends | &nbsp;&nbsp; 25303772 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 556203 |
| Other assets | &nbsp;&nbsp; 68973 |
| Total assets | &nbsp;&nbsp; 5568595403 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 24163366 |
| Fund shares reacquired | &nbsp;&nbsp; 5480561 |
| Amount due custodian | &nbsp;&nbsp; 14710966 |
| Accrued foreign taxes | &nbsp;&nbsp; 24880525 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 157039059 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1957911 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 54007 |
| Accrued other operating expenses | &nbsp;&nbsp; 352967 |
| IRS closing agreement fees for foreign withholding <br> tax claims<br>| &nbsp;&nbsp; 1364979 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 556203 |
| Total liabilities | &nbsp;&nbsp; 230560544 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $5338034859 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2343489135 |
| Distributable earnings | &nbsp;&nbsp; 2994545724 |
|  | &nbsp;&nbsp; $5338034859 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $900200580 |
| Class C | &nbsp;&nbsp; $30714663 |
| Class R | &nbsp;&nbsp; $196868306 |
| Class Y | &nbsp;&nbsp; $1648552195 |
| Class R5 | &nbsp;&nbsp; $2760468 |
| Class R6 | &nbsp;&nbsp; $2558938647 |
| **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; 26855911 |
| Class C | &nbsp;&nbsp; 1037751 |
| Class R | &nbsp;&nbsp; 6119927 |
| Class Y | &nbsp;&nbsp; 49511032 |
| Class R5 | &nbsp;&nbsp; 82040 |
| Class R6 | &nbsp;&nbsp; 76944263 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $33.52 |
| Maximum offering price per share <br>(Net asset value of $33.52 ÷ 94.50%)<br>| &nbsp;&nbsp; $35.47 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $29.60 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $32.17 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $33.30 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $33.65 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $33.26 |

---

\* At April 30, 2025, securities with an aggregate value of $152,164,757 were on loan to brokers. 

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

**4**

**Invesco Oppenheimer International Growth Fund**

------

**Statement of Operations**

*For the six months ended April 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $3,669,128) | &nbsp;&nbsp; $41127059 |
| Dividends from affiliates (includes net securities lending income of $444,273) | &nbsp;&nbsp; 620361 |
| Total investment income | &nbsp;&nbsp; 41747420 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 19105639 |
| Administrative services fees | &nbsp;&nbsp; 405755 |
| Custodian fees | &nbsp;&nbsp; 294622 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1117899 |
| Class C | &nbsp;&nbsp; 164396 |
| Class R | &nbsp;&nbsp; 492596 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 3117129 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 1364 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 445065 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 19418 |
| Registration and filing fees | &nbsp;&nbsp; 68063 |
| Reports to shareholders | &nbsp;&nbsp; 226261 |
| Professional services fees | &nbsp;&nbsp; 63741 |
| Other | &nbsp;&nbsp; 69943 |
| Total expenses | &nbsp;&nbsp; 25591891 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (34909)<br>|
| Net expenses | &nbsp;&nbsp; 25556982 |
| Net investment income | &nbsp;&nbsp; 16190438 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1001446921 |
| Affiliated investment securities | &nbsp;&nbsp; (8236)<br>|
| Foreign currencies | &nbsp;&nbsp; (639484)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (51387)<br>|
|  | &nbsp;&nbsp; 1000747814 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes of $2,910,648) | &nbsp;&nbsp; (924874984)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (6891)<br>|
| Foreign currencies | &nbsp;&nbsp; 916525 |
|  | &nbsp;&nbsp; (923965350)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 76782464 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $92972902 |

---

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

**5**

**Invesco Oppenheimer International Growth Fund**

------

**Statement of Changes in Net Assets**

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

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **April 30,** <br>**2025**<br>| **October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $16190438 | &nbsp;&nbsp; $35788123 |
| Net realized gain | &nbsp;&nbsp; 1000747814 | &nbsp;&nbsp; 648495935 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (923965350)<br>| &nbsp;&nbsp; 772537842 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 92972902 | &nbsp;&nbsp; 1456821900 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (94469931)<br>| &nbsp;&nbsp; (113498005)<br>|
| Class C | &nbsp;&nbsp; (3757131)<br>| &nbsp;&nbsp; (5742254)<br>|
| Class R | &nbsp;&nbsp; (20151764)<br>| &nbsp;&nbsp; (24063311)<br>|
| Class Y | &nbsp;&nbsp; (213286101)<br>| &nbsp;&nbsp; (281922094)<br>|
| Class R5 | &nbsp;&nbsp; (274416)<br>| &nbsp;&nbsp; (290978)<br>|
| Class R6 | &nbsp;&nbsp; (284083580)<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; (1232631)<br>| &nbsp;&nbsp; (43457552)<br>|
| Class C | &nbsp;&nbsp; (2486171)<br>| &nbsp;&nbsp; (13736751)<br>|
| Class R | &nbsp;&nbsp; 8298107 | &nbsp;&nbsp; (7981133)<br>|
| Class Y | &nbsp;&nbsp; (450403615)<br>| &nbsp;&nbsp; (266729624)<br>|
| Class R5 | &nbsp;&nbsp; 296926 | &nbsp;&nbsp; 217808 |
| Class R6 | &nbsp;&nbsp; (35854915)<br>| &nbsp;&nbsp; (545178225)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (481382299)<br>| &nbsp;&nbsp; (876865477)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (1004432320)<br>| &nbsp;&nbsp; (217870653)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 6342467179 | &nbsp;&nbsp; 6560337832 |
| End of period | &nbsp;&nbsp; $5338034859 | &nbsp;&nbsp; $6342467179 |

---

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

**6**

**Invesco Oppenheimer International Growth Fund**

------

**Financial Highlights**

*(Unaudited)*

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

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 04/30/25 | $36.54 | $0.05 | $0.52 | $0.57 | $(0.10)<br>| $(3.49)<br>| $(3.59)<br>| $33.52 | 1.64 %<sup>(d)</sup><br>| &nbsp;&nbsp; $900201 | 1.16 %<sup>(d)(e)</sup><br>| 1.16 %<sup>(d)(e)</sup><br>| 0.31 %<sup>(d)(e)</sup><br>| 18<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 |
| Year ended 10/31/20 | 41.74 | (0.02)<br>| 4.53 | 4.51 | (0.38)<br>|  | (0.38)<br>| 45.87 | 10.84 | &nbsp;&nbsp; 1472093 | 1.10 | 1.13 | (0.06)<br>| 22 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 04/30/25 | 32.69 | (0.07)<br>| 0.47 | 0.40 |  | (3.49)<br>| (3.49)<br>| 29.60 | 1.28 | &nbsp;&nbsp; 30715 | 1.92 <br><sup>(e)</sup><br>| 1.92 <br><sup>(e)</sup><br>| (0.45 )<sup>(e)</sup><br>| 18 |
| 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 |
| Year ended 10/31/20 | 39.42 | (0.33)<br>| 4.28 | 3.95 | (0.07)<br>|  | (0.07)<br>| 43.30 | 10.02 | &nbsp;&nbsp; 184361 | 1.85 | 1.88 | (0.81)<br>| 22 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 04/30/25 | 35.15 | 0.01 | 0.50 | 0.51 | (0.00)<br>| (3.49)<br>| (3.49)<br>| 32.17 | 1.53 | &nbsp;&nbsp; 196868 | 1.42 <br><sup>(e)</sup><br>| 1.42 <br><sup>(e)</sup><br>| 0.05 <br><sup>(e)</sup><br>| 18 |
| 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 |
| Year ended 10/31/20 | 40.88 | (0.13)<br>| 4.44 | 4.31 | (0.27)<br>|  | (0.27)<br>| 44.92 | 10.58 | &nbsp;&nbsp; 263106 | 1.35 | 1.38 | (0.31)<br>| 22 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 04/30/25 | 36.37 | 0.09 | 0.53 | 0.62 | (0.20)<br>| (3.49)<br>| (3.69)<br>| 33.30 | 1.78 | &nbsp;&nbsp; 1648552 | 0.92 <br><sup>(e)</sup><br>| 0.92 <br><sup>(e)</sup><br>| 0.55 <br><sup>(e)</sup><br>| 18 |
| 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 |
| Year ended 10/31/20 | 41.51 | 0.08 | 4.52 | 4.60 | (0.48)<br>|  | (0.48)<br>| 45.63 | 11.13 | &nbsp;&nbsp; 4132110 | 0.85 | 0.88 | 0.19 | 22 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 04/30/25 | 36.72 | 0.11 | 0.53 | 0.64 | (0.22)<br>| (3.49)<br>| (3.71)<br>| 33.65 | 1.84 | &nbsp;&nbsp; 2760 | 0.81 <br><sup>(e)</sup><br>| 0.81 <br><sup>(e)</sup><br>| 0.66 <br><sup>(e)</sup><br>| 18 |
| 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 |
| Year ended 10/31/20 | 41.80 | 0.15 | 4.55 | 4.70 | (0.53)<br>|  | (0.53)<br>| 45.97 | 11.29 | &nbsp;&nbsp; 12 | 0.69 | 0.69 | 0.35 | 22 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 04/30/25 | 36.36 | 0.12 | 0.52 | 0.64 | (0.25)<br>| (3.49)<br>| (3.74)<br>| 33.26 | 1.86 | &nbsp;&nbsp; 2558939 | 0.74 <br><sup>(e)</sup><br>| 0.74 <br><sup>(e)</sup><br>| 0.73 <br><sup>(e)</sup><br>| 18 |
| 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 |
| Year ended 10/31/20 | 41.55 | 0.15 | 4.52 | 4.67 | (0.55)<br>|  | (0.55)<br>| 45.67 | 11.29 | &nbsp;&nbsp; 5473919 | 0.69 | 0.69 | 0.35 | 22 |

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<sup>(a)</sup> Calculated using average shares outstanding.

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

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended April 30, 2025 and for the years ended October 31, 2024 and 2023, respectively. 

<sup>(e)</sup> Annualized.

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

**7**

**Invesco Oppenheimer International Growth Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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.

**8**

**Invesco Oppenheimer International Growth Fund**

------

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

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

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

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

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

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

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

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional services fees,* if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the six months ended April 30, 2025, the Fund 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 Oppenheimer International Growth Fund**

------

potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid the Adviser $799 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 Oppenheimer International Growth 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:

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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% |

---

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

For the six months ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.67%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2025, the Adviser waived advisory fees of $5,686.

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 six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2025, IDI advised the Fund that IDI retained $31,625 in front-end sales commissions from the sale of Class A shares and $360 and $794 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2025, the Fund incurred $494 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.

**11**

**Invesco Oppenheimer International Growth Fund**

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**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the 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** |  |  |  |  |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; $298948768 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $298948768 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 118935799 | &nbsp;&nbsp;&nbsp;&nbsp; 70450833 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189386632 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39583352 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39583352 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 841799781 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 841799781 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 248206577 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 248206577 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 361867637 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 361867637 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 68207097 | &nbsp;&nbsp;&nbsp;&nbsp; 121052518 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189259615 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121284365 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121284365 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 583135528 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 583135528 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 295838950 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 295838950 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141218168 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141218168 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 236353641 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 236353641 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156552124 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156552124 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131018965 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131018965 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1033363442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1033363442 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 272168061 | &nbsp;&nbsp;&nbsp;&nbsp; 207711174 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 479879235 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 157032168 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 157032168 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $758259725 | &nbsp;&nbsp;&nbsp;&nbsp; $4746469223 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5504728948 |

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**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 six months ended April 30, 2025**

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

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| | |
|:---|:---|
|  | **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; $(51387)<br>|

---

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

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $28052407 |

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**12**

**Invesco Oppenheimer International Growth Fund**

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $29,223.

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

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Tax Information**

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

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

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2025 was $1,043,057,114 and $2,079,307,667, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2114065797 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (136129294)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1977936503 |

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Cost of investments for tax purposes is $3,526,792,445.

**NOTE 10—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**October 31, 2024** | **Year ended** <br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1449007 | &nbsp;&nbsp;&nbsp; $48102721 | &nbsp;&nbsp;&nbsp; 2835884 | &nbsp;&nbsp;&nbsp; $103751713 |
| Class C | &nbsp;&nbsp;&nbsp; 57985 | &nbsp;&nbsp;&nbsp; 1710385 | &nbsp;&nbsp;&nbsp; 119093 | &nbsp;&nbsp;&nbsp; 3925524 |
| Class R | &nbsp;&nbsp;&nbsp; 356149 | &nbsp;&nbsp;&nbsp; 11279328 | &nbsp;&nbsp;&nbsp; 439953 | &nbsp;&nbsp;&nbsp; 15552121 |
| Class Y | &nbsp;&nbsp;&nbsp; 6091892 | &nbsp;&nbsp;&nbsp; 200645361 | &nbsp;&nbsp;&nbsp; 10896066 | &nbsp;&nbsp;&nbsp; 397419101 |
| Class R5 | &nbsp;&nbsp;&nbsp; 8556 | &nbsp;&nbsp;&nbsp; 279687 | &nbsp;&nbsp;&nbsp; 7416 | &nbsp;&nbsp;&nbsp; 275561 |
| Class R6 | &nbsp;&nbsp;&nbsp; 6027254 | &nbsp;&nbsp;&nbsp; 197453199 | &nbsp;&nbsp;&nbsp; 7328137 | &nbsp;&nbsp;&nbsp; 266989812 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2557006 | &nbsp;&nbsp;&nbsp; 84918164 | &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; 5185455 | &nbsp;&nbsp;&nbsp; 170912598 | &nbsp;&nbsp;&nbsp; 7094033 | &nbsp;&nbsp;&nbsp; 244815080 |
| Class R5 | &nbsp;&nbsp;&nbsp; 8212 | &nbsp;&nbsp;&nbsp; 273461 | &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; 109705 | &nbsp;&nbsp;&nbsp; 3671492 | &nbsp;&nbsp;&nbsp; 298151 | &nbsp;&nbsp;&nbsp; 10957250 |
| Class C | &nbsp;&nbsp;&nbsp; (123800)<br>| &nbsp;&nbsp;&nbsp; (3671492)<br>| &nbsp;&nbsp;&nbsp; (331890)<br>| &nbsp;&nbsp;&nbsp; (10957250)<br>|

---

**13**

**Invesco Oppenheimer International Growth Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **April 30, 2025**<sup>(a)</sup> | **Year ended**<br> **October 31, 2024** | **Year ended**<br> **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4120962)<br>| &nbsp;&nbsp;&nbsp; $(137925008)<br>| &nbsp;&nbsp;&nbsp; (7150857)<br>| &nbsp;&nbsp;&nbsp; $(263279486)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (139539)<br>| &nbsp;&nbsp;&nbsp; (4136498)<br>| &nbsp;&nbsp;&nbsp; (366794)<br>| &nbsp;&nbsp;&nbsp; (12243945)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (719562)<br>| &nbsp;&nbsp;&nbsp; (23047129)<br>| &nbsp;&nbsp;&nbsp; (1339236)<br>| &nbsp;&nbsp;&nbsp; (47557400)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (24577933)<br>| &nbsp;&nbsp;&nbsp; (821961574)<br>| &nbsp;&nbsp;&nbsp; (24803115)<br>| &nbsp;&nbsp;&nbsp; (908963805)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (7721)<br>| &nbsp;&nbsp;&nbsp; (256222)<br>| &nbsp;&nbsp;&nbsp; (9469)<br>| &nbsp;&nbsp;&nbsp; (347622)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (15154190)<br>| &nbsp;&nbsp;&nbsp; (503120262)<br>| &nbsp;&nbsp;&nbsp; (30813438)<br>| &nbsp;&nbsp;&nbsp; (1136873272)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (14039885)<br>| &nbsp;&nbsp;&nbsp; $(481382299)<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 47% 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, 7% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |

---

**14**

**Invesco Oppenheimer 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>**

Not applicable.

**15**

**Invesco Oppenheimer International Growth Fund**

------

![](img7d9c21a81.jpg)

SEC file number(s): 811-06463 and 033-44611

Invesco Distributors, Inc.

O-IGR-NCSRS

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

None.

------

Item 16. Controls and Procedures.

(a) As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that the Registrant's disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

19(a)(1) Not applicable.

19(a)(2) Not applicable.

[19(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

19(a)(4) Not applicable.

19(a)(5) Not applicable.

[19(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

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

(Registrant) <u>AIM 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: July 2, 2025

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

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>..</u>

Name:Glenn Brightman

Title:Principal Executive Officer

Date: July 2, 2025

By: <u>/s/ Adrien Deberghes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>____ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Name:Adrien Deberghes

Title:Principal Financial Officer

Date:July 2, 2025

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Glenn Brightman, certify that:

1. I have reviewed this report on Form N-CSR of AIM 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>July 2, 2025</u>**<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Glenn Brightman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glenn Brightman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

------

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Adrien Deberghes, certify that:

1. I have reviewed this report on Form N-CSR of AIM 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>July 2, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Adrien Deberghes</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

------

## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM International Mutual Funds (Invesco International Mutual Funds) on Form N-CSR for the period ended April 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: July 2, 2025  | /s/ Glenn Brightman  |
|  | Glenn Brightman <br> Principal Executive Officer  |

---

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM International Mutual Funds (Invesco International Mutual Funds) on Form N-CSR for the period ended April 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: July 2, 2025  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

---

------