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

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

Date of fiscal year end:          10/31            

Date of reporting period:      04/30/22        

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 is as follows:

(b) Not applicable.

Semiannual Report to Shareholders April 30, 2022

Invesco Advantage International Fund

Nasdaq:

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

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
13	Financial Statements
16	Financial Highlights
17	Notes to Financial Statements
26	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-5.99	%
Class C Shares	-6.32
Class R Shares	-6.10
Class Y Shares	-5.85
Class R5 Shares	-5.80
Class R6 Shares	-5.84
MSCI All Country World ex USA Index▼	-11.87
Source(s): ▼RIMES Technologies Corp. The MSCI All Country World ex USA® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Advantage International Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (8/27/15)	4.89	%
5 Years	3.56
1 Year	-9.38
Class C Shares
Inception (8/27/15)	5.00	%
5 Years	3.94
1 Year	-5.69
Class R Shares
Inception (8/27/15)	5.53	%
5 Years	4.47
1 Year	-4.37
Class Y Shares
Inception (8/27/15)	5.98	%
5 Years	4.94
1 Year	-3.93
Class R5 Shares
Inception	5.91	%
5 Years	4.90
1 Year	-3.87
Class R6 Shares
Inception (8/27/15)	6.06	%
5 Years	5.00
1 Year	-3.92

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Global Multi-Asset Growth Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Global Multi-Asset Growth Fund. Note: The Fund was subsequently renamed the Invesco Advantage International Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco Advantage International Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Advantage International Fund

Schedule of Investments

April 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–63.44%
Australia–2.47%
Australia & New Zealand Banking Group Ltd.		201	$	3,815
BHP Group Ltd.		3,467		116,529
Coles Group Ltd.		858		11,236
Fortescue Metals Group Ltd.		1,308		19,829
Glencore PLC		8,840		54,491
Goodman Group		895		14,887
Macquarie Group Ltd.		54		7,738
Newcrest Mining Ltd.		295		5,530
Rio Tinto Ltd.		952		75,460
Rio Tinto PLC		1,418		100,581
Telstra Corp. Ltd.		12,970		36,750
Transurban Group		2,135		21,342
Wesfarmers Ltd.		455		15,693
Woolworths Group Ltd.		826		22,311
				506,192
Austria–0.05%
OMV AG		201		10,262
Belgium–0.38%
Anheuser-Busch InBev S.A./N.V.		799		46,066
Groupe Bruxelles Lambert S.A.		40		3,780
KBC Group N.V.		241		16,415
UCB S.A.		94		10,697
				76,958
Brazil–2.59%
B3 S.A. - Brasil, Bolsa, Balcao		16,200		43,581
Banco Bradesco S.A., Preference Shares		5,678		20,650
Banco do Brasil S.A.		5,600		37,628
CCR S.A.		2,000		5,020
Centrais Eletricas Brasileiras S.A.		500		4,094
Cia de Saneamento Basico do Estado de Sao Paulo		500		4,503
Cia Siderurgica Nacional S.A.		1,100		4,688
Cosan S.A.		900		3,823
ENGIE Brasil Energia S.A.		500		4,237
Gerdau S.A., Preference Shares		800		4,526
Itau Unibanco Holding S.A., Preference Shares		4,500		21,727
Itausa S.A., Preference Shares		3,600		6,706
Localiza Rent a Car S.A.		400		4,283
Lojas Renner S.A.		900		4,323
Petroleo Brasileiro S.A., Preference Shares		24,700		151,279
Telefonica Brasil S.A., ADR		1,515		16,059
Vale S.A.		9,900		166,784
Vibra Energia S.A.		800		3,418
WEG S.A.		4,000		24,353
				531,682
Chile–0.13%
Banco de Chile		49,108		4,904

	Shares		Value
Chile–(continued)
Banco Santander Chile		76,509	$	3,681
Cencosud S.A.		4,419		7,073
Falabella S.A.		4,241		11,911
				27,569
China–8.09%
Agricultural Bank of China Ltd., H Shares		29,000		10,889
Alibaba Group Holding Ltd.(a)		5,600		68,442
Aluminum Corp. of China Ltd., H Shares(a)		12,000		5,563
Anhui Conch Cement Co. Ltd., H Shares		3,000		16,245
ANTA Sports Products Ltd.		1,400		16,101
Autohome, Inc., ADR		227		6,599
Baidu, Inc., ADR(a)		483		59,974
Bank of China Ltd., H Shares		140,000		55,108
Bank of Communications Co. Ltd., H Shares		39,000		27,205
BeiGene Ltd., ADR(a)		69		11,040
Beijing Enterprises Holdings Ltd.		1,500		5,069
BOC Hong Kong Holdings Ltd.		2,000		7,214
Brilliance China Automotive Holdings Ltd.(b)		6,000		1,147
BYD Co. Ltd., H Shares		4,500		132,213
CGN Power Co. Ltd., H Shares(c)		18,000		5,053
China CITIC Bank Corp. Ltd., H Shares		31,000		15,766
China Coal Energy Co. Ltd., H Shares		5,000		4,266
China Conch Environment Protection Holdings Ltd.(a)		1,000		856
China Conch Venture Holdings Ltd.		1,000		2,608
China Construction Bank Corp., H Shares		160,000		113,693
China Everbright Bank Co. Ltd., H Shares		11,000		3,986
China Feihe Ltd.(c)		4,000		3,770
China Life Insurance Co. Ltd., H Shares		5,000		7,255
China Mengniu Dairy Co. Ltd.		2,000		10,760
China Merchants Bank Co. Ltd., H Shares		4,500		27,088
China Merchants Port Holdings Co. Ltd.		2,000		3,484
China Minsheng Banking Corp. Ltd., H Shares		16,500		6,258
China Overseas Land & Investment Ltd.		8,000		24,638
China Pacific Insurance (Group) Co. Ltd., H Shares		1,400		3,093
China Petroleum & Chemical Corp., H Shares		50,000		24,625
China Resources Cement Holdings Ltd.		6,000		4,965
China Resources Land Ltd.		2,000		8,878
China Resources Power Holdings Co. Ltd.		8,000		14,973
China Shenhua Energy Co. Ltd., H Shares		2,000		6,375
China Taiping Insurance Holdings Co. Ltd.		3,000		3,422
China Tower Corp. Ltd., H Shares(c)		108,000		12,599
China Vanke Co. Ltd., H Shares		1,900		4,438
CITIC Ltd.		17,000		17,620
COSCO SHIPPING Holdings Co. Ltd., H Shares(a)		7,850		12,291
Country Garden Holdings Co. Ltd.		5,000		3,417
CSPC Pharmaceutical Group Ltd.		30,640		31,201
ENN Energy Holdings Ltd.		400		5,318
Fuyao Glass Industry Group Co. Ltd., H Shares(c)		800		3,263
Ganfeng Lithium Co. Ltd., H Shares(c)		200		2,400
Genscript Biotech Corp.(a)		4,000		11,166
Great Wall Motor Co. Ltd., H Shares		4,500		6,303

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

5 Invesco Advantage International Fund

	Shares		Value
China–(continued)
Haier Smart Home Co. Ltd., H Shares		2,400	$	8,577
Hengan International Group Co. Ltd.		1,000		4,732
Industrial & Commercial Bank of China Ltd., H Shares		108,000		65,092
JD.com, Inc., A Shares(a)		1,516		47,254
Kingsoft Corp. Ltd.		1,400		4,248
Kunlun Energy Co. Ltd.		10,000		8,260
Lenovo Group Ltd.		14,000		13,580
Li Auto, Inc., ADR(a)		468		10,497
Li Ning Co. Ltd.		5,500		43,009
Longfor Group Holdings Ltd.(c)		1,000		4,872
Lufax Holding Ltd., ADR		3,168		17,582
NetEase, Inc.		1,300		24,842
New China Life Insurance Co. Ltd., H Shares		1,100		2,779
Nongfu Spring Co. Ltd., H Shares(c)		1,400		7,410
NXP Semiconductors N.V.		276		47,168
PetroChina Co. Ltd., H Shares		104,000		49,807
PICC Property & Casualty Co. Ltd., H Shares		4,000		4,065
Pinduoduo, Inc., ADR(a)		867		37,359
Ping An Insurance (Group) Co. of China Ltd., H Shares		8,500		54,663
Postal Savings Bank of China Co. Ltd., H Shares(c)		8,000		6,082
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		2,800		2,967
Shenzhou International Group Holdings Ltd.		1,000		13,748
Sino Biopharmaceutical Ltd.		7,000		3,645
Sinopharm Group Co. Ltd., H Shares		4,800		11,014
SITC International Holdings Co. Ltd.		3,000		10,015
Smoore International Holdings Ltd.(c)		1,000		2,103
Sunny Optical Technology Group Co. Ltd.		700		10,242
Tencent Holdings Ltd.		4,200		197,003
Tencent Music Entertainment Group, ADR(a)		1,122		4,768
Tingyi Cayman Islands Holding Corp.		2,000		3,632
Trip.com Group Ltd., ADR(a)		412		9,744
Vipshop Holdings Ltd., ADR(a)		554		4,244
Want Want China Holdings Ltd.		11,000		9,903
Weibo Corp., ADR(a)		184		4,258
Weichai Power Co. Ltd., H Shares		6,000		8,355
WuXi AppTec Co. Ltd., H Shares(c)		440		5,893
Wuxi Biologics Cayman, Inc.(a)(c)		2,000		14,514
Xiaomi Corp., B Shares(a)(c)		12,000		18,228
XPeng, Inc., ADR(a)		335		8,244
Yankuang Energy Group Co. Ltd., H Shares		4,000		11,273
Yum China Holdings, Inc.		242		10,116
Zhongsheng Group Holdings Ltd.		1,000		6,584
				1,661,008
Colombia–0.02%
Bancolombia S.A., Preference Shares		362		3,512
Denmark–2.45%
AP Moller - Maersk A/S, Class B		28		80,342
Carlsberg A/S, Class B		43		5,443
Danske Bank A/S		590		8,944
DSV A/S		54		8,821
Genmab A/S(a)		40		14,110
Novo Nordisk A/S, Class B		3,211		367,248
Novozymes A/S, Class B		161		11,186

	Shares		Value
Denmark–(continued)
Vestas Wind Systems A/S		295	$	7,590
				503,684
Finland–0.67%
Fortum OYJ		509		8,371
Kone OYJ, Class B		121		5,806
Neste OYJ		348		14,960
Nokia OYJ(a)		7,945		40,431
Nordea Bank Abp		3,498		34,841
Sampo OYJ, Class A		675		32,527
				136,936
France–5.31%
Air Liquide S.A.		134		23,134
AXA S.A.		2,960		78,368
BNP Paribas S.A.		1,694		86,879
Bouygues S.A.		331		11,373
Bureau Veritas S.A.		228		6,534
Capgemini SE		94		19,122
Carrefour S.A.		483		10,239
Cie de Saint-Gobain		950		55,284
Cie Generale des Etablissements Michelin S.C.A.		161		19,904
Credit Agricole S.A.		1,220		13,095
Danone S.A.		317		19,057
Dassault Systemes SE		427		18,995
Electricite de France S.A.		737		6,664
EssilorLuxottica S.A.		554		93,984
Hermes International		14		17,226
Kering S.A.		56		29,745
Legrand S.A.		121		10,681
L’Oreal S.A.		185		67,303
LVMH Moet Hennessy Louis Vuitton SE		99		63,350
Orange S.A.		2,493		29,692
Pernod Ricard S.A.		80		16,483
Sanofi		1,515		159,455
Sartorius Stedim Biotech		13		4,231
Schneider Electric SE		161		22,930
Societe Generale S.A.		563		13,376
Thales S.A.		94		12,041
TotalEnergies SE		1,969		97,016
Veolia Environnement S.A.		348		10,030
Vinci S.A.		372		35,892
Vivendi SE		2,837		32,531
Worldline S.A.(a)(c)		107		4,194
				1,088,808
Germany–3.81%
adidas AG		67		13,647
Allianz SE		413		94,067
Bayer AG		468		30,847
Bayerische Motoren Werke AG		441		36,514
Beiersdorf AG		54		5,458
Continental AG(a)		40		2,785
Deutsche Bank AG(a)		1,666		17,014
Deutsche Post AG		813		35,095
Deutsche Telekom AG		4,158		76,589
Deutsche Wohnen SE		134		3,853
E.ON SE		1,179		12,357

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

6 Invesco Advantage International Fund

	Shares		Value
Germany–(continued)
Evonik Industries AG		228	$	6,029
Fresenius Medical Care AG & Co. KGaA		385		24,114
Fresenius SE & Co. KGaA		1,184		42,213
Hannover Rueck SE		13		2,043
Henkel AG & Co. KGaA, Preference Shares		206		13,319
Knorr-Bremse AG		54		3,891
Mercedes-Benz Group AG		1,074		76,002
Merck KGaA		242		44,878
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		94		22,493
RWE AG		385		16,084
SAP SE		729		75,191
Sartorius AG, Preference Shares		27		10,227
Siemens AG		331		41,171
Siemens Energy AG		442		8,558
Siemens Healthineers AG(c)		121		6,540
Volkswagen AG, Preference Shares		384		60,242
				781,221
Greece–0.07%
Hellenic Telecommunications Organization S.A.		796		15,115
Hong Kong–1.22%
CK Asset Holdings Ltd.		5,000		33,849
CK Hutchison Holdings Ltd.		3,000		21,003
CK Infrastructure Holdings Ltd.		1,000		6,728
CLP Holdings Ltd.		2,000		19,469
Hong Kong & China Gas Co. Ltd. (The)		26,292		28,967
Hong Kong Exchanges & Clearing Ltd.		700		29,687
Jardine Matheson Holdings Ltd.		300		15,854
Link REIT		3,000		25,868
New World Development Co. Ltd.		2,000		7,648
Power Assets Holdings Ltd.		1,500		10,079
Sun Hung Kai Properties Ltd.		2,000		23,042
Techtronic Industries Co. Ltd.		500		6,675
WH Group Ltd.		24,840		17,097
Wharf Real Estate Investment Co. Ltd.		1,000		4,689
				250,655
Hungary–0.06%
OTP Bank Nyrt(a)		441		13,019
Indonesia–0.51%
PT Astra International Tbk		44,100		23,011
PT Bank Central Asia Tbk		31,500		17,618
PT Bank Mandiri (Persero) Tbk		18,600		11,461
PT Bank Negara Indonesia (Persero) Tbk		6,900		4,364
PT Kalbe Farma Tbk		30,300		3,427
PT Telkom Indonesia (Persero) Tbk		139,000		44,293
				104,174
Ireland–0.04%
Kerry Group PLC, Class A		80		8,838
Italy–0.69%
Assicurazioni Generali S.p.A.		1,666		31,441
Atlantia S.p.A.(a)		201		4,772
Enel S.p.A.		3,704		23,939
Eni S.p.A.		1,327		18,621

	Shares		Value
Italy–(continued)
Ferrari N.V.		40	$	8,437
Intesa Sanpaolo S.p.A.		16,661		33,506
Poste Italiane S.p.A.(c)		844		8,194
Snam S.p.A.		536		2,941
UniCredit S.p.A.		1,112		10,142
				141,993
Japan–9.73%
Asahi Group Holdings Ltd.		200		7,467
Asahi Kasei Corp.		700		5,761
Astellas Pharma, Inc.		2,700		41,108
Bridgestone Corp.		1,800		65,882
Canon, Inc.		1,300		29,871
Chugai Pharmaceutical Co. Ltd.		200		6,002
Dai-ichi Life Holdings, Inc.		600		12,046
Daiichi Sankyo Co. Ltd.		600		15,079
Daikin Industries Ltd.		200		30,752
Daiwa House Industry Co. Ltd.		800		19,323
Denso Corp.		400		24,410
Eisai Co. Ltd.		100		4,356
FUJIFILM Holdings Corp.		600		33,138
Fujitsu Ltd.		200		28,275
Hitachi Ltd.		900		41,910
Honda Motor Co. Ltd.		3,300		86,650
Hoya Corp.		400		39,852
ITOCHU Corp.		1,200		36,301
Japan Post Holdings Co. Ltd.		5,800		40,644
Japan Tobacco, Inc.		1,000		17,108
Kao Corp.		300		12,064
KDDI Corp.		1,100		36,471
Keyence Corp.		100		40,346
Kirin Holdings Co. Ltd.		400		5,874
Komatsu Ltd.		700		15,704
Kubota Corp.		300		5,110
Kyocera Corp.		300		15,862
Mitsubishi Corp.		3,500		117,447
Mitsubishi Electric Corp.		1,100		11,562
Mitsubishi Estate Co. Ltd.		1,100		15,933
Mitsubishi UFJ Financial Group, Inc.		13,300		77,298
Mitsui & Co. Ltd.		2,100		50,893
Mitsui Fudosan Co. Ltd.		300		6,330
Mizuho Financial Group, Inc.		2,070		25,157
MS&AD Insurance Group Holdings, Inc.		200		5,977
Murata Manufacturing Co. Ltd.		400		23,948
Nexon Co. Ltd.		200		4,567
Nintendo Co. Ltd.		100		46,086
Nippon Telegraph & Telephone Corp.		3,100		91,577
Nissan Motor Co. Ltd.(a)		1,600		6,345
Nomura Holdings, Inc.		1,400		5,359
NTT Data Corp.		500		9,215
Olympus Corp.		2,400		42,510
ORIX Corp.		1,500		27,364
Otsuka Holdings Co. Ltd.		300		10,068
Panasonic Holdings Corp.		2,000		17,826
Rakuten Group, Inc.		700		4,934
Recruit Holdings Co. Ltd.		1,500		55,331
Renesas Electronics Corp.(a)		400		4,283
Secom Co. Ltd.		200		14,109

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

7 Invesco Advantage International Fund

	Shares		Value
Japan–(continued)
Sekisui House Ltd.		800	$	13,797
Seven & i Holdings Co. Ltd.		400		17,606
Shimano, Inc.		100		17,477
Shionogi & Co. Ltd.		300		16,769
Softbank Corp.		1,300		15,107
SoftBank Group Corp.		600		24,223
Sompo Holdings, Inc.		500		20,389
Sony Group Corp.		400		34,381
Subaru Corp.		600		9,027
Sumitomo Corp.		1,100		17,447
Sumitomo Mitsui Financial Group, Inc.		1,200		36,124
Sumitomo Mitsui Trust Holdings, Inc.		300		9,294
Sumitomo Realty & Development Co. Ltd.		100		2,638
Suzuki Motor Corp.		200		5,999
Sysmex Corp.		100		6,477
Takeda Pharmaceutical Co. Ltd.		3,738		108,438
Terumo Corp.		300		8,968
Tokio Marine Holdings, Inc.		600		32,379
Tokyo Electron Ltd.		100		42,421
Toshiba Corp.		600		25,070
Toyota Industries Corp.		100		5,976
Toyota Motor Corp.		8,000		136,320
				1,997,812
Luxembourg–0.10%
ArcelorMittal S.A.		716		20,901
Malaysia–0.36%
Axiata Group Bhd.		11,800		9,490
Hartalega Holdings Bhd.		3,100		3,128
IHH Healthcare Bhd.		7,300		10,996
Malayan Banking Bhd.		5,700		11,847
MISC Bhd.		4,800		8,592
Petronas Chemicals Group Bhd.		2,200		5,164
RHB Bank Bhd.		3,300		4,729
Tenaga Nasional Bhd.		5,500		11,423
Top Glove Corp. Bhd.		20,400		7,868
				73,237
Mexico–0.55%
Arca Continental S.A.B. de C.V.		700		4,442
Cemex S.A.B. de C.V., ADR(a)		2,387		10,503
Fomento Economico Mexicano, S.A.B. de C.V., ADR		256		19,133
Grupo Bimbo S.A.B. de C.V., Series A		2,400		7,397
Grupo Elektra S.A.B. de C.V.		65		3,898
Grupo Financiero Banorte S.A.B. de C.V., Class O		500		3,301
Grupo Financiero Inbursa S.A.B. de C.V., Class O(a)		4,000		6,780
Wal-Mart de Mexico S.A.B. de C.V., Series V		16,173		57,190
				112,644
Netherlands–3.34%
Adyen N.V.(a)(c)		28		46,829
Akzo Nobel N.V.		124		10,699
ASML Holding N.V.		426		241,018
EXOR N.V.		165		11,359
ING Groep N.V.		4,998		46,772
Koninklijke Ahold Delhaize N.V.		2,189		64,663

	Shares		Value
Netherlands–(continued)
Koninklijke DSM N.V.		142	$	23,784
Koninklijke KPN N.V.		2,667		9,224
Koninklijke Philips N.V.		908		23,821
Shell PLC		6,403		173,304
Wolters Kluwer N.V.		344		34,796
				686,269
Peru–0.02%
Credicorp Ltd.		31		4,306
Philippines–0.05%
Manila Electric Co.		740		4,991
SM Prime Holdings, Inc.		9,200		6,150
				11,141
Poland–0.13%
Bank Polska Kasa Opieki S.A.		242		5,313
KGHM Polska Miedz S.A.		369		11,932
Polskie Gornictwo Naftowe i Gazownictwo S.A.		2,643		3,705
Powszechny Zaklad Ubezpieczen S.A.		754		5,183
				26,133
Russia–0.00%
Sberbank of Russia PJSC, ADR(b)		2,450		0
Tatneft PJSC, ADR(b)		330		0
VTB Bank PJSC, GDR(b)(c)		4,858		0
				0
Singapore–0.14%
DBS Group Holdings Ltd.		600		14,533
Singapore Telecommunications Ltd.		2,700		5,367
STMicroelectronics N.V.		214		7,931
				27,831
South Africa–1.09%
Absa Group Ltd.		1,122		12,146
Anglo American PLC		1,129		50,100
Capitec Bank Holdings Ltd.		79		11,024
Discovery Ltd.(a)		739		7,098
FirstRand Ltd.		10,897		46,934
Impala Platinum Holdings Ltd.		881		11,498
Remgro Ltd.		938		8,434
Sasol Ltd.(a)		1,492		36,535
Sibanye Stillwater Ltd.		995		3,437
Standard Bank Group Ltd.		3,401		36,069
				223,275
South Korea–2.13%
Hyundai Mobis Co. Ltd.		185		30,219
Kakao Corp.		427		29,764
KB Financial Group, Inc.		67		3,096
Kia Corp.		270		17,762
NAVER Corp.		138		31,216
Samsung Electronics Co. Ltd.		3,481		184,960
Samsung SDI Co. Ltd.		43		20,478
SK Hynix, Inc.		810		70,569
SK Telecom Co. Ltd.		1,108		49,889
				437,953
Spain–1.21%
Banco Bilbao Vizcaya Argentaria S.A.		2,707		14,244

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

8 Invesco Advantage International Fund

	Shares		Value
Spain–(continued)
Banco Santander S.A.		4,771	$	13,980
CaixaBank S.A.		4,214		13,448
Cellnex Telecom S.A.(c)		289		13,509
Endesa S.A.		241		5,069
Ferrovial S.A.		389		9,932
Grifols S.A.		255		4,243
Iberdrola S.A.		7,449		85,110
Naturgy Energy Group S.A.		121		3,625
Repsol S.A.		2,905		43,588
Telefonica S.A.		8,344		40,601
				247,349
Sweden–1.18%
Assa Abloy AB, Class B		702		17,710
Atlas Copco AB, Class A(d)		441		19,971
Epiroc AB, Class A		710		14,439
EQT AB		1,005		28,382
Essity AB, Class B		228		6,072
Evolution AB(c)		121		12,442
Hexagon AB, Class B		1,193		15,425
Investor AB, Class B		898		17,252
Sandvik AB		867		16,302
Skandinaviska Enskilda Banken AB, Class A		1,886		21,090
Svenska Handelsbanken AB, Class A		1,287		12,973
Swedbank AB, Class A		804		12,687
Telefonaktiebolaget LM Ericsson, Class B		3,360		26,981
Telia Co. AB		952		3,944
Volvo AB, Class B		1,087		17,251
				242,921
Switzerland–4.26%
ABB Ltd.		1,253		37,534
Alcon, Inc.		161		11,423
Chocoladefabriken Lindt & Spruengli AG, PC		1		11,189
Cie Financiere Richemont S.A.		220		25,573
Credit Suisse Group AG		5,728		38,735
Geberit AG		43		24,536
Givaudan S.A.		4		15,895
Holcim AG		468		22,890
Kuehne + Nagel International AG, Class R		54		15,142
Lonza Group AG		42		24,658
Novartis AG		2,368		209,491
Partners Group Holding AG		27		28,610
Roche Holding AG		682		252,590
Schindler Holding AG, PC		80		15,410
SGS S.A.		3		7,704
Sika AG		54		16,420
Straumann Holding AG		280		33,017
Swisscom AG		27		15,991
UBS Group AG		3,924		66,388
				873,196
Taiwan–3.42%
ASE Technology Holding Co. Ltd., ADR		2,003		12,899
Asustek Computer, Inc.		2,000		24,101
Catcher Technology Co. Ltd.		5,000		24,449
Cathay Financial Holding Co. Ltd.		2,000		4,212
Chailease Holding Co. Ltd.		1,100		8,727
Cheng Shin Rubber Industry Co. Ltd.		3,000		3,373

	Shares		Value
Taiwan–(continued)
China Steel Corp.		9,000	$	10,894
Chunghwa Telecom Co. Ltd., ADR		852		37,335
CTBC Financial Holding Co. Ltd.		16,000		15,773
Delta Electronics, Inc.		1,000		8,347
Evergreen Marine Corp. Taiwan Ltd.		5,000		24,242
Far Eastern New Century Corp.		6,000		6,075
First Financial Holding Co. Ltd.		6,000		5,639
Formosa Chemicals & Fibre Corp.		3,000		8,077
Fubon Financial Holding Co. Ltd.		3,000		7,511
Hon Hai Precision Industry Co. Ltd.		31,000		106,060
MediaTek, Inc.		2,000		54,802
Mega Financial Holding Co. Ltd.		7,000		9,822
Nan Ya Plastics Corp.		1,000		2,921
Nanya Technology Corp.		2,000		4,341
Novatek Microelectronics Corp.		1,000		13,294
Pegatron Corp.		3,000		7,107
Quanta Computer, Inc.		6,000		16,899
Sea Ltd., ADR(a)		344		28,469
Taiwan Cement Corp.		7,200		11,192
Taiwan Cooperative Financial Holding Co. Ltd.		5,000		4,819
Taiwan Mobile Co. Ltd.		1,000		3,674
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,748		162,442
Uni-President Enterprises Corp.		7,000		16,152
United Microelectronics Corp., ADR		4,618		36,759
Wan Hai Lines Ltd.		1,300		6,337
Yang Ming Marine Transport Corp.(a)		2,000		8,334
Yuanta Financial Holding Co. Ltd.		8,600		7,552
				702,630
Turkey–0.02%
Eregli Demir ve Celik Fabrikalari TAS		2,231		4,989
United Kingdom–4.40%
Ashtead Group PLC		592		30,608
Associated British Foods PLC		134		2,671
AstraZeneca PLC		668		88,738
BAE Systems PLC		2,974		27,701
Barclays PLC		14,182		25,914
BP PLC		7,339		35,833
British American Tobacco PLC		2,444		102,998
BT Group PLC		7,725		17,095
Coca-Cola Europacific Partners PLC		228		11,389
Diageo PLC		2,358		116,851
Experian PLC		729		25,268
HSBC Holdings PLC		7,284		45,465
Imperial Brands PLC		992		20,708
Lloyds Banking Group PLC		31,421		17,715
National Grid PLC		2,203		32,755
NatWest Group PLC		2,131		5,729
Prudential PLC		950		11,809
Reckitt Benckiser Group PLC		276		21,531
RELX PLC		1,116		33,330
Smith & Nephew PLC		295		4,773
SSE PLC		1,748		40,718
Standard Chartered PLC		3,290		22,539
Tesco PLC		16,702		56,739
Unilever PLC		1,212		56,295

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

9 Invesco Advantage International Fund

	Shares		Value
United Kingdom–(continued)
Vodafone Group PLC		31,628	$	47,850
				903,022
United Republic of Tanzania–0.02%
AngloGold Ashanti Ltd.		170		3,480
United States–2.73%
Atlassian Corp. PLC, Class A(a)		284		63,852
Ferguson PLC		372		46,914
GlaxoSmithKline PLC		4,613		103,871
JBS S.A.		1,700		13,015
Nestle S.A.		2,259		291,649
Spotify Technology S.A.(a)		54		5,489
Stellantis N.V.		1,045		13,922
Swiss Re AG		256		20,995
				559,707
Vietnam–0.00%
Vietnam Dairy Products JSC		2		6
Total Common Stocks & Other Equity Interests (Cost $12,591,405)				13,020,428
	Principal Amount
Event-Linked Bonds–0.46%
Multinational–0.46%
Alturas RE Segregated Account, Catastrophe Linked Notes, 0.00%, 12/31/2022(b)(c)(e)	$	1,000		1,986
Eden RE II Ltd., Class A, Catastrophe Linked Notes, 0.00%, 03/22/2023(b)(c)(e)		720		7,699
Limestone Re Ltd., Class A, Catastrophe Linked Notes, 0.00%, 09/09/2022(b)(c)(e)		1,175		2,825
Sector Re V Ltd., Series 2019-1, Class A, Catastrophe Linked Notes, 0.00%, 03/01/2024(b)(c)(e)		120,000		80,678
Total Event-Linked Bonds (Cost $122,895)				93,188

Investment Abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

PC – Participation Certificate

Pfd. – Preferred

	Shares		Value
Preferred Stocks–0.36%
Multinational–0.36%
Harambee Re Ltd., Pfd.(b)		80	$	3,527
Lion Rock Re Ltd., Series S, Pfd.(b)		25		1,480
Mt. Logan Re Ltd., Pfd.(b)		116		62,655
Thopas Re Ltd., Pfd.(b)		5		0
Turing Re Ltd., Series 2019-1, Pfd.(b)(c)		886		2,256
Viribus Re Ltd., Pfd.(b)		38,090		4,380
Total Preferred Stocks (Cost $246,525)				74,298
Money Market Funds–26.58%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(f)(g)		1,778,076		1,778,076
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(f)(g)		1,646,203		1,645,874
Invesco Treasury Portfolio, Institutional Class, 0.23%(f)(g)		2,032,087		2,032,087
Total Money Market Funds (Cost $5,456,474)				5,456,037
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–90.38% (Cost $18,294,404)				18,550,763
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.10%
Invesco Private Government Fund, 0.40%(f)(g)(h)		6,569		6,569
Invesco Private Prime Fund, 0.35%(f)(g)(h)		14,220		14,220
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,789)				20,789
TOTAL INVESTMENTS IN SECURITIES–90.94% (Cost $18,438,088)				18,664,740
OTHER ASSETS LESS LIABILITIES–9.06%				1,860,061
NET ASSETS–100.00%			$	20,524,801

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

10 Invesco Advantage International Fund

Notes to Schedule of Investments:

^(a) Non-income producing security.

^(b) Security valued using significant unobservable inputs (Level 3). See Note 3.

^(c)  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, 2022 was $273,339, which represented 1.33% of the Fund’s Net Assets.

^(d)  All or a portion of this security was out on loan at April 30, 2022.

^(e)  Zero coupon bond issued at a discount.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$705,491		$2,314,442		$(1,241,857)		$-		$-		$1,778,076		$294
Invesco Liquid Assets Portfolio, Institutional Class		880,433		1,653,173		(887,041)		(361)		(330)		1,645,874		594
Invesco Treasury Portfolio, Institutional Class		806,276		2,645,077		(1,419,266)		-		-		2,032,087		492
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		48,279		(41,710)		-		-		6,569		9*
Invesco Private Prime Fund		-		104,614		(90,391)		-		(3)		14,220		19*
Total		$2,392,200		$6,765,585		$(3,680,265)		$(361)		$(333)		$5,476,826		$1,408

* 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.

^(g)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(h)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1J.

Open Exchange-Traded Index Options Written

Description

Type of Contract

Expiration Date

Number of Contracts

Exercise Price

Notional Value*

Value

Equity Risk

MSCI EAFE Markets Index

Put

05/20/2022

30

USD  2,060.00

USD    6,180,000

$

(226,200

)

MSCI Emerging Markets Index

Put

05/20/2022

26

USD  1,080.00

USD    2,808,000

(95,680

)

Total Index Options Written

$

(321,880

)

* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts	Expiration Month	Notional Value			Value			Unrealized Appreciation (Depreciation)
Currency Risk
Canadian Dollar	22	June-2022	$	1,713,910		$	(18,348	)	$	(18,348	)
Equity Risk
S&P/TSX 60 Index	8	June-2022		1,559,335			(48,164	)		(48,164	)
Subtotal-Long Futures Contracts							(66,512	)		(66,512	)
Short Futures Contracts
Equity Risk
MSCI EAFE Index	61	June-2022		(6,089,630	)		539,221			539,221
MSCI Emerging Markets Index	52	June-2022		(2,749,240	)		277,580			277,580
Subtotal-Short Futures Contracts							816,801			816,801
Total Futures Contracts						$	750,289		$	750,289

^(a) Futures contracts collateralized by $500,667 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.

11 Invesco Advantage International Fund

Open Over-The-Counter Total Return Swap Agreements(a)

Counterparty

Pay/ Receive

Reference Entity

Floating Rate Index

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Equity Risk

BNP Paribas S.A.

Receive

MSCI EAFE Minimum Volatility Daily Net Total Return Index

SOFR

Monthly

794

June–2022

USD

1,661,961

$–

$(71,682

)

$(71,682

)

BNP Paribas S.A.

Receive

MSCI EAFE Minimum Volatility Daily Net Total Return Index

SOFR + 0.220%

Monthly

779

June–2022

USD

1,604,086

–

(43,850

)

(43,850

)

Goldman Sachs International

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

1 Month USD LIBOR + 0.720%

Monthly

345

June–2022

USD

669,950

–

(18,920

)

(18,920

)

J.P. Morgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

1 Month USD LIBOR + 0.790%

Monthly

274

May–2022

USD

5,559,002

–

(15,026

)

(15,026

)

J.P. Morgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

SOFR + 0.920%

Monthly

231

May–2022

USD

468,662

–

(12,668

)

(12,668

)

Total – Total Return Swap Agreements

$–

$(162,146

)

$(162,146

)

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

Abbreviations:

LIBOR	– London Interbank Offered Rate
SOFR	– Secured Overnight Financing Rate
USD	– U.S. Dollar

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Financials	11.09	%
Health Care	9.20
Information Technology	7.91
Industrials	7.10
Consumer Discretionary	6.98
Consumer Staples	6.00
Communication Services	5.52
Materials	4.41
Energy	3.16
Other Sectors, Each Less than 2% of Net Assets	2.89
Money Market Funds Plus Other Assets Less Liabilities	35.74

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

12 Invesco Advantage International Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $12,960,825)*	$	13,187,914
Investments in affiliated money market funds, at value (Cost $5,477,263)		5,476,826
Other investments:
Variation margin receivable – futures contracts		1,588,653
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		500,667
Cash		98,102
Foreign currencies, at value (Cost $66,335)		64,693
Receivable for:
Fund shares sold		12,474
Dividends		114,841
Interest		324
Investment for trustee deferred compensation and retirement plans		13,829
Other assets		27,377
Total assets		21,085,700
Liabilities:
Other investments:
Options written, at value (premiums received $120,570)		321,880
Swaps payable – OTC		1,465
Unrealized depreciation on swap agreements–OTC		162,146
Payable for:
Investments purchased		4,141
Collateral upon return of securities loaned		20,789
Accrued fees to affiliates		8,633
Accrued other operating expenses		28,016
Trustee deferred compensation and retirement plans		13,829
Total liabilities		560,899
Net assets applicable to shares outstanding	$	20,524,801
Net assets consist of:
Shares of beneficial interest	$	20,096,107
Distributable earnings		428,694
	$	20,524,801

Net Assets:
Class A	$	11,734,662
Class C	$	3,236,921
Class R	$	3,786,538
Class Y	$	1,754,299
Class R5	$	10,817
Class R6	$	1,564
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,062,802
Class C		303,835
Class R		346,720
Class Y		157,322
Class R5		974
Class R6		140
Class A:
Net asset value per share	$	11.04
Maximum offering price per share (Net asset value of $11.04 ÷ 94.50%)	$	11.68
Class C:
Net asset value and offering price per share	$	10.65
Class R:
Net asset value and offering price per share	$	10.92
Class Y:
Net asset value and offering price per share	$	11.15
Class R5:
Net asset value and offering price per share	$	11.11
Class R6:
Net asset value and offering price per share	$	11.17

* At April 30, 2022, security with a value of $20,119 was on loan to brokers.

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

13 Invesco Advantage International Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest	$	4,689
Dividends (net of foreign withholding taxes of $8,062)		308,997
Dividends from affiliated money market funds (includes securities lending income of $21)		1,401
Non-cash dividend income		27,007
Foreign withholding tax claims		169
Total investment income		342,263
Expenses:
Advisory fees		51,124
Administrative services fees		1,456
Distribution fees:
Class A		13,953
Class C		16,587
Class R		10,341
Transfer agent fees – A, C, R and Y		20,348
Transfer agent fees – R5		2
Trustees’ and officers’ fees and benefits		8,478
Registration and filing fees		39,766
Professional services fees		58,241
Other		(26,187	)
Total expenses		194,109
Less: Fees waived and/or expenses reimbursed		(90,241	)
Net expenses		103,868
Net investment income		238,395
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(279,804	)
Affiliated investment securities		(333	)
Foreign currencies		598
Forward foreign currency contracts		(12	)
Futures contracts		200,388
Option contracts written		200,413
Swap agreements		(152,001	)
		(30,751	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(1,691,501	)
Affiliated investment securities		(361	)
Foreign currencies		(7,336	)
Futures contracts		667,205
Option contracts written		(259,271	)
Swap agreements		(206,425	)
		(1,497,689	)
Net realized and unrealized gain (loss)		(1,528,440	)
Net increase (decrease) in net assets resulting from operations	$	(1,290,045	)

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

14 Invesco Advantage International Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income	$	238,395		$	372,232
Net realized gain (loss)		(30,751	)		2,948,430
Change in net unrealized appreciation (depreciation)		(1,497,689	)		867,477
Net increase (decrease) in net assets resulting from operations		(1,290,045	)		4,188,139
Distributions to shareholders from distributable earnings:
Class A		(1,513,571	)		(8,308	)
Class C		(394,740	)		(2,808	)
Class R		(529,023	)		(3,184	)
Class Y		(138,310	)		(732	)
Class R5		(1,617	)		(9	)
Class R6		(232	)		(1	)
Total distributions from distributable earnings		(2,577,493	)		(15,042	)
Share transactions–net:
Class A		1,492,850			212,515
Class C		503,232			(619,837	)
Class R		206,566			(110,212	)
Class Y		784,053			65,517
Class R6		–			(2	)
Net increase (decrease) in net assets resulting from share transactions		2,986,701			(452,019	)
Net increase (decrease) in net assets		(880,837	)		3,721,078
Net assets:
Beginning of period		21,405,638			17,684,560
End of period	$	20,524,801		$	21,405,638

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

15 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 value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/22		$13.37		$0.14		$(0.84	)		$(0.70	)		$(0.14	)		$(1.49	)		$(1.63	)		$11.04		(5.92	)%(e)		$11,735		0.84	%(e)(f)		1.70	%(e)(f)		2.44	%(e)(f)		73	%
Year ended 10/31/21		10.83		0.25		2.30			2.55			–			(0.01	)		(0.01	)		13.37		23.54	(e)		12,502		0.87	(e)		2.27	(e)		1.89	(e)		141
Year ended 10/31/20		10.90		0.12		(0.13	)		(0.01	)		–			(0.06	)		(0.06	)		10.83		(0.09	)		9,934		0.94			1.74			1.08			238
Year ended 10/31/19		10.57		0.09		0.82			0.91			0.00			(0.58	)		(0.58	)		10.90		9.51			63,878		1.14			1.53			0.91			43
Year ended 10/31/18		11.62		0.17		(0.96	)		(0.79	)		(0.05	)		(0.21	)		(0.26	)		10.57		(6.98	)		60,916		1.17			1.49			1.48			126
Year ended 10/31/17		10.49		0.15		1.48			1.63			(0.50	)		–			(0.50	)		11.62		16.26			64,323		1.10			1.47			1.41			54
Class C
Six months ended 04/30/22		12.90		0.09		(0.82	)		(0.73	)		(0.03	)		(1.49	)		(1.52	)		10.65		(6.32	)		3,237		1.59	(f)		2.47	(f)		1.69	(f)		73
Year ended 10/31/21		10.52		0.14		2.25			2.39			–			(0.01	)		(0.01	)		12.90		22.72			3,350		1.62			3.04			1.14			141
Year ended 10/31/20		10.66		0.04		(0.12	)		(0.08	)		–			(0.06	)		(0.06	)		10.52		(0.75	)		3,241		1.65			2.49			0.37			238
Year ended 10/31/19		10.42		0.02		0.80			0.82			–			(0.58	)		(0.58	)		10.66		8.73			3,294		1.89			2.43			0.16			43
Year ended 10/31/18		11.50		0.08		(0.95	)		(0.87	)		–			(0.21	)		(0.21	)		10.42		(7.72	)		3,649		1.92			2.62			0.73			126
Year ended 10/31/17		10.41		0.07		1.47			1.54			(0.45	)		–			(0.45	)		11.50		15.42			1,701		1.85			2.98			0.67			54
Class R
Six months ended 04/30/22		13.23		0.12		(0.84	)		(0.72	)		(0.10	)		(1.49	)		(1.59	)		10.92		(6.10	)		3,787		1.09	(f)		1.97	(f)		2.19	(f)		73
Year ended 10/31/21		10.74		0.21		2.29			2.50			–			(0.01	)		(0.01	)		13.23		23.27			4,360		1.12			2.54			1.64			141
Year ended 10/31/20		10.83		0.09		(0.12	)		(0.03	)		–			(0.06	)		(0.06	)		10.74		(0.28	)		3,607		1.14			1.99			0.88			238
Year ended 10/31/19		10.52		0.07		0.82			0.89			–			(0.58	)		(0.58	)		10.83		9.35			3,266		1.39			1.94			0.66			43
Year ended 10/31/18		11.58		0.14		(0.96	)		(0.82	)		(0.03	)		(0.21	)		(0.24	)		10.52		(7.29	)		2,513		1.42			2.15			1.23			126
Year ended 10/31/17		10.47		0.13		1.47			1.60			(0.49	)		–			(0.49	)		11.58		16.03			2,533		1.35			2.57			1.17			54
Class Y
Six months ended 04/30/22		13.51		0.15		(0.85	)		(0.70	)		(0.17	)		(1.49	)		(1.66	)		11.15		(5.85	)		1,754		0.59	(f)		1.47	(f)		2.69	(f)		73
Year ended 10/31/21		10.91		0.28		2.33			2.61			–			(0.01	)		(0.01	)		13.51		23.92			1,178		0.62			2.04			2.14			141
Year ended 10/31/20		10.95		0.14		(0.12	)		0.02			–			(0.06	)		(0.06	)		10.91		0.18			890		0.71			1.49			1.31			238
Year ended 10/31/19		10.60		0.11		0.82			0.93			–			(0.58	)		(0.58	)		10.95		9.67			1,433		0.99			1.36			1.06			43
Year ended 10/31/18		11.65		0.19		(0.97	)		(0.78	)		(0.06	)		(0.21	)		(0.27	)		10.60		(6.86	)		450		1.02			1.63			1.63			126
Year ended 10/31/17		10.51		0.17		1.47			1.64			(0.50	)		–			(0.50	)		11.65		16.41			271		0.95			2.65			1.57			54
Class R5
Six months ended 04/30/22		13.46		0.15		(0.84	)		(0.69	)		(0.17	)		(1.49	)		(1.66	)		11.11		(5.80	)		11		0.59	(f)		1.30	(f)		2.69	(f)		73
Year ended 10/31/21		10.88		0.28		2.31			2.59			–			(0.01	)		(0.01	)		13.46		23.80			13		0.62			1.85			2.14			141
Year ended 10/31/20		10.91		0.15		(0.12	)		0.03			–			(0.06	)		(0.06	)		10.88		0.28			11		0.66			1.47			1.36			238
Period ended 10/31/19(g)		10.27		0.05		0.59			0.64			–			–			–			10.91		6.23			11		1.94	(f)		1.26	(f)		1.11	(f)		43
Class R6
Six months ended 04/30/22		13.53		0.15		(0.85	)		(0.70	)		(0.17	)		(1.49	)		(1.66	)		11.17		(5.84	)		2		0.59	(f)		1.30	(f)		2.69	(f)		73
Year ended 10/31/21		10.93		0.28		2.33			2.61			–			(0.01	)		(0.01	)		13.53		23.88			2		0.62			1.85			2.14			141
Year ended 10/31/20		10.96		0.14		(0.11	)		0.03			–			(0.06	)		(0.06	)		10.93		0.28			2		0.68			1.47			1.34			238
Year ended 10/31/19		10.59		0.12		0.83			0.95			–			(0.58	)		(0.58	)		10.96		9.88			11		0.89			1.21			1.16			43
Year ended 10/31/18		11.65		0.20		(0.97	)		(0.77	)		(0.08	)		(0.21	)		(0.29	)		10.59		(6.84	)		10		0.92			1.24			1.74			126
Year ended 10/31/17		10.51		0.18		1.48			1.66			(0.52	)		–			(0.52	)		11.65		16.60			12		0.85			1.21			1.66			54

^(a)  Calculated using average shares outstanding.

^(b)  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.

^(c)  Estimated acquired fund fees from underlying funds were 0.14%, 0.17% and 0.15% for the years ended October 31, 2019, 2018 and 2017, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.23% for the for the six months ended April 30, 2022 and the year ended October 31, 2021.

^(f)  Annualized.

^(g)  Commencement date after the close of business on May 24, 2019.

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

16 Invesco Advantage International Fund

Notes to Financial Statements

April 30, 2022

(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 the period November 1, 2019 through February 10, 2020, the Subsidiary operations were consolidated on the Statement of Operations, Statement of Changes in Net Assets and 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.

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

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

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

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

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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, acts of terrorism 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.

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

17 Invesco Advantage International Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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 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 Tax reclaims on the Statement of Assets and Liabilities.

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. These 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 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, 2022, 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. 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 Investment Company 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

18 Invesco Advantage International Fund

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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a 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, 2022, there were no securities lending transactions with the Adviser.

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.

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 settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

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

M. 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 financial instrument. 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.

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

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

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

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of

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Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

O. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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

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

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

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par 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. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the

20 Invesco Advantage International Fund

possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. 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, 2022, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Q. LIBOR Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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

S. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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		0.490%
Next $500 million		0.470%
Next $4.0 billion		0.440%
Over $5.0 billion		0.420%

* 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, 2022, 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 separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least February 28, 2023, to waive advisory fees and/or reimburse expenses 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 0.85%, 1.60%, 1.10%, 0.60%, 0.60% and 0.60%, 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, 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 June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $51,124, reimbursed fund level expenses of $18,766 and reimbursed class level expenses of $11,810, $3,237, $4,035, $1,267, $2 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2022, 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.

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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, 2022, 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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $6,585 in front-end sales commissions from the sale of Class A shares and $0 and $1 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1	–	Prices are determined using quoted prices in an active market for identical assets.
Level 2	–	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	–	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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
Investments in Securities
Australia	$	–	$	506,192	$	–	$	506,192
Austria		–		10,262		–		10,262
Belgium		–		76,958		–		76,958
Brazil		531,682		–		–		531,682
Chile		27,569		–		–		27,569
China		232,449		1,427,412		1,147		1,661,008
Colombia		3,512		–		–		3,512
Denmark		–		503,684		–		503,684
Finland		–		136,936		–		136,936
France		–		1,088,808		–		1,088,808
Germany		–		781,221		–		781,221
Greece		–		15,115		–		15,115
Hong Kong		–		250,655		–		250,655
Hungary		–		13,019		–		13,019
Indonesia		–		104,174		–		104,174
Ireland		–		8,838		–		8,838
Italy		–		141,993		–		141,993
Japan		–		1,997,812		–		1,997,812
Luxembourg		–		20,901		–		20,901
Malaysia		–		73,237		–		73,237
Mexico		112,644		–		–		112,644
Multinational		–		–		167,486		167,486
Netherlands		–		686,269		–		686,269
Peru		4,306		–		–		4,306
Philippines		–		11,141		–		11,141
Poland		–		26,133		–		26,133
Russia		–		–		–		–
Singapore		–		27,831		–		27,831

22 Invesco Advantage International Fund

	Level 1			Level 2			Level 3		Total
South Africa	$	–		$	223,275		$	–	$	223,275
South Korea		–			437,953			–		437,953
Spain		–			247,349			–		247,349
Sweden		–			242,921			–		242,921
Switzerland		–			873,196			–		873,196
Taiwan		277,904			424,726			–		702,630
Turkey		–			4,989			–		4,989
United Kingdom		11,389			891,633			–		903,022
United Republic of Tanzania		–			3,480			–		3,480
United States		82,356			477,351			–		559,707
Vietnam		–			6			–		6
Money Market Funds		5,456,037			20,789			–		5,476,826
Total Investments in Securities		6,739,848			11,756,259			168,633		18,664,740
Other Investments - Assets*
Futures Contracts		816,801			–			–		816,801
Other Investments - Liabilities*
Futures Contracts		(66,512	)		–			–		(66,512	)
Options Written		(321,880	)		–			–		(321,880	)
Swap Agreements		–			(162,146	)		–		(162,146	)
		(388,392	)		(162,146	)		–		(550,538	)
Total Other Investments		428,409			(162,146	)		–		266,263
Total Investments	$	7,168,257		$	11,594,113		$	168,633	$	18,931,003

* Futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended April 30, 2022:

Value 10/31/21

Purchases at Cost

Proceeds from Sales

Accrued Discounts/ Premiums

Realized Gain (Loss)

Change in Unrealized Appreciation (Depreciation)

Transfers into Level 3

Transfers out of Level 3

Value 04/30/22

Event-Linked Bonds

$101,488

$–

$   (1,250)

$–

$ (5,351)

$   (1,699)

$–

$–

$   93,188

Preferred Stocks

106,327

–

(22,495)

–

14,822

(24,356)

–

–

74,298

Common Stocks & Other Equity Interests

1,157

–

–

–

–

(10)

–

–

1,147

Total

$208,972

$–

$(23,745)

$–

$   9,471

$(26,065)

$–

$–

$168,633

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.

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.

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, 2022:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	816,801
Derivatives not subject to master netting agreements		(816,801	)
Total Derivative Assets subject to master netting agreements	$	–

23 Invesco Advantage International Fund

				Value
Derivative Liabilities	Currency Risk			Equity Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(18,348	)	$	(48,164	)	$	(66,512	)
Unrealized depreciation on swap agreements – OTC		–			(162,146	)		(162,146	)
Options written, at value – Exchange-Traded		–			(321,880	)		(321,880	)
Total Derivative Liabilities		(18,348	)		(532,190	)		(550,538	)
Derivatives not subject to master netting agreements		18,348			370,044			388,392
Total Derivative Liabilities subject to master netting agreements	$	–		$	(162,146	)	$	(162,146	)

^(a)  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, 2022.

	Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements			Net Value of Derivatives			Non-Cash	Cash	Net Amount
BNP Paribas S.A.	$	(116,036	)	$	(116,036	)	$–	$–	$	(116,036	)
Goldman Sachs International		(19,307	)		(19,307	)	–	–		(19,307	)
J.P. Morgan Chase Bank, N.A.		(28,268	)		(28,268	)	–	–		(28,268	)
Total	$	(163,611	)	$	(163,611	)	$–	$–	$	(163,611	)

Effect of Derivative Investments for the six months ended April 30, 2022

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 Statement of Operations
	Currency Risk			Equity Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	(12	)	$	-		$	(12	)
Futures contracts		(9,128	)		209,516			200,388
Options written		-			200,413			200,413
Swap agreements		-			(152,001	)		(152,001	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(52,877	)		720,082			667,205
Options written		-			(259,271	)		(259,271	)
Swap agreements		-			(206,425	)		(206,425	)
Total	$	(62,017	)	$	512,314		$	450,297

    The table below summarizes the average notional value of derivatives held during the period.

	Forward     Foreign Currency Contracts		Futures     Contracts		Index     Options     Written		Swap     Agreements
Average notional value		$9,756		$5,703,835		$3,323,200		$4,594,772
Average contracts		–		–		24		–

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

24 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

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, 2021.

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, 2022 was $10,822,187 and $12,464,755, respectively. Cost of investments, including any derivatives, on a tax basis 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
Aggregate unrealized appreciation of investments	$  1,929,092
Aggregate unrealized (depreciation) of investments	(1,620,335	)
Net unrealized appreciation of investments	$     308,757

    Cost of investments for tax purposes is $18,622,246.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		95,390		$	1,121,180			265,567		$	3,466,204
Class C		40,941			471,944			52,280			661,111
Class R		38,763			452,053			97,739			1,239,930
Class Y		77,775			875,795			20,242			261,063
Class R6		-			-			10			130
Issued as reinvestment of dividends:
Class A		128,932			1,505,924			668			8,294
Class C		34,576			390,706			231			2,785
Class R		44,248			511,946			259			3,184
Class Y		8,680			102,345			57			714
Automatic conversion of Class C shares to Class A shares:
Class A		3,269			36,755			12,864			163,378
Class C		(3,388	)		(36,755	)		(13,269	)		(163,378	)
Reacquired:
Class A		(99,527	)		(1,171,009	)		(261,679	)		(3,425,361	)
Class C		(28,041	)		(322,663	)		(87,451	)		(1,120,355	)
Class R		(65,934	)		(757,433	)		(104,357	)		(1,353,326	)
Class Y		(16,365	)		(194,087	)		(14,619	)		(196,260	)
Class R6		-			-			(10	)		(132	)
Net increase (decrease) in share activity		259,319		$	2,986,701			(31,468	)	$	(452,019	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 7% 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.

25 Invesco Advantage International Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	Beginning     Account Value     (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized       Expense Ratio
		Ending     Account Value     (04/30/22)1	Expenses       Paid During        Period2	Ending       Account Value        (04/30/22)	Expenses       Paid During        Period2
Class A	$1,000.00	$940.10	$4.04	$1,020.63	$4.21	0.84%
Class C	1,000.00	936.80	7.64	1,016.91	7.95	1.59
Class R	1,000.00	939.00	5.24	1,019.39	5.46	1.09
Class Y	1,000.00	941.50	2.84	1,021.87	2.96	0.59
Class R5	1,000.00	942.00	2.84	1,021.87	2.96	0.59
Class R6	1,000.00	941.60	2.84	1,021.87	2.96	0.59

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

26 Invesco Advantage International Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-06463 and 033-44611                  Invesco Distributors, Inc. O-GLMAG-SAR-1                                         

Semiannual Report to Shareholders April 30, 2022

Invesco EQV Asia Pacific Equity Fund

Effective February 28, 2022, Invesco Asia Pacific Growth Fund was renamed Invesco EQV Asia Pacific Equity Fund.

Nasdaq:

A: ASIAX ∎ C: ASICX ∎ Y: ASIYX ∎ R6: ASISX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
17	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-12.65	%
Class C Shares	-12.95
Class Y Shares	-12.57
Class R6 Shares	-12.55
MSCI All Country Asia Pacific ex Japan Index▼ (Broad Market/Style-Specific Index)	-12.88
Source(s): ▼RIMES Technologies Corp.
The MSCI All Country Asia Pacific ex Japan Index is an unmanaged index considered representative of Asia Pacific region stock markets, excluding Japan. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco EQV Asia Pacific Equity Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (11/3/97)	8.05	%
10 Years	5.08
5 Years	3.94
1 Year	-21.87
Class C Shares
Inception (11/3/97)	8.05	%
10 Years	5.04
5 Years	4.34
1 Year	-18.67
Class Y Shares
Inception (10/3/08)	9.68	%
10 Years	5.94
5 Years	5.39
1 Year	-17.14
Class R6 Shares
10 Years	5.90	%
5 Years	5.57
1 Year	-17.06

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco EQV Asia Pacific Equity Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco EQV Asia Pacific Equity Fund

Schedule of Investments

April 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.26%
Australia–2.80%
CSL Ltd.		81,549	$    15,433,895
China–28.83%
Airtac International Group		224,000	6,085,342
Alibaba Group Holding Ltd., ADR(a)		36,046	3,499,706
Angel Yeast Co. Ltd., A Shares		445,470	2,581,523
China Mengniu Dairy Co. Ltd.		3,827,000	20,589,818
China Resources Beer Holdings Co. Ltd.		1,450,000	8,463,285
Chongqing Fuling Zhacai Group Co. Ltd., A Shares		732,988	3,825,951
Fuyao Glass Industry Group Co. Ltd., H Shares(b)		1,557,600	6,352,888
JD.com, Inc., A Shares(a)		24,766	771,968
JD.com, Inc., ADR(a)(c)		338,337	20,861,859
Minth Group Ltd.		1,838,000	4,334,131
Sunny Optical Technology Group Co. Ltd.		183,400	2,683,277
Tencent Holdings Ltd.		443,700	20,811,917
Tongcheng Travel Holdings Ltd.(a)(b)		9,879,200	17,389,785
Wuliangye Yibin Co. Ltd., A Shares		648,938	15,782,455
Yum China Holdings, Inc.		599,316	25,051,409
			159,085,314
Hong Kong–4.77%
Hongkong Land Holdings Ltd.		1,093,700	5,091,551
Swire Properties Ltd.		8,914,200	21,229,190
			26,320,741
India–4.81%
Emami Ltd.		1,412,464	9,045,380
HDFC Bank Ltd., ADR		316,741	17,487,271
			26,532,651
Indonesia–11.62%
PT Bank Central Asia Tbk		26,531,800	14,839,223
PT Kalbe Farma Tbk		112,036,100	12,672,289
PT Mitra Keluarga Karyasehat Tbk(b)		58,880,900	10,277,410
PT Pakuwon Jati Tbk(a)		484,554,400	18,726,963
PT Telkom Indonesia (Persero) Tbk		23,918,700	7,621,853
			64,137,738
Macau–1.29%
Galaxy Entertainment Group Ltd.		1,247,000	7,122,922
Malaysia–3.52%
Bursa Malaysia Bhd.		7,666,250	12,285,837
Heineken Malaysia Bhd.		1,306,900	7,120,489
			19,406,326
New Zealand–1.99%
Auckland International Airport Ltd.(a)		1,304,042	6,557,199
Freightways Ltd.		558,671	4,408,552
			10,965,751
Philippines–6.86%
BDO Unibank, Inc.		7,545,740	18,625,915

	Shares		Value
Philippines–(continued)
SM Investments Corp.		511,646	$    8,312,398
SM Prime Holdings, Inc.		16,339,500	10,921,559
			37,859,872
Singapore–3.57%
Keppel REIT		6,370,200	5,590,120
United Overseas Bank Ltd.		658,700	14,116,688
			19,706,808
South Korea–7.48%
Douzone Bizon Co. Ltd.		87,490	2,811,676
LEENO Industrial, Inc.		35,688	4,967,449
NAVER Corp.		41,419	9,369,080
Samsung Electronics Co. Ltd.		454,545	24,151,846
			41,300,051
Taiwan–6.20%
MediaTek, Inc.		196,000	5,370,568
Taiwan Semiconductor Manufacturing Co. Ltd.		1,582,464	28,864,141
			34,234,709
Thailand–3.52%
Central Pattana PCL, Foreign Shares		11,085,500	19,423,074
United States–7.33%
Amcor PLC, CDI		594,287	7,027,140
Broadcom, Inc.		60,319	33,440,250
			40,467,390
Vietnam–1.67%
Vietnam Dairy Products JSC		2,861,490	9,236,547
Total Common Stocks & Other Equity Interests (Cost $396,188,292)			531,233,789
Money Market Funds–3.57%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)		6,883,290	6,883,290
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(d)(e)		4,937,636	4,936,647
Invesco Treasury Portfolio, Institutional Class, 0.23%(d)(e)		7,866,617	7,866,617
Total Money Market Funds (Cost $19,686,136)			19,686,554
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.83% (Cost $415,874,428)			550,920,343
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.57%
Invesco Private Government Fund, 0.40%(d)(e)(f)		943,520	943,520

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

5 Invesco EQV Asia Pacific Equity Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.35%(d)(e)(f)		2,201,548	$	2,201,548
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,145,062)				3,145,068
TOTAL INVESTMENTS IN SECURITIES–100.40% (Cost $419,019,490)				554,065,411
OTHER ASSETS LESS LIABILITIES–(0.40)%				(2,186,795	)
NET ASSETS–100.00%			$	551,878,616

Investment Abbreviations:

ADR - American Depositary Receipt

CDI - CREST Depository Interest

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  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, 2022 was $34,020,083, which represented 6.16% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at April 30, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	12,256,961	$	34,720,514	$	(40,094,185)	$	-	$	-	$	6,883,290	$	3,883
Invesco Liquid Assets Portfolio, Institutional Class		8,779,296		24,800,366		(28,638,705)		(2,252)		(2,058)		4,936,647		2,980
Invesco Treasury Portfolio, Institutional Class		14,007,956		39,680,587		(45,821,926)		-		-		7,866,617		3,218
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		10,025,398		(9,081,878)		-		-		943,520		814*
Invesco Private Prime Fund		-		23,385,121		(21,185,345)		6		1,766		2,201,548		2,039*
Total	$	35,044,213	$	132,611,986	$	(144,822,039)	$	(2,246)	$	(292)	$	22,831,622	$	12,934

* 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.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(f)  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 1I.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Information Technology	18.53	%
Consumer Discretionary	15.47
Real Estate	14.67
Financials	14.02
Consumer Staples	13.89
Health Care	6.96
Communication Services	6.85
Industrials	4.60
Materials	1.27
Money Market Funds Plus Other Assets Less Liabilities	3.74

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

6 Invesco EQV Asia Pacific Equity Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $396,188,292)*	$531,233,789
Investments in affiliated money market funds, at value (Cost $22,831,198)	22,831,622
Foreign currencies, at value (Cost $311,908)	285,065
Receivable for:
Investments sold	1,089,758
Fund shares sold	210,291
Dividends	1,507,599
Investment for trustee deferred compensation and retirement plans	105,798
Other assets	45,985
Total assets	557,309,907
Liabilities:
Payable for:
Investments purchased	749,189
Fund shares reacquired	303,428
Accrued foreign taxes	575,309
Collateral upon return of securities loaned	3,145,062
Accrued fees to affiliates	356,940
Accrued other operating expenses	184,691
Trustee deferred compensation and retirement plans	116,672
Total liabilities	5,431,291
Net assets applicable to shares outstanding	$551,878,616

Net assets consist of:
Shares of beneficial interest	$	390,524,469
Distributable earnings		161,354,147
	$	551,878,616
Net Assets:
Class A	$	367,764,413
Class C	$	11,891,663
Class Y	$	146,810,277
Class R6	$	25,412,263
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		12,362,843
Class C		449,782
Class Y		4,924,698
Class R6		853,913
Class A:
Net asset value per share	$	29.75
Maximum offering price per share (Net asset value of $29.75 ÷ 94.50%)	$	31.48
Class C:
Net asset value and offering price per share	$	26.44
Class Y:
Net asset value and offering price per share	$	29.81
Class R6:
Net asset value and offering price per share	$	29.76

* At April 30, 2022, security with a value of $3,285,430 was on loan to brokers.

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

7 Invesco EQV Asia Pacific Equity Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $288,887)	$	4,510,421
Dividends from affiliated money market funds (includes securities lending income of $1,020)		11,101
Non-cash dividend income		903,398
Total investment income		5,424,920
Expenses:
Advisory fees		2,981,865
Administrative services fees		47,204
Custodian fees		99,616
Distribution fees:
Class A		513,953
Class C		68,296
Transfer agent fees – A, C and Y		559,284
Transfer agent fees – R6		12,420
Trustees’ and officers’ fees and benefits		10,815
Registration and filing fees		34,965
Reports to shareholders		36,377
Professional services fees		33,352
Other		6,617
Total expenses		4,404,764
Less: Fees waived and/or expense offset arrangement(s)		(9,842	)
Net expenses		4,394,922
Net investment income		1,029,998
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		26,563,588
Affiliated investment securities		(292	)
Foreign currencies		(31,576	)
		26,531,720
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $23,923)		(113,403,454	)
Affiliated investment securities		(2,246	)
Foreign currencies		(44,304	)
		(113,450,004	)
Net realized and unrealized gain (loss)		(86,918,284	)
Net increase (decrease) in net assets resulting from operations	$	(85,888,286	)

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

8 Invesco EQV Asia Pacific Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income	$	1,029,998		$	2,066,034
Net realized gain		26,531,720			51,103,824
Change in net unrealized appreciation (depreciation)		(113,450,004	)		13,836,921
Net increase (decrease) in net assets resulting from operations		(85,888,286	)		67,006,779
Distributions to shareholders from distributable earnings:
Class A		(30,871,680	)		(33,752,095	)
Class C		(1,135,129	)		(1,877,272	)
Class Y		(11,823,956	)		(12,868,796	)
Class R6		(6,813,606	)		(8,742,429	)
Total distributions from distributable earnings		(50,644,371	)		(57,240,592	)
Share transactions–net:
Class A		5,307,513			3,390,566
Class C		(738,098	)		(7,801,060	)
Class Y		12,289,192			11,664,145
Class R6		(51,884,241	)		(16,827,003	)
Net increase (decrease) in net assets resulting from share transactions		(35,025,634	)		(9,573,352	)
Net increase (decrease) in net assets		(171,558,291	)		192,835
Net assets:
Beginning of period		723,436,907			723,244,072
End of period	$	551,878,616		$	723,436,907

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

9 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 value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/22		$36.69		$  0.04			$(4.42	)		$(4.38	)		$(0.06	)		$(2.50	)		$(2.56	)		$29.75		(12.65	)%		$367,764		1.44	%(d)		1.44	%(d)		0.22	%(d)		8	%
Year ended 10/31/21		36.20		0.07			3.23			3.30			(0.10	)		(2.71	)		(2.81	)		36.69		8.97			447,947		1.38			1.38			0.17			15
Year ended 10/31/20		33.15		0.13			5.12			5.25			(0.35	)		(1.85	)		(2.20	)		36.20		16.67			438,473		1.44			1.45			0.40			27
Year ended 10/31/19		30.30		0.35			4.60			4.95			(0.34	)		(1.76	)		(2.10	)		33.15		17.17			433,120		1.43			1.44			1.08			17
Year ended 10/31/18		36.95		0.36			(4.21	)		(3.85	)		(0.28	)		(2.52	)		(2.80	)		30.30		(11.39	)		395,319		1.44			1.46			1.04			21
Year ended 10/31/17		31.60		0.28			5.69			5.97			(0.30	)		(0.32	)		(0.62	)		36.95		19.32			495,214		1.45			1.47			0.85			18
Class C
Six months ended 04/30/22		32.94		(0.08	)		(3.92	)		(4.00	)		–			(2.50	)		(2.50	)		26.44		(12.95	)		11,892		2.19	(d)		2.19	(d)		(0.53	)(d)		8
Year ended 10/31/21		32.90		(0.20	)		2.95			2.75			–			(2.71	)		(2.71	)		32.94		8.16			15,631		2.13			2.13			(0.58	)		15
Year ended 10/31/20		30.25		(0.10	)		4.65			4.55			(0.05	)		(1.85	)		(1.90	)		32.90		15.78			23,167		2.19			2.20			(0.35	)		27
Year ended 10/31/19		27.77		0.10			4.21			4.31			(0.07	)		(1.76	)		(1.83	)		30.25		16.29			31,409		2.18			2.19			0.33			17
Year ended 10/31/18		34.08		0.09			(3.86	)		(3.77	)		(0.02	)		(2.52	)		(2.54	)		27.77		(12.05	)		53,201		2.19			2.21			0.29			21
Year ended 10/31/17		29.17		0.03			5.27			5.30			(0.07	)		(0.32	)		(0.39	)		34.08		18.44			70,146		2.20			2.22			0.10			18
Class Y
Six months ended 04/30/22		36.83		0.08			(4.44	)		(4.36	)		(0.16	)		(2.50	)		(2.66	)		29.81		(12.57	)		146,810		1.19	(d)		1.19	(d)		0.47	(d)		8
Year ended 10/31/21		36.31		0.16			3.25			3.41			(0.18	)		(2.71	)		(2.89	)		36.83		9.28			167,045		1.13			1.13			0.42			15
Year ended 10/31/20		33.25		0.21			5.13			5.34			(0.43	)		(1.85	)		(2.28	)		36.31		16.95			154,378		1.19			1.20			0.65			27
Year ended 10/31/19		30.41		0.43			4.60			5.03			(0.43	)		(1.76	)		(2.19	)		33.25		17.44			170,249		1.18			1.19			1.33			17
Year ended 10/31/18		37.07		0.45			(4.23	)		(3.78	)		(0.36	)		(2.52	)		(2.88	)		30.41		(11.17	)		172,297		1.19			1.21			1.29			21
Year ended 10/31/17		31.69		0.36			5.71			6.07			(0.37	)		(0.32	)		(0.69	)		37.07		19.66			267,942		1.20			1.22			1.10			18
Class R6
Six months ended 04/30/22		36.83		0.11			(4.45	)		(4.34	)		(0.23	)		(2.50	)		(2.73	)		29.76		(12.55	)		25,412		1.03	(d)		1.03	(d)		0.63	(d)		8
Year ended 10/31/21		36.32		0.22			3.25			3.47			(0.25	)		(2.71	)		(2.96	)		36.83		9.44			92,813		0.97			0.97			0.58			15
Year ended 10/31/20		33.27		0.28			5.12			5.40			(0.50	)		(1.85	)		(2.35	)		36.32		17.16			107,226		0.99			1.00			0.85			27
Year ended 10/31/19		30.43		0.49			4.61			5.10			(0.50	)		(1.76	)		(2.26	)		33.27		17.70			96,533		0.98			0.99			1.53			17
Year ended 10/31/18		37.10		0.51			(4.22	)		(3.71	)		(0.44	)		(2.52	)		(2.96	)		30.43		(11.00	)		87,386		1.01			1.03			1.47			21
Period ended 10/31/17(e)		32.81		0.27			4.02			4.29			–			–			–			37.10		13.08			122,996		1.01	(d)		1.03	(d)		1.29	(d)		18

^(a)  Calculated using average shares outstanding.

^(b)  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.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Annualized.

^(e)  Commencement date of April 4, 2017.

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

10 Invesco EQV Asia Pacific Equity Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco EQV Asia Pacific Equity Fund, formerly Invesco Asia Pacific 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 long-term growth of capital.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y 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 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 valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts may be valued up to 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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, acts of terrorism 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.

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. 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.

11 Invesco EQV Asia Pacific Equity Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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. 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 Investment Company 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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a 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, 2022, fees paid to the Adviser were less than $500.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the 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

12 Invesco EQV Asia Pacific Equity Fund

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.

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

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

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

L. Other Risks – Investments in companies located or operating in Greater China involve risks not associated with investments in Western nations, such as nationalization, expropriation, or confiscation of property; difficulty in obtaining and/or enforcing judgments; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; 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. Certain economies in the region may be adversely affected by increased competition, high inflation rates, undeveloped financial services sectors, currency fluctuations or restrictions, political and social instability and increased economic volatility. In addition, the risks of expropriation and/or nationalization of assets, confiscatory taxation, and armed conflict as a result of religious, ethnic, socio- economic and/or political unrest may adversely affect the value of the Fund’s Asia Pacific investments.

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.

M. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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	0.935%
Next $250 million	0.910%
Next $500 million	0.885%
Next $1.5 billion	0.860%
Next $2.5 billion	0.835%
Next $2.5 billion	0.810%
Next $2.5 billion	0.785%
Amount over $10 billion	0.760%

For the six months ended April 30, 2022, the effective advisory fee rate incurred by the Fund was 0.91%.

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 contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 2.25%, 3.00%, 2.00% and 2.00%, 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 reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. 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 this expense limit.

13 Invesco EQV Asia Pacific Equity Fund

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $9,716.

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, 2022, 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, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $26,879 in front-end sales commissions from the sale of Class A shares and $442 and $382 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $173 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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
Investments in Securities
Australia	$	–	$	15,433,895		$–	$  15,433,895
China		49,412,974		109,672,340		–	159,085,314
Hong Kong		–		26,320,741		–	26,320,741
India		17,487,271		9,045,380		–	26,532,651
Indonesia		–		64,137,738		–	64,137,738
Macau		–		7,122,922		–	7,122,922
Malaysia		–		19,406,326		–	19,406,326
New Zealand		–		10,965,751		–	10,965,751
Philippines		–		37,859,872		–	37,859,872
Singapore		–		19,706,808		–	19,706,808
South Korea		–		41,300,051		–	41,300,051
Taiwan		–		34,234,709		–	34,234,709
Thailand		–		19,423,074		–	19,423,074
United States		33,440,250		7,027,140		–	40,467,390
Vietnam		–		9,236,547		–	9,236,547
Money Market Funds		19,686,554		3,145,068		–	22,831,622
Total Investments	$	120,027,049	$	434,038,362		$–	$554,065,411

14 Invesco EQV Asia Pacific 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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $126.

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

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, 2021.

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, 2022 was $51,097,273 and $121,741,922, respectively. Cost of investments, including any derivatives, on a tax basis 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
Aggregate unrealized appreciation of investments	$	159,238,555
Aggregate unrealized (depreciation) of investments		(24,607,951	)
Net unrealized appreciation of investments	$	134,630,604

Cost of investments for tax purposes is $ 419,434,807.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		393,878		$	12,957,697			1,055,106		$	40,878,456
Class C		57,105			1,673,221			109,717			3,916,065
Class Y		826,585			26,312,736			1,071,817			41,374,912
Class R6		140,004			4,386,485			255,879			9,560,023
Issued as reinvestment of dividends:
Class A		848,289			28,137,754			825,110			30,834,363
Class C		34,846			1,030,040			51,722			1,746,651
Class Y		284,922			9,462,263			282,750			10,580,517
Class R6		42,783			1,418,688			204,038			7,626,943
Automatic conversion of Class C shares to Class A shares:
Class A		39,324			1,280,498			218,755			8,279,134
Class C		(44,124	)		(1,280,498	)		(242,383	)		(8,279,134	)

15 Invesco EQV Asia Pacific Equity Fund

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(1,126,336	)	$	(37,068,436	)		(2,005,215	)	$	(76,601,387	)
Class C		(72,522	)		(2,160,861	)		(148,756	)		(5,184,642	)
Class Y		(722,911	)		(23,485,807	)		(1,070,116	)		(40,291,284	)
Class R6		(1,848,915	)		(57,689,414	)		(891,926	)		(34,013,969	)
Net increase (decrease) in share activity		(1,147,072	)	$	(35,025,634	)		(283,502	)	$	(9,573,352	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% 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.

16 Invesco EQV Asia Pacific Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	Beginning Account Value (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (04/30/22)1	Expenses Paid During Period2	Ending Account Value (04/30/22)	Expenses Paid During Period2
Class A	$1,000.00	$873.50	$6.69	$1,017.65	$7.20	1.44%
Class C	1,000.00	870.50	10.16	1,013.93	10.94	2.19
Class Y	1,000.00	874.30	5.53	1,018.89	5.96	1.19
Class R6	1,000.00	874.50	4.79	1,019.69	5.16	1.03

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

17 Invesco EQV Asia Pacific Equity Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-06463 and 033-44611 Invesco Distributors, Inc. APG-SAR-1                                 

Semiannual Report to Shareholders April 30, 2022

Invesco EQV European Equity Fund

Effective February 28, 2022, Invesco European Growth Fund was renamed Invesco EQV European Equity Fund.

Nasdaq:

A: AEDAX ∎ C: AEDCX ∎ R: AEDRX ∎ Y: AEDYX ∎ Investor: EGINX ∎ R6: AEGSX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-21.07	%
Class C Shares	-21.36
Class R Shares	-21.17
Class Y Shares	-20.97
Investor Class Shares	-21.05
Class R6 Shares	-20.93
MSCI Europe Index▼ (Broad Market Index)	-11.73
Source(s): ▼RIMES Technologies Corp.
The MSCI Europe Index is an unmanaged index considered representative of stocks of developed European countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco EQV European Equity Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (11/3/97)	7.98	%
10 Years	3.44
5 Years	-0.61
1 Year	-22.18
Class C Shares
Inception (11/3/97)	7.98	%
10 Years	3.41
5 Years	-0.23
1 Year	-19.00
Class R Shares
Inception (6/3/02)	6.65	%
10 Years	3.78
5 Years	0.28
1 Year	-17.85
Class Y Shares
Inception (10/3/08)	5.36	%
10 Years	4.30
5 Years	0.78
1 Year	-17.43
Investor Class Shares
Inception (9/30/03)	7.30	%
10 Years	4.09
5 Years	0.59
1 Year	-17.58
Class R6 Shares
10 Years	4.23	%
5 Years	0.90
1 Year	-17.36

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R shares, Class Y shares, Investor Class shares and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco EQV European Equity Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco EQV European Equity Fund

Schedule of Investments

April 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-96.19%
Denmark-3.45%
Carlsberg A/S, Class B		86,634	$	10,965,722
Novo Nordisk A/S, Class B		142,499		16,297,890
				27,263,612
France-16.07%
Air Liquide S.A.		74,307		12,828,585
Arkema S.A.		138,422		15,622,363
Bollore SE		4,921,823		22,855,818
Criteo S.A., ADR(a)		328,228		8,133,490
Kaufman & Broad S.A.		466,579		14,226,469
Kering S.A.		12,784		6,790,263
LVMH Moet Hennessy Louis Vuitton SE		16,426		10,510,927
Metropole Television S.A.		556,365		10,290,029
Pernod Ricard S.A.		45,676		9,410,848
Schneider Electric SE		115,255		16,415,086
				127,083,878
Germany-4.44%
Deutsche Boerse AG		118,434		20,758,297
flatexDEGIRO AG(a)		514,968		8,895,984
MTU Aero Engines AG		27,053		5,471,139
				35,125,420
Hungary-1.87%
Gedeon Richter PLC		742,769		14,763,534
Ireland-5.94%
CRH PLC		375,284		14,886,671
Flutter Entertainment PLC(a)		93,039		9,347,381
ICON PLC(a)		60,739		13,739,769
Origin Enterprises PLC		1,997,294		8,970,707
				46,944,528
Italy-6.43%
Danieli & C. Officine Meccaniche S.p.A., RSP		1,245,111		19,426,415
FinecoBank Banca Fineco S.p.A.		1,555,986		21,435,936
Technogym S.p.A.(b)		1,329,540		10,018,547
				50,880,898
Netherlands-11.69%
Aalberts N.V.		218,509		10,534,138
ASML Holding N.V.		14,699		8,316,237
Heineken N.V.		189,036		18,437,255
Prosus N.V.		294,470		14,199,550
SBM Offshore N.V.		1,057,816		15,334,952
Signify N.V.		308,011		13,005,213
Wolters Kluwer N.V.		124,512		12,594,419
				92,421,764
Norway-0.80%
TGS ASA		411,377		6,355,405
Russia-0.00%
Sberbank of Russia PJSC, Preference Shares(c)		11,172,332		11

	Shares		Value
Russia-(continued)
Yandex N.V., Class A(a)(c)		301,028	$	1
				12
Spain-2.53%
Amadeus IT Group S.A.(a)		175,830		10,963,570
Construcciones y Auxiliar de Ferrocarriles S.A.		293,713		9,039,044
				20,002,614
Sweden-8.18%
Husqvarna AB, Class B(d)		851,637		8,147,280
Investor AB, Class B		911,024		17,502,317
Lifco AB, Class B		372,302		7,811,207
Sandvik AB(d)		1,377,743		25,905,611
Svenska Handelsbanken AB, Class A		524,007		5,282,142
				64,648,557
Switzerland-5.17%
Kuehne + Nagel International AG, Class R		28,218		7,912,641
Logitech International S.A., Class R		185,884		12,044,983
OC Oerlikon Corp. AG		558,622		3,974,172
Roche Holding AG		45,780		16,955,385
				40,887,181
Turkey-1.09%
Haci Omer Sabanci Holding A.S.		6,421,892		8,582,280
United Kingdom-26.79%
Ashtead Group PLC		174,429		9,018,287
Clarkson PLC		329,590		15,120,307
DCC PLC		450,060		34,005,396
Diploma PLC		237,409		8,121,401
FDM Group Holdings PLC		554,228		7,092,267
Hays PLC		6,823,238		10,378,836
HomeServe PLC		1,716,509		21,154,682
IG Group Holdings PLC		2,408,854		24,595,346
Jupiter Fund Management PLC		2,269,473		5,047,067
Linde PLC		21,253		6,630,086
Reckitt Benckiser Group PLC		244,284		19,057,008
Savills PLC		1,764,234		23,613,171
Travis Perkins PLC		515,033		7,841,062
Ultra Electronics Holdings PLC		492,806		20,116,476
				211,791,392
United States-1.74%
Nestle S.A.		106,612		13,764,193
Total Common Stocks & Other Equity Interests (Cost $663,055,447)				760,515,268
Money Market Funds-3.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(e)(f)		8,111,593		8,111,593
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(e)(f)		7,293,913		7,292,455

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

5 Invesco EQV European Equity Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.23%(e)(f)		9,270,392	$	9,270,392
Total Money Market Funds (Cost $24,673,446)				24,674,440
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.31% (Cost $687,728,893)				785,189,708
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.46%
Invesco Private Government Fund, 0.40%(e)(f)(g)		10,581,844		10,581,844

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.35%(e)(f)(g)		24,690,969	$	24,690,969
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $35,272,813)				35,272,813
TOTAL INVESTMENTS IN SECURITIES–103.77% (Cost $723,001,706)				820,462,521
OTHER ASSETS LESS LIABILITIES–(3.77)%				(29,826,219	)
NET ASSETS–100.00%			$	790,636,302

Investment Abbreviations:

ADR – American Depositary Receipt

RSP – Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b) 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, 2022 represented 1.27% of the Fund’s Net Assets.

^(c) Security valued using significant unobservable inputs (Level 3). See Note 3.

^(d)  All or a portion of this security was out on loan at April 30, 2022.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	7,739,892	$	50,938,341	$	(50,566,640	)	$	-	$	-	$	8,111,593	$	1,176
Invesco Liquid Assets Portfolio, Institutional Class		7,531,081		36,384,530		(36,619,447	)		(4,516)		807		7,292,455		2,298
Invesco Treasury Portfolio, Institutional Class		8,845,590		58,215,247		(57,790,445	)		-		-		9,270,392		1,893
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		9,903,960		25,370,241		(24,692,357	)		-		-		10,581,844		2,468*
Invesco Private Prime Fund		23,109,240		44,033,303		(42,450,458	)		-		(1,116)		24,690,969		5,854*
Total	$	57,129,763	$	214,941,662	$	(212,119,347	)	$	(4,516)	$	(309)	$	59,947,253	$	13,689

* 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.

^(f) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(g) 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 1I.

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

6 Invesco EQV European Equity Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Industrials	33.64	%
Financials	14.18
Consumer Staples	10.20
Consumer Discretionary	8.23
Health Care	7.81
Materials	6.32
Communication Services	5.22
Information Technology	4.86
Real Estate	2.99
Energy	2.74
Money Market Funds Plus Other Assets Less Liabilities	3.81

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

7 Invesco EQV European Equity Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $663,055,447)*	$	760,515,268
Investments in affiliated money market funds, at value (Cost $59,946,259)		59,947,253
Foreign currencies, at value (Cost $617,703)		613,331
Receivable for:
Investments sold		4,541,890
Fund shares sold		410,914
Dividends		6,578,515
Investment for trustee deferred compensation and retirement plans		174,310
Other assets		66,763
Total assets		832,848,244
Liabilities:
Payable for:
Investments purchased		5,403,636
Fund shares reacquired		730,013
Collateral upon return of securities loaned		35,272,813
Accrued fees to affiliates		440,030
Accrued other operating expenses		173,317
Trustee deferred compensation and retirement plans		192,133
Total liabilities		42,211,942
Net assets applicable to shares outstanding	$	790,636,302
Net assets consist of:
Shares of beneficial interest	$	657,444,017
Distributable earnings		133,192,285
	$	790,636,302

Net Assets:
Class A	$	264,548,626
Class C	$	12,314,678
Class R	$	5,405,822
Class Y	$	408,312,772
Investor Class	$	95,917,016
Class R6	$	4,137,388
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		8,085,873
Class C		405,927
Class R		165,618
Class Y		12,466,134
Investor Class		2,941,259
Class R6		126,406
Class A:
Net asset value per share	$	32.72
Maximum offering price per share (Net asset value of $32.72 ÷ 94.50%)	$	34.62
Class C:
Net asset value and offering price per share	$	30.34
Class R:
Net asset value and offering price per share	$	32.64
Class Y:
Net asset value and offering price per share	$	32.75
Investor Class:
Net asset value and offering price per share	$	32.61
Class R6:
Net asset value and offering price per share	$	32.73

* At April 30, 2022, securities with an aggregate value of $34,317,663 were on loan to brokers.

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

8 Invesco EQV European Equity Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest	$	7,654
Dividends (net of foreign withholding taxes of $2,416,556)		9,132,709
Dividends from affiliated money market funds (includes securities lending income of $21,476)		26,843
Foreign withholding tax claims		1,523,564
Total investment income		10,690,770
Expenses:
Advisory fees		4,485,663
Administrative services fees		76,596
Custodian fees		86,475
Distribution fees:
Class A		396,294
Class C		82,966
Class R		15,986
Investor Class		119,468
Transfer agent fees – A, C, R, Y and Investor		698,609
Transfer agent fees – R6		792
Trustees’ and officers’ fees and benefits		12,153
Registration and filing fees		46,399
Reports to shareholders		40,726
Professional services fees		30,994
Other		7,850
Total expenses		6,100,971
Less: Fees waived and/or expense offset arrangement(s)		(5,174	)
Net expenses		6,095,797
Net investment income		4,594,973
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		59,341,705
Affiliated investment securities		(309	)
Foreign currencies		(67,126	)
		59,274,270
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(291,314,298	)
Affiliated investment securities		(4,516	)
Foreign currencies		(321,921	)
		(291,640,735	)
Net realized and unrealized gain (loss)		(232,366,465	)
Net increase (decrease) in net assets resulting from operations	$	(227,771,492	)

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

9 Invesco EQV European Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income	$	4,594,973		$	13,222,530
Net realized gain		59,274,270			99,979,868
Change in net unrealized appreciation (depreciation)		(291,640,735	)		225,496,596
Net increase (decrease) in net assets resulting from operations		(227,771,492	)		338,698,994
Distributions to shareholders from distributable earnings:
Class A		(30,271,909	)		(4,332,934	)
Class C		(1,645,602	)		(132,308	)
Class R		(595,162	)		(71,734	)
Class Y		(53,433,019	)		(9,434,694	)
Investor Class		(10,970,302	)		(1,665,385	)
Class R6		(597,707	)		(160,084	)
Total distributions from distributable earnings		(97,513,701	)		(15,797,139	)
Share transactions–net:
Class A		8,593,384			(27,347,605	)
Class C		(2,841,004	)		(8,577,015	)
Class R		46,851			(716,021	)
Class Y		(44,414,615	)		(74,124,325	)
Investor Class		4,839,892			(11,181,237	)
Class R6		(1,030,430	)		(3,775,365	)
Net increase (decrease) in net assets resulting from share transactions		(34,805,922	)		(125,721,568	)
Net increase (decrease) in net assets		(360,091,115	)		197,180,287
Net assets:
Beginning of period		1,150,727,417			953,547,130
End of period	$	790,636,302		$	1,150,727,417

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

10 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 value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/22		$45.47		$0.15		$ (9.03	)		$ (8.88	)		$(1.04	)		$(2.83	)		$(3.87	)		$32.72		(21.07	)%		$264,549		1.35	%(d)		1.35	%(d)		0.80	%(d)		14	%
Year ended 10/31/21		33.73		0.44		11.81			12.25			(0.51	)		-			(0.51	)		45.47		36.58			359,154		1.35			1.35			1.02			18
Year ended 10/31/20		38.76		0.30		(4.31	)		(4.01	)		(1.02	)		-			(1.02	)		33.73		(10.74	)		287,960		1.36			1.37			0.84			27
Year ended 10/31/19		35.55		0.74		2.94			3.68			(0.47	)		-			(0.47	)		38.76		10.57			386,369		1.35			1.36			2.02			10
Year ended 10/31/18		40.95		0.58		(5.21	)		(4.63	)		(0.77	)		-			(0.77	)		35.55		(11.54	)		402,331		1.34			1.35			1.45			16
Year ended 10/31/17		32.88		0.48		8.12			8.60			(0.53	)		-			(0.53	)		40.95		26.53			506,795		1.38			1.39			1.32			22
Class C
Six months ended 04/30/22		42.22		0.01		(8.38	)		(8.37	)		(0.68	)		(2.83	)		(3.51	)		30.34		(21.36	)		12,315		2.10	(d)		2.10	(d)		0.05	(d)		14
Year ended 10/31/21		31.31		0.11		11.00			11.11			(0.20	)		-			(0.20	)		42.22		35.56			20,596		2.10			2.10			0.27			18
Year ended 10/31/20		35.97		0.03		(4.04	)		(4.01	)		(0.65	)		-			(0.65	)		31.31		(11.43	)		22,166		2.11			2.12			0.09			27
Year ended 10/31/19		32.94		0.43		2.75			3.18			(0.15	)		-			(0.15	)		35.97		9.72			38,236		2.10			2.11			1.27			10
Year ended 10/31/18		38.01		0.26		(4.82	)		(4.56	)		(0.51	)		-			(0.51	)		32.94		(12.18	)		71,859		2.09			2.10			0.70			16
Year ended 10/31/17		30.50		0.19		7.56			7.75			(0.24	)		-			(0.24	)		38.01		25.58			90,488		2.13			2.14			0.57			22
Class R
Six months ended 04/30/22		45.29		0.11		(9.01	)		(8.90	)		(0.92	)		(2.83	)		(3.75	)		32.64		(21.16	)		5,406		1.60	(d)		1.60	(d)		0.55	(d)		14
Year ended 10/31/21		33.59		0.33		11.78			12.11			(0.41	)		-			(0.41	)		45.29		36.25			7,420		1.60			1.60			0.77			18
Year ended 10/31/20		38.59		0.21		(4.32	)		(4.11	)		(0.89	)		-			(0.89	)		33.59		(10.98	)		6,092		1.61			1.62			0.59			27
Year ended 10/31/19		35.38		0.64		2.93			3.57			(0.36	)		-			(0.36	)		38.59		10.26			7,803		1.60			1.61			1.77			10
Year ended 10/31/18		40.76		0.48		(5.18	)		(4.70	)		(0.68	)		-			(0.68	)		35.38		(11.74	)		10,795		1.59			1.60			1.20			16
Year ended 10/31/17		32.71		0.39		8.09			8.48			(0.43	)		-			(0.43	)		40.76		26.24			13,655		1.63			1.64			1.07			22
Class Y
Six months ended 04/30/22		45.58		0.20		(9.05	)		(8.85	)		(1.15	)		(2.83	)		(3.98	)		32.75		(20.99	)		408,313		1.10	(d)		1.10	(d)		1.05	(d)		14
Year ended 10/31/21		33.81		0.54		11.84			12.38			(0.61	)		-			(0.61	)		45.58		36.93			628,317		1.10			1.10			1.27			18
Year ended 10/31/20		38.85		0.39		(4.31	)		(3.92	)		(1.12	)		-			(1.12	)		33.81		(10.51	)		524,899		1.11			1.12			1.09			27
Year ended 10/31/19		35.67		0.83		2.93			3.76			(0.58	)		-			(0.58	)		38.85		10.81			700,808		1.10			1.11			2.27			10
Year ended 10/31/18		41.06		0.68		(5.21	)		(4.53	)		(0.86	)		-			(0.86	)		35.67		(11.29	)		820,248		1.09			1.10			1.70			16
Year ended 10/31/17		32.98		0.58		8.13			8.71			(0.63	)		-			(0.63	)		41.06		26.85			911,498		1.13			1.14			1.57			22
Investor Class
Six months ended 04/30/22		45.37		0.16		(9.00	)		(8.84	)		(1.09	)		(2.83	)		(3.92	)		32.61		(21.05	)(e)		95,917		1.31	(d)(e)		1.31	(d)(e)		0.84	(d)(e)		14
Year ended 10/31/21		33.65		0.48		11.79			12.27			(0.55	)		-			(0.55	)		45.37		36.73	(e)		128,214		1.24	(e)		1.24	(e)		1.13	(e)		18
Year ended 10/31/20		38.67		0.33		(4.31	)		(3.98	)		(1.04	)		-			(1.04	)		33.65		(10.68	)(e)		103,954		1.27	(e)		1.28	(e)		0.93	(e)		27
Year ended 10/31/19		35.48		0.76		2.93			3.69			(0.50	)		-			(0.50	)		38.67		10.61	(e)		133,149		1.29	(e)		1.30	(e)		2.08	(e)		10
Year ended 10/31/18		40.86		0.60		(5.19	)		(4.59	)		(0.79	)		-			(0.79	)		35.48		(11.47	)(e)		133,359		1.29	(e)		1.30	(e)		1.50	(e)		16
Year ended 10/31/17		32.80		0.50		8.10			8.60			(0.54	)		-			(0.54	)		40.86		26.61	(e)		166,324		1.32	(e)		1.33	(e)		1.38	(e)		22
Class R6
Six months ended 04/30/22		45.58		0.23		(9.04	)		(8.81	)		(1.21	)		(2.83	)		(4.04	)		32.73		(20.93	)		4,137		0.99	(d)		0.99	(d)		1.16	(d)		14
Year ended 10/31/21		33.81		0.59		11.84			12.43			(0.66	)		-			(0.66	)		45.58		37.08			7,026		0.98			0.98			1.39			18
Year ended 10/31/20		38.86		0.43		(4.32	)		(3.89	)		(1.16	)		-			(1.16	)		33.81		(10.43	)		8,477		0.99			1.00			1.21			27
Year ended 10/31/19		35.68		0.87		2.94			3.81			(0.63	)		-			(0.63	)		38.86		10.96			8,613		0.98			0.99			2.39			10
Year ended 10/31/18		41.09		0.72		(5.21	)		(4.49	)		(0.92	)		-			(0.92	)		35.68		(11.20	)		9,925		0.99			1.00			1.80			16
Period ended 10/31/17(f)		35.50		0.40		5.19			5.59			-			-			-			41.09		15.75			4,723		0.96	(d)		0.97	(d)		1.74	(d)		22

^(a) Calculated using average shares outstanding.

^(b)  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.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d) Annualized.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.21%, 0.14%, 0.16%, 0.19%, 0.20% and 0.19% for the six months ended April 30, 2022 and for each of the years ended October 31, 2021, 2020, 2019, 2018 and 2017, respectively.

^(f)  Commencement date of April 4, 2017.

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

11 Invesco EQV European Equity Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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, acts of terrorism 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.

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. 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.

12 Invesco EQV European Equity Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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. 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 Investment Company 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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a 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, 2022, there were no securities lending transactions with the Adviser.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the 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

13 Invesco EQV European Equity Fund

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.

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

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

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

L. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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		0.935%
Next $250 million		0.910%
Next $500 million		0.885%
Next $1.5 billion		0.860%
Next $2.5 billion		0.835%
Next $2.5 billion		0.810%
Next $2.5 billion		0.785%
Over $10 billion		0.760%

For the six months ended April 30, 2022, 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. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the 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 June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, 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 “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 reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. 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 this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $5,005.

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, 2022, 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, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

14 Invesco EQV European 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, 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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $11,294 in front-end sales commissions from the sale of Class A shares and $15 and $249 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $331 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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
Investments in Securities
Denmark	$	–	$	27,263,612		$  –	$	27,263,612
France		8,133,490		118,950,388		–		127,083,878
Germany		–		35,125,420		–		35,125,420
Hungary		–		14,763,534		–		14,763,534
Ireland		13,739,769		33,204,759		–		46,944,528
Italy		–		50,880,898		–		50,880,898
Netherlands		–		92,421,764		–		92,421,764
Norway		–		6,355,405		–		6,355,405
Russia		–		–		12		12
Spain		–		20,002,614		–		20,002,614
Sweden		–		64,648,557		–		64,648,557
Switzerland		–		40,887,181		–		40,887,181
Turkey		–		8,582,280		–		8,582,280
United Kingdom		6,630,086		205,161,306		–		211,791,392
United States		–		13,764,193		–		13,764,193
Money Market Funds		24,674,440		35,272,813		–		59,947,253
Total Investments	$	53,177,785	$	767,284,724		$12	$	820,462,521

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $169.

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

15 Invesco EQV European Equity Fund

such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

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, 2021.

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, 2022 was $140,373,237 and $280,896,517, respectively. Cost of investments, including any derivatives, on a tax basis 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
Aggregate unrealized appreciation of investments	$157,218,396
Aggregate unrealized (depreciation) of investments	(87,310,528	)
Net unrealized appreciation of investments	$  69,907,868

Cost of investments for tax purposes is $ 750,554,653.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		239,701		$	9,463,240			487,483		$	20,795,527
Class C		10,912			396,672			39,070			1,552,563
Class R		10,434			402,045			25,349			1,068,463
Class Y		817,153			31,392,623			1,560,556			66,111,697
Investor Class		14,692			585,802			60,517			2,552,827
Class R6		25,871			951,356			39,698			1,731,663
Issued as reinvestment of dividends:
Class A		671,928			26,816,643			97,439			3,811,815
Class C		37,200			1,380,497			2,977			108,822
Class R		14,784			589,150			1,825			71,265
Class Y		928,843			37,079,406			204,943			8,017,382
Investor Class		243,268			9,677,197			38,415			1,498,177
Class R6		13,696			546,053			4,018			157,063
Automatic conversion of Class C shares to Class A shares:
Class A		64,889			2,446,749			112,073			4,704,313
Class C		(69,868	)		(2,446,749	)		(120,210	)		(4,704,313	)

16 Invesco EQV European Equity Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(790,061	)	$	(30,133,248	)		(1,335,829	)	$	(56,659,260	)
Class C		(60,113	)		(2,171,424	)		(141,957	)		(5,534,087	)
Class R		(23,426	)		(944,344	)		(44,689	)		(1,855,749	)
Class Y		(3,065,934	)		(112,886,644	)		(3,505,257	)		(148,253,404	)
Investor Class		(142,541	)		(5,423,107	)		(362,086	)		(15,232,241	)
Class R6		(67,314	)		(2,527,839	)		(140,282	)		(5,664,091	)
Net increase (decrease) in share activity		(1,125,886	)	$	(34,805,922	)		(2,975,947	)	$	(125,721,568	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 47% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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 EQV European Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/21)	Ending     Account Value     (04/30/22)1	Expenses     Paid During     Period2	Ending       Account Value       (04/30/22)	Expenses       Paid During       Period2	Annualized     Expense Ratio
Class A	$1,000.00	$789.30	$5.99	$1,018.10	$6.76	1.35%
Class C	1,000.00	786.40	9.30	1,014.38	10.49	2.10
Class R	1,000.00	788.30	7.09	1,016.86	8.00	1.60
Class Y	1,000.00	790.30	4.88	1,019.34	5.51	1.10
Investor Class	1,000.00	789.50	5.81	1,018.30	6.56	1.31
Class R6	1,000.00	790.70	4.40	1,019.89	4.96	0.99

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

18 Invesco EQV European Equity Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-06463 and 033-44611             Invesco Distributors, Inc. EGR-SAR-1                                         

Semiannual Report to Shareholders April 30, 2022

Invesco Global Focus Fund

Nasdaq:

A: GLVAX ∎ C: GLVCX ∎ R: GLVNX ∎ Y: GLVYX ∎ R5: GFFDX ∎ R6: GLVIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
16	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-31.86	%
Class C Shares	-32.11
Class R Shares	-31.94
Class Y Shares	-31.77
Class R5 Shares	-31.73
Class R6 Shares	-31.73
MSCI All Country World Index▼	-11.63
Source(s): ▼RIMES Technologies Corp.
The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Global Focus Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (10/1/07)	6.20	%
10 Years	8.96
5 Years	8.13
1 Year	-31.46
Class C Shares
Inception (10/1/07)	6.22	%
10 Years	8.91
5 Years	8.53
1 Year	-28.70
Class R Shares
Inception (10/1/07)	6.41	%
10 Years	9.30
5 Years	9.09
1 Year	-27.66
Class Y Shares
Inception (10/1/07)	6.98	%
10 Years	9.85
5 Years	9.62
1 Year	-27.30
Class R5 Shares
10 Years	9.70	%
5 Years	9.59
1 Year	-27.21
Class R6 Shares
Inception (8/28/12)	10.64	%
5 Years	9.79
1 Year	-27.21

Effective May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the Oppenheimer Global Focus Fund (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Global Focus Fund. The Fund was subsequently renamed the Invesco Global Focus Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on

Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco Global Focus Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Global Focus Fund

Schedule of Investments^(a)

April 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–100.11%
Apparel, Accessories & Luxury Goods–4.96%
Hermes International (France)		26,274	$	32,327,650
Application Software–5.93%
Nice Ltd., ADR (Israel)(b)		70,558		14,563,877
salesforce.com, inc.(b)		137,228		24,143,894
				38,707,771
Biotechnology–1.49%
BeiGene Ltd., ADR (China)(b)		45,222		7,235,520
Twist Bioscience Corp.(b)		86,109		2,483,383
				9,718,903
Data Processing & Outsourced Services–14.44%
Adyen N.V. (Netherlands)(b)(c)		16,228		27,140,651
Amadeus IT Group S.A. (Spain)(b)		293,562		18,304,542
Mastercard, Inc., Class A		98,736		35,878,688
Visa, Inc., Class A		60,608		12,917,383
				94,241,264
Food Retail–0.63%
HelloFresh SE (Germany)(b)		96,127		4,110,980
Health Care Equipment–4.05%
ABIOMED, Inc.(b)		19,210		5,505,202
Edwards Lifesciences Corp.(b)		18,256		1,931,120
Stryker Corp.		78,809		19,013,459
				26,449,781
Hotels, Resorts & Cruise Lines–1.88%
Airbnb, Inc., Class A(b)		79,946		12,248,527
Integrated Telecommunication Services–0.37%
Cellnex Telecom S.A. (Spain)(c)		51,516		2,407,990
Interactive Home Entertainment–1.91%
Sea Ltd., ADR (Taiwan)(b)		150,554		12,459,849
Interactive Media & Services–17.33%
Alphabet, Inc., Class A(b)		14,788		33,749,026
Meta Platforms, Inc., Class A(b)		229,763		46,060,588
Tencent Holdings Ltd. (China)		709,600		33,284,058
				113,093,672
Internet & Direct Marketing Retail–9.23%
Alibaba Group Holding Ltd., ADR (China)(b)		228,645		22,199,143
Amazon.com, Inc.(b)		13,370		33,232,873
Investment Abbreviations:
ADR - American Depositary Receipt

	Shares		Value
Internet & Direct Marketing Retail–(continued)
JD.com, Inc., A Shares (China)(b)		153,092	$	4,771,951
				60,203,967
Internet Services & Infrastructure–3.23%
Twilio, Inc., Class A(b)		188,719		21,102,559
Life Sciences Tools & Services–17.67%
Biotage AB (Sweden)		206,557		4,244,813
Illumina, Inc.(b)		115,451		34,248,539
Lonza Group AG (Switzerland)		24,778		14,547,066
Tecan Group AG, Class R (Switzerland)		43,792		13,160,284
Thermo Fisher Scientific, Inc.		66,253		36,632,609
Wuxi Biologics Cayman, Inc. (China)(b)(c)		1,712,500		12,427,421
				115,260,732
Pharmaceuticals–4.58%
Novo Nordisk A/S, Class B (Denmark)		261,444		29,901,863
Semiconductor Equipment–1.48%
ASML Holding N.V. (Netherlands)		17,038		9,639,570
Semiconductors–0.59%
Infineon Technologies AG (Germany)		133,844		3,872,154
Systems Software–7.46%
Crowdstrike Holdings, Inc., Class A(b)		154,116		30,632,096
ServiceNow, Inc.(b)		37,707		18,027,717
				48,659,813
Trucking–2.88%
Uber Technologies, Inc.(b)		597,600		18,812,448
Total Common Stocks & Other Equity Interests (Cost $542,060,997)				653,219,493
Money Market Funds–0.14%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)		320,756		320,756
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(d)(e)		229,157		229,111
Invesco Treasury Portfolio, Institutional Class, 0.23%(d)(e)		366,578		366,578
Total Money Market Funds (Cost $916,445)				916,445
TOTAL INVESTMENTS IN SECURITIES–100.25% (Cost $542,977,442)				654,135,938
OTHER ASSETS LESS LIABILITIES–(0.25)%				(1,653,100	)
NET ASSETS–100.00%			$	652,482,838

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

5 Invesco Global Focus Fund

Notes to Schedule of Investments:

^(a)  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.

^(b)  Non-income producing security.

^(c)  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, 2022 was $41,976,062, which represented 6.43% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	71	$	17,625,466	$	(17,304,781)		$-	$	-	$	320,756	$	194
Invesco Liquid Assets Portfolio, Institutional Class		-		12,589,618		(12,360,241)		-		(266)		229,111		160
Invesco Treasury Portfolio, Institutional Class		81		20,143,389		(19,776,892)		-		-		366,578		167
Total	$	152	$	50,358,473	$	(49,441,914)		$-	$	(266)	$	916,445	$	521

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Information Technology	33.14	%
Health Care	27.79
Communication Services	19.61
Consumer Discretionary	16.06
Industrials	2.88
Consumer Staples	0.63
Money Market Funds Plus Other Assets Less Liabilities	(0.11	)

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

6 Invesco Global Focus Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $542,060,997)	$	653,219,493
Investments in affiliated money market funds, at value (Cost $916,445)		916,445
Cash		100,000
Foreign currencies, at value (Cost $238,190)		234,337
Receivable for:
Fund shares sold		354,109
Dividends		571,778
Investment for trustee deferred compensation and retirement plans		27,920
Other assets		63,738
Total assets		655,487,820
Liabilities:
Payable for:
Investments purchased		1,660,194
Fund shares reacquired		911,123
Accrued fees to affiliates		338,613
Accrued other operating expenses		67,132
Trustee deferred compensation and retirement plans		27,920
Total liabilities		3,004,982
Net assets applicable to shares outstanding	$	652,482,838
Net assets consist of:
Shares of beneficial interest	$	533,439,443
Distributable earnings		119,043,395
	$	652,482,838

Net Assets:
Class A	$	270,721,796
Class C	$	35,840,894
Class R	$	27,012,402
Class Y	$	281,818,954
Class R5	$	8,405
Class R6	$	37,080,387
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,822,266
Class C		717,151
Class R		500,758
Class Y		4,853,623
Class R5		148
Class R6		626,907
Class A:
Net asset value per share	$	56.14
Maximum offering price per share (Net asset value of $56.14 ÷ 94.50%)	$	59.41
Class C:
Net asset value and offering price per share	$	49.98
Class R:
Net asset value and offering price per share	$	53.94
Class Y:
Net asset value and offering price per share	$	58.06
Class R5:
Net asset value and offering price per share	$	56.79
Class R6:
Net asset value and offering price per share	$	59.15

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

7 Invesco Global Focus Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $98,192)	$	934,843
Dividends from affiliated money market funds		521
Non-cash dividend income		1,066,671
Total investment income		2,002,035
Expenses:
Advisory fees		3,224,442
Administrative services fees		58,492
Custodian fees		32,921
Distribution fees:
Class A		418,631
Class C		260,918
Class R		82,587
Transfer agent fees – A, C, R and Y		588,606
Transfer agent fees – R5		2
Transfer agent fees – R6		7,008
Trustees’ and officers’ fees and benefits		11,717
Registration and filing fees		59,496
Professional services fees		24,602
Other		(59,254	)
Total expenses		4,710,168
Less: Fees waived and/or expense offset arrangement(s)		(371	)
Net expenses		4,709,797
Net investment income (loss)		(2,707,762	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		13,996,322
Affiliated investment securities		(266	)
Foreign currencies		(25,377	)
		13,970,679
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(328,491,777	)
Foreign currencies		(45,883	)
		(328,537,660	)
Net realized and unrealized gain (loss)		(314,566,981	)
Net increase (decrease) in net assets resulting from operations	$	(317,274,743	)

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

8 Invesco Global Focus Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income (loss)	$	(2,707,762	)	$	(9,298,896	)
Net realized gain		13,970,679			50,274,094
Change in net unrealized appreciation (depreciation)		(328,537,660	)		145,930,865
Net increase (decrease) in net assets resulting from operations		(317,274,743	)		186,906,063
Distributions to shareholders from distributable earnings:
Class A		(14,955,682	)		(14,021,673	)
Class C		(2,706,492	)		(4,016,167	)
Class R		(1,493,566	)		(1,267,019	)
Class Y		(15,895,479	)		(15,198,819	)
Class R5		(462	)		(702	)
Class R6		(1,926,473	)		(1,794,069	)
Total distributions from distributable earnings		(36,978,154	)		(36,298,449	)
Share transactions–net:
Class A		750,047			82,391,644
Class C		(12,695,426	)		(14,730,005	)
Class R		1,480,334			11,632,732
Class Y		(17,537,427	)		82,239,319
Class R5		–			(4,299	)
Class R6		1,154,011			12,884,518
Net increase (decrease) in net assets resulting from share transactions		(26,848,461	)		174,413,909
Net increase (decrease) in net assets		(381,101,358	)		325,021,523
Net assets:
Beginning of period		1,033,584,196			708,562,673
End of period	$	652,482,838		$	1,033,584,196

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

9 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 value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/22		$85.76		$(0.25	)(e)		$(26.25	)		$(26.50	)		$(3.12	)		$56.14		(31.86	)%		$270,722		1.20	%(f)		1.20	%(f)		(0.72	)%(e)(f)		17	%
Year ended 10/31/21		72.26		(0.84	)		17.88			17.04			(3.54	)		85.76		24.30	(g)		414,186		1.18	(g)		1.18	(g)		(1.03	)(g)		24
Year ended 10/31/20		52.99		(0.51	)		25.00			24.49			(5.22	)		72.26		50.31	(g)		273,684		1.26	(g)		1.26	(g)		(0.84	)(g)		43
Six months ended 10/31/19		54.20		(0.16	)		(1.05	)		(1.21	)		–			52.99		(2.23	)		145,332		1.27	(f)		1.31	(f)		(0.60	)(f)		20
Year ended 04/30/19		51.71		(0.13	)		4.48			4.35			(1.86	)		54.20		9.11			155,251		1.25			1.25			(0.26	)		46
Year ended 04/30/18		45.73		(0.24	)		7.15			6.91			(0.93	)		51.71		15.17			148,492		1.27			1.28			(0.47	)		63
Year ended 04/30/17		39.26		(0.12	)		6.59			6.47			–			45.73		16.51			145,248		1.30			1.30			(0.29	)		59
Class C
Six months ended 04/30/22		77.00		(0.46	)(e)		(23.44	)		(23.90	)		(3.12	)		49.98		(32.11	)		35,841		1.95	(f)		1.95	(f)		(1.47	)(e)(f)		17
Year ended 10/31/21		65.69		(1.31	)		16.16			14.85			(3.54	)		77.00		23.36			70,996		1.94			1.94			(1.79	)		24
Year ended 10/31/20		48.95		(0.88	)		22.84			21.96			(5.22	)		65.69		49.20			73,587		2.01			2.02			(1.59	)		43
Six months ended 10/31/19		50.26		(0.33	)		(0.98	)		(1.31	)		–			48.95		(2.60	)		43,574		2.01	(f)		2.07	(f)		(1.34	)(f)		20
Year ended 04/30/19		48.45		(0.49	)		4.16			3.67			(1.86	)		50.26		8.28			55,891		2.01			2.01			(1.02	)		46
Year ended 04/30/18		43.23		(0.59	)		6.74			6.15			(0.93	)		48.45		14.29			58,385		2.02			2.03			(1.23	)		63
Year ended 04/30/17		37.39		(0.42	)		6.26			5.84			–			43.23		15.62			54,019		2.06			2.06			(1.06	)		59
Class R
Six months ended 04/30/22		82.63		(0.33	)(e)		(25.24	)		(25.57	)		(3.12	)		53.94		(31.94	)		27,012		1.45	(f)		1.45	(f)		(0.97	)(e)(f)		17
Year ended 10/31/21		69.91		(1.02	)		17.28			16.26			(3.54	)		82.63		23.99			39,611		1.44			1.44			(1.29	)		24
Year ended 10/31/20		51.54		(0.65	)		24.24			23.59			(5.22	)		69.91		49.95			22,854		1.52			1.52			(1.10	)		43
Six months ended 10/31/19		52.79		(0.22	)		(1.03	)		(1.25	)		–			51.54		(2.37	)		9,692		1.52	(f)		1.57	(f)		(0.85	)(f)		20
Year ended 04/30/19		50.53		(0.26	)		4.38			4.12			(1.86	)		52.79		8.84			9,895		1.51			1.51			(0.52	)		46
Year ended 04/30/18		44.82		(0.36	)		7.00			6.64			(0.93	)		50.53		14.88			7,812		1.52			1.53			(0.73	)		63
Year ended 04/30/17		38.57		(0.23	)		6.48			6.25			–			44.82		16.21			6,898		1.56			1.56			(0.56	)		59
Class Y
Six months ended 04/30/22		88.48		(0.17	)(e)		(27.13	)		(27.30	)		(3.12	)		58.06		(31.77	)		281,819		0.95	(f)		0.95	(f)		(0.47	)(e)(f)		17
Year ended 10/31/21		74.28		(0.66	)		18.40			17.74			(3.54	)		88.48		24.60			453,276		0.94			0.94			(0.79	)		24
Year ended 10/31/20		54.21		(0.38	)		25.67			25.29			(5.22	)		74.28		50.68			304,779		1.02			1.02			(0.60	)		43
Six months ended 10/31/19		55.39		(0.10	)		(1.08	)		(1.18	)		–			54.21		(2.13	)		138,470		1.02	(f)		1.07	(f)		(0.36	)(f)		20
Year ended 04/30/19		52.67		(0.01	)		4.59			4.58			(1.86	)		55.39		9.36			301,919		1.02			1.02			(0.03	)		46
Year ended 04/30/18		46.46		(0.12	)		7.26			7.14			(0.93	)		52.67		15.44			266,886		1.03			1.04			(0.24	)		63
Year ended 04/30/17		39.78		(0.00	)		6.68			6.68			–			46.46		16.79			250,427		1.05			1.05			(0.01	)		59
Class R5
Six months ended 04/30/22		86.56		(0.13	)(e)		(26.52	)		(26.65	)		(3.12	)		56.79		(31.73	)		8		0.83	(f)		0.83	(f)		(0.35	)(e)(f)		17
Year ended 10/31/21		72.67		(0.56	)		17.99			17.43			(3.54	)		86.56		24.72			13		0.84			0.84			(0.69	)		24
Year ended 10/31/20		53.08		(0.28	)		25.09			24.81			(5.22	)		72.67		50.88			14		0.89			0.89			(0.47	)		43
Period ended 10/31/19(h)		51.06		(0.05	)		2.07			2.02			–			53.08		3.96			10		0.90	(f)		0.92	(f)		(0.23	)(f)		20
Class R6
Six months ended 04/30/22		90.02		(0.13	)(e)		(27.62	)		(27.75	)		(3.12	)		59.15		(31.73	)		37,080		0.83	(f)		0.83	(f)		(0.35	)(e)(f)		17
Year ended 10/31/21		75.43		(0.58	)		18.71			18.13			(3.54	)		90.02		24.74			55,502		0.84			0.84			(0.69	)		24
Year ended 10/31/20		54.89		(0.26	)		26.02			25.76			(5.22	)		75.43		50.94			33,645		0.85			0.89			(0.43	)		43
Six months ended 10/31/19		56.03		(0.05	)		(1.09	)		(1.14	)		–			54.89		(2.03	)		113,768		0.85	(f)		0.87	(f)		(0.18	)(f)		20
Year ended 04/30/19		53.16		0.08			4.65			4.73			(1.86	)		56.03		9.56			131,074		0.85			0.85			0.15			46
Year ended 04/30/18		46.80		(0.02	)		7.31			7.29			(0.93	)		53.16		15.65			98,443		0.85			0.85			(0.05	)		63
Year ended 04/30/17		40.00		0.05			6.75			6.80			–			46.80		17.00			75,145		0.86			0.86			0.13			59

^(a)  Calculated using average shares outstanding.

^(b)  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.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the six months ended October 31, 2019 and the years ended April 30, 2019, 2018 and 2017, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the six months ended April 30, 2022. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $(0.34) and (0.98)% , $(0.54) and (1.73)%, $(0.41) and (1.23)%, $(0.26) and (0.73)%, $(0.21) and (0.61)%, $(0.22) and (0.61)% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Annualized.

^(g)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2021 and 2020, respectively.

^(h)  Commencement date after the close of business on May 24, 2019.

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

10 Invesco Global Focus Fund

Notes to Financial Statements

April 30, 2022

(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.

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

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

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

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

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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, acts of terrorism 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.

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. 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.

11 Invesco Global Focus Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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

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

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

I. 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.

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

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

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

K. Other Risks – Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of 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

12 Invesco Global Focus Fund

markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

L. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
First $500 million		0.800	%
Next $500 million		0.750	%
Over $1 billion		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, 2022, the effective advisory fee rate incurred by the Fund was 0.77%.

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

Effective March 1, 2022, through at least June 30, 2023, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, 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 “expense limits”). Prior to March 1, 2022, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 1.27%, 2.01%, 1.52%, 1.02%, 0.09% and 0.85%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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 June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $206.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2022, 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, 2022, 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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $54,048 in front-end sales commissions from the sale of Class A shares and $3,758 and $3,783 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $241 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.

13 Invesco Global Focus Fund

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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
Investments in Securities
Common Stocks & Other Equity Interests	$	443,078,500	$	210,140,993	$–	$	653,219,493
Money Market Funds		916,445		–	–		916,445
Total Investments	$	443,994,945	$	210,140,993	$–	$	654,135,938

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $165.

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

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, 2021.

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, 2022 was $148,829,269 and $216,227,735, respectively. Cost of investments, including any derivatives, on a tax basis 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
Aggregate unrealized appreciation of investments	$	164,117,703
Aggregate unrealized (depreciation) of investments		(56,257,894	)
Net unrealized appreciation of investments	$	107,859,809

Cost of investments for tax purposes is $546,276,129.

14 Invesco Global Focus Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		360,141		$	25,364,615			1,744,703		$	140,088,002
Class C		58,446			3,737,596			274,423			19,831,291
Class R		73,688			4,925,268			208,636			16,147,088
Class Y		829,992			56,717,171			2,038,492			168,361,173
Class R6		128,384			9,384,893			568,403			47,476,776
Issued as reinvestment of dividends:
Class A		187,077			14,217,814			179,137			13,379,755
Class C		37,120			2,518,578			55,442			3,742,875
Class R		20,415			1,492,133			17,538			1,264,827
Class Y		156,123			12,261,933			166,685			12,818,076
Class R6		23,043			1,842,783			22,625			1,768,392
Automatic conversion of Class C shares to Class A shares:
Class A		113,518			7,619,141			251,407			20,223,985
Class C		(127,205	)		(7,619,141	)		(278,661	)		(20,223,985	)
Reacquired:
Class A		(667,803	)		(46,451,523	)		(1,133,195	)		(91,300,098	)
Class C		(173,238	)		(11,332,459	)		(249,425	)		(18,080,186	)
Class R		(72,718	)		(4,937,067	)		(73,712	)		(5,779,183	)
Class Y		(1,255,171	)		(86,516,531	)		(1,185,623	)		(98,939,930	)
Class R5		-			-			(51	)		(4,299	)
Class R6		(141,063	)		(10,073,665	)		(420,492	)		(36,360,650	)
Net increase (decrease) in share activity		(449,251	)	$	(26,848,461	)		2,186,332		$	174,413,909

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 46% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

15 Invesco Global Focus Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	Beginning Account Value (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (04/30/22)1	Expenses Paid During Period2	Ending Account Value (04/30/22)	Expenses Paid During Period2
Class A	$1,000.00	$681.40	$5.00	$1,018.84	$6.01	1.20%
Class C	1,000.00	678.90	8.12	1,015.12	9.74	1.95
Class R	1,000.00	680.60	6.04	1,017.60	7.25	1.45
Class Y	1,000.00	682.30	3.96	1,020.08	4.76	0.95
Class R5	1,000.00	682.70	3.46	1,020.68	4.16	0.83
Class R6	1,000.00	682.70	3.46	1,020.68	4.16	0.83

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

16 Invesco Global Focus Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-06463 and 033-44611 Invesco Distributors, Inc.                                                                                   O-GLF-SAR-1                    

Semiannual Report to Shareholders	April 30, 2022
Invesco Global Fund
Nasdaq:
A: OPPAX ∎ C: OGLCX ∎ R: OGLNX ∎ Y: OGLYX ∎ R5: GFDDX ∎ R6: OGLIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
16	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-26.57%
Class C Shares	-26.84
Class R Shares	-26.67
Class Y Shares	-26.47
Class R5 Shares	-26.44
Class R6 Shares	-26.44
MSCI All Country World Index▼	-11.63
Source(s): ▼RIMES Technologies Corp.
The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                                 Invesco Global Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (12/22/69)	10.91	%
10 Years	8.95
5 Years	6.88
1 Year	-24.15
Class C Shares
Inception (10/2/95)	9.03	%
10 Years	8.91
5 Years	7.27
1 Year	-21.09
Class R Shares
Inception (3/1/01)	6.64	%
10 Years	9.28
5 Years	7.81
1 Year	-19.94
Class Y Shares
Inception (11/17/98)	9.00	%
10 Years	9.84
5 Years	8.35
1 Year	-19.55
Class R5 Shares
10 Years	9.69	%
5 Years	8.33
1 Year	-19.45
Class R6 Shares
Inception (1/27/12)	10.28	%
10 Years	10.02
5 Years	8.51
1 Year	-19.45

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Global Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Global Fund. Note: The Fund was subsequently renamed the Invesco Global Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on

Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                                 Invesco Global Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                                 Invesco Global Fund

Schedule of Investments

April 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–100.05%
Argentina–0.41%
Reservas de Maternidad - Swiss Medical(a)(b)		1,029,617,880	$	39,852,390
Brazil–0.18%
StoneCo Ltd., Class A(c)		1,884,756		17,754,402
China–4.82%
JD.com, Inc., ADR(c)		6,728,822		414,899,164
Meituan, B Shares(c)(d)		2,483,400		53,303,665
				468,202,829
Denmark–2.81%
Ambu A/S, Class B		1,163,626		15,294,513
Novo Nordisk A/S, Class B		2,255,890		258,010,560
				273,305,073
France–12.21%
Airbus SE		3,129,088		340,280,741
Dassault Systemes SE		891,660		39,665,309
Kering S.A.		484,091		257,126,517
LVMH Moet Hennessy Louis Vuitton SE		858,037		549,054,211
				1,186,126,778
Germany–1.78%
SAP SE		1,675,574		172,823,811
India–5.06%
DLF Ltd.		69,296,191		330,465,126
ICICI Bank Ltd., ADR		8,461,827		161,113,186
				491,578,312
Italy–0.41%
Brunello Cucinelli S.p.A.(c)		773,116		39,406,502
Japan–9.73%
FANUC Corp.		130,800		20,230,249
Keyence Corp.		656,012		264,672,207
Murata Manufacturing Co. Ltd.		4,330,212		259,252,617
Nidec Corp.		2,798,032		183,296,418
Omron Corp.		1,737,600		102,955,301
TDK Corp.		3,682,900		115,038,910
				945,445,702
Netherlands–0.85%
ASML Holding N.V.		145,989		82,596,032
Sweden–3.53%
Assa Abloy AB, Class B		6,401,588		161,499,339
Atlas Copco AB, Class A		3,998,937		181,095,123
				342,594,462
Switzerland–0.86%
Lonza Group AG		105,827		62,130,615

	Shares		Value
Switzerland–(continued)
Zur Rose Group AG(c)		172,835	$	21,183,982
				83,314,597
United Kingdom–0.42%
Farfetch Ltd., Class A(c)		3,672,396		41,130,835
United States–56.98%
Adobe, Inc.(c)		977,278		386,953,224
Agilent Technologies, Inc.		1,120,378		133,627,484
Alphabet, Inc., Class A(c)		483,507		1,103,454,840
Amazon.com, Inc.(c)		36,690		91,197,765
Analog Devices, Inc.		2,624,536		405,175,868
Avantor, Inc.(c)		5,249,288		167,347,301
Boston Scientific Corp.(c)		1,029,537		43,353,803
Castle Biosciences, Inc.(c)		406,818		9,088,314
Charles River Laboratories International, Inc.(c)		188,480		45,519,805
Danaher Corp.		159,976		40,174,773
Datadog, Inc., Class A(c)		214,992		25,966,734
Dun & Bradstreet Holdings, Inc.(c)		1,003,057		15,838,270
Ecolab, Inc.		90,246		15,282,258
Equifax, Inc.		999,871		203,493,746
Fidelity National Information Services, Inc.		526,628		52,215,166
IDEXX Laboratories, Inc.(c)		63,815		27,471,081
Illumina, Inc.(c)		275,948		81,859,974
Intuit, Inc.		1,348,079		564,508,081
Intuitive Surgical, Inc.(c)		221,755		53,065,972
IQVIA Holdings, Inc.(c)		382,899		83,468,153
Lam Research Corp.		20,496		9,546,217
Marriott International, Inc., Class A(c)		260,261		46,201,533
Marvell Technology, Inc.		2,416,988		140,378,663
Meta Platforms, Inc., Class A(c)		2,050,329		411,029,455
Microsoft Corp.		489,160		135,751,683
NVIDIA Corp.		255,111		47,315,437
Omnicell, Inc.(c)		340,841		37,209,612
Phathom Pharmaceuticals, Inc.(c)		1,123,410		14,536,925
Qualtrics International, Inc., Class A(c)		1,949,224		36,138,613
S&P Global, Inc.		1,506,146		567,063,969
Splunk, Inc.(c)		524,375		63,984,238
United Parcel Service, Inc., Class B		1,455,595		261,977,988
Veracyte, Inc.(c)		1,657,477		33,928,554
Visa, Inc., Class A		769,753		164,057,457
Walt Disney Co. (The)(c)		169,200		18,887,796
				5,537,070,752
TOTAL INVESTMENTS IN SECURITIES-100.05% (Cost $4,388,534,335)				9,721,202,477
OTHER ASSETS LESS LIABILITIES-(0.05)%				(4,496,826	)
NET ASSETS-100.00%			$	9,716,705,651

Investment Abbreviations:

ADR – American Depositary Receipt

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

5                                 Invesco Global Fund

Notes to Schedule of Investments:

^(a)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	119,309,087		$	(119,309,087	)		$	-			$	-		$	-		$	461
Invesco Liquid Assets Portfolio, Institutional Class			257,579			85,220,776			(85,478,465	)			-				110			-			221
Invesco Treasury Portfolio, Institutional Class			-			136,353,242			(136,353,242	)			-				-			-			257
Investments in Other Affiliates:
Reservas de Maternidad - Swiss Medical			46,866,147			-			-				(7,013,757	)			-			39,852,390			-
Total		$	47,123,726		$	340,883,105		$	(341,140,794	)		$	(7,013,757	)		$	110		$	39,852,390		$	939

^(b)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(c)  Non-income producing security.

^(d)  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, 2022 represented less than 1% of the Fund’s Net Assets.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Information Technology	31.77	%
Communication Services	15.78
Consumer Discretionary	15.36
Industrials	14.49
Health Care	11.38
Financials	7.49
Real Estate	3.40
Other Sectors, Each Less than 2% of Net Assets	0.38
Other Assets Less Liabilities	(0.05	)

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

6                                 Invesco Global Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $4,358,144,335)	$	9,681,350,087
Investments in affiliates, at value (Cost $30,390,000)		39,852,390
Foreign currencies, at value (Cost $10,778,331)		10,677,147
Receivable for:
Investments sold		1,740,594
Fund shares sold		3,290,291
Dividends		14,154,956
Investment for trustee deferred compensation and retirement plans		823,996
Other assets		166,745
Total assets		9,752,056,206
Liabilities:
Payable for:
Fund shares reacquired		11,031,394
Amount due custodian		1,904,118
Accrued foreign taxes		14,716,478
Accrued fees to affiliates		4,728,846
Accrued trustees’ and officers’ fees and benefits		531,707
Accrued other operating expenses		814,016
IRS closing agreement fees for foreign withholding tax claims		800,000
Trustee deferred compensation and retirement plans		823,996
Total liabilities		35,350,555
Net assets applicable to shares outstanding	$	9,716,705,651
Net assets consist of:
Shares of beneficial interest	$	3,758,748,550
Distributable earnings		5,957,957,101
	$	9,716,705,651

Net Assets:
Class A	$	5,622,940,665
Class C	$	162,484,667
Class R	$	175,860,003
Class Y	$	1,865,178,431
Class R5	$	813,521
Class R6	$	1,889,428,364
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		60,786,367
Class C		2,016,830
Class R		1,930,248
Class Y		19,989,407
Class R5		8,691
Class R6		20,153,275
Class A:
Net asset value per share	$	92.50
Maximum offering price per share (Net asset value of $92.50 ÷ 94.50%)	$	97.88
Class C:
Net asset value and offering price per share	$	80.56
Class R:
Net asset value and offering price per share	$	91.11
Class Y:
Net asset value and offering price per share	$	93.31
Class R5:
Net asset value and offering price per share	$	93.60
Class R6:
Net asset value and offering price per share	$	93.75

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

7                                 Invesco Global Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest	$	17,523
Dividends (net of foreign withholding taxes of $6,904,503)		41,596,171
Dividends from affiliated money market funds		939
Foreign withholding tax claims		4,209,591
Total investment income		45,824,224
Expenses:
Advisory fees		38,185,804
Administrative services fees		846,335
Custodian fees		521,177
Distribution fees:
Class A		8,106,854
Class C		1,056,527
Class R		540,525
Transfer agent fees – A, C, R and Y		7,011,278
Transfer agent fees – R5		53
Transfer agent fees – R6		348,074
Trustees’ and officers’ fees and benefits		134,304
Registration and filing fees		95,667
Professional services fees		51,337
Other		(653,803	)
Total expenses		56,244,132
Less: Fees waived and/or expense offset arrangement(s)		(2,409	)
Net expenses		56,241,723
Net investment income (loss)		(10,417,499	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		692,396,469
Affiliated investment securities		110
Foreign currencies		(328,828	)
		692,067,751
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $2,881,925)		(4,267,244,938	)
Affiliated investment securities		(7,013,757	)
Foreign currencies		(989,782	)
		(4,275,248,477	)
Net realized and unrealized gain (loss)		(3,583,180,726	)
Net increase (decrease) in net assets resulting from operations	$	(3,593,598,225	)

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

8                                 Invesco Global Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income (loss)	$	(10,417,499	)	$	(42,757,387	)
Net realized gain		692,067,751			989,363,951
Change in net unrealized appreciation (depreciation)		(4,275,248,477	)		3,314,245,442
Net increase (decrease) in net assets resulting from operations		(3,593,598,225	)		4,260,852,006
Distributions to shareholders from distributable earnings:
Class A		(527,301,083	)		(401,499,276	)
Class C		(18,273,693	)		(17,266,924	)
Class R		(16,351,348	)		(12,789,748	)
Class Y		(177,321,555	)		(135,222,107	)
Class R5		(1,053	)		(780	)
Class R6		(171,095,528	)		(125,000,218	)
Total distributions from distributable earnings		(910,344,260	)		(691,779,053	)
Share transactions–net:
Class A		155,494,752			(250,965,242	)
Class C		(4,596,473	)		(63,045,551	)
Class R		9,303,399			(13,049,350	)
Class Y		27,244,331			(76,298,994	)
Class R5		933,711			–
Class R6		120,035,452			21,812,204
Net increase (decrease) in net assets resulting from share transactions		308,415,172			(381,546,933	)
Net increase (decrease) in net assets		(4,195,527,313	)		3,187,526,020
Net assets:
Beginning of period		13,912,232,964			10,724,706,944
End of period	$	9,716,705,651		$	13,912,232,964

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

9                                 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 value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/22		$	135.11		$	(0.15	)		$	(33.54	)		$	(33.69	)		$	–			$	(8.92	)		$	(8.92	)		$	92.50		(26.57	)%(e)		$	5,622,941		1.02	%(e)(f)		1.02	%(e)(f)		(0.26	)%(e)(f)		6	%
Year ended 10/31/21			101.84			(0.52	)			40.40				39.88				–				(6.61	)			(6.61	)			135.11		40.51	(e)			8,073,179		1.03	(e)		1.03	(e)		(0.42	)(e)		7
Year ended 10/31/20			90.42			(0.23	)			12.95				12.72				(0.51	)			(0.79	)			(1.30	)			101.84		14.17				6,256,292		1.06			1.06			(0.25	)		8
One month ended 10/31/19			86.02			(0.02	)			4.42				4.40				–				–				–				90.42		5.11				6,250,324		1.06	(f)		1.06	(f)		(0.23	)(f)		1
Year ended 09/30/19			98.63			0.42				(3.48	)			(3.06	)			(0.40	)			(9.15	)			(9.55	)			86.02		(2.09	)			6,026,243		1.09			1.09			0.49			10
Year ended 09/30/18			95.03			0.38				8.90				9.28				(0.53	)			(5.15	)			(5.68	)			98.63		10.08				6,759,414		1.10			1.10			0.38			14
Year ended 09/30/17			75.13			0.31				20.11				20.42				(0.52	)			–				(0.52	)			95.03		27.36				7,004,011		1.12			1.13			0.37			7
Class C
Six months ended 04/30/22			119.28			(0.52	)			(29.28	)			(29.80	)			–				(8.92	)			(8.92	)			80.56		(26.84	)			162,485		1.79	(f)		1.79	(f)		(1.03	)(f)		6
Year ended 10/31/21			91.23			(1.30	)			35.96				34.66				–				(6.61	)			(6.61	)			119.28		39.44				248,647		1.80			1.80			(1.19	)		7
Year ended 10/31/20			81.75			(0.85	)			11.63				10.78				(0.51	)			(0.79	)			(1.30	)			91.23		13.28				243,600		1.83			1.83			(1.02	)		8
One month ended 10/31/19			77.82			(0.07	)			4.00				3.93				–				–				–				81.75		5.05				274,378		1.82	(f)		1.82	(f)		(0.99	)(f)		1
Year ended 09/30/19			90.43			(0.22	)			(3.24	)			(3.46	)			–				(9.15	)			(9.15	)			77.82		(2.85	)			267,208		1.86			1.86			(0.28	)		10
Year ended 09/30/18			87.71			(0.34	)			8.21				7.87				–				(5.15	)			(5.15	)			90.43		9.24				646,353		1.86			1.86			(0.38	)		14
Year ended 09/30/17			69.39			(0.30	)			18.62				18.32				–				–				–				87.71		26.40				647,114		1.88			1.89			(0.40	)		7
Class R
Six months ended 04/30/22			133.38			(0.30	)			(33.05	)			(33.35	)			–				(8.92	)			(8.92	)			91.11		(26.67	)			175,860		1.29	(f)		1.29	(f)		(0.53	)(f)		6
Year ended 10/31/21			100.86			(0.84	)			39.97				39.13				–				(6.61	)			(6.61	)			133.38		40.16				247,549		1.30			1.30			(0.69	)		7
Year ended 10/31/20			89.81			(0.48	)			12.83				12.35				(0.51	)			(0.79	)			(1.30	)			100.86		13.85				197,067		1.33			1.33			(0.52	)		8
One month ended 10/31/19			85.46			(0.04	)			4.39				4.35				–				–				–				89.81		5.09				209,838		1.32	(f)		1.32	(f)		(0.49	)(f)		1
Year ended 09/30/19			98.01			0.19				(3.44	)			(3.25	)			(0.15	)			(9.15	)			(9.30	)			85.46		(2.35	)			202,819		1.35			1.35			0.22			10
Year ended 09/30/18			94.48			0.12				8.86				8.98				(0.30	)			(5.15	)			(5.45	)			98.01		9.79				237,458		1.36			1.36			0.12			14
Year ended 09/30/17			74.69			0.09				20.02				20.11				(0.32	)			–				(0.32	)			94.48		27.04				226,446		1.38			1.39			0.11			7
Class Y
Six months ended 04/30/22			136.06			(0.02	)			(33.81	)			(33.83	)			–				(8.92	)			(8.92	)			93.31		(26.47	)			1,865,178		0.79	(f)		0.79	(f)		(0.03	)(f)		6
Year ended 10/31/21			102.29			(0.23	)			40.61				40.38				–				(6.61	)			(6.61	)			136.06		40.84				2,713,045		0.80			0.80			(0.19	)		7
Year ended 10/31/20			90.61			(0.01	)			12.99				12.98				(0.51	)			(0.79	)			(1.30	)			102.29		14.42				2,093,441		0.83			0.83			(0.02	)		8
One month ended 10/31/19			86.18			0.00				4.43				4.43				–				–				–				90.61		5.14				1,985,139		0.82	(f)		0.82	(f)		0.00	(f)		1
Year ended 09/30/19			98.88			0.62				(3.51	)			(2.89	)			(0.66	)			(9.15	)			(9.81	)			86.18		(1.88	)			1,899,009		0.86			0.86			0.72			10
Year ended 09/30/18			95.27			0.61				8.92				9.53				(0.77	)			(5.15	)			(5.92	)			98.88		10.33				2,158,393		0.87			0.87			0.62			14
Year ended 09/30/17			75.32			0.49				20.16				20.65				(0.70	)			–				(0.70	)			95.27		27.66				1,589,161		0.88			0.89			0.59			7
Class R5
Six months ended 04/30/22			136.38			0.04				(33.90	)			(33.86	)			–				(8.92	)			(8.92	)			93.60		(26.44	)			814		0.68	(f)		0.68	(f)		0.08	(f)		6
Year ended 10/31/21			102.39			(0.06	)			40.66				40.60				–				(6.61	)			(6.61	)			136.38		41.03				16		0.66			0.66			(0.05	)		7
Year ended 10/31/20			90.55			0.14				13.00				13.14				(0.51	)			(0.79	)			(1.30	)			102.39		14.62				12		0.68			0.68			0.13			8
One month ended 10/31/19			86.12			0.01				4.42				4.43				–				–				–				90.55		5.15				11		0.66	(f)		0.66	(f)		0.17	(f)		1
Period ended 09/30/19(g)			84.75			0.26				1.11				1.37				–				–				–				86.12		1.61				10		0.75	(f)		0.75	(f)		0.83	(f)		10
Class R6
Six months ended 04/30/22			136.59			0.05				(33.97	)			(33.92	)			–				(8.92	)			(8.92	)			93.75		(26.44	)			1,889,428		0.68	(f)		0.68	(f)		0.08	(f)		6
Year ended 10/31/21			102.54			(0.07	)			40.73				40.66				–				(6.61	)			(6.61	)			136.59		41.02				2,629,798		0.66			0.66			(0.05	)		7
Year ended 10/31/20			90.69			0.13				13.02				13.15				(0.51	)			(0.79	)			(1.30	)			102.54		14.61				1,934,295		0.68			0.68			0.13			8
One month ended 10/31/19			86.25			0.01				4.43				4.44				–				–				–				90.69		5.15				2,051,628		0.67	(f)		0.67	(f)		0.16	(f)		1
Year ended 09/30/19			98.97			0.76				(3.51	)			(2.75	)			(0.82	)			(9.15	)			(9.97	)			86.25		(1.70	)			1,957,302		0.69			0.69			0.88			10
Year ended 09/30/18			95.35			0.77				8.92				9.69				(0.92	)			(5.15	)			(6.07	)			98.97		10.52				1,436,651		0.69			0.69			0.78			14
Year ended 09/30/17			75.40			0.70				20.10				20.80				(0.85	)			–				(0.85	)			95.35		27.91				1,005,841		0.70			0.70			0.84			7

^(a)  Calculated using average shares outstanding.

^(b)  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.

^(c)  Does not include estimated acquired fund fees from underlying funds of 0.00% for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018 and 2017, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.23% for the six months ended April 30, 2021 and the year ended October 31, 2021.

^(f)  Annualized.

^(g)  Commencement date after the close of business on May 24, 2019.

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

10                                 Invesco Global Fund

Notes to Financial Statements

April 30, 2022

(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.

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

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

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

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

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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, acts of terrorism 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.

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. 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.

11                                 Invesco Global Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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 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 Tax reclaims on the Statement of Assets and Liabilities.

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. These 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 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, 2022, 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. 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.

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

12                                 Invesco Global Fund

based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

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

L. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
First $250 million	0.800%
Next $250 million	0.770%
Next $500 million	0.750%
Next $1 billion	0.690%
Next $1.5 billion	0.670%
Next $2.5 billion	0.650%
Next $2.5 billion	0.630%
Next $2.5 billion	0.600%
Next $4 billion	0.580%
Next $8 billion	0.560%
Over $23 billion	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, 2022, the effective advisory fee rate incurred by the Fund was 0.63%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least June 30, 2023, 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 to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, 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 June 30, 2023. 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 June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $912.

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, 2022, 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, 2022, 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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to

13                                 Invesco Global Fund

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, 2022, 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, 2022, IDI advised the Fund that IDI retained $149,756 in front-end sales commissions from the sale of Class A shares and $3,421 and $2,713 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1	-	Prices are determined using quoted prices in an active market for identical assets.
Level 2	-	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	-	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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
Investments in Securities
Argentina	$	–	$	–		$39,852,390	$	39,852,390
Brazil		17,754,402		–		–		17,754,402
China		414,899,164		53,303,665		–		468,202,829
Denmark		–		273,305,073		–		273,305,073
France		–		1,186,126,778		–		1,186,126,778
Germany		–		172,823,811		–		172,823,811
India		161,113,186		330,465,126		–		491,578,312
Italy		–		39,406,502		–		39,406,502
Japan		–		945,445,702		–		945,445,702
Netherlands		–		82,596,032		–		82,596,032
Sweden		–		342,594,462		–		342,594,462
Switzerland		–		83,314,597		–		83,314,597
United Kingdom		41,130,835		–		–		41,130,835
United States		5,537,070,752		–		–		5,537,070,752
Total Investments	$	6,171,968,339	$	3,509,381,748		$39,852,390	$	9,721,202,477

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,497.

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

14                                 Invesco Global 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, 2021.

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, 2022 was $692,312,349 and $1,307,871,721, respectively. Cost of investments, including any derivatives, on a tax basis 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
Aggregate unrealized appreciation of investments	$	5,703,203,636
Aggregate unrealized (depreciation) of investments		(389,625,445	)
Net unrealized appreciation of investments	$	5,313,578,191

Cost of investments for tax purposes is $4,407,624,286.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		1,557,324		$	176,842,522			3,660,050		$	445,852,844
Class C		106,216			10,537,755			225,219			24,481,370
Class R		191,835			20,913,570			247,221			29,926,712
Class Y		1,631,274			189,668,341			3,076,347			379,177,809
Class R5		10,911			1,167,025			-			-
Class R6		1,768,997			196,206,959			3,450,228			421,553,485
Issued as reinvestment of dividends:
Class A		3,986,430			489,772,576			3,349,658			374,357,712
Class C		164,422			17,644,163			168,181			16,707,111
Class R		134,571			16,300,614			115,245			12,744,947
Class Y		1,297,998			160,718,093			1,103,599			123,945,145
Class R6		1,369,177			170,270,798			1,104,877			124,431,282
Automatic conversion of Class C shares to Class A shares:
Class A		120,414			13,258,239			499,921			59,156,588
Class C		(137,824	)		(13,258,239	)		(563,177	)		(59,156,588	)
Reacquired:
Class A		(4,630,324	)		(524,378,585	)		(9,191,411	)		(1,130,332,386	)
Class C		(200,530	)		(19,520,152	)		(415,804	)		(45,077,444	)
Class R		(252,148	)		(27,910,785	)		(460,246	)		(55,721,009	)
Class Y		(2,880,270	)		(323,142,103	)		(4,705,939	)		(579,421,948	)
Class R5		(2,338	)		(233,314	)		-			-
Class R6		(2,238,299	)		(246,442,305	)		(4,166,331	)		(524,172,563	)
Net increase (decrease) in share activity		1,997,836		$	308,415,172			(2,502,362	)	$	(381,546,933	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 6% 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 Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

	Beginning   Account Value   (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)
		Ending   Account Value   (04/30/22)1	Expenses   Paid During   Period2	Ending   Account Value   (04/30/22)	Expenses   Paid During   Period2	Annualized   Expense Ratio
Class A	$1,000.00	$734.30	$4.39	$1,019.74	$5.11	1.02%
Class C	1,000.00	731.60	7.69	1,015.92	8.95	1.79
Class R	1,000.00	733.30	5.54	1,018.40	6.46	1.29
Class Y	1,000.00	735.30	3.40	1,020.88	3.96	0.79
Class R5	1,000.00	735.60	2.93	1,021.42	3.41	0.68
Class R6	1,000.00	735.60	2.93	1,021.42	3.41	0.68

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

16                                 Invesco Global Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-06463 and 033-44611                        Invesco Distributors, Inc.                                                                                                   O-GLBL-SAR-1

Semiannual Report to Shareholders April 30, 2022

Invesco Global Growth Fund

Nasdaq:

A: AGGAX ∎ C: AGGCX ∎ Y: AGGYX ∎ R5: GGAIX ∎ R6: AGGFX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
17	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-27.22	%
Class C Shares	-27.54
Class Y Shares	-27.12
Class R5 Shares	-27.11
Class R6 Shares	-27.11
MSCI All Country World Index▼ (Broad Market Index)	-11.63
MSCI All Country World Growth Index▼ (Style-Specific Index)	-19.20
Lipper Global Multi-Cap Growth Funds Index∎ (Peer Group Index)	-23.99
Source(s) : ▼RIMES Technologies Corp.; ∎Lipper Inc.
The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The MSCI All Country World Growth Index is an unmanaged index considered representative of large- and mid-cap growth stocks of developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Lipper Global Multi-Cap Growth Funds Index is an unmanaged index considered representative of global multicap growth funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Global Growth Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (9/15/94)	5.86	%
10 Years	5.39
5 Years	2.01
1 Year	-31.35
Class C Shares
Inception (8/4/97)	4.13	%
10 Years	5.35
5 Years	2.40
1 Year	-28.54
Class Y Shares
Inception (10/3/08)	6.74	%
10 Years	6.26
5 Years	3.44
1 Year	-27.19
Class R5 Shares
Inception (9/28/07)	3.92	%
10 Years	6.39
5 Years	3.53
1 Year	-27.15
Class R6 Shares
10 Years	6.38	%
5 Years	3.54
1 Year	-27.14

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in

the past, returns would have been lower. See current prospectus for more information.

3 Invesco Global Growth Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Global Growth Fund

Schedule of Investments

April 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.17%
Brazil–0.18%
StoneCo Ltd., Class A(a)(b)		108,417	$	1,021,288
China–4.79%
JD.com, Inc., ADR(a)		386,696		23,843,675
Meituan, B Shares(a)(c)		142,600		3,060,765
				26,904,440
Denmark–2.81%
Ambu A/S, Class B(b)		66,935		879,783
Novo Nordisk A/S, Class B		130,212		14,892,602
				15,772,385
France–12.06%
Airbus SE		179,994		19,573,912
Dassault Systemes SE		51,291		2,281,669
Kering S.A.		27,846		14,790,494
LVMH Moet Hennessy Louis Vuitton SE		48,598		31,097,653
				67,743,728
Germany–1.78%
SAP SE		96,651		9,968,879
India–5.05%
DLF Ltd.		4,001,677		19,083,512
ICICI Bank Ltd., ADR		487,156		9,275,450
				28,358,962
Italy–0.40%
Brunello Cucinelli S.p.A.(a)		44,472		2,266,783
Japan–9.69%
FANUC Corp.		7,500		1,159,991
Keyence Corp.		37,700		15,210,304
Murata Manufacturing Co. Ltd.		249,100		14,913,779
Nidec Corp.		161,400		10,573,161
Omron Corp.		99,900		5,919,219
TDK Corp.		211,900		6,618,900
				54,395,354
Netherlands–0.85%
ASML Holding N.V.		8,398		4,751,327
Sweden–3.51%
Assa Abloy AB, Class B		368,238		9,289,913
Atlas Copco AB, Class A(b)		230,031		10,417,141
				19,707,054
Switzerland–0.85%
Lonza Group AG		6,087		3,573,654
Zur Rose Group AG(a)		9,942		1,218,567
				4,792,221
United Kingdom–0.42%
Farfetch Ltd., Class A(a)		211,247		2,365,966
United States–56.78%
Adobe, Inc.(a)		56,435		22,345,438

	Shares		Value
United States–(continued)
Agilent Technologies, Inc.		64,669	$	7,713,072
Alphabet, Inc., Class A(a)		27,764		63,362,723
Amazon.com, Inc.(a)		2,111		5,247,165
Analog Devices, Inc.		150,971		23,306,903
Avantor, Inc.(a)		302,145		9,632,383
Boston Scientific Corp.(a)		59,358		2,499,565
Castle Biosciences, Inc.(a)		23,401		522,778
Charles River Laboratories International, Inc.(a)		10,842		2,618,451
Danaher Corp.		9,202		2,310,898
Datadog, Inc., Class A(a)		12,410		1,498,880
Dun & Bradstreet Holdings, Inc.(a)(b)		57,699		911,067
Ecolab, Inc.		5,199		880,399
Equifax, Inc.		57,714		11,745,953
Fidelity National Information Services, Inc.		30,336		3,007,814
IDEXX Laboratories, Inc.(a)		3,664		1,577,279
Illumina, Inc.(a)		15,873		4,708,726
Intuit, Inc.		77,848		32,598,850
Intuitive Surgical, Inc.(a)		12,756		3,052,511
IQVIA Holdings, Inc.(a)		22,025		4,801,230
Lam Research Corp.		1,179		549,131
Marriott International, Inc., Class A(a)		14,992		2,661,380
Marvell Technology, Inc.		139,032		8,074,979
Meta Platforms, Inc., Class A(a)		117,941		23,643,632
Microsoft Corp.		28,138		7,808,858
NVIDIA Corp.		14,675		2,721,772
Omnicell, Inc.(a)(b)		19,606		2,140,387
Phathom Pharmaceuticals, Inc.(a)		64,622		836,209
Qualtrics International, Inc., Class A(a)		112,511		2,085,954
S&P Global, Inc.		86,976		32,746,464
Splunk, Inc.(a)		30,164		3,680,611
United Parcel Service, Inc., Class B		83,730		15,069,725
Veracyte, Inc.(a)(b)		95,343		1,951,671
Visa, Inc., Class A(b)		44,278		9,436,970
Walt Disney Co. (The)(a)		9,733		1,086,495
				318,836,323
Total Common Stocks & Other Equity Interests (Cost $714,542,955)				556,884,710
Money Market Funds–0.47%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)		926,127		926,127
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(d)(e)		665,931		665,798
Invesco Treasury Portfolio, Institutional Class, 0.23%(d)(e)		1,058,431		1,058,431
Total Money Market Funds (Cost $2,650,348)				2,650,356
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.64% (Cost $717,193,303)				559,535,066

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

5 Invesco Global Growth Fund

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.21%
Invesco Private Government Fund, 0.40%(d)(e)(f)		7,092,010	$	7,092,010
Invesco Private Prime Fund, 0.35%(d)(e)(f)		16,548,022		16,548,022
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $23,639,500)				23,640,032
TOTAL INVESTMENTS IN SECURITIES–103.85% (Cost $740,832,803)				583,175,098
OTHER ASSETS LESS LIABILITIES–(3.85)%				(21,608,684	)
NET ASSETS–100.00%			$	561,566,414

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at April 30, 2022.

^(c)  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, 2022 represented less than 1% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	3,735,198		$	15,682,858		$	(18,491,929	)		$	-		$	-		$	926,127		$	159
Invesco Liquid Assets Portfolio, Institutional Class			8,264,368			11,202,041			(18,799,716	)			(3,227)			2,332			665,798			307
Invesco Treasury Portfolio, Institutional Class			4,268,798			17,923,266			(21,133,633	)			-			-			1,058,431			255
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			7,991,419			80,161,721			(81,061,130	)			-			-			7,092,010			4,473*
Invesco Private Prime Fund			22,153,218			138,692,003			(144,281,833	)			532			(15,898)			16,548,022			13,618*
Total		$	46,413,001		$	263,661,889		$	(283,768,241	)		$	(2,695)		$	(13,566)		$	26,290,388		$	18,812

* 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.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(f)  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.

Portfolio Composition
By sector, based on Net Assets as of April 30, 2022
Information Technology	31.66	%
Communication Services	15.69
Consumer Discretionary	15.20
Industrials	14.02
Health Care	11.34
Financials	7.48
Real Estate	3.40
Other Sectors, Each Less than 2% of Net Assets	0.38
Money Market Funds Plus Other Assets Less Liabilities	0.83

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

6 Invesco Global Growth Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $714,542,955)*	$	556,884,710
Investments in affiliated money market funds, at value (Cost $26,289,848)		26,290,388
Foreign currencies, at value (Cost $644,388)		636,649
Receivable for:
Investments sold		74,564
Fund shares sold		140,597
Dividends		1,995,311
Investment for trustee deferred compensation and retirement plans		251,624
Other assets		94,753
Total assets		586,368,596
Liabilities:
Payable for:
Fund shares reacquired		456,323
Collateral upon return of securities loaned		23,639,500
Accrued fees to affiliates		338,153
Accrued other operating expenses		96,190
Trustee deferred compensation and retirement plans		272,016
Total liabilities		24,802,182
Net assets applicable to shares outstanding	$	561,566,414
Net assets consist of:
Shares of beneficial interest	$	492,659,987
Distributable earnings		68,906,427
	$	561,566,414

Net Assets:
Class A	$	527,355,132
Class C	$	9,045,702
Class Y	$	21,494,041
Class R5	$	496,415
Class R6	$	3,175,124
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		22,741,043
Class C		453,782
Class Y		919,526
Class R5		21,479
Class R6		137,425
Class A:
Net asset value per share	$	23.19
Maximum offering price per share (Net asset value of $23.19 ÷ 94.50%)	$	24.54
Class C:
Net asset value and offering price per share	$	19.93
Class Y:
Net asset value and offering price per share	$	23.38
Class R5:
Net asset value and offering price per share	$	23.11
Class R6:
Net asset value and offering price per share	$	23.10

* At April 30, 2022, securities with an aggregate value of $22,609,861 were on loan to brokers.

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

7 Invesco Global Growth Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest	$	603
Dividends (net of foreign withholding taxes of $363,576)		4,057,342
Dividends from affiliated money market funds (includes securities lending income of $14,808)		15,529
Foreign withholding tax claims		105,384
Total investment income		4,178,858
Expenses:
Advisory fees		2,758,546
Administrative services fees		58,068
Custodian fees		21,052
Distribution fees:
Class A		825,834
Class C		58,488
Transfer agent fees – A, C and Y		493,534
Transfer agent fees – R5		307
Transfer agent fees – R6		679
Trustees’ and officers’ fees and benefits		11,431
Registration and filing fees		52,589
Reports to shareholders		21,068
Professional services fees		61,490
Other		4,521
Total expenses		4,367,607
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(49,727	)
Net expenses		4,317,880
Net investment income (loss)		(139,022	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $141)		233,377,854
Affiliated investment securities		(13,566	)
Foreign currencies		13,643
		233,377,931
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(449,634,560	)
Affiliated investment securities		(2,695	)
Foreign currencies		(57,942	)
		(449,695,197	)
Net realized and unrealized gain (loss)		(216,317,266	)
Net increase (decrease) in net assets resulting from operations	$	(216,456,288	)

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

8 Invesco Global Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income (loss)	$	(139,022	)	$	(595,460	)
Net realized gain		233,377,931			143,710,817
Change in net unrealized appreciation (depreciation)		(449,695,197	)		84,373,446
Net increase (decrease) in net assets resulting from operations		(216,456,288	)		227,488,803
Distributions to shareholders from distributable earnings:
Class A		(8,761,351	)		(179,126,956	)
Class C		(182,123	)		(3,954,487	)
Class Y		(396,758	)		(8,392,337	)
Class R5		(9,155	)		(181,428	)
Class R6		(58,924	)		(29,738,165	)
Total distributions from distributable earnings		(9,408,311	)		(221,393,373	)
Share transactions–net:
Class A		(31,693,978	)		106,927,183
Class C		(1,145,641	)		(360,732	)
Class Y		(4,768,959	)		6,329,576
Class R5		(84,623	)		95,013
Class R6		(924,720	)		(105,023,558	)
Net increase (decrease) in net assets resulting from share transactions		(38,617,921	)		7,967,482
Net increase (decrease) in net assets		(264,482,520	)		14,062,912
Net assets:
Beginning of period		826,048,934			811,986,022
End of period	$	561,566,414		$	826,048,934

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

9 Invesco Global Growth Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/22		$32.25		$(0.01	)		$(8.68	)		$(8.69	)		$      –			$(0.37	)		$(0.37	)		$23.19		(27.22	)%		$527,355		1.22	%(d)		1.23	%(d)		(0.04	)%(d)		112	%
Year ended 10/31/21		32.19		(0.04	)		8.78			8.74			–			(8.68	)		(8.68	)		32.25		28.36			770,445		1.22			1.23			(0.11	)		51
Year ended 10/31/20		32.19		(0.03	)		2.77			2.74			(0.29	)		(2.45	)		(2.74	)		32.19		8.87			658,772		1.22			1.29			(0.12	)		90
Year ended 10/31/19		29.42		0.22			4.04			4.26			(0.13	)		(1.36	)		(1.49	)		32.19		15.46			296,262		1.22			1.32			0.72			32
Year ended 10/31/18		32.21		0.24			(2.25	)		(2.01	)		(0.31	)		(0.47	)		(0.78	)		29.42		(6.41	)		273,874		1.22			1.32			0.74			32
Year ended 10/31/17		28.00		0.21			4.22			4.43			(0.09	)		(0.13	)		(0.22	)		32.21		15.96			327,317		1.23			1.36			0.72			22
Class C
Six months ended 04/30/22		27.88		(0.10	)		(7.48	)		(7.58	)		–			(0.37	)		(0.37	)		19.93		(27.51	)		9,046		1.97	(d)		1.98	(d)		(0.79	)(d)		112
Year ended 10/31/21		28.99		(0.28	)		7.85			7.57			–			(8.68	)		(8.68	)		27.88		27.36			13,997		1.97			1.98			(0.86	)		51
Year ended 10/31/20		29.17		(0.24	)		2.51			2.27			–			(2.45	)		(2.45	)		28.99		8.09			14,628		1.97			2.04			(0.87	)		90
Year ended 10/31/19		26.86		(0.01	)		3.68			3.67			–			(1.36	)		(1.36	)		29.17		14.61			6,963		1.97			2.07			(0.03	)		32
Year ended 10/31/18		29.47		(0.00	)		(2.05	)		(2.05	)		(0.09	)		(0.47	)		(0.56	)		26.86		(7.10	)		21,058		1.97			2.07			(0.01	)		32
Year ended 10/31/17		25.74		(0.01	)		3.87			3.86			–			(0.13	)		(0.13	)		29.47		15.07			24,995		1.98			2.11			(0.03	)		22
Class Y
Six months ended 04/30/22		32.47		0.03			(8.75	)		(8.72	)		(0.00	)		(0.37	)		(0.37	)		23.38		(27.12	)		21,494		0.97	(d)		0.98	(d)		0.21	(d)		112
Year ended 10/31/21		32.30		0.05			8.81			8.86			(0.01	)		(8.68	)		(8.69	)		32.47		28.68			35,476		0.97			0.98			0.14			51
Year ended 10/31/20		32.28		0.04			2.80			2.84			(0.37	)		(2.45	)		(2.82	)		32.30		9.18			29,147		0.97			1.04			0.13			90
Year ended 10/31/19		29.52		0.29			4.05			4.34			(0.22	)		(1.36	)		(1.58	)		32.28		15.74			13,871		0.97			1.07			0.97			32
Year ended 10/31/18		32.31		0.32			(2.25	)		(1.93	)		(0.39	)		(0.47	)		(0.86	)		29.52		(6.16	)		14,935		0.97			1.07			0.99			32
Year ended 10/31/17		28.09		0.29			4.23			4.52			(0.17	)		(0.13	)		(0.30	)		32.31		16.24			20,983		0.98			1.11			0.97			22
Class R5
Six months ended 04/30/22		32.13		0.04			(8.65	)		(8.61	)		(0.04	)		(0.37	)		(0.41	)		23.11		(27.11	)		496		0.88	(d)		0.94	(d)		0.30	(d)		112
Year ended 10/31/21		32.03		0.09			8.73			8.82			(0.04	)		(8.68	)		(8.72	)		32.13		28.79			771		0.87			0.88			0.24			51
Year ended 10/31/20		32.03		0.07			2.78			2.85			(0.40	)		(2.45	)		(2.85	)		32.03		9.31			664		0.87			0.93			0.23			90
Year ended 10/31/19		29.31		0.32			4.01			4.33			(0.25	)		(1.36	)		(1.61	)		32.03		15.84			12		0.86			0.86			1.08			32
Year ended 10/31/18		32.09		0.34			(2.23	)		(1.89	)		(0.42	)		(0.47	)		(0.89	)		29.31		(6.08	)		11		0.88			0.88			1.08			32
Year ended 10/31/17		27.91		0.32			4.20			4.52			(0.21	)		(0.13	)		(0.34	)		32.09		16.37			12		0.88			0.88			1.07			22
Class R6
Six months ended 04/30/22		32.13		0.04			(8.65	)		(8.61	)		(0.05	)		(0.37	)		(0.42	)		23.10		(27.11	)		3,175		0.86	(d)		0.87	(d)		0.32	(d)		112
Year ended 10/31/21		32.03		0.10			8.72			8.82			(0.04	)		(8.68	)		(8.72	)		32.13		28.81			5,360		0.83			0.83			0.28			51
Year ended 10/31/20		32.03		0.08			2.77			2.85			(0.40	)		(2.45	)		(2.85	)		32.03		9.32			108,775		0.84			0.84			0.26			90
Year ended 10/31/19		29.30		0.32			4.02			4.34			(0.25	)		(1.36	)		(1.61	)		32.03		15.88			129,894		0.86			0.86			1.08			32
Year ended 10/31/18		32.08		0.34			(2.23	)		(1.89	)		(0.42	)		(0.47	)		(0.89	)		29.30		(6.08	)		266,574		0.88			0.88			1.08			32
Year ended 10/31/17		27.91		0.32			4.19			4.51			(0.21	)		(0.13	)		(0.34	)		32.08		16.33			308,082		0.88			0.88			1.07			22

^(a)  Calculated using average shares outstanding.

^(b)  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.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $264,724,061 and sold of $91,251,356 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Global Small & Mid Cap Growth Fund into the Fund.

^(d)  Annualized.

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

10 Invesco Global Growth Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Global 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 long-term growth of capital.

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

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

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

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

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

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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, acts of terrorism 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.

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. 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.

11 Invesco Global Growth Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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 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 Tax reclaims on the Statement of Assets and Liabilities.

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. These 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 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, 2022, 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. 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 Investment Company 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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending

12 Invesco Global Growth Fund

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, 2022, the Fund paid the Adviser $807 in fees for securities lending agent services.

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.

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 settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

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

M. Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

N. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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		0.800%
Next $250 million		0.780%
Next $500 million		0.760%
Next $1.5 billion		0.740%
Next $2.5 billion		0.720%
Next $2.5 billion		0.700%
Next $2.5 billion		0.680%
Over $10 billion		0.660%

For the six months ended April 30, 2022, 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. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective March 1, 2022, the Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets. Prior to March 1, 2022, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.22%, 1.97%, 0.97%, 0.87% and 0.87%, 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 June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense 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.

13 Invesco Global Growth Fund

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $1,891 and reimbursed class level expenses of $44,427, $791, $2,008, $172 and $173 of Class A, Class C, 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, 2022, 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, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $22,120 in front-end sales commissions from the sale of Class A shares and $3 and $207 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $1,521 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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
Investments in Securities
Brazil	$	1,021,288	$	–		$–	$	1,021,288
China		23,843,675		3,060,765		–		26,904,440
Denmark		–		15,772,385		–		15,772,385
France		–		67,743,728		–		67,743,728
Germany		–		9,968,879		–		9,968,879
India		9,275,450		19,083,512		–		28,358,962
Italy		–		2,266,783		–		2,266,783
Japan		–		54,395,354		–		54,395,354
Netherlands		–		4,751,327		–		4,751,327
Sweden		–		19,707,054		–		19,707,054
Switzerland		–		4,792,221		–		4,792,221
United Kingdom		2,365,966		–		–		2,365,966
United States		318,836,323		–		–		318,836,323
Money Market Funds		2,650,356		23,640,032		–		26,290,388
Total Investments	$	357,993,058	$	225,182,040		$–	$	583,175,098

14 Invesco Global Growth 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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $265.

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

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, 2021.

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, 2022 was $788,278,548 and $828,874,269, respectively. Cost of investments, including any derivatives, on a tax basis 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
Aggregate unrealized appreciation of investments	$	13,661,352
Aggregate unrealized (depreciation) of investments		(177,645,079	)
Net unrealized appreciation (depreciation) of investments	$	(163,983,727	)

Cost of investments for tax purposes is $747,158,825.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		343,955		$	9,933,597			554,150		$	19,998,215
Class C		24,355			601,392			73,269			2,351,067
Class Y		85,871			2,482,730			312,894			11,421,293
Class R5		4,423			125,969			2,491			85,655
Class R6		25,948			711,135			130,862			4,745,901
Issued as reinvestment of dividends:
Class A		268,898			8,263,225			5,100,734			167,533,426
Class C		6,668			176,650			131,344			3,778,617
Class Y		10,874			336,551			212,498			7,017,919
Class R5		295			9,025			5,429			177,527
Class R6		1,864			57,011			908,338			29,699,578
Automatic conversion of Class C shares to Class A shares:
Class A		18,281			491,039			98,873			3,430,174
Class C		(21,227	)		(491,039	)		(111,462	)		(3,430,174	)

15 Invesco Global Growth Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(1,781,256	)	$	(50,381,839	)		(2,325,257	)	$	(84,034,632	)
Class C		(58,022	)		(1,432,644	)		(95,817	)		(3,060,242	)
Class Y		(269,928	)		(7,588,240	)		(335,067	)		(12,109,636	)
Class R5		(7,236	)		(219,617	)		(4,648	)		(168,169	)
Class R6		(57,205	)		(1,692,866	)		(4,268,803	)		(139,469,037	)
Net increase (decrease) in share activity		(1,403,442	)	$	(38,617,921	)		389,828		$	7,967,482

^(a)  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.

16 Invesco Global Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	Beginning     Account Value     (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio2
		Ending     Account Value     (04/30/22)1	Expenses     Paid During     Period2,3	Ending     Account Value     (04/30/22)	Expenses     Paid During     Period2,4
Class A	$1,000.00	$727.80	$5.23	$1,018.74	$6.11	1.22%
Class C	1,000.00	724.60	8.42	1,015.03	9.84	1.97
Class Y	1,000.00	728.80	4.16	1,019.98	4.86	0.97
Class R5	1,000.00	728.90	3.77	1,020.43	4.41	0.88
Class R6	1,000.00	728.90	3.69	1,020.53	4.31	0.86

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective March 01, 2022 the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.00%, 2.00% and 2.00% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.23%, 1.98%, 0.98%, 0.94% and 0.87% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

3 The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.16, $9.89, $4.91, $4.71 and $4.36 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

4 The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.16, $9.89, $4.91, $4.71 and $4.36 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

17 Invesco Global Growth Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-06463 and 033-44611 Invesco Distributors, Inc. GLG-SAR-1

Semiannual Report to Shareholders April 30, 2022

Invesco Global Opportunities Fund

Nasdaq:

A: OPGIX ∎ C: OGICX ∎ R: OGINX ∎ Y: OGIYX ∎ R5: GOFFX ∎ R6: OGIIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-31.61	%
Class C Shares	-31.87
Class R Shares	-31.68
Class Y Shares	-31.52
Class R5 Shares	-31.50
Class R6 Shares	-31.48
MSCI All Country World Index▼	-11.63
Source(s): ▼RIMES Technologies Corp.
The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Global Opportunities Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (10/22/90)	10.68	%
10 Years	9.35
5 Years	4.04
1 Year	-36.81
Class C Shares
Inception (12/1/93)	10.58	%
10 Years	9.31
5 Years	4.43
1 Year	-34.25
Class R Shares
Inception (3/1/01)	8.10	%
10 Years	9.66
5 Years	4.95
1 Year	-33.30
Class Y Shares
Inception (2/1/01)	8.10	%
10 Years	10.24
5 Years	5.47
1 Year	-32.96
Class R5 Shares
10 Years	10.08	%
5 Years	5.44
1 Year	-32.89
Class R6 Shares
Inception (1/27/12)	10.48	%
10 Years	10.42
5 Years	5.63
1 Year	-32.88

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Global Opportunities Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Global Opportunities Fund. Note: The Fund was subsequently renamed the Invesco Global Opportunities Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction

of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco Global Opportunities Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Global Opportunities Fund

Schedule of Investments

April 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.25%
Belgium–1.02%
Biocartis Group N.V.(a)(b)(c)		6,000,000	$	13,018,917
Ion Beam Applications		74,005		1,211,676
Materialise N.V., ADR(a)(c)		2,900,000		45,240,000
				59,470,593
Canada–0.73%
Shopify, Inc., Class A(c)		100,000		42,682,000
Denmark–2.38%
Atlantic Sapphire ASA		4,411,000		12,230,009
Bang & Olufsen A/S(c)		855,540		2,025,412
Bavarian Nordic A/S(c)		2,880,000		54,181,692
Genmab A/S(c)		100,000		35,275,304
Novozymes A/S, Class B		500,000		34,739,747
				138,452,164
Finland–0.74%
Rovio Entertainment OYJ(a)(b)		4,700,000		43,208,696
France–2.69%
Mersen S.A.		1,000,000		32,733,679
Technicolor S.A.(c)		8,983,319		30,003,138
Technicolor S.A., Wts., expiring 09/22/2024(c)		1,100,000		232,089
Teleperformance		200,000		71,508,245
Ubisoft Entertainment S.A.(c)		500,000		22,575,576
				157,052,727
Germany–7.38%
AIXTRON SE		4,000,000		104,435,686
Aumann AG(a)(b)(c)		1,000,000		15,018,983
Basler AG(a)		600,000		67,147,568
Carl Zeiss Meditec AG, BR		300,000		37,892,026
CompuGroup Medical SE & Co. KGaA		500,000		26,927,083
Manz AG(a)		500,000		20,647,946
MorphoSys AG(c)		400,000		8,570,684
PVA TePla AG(a)(c)		2,887,082		71,866,514
Rational AG		80,000		49,212,822
SLM Solutions Group AG(a)(c)		2,400,000		28,402,272
				430,121,584
Ireland–0.97%
Ads-Tec Energy PLC		2,319,856		15,728,624
Flutter Entertainment PLC(c)		406,701		40,860,167
				56,588,791
Isle of Man–0.30%
Kape Technologies PLC(c)		4,000,000		17,250,298
Israel–0.52%
Wix.com Ltd.(c)		400,000		30,184,000
Italy–1.99%
Amplifon S.p.A.		1,000,000		39,790,874
Brunello Cucinelli S.p.A.(c)		1,500,000		76,456,512
				116,247,386

	Shares		Value
Japan–11.59%
Comture Corp.(a)		3,000,000	$	65,190,574
CyberAgent, Inc.		5,200,000		55,274,434
Disco Corp.		200,000		49,294,816
Jeol Ltd.		2,500,000		113,695,204
M3, Inc.		3,000,000		96,593,190
Nidec Corp.		600,000		39,305,430
Nikon Corp.		2,000,000		22,583,474
Optex Group Co. Ltd.(a)		2,000,000		26,436,332
PeptiDream, Inc.(c)		3,000,000		48,356,949
Rakuten Group, Inc.		6,000,000		42,295,074
Rheon Automatic Machinery Co. Ltd.		1,000,000		8,377,985
THK Co. Ltd.		2,000,000		39,762,767
Yaskawa Electric Corp.		2,000,000		68,236,031
				675,402,260
Luxembourg–0.80%
Eurofins Scientific SE		500,000		46,465,751
Norway–3.66%
Mowi ASA		4,000,000		113,408,357
Nordic Semiconductor ASA(c)		4,999,999		99,875,120
				213,283,477
Singapore–0.64%
STMicroelectronics N.V.		1,000,000		37,036,960
Sweden–7.19%
AddTech AB, Class B		4,000,000		70,539,867
Beijer Ref AB		6,000,000		97,566,546
BICO Group AB, Class B(c)		1,000,000		10,047,722
Boozt AB(a)(b)(c)		3,750,000		38,905,400
Hansa Biopharma AB		1,938,841		10,690,116
Indutrade AB		6,000,000		141,806,675
Midsona AB, Class B		1,000,000		2,573,001
RaySearch Laboratories AB(a)(c)		4,000,000		17,472,273
Tobii AB(c)		3,000,000		7,865,007
Xvivo Perfusion AB(c)		1,000,000		21,596,641
				419,063,248
Switzerland–0.30%
GeNeuro S.A. (Acquired 01/31/2020; Cost $758,969)(a)(d)		1,661,017		5,193,534
Zur Rose Group AG(c)		100,000		12,256,766
				17,450,300
United Kingdom–13.83%
Allied Minds PLC(c)		10,000,000		2,133,126
AO World PLC(c)		20,000,000		18,870,256
ASOS PLC(c)		700,000		12,133,060
Aston Martin Lagonda Global Holdings PLC(b)(c)		12,734,485		132,457,027
boohoo Group PLC(c)		30,000,000		30,202,273
Darktrace PLC(c)		6,170,000		33,221,244
FD Technologies PLC(c)		1,200,000		35,282,684
Fevertree Drinks PLC		2,000,000		45,130,933
Frontier Developments PLC(a)(c)		3,000,000		48,396,640
Future PLC		1,000,000		27,352,079

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

5 Invesco Global Opportunities Fund

	Shares		Value
United Kingdom–(continued)
Gooch & Housego PLC(a)		2,000,000	$	21,103,129
IG Group Holdings PLC		3,000,000		30,631,179
IP Group PLC		20,785,545		21,373,858
IQE PLC(a)(c)		140,000,000		52,868,194
M&C Saatchi PLC(a)(c)		6,600,000		16,288,960
Ocado Group PLC(c)		1,000,000		11,400,790
Oxford Nanopore Technologies PLC(c)		9,056,590		34,080,024
Rentokil Initial PLC		14,500,000		99,623,621
Spirax-Sarco Engineering PLC		464,285		70,220,187
WANdisco PLC(a)(c)		5,000,000		17,213,452
Xaar PLC(a)(c)		6,000,000		18,489,696
Zoo Digital Group PLC(a)(c)		7,000,000		10,433,922
Zotefoams PLC(a)		4,000,000		16,951,533
				805,857,867
United States–41.52%
3D Systems Corp.(c)		5,000,000		56,700,000
Acacia Research Corp.(a)(c)		2,500,000		11,725,000
Advanced Micro Devices, Inc.(c)		4,000,000		342,080,000
Align Technology, Inc.(c)		100,000		28,991,000
Applied Materials, Inc.		600,000		66,210,000
Arrowhead Pharmaceuticals, Inc.(c)		2,000,000		82,220,000
Cognex Corp.		1,200,000		81,156,000
Dolby Laboratories, Inc., Class A		800,000		61,976,000
Exact Sciences Corp.(c)		1,800,000		99,090,000
First Solar, Inc.(c)		1,000,000		73,030,000
Globant S.A.(c)		200,000		43,198,000
Halozyme Therapeutics, Inc.(c)		1,000,000		39,900,000
II-VI Incorporated(c)		1,000,000		61,210,000
Illumina, Inc.(c)		200,000		59,330,000
IPG Photonics Corp.(c)		600,000		56,688,000
iRobot Corp.(c)		700,000		35,455,000
Littelfuse, Inc.		400,000		91,700,000
Manhattan Associates, Inc.(c)		600,000		78,330,000
Nektar Therapeutics (Acquired 06/04/2002-11/05/2021; Cost $314,153)(a)(c)(d)		35,770,000		147,730,100

	Shares		Value
United States–(continued)
Nevro Corp.(c)		1,000,000	$	61,690,000
ON Semiconductor Corp.(c)		1,000,000		52,110,000
PDF Solutions, Inc.(a)(c)		3,000,000		69,750,000
PTC, Inc.(c)		1,200,000		137,052,000
QUALCOMM, Inc.		500,000		69,845,000
Rigel Pharmaceuticals, Inc.(c)		5,000,000		11,800,000
Rite Aid Corp.(c)		2,500,000		15,925,000
Rollins, Inc.		2,250,000		75,465,000
Shake Shack, Inc., Class A(c)		1,000,000		57,830,000
Unity Software, Inc.(c)		200,000		13,282,000
Veeco Instruments, Inc.(a)(c)		3,207,868		73,524,334
Vicor Corp.(c)		500,000		30,260,000
Wolfspeed, Inc.(c)		1,000,000		91,710,000
Xeris Biopharma Holdings, Inc.(c)		2,000,000		4,880,000
Yelp, Inc.(c)		2,000,000		65,060,000
Zendesk, Inc.(c)		600,000		73,224,000
				2,420,126,434
Total Common Stocks & Other Equity Interests (Cost $5,673,800,239)				5,725,944,536
Money Market Funds–1.64%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(a)(e)		35,924,721		35,924,721
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(a)(e)		18,822,042		18,818,278
Invesco Treasury Portfolio, Institutional Class, 0.23%(a)(e)		41,056,824		41,056,824
Total Money Market Funds (Cost $95,797,743)				95,799,823
TOTAL INVESTMENTS IN SECURITIES–99.89% (Cost $5,769,597,982)				5,821,744,359
OTHER ASSETS LESS LIABILITIES–0.11%				6,339,761
NET ASSETS–100.00%			$	5,828,084,120

Investment Abbreviations:

ADR	- American Depositary Receipt
BR	- Bearer Shares
Wts.	- Warrants

Notes to Schedule of Investments:

^(a)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	21,788,683	$	248,729,245	$	(234,593,207	)	$	-	$	-	$	35,924,721	$	10,466
Invesco Liquid Assets Portfolio, Institutional Class		5,221,390		177,663,746		(164,058,146	)		2,080		(10,792)		18,818,278		8,967
Invesco Treasury Portfolio, Institutional Class		24,901,352		284,261,994		(268,106,522	)		-		-		41,056,824		12,786

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

6 Invesco Global Opportunities Fund

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Other Affiliates:
Acacia Research Corp.	$	14,325,000	$	-	$	-		$	(2,600,000	)	$	-	$	11,725,000		$              -
Aumann AG		18,753,868		-		-			(3,734,885	)		-		15,018,983		-
Basler AG		111,168,781		-		-			(44,021,213	)		-		67,147,568		-
Biocartis Group N.V.		27,411,964		-		-			(14,393,047	)		-		13,018,917		-
Boozt AB		63,215,117		-		-			(24,309,717	)		-		38,905,400		-
Comture Corp.		81,268,627		-		-			(16,078,053	)		-		65,190,574		466,409
Frontier Developments PLC		101,325,060		-		-			(52,928,420	)		-		48,396,640		-
GeNeuro S.A.		7,299,053		-		-			(2,105,519	)		-		5,193,534		-
Gooch & Housego PLC		32,827,448		-		-			(11,724,319	)		-		21,103,129		209,848
IQE PLC		90,237,060		-		-			(37,368,866	)		-		52,868,194		-
M&C Saatchi PLC		14,640,104		-		-			1,648,856			-		16,288,960		-
Manz AG		26,127,086		-		-			(5,479,140	)		-		20,647,946		-
Materialise N.V., ADR		69,977,000		-		-			(24,737,000	)		-		45,240,000		-
Nektar Therapeutics		526,810,000		13,460,605		-			(392,540,505	)		-		147,730,100		-
Optex Group Co. Ltd.		25,450,031		-		-			986,301			-		26,436,332		234,854
PDF Solutions, Inc.		70,590,000		-		-			(840,000	)		-		69,750,000		-
PVA TePla AG		131,180,793		-		-			(59,314,279	)		-		71,866,514		-
RaySearch Laboratories AB		28,489,106		-		-			(11,016,833	)		-		17,472,273		-
Rovio Entertainment OYJ		38,576,764		-		-			4,631,932			-		43,208,696		521,227
SLM Solutions Group AG		47,439,244		-		-			(19,036,972	)		-		28,402,272		-
Veeco Instruments, Inc.		97,160,000		-		(18,738,202	)		(10,136,327	)		5,238,863		73,524,334		-
WANdisco PLC		23,101,909		-		-			(5,888,457	)		-		17,213,452		-
Xaar PLC		9,468,543		6,448,814		-			2,572,339			-		18,489,696		-
Zoo Digital Group PLC		12,117,118		-		-			(1,683,196	)		-		10,433,922		-
Zotefoams PLC		19,687,795		-		-			(2,736,262	)		-		16,951,533		-
Total	$	1,740,558,896	$	730,564,404	$	(685,496,077	)	$	(732,831,502)		$	5,228,071	$	1,058,023,792		$1,464,557

^(b)  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, 2022 was $242,609,023, which represented 4.16% of the Fund’s Net Assets.

^(c)  Non-income producing security.

^(d)  Restricted security. The aggregate value of these securities at April 30, 2022 was $152,923,634, which represented 2.62% of the Fund’s Net Assets.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Information Technology	42.32	%
Health Care	19.85
Industrials	16.57
Consumer Discretionary	8.75
Communication Services	5.29
Consumer Staples	3.65
Other Sectors, Each Less than 2% of Net Assets	1.82
Money Market Funds Plus Other Assets Less Liabilities	1.75

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

7 Invesco Global Opportunities Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $3,931,587,905)	$	4,763,720,567
Investments in affiliates, at value (Cost $1,838,010,077)		1,058,023,792
Cash		4,000,000
Foreign currencies, at value (Cost $1,249,532)		1,244,201
Receivable for:
Investments sold		4,071,387
Fund shares sold		4,999,511
Dividends		8,562,333
Interest		24
Investment for trustee deferred compensation and retirement plans		309,268
Other assets		166,759
Total assets		5,845,097,842
Liabilities:
Payable for:
Investments purchased		1,495,266
Fund shares reacquired		11,856,904
Accrued fees to affiliates		2,675,630
Accrued trustees’ and officers’ fees and benefits		147,847
Accrued other operating expenses		528,807
Trustee deferred compensation and retirement plans		309,268
Total liabilities		17,013,722
Net assets applicable to shares outstanding	$	5,828,084,120
Net assets consist of:
Shares of beneficial interest	$	5,302,142,979
Distributable earnings		525,941,141
	$	5,828,084,120

Net Assets:
Class A	$	2,567,767,001
Class C	$	241,741,631
Class R	$	183,108,787
Class Y	$	1,375,532,829
Class R5	$	917,151
Class R6	$	1,459,016,721
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		49,792,163
Class C		5,780,727
Class R		3,791,319
Class Y		25,945,433
Class R5		17,574
Class R6		27,169,987
Class A:
Net asset value per share	$	51.57
Maximum offering price per share (Net asset value of $51.57 ÷ 94.50%)	$	54.57
Class C:
Net asset value and offering price per share	$	41.82
Class R:
Net asset value and offering price per share	$	48.30
Class Y:
Net asset value and offering price per share	$	53.02
Class R5:
Net asset value and offering price per share	$	52.19
Class R6:
Net asset value and offering price per share	$	53.70

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

8 Invesco Global Opportunities Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest	$	6,776
Dividends (net of foreign withholding taxes of $1,857,464)		14,453,803
Dividends from affiliates		1,464,557
Foreign withholding tax claims		465,528
Total investment income		16,390,664
Expenses:
Advisory fees		25,306,882
Administrative services fees		535,984
Custodian fees		155,619
Distribution fees:
Class A		4,060,428
Class C		1,696,933
Class R		584,879
Transfer agent fees – A, C, R and Y		4,845,499
Transfer agent fees – R5		500
Transfer agent fees – R6		307,339
Trustees’ and officers’ fees and benefits		63,137
Registration and filing fees		145,856
Professional services fees		64,689
Other		(58,070	)
Total expenses		37,709,675
Less: Fees waived and/or expense offset arrangement(s)		(15,505	)
Net expenses		37,694,170
Net investment income (loss)		(21,303,506	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		510,084,942
Affiliated investment securities		5,228,071
Foreign currencies		10,590
		515,323,603
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(2,559,141,175	)
Affiliated investment securities		(732,831,502	)
Foreign currencies		(563,902	)
		(3,292,536,579	)
Net realized and unrealized gain (loss)		(2,777,212,976	)
Net increase (decrease) in net assets resulting from operations	$	(2,798,516,482	)

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

9 Invesco Global Opportunities Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income (loss)	$	(21,303,506	)	$	(57,842,876	)
Net realized gain		515,323,603			498,242,547
Change in net unrealized appreciation (depreciation)		(3,292,536,579	)		1,585,999,042
Net increase (decrease) in net assets resulting from operations		(2,798,516,482	)		2,026,398,713
Distributions to shareholders from distributable earnings:
Class A		(194,328,115	)		(339,297,321	)
Class C		(24,420,792	)		(50,327,508	)
Class R		(14,273,037	)		(25,015,143	)
Class Y		(113,074,056	)		(197,213,266	)
Class R5		(66,097	)		(1,196	)
Class R6		(101,013,872	)		(155,622,626	)
Total distributions from distributable earnings		(447,175,969	)		(767,477,060	)
Share transactions–net:
Class A		(11,384,663	)		71,983,213
Class C		(28,955,430	)		(63,886,987	)
Class R		8,664,237			4,106,384
Class Y		(230,149,954	)		147,484,680
Class R5		305,552			1,105,075
Class R6		112,661,198			288,650,779
Net increase (decrease) in net assets resulting from share transactions		(148,859,060	)		449,443,144
Net increase (decrease) in net assets		(3,394,551,511	)		1,708,364,797
Net assets:
Beginning of period		9,222,635,631			7,514,270,834
End of period	$	5,828,084,120		$	9,222,635,631

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

10 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 value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/22		$79.58		$(0.22	)		$(23.86	)		$(24.08	)	$	-			$(3.93	)		$(3.93	)		$51.57		(31.61	)%(e)		$2,567,767		1.08	%(e)(f)		1.08	%(e)(f)		(0.66	)%(e)(f)		3	%
Year ended 10/31/21		68.56		(0.57	)		18.59			18.02			-			(7.00	)		(7.00	)		79.58		26.83	(e)		3,991,359		1.04	(e)		1.04	(e)		(0.71	)(e)		7
Year ended 10/31/20		57.92		(0.45	)		14.86			14.41			-			(3.77	)		(3.77	)		68.56		25.88	(e)		3,359,360		1.10	(e)		1.10	(e)		(0.74	)(e)		12
One month ended 10/31/19		56.16		(0.04	)		1.80			1.76			-			-			-			57.92		3.13			3,099,689		1.09	(f)		1.09	(f)		(0.90	)(f)		3
Year ended 09/30/19		75.01		(0.15	)		(13.16	)		(13.31	)		-			(5.54	)		(5.54	)		56.16		(17.48	)		3,059,916		1.12			1.12			(0.25	)		12
Year ended 09/30/18		61.40		(0.22	)		15.42			15.20			-			(1.59	)		(1.59	)		75.01		25.09			4,124,481		1.12			1.12			(0.31	)		21
Year ended 09/30/17		50.76		(0.23	)		14.49			14.26			(0.13	)		(3.49	)		(3.62	)		61.40		30.48			3,085,024		1.17			1.17			(0.43	)		18
Class C
Six months ended 04/30/22		65.56		(0.38	)		(19.43	)		(19.81	)		-			(3.93	)		(3.93	)		41.82		(31.87	)		241,742		1.84	(f)		1.84	(f)		(1.42	)(f)		3
Year ended 10/31/21		57.90		(0.98	)		15.64			14.66			-			(7.00	)		(7.00	)		65.56		25.89			418,630		1.80			1.80			(1.47	)		7
Year ended 10/31/20		49.81		(0.77	)		12.63			11.86			-			(3.77	)		(3.77	)		57.90		24.91			422,919		1.86			1.86			(1.50	)		12
One month ended 10/31/19		48.32		(0.07	)		1.56			1.49			-			-			-			49.81		3.08			467,908		1.84	(f)		1.84	(f)		(1.65	)(f)		3
Year ended 09/30/19		65.97		(0.52	)		(11.59	)		(12.11	)		-			(5.54	)		(5.54	)		48.32		(18.12	)		469,174		1.88			1.88			(1.01	)		12
Year ended 09/30/18		54.57		(0.67	)		13.66			12.99			-			(1.59	)		(1.59	)		65.97		24.15			955,893		1.87			1.87			(1.06	)		21
Year ended 09/30/17		45.72		(0.56	)		12.90			12.34			-			(3.49	)		(3.49	)		54.57		29.47			648,270		1.92			1.92			(1.18	)		18
Class R
Six months ended 04/30/22		74.88		(0.28	)		(22.37	)		(22.65	)		-			(3.93	)		(3.93	)		48.30		(31.68	)		183,109		1.34	(f)		1.34	(f)		(0.92	)(f)		3
Year ended 10/31/21		65.02		(0.73	)		17.59			16.86			-			(7.00	)		(7.00	)		74.88		26.49			274,251		1.30			1.30			(0.97	)		7
Year ended 10/31/20		55.25		(0.58	)		14.12			13.54			-			(3.77	)		(3.77	)		65.02		25.53			233,141		1.36			1.36			(1.00	)		12
One month ended 10/31/19		53.58		(0.05	)		1.72			1.67			-			-			-			55.25		3.12			221,803		1.34	(f)		1.34	(f)		(1.15	)(f)		3
Year ended 09/30/19		72.06		(0.28	)		(12.66	)		(12.94	)		-			(5.54	)		(5.54	)		53.58		(17.71	)		218,747		1.37			1.37			(0.51	)		12
Year ended 09/30/18		59.18		(0.39	)		14.86			14.47			-			(1.59	)		(1.59	)		72.06		24.79			276,790		1.37			1.37			(0.56	)		21
Year ended 09/30/17		49.10		(0.35	)		13.98			13.63			(0.06	)		(3.49	)		(3.55	)		59.18		30.15			199,696		1.42			1.42			(0.67	)		18
Class Y
Six months ended 04/30/22		81.60		(0.14	)		(24.51	)		(24.65	)		-			(3.93	)		(3.93	)		53.02		(31.52	)		1,375,533		0.84	(f)		0.84	(f)		(0.42	)(f)		3
Year ended 10/31/21		70.00		(0.38	)		18.98			18.60			-			(7.00	)		(7.00	)		81.60		27.13			2,419,916		0.80			0.80			(0.47	)		7
Year ended 10/31/20		58.93		(0.31	)		15.15			14.84			-			(3.77	)		(3.77	)		70.00		26.18			1,940,275		0.86			0.86			(0.50	)		12
One month ended 10/31/19		57.13		(0.03	)		1.83			1.80			-			-			-			58.93		3.15			2,113,652		0.84	(f)		0.84	(f)		(0.65	)(f)		3
Year ended 09/30/19		76.02		-			(13.35	)		(13.35	)		-			(5.54	)		(5.54	)		57.13		(17.29	)		2,120,749		0.87			0.87			(0.01	)		12
Year ended 09/30/18		62.05		(0.05	)		15.61			15.56			-			(1.59	)		(1.59	)		76.02		25.40			3,055,996		0.87			0.87			(0.07	)		21
Year ended 09/30/17		51.28		(0.09	)		14.61			14.52			(0.26	)		(3.49	)		(3.75	)		62.05		30.79			1,241,346		0.92			0.92			(0.16	)		18
Class R5
Six months ended 04/30/22		80.36		(0.11	)		(24.13	)		(24.24	)		-			(3.93	)		(3.93	)		52.19		(31.50	)		917		0.77	(f)		0.77	(f)		(0.35	)(f)		3
Year ended 10/31/21		68.95		(0.28	)		18.69			18.41			-			(7.00	)		(7.00	)		80.36		27.28			1,089		0.68			0.68			(0.35	)		7
Year ended 10/31/20		58.01		(0.21	)		14.92			14.71			-			(3.77	)		(3.77	)		68.95		26.38			12		0.70			0.70			(0.34	)		12
One month ended 10/31/19		56.23		(0.02	)		1.80			1.78			-			-			-			58.01		3.16			10		0.68	(f)		0.68	(f)		(0.50	)(f)		3
Period ended 09/30/19(g)		58.48		0.03			(2.28	)		(2.25	)		-			-			-			56.23		(3.85	)		10		0.74	(f)		0.74	(f)		0.12	(f)		12
Class R6
Six months ended 04/30/22		82.55		(0.10	)		(24.82	)		(24.92	)		-			(3.93	)		(3.93	)		53.70		(31.48	)		1,459,017		0.71	(f)		0.71	(f)		(0.29	)(f)		3
Year ended 10/31/21		70.67		(0.30	)		19.18			18.88			-			(7.00	)		(7.00	)		82.55		27.28			2,117,391		0.68			0.68			(0.35	)		7
Year ended 10/31/20		59.37		(0.21	)		15.28			15.07			-			(3.77	)		(3.77	)		70.67		26.39			1,558,563		0.70			0.70			(0.34	)		12
One month ended 10/31/19		57.55		(0.02	)		1.84			1.82			-			-			-			59.37		3.16			1,288,373		0.69	(f)		0.69	(f)		(0.50	)(f)		3
Year ended 09/30/19		76.41		0.09			(13.41	)		(13.32	)		-			(5.54	)		(5.54	)		57.55		(17.16	)		1,272,938		0.71			0.71			0.15			12
Year ended 09/30/18		62.26		0.07			15.67			15.74			-			(1.59	)		(1.59	)		76.41		25.61			1,403,832		0.71			0.71			0.10			21
Year ended 09/30/17		51.43		-			14.66			14.66			(0.34	)		(3.49	)		(3.83	)		62.26		31.01			662,176		0.73			0.73			0.01			18

^(a)  Calculated using average shares outstanding.

^(b)  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.

^(c)  Does not include estimated acquired fund fees from underlying funds of 0.00% for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018 and 2017, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended April 30, 2022 and the years ended October 31, 2021 and 2020.

^(f) Annualized.

^(g)  Commencement date after the close of business on May 24, 2019.

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

11 Invesco Global Opportunities Fund

Notes to Financial Statements

April 30, 2022

(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.

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

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

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

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

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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, acts of terrorism 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.

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. 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.

12 Invesco Global Opportunities Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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 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 Tax reclaims on the Statement of Assets and Liabilities.

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. These 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 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, 2022, 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. 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.

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

13 Invesco Global Opportunities Fund

based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

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

L. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
First $ 250 million		0.800%
Next $250 million		0.770%
Next $500 million		0.750%
Next $1 billion		0.690%
Next $1.5 billion		0.670%
Next $2.5 billion		0.650%
Next $4 billion		0.630%
Over $10 billion		0.610%

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

For the six months ended April 30, 2022, the effective advisory fee rate incurred by the Fund was 0.66%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least June 30, 2023, 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 “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $14,477.

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, 2022, 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, 2022, 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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the 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, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

14 Invesco Global Opportunities Fund

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, 2022, IDI advised the Fund that IDI retained $198,371 in front-end sales commissions from the sale of Class A shares and $9,059 and $9,476 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $8,327 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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
Investments in Securities
Belgium	$	45,240,000	$	14,230,593		$–	$	59,470,593
Canada		42,682,000		–		–		42,682,000
Denmark		–		138,452,164		–		138,452,164
Finland		–		43,208,696		–		43,208,696
France		232,089		156,820,638		–		157,052,727
Germany		–		430,121,584		–		430,121,584
Ireland		15,728,624		40,860,167		–		56,588,791
Isle of Man		–		17,250,298		–		17,250,298
Israel		30,184,000		–		–		30,184,000
Italy		–		116,247,386		–		116,247,386
Japan		–		675,402,260		–		675,402,260
Luxembourg		–		46,465,751		–		46,465,751
Norway		–		213,283,477		–		213,283,477
Singapore		–		37,036,960		–		37,036,960
Sweden		–		419,063,248		–		419,063,248
Switzerland		–		17,450,300		–		17,450,300
United Kingdom		–		805,857,867		–		805,857,867
United States		2,420,126,434		–		–		2,420,126,434
Money Market Funds		95,799,823		–		–		95,799,823
Total Investments	$	2,649,992,970	$	3,171,751,389		$–	$	5,821,744,359

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,028.

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

15 Invesco Global Opportunities 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

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, 2021.

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, 2022 was $236,770,944 and $926,598,381, respectively. Cost of investments, including any derivatives, on a tax basis 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
Aggregate unrealized appreciation of investments	$ 2,296,064,476
Aggregate unrealized (depreciation) of investments	(2,262,784,232	)
Net unrealized appreciation of investments	$      33,280,244

Cost of investments for tax purposes is $5,788,464,115.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		1,776,450		$	117,344,645			4,875,396		$	393,802,172
Class C		224,448			11,932,342			756,235			50,644,040
Class R		321,414			19,620,525			609,103			46,265,081
Class Y		2,775,789			188,886,761			8,288,976			684,796,223
Class R5		4,149			303,750			13,459			1,110,671
Class R6		4,208,672			283,189,916			7,512,295			627,833,253
Issued as reinvestment of dividends:
Class A		2,569,653			182,162,927			4,232,742			319,318,097
Class C		402,014			23,172,101			764,060			47,799,623
Class R		214,377			14,245,371			350,770			24,957,284
Class Y		1,308,410			95,265,309			2,223,327			171,640,821
Class R5		906			64,942			-			-
Class R6		1,304,716			96,170,583			1,937,551			151,167,699
Automatic conversion of Class C shares to Class A shares:
Class A		271,317			16,872,391			877,602			70,149,842
Class C		(333,572	)		(16,872,391	)		(1,059,201	)		(70,149,842	)
Reacquired:
Class A		(4,981,819	)		(327,764,626	)		(8,827,130	)		(711,286,898	)
Class C		(897,948	)		(47,187,482	)		(1,378,993	)		(92,180,808	)
Class R		(406,807	)		(25,201,659	)		(883,441	)		(67,115,981	)
Class Y		(7,794,403	)		(514,302,024	)		(8,575,585	)		(708,952,364	)
Class R5		(1,038	)		(63,140	)		(73	)		(5,596	)
Class R6		(3,994,740	)		(266,699,301	)		(5,853,490	)		(490,350,173	)
Net increase (decrease) in share activity		(3,028,012	)	$	(148,859,060	)		5,863,603		$	449,443,144

^(a)  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 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.

16 Invesco Global Opportunities Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/21)	Ending     Account Value     (04/30/22)1	Expenses       Paid During       Period2	Ending       Account Value       (04/30/22)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$683.90	$4.51	$1,019.44	$5.41	1.08%
Class C	1,000.00	681.30	7.67	1,015.67	9.20	1.84
Class R	1,000.00	683.20	5.59	1,018.15	6.71	1.34
Class Y	1,000.00	684.80	3.51	1,020.63	4.21	0.84
Class R5	1,000.00	685.00	3.22	1,020.98	3.86	0.77
Class R6	1,000.00	685.20	2.97	1,021.27	3.56	0.71

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

17 Invesco Global Opportunities Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

    SEC file number(s): 811-06463 and 033-44611              Invesco Distributors, Inc. O-GLOPP-SAR-1                                         

Semiannual Report to Shareholders April 30, 2022

Invesco International Core Equity Fund

Nasdaq:

A: IBVAX ∎ C: IBVCX ∎ R: IIBRX ∎ Y: IBVYX ∎ Investor: IIBCX ∎ R5: IBVIX ∎ R6: IBVFX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
17	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-12.62	%
Class C Shares	-12.92
Class R Shares	-12.70
Class Y Shares	-12.46
Investor Class Shares	-12.59
Class R5 Shares	-12.50
Class R6 Shares	-12.44
MSCI EAFE Index▼ (Broad Market/Style-Specific Index)	-11.80
Lipper International Large-Cap Core Funds Index∎ (Peer Group Index)	-11.66
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The MSCI EAFE® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Lipper International Large-Cap Core Funds Index is an unmanaged index considered representative of international large-cap core funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco International Core Equity Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	3.95	%
10 Years	4.03
5 Years	3.09
1 Year	-17.67
Class C Shares
Inception (2/14/00)	2.61	%
10 Years	4.02
5 Years	3.49
1 Year	-14.33
Class R Shares
Inception (11/24/03)	4.40	%
10 Years	4.37
5 Years	4.00
1 Year	-13.07
Class Y Shares
Inception (10/3/08)	4.05	%
10 Years	4.89
5 Years	4.54
1 Year	-12.64
Investor Class Shares
Inception (10/28/98)	3.71	%
10 Years	4.63
5 Years	4.27
1 Year	-12.84
Class R5 Shares
Inception (4/30/04)	4.70	%
10 Years	5.02
5 Years	4.53
1 Year	-12.63
Class R6 Shares
10 Years	5.01	%
5 Years	4.55
1 Year	-12.63

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Investor Class shares and includes the 12b-1 fees applicable to Investor Class shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Investor Class,

Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco International Core Equity Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco International Core Equity Fund

Schedule of Investments

April 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.10%
Australia–7.06%
Ansell Ltd.		63,860	$	1,223,007
Australia & New Zealand Banking Group Ltd.		86,239		1,636,894
Treasury Wine Estates Ltd.		131,622		1,027,999
Worley Ltd.		75,936		740,173
				4,628,073
Austria–3.75%
ams-OSRAM AG(a)		63,544		779,255
BAWAG Group AG(b)		21,691		1,028,767
Wienerberger AG		23,213		648,899
				2,456,921
Canada–2.21%
CAE, Inc.(a)		61,010		1,450,866
China–1.39%
Alibaba Group Holding Ltd., ADR(a)		9,384		911,093
Denmark–0.99%
ISS A/S(a)		39,626		646,870
Finland–1.61%
Metso Outotec OYJ		72,152		610,534
QT Group OYJ(a)		5,076		442,685
				1,053,219
France–10.68%
Coface S.A.(a)		81,297		966,180
Thales S.A.		13,508		1,730,386
TotalEnergies SE		27,875		1,373,446
Veolia Environnement S.A.		56,914		1,640,405
Verallia S.A.(b)		47,469		1,294,225
				7,004,642
Germany–11.95%
AIXTRON SE		27,089		707,265
Deutsche Telekom AG		108,105		1,991,256
Hensoldt AG		36,131		1,010,903
Infineon Technologies AG		34,915		1,010,103
Mercedes-Benz Group AG		17,713		1,253,462
SAP SE		12,653		1,305,069
TeamViewer AG(a)(b)		45,901		556,768
				7,834,826
Hong Kong–2.01%
AIA Group Ltd.		135,000		1,318,939
India–3.62%
Fairfax India Holdings Corp.(a)(b)		128,882		1,549,161
Housing Development Finance Corp. Ltd.		28,735		827,330
				2,376,491
Italy–1.96%
Ariston Holding N.V.(a)		128,730		1,286,429

	Shares		Value
Japan–19.28%
ASKUL Corp.		35,400	$	429,243
Disco Corp.		1,900		468,301
FANUC Corp.		6,600		1,020,792
Hitachi Ltd.		36,600		1,704,329
Hoya Corp.		11,400		1,135,774
KDDI Corp.		28,700		951,562
Koito Manufacturing Co. Ltd.		16,000		587,544
Nintendo Co. Ltd.		2,000		921,720
Recruit Holdings Co. Ltd.		16,800		619,712
Shin-Etsu Chemical Co. Ltd.		6,400		882,368
SoftBank Group Corp.		18,500		746,866
Sony Group Corp.		13,200		1,134,559
Toyota Motor Corp.		119,500		2,036,275
				12,639,045
Netherlands–5.69%
BE Semiconductor Industries N.V.		9,820		594,639
EXOR N.V.		14,505		998,598
Koninklijke Ahold Delhaize N.V.		51,397		1,518,273
OCI N.V.(a)		16,300		618,188
				3,729,698
Singapore–1.99%
DBS Group Holdings Ltd.		53,760		1,302,130
Spain–3.83%
Iberdrola S.A.		106,862		1,220,976
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros(c)		902,425		1,291,615
				2,512,591
Sweden–2.09%
SkiStar AB		37,537		725,831
SSAB AB, Class B		108,989		642,016
				1,367,847
Switzerland–11.25%
ALSO Holding AG		5,456		1,237,506
DKSH Holding AG		8,749		750,626
Novartis AG, ADR		21,896		1,927,505
Roche Holding AG		6,941		2,570,715
Swatch Group AG (The), BR		3,447		890,146
				7,376,498
United Kingdom–7.74%
AstraZeneca PLC		12,689		1,685,631
BP PLC		300,760		1,468,490
Tate & Lyle PLC		197,249		1,922,142
				5,076,263
Total Common Stocks & Other Equity Interests (Cost $64,990,204)				64,972,441
Money Market Funds–2.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)		805,842		805,842

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

5 Invesco International Core Equity Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.23%(d)(e)		537,228	$	537,228
Total Money Market Funds (Cost $1,343,070)				1,343,070
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–101.15% (Cost $66,333,274)				66,315,511
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.94%
Invesco Private Government Fund, 0.40%(d)(e)(f)		186,038		186,038

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.35%(d)(e)(f)		434,089	$	434,089
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $620,097)				620,127
TOTAL INVESTMENTS IN SECURITIES–102.09% (Cost $66,953,371)				66,935,638
OTHER ASSETS LESS LIABILITIES–(2.09)%				(1,372,590	)
NET ASSETS–100.00%			$	65,563,048

Investment Abbreviations:

ADR	–	American Depositary Receipt
BR	–	Bearer Shares

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  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, 2022 was $4,428,921, which represented 6.76% of the Fund’s Net Assets.

^(c) All or a portion of this security was out on loan at April 30, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	504,450		$	8,764,606		$	(8,463,214	)		$	-		$	-		$	805,842		$	75
Invesco Treasury Portfolio, Institutional Class			336,300			5,843,071			(5,642,143)				-			-			537,228			63
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			421,800			1,851,974			(2,087,736)				-			-			186,038			146*
Invesco Private Prime Fund			984,200			4,172,403			(4,722,414)				30			(130)			434,089			555*
Total		$	2,246,750		$	20,632,054		$	(20,915,507)			$	30		$	(130)		$	1,963,197		$	839

* 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.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(f)  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.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Financials	16.66	%
Industrials	14.56
Consumer Discretionary	14.12
Health Care	13.03
Information Technology	10.83
Communication Services	7.03
Consumer Staples	6.82
Materials	6.23
Energy	5.46
Utilities	4.36
Money Market Funds Plus Other Assets Less Liabilities	0.90

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

6 Invesco International Core Equity Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $64,990,204)*	$	64,972,441
Investments in affiliated money market funds, at value (Cost $1,963,167)		1,963,197
Cash		980
Foreign currencies, at value (Cost $148,251)		144,166
Receivable for:
Investments sold		128
Fund shares sold		8,972
Dividends		226,539
Investment for trustee deferred compensation and retirement plans		72,873
Other assets		60,524
Total assets		67,449,820
Liabilities:
Payable for:
Investments purchased		162,199
Fund shares reacquired		945,962
Accrued foreign taxes		11,902
Collateral upon return of securities loaned		620,097
Accrued fees to affiliates		26,867
Accrued other operating expenses		39,649
Trustee deferred compensation and retirement plans		80,096
Total liabilities		1,886,772
Net assets applicable to shares outstanding	$	65,563,048
Net assets consist of:
Shares of beneficial interest	$	65,547,867
Distributable earnings		15,181
	$	65,563,048

Net Assets:
Class A	$	28,495,350
Class C	$	1,718,357
Class R	$	1,514,340
Class Y	$	6,196,424
Investor Class	$	8,211,042
Class R5	$	4,830,706
Class R6	$	14,596,829
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,449,709
Class C		150,489
Class R		129,521
Class Y		522,498
Investor Class		692,469
Class R5		418,938
Class R6		1,266,662
Class A:
Net asset value per share	$	11.63
Maximum offering price per share (Net asset value of $11.63 ÷ 94.50%)	$	12.31
Class C:
Net asset value and offering price per share	$	11.42
Class R:
Net asset value and offering price per share	$	11.69
Class Y:
Net asset value and offering price per share	$	11.86
Investor Class:
Net asset value and offering price per share	$	11.86
Class R5:
Net asset value and offering price per share	$	11.53
Class R6:
Net asset value and offering price per share	$	11.52

* At April 30, 2022, security with a value of $577,692 was on loan to brokers.

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

7 Invesco International Core Equity Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest	$	373
Dividends (net of foreign withholding taxes of $151,467)		860,596
Dividends from affiliated money market funds (includes securities lending income of $2,537)		2,675
Non-cash dividend income		287,531
Foreign withholding tax claims		68,477
Total investment income		1,219,652
Expenses:
Advisory fees		264,295
Administrative services fees		4,870
Custodian fees		8,246
Distribution fees:
Class A		39,067
Class C		9,280
Class R		4,253
Investor Class		11,261
Transfer agent fees – A, C, R, Y and Investor		54,174
Transfer agent fees – R5		1,226
Transfer agent fees – R6		2,690
Trustees’ and officers’ fees and benefits		8,488
Registration and filing fees		42,705
Reports to shareholders		7,440
Professional services fees		28,872
Other		6,362
Total expenses		493,229
Less: Fees waived and/or expenses reimbursed		(122,856	)
Net expenses		370,373
Net investment income		849,279
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(55,104	)
Affiliated investment securities		(130	)
Foreign currencies		(15,922	)
		(71,156	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $26,969)		(10,442,737	)
Affiliated investment securities		30
Foreign currencies		(14,545	)
		(10,457,252	)
Net realized and unrealized gain (loss)		(10,528,408	)
Net increase (decrease) in net assets resulting from operations	$	(9,679,129	)

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

8 Invesco International Core Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income	$	849,279		$	916,662
Net realized gain (loss)		(71,156	)		11,204,735
Change in net unrealized appreciation (depreciation)		(10,457,252	)		6,069,366
Net increase (decrease) in net assets resulting from operations		(9,679,129	)		18,190,763
Distributions to shareholders from distributable earnings:
Class A		(1,247,203	)		(262,403	)
Class C		(58,262	)		(2,288	)
Class R		(66,809	)		(10,609	)
Class Y		(217,355	)		(59,408	)
Investor Class		(364,280	)		(83,908	)
Class R5		(223,313	)		(45,382	)
Class R6		(688,692	)		(171,257	)
Total distributions from distributable earnings		(2,865,914	)		(635,255	)
Share transactions–net:
Class A		2,212,139			(158,263	)
Class C		88,479			(428,513	)
Class R		(61,773	)		119,942
Class Y		1,839,018			(440,909	)
Investor Class		(71,714	)		(479,304	)
Class R5		331,203			1,025,262
Class R6		618,732			277,480
Net increase (decrease) in net assets resulting from share transactions		4,956,084			(84,305	)
Net increase (decrease) in net assets		(7,588,959	)		17,471,203
Net assets:
Beginning of period		73,152,007			55,680,804
End of period	$	65,563,048		$	73,152,007

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

9 Invesco International Core Equity Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/22		$13.86		$0.15		$(1.86	)		$(1.71	)		$(0.19	)		$(0.33	)		$(0.52	)		$11.63		(12.62	)%		$28,495		1.12	%(d)		1.52	%(d)		2.34	%(d)		46	%
Year ended 10/31/21		10.53		0.16		3.28			3.44			(0.11	)		–			(0.11	)		13.86		32.82			31,958		1.12			1.52			1.20			86
Year ended 10/31/20		10.66		0.12		(0.02	)		0.10			(0.23	)		–			(0.23	)		10.53		0.86			24,443		1.12			1.68			1.13			61
Year ended 10/31/19		10.59		0.20		0.71			0.91			(0.15	)		(0.69	)		(0.84	)		10.66		9.74			27,707		1.12			1.66			1.97			28
Year ended 10/31/18		12.43		0.19		(1.84	)		(1.65	)		(0.19	)		–			(0.19	)		10.59		(13.53	)		33,798		1.12			1.67			1.54			73
Year ended 10/31/17		10.48		0.15		1.97			2.12			(0.17	)		–			(0.17	)		12.43		20.54			40,865		1.15			1.70			1.38			61
Class C
Six months ended 04/30/22		13.54		0.10		(1.82	)		(1.72	)		(0.07	)		(0.33	)		(0.40	)		11.42		(12.92	)		1,718		1.87	(d)		2.27	(d)		1.59	(d)		46
Year ended 10/31/21		10.28		0.06		3.21			3.27			(0.01	)		–			(0.01	)		13.54		31.85			1,947		1.87			2.27			0.45			86
Year ended 10/31/20		10.40		0.04		(0.03	)		0.01			(0.13	)		–			(0.13	)		10.28		0.06			1,827		1.87			2.43			0.38			61
Year ended 10/31/19		10.31		0.12		0.71			0.83			(0.05	)		(0.69	)		(0.74	)		10.40		8.98			2,775		1.87			2.41			1.22			28
Year ended 10/31/18		12.10		0.09		(1.79	)		(1.70	)		(0.09	)		–			(0.09	)		10.31		(14.14	)		6,022		1.87			2.42			0.79			73
Year ended 10/31/17		10.20		0.07		1.92			1.99			(0.09	)		–			(0.09	)		12.10		19.64			8,476		1.90			2.45			0.63			61
Class R
Six months ended 04/30/22		13.90		0.13		(1.85	)		(1.72	)		(0.16	)		(0.33	)		(0.49	)		11.69		(12.70	)		1,514		1.37	(d)		1.77	(d)		2.09	(d)		46
Year ended 10/31/21		10.57		0.13		3.28			3.41			(0.08	)		–			(0.08	)		13.90		32.37			1,872		1.37			1.77			0.95			86
Year ended 10/31/20		10.69		0.09		(0.01	)		0.08			(0.20	)		–			(0.20	)		10.57		0.67			1,329		1.37			1.93			0.88			61
Year ended 10/31/19		10.60		0.17		0.73			0.90			(0.12	)		(0.69	)		(0.81	)		10.69		9.52			1,105		1.37			1.91			1.72			28
Year ended 10/31/18		12.44		0.16		(1.84	)		(1.68	)		(0.16	)		–			(0.16	)		10.60		(13.73	)		1,414		1.37			1.92			1.29			73
Year ended 10/31/17		10.49		0.12		1.97			2.09			(0.14	)		–			(0.14	)		12.44		20.21			2,201		1.40			1.95			1.13			61
Class Y
Six months ended 04/30/22		14.14		0.17		(1.89	)		(1.72	)		(0.23	)		(0.33	)		(0.56	)		11.86		(12.46	)		6,196		0.87	(d)		1.27	(d)		2.59	(d)		46
Year ended 10/31/21		10.74		0.20		3.34			3.54			(0.14	)		–			(0.14	)		14.14		33.12			5,380		0.87			1.27			1.45			86
Year ended 10/31/20		10.87		0.14		(0.01	)		0.13			(0.26	)		–			(0.26	)		10.74		1.11			4,407		0.87			1.43			1.38			61
Year ended 10/31/19		10.78		0.23		0.73			0.96			(0.18	)		(0.69	)		(0.87	)		10.87		10.09			4,465		0.87			1.41			2.22			28
Year ended 10/31/18		12.65		0.22		(1.87	)		(1.65	)		(0.22	)		–			(0.22	)		10.78		(13.33	)		5,738		0.87			1.42			1.79			73
Year ended 10/31/17		10.66		0.19		2.00			2.19			(0.20	)		–			(0.20	)		12.65		20.88			6,226		0.90			1.45			1.63			61
Investor Class
Six months ended 04/30/22		14.12		0.15		(1.89	)		(1.74	)		(0.19	)		(0.33	)		(0.52	)		11.86		(12.59	)		8,211		1.12	(d)		1.52	(d)		2.34	(d)		46
Year ended 10/31/21		10.73		0.17		3.33			3.50			(0.11	)		–			(0.11	)		14.12		32.77			9,851		1.12			1.52			1.20			86
Year ended 10/31/20		10.85		0.12		(0.01	)		0.11			(0.23	)		–			(0.23	)		10.73		0.94			7,848		1.12			1.68			1.13			61
Year ended 10/31/19		10.76		0.20		0.73			0.93			(0.15	)		(0.69	)		(0.84	)		10.85		9.77			8,886		1.12			1.66			1.97			28
Year ended 10/31/18		12.63		0.19		(1.87	)		(1.68	)		(0.19	)		–			(0.19	)		10.76		(13.55	)		9,037		1.12			1.67			1.54			73
Year ended 10/31/17		10.65		0.16		1.99			2.15			(0.17	)		–			(0.17	)		12.63		20.50			14,503		1.15			1.70			1.38			61
Class R5
Six months ended 04/30/22		13.77		0.16		(1.84	)		(1.68	)		(0.23	)		(0.33	)		(0.56	)		11.53		(12.50	)		4,831		0.87	(d)		1.10	(d)		2.59	(d)		46
Year ended 10/31/21		10.46		0.20		3.25			3.45			(0.14	)		–			(0.14	)		13.77		33.14			5,393		0.87			1.03			1.45			86
Year ended 10/31/20		10.59		0.14		(0.01	)		0.13			(0.26	)		–			(0.26	)		10.46		1.14			3,318		0.87			1.12			1.38			61
Year ended 10/31/19		10.53		0.22		0.71			0.93			(0.18	)		(0.69	)		(0.87	)		10.59		10.04			3,282		0.87			1.10			2.22			28
Year ended 10/31/18		12.36		0.22		(1.83	)		(1.61	)		(0.22	)		–			(0.22	)		10.53		(13.32	)		3,017		0.87			1.15			1.79			73
Year ended 10/31/17		10.44		0.18		1.95			2.13			(0.21	)		–			(0.21	)		12.36		20.82			3,474		0.90			1.15			1.63			61
Class R6
Six months ended 04/30/22		13.76		0.16		(1.84	)		(1.68	)		(0.23	)		(0.33	)		(0.56	)		11.52		(12.52	)		14,597		0.87	(d)		1.09	(d)		2.59	(d)		46
Year ended 10/31/21		10.46		0.20		3.24			3.44			(0.14	)		–			(0.14	)		13.76		33.05			16,752		0.87			1.03			1.45			86
Year ended 10/31/20		10.59		0.14		(0.01	)		0.13			(0.26	)		–			(0.26	)		10.46		1.14			12,508		0.87			1.12			1.38			61
Year ended 10/31/19		10.53		0.22		0.71			0.93			(0.18	)		(0.69	)		(0.87	)		10.59		10.04			19,188		0.87			1.10			2.22			28
Year ended 10/31/18		12.35		0.22		(1.82	)		(1.60	)		(0.22	)		–			(0.22	)		10.53		(13.25	)		11,560		0.87			1.15			1.79			73
Year ended 10/31/17		10.43		0.18		1.96			2.14			(0.22	)		–			(0.22	)		12.35		20.85			15,702		0.90			1.15			1.63			61

^(a)  Calculated using average shares outstanding.

^(b)  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.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Annualized.

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

10 Invesco International Core Equity Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco International Core 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 seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 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, 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.

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

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

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

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

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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, acts of terrorism 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.

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. 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.

11 Invesco International Core Equity Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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 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 Tax reclaims on the Statement of Assets and Liabilities.

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. These 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 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, 2022, 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. 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 Investment Company 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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending

12 Invesco International Core Equity Fund

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, 2022, fees paid to the Adviser were less than $500.

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.

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 settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

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

M. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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	0.750%
Next $500 million	0.650%
From $1 billion	0.550%
From $2 billion	0.450%
From $4 billion	0.400%
From $6 billion	0.375%
Over $8 billion	0.350%

For the six months ended April 30, 2022, the effective advisory fee rate incurred by the Fund was 0.75%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the 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, 2023, 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, Class R5 and Class R6 shares to 1.12%, 1.87%, 1.37%, 0.87%, 1.12%, 0.87% and 0.87%, 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, 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 June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

13 Invesco International Core Equity Fund

For the six months ended April 30, 2022, the Adviser waived advisory fees of $64,766 and reimbursed class level expenses of $34,063, $2,023, $1,859, $6,397, $9,832, $1,226 and $2,690 of Class A, Class C, Class R, Class Y, Investor Class, 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, 2022, 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, 2022, 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, 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, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $2,480 in front-end sales commissions from the sale of Class A shares and $309 and $49 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $483 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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
Investments in Securities
Australia	$	–	$	4,628,073	$	–	$	4,628,073
Austria		–		2,456,921		–		2,456,921
Canada		1,450,866		–		–		1,450,866
China		911,093		–		–		911,093
Denmark		–		646,870		–		646,870
Finland		–		1,053,219		–		1,053,219
France		–		7,004,642		–		7,004,642
Germany		–		7,834,826		–		7,834,826
Hong Kong		–		1,318,939		–		1,318,939
India		1,549,161		827,330		–		2,376,491
Italy		–		1,286,429		–		1,286,429
Japan		–		12,639,045		–		12,639,045
Netherlands		–		3,729,698		–		3,729,698
Singapore		–		1,302,130		–		1,302,130
Spain		–		2,512,591		–		2,512,591
Sweden		–		1,367,847		–		1,367,847
Switzerland		1,927,505		5,448,993		–		7,376,498
United Kingdom		–		5,076,263		–		5,076,263

14 Invesco International Core Equity Fund

	Level 1		Level 2		Level 3	Total
Money Market Funds	$	1,343,070	$	620,127	$–	$	1,963,197
Total Investments	$	7,181,695	$	59,753,943	$–	$	66,935,638

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.

NOTE 4–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 5–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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 6–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, 2021.

NOTE 7–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, 2022 was $35,296,484 and $32,181,130, respectively. Cost of investments, including any derivatives, on a tax basis    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
Aggregate unrealized appreciation of investments	$ 5,468,038
Aggregate unrealized (depreciation) of investments	(5,582,881	)
Net unrealized appreciation (depreciation) of investments	$   (114,843	)

Cost of investments for tax purposes is $67,050,481.

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended				Year ended
	April 30, 2022(a)				October 31, 2021
	Shares		Amount		Shares		Amount
Sold:
Class A		390,067	$	5,064,542		291,986	$	4,031,325
Class C		17,676		223,058		37,454		497,284
Class R		13,427		168,477		35,076		480,721
Class Y		162,587		2,101,900		245,351		3,426,704
Investor Class		83,606		1,007,079		25,155		347,218
Class R5		21,034		251,956		72,716		1,002,580
Class R6		221		2,775		9,533		131,407

15 Invesco International Core Equity Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		92,107		$	1,174,370			19,390		$	245,478
Class C		4,546			57,058			179			2,231
Class R		5,132			65,791			833			10,604
Class Y		14,654			190,210			4,367			56,287
Investor Class		26,226			340,672			6,234			80,414
Class R5		17,693			223,285			3,615			45,375
Class R6		54,572			688,693			13,657			171,257
Automatic conversion of Class C shares to Class A shares:
Class A		4,969			61,503			35,707			465,485
Class C		(5,063	)		(61,503	)		(36,380	)		(465,485	)
Reacquired:
Class A		(343,558	)		(4,088,276	)		(361,500	)		(4,900,551	)
Class C		(10,463	)		(130,134	)		(35,098	)		(462,543	)
Class R		(23,672	)		(296,041	)		(27,039	)		(371,383	)
Class Y		(35,143	)		(453,092	)		(279,503	)		(3,923,900	)
Investor Class		(115,154	)		(1,419,465	)		(65,111	)		(906,936	)
Class R5		(11,494	)		(144,038	)		(1,770	)		(22,693	)
Class R6		(5,609	)		(72,736	)		(1,870	)		(25,184	)
Net increase (decrease) in share activity		358,361		$	4,956,084			(7,018	)	$	(84,305	)

^(a)  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.

In addition, 6% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

16 Invesco International Core Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/21)	Ending     Account Value     (04/30/22)1	Expenses       Paid During       Period2	Ending       Account Value       (04/30/22)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$873.80	$5.20	$1,019.24	$5.61	1.12%
Class C	1,000.00	870.80	8.67	1,015.52	9.35	1.87
Class R	1,000.00	873.00	6.36	1,018.00	6.85	1.37
Class Y	1,000.00	875.40	4.05	1,020.48	4.36	0.87
Investor Class	1,000.00	874.10	5.20	1,019.24	5.61	1.12
Class R5	1,000.00	875.00	4.04	1,020.48	4.36	0.87
Class R6	1,000.00	875.60	4.05	1,020.48	4.36	0.87

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

17 Invesco International Core Equity Fund

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

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

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-06463 and 033-44611                 Invesco Distributors, Inc. I-ICE-SAR-1                                         

Semiannual Report to Shareholders April 30, 2022

Invesco International Equity Fund

Nasdaq:

A: QIVAX ∎ C: QIVCX ∎ R: QIVNX ∎ Y: QIVYX ∎ R5: INEQX ∎ R6: QIVIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-13.99	%
Class C Shares	-14.26
Class R Shares	-14.04
Class Y Shares	-13.79
Class R5 Shares	-13.79
Class R6 Shares	-13.82
MSCI All Country World ex USA Index▼	-11.87
Source(s): ▼RIMES Technologies Corp. The MSCI All Country World ex USA® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco International Equity Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (7/2/90)	5.82	%
10 Years	5.36
5 Years	2.41
1 Year	-20.89
Class C Shares
Inception (9/1/93)	5.69	%
10 Years	5.33
5 Years	2.81
1 Year	-17.71
Class R Shares
Inception (3/1/01)	3.38	%
10 Years	5.70
5 Years	3.33
1 Year	-16.47
Class Y Shares
Inception (11/13/08)	7.91	%
10 Years	6.29
5 Years	3.95
1 Year	-15.97
Class R5 Shares
10 Years	6.10	%
5 Years	3.84
1 Year	-15.92
Class R6 Shares
Inception (3/28/13)	4.80	%
5 Years	4.02
1 Year	-15.93

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer International Equity Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer International Equity Fund. Note: The Fund was subsequently renamed the Invesco International Equity Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on

Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco International Equity Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco International Equity Fund

Schedule of Investments

April 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–86.88%
Australia–2.93%
Northern Star Resources Ltd.		2,549,755	$	17,337,339
Santos Ltd.		2,604,979		14,547,632
				31,884,971
Canada–3.78%
Agnico Eagle Mines Ltd.		320,131		18,641,228
Dollarama, Inc.		405,614		22,550,074
				41,191,302
Denmark–3.30%
Carlsberg A/S, Class B		150,513		19,051,224
Novo Nordisk A/S, Class B		148,329		16,964,678
				36,015,902
France–12.54%
Adevinta ASA, Class B(a)		369,506		2,885,661
Air Liquide S.A.		196,673		33,954,221
Airbus SE		204,505		22,239,423
Kering S.A.		15,866		8,427,278
L’Oreal S.A.		32,031		11,652,899
LVMH Moet Hennessy Louis Vuitton SE		9,763		6,247,302
Safran S.A.		114,008		12,133,590
Societe Generale S.A.		786,142		18,678,107
Veolia Environnement S.A.		488,596		14,082,569
Vinci S.A.		66,777		6,442,926
				136,743,976
Germany–6.38%
adidas AG		68,607		13,973,757
Bayer AG		95,352		6,284,909
Infineon Technologies AG		215,465		6,233,478
Puma SE		61,386		4,583,654
SAP SE		127,275		13,127,532
Siemens AG		160,507		19,964,662
Zalando SE(a)(b)		135,378		5,369,423
				69,537,415
Ireland–0.62%
Flutter Entertainment PLC(a)		67,136		6,744,975
Japan–19.28%
Asahi Group Holdings Ltd.		499,000		18,631,374
Bandai Namco Holdings, Inc.		113,800		7,744,473
Disco Corp.		26,100		6,432,973
Hitachi Ltd.		293,200		13,653,263
Inpex Corp.		2,881,100		34,057,539
Konami Holdings Corp.		271,500		16,778,544
Marubeni Corp.		1,211,900		13,262,481
Nidec Corp.		80,200		5,253,826
ORIX Corp.		397,500		7,251,354
Pan Pacific International Holdings Corp.		148,400		2,294,120
Recruit Holdings Co. Ltd.		277,200		10,225,252
Renesas Electronics Corp.(a)		1,346,500		14,416,837
SCREEN Holdings Co. Ltd.		81,800		6,701,140

	Shares		Value
Japan–(continued)
Sekisui House Ltd.		1,095,800	$	18,898,778
Seven & i Holdings Co. Ltd.		266,800		11,743,227
Sony Group Corp.		212,000		18,221,711
TDK Corp.		145,800		4,554,203
				210,121,095
Netherlands–7.55%
ASML Holding N.V.		10,777		6,097,291
ING Groep N.V.		2,413,989		22,590,597
Shell PLC, ADR		679,438		36,302,372
Universal Music Group N.V.		748,228		17,310,563
				82,300,823
New Zealand–2.30%
Spark New Zealand Ltd.		7,913,757		25,048,894
Singapore–1.20%
STMicroelectronics N.V., New York Shares		357,135		13,078,284
South Africa–3.01%
Anglo American PLC		739,945		32,835,445
South Korea–3.14%
Korea Zinc Co. Ltd.		43,862		20,003,379
POSCO Holdings, Inc.		31,278		7,087,549
Samsung Electro-Mechanics Co. Ltd.		55,162		7,139,153
				34,230,081
Spain–2.73%
Amadeus IT Group S.A.(a)		208,725		13,014,681
Repsol S.A.		1,119,479		16,797,172
				29,811,853
Sweden–1.82%
Swedish Match AB		2,484,316		19,796,799
Switzerland–4.82%
Alcon, Inc.		177,730		12,656,153
Cie Financiere Richemont S.A.		143,926		16,730,380
Cie Financiere Richemont S.A., Wts., expiring 11/22/2023(a)		138,702		98,385
SGS S.A.		4,808		12,347,013
UBS Group AG		634,538		10,735,388
				52,567,319
Taiwan–0.28%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		32,478		3,018,181
United Kingdom–7.32%
Coca-Cola Europacific Partners PLC		248,373		12,406,231
Diageo PLC		497,592		24,658,221
Entain PLC(a)		306,157		5,756,244
Lloyds Banking Group PLC		23,324,893		13,150,235
London Stock Exchange Group PLC		88,729		8,804,296
Rentokil Initial PLC		1,546,938		10,628,384
Vodafone Group PLC		2,870,219		4,342,395
				79,746,006

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

5 Invesco International Equity Fund

	Shares		Value
United States–3.88%
Medtronic PLC		236,432	$	24,674,044
Oracle Corp.		165,500		10,661,991
QUALCOMM, Inc.		50,044		6,990,646
				42,326,681
Total Common Stocks & Other Equity Interests (Cost $872,845,083)				947,000,002
Money Market Funds–12.37%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(c)(d)		47,395,829		47,395,829

Investment Abbreviations:

	Shares		Value
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(c)(d)		33,337,005	$	33,330,338
Invesco Treasury Portfolio, Institutional Class, 0.23%(c)(d)		54,166,661		54,166,661
Total Money Market Funds (Cost $134,891,990)				134,892,828
TOTAL INVESTMENTS IN SECURITIES–99.25% (Cost $1,007,737,073)				1,081,892,830
OTHER ASSETS LESS LIABILITIES-0.75%				8,175,153
NET ASSETS-100.00%			$	1,090,067,983

ADR – American Depositary Receipt

Wts. – Warrants

Notes to Schedule of Investments:

^(a) Non-income producing security.

^(b) 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, 2022 represented less than 1% of the Fund’s Net Assets.

^(c) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	12,601,716		$	196,008,347		$	(161,214,234	)		$	-		$	-			$	47,395,829		$	4,981
Invesco Liquid Assets Portfolio, Institutional Class			8,486,409			140,005,962			(115,153,025	)			1,187			(10,195	)			33,330,338			7,822
Invesco Treasury Portfolio, Institutional Class			14,401,962			224,009,539			(184,244,840	)			-			-				54,166,661			8,905
Total		$	35,490,087		$	560,023,848		$	(460,612,099	)		$	1,187		$	(10,195	)		$	134,892,828		$	21,708

^(d) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

Open Forward Foreign Currency Contracts
		Contract to				Unrealized
Settlement Date	Counterparty	Deliver		Receive		Appreciation
Currency Risk
07/15/2022	Barclays Bank PLC		JPY 19,692,000,000		USD 159,782,473	$	7,611,320

Abbreviations:

JPY – Japanese Yen

USD – U.S. Dollar

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

6 Invesco International Equity Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Consumer Discretionary	12.63	%
Materials	11.91
Industrials	11.57
Consumer Staples	10.82
Information Technology	10.23
Energy	9.33
Financials	7.45
Communication Services	6.09
Health Care	5.56
Other Sectors, Each Less than 2% of Net Assets	1.29
Money Market Funds Plus Other Assets Less Liabilities	13.12

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

7 Invesco International Equity Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $872,845,083)	$	947,000,002
Investments in affiliated money market funds, at value (Cost $134,891,990)		134,892,828
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		7,611,320
Cash		4,836,066
Foreign currencies, at value (Cost $1,753,788)		1,738,522
Receivable for:
Investments sold		5,209,653
Fund shares sold		124,180
Dividends		7,450,572
Investment for trustee deferred compensation and retirement plans		89,832
Other assets		36,114
Total assets		1,108,989,089
Liabilities:
Payable for:
Investments purchased		18,200,946
Fund shares reacquired		221,084
Accrued fees to affiliates		220,814
Accrued trustees’ and officers’ fees and benefits		2,957
Accrued other operating expenses		128,453
Trustee deferred compensation and retirement plans		146,852
Total liabilities		18,921,106
Net assets applicable to shares outstanding	$	1,090,067,983
Net assets consist of:
Shares of beneficial interest	$	1,007,359,363
Distributable earnings		82,708,620
	$	1,090,067,983

Net Assets:
Class A	$	155,355,927
Class C	$	9,694,318
Class R	$	22,152,688
Class Y	$	69,453,947
Class R5	$	1,206,515
Class R6	$	832,204,588
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		7,244,863
Class C		511,616
Class R		1,048,100
Class Y		3,208,438
Class R5		56,234
Class R6		39,007,470
Class A:
Net asset value per share	$	21.44
Maximum offering price per share (Net asset value of $21.44 ÷ 94.50%)	$	22.69
Class C:
Net asset value and offering price per share	$	18.95
Class R:
Net asset value and offering price per share	$	21.14
Class Y:
Net asset value and offering price per share	$	21.65
Class R5:
Net asset value and offering price per share	$	21.46
Class R6:
Net asset value and offering price per share	$	21.33

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

8 Invesco International Equity Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,404,917)	$	13,352,881
Dividends from affiliated money market funds		21,708
Total investment income		13,374,589
Expenses:
Advisory fees		5,075,228
Administrative services fees		94,061
Custodian fees		103,605
Distribution fees:
Class A		217,262
Class C		57,598
Class R		60,848
Transfer agent fees – A, C, R and Y		267,700
Transfer agent fees – R5		1,061
Transfer agent fees – R6		177,172
Trustees’ and officers’ fees and benefits		22,433
Registration and filing fees		51,577
Professional services fees		28,655
Other		(82,206	)
Total expenses		6,074,994
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(144,723	)
Net expenses		5,930,271
Net investment income		7,444,318
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(226,964	)
Affiliated investment securities		(10,195	)
Foreign currencies		(407,537	)
Forward foreign currency contracts		13,212,904
		12,568,208
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(213,986,300	)
Affiliated investment securities		1,187
Foreign currencies		(424,230	)
Forward foreign currency contracts		7,871,634
		(206,537,709	)
Net realized and unrealized gain (loss)		(193,969,501	)
Net increase (decrease) in net assets resulting from operations	$	(186,525,183	)

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

9 Invesco International Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income	$	7,444,318		$	17,051,653
Net realized gain		12,568,208			243,209,917
Change in net unrealized appreciation (depreciation)		(206,537,709	)		(4,587,291	)
Net increase (decrease) in net assets resulting from operations		(186,525,183	)		255,674,279
Distributions to shareholders from distributable earnings:
Class A		(6,721,473	)		(892,282	)
Class C		(413,159	)		–
Class R		(888,242	)		(65,532	)
Class Y		(4,438,964	)		(717,019	)
Class R5		(408,095	)		(112	)
Class R6		(47,138,761	)		(10,102,777	)
Total distributions from distributable earnings		(60,008,694	)		(11,777,722	)
Share transactions–net:
Class A		2,117,746			(14,241,327	)
Class C		(1,043,207	)		(5,033,298	)
Class R		898,813			1,362,415
Class Y		(25,141,239	)		21,442,470
Class R5		(8,123,000	)		10,058,902
Class R6		(141,595,122	)		(80,029,217	)
Net increase (decrease) in net assets resulting from share transactions		(172,886,009	)		(66,440,055	)
Net increase (decrease) in net assets		(419,419,886	)		177,456,502
Net assets:
Beginning of period		1,509,487,869			1,332,031,367
End of period	$	1,090,067,983		$	1,509,487,869

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

10 Invesco 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 value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/22		$25.89		$0.09			$(3.60	)		$(3.51	)		$(0.26	)		$(0.68	)		$(0.94	)		$21.44		(13.96	)%		$ 155,356		1.22	%(e)		1.22	%(e)		0.78	%(e)		40	%
Year ended 10/31/21		21.86		0.20			3.95			4.15			(0.12	)		–			(0.12	)		25.89		19.01			185,393		1.23			1.24			0.76			98
Year ended 10/31/20		20.82		0.08			1.28			1.36			(0.32	)		–			(0.32	)		21.86		6.57			168,596		1.23			1.28			0.39			69
Eleven months ended 10/31/19		19.44		0.31			1.29			1.60			(0.22	)		–			(0.22	)		20.82		8.38			181,695		1.22	(e)		1.24	(e)		1.69	(e)		54
Year ended 11/30/18		22.23		0.27			(3.06	)		(2.79	)		(0.00	)		–			(0.00	)		19.44		(12.55	)		189,130		1.23			1.24			1.23			85
Year ended 11/30/17		17.40		0.18			5.00			5.18			(0.35	)		–			(0.35	)		22.23		30.33			222,358		1.27			1.28			0.92			83
Year ended 11/30/16		17.56		0.25			(0.31	)		(0.06	)		(0.10	)		–			(0.10	)		17.40		(0.31	)		166,493		1.31			1.32			1.43			79
Class C
Six months ended 04/30/22		22.87		0.00			(3.17	)		(3.17	)		(0.07	)		(0.68	)		(0.75	)		18.95		(14.26	)		9,694		1.97	(e)		1.97	(e)		0.03	(e)		40
Year ended 10/31/21		19.36		0.00			3.51			3.51			–			–			–			22.87		18.13			12,844		1.98			1.99			0.01			98
Year ended 10/31/20		18.45		(0.07	)		1.14			1.07			(0.16	)		–			(0.16	)		19.36		5.81			15,113		1.98			2.03			(0.36	)		69
Eleven months ended 10/31/19		17.23		0.15			1.15			1.30			(0.08	)		–			(0.08	)		18.45		7.59			20,057		1.98	(e)		1.99	(e)		0.93	(e)		54
Year ended 11/30/18		19.84		0.09			(2.70	)		(2.61	)		–			–			–			17.23		(13.20	)		34,738		1.98			1.99			0.48			85
Year ended 11/30/17		15.56		0.03			4.47			4.50			(0.22	)		–			(0.22	)		19.84		29.42			40,178		2.03			2.04			0.19			83
Year ended 11/30/16		15.73		0.10			(0.27	)		(0.17	)		–			–			–			15.56		(1.08	)		30,895		2.07			2.08			0.66			79
Class R
Six months ended 04/30/22		25.50		0.06			(3.54	)		(3.48	)		(0.20	)		(0.68	)		(0.88	)		21.14		(14.04	)		22,153		1.47	(e)		1.47	(e)		0.53	(e)		40
Year ended 10/31/21		21.53		0.13			3.91			4.04			(0.07	)		–			(0.07	)		25.50		18.77			25,742		1.48			1.49			0.51			98
Year ended 10/31/20		20.52		0.03			1.25			1.28			(0.27	)		–			(0.27	)		21.53		6.27			20,619		1.48			1.53			0.14			69
Eleven months ended 10/31/19		19.18		0.26			1.27			1.53			(0.19	)		–			(0.19	)		20.52		8.10			20,044		1.47	(e)		1.49	(e)		1.44	(e)		54
Year ended 11/30/18		21.98		0.21			(3.01	)		(2.80	)		–			–			–			19.18		(12.74	)		17,112		1.48			1.49			0.98			85
Year ended 11/30/17		17.21		0.13			4.94			5.07			(0.30	)		–			(0.30	)		21.98		29.99			13,223		1.52			1.53			0.65			83
Year ended 11/30/16		17.37		0.20			(0.30	)		(0.10	)		(0.06	)		–			(0.06	)		17.21		(0.55	)		8,410		1.56			1.57			1.18			79
Class Y
Six months ended 04/30/22		26.19		0.14			(3.63	)		(3.49	)		(0.37	)		(0.68	)		(1.05	)		21.65		(13.79	)		69,454		0.88	(e)		0.97	(e)		1.12	(e)		40
Year ended 10/31/21		22.10		0.30			3.99			4.29			(0.20	)		–			(0.20	)		26.19		19.48			111,226		0.85			0.99			1.14			98
Year ended 10/31/20		21.04		0.16			1.29			1.45			(0.39	)		–			(0.39	)		22.10		6.94			75,777		0.85			1.03			0.77			69
Eleven months ended 10/31/19		19.67		0.38			1.30			1.68			(0.31	)		–			(0.31	)		21.04		8.73			74,540		0.84	(e)		0.99	(e)		2.06	(e)		54
Year ended 11/30/18		22.46		0.35			(3.07	)		(2.72	)		(0.07	)		–			(0.07	)		19.67		(12.16	)		138,750		0.85			1.00			1.63			85
Year ended 11/30/17		17.59		0.21			5.06			5.27			(0.40	)		–			(0.40	)		22.46		30.63			57,166		1.02			1.03			1.01			83
Year ended 11/30/16		17.75		0.27			(0.28	)		(0.01	)		(0.15	)		–			(0.15	)		17.59		(0.03	)		15,965		1.06			1.07			1.54			79
Class R5
Six months ended 04/30/22		25.98		0.15			(3.61	)		(3.46	)		(0.38	)		(0.68	)		(1.06	)		21.46		(13.79	)		1,207		0.82	(e)		0.82	(e)		1.18	(e)		40
Year ended 10/31/21		21.92		0.31			3.97			4.28			(0.22	)		–			(0.22	)		25.98		19.56			10,186		0.81			0.81			1.18			98
Year ended 10/31/20		20.86		0.17			1.29			1.46			(0.40	)		–			(0.40	)		21.92		7.04			11		0.79			0.79			0.83			69
Period ended 10/31/19(f)		19.31		0.18			1.37			1.55			–			–			–			20.86		8.03			11		0.82	(e)		0.82	(e)		2.09	(e)		54
Class R6
Six months ended 04/30/22		25.83		0.14			(3.58	)		(3.44	)		(0.38	)		(0.68	)		(1.06	)		21.33		(13.78	)		832,205		0.80	(e)		0.82	(e)		1.20	(e)		40
Year ended 10/31/21		21.80		0.31			3.94			4.25			(0.22	)		–			(0.22	)		25.83		19.54			1,164,098		0.80			0.81			1.19			98
Year ended 10/31/20		20.75		0.17			1.28			1.45			(0.40	)		–			(0.40	)		21.80		7.04			1,051,915		0.79			0.79			0.83			69
Eleven months ended 10/31/19		19.40		0.38			1.29			1.67			(0.32	)		–			(0.32	)		20.75		8.77			1,516,446		0.79	(e)		0.80	(e)		2.11	(e)		54
Year ended 11/30/18		22.17		0.35			(3.03	)		(2.68	)		(0.09	)		–			(0.09	)		19.40		(12.20	)		1,566,488		0.81			0.82			1.65			85
Year ended 11/30/17		17.36		0.23			5.01			5.24			(0.43	)		–			(0.43	)		22.17		30.96			1,505,578		0.83			0.83			1.17			83
Year ended 11/30/16		17.53		0.32			(0.30	)		0.02			(0.19	)		–			(0.19	)		17.36		0.11			689,409		0.86			0.87			1.85			79

^(a)  Calculated using average shares outstanding.

^(b)  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.

^(c)  Does not include estimated acquired fund fees from underlying funds of 0.01%, 0.01%, 0.00% and 0.01% for the eleven months ended October 31, 2019 and the years ended November 30, 2018, 2017 and 2016, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e) Annualized.

^(f) Commencement date after the close of business on May 24, 2019.

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

11 Invesco International Equity Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco 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 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.

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

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

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

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

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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, acts of terrorism 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.

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. 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.

12 Invesco International Equity Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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

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

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

I. 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.

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

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

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

K. Other Risks - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of 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

13 Invesco International Equity Fund

markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

L. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
First $ 500 million		0.850%
Next $500 million		0.750%
Next $1 billion		0.700%
Next $3 billion		0.670%
Over $5 billion		0.650%

* 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, 2022, the effective advisory fee rate incurred by the Fund was 0.76%.

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

Effective March 1, 2022, the Adviser has contractually agreed, through at least June 30, 2023, 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. Prior to March 1, 2022, the Adviser had contractually agreed, through February 28, 2022, 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 1.23%, 1.98%, 1.48%, 0.85%, 0.85% and 0.80%, 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 June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense 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 June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $10,081 and reimbursed class level expenses of $0, $0, $0, $40,231, $0 and $94,275 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, 2022, 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, 2022, 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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $10,035 in front-end sales commissions from the sale of Class A shares and $0 and $101 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

14 Invesco International Equity Fund

For the six months ended April 30, 2022, the Fund incurred $33,478 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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
Investments in Securities
Australia	$	–	$	31,884,971	$–	$	31,884,971
Canada		41,191,302		–	–		41,191,302
Denmark		–		36,015,902	–		36,015,902
France		–		136,743,976	–		136,743,976
Germany		–		69,537,415	–		69,537,415
Ireland		–		6,744,975	–		6,744,975
Japan		–		210,121,095	–		210,121,095
Netherlands		36,302,372		45,998,451	–		82,300,823
New Zealand		–		25,048,894	–		25,048,894
Singapore		13,078,284		–	–		13,078,284
South Africa		–		32,835,445	–		32,835,445
South Korea		–		34,230,081	–		34,230,081
Spain		–		29,811,853	–		29,811,853
Sweden		–		19,796,799	–		19,796,799
Switzerland		12,754,538		39,812,781	–		52,567,319
Taiwan		3,018,181		–	–		3,018,181
United Kingdom		12,406,231		67,339,775	–		79,746,006
United States		31,664,690		10,661,991	–		42,326,681
Money Market Funds		134,892,828		–	–		134,892,828
Total Investments in Securities		285,308,426		796,584,404	–		1,081,892,830
Other Investments - Assets*
Forward Foreign Currency Contracts		–		7,611,320	–		7,611,320
Total Investments	$	285,308,426	$	804,195,724	$–	$	1,089,504,150

* 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 International Equity 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, 2022:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	7,611,320
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements	$	7,611,320

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, 2022.

	Financial Derivative Assets		Collateral (Received)/Pledged
Counterparty	Forward Foreign     Currency Contracts	Net Value of     Derivatives	Non-Cash	Cash	Net     Amount
Barclays Bank PLC	$7,611,320	$7,611,320	$–	$–		$7,611,320

Effect of Derivative Investments for the six months ended April 30, 2022

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 Statement of Operations
	Currency Risk
Realized Gain:
Forward foreign currency contracts	$13,212,904
Change in Net Unrealized Appreciation:
Forward foreign currency contracts	7,871,634
Total	$21,084,538

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value		$171,542,345

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $136.

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

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.

16 Invesco International Equity Fund

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

The Fund did not have a capital loss carryforward as of October 31, 2021.

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, 2022 was $496,589,256 and $810,911,306, respectively. Cost of investments, including any derivatives, on a tax basis 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
Aggregate unrealized appreciation of investments	$132,737,744
Aggregate unrealized (depreciation) of investments	(60,376,480	)
Net unrealized appreciation of investments	$ 72,361,264

Cost of investments for tax purposes is $1,017,142,886.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		369,818		$	8,910,719			775,946		$	20,342,361
Class C		55,703			1,167,939			91,106			2,103,332
Class R		131,851			3,115,201			244,941			6,333,593
Class Y		428,718			10,403,434			1,924,333			50,845,416
Class R5		18,224			447,738			402,310			10,338,201
Class R6		561,591			13,851,522			3,097,786			81,918,835
Issued as reinvestment of dividends:
Class A		255,259			6,167,058			32,590			803,344
Class C		18,392			393,769			-			-
Class R		37,246			887,583			2,691			65,480
Class Y		158,917			3,871,221			26,706			663,640
Class R5		16,883			407,548			-			-
Class R6		1,950,446			46,810,697			412,337			10,102,244
Automatic conversion of Class C shares to Class A shares:
Class A		28,317			660,924			138,995			3,564,235
Class C		(32,017	)		(660,924	)		(156,521	)		(3,564,235	)
Reacquired:
Class A		(568,263	)		(13,620,955	)		(1,501,795	)		(38,951,267	)
Class C		(92,009	)		(1,943,991	)		(153,786	)		(3,572,395	)
Class R		(130,402	)		(3,103,971	)		(195,720	)		(5,036,658	)
Class Y		(1,625,538	)		(39,415,894	)		(1,133,785	)		(30,066,586	)
Class R5		(370,966	)		(8,978,286	)		(10,735	)		(279,299	)
Class R6		(8,563,562	)		(202,257,341	)		(6,704,085	)		(172,050,296	)
Net increase (decrease) in share activity		(7,351,392	)	$	(172,886,009	)		(2,706,686	)	$	(66,440,055	)

^(a)  72% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

17 Invesco International Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/21)	Ending     Account Value     (04/30/22)1	Expenses       Paid During       Period2,3	Ending     Account Value     (04/30/22)	Expenses     Paid During     Period2,4	Annualized       Expense Ratio2
Class A	$1,000.00	$860.10	$5.63	$1,018.74	$6.11	1.22%
Class C	1,000.00	857.40	9.07	1,015.03	9.84	1.97
Class R	1,000.00	859.60	6.78	1,017.50	7.35	1.47
Class Y	1,000.00	862.10	4.06	1,020.43	4.41	0.88
Class R5	1,000.00	862.10	3.79	1,020.73	4.11	0.82
Class R6	1,000.00	861.80	3.69	1,020.83	4.01	0.80

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year. Effective March 1, 2022, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses 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% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.22%, 1.97%, 1.47%, 0.97%, 0.82% and 0.82% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $5.63, $9.07, $6.78, $4.48, $3.78 and $3.79 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.11, $9.84, $7.35, $4.86, $4.10 and $4.11 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

18 Invesco International Equity Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-06463 and 033-44611 Invesco Distributors, Inc. O-IEQ-SAR-1

Semiannual Report to Shareholders April 30, 2022

Invesco EQV International Equity Fund

Effective February 28, 2022, Invesco International Growth Fund was renamed Invesco EQV International Equity Fund.

Nasdaq:

A: AIIEX ∎ C: AIECX ∎ R: AIERX ∎ Y: AIIYX ∎ R5: AIEVX ∎ R6: IGFRX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-16.18	%
Class C Shares	-16.50
Class R Shares	-16.26
Class Y Shares	-16.07
Class R5 Shares	-16.05
Class R6 Shares	-16.02
MSCI All Country World ex USA Index▼ (Broad Market Index)	-11.87
Source(s): ▼RIMES Technologies Corp.
The MSCI All Country World ex USA® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco EQV International Equity Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (4/7/92)	6.62	%
10 Years	4.12
5 Years	2.47
1 Year	-20.93
Class C Shares
Inception (8/4/97)	4.56	%
10 Years	4.09
5 Years	2.86
1 Year	-17.59
Class R Shares
Inception (6/3/02)	5.91	%
10 Years	4.45
5 Years	3.39
1 Year	-16.51
Class Y Shares
Inception (10/3/08)	5.81	%
10 Years	4.97
5 Years	3.90
1 Year	-16.10
Class R5 Shares
Inception (3/15/02)	6.61	%
10 Years	5.06
5 Years	3.98
1 Year	-16.07
Class R6 Shares
10 Years	5.14	%
5 Years	4.07
1 Year	-15.99

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco EQV International Equity Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco EQV International Equity Fund

Schedule of Investments

April 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.75%
Australia–1.80%
CSL Ltd.		220,420	$	41,716,504
Brazil–2.51%
B3 S.A. – Brasil, Bolsa, Balcao		13,358,906		35,937,550
Rede D’Or Sao Luiz S.A.(a)		2,986,600		22,188,294
				58,125,844
Canada–6.83%
Bank of Nova Scotia (The)		610,426		38,655,007
CGI, Inc., Class A(b)		521,645		41,596,788
Magna International, Inc.		574,027		34,593,991
Ritchie Bros. Auctioneers, Inc.		784,443		43,208,023
				158,053,809
China–7.84%
Airtac International Group		290,000		7,878,344
China Mengniu Dairy Co. Ltd.		8,727,000		46,952,533
China Resources Beer Holdings Co. Ltd.		6,124,000		35,744,248
JD.com, Inc., ADR(b)		381,976		23,552,640
Wuliangye Yibin Co. Ltd., A Shares		1,001,098		24,347,139
Yum China Holdings, Inc.		1,029,214		43,021,145
				181,496,049
Denmark–3.23%
Carlsberg A/S, Class B		179,082		22,667,353
Novo Nordisk A/S, Class B		455,337		52,077,785
				74,745,138
France–9.08%
Air Liquide S.A.		212,603		36,704,424
Arkema S.A.		401,023		45,259,619
Kering S.A.		38,157		20,267,215
LVMH Moet Hennessy Louis Vuitton SE		49,067		31,397,764
Pernod Ricard S.A.		127,965		26,365,249
Schneider Electric SE		352,287		50,174,149
				210,168,420
Germany–1.24%
Deutsche Boerse AG		163,729		28,697,292
Hong Kong–2.53%
AIA Group Ltd.		4,815,200		47,044,100
Techtronic Industries Co. Ltd.		866,000		11,561,634
				58,605,734
India–2.54%
HDFC Bank Ltd., ADR		1,063,380		58,709,210
Ireland–4.94%
CRH PLC		1,058,675		41,995,253
Flutter Entertainment PLC(b)		222,487		22,352,677
ICON PLC(b)		220,519		49,883,603
				114,231,533
Italy–2.18%
FinecoBank Banca Fineco S.p.A.		3,667,757		50,528,608

	Shares		Value
Japan–13.02%
Asahi Group Holdings Ltd.		826,200	$	30,848,179
FANUC Corp.		203,612		31,491,754
Hoya Corp.		294,100		29,300,969
Keyence Corp.		28,100		11,337,124
Koito Manufacturing Co. Ltd.		986,500		36,225,738
Komatsu Ltd.		1,472,900		33,043,039
Olympus Corp.		3,019,800		53,487,666
SMC Corp.		30,100		14,548,732
Sony Group Corp.		363,300		31,226,168
TIS, Inc.		1,329,600		29,927,047
				301,436,416
Mexico–1.67%
Wal–Mart de Mexico S.A.B. de C.V., Series V		10,913,248		38,590,644
Netherlands–4.99%
ASML Holding N.V.		59,447		33,633,262
Heineken N.V.		403,835		39,387,254
Wolters Kluwer N.V.		420,444		42,528,015
				115,548,531
Singapore–2.03%
United Overseas Bank Ltd.		2,190,866		46,952,743
South Korea–4.08%
NAVER Corp.		176,993		40,036,254
Samsung Electronics Co. Ltd.		1,024,972		54,460,979
				94,497,233
Spain–1.28%
Amadeus IT Group S.A.(b)		476,730		29,725,661
Sweden–7.31%
Husqvarna AB, Class B(c)		2,726,769		26,085,938
Investor AB, Class B		3,228,476		62,024,503
Sandvik AB(c)		3,696,691		69,508,637
Svenska Handelsbanken AB, Class A		1,154,972		11,642,452
				169,261,530
Switzerland–3.70%
Kuehne + Nagel International AG, Class R(c)		85,379		23,941,220
Logitech International S.A., Class R		529,991		34,342,562
Roche Holding AG		73,613		27,263,800
				85,547,582
Taiwan–2.57%
Taiwan Semiconductor Manufacturing Co. Ltd.		3,257,887		59,423,855
United Kingdom–6.79%
Ashtead Group PLC		580,362		30,005,740
DCC PLC		472,743		35,719,267
Linde PLC		118,925		37,099,843
Reckitt Benckiser Group PLC		695,611		54,265,790
				157,090,640

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

5 Invesco EQV International Equity Fund

	Shares		Value
United States–5.59%
Amcor PLC, CDI		1,187,981	$	14,047,267
Broadcom, Inc.		131,743		73,037,002
Nestle S.A.		326,844		42,197,350
				129,281,619
Total Common Stocks & Other Equity Interests (Cost $1,769,875,975)				2,262,434,595
Money Market Funds–2.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)		16,502,801		16,502,801
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(d)(e)		11,641,745		11,639,417
Invesco Treasury Portfolio, Institutional Class, 0.23%(d)(e)		18,860,344		18,860,344
Total Money Market Funds (Cost $47,001,853)				47,002,562
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–99.78% (Cost $1,816,877,828)				2,309,437,157

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.87%
Invesco Private Government Fund, 0.40%(d)(e)(f)		26,867,831	$	26,867,831
Invesco Private Prime Fund, 0.35%(d)(e)(f)		62,691,604		62,691,604
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $89,559,435)				89,559,435
TOTAL INVESTMENTS IN SECURITIES–103.65% (Cost $1,906,437,263)				2,398,996,592
OTHER ASSETS LESS LIABILITIES–(3.65)%				(84,528,801	)
NET ASSETS–100.00%			$	2,314,467,791

Investment Abbreviations:

ADR - American Depositary Receipt

CDI - CREST Depository Interest

Notes to Schedule of Investments:

^(a)  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, 2022 represented less than 1% of the Fund’s Net Assets.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	19,221,547		$	176,177,356		$	(178,896,102	)		$	-			$	-			$	16,502,801		$	6,287
Invesco Liquid Assets Portfolio, Institutional Class			13,158,402			125,840,970			(127,353,316	)			(2,526	)			(4,113	)			11,639,417			6,795
Invesco Treasury Portfolio, Institutional Class			21,967,482			201,345,550			(204,452,688	)			-				-				18,860,344			7,461
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			26,320,731			64,166,430			(63,619,330	)			-				-				26,867,831			4,853*
Invesco Private Prime Fund			61,415,040			137,276,020			(135,995,982	)			-				(3,474	)			62,691,604			14,294*
Total		$	142,083,202		$	704,806,326		$	(710,317,418	)		$	(2,526	)		$	(7,587	)		$	136,561,997		$	39,690

* 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.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(f) 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 1I.

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

6 Invesco EQV International Equity Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Industrials	18.13	%
Financials	16.43
Information Technology	15.88
Consumer Staples	15.61
Health Care	11.92
Consumer Discretionary	10.48
Materials	7.57
Other Sectors, Each Less than 2% of Net Assets	1.73
Money Market Funds Plus Other Assets Less Liabilities	2.25

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

7 Invesco EQV International Equity Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,769,875,975)*	$	2,262,434,595
Investments in affiliated money market funds, at value (Cost $136,561,288)		136,561,997
Foreign currencies, at value (Cost $3,439,716)		3,438,251
Receivable for:
Investments sold		11,960,497
Fund shares sold		771,079
Dividends		11,556,239
Investment for trustee deferred compensation and retirement plans		680,319
Other assets		123,606
Total assets		2,427,526,583
Liabilities:
Payable for:
Investments purchased		18,198,147
Fund shares reacquired		2,942,163
Collateral upon return of securities loaned		89,559,435
Accrued fees to affiliates		1,205,193
Accrued other operating expenses		395,914
Trustee deferred compensation and retirement plans		757,940
Total liabilities		113,058,792
Net assets applicable to shares outstanding	$	2,314,467,791
Net assets consist of:
Shares of beneficial interest	$	1,614,423,669
Distributable earnings		700,044,122
	$	2,314,467,791

Net Assets:
Class A	$	1,028,716,812
Class C	$	19,392,509
Class R	$	35,409,419
Class Y	$	455,854,101
Class R5	$	138,619,888
Class R6	$	636,475,062
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		45,741,736
Class C		993,780
Class R		1,604,810
Class Y		20,208,665
Class R5		5,999,856
Class R6		27,637,540
Class A:
Net asset value per share	$	22.49
Maximum offering price per share (Net asset value of $22.49 ÷ 94.50%)	$	23.80
Class C:
Net asset value and offering price per share	$	19.51
Class R:
Net asset value and offering price per share	$	22.06
Class Y:
Net asset value and offering price per share	$	22.56
Class R5:
Net asset value and offering price per share	$	23.10
Class R6:
Net asset value and offering price per share	$	23.03

* At April 30, 2022, securities with an aggregate value of $74,964,860 were on loan to brokers.

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

8 Invesco EQV International Equity Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest	$	17,943
Dividends (net of foreign withholding taxes of $6,266,627)		22,738,598
Dividends from affiliated money market funds (includes securities lending income of $63,032)		83,575
Foreign withholding tax claims		3,892,354
Total investment income		26,732,470
Expenses:
Advisory fees		12,171,473
Administrative services fees		214,459
Custodian fees		157,944
Distribution fees:
Class A		1,508,467
Class C		123,070
Class R		101,893
Transfer agent fees – A, C, R and Y		1,614,228
Transfer agent fees – R5		91,425
Transfer agent fees – R6		126,919
Trustees’ and officers’ fees and benefits		20,339
Registration and filing fees		64,654
Professional services fees		53,814
Other		(54,895	)
Total expenses		16,193,790
Less: Fees waived and/or expense offset arrangement(s)		(14,790	)
Net expenses		16,179,000
Net investment income		10,553,470
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		278,163,489
Affiliated investment securities		(7,587	)
Foreign currencies		116,554
		278,272,456
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(739,989,659	)
Affiliated investment securities		(2,526	)
Foreign currencies		(470,163	)
		(740,462,348	)
Net realized and unrealized gain (loss)		(462,189,892	)
Net increase (decrease) in net assets resulting from operations	$	(451,636,422	)

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

9 Invesco EQV International Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income	$	10,553,470		$	12,139,574
Net realized gain		278,272,456			685,724,085
Change in net unrealized appreciation (depreciation)		(740,462,348	)		58,372,427
Net increase (decrease) in net assets resulting from operations		(451,636,422	)		756,236,086
Distributions to shareholders from distributable earnings:
Class A		(269,566,656	)		(162,361,243	)
Class C		(5,944,677	)		(4,686,976	)
Class R		(9,009,500	)		(6,009,271	)
Class Y		(147,915,684	)		(95,393,068	)
Class R5		(36,378,164	)		(60,741,990	)
Class R6		(160,121,795	)		(119,582,621	)
Total distributions from distributable earnings		(628,936,476	)		(448,775,169	)
Share transactions–net:
Class A		161,628,175			(33,236,883	)
Class C		1,625,674			(10,699,534	)
Class R		7,342,778			(7,607,797	)
Class Y		(40,570,932	)		(78,388,009	)
Class R5		(194,827,403	)		(136,521,130	)
Class R6		122,903,138			(203,323,755	)
Net increase (decrease) in net assets resulting from share transactions		58,101,430			(469,777,108	)
Net increase (decrease) in net assets		(1,022,471,468	)		(162,316,191	)
Net assets:
Beginning of period		3,336,939,259			3,499,255,450
End of period	$	2,314,467,791		$	3,336,939,259

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

10 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 value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/22		$33.82		$0.08			$(4.47	)		$(4.39	)		$(0.55	)		$(6.39	)		$(6.94	)		$22.49		(16.18	)%		$1,028,717		1.33	%(d)		1.33	%(d)		0.59	%(d)		22	%
Year ended 10/31/21		31.34		0.05			6.54			6.59			(0.30	)		(3.81	)		(4.11	)		33.82		21.99			1,338,896		1.32			1.32			0.14			25
Year ended 10/31/20		34.10		0.11			0.62			0.73			(0.65	)		(2.84	)		(3.49	)		31.34		1.97			1,262,456		1.35			1.35			0.36			35
Year ended 10/31/19		31.92		0.38			4.55			4.93			(0.29	)		(2.46	)		(2.75	)		34.10		17.23			1,534,830		1.33			1.33			1.20			22
Year ended 10/31/18		36.61		0.42			(4.18	)		(3.76	)		(0.60	)		(0.33	)		(0.93	)		31.92		(10.55	)		1,665,413		1.30			1.31			1.20			26
Year ended 10/31/17		30.83		0.30			5.85			6.15			(0.37	)		–			(0.37	)		36.61		20.19			2,396,149		1.31			1.32			0.89			25
Class C
Six months ended 04/30/22		30.08		(0.02	)		(3.90	)		(3.92	)		(0.26	)		(6.39	)		(6.65	)		19.51		(16.50	)		19,393		2.08	(d)		2.08	(d)		(0.16	)(d)		22
Year ended 10/31/21		28.22		(0.19	)		5.88			5.69			(0.02	)		(3.81	)		(3.83	)		30.08		21.09			27,874		2.07			2.07			(0.61	)		25
Year ended 10/31/20		31.01		(0.11	)		0.56			0.45			(0.40	)		(2.84	)		(3.24	)		28.22		1.20			36,108		2.10			2.10			(0.39	)		35
Year ended 10/31/19		29.20		0.13			4.16			4.29			(0.02	)		(2.46	)		(2.48	)		31.01		16.37			55,768		2.08			2.08			0.45			22
Year ended 10/31/18		33.55		0.14			(3.83	)		(3.69	)		(0.33	)		(0.33	)		(0.66	)		29.20		(11.22	)		105,735		2.05			2.06			0.45			26
Year ended 10/31/17		28.25		0.04			5.38			5.42			(0.12	)		–			(0.12	)		33.55		19.28			144,710		2.06			2.07			0.14			25
Class R
Six months ended 04/30/22		33.25		0.04			(4.39	)		(4.35	)		(0.45	)		(6.39	)		(6.84	)		22.06		(16.30	)		35,409		1.58	(d)		1.58	(d)		0.34	(d)		22
Year ended 10/31/21		30.87		(0.04	)		6.44			6.40			(0.21	)		(3.81	)		(4.02	)		33.25		21.66			44,016		1.57			1.57			(0.11	)		25
Year ended 10/31/20		33.64		0.03			0.61			0.64			(0.57	)		(2.84	)		(3.41	)		30.87		1.71			47,493		1.60			1.60			0.11			35
Year ended 10/31/19		31.49		0.30			4.51			4.81			(0.20	)		(2.46	)		(2.66	)		33.64		16.99			62,045		1.58			1.58			0.95			22
Year ended 10/31/18		36.13		0.33			(4.13	)		(3.80	)		(0.51	)		(0.33	)		(0.84	)		31.49		(10.78	)		66,981		1.55			1.56			0.95			26
Year ended 10/31/17		30.41		0.21			5.80			6.01			(0.29	)		–			(0.29	)		36.13		19.94			99,556		1.56			1.57			0.64			25
Class Y
Six months ended 04/30/22		33.96		0.11			(4.48	)		(4.37	)		(0.64	)		(6.39	)		(7.03	)		22.56		(16.07	)		455,854		1.08	(d)		1.08	(d)		0.84	(d)		22
Year ended 10/31/21		31.46		0.13			6.56			6.69			(0.38	)		(3.81	)		(4.19	)		33.96		22.30			738,512		1.07			1.07			0.39			25
Year ended 10/31/20		34.21		0.19			0.62			0.81			(0.72	)		(2.84	)		(3.56	)		31.46		2.22			751,518		1.10			1.10			0.61			35
Year ended 10/31/19		32.05		0.46			4.55			5.01			(0.39	)		(2.46	)		(2.85	)		34.21		17.51			1,091,697		1.08			1.08			1.45			22
Year ended 10/31/18		36.75		0.51			(4.19	)		(3.68	)		(0.69	)		(0.33	)		(1.02	)		32.05		(10.31	)		1,635,426		1.05			1.06			1.45			26
Year ended 10/31/17		30.96		0.38			5.87			6.25			(0.46	)		–			(0.46	)		36.75		20.47			2,427,028		1.06			1.07			1.14			25
Class R5
Six months ended 04/30/22		34.62		0.13			(4.60	)		(4.47	)		(0.66	)		(6.39	)		(7.05	)		23.10		(16.05	)		138,620		1.01	(d)		1.01	(d)		0.91	(d)		22
Year ended 10/31/21		32.02		0.16			6.67			6.83			(0.42	)		(3.81	)		(4.23	)		34.62		22.35			392,893		0.99			0.99			0.47			25
Year ended 10/31/20		34.76		0.22			0.63			0.85			(0.75	)		(2.84	)		(3.59	)		32.02		2.32			486,808		1.00			1.00			0.71			35
Year ended 10/31/19		32.48		0.50			4.63			5.13			(0.39	)		(2.46	)		(2.85	)		34.76		17.66			735,592		0.98			0.98			1.55			22
Year ended 10/31/18		37.24		0.55			(4.25	)		(3.70	)		(0.73	)		(0.33	)		(1.06	)		32.48		(10.25	)		1,124,979		0.97			0.98			1.53			26
Year ended 10/31/17		31.37		0.41			5.95			6.36			(0.49	)		–			(0.49	)		37.24		20.57			1,543,192		0.98			0.99			1.22			25
Class R6
Six months ended 04/30/22		34.56		0.13			(4.57	)		(4.44	)		(0.70	)		(6.39	)		(7.09	)		23.03		(16.02	)		636,475		0.95	(d)		0.95	(d)		0.97	(d)		22
Year ended 10/31/21		31.97		0.19			6.66			6.85			(0.45	)		(3.81	)		(4.26	)		34.56		22.48			794,749		0.91			0.91			0.55			25
Year ended 10/31/20		34.71		0.25			0.63			0.88			(0.78	)		(2.84	)		(3.62	)		31.97		2.41			914,873		0.91			0.91			0.80			35
Year ended 10/31/19		32.49		0.53			4.61			5.14			(0.46	)		(2.46	)		(2.92	)		34.71		17.74			1,522,977		0.90			0.90			1.63			22
Year ended 10/31/18		37.25		0.58			(4.25	)		(3.67	)		(0.76	)		(0.33	)		(1.09	)		32.49		(10.15	)		1,792,725		0.89			0.90			1.61			26
Year ended 10/31/17		31.38		0.45			5.94			6.39			(0.52	)		–			(0.52	)		37.25		20.68			2,427,136		0.89			0.90			1.31			25

^(a) Calculated using average shares outstanding.

^(b)  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.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Annualized.

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

11 Invesco EQV International Equity Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco EQV International Equity Fund, formerly Invesco 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 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.

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

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

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

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

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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, acts of terrorism 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.

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. 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.

12 Invesco EQV International Equity Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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

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

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

I. 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 Investment Company 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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a 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, 2022, fees paid to the Adviser were less than $500.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the 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

13 Invesco EQV International Equity Fund

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.

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

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

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

L. Other Risks – Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of 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. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

M. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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	0.935%
Next $250 million	0.910%
Next $500 million	0.885%
Next $1.5 billion	0.860%
Next $2.5 billion	0.835%
Next $2.5 billion	0.810%
Next $2.5 billion	0.785%
Over $10 billion	0.760%

For the six months ended April 30, 2022, the effective advisory fee rate incurred by the Fund was 0.87%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least June 30, 2023, 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 “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 June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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 June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $14,524.

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, 2022, 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

14 Invesco EQV International Equity Fund

(“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, 2022, 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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $65,809 in front-end sales commissions from the sale of Class A shares and $15,540 and $1,130 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $1,642 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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
Investments in Securities
Australia	$	–	$	41,716,504		$–	$	41,716,504
Brazil		58,125,844		–		–		58,125,844
Canada		158,053,809		–		–		158,053,809
China		66,573,785		114,922,264		–		181,496,049
Denmark		–		74,745,138		–		74,745,138
France		–		210,168,420		–		210,168,420
Germany		–		28,697,292		–		28,697,292
Hong Kong		–		58,605,734		–		58,605,734
India		58,709,210		–		–		58,709,210
Ireland		49,883,603		64,347,930		–		114,231,533
Italy		–		50,528,608		–		50,528,608
Japan		–		301,436,416		–		301,436,416
Mexico		38,590,644		–		–		38,590,644
Netherlands		–		115,548,531		–		115,548,531
Singapore		–		46,952,743		–		46,952,743
South Korea		–		94,497,233		–		94,497,233
Spain		–		29,725,661		–		29,725,661
Sweden		–		169,261,530		–		169,261,530
Switzerland		–		85,547,582		–		85,547,582
Taiwan		–		59,423,855		–		59,423,855
United Kingdom		37,099,843		119,990,797		–		157,090,640
United States		73,037,002		56,244,617		–		129,281,619

15 Invesco EQV International Equity Fund

	Level 1		Level 2		Level 3	Total
Money Market Funds	$	47,002,562	$	89,559,435	$–	$	136,561,997
Total Investments	$	587,076,302	$	1,811,920,290	$–	$	2,398,996,592

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $266.

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

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, 2021.

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, 2022 was $613,925,867 and $1,176,383,038, respectively. Cost of investments, including any derivatives, on a tax basis 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
Aggregate unrealized appreciation of investments	$	536,233,394
Aggregate unrealized (depreciation) of investments		(123,751,110	)
Net unrealized appreciation of investments	$	412,482,284

Cost of investments for tax purposes is $1,986,514,308.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended				Year ended
	April 30, 2022(a)				October 31, 2021
	Shares		Amount		Shares		Amount
Sold:
Class A		1,470,740	$	38,797,762		2,472,063	$	83,272,497
Class C		72,680		1,722,227		99,116		2,984,995
Class R		138,464		3,587,103		210,021		6,966,650
Class Y		2,564,289		68,291,086		3,395,750		114,436,058
Class R5		399,546		11,381,334		1,542,256		53,192,219
Class R6		2,952,094		78,201,859		4,059,082		139,074,649

16 Invesco EQV International Equity Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		9,377,468		$	249,815,742			4,683,312		$	147,430,584
Class C		240,218			5,565,840			153,799			4,334,053
Class R		344,332			9,007,726			193,675			6,007,801
Class Y		3,840,165			102,494,007			2,274,005			71,722,134
Class R5		1,253,150			34,248,586			1,851,390			59,485,152
Class R6		4,995,991			136,090,803			3,350,388			107,379,925
Automatic conversion of Class C shares to Class A shares:
Class A		96,134			2,484,431			285,485			9,393,276
Class C		(110,302	)		(2,484,431	)		(319,462	)		(9,393,276	)
Reacquired:
Class A		(4,790,807	)		(129,469,760	)		(8,131,861	)		(273,333,240	)
Class C		(135,580	)		(3,177,962	)		(286,179	)		(8,625,306	)
Class R		(201,671	)		(5,252,051	)		(618,671	)		(20,582,248	)
Class Y		(7,943,717	)		(211,356,025	)		(7,809,657	)		(264,546,201	)
Class R5		(7,000,231	)		(240,457,323	)		(7,251,373	)		(249,198,501	)
Class R6		(3,305,868	)		(91,389,524	)		(13,030,191	)		(449,778,329	)
Net increase (decrease) in share activity		4,257,095		$	58,101,430			(12,877,052	)	$	(469,777,108	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 61% 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 EQV International Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	Beginning     Account Value     (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending     Account Value     (04/30/22)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/22)	Expenses     Paid During     Period2
Class A	$1,000.00	$838.20	$6.06	$1,018.20	$6.66	1.33%
Class C	1,000.00	835.00	9.46	1,014.48	10.39	2.08
Class R	1,000.00	837.40	7.20	1,016.96	7.90	1.58
Class Y	1,000.00	839.30	4.93	1,019.44	5.41	1.08
Class R5	1,000.00	839.50	4.61	1,019.79	5.06	1.01
Class R6	1,000.00	839.80	4.33	1,020.08	4.76	0.95

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

18 Invesco EQV International Equity Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-06463 and 033-44611                     Invesco Distributors, Inc.                                                                   IGR-SAR-1

Semiannual Report to Shareholders April 30, 2022

Invesco International Select Equity Fund

Nasdaq:

A: IZIAX ∎ C: IZICX ∎ R: IZIRX ∎ Y: IZIYX ∎ R5: IZIFX ∎ R6: IZISX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
16	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-23.94	%
Class C Shares	-24.23
Class R Shares	-23.98
Class Y Shares	-23.77
Class R5 Shares	-23.77
Class R6 Shares	-23.77
MSCI All Country World ex USA Index▼ (Broad Market Index)	-11.87
MSCI All Country World ex U.S. Growth Index▼ (Style-Specific Index)	-18.00
Lipper International Multi-Cap Growth Funds Index∎ (Peer Group Index)	-19.70
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc. The MSCI All Country World ex USA® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.   The MSCI All Country World ex U.S. Growth Index is an unmanaged index considered representative of growth stocks across developed and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.   The Lipper International Multi-Cap Growth Funds Index is an unmanaged index considered representative of international multi-cap growth funds tracked by Lipper.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco International Select Equity Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (12/21/15)	3.14	%
5 Years	0.05
1 Year	-39.20
Class C Shares
Inception (12/21/15)	3.29	%
5 Years	0.44
1 Year	-36.78
Class R Shares
Inception (12/21/15)	3.80	%
5 Years	0.96
1 Year	-35.78
Class Y Shares
Inception (12/21/15)	4.32	%
5 Years	1.45
1 Year	-35.46
Class R5 Shares
Inception (12/21/15)	4.32	%
5 Years	1.45
1 Year	-35.46
Class R6 Shares
Inception (12/21/15)	4.32	%
5 Years	1.47
1 Year	-35.46

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco International Select Equity Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco International Select Equity Fund

Schedule of Investments

April 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.61%
Australia–3.35%
Corporate Travel Management Ltd.(a)		332,500	$	5,982,277
Canada–6.24%
Dye & Durham Ltd.		278,000		4,589,873
Ritchie Bros. Auctioneers, Inc.		118,762		6,542,598
				11,132,471
China–23.26%
Alibaba Group Holding Ltd., ADR(a)		35,000		3,398,150
China National Building Material Co. Ltd., H Shares		6,728,000		8,917,330
Gree Electric Appliances, Inc. of Zhuhai, A Shares		1,750,074		8,236,364
KE Holdings, Inc., ADR(a)(b)		314,500		4,459,610
Kweichow Moutai Co. Ltd., A Shares		25,571		7,039,267
Tencent Holdings Ltd.		180,000		8,442,968
Virscend Education Co. Ltd.(c)(d)		26,668,000		1,016,150
				41,509,839
Denmark–1.95%
DSV A/S		21,300		3,479,298
Finland–2.14%
Enento Group OYJ(b)(c)		160,000		3,825,935
France–7.99%
Bureau Veritas S.A.		156,800		4,493,254
Edenred		195,000		9,774,349
				14,267,603
Germany–9.96%
Eckert & Ziegler Strahlen- und Medizintechnik AG		80,000		4,073,530
Evotec SE(a)		68,000		1,651,606
Scout24 SE(c)		189,000		12,059,060
				17,784,196
Hong Kong–4.22%
AIA Group Ltd.		770,000		7,522,835
Japan–17.52%
FANUC Corp.		30,600		4,732,765
Fast Retailing Co. Ltd.		8,600		3,940,924
Freee KK(a)(b)		51,000		1,470,760
Hoya Corp.		16,200		1,613,994
M3, Inc.		60,900		1,960,842
Pan Pacific International Holdings Corp.		452,000		6,987,482
SMC Corp.		3,900		1,885,052
Sony Group Corp.		101,000		8,681,098
				31,272,917

Investment Abbreviations:

ADR – American Depositary Receipt

	Shares		Value
Luxembourg–5.47%
Eurofins Scientific SE		105,000	$	9,757,808
Netherlands–3.28%
Adyen N.V.(a)(c)		3,500		5,853,604
South Korea–2.19%
Samsung Electronics Co. Ltd., Preference Shares		83,609		3,904,416
Spain–1.08%
Amadeus IT Group S.A.(a)		31,000		1,932,951
Taiwan–1.77%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		34,000		3,159,620
United Kingdom–7.19%
Auto Trader Group PLC(c)		475,000		3,753,715
Howden Joinery Group PLC		960,000		9,073,701
				12,827,416
Total Common Stocks & Other Equity Interests (Cost $180,922,895)				174,213,186
Money Market Funds–0.99%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(e)(f)		615,952		615,952
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(e)(f)		440,054		439,966
Invesco Treasury Portfolio, Institutional Class, 0.23%(e)(f)		703,946		703,946
Total Money Market Funds (Cost $1,759,864)				1,759,864
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-98.60% (Cost $182,682,759)				175,973,050
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.96%
Invesco Private Government Fund, 0.40%(e)(f)(g)		513,162		513,162
Invesco Private Prime Fund, 0.35%(e)(f)(g)		1,197,379		1,197,379
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,710,469)				1,710,541
TOTAL INVESTMENTS IN SECURITIES–99.56% (Cost $184,393,228)				177,683,591
OTHER ASSETS LESS LIABILITIES–0.44%				784,860
NET ASSETS–100.00%			$	178,468,451

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

5 Invesco International Select Equity Fund

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at April 30, 2022.

^(c)  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, 2022 was $26,508,464, which represented 14.85% of the Fund’s Net Assets.

^(d)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

	Value October 31, 2021		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  7,083,647		$	32,096,230		$	(38,563,925	)		$  -		$	-		$	615,952		$637
Invesco Liquid Assets Portfolio, Institutional Class		5,043,949			22,925,879			(27,529,319	)		-			(543)			439,966		996
Invesco Treasury Portfolio, Institutional Class		8,095,597			36,681,406			(44,073,057	)		-			-			703,946		1,095
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-			3,107,174			(2,594,012	)		-			-			513,162		174*
Invesco Private Prime Fund		-			7,159,772			(5,963,100	)		72			635			1,197,379		399*
Total		$20,223,193		$	101,970,461		$	(118,723,413	)		$72		$	92		$	3,470,405		$3,301

* 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.

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(g)  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 1I.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Consumer Discretionary	21.43	%
Industrials	19.07
Information Technology	17.19
Communication Services	13.59
Health Care	10.68
Materials	5.00
Financials	4.22
Consumer Staples	3.94
Real Estate	2.50
Money Market Funds Plus Other Assets Less Liabilities	2.38

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

6 Invesco International Select Equity Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $180,922,895)*	$	174,213,186
Investments in affiliated money market funds, at value (Cost $3,470,333)		3,470,405
Cash		110
Foreign currencies, at value (Cost $2,033,411)		1,973,532
Receivable for:
Fund shares sold		72,786
Dividends		488,493
Investment for trustee deferred compensation and retirement plans		26,007
Other assets		58,885
Total assets		180,303,404
Liabilities:
Payable for:
Fund shares reacquired		3,405
Collateral upon return of securities loaned		1,710,469
Accrued fees to affiliates		30,190
Accrued other operating expenses		64,882
Trustee deferred compensation and retirement plans		26,007
Total liabilities		1,834,953
Net assets applicable to shares outstanding	$	178,468,451
Net assets consist of:
Shares of beneficial interest	$	233,928,356
Distributable earnings (loss)		(55,459,905	)
	$	178,468,451

Net Assets:
Class A	$	9,623,240
Class C	$	582,301
Class R	$	573,714
Class Y	$	6,754,192
Class R5	$	7,591
Class R6	$	160,927,413
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		949,763
Class C		59,237
Class R		57,195
Class Y		664,911
Class R5		747
Class R6		15,847,002
Class A:
Net asset value per share	$	10.13
Maximum offering price per share (Net asset value of $10.13 ÷ 94.50%)	$	10.72
Class C:
Net asset value and offering price per share	$	9.83
Class R:
Net asset value and offering price per share	$	10.03
Class Y:
Net asset value and offering price per share	$	10.16
Class R5:
Net asset value and offering price per share	$	10.16
Class R6:
Net asset value and offering price per share	$	10.16

* At April 30, 2022, securities with an aggregate value of $1,732,128 were on loan to brokers.

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

7 Invesco International Select Equity Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $155,917)	$	1,271,145
Dividends from affiliated money market funds (includes securities lending income of $295)		3,023
Non-cash dividend income		573,205
Total investment income		1,847,373
Expenses:
Advisory fees		1,374,993
Administrative services fees		20,125
Custodian fees		29,992
Distribution fees:
Class A		14,330
Class C		3,348
Class R		1,559
Transfer agent fees – A, C, R and Y		19,256
Transfer agent fees – R5		2
Transfer agent fees – R6		46,464
Trustees’ and officers’ fees and benefits		9,305
Registration and filing fees		39,259
Reports to shareholders		6,746
Professional services fees		25,421
Other		3,998
Total expenses		1,594,798
Less: Fees waived and/or expenses reimbursed		(252,794	)
Net expenses		1,342,004
Net investment income		505,369
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(44,543,321	)
Affiliated investment securities		92
Foreign currencies		(51,570	)
		(44,594,799	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(34,268,490	)
Affiliated investment securities		72
Foreign currencies		(86,692	)
		(34,355,110	)
Net realized and unrealized gain (loss)		(78,949,909	)
Net increase (decrease) in net assets resulting from operations	$	(78,444,540	)

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

8 Invesco International Select Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income	$	505,369		$	1,389,950
Net realized gain (loss)		(44,594,799	)		5,788,676
Change in net unrealized appreciation (depreciation)		(34,355,110	)		(12,329,172	)
Net increase (decrease) in net assets resulting from operations		(78,444,540	)		(5,150,546	)
Distributions to shareholders from distributable earnings:
Class A		(280,283	)		–
Class C		(16,203	)		–
Class R		(14,844	)		–
Class Y		(239,531	)		–
Class R5		(252	)		–
Class R6		(7,624,228	)		–
Total distributions from distributable earnings		(8,175,341	)		–
Share transactions–net:
Class A		(153,912	)		4,058,320
Class C		39,963			(57,772	)
Class R		95,781			436,326
Class Y		(289,309	)		6,224,505
Class R5		–			(4,000	)
Class R6		(56,456,690	)		103,777,526
Net increase (decrease) in net assets resulting from share transactions		(56,764,167	)		114,434,905
Net increase (decrease) in net assets		(143,384,048	)		109,284,359
Net assets:
Beginning of period		321,852,499			212,568,140
End of period	$	178,468,451		$	321,852,499

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

9 Invesco International Select Equity Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/22		$13.63		$0.01			$(3.21	)		$(3.20	)		$(0.01	)		$(0.29	)		$(0.30	)		$10.13		(23.94	)%		$9,623		1.15	%(d)		1.46	%(d)		0.10	%(d)		24	%
Year ended 10/31/21		13.54		0.05			0.04	(e)		0.09			–			–			–			13.63		0.66			13,189		1.12			1.48			0.30			45
Year ended 10/31/20		11.49		(0.05	)		2.33			2.28			(0.23	)		–			(0.23	)		13.54		20.15			10,027		1.12			1.60			(0.41	)		59
Year ended 10/31/19		10.52		0.22	(f)		1.42			1.64			(0.07	)		(0.60	)		(0.67	)		11.49		16.99			5,852		1.11			1.60			2.06	(f)		35
Year ended 10/31/18		13.01		0.09			(1.51	)		(1.42	)		(0.10	)		(0.97	)		(1.07	)		10.52		(11.93	)		4,333		1.11			1.62			0.72			46
Year ended 10/31/17		10.98		0.08			2.41			2.49			(0.10	)		(0.36	)		(0.46	)		13.01		23.77			5,436		1.14			1.70			0.71			43
Class C
Six months ended 04/30/22		13.28		(0.04	)		(3.12	)		(3.16	)		–			(0.29	)		(0.29	)		9.83		(24.23	)		582		1.90	(d)		2.21	(d)		(0.65	)(d)		24
Year ended 10/31/21		13.28		(0.07	)		0.07	(e)		0.00			–			–			–			13.28		0.00			745		1.87			2.23			(0.45	)		45
Year ended 10/31/20		11.28		(0.13	)		2.28			2.15			(0.15	)		–			(0.15	)		13.28		19.22			792		1.87			2.35			(1.16	)		59
Year ended 10/31/19		10.35		0.14	(f)		1.39			1.53			–			(0.60	)		(0.60	)		11.28		16.03			811		1.86			2.35			1.31	(f)		35
Year ended 10/31/18		12.86		(0.00	)		(1.48	)		(1.48	)		(0.06	)		(0.97	)		(1.03	)		10.35		(12.55	)		1,192		1.86			2.37			(0.03	)		46
Year ended 10/31/17		10.91		(0.00	)		2.38			2.38			(0.07	)		(0.36	)		(0.43	)		12.86		22.88			2,167		1.89			2.45			(0.04	)		43
Class R
Six months ended 04/30/22		13.50		(0.01	)		(3.17	)		(3.18	)		–			(0.29	)		(0.29	)		10.03		(23.98	)		574		1.40	(d)		1.71	(d)		(0.15	)(d)		24
Year ended 10/31/21		13.44		0.01			0.05	(e)		0.06			–			–			–			13.50		0.45			665		1.37			1.73			0.05			45
Year ended 10/31/20		11.41		(0.08	)		2.32			2.24			(0.21	)		–			(0.21	)		13.44		19.85			290		1.37			1.85			(0.66	)		59
Year ended 10/31/19		10.46		0.19	(f)		1.40			1.59			(0.04	)		(0.60	)		(0.64	)		11.41		16.60			227		1.36			1.85			1.81	(f)		35
Year ended 10/31/18		12.95		0.06			(1.49	)		(1.43	)		(0.09	)		(0.97	)		(1.06	)		10.46		(12.09	)		89		1.36			1.87			0.47			46
Year ended 10/31/17		10.95		0.05			2.40			2.45			(0.09	)		(0.36	)		(0.45	)		12.95		23.44			61		1.39			1.95			0.46			43
Class Y
Six months ended 04/30/22		13.69		0.02			(3.21	)		(3.19	)		(0.05	)		(0.29	)		(0.34	)		10.16		(23.77	)		6,754		0.90	(d)		1.21	(d)		0.35	(d)		24
Year ended 10/31/21		13.57		0.08			0.04	(e)		0.12			–			–			–			13.69		0.88			9,434		0.87			1.23			0.55			45
Year ended 10/31/20		11.51		(0.02	)		2.34			2.32			(0.26	)		–			(0.26	)		13.57		20.46			3,926		0.87			1.35			(0.16	)		59
Year ended 10/31/19		10.56		0.25	(f)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.24			3,299		0.86			1.35			2.31	(f)		35
Year ended 10/31/18		13.04		0.12			(1.51	)		(1.39	)		(0.12	)		(0.97	)		(1.09	)		10.56		(11.68	)		8,594		0.86			1.37			0.97			46
Year ended 10/31/17		11.00		0.11			2.40			2.51			(0.11	)		(0.36	)		(0.47	)		13.04		24.04			7,499		0.89			1.45			0.96			43
Class R5
Six months ended 04/30/22		13.69		0.02			(3.21	)		(3.19	)		(0.05	)		(0.29	)		(0.34	)		10.16		(23.77	)		8		0.89	(d)		1.05	(d)		0.36	(d)		24
Year ended 10/31/21		13.57		0.08			0.04	(e)		0.12			–			–			–			13.69		0.88			10		0.87			1.05			0.55			45
Year ended 10/31/20		11.51		(0.02	)		2.34			2.32			(0.26	)		–			(0.26	)		13.57		20.46			14		0.87			1.12			(0.16	)		59
Year ended 10/31/19		10.56		0.25	(f)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.23			12		0.86			1.14			2.31	(f)		35
Year ended 10/31/18		13.04		0.12			(1.51	)		(1.39	)		(0.12	)		(0.97	)		(1.09	)		10.56		(11.68	)		11		0.86			1.19			0.97			46
Year ended 10/31/17		11.00		0.11			2.40			2.51			(0.11	)		(0.36	)		(0.47	)		13.04		24.04			13		0.89			1.30			0.96			43
Class R6
Six months ended 04/30/22		13.69		0.02			(3.21	)		(3.19	)		(0.05	)		(0.29	)		(0.34	)		10.16		(23.77	)		160,927		0.89	(d)		1.05	(d)		0.36	(d)		24
Year ended 10/31/21		13.56		0.08			0.05	(e)		0.13			–			–			–			13.69		0.96			297,809		0.87			1.05			0.55			45
Year ended 10/31/20		11.51		(0.02	)		2.33			2.31			(0.26	)		–			(0.26	)		13.56		20.37			197,521		0.87			1.12			(0.16	)		59
Year ended 10/31/19		10.56		0.25	(f)		1.41			1.66			(0.11	)		(0.60	)		(0.71	)		11.51		17.24			111,252		0.86			1.14			2.31	(f)		35
Year ended 10/31/18		13.03		0.12			(1.50	)		(1.38	)		(0.12	)		(0.97	)		(1.09	)		10.56		(11.61	)		103,172		0.86			1.19			0.97			46
Year ended 10/31/17		11.00		0.11			2.39			2.50			(0.11	)		(0.36	)		(0.47	)		13.03		23.94			91,527		0.89			1.30			0.96			43

^(a)  Calculated using average shares outstanding.

^(b)  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.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Annualized.

^(e)  Net gains (losses) on securities (both realized and unrealized) 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.

^(f)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during year ended October 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.06 and 0.57%, $(0.02) and (0.18)%, $0.03 and 0.32%, $0.09 and 0.82%, $0.09 and 0.82%, and $0.09 and 0.82% 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 International Select Equity Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco International Select 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. The Fund is classified as non-diversified. The Fund’s classification changed from diversified to non-diversified during the period. 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.

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

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

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

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

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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, acts of terrorism 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.

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. 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.

11 Invesco International Select Equity Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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

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

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

I. 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 Investment Company 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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a 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, 2022, fees paid to the Adviser were less than $500.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the 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

12 Invesco International Select Equity Fund

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.

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

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

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

L. Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

M. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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		0.935%
Next $250 million		0.910%
Next $500 million		0.885%
Next $1.5 billion		0.860%
Next $2.5 billion		0.835%
Next $2.5 billion		0.810%
Next $2.5 billion		0.785%
Over $10 billion		0.760%

For the six months ended April 30, 2022, 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 separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective March 1, 2022, the Adviser has contractually agreed, through at least February 28, 2023, 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 1.21%, 1.96%, 1.46%, 0.96%, 0.96% and 0.96%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to March 1, 2022 the Adviser contractually agreed, through February 28, 2022, 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 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.12%, 1.87%, 1.37%, 0.87%, 0.87% and 0.87%, respectively, of the Fund’s average daily net asset. 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, 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 June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $187,073 and reimbursed class level expenses of $10,624, $620, $577, $7,435, $1 and $46,464 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, 2022, 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

13 Invesco International Select Equity Fund

(“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, 2022, 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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $1,605 in front-end sales commissions from the sale of Class A shares and $53 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $1,573 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1	–	Prices are determined using quoted prices in an active market for identical assets.
Level 2	–	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	–	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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
Investments in Securities
Australia		$                –		$    5,982,277		$               –		$    5,982,277
Canada		11,132,471		–		–		11,132,471
China		7,857,760		32,635,929		1,016,150		41,509,839
Denmark		–		3,479,298		–		3,479,298
Finland		–		3,825,935		–		3,825,935
France		–		14,267,603		–		14,267,603
Germany		–		17,784,196		–		17,784,196
Hong Kong		–		7,522,835		–		7,522,835
Japan		–		31,272,917		–		31,272,917
Luxembourg		–		9,757,808		–		9,757,808
Netherlands		–		5,853,604		–		5,853,604
South Korea		–		3,904,416		–		3,904,416
Spain		–		1,932,951		–		1,932,951
Taiwan		3,159,620		–		–		3,159,620
United Kingdom		–		12,827,416		–		12,827,416
Money Market Funds		1,759,864		1,710,541		–		3,470,405
Total Investments		$23,909,715		$152,757,726		$1,016,150		$177,683,591

NOTE 4–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.

14 Invesco International Select Equity Fund

NOTE 5–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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 6–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, 2021.

NOTE 7–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, 2022 was $66,927,264 and $120,696,181, respectively. Cost of investments, including any derivatives, on a tax basis 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
Aggregate unrealized appreciation of investments	$	29,253,179
Aggregate unrealized (depreciation) of investments		(40,427,671	)
Net unrealized appreciation (depreciation) of investments	$	(11,174,492	)

Cost of investments for tax purposes is $188,858,083.

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		227,655		$	2,885,445			877,051		$	13,717,786
Class C		6,745			75,315			33,464			510,598
Class R		22,734			262,627			41,924			643,804
Class Y		153,765			1,810,240			526,337			8,114,418
Class R6		3,192,619			38,549,566			8,227,171			120,033,132
Issued as reinvestment of dividends:
Class A		21,470			266,450			-			-
Class C		1,328			16,033			-			-
Class R		1,208			14,844			-			-
Class Y		17,759			220,740			-			-
Class R6		613,847			7,623,976			-			-
Automatic conversion of Class C shares to Class A shares:
Class A		2,727			29,032			4,804			74,511
Class C		(2,809	)		(29,032	)		(4,909	)		(74,511	)
Reacquired:
Class A		(270,054	)		(3,334,839	)		(654,662	)		(9,733,977	)
Class C		(2,127	)		(22,353	)		(32,069	)		(493,859	)
Class R		(15,998	)		(181,690	)		(14,214	)		(207,478	)
Class Y		(195,537	)		(2,320,289	)		(126,753	)		(1,889,913	)
Class R5		-			-			(254	)		(4,000	)
Class R6		(9,713,090	)		(102,630,232	)		(1,034,915	)		(16,255,606	)
Net increase (decrease) in share activity		(5,937,758	)	$	(56,764,167	)		7,842,975		$	114,434,905

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 31% 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.

In addition, 54% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

15 Invesco International Select Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized   Expense   Ratio
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)1	Expenses Paid During Period2	Ending Account Value (04/30/22)	Expenses Paid During Period2
Class A	$1,000.00	$760.60	$5.02	$1,019.09	$5.76	1.15%
Class C	1,000.00	757.70	8.28	1,015.37	9.49	1.90
Class R	1,000.00	760.20	6.11	1,017.85	7.00	1.40
Class Y	1,000.00	762.30	3.93	1,020.33	4.51	0.90
Class R5	1,000.00	762.30	3.89	1,020.38	4.46	0.89
Class R6	1,000.00	762.30	3.89	1,020.38	4.46	0.89

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

16 Invesco International Select Equity Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-06463 and 033-44611                 Invesco Distributors, Inc. ICO-SAR-1                                         

Semiannual Report to Shareholders April 30, 2022

Invesco International Small-Mid Company Fund

Nasdaq:

A: OSMAX ∎ C: OSMCX ∎ R: OSMNX ∎ Y: OSMYX ∎ R5: INSLX ∎ R6: OSCIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-25.37	%
Class C Shares	-25.64
Class R Shares	-25.45
Class Y Shares	-25.27
Class R5 Shares	-25.26
Class R6 Shares	-25.24
MSCI All Country World ex USA SMID Cap Index▼	-13.63
MSCI All Country World ex USA Small Cap Index▼	-13.36
Source(s): ▼RIMES Technologies Corp. The MSCI All Country World ex USA SMID Cap Index is designed to measure the equity market performance of small-and mid-cap developed and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.   The MSCI All Country World ex USA Small Cap Index represents the performance of small-cap stocks in developed and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco International Small-Mid Company Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (11/17/97)	11.46	%
10 Years	10.85
5 Years	6.39
1 Year	-21.16
Class C Shares
Inception (11/17/97)	11.43	%
10 Years	10.81
5 Years	6.79
1 Year	-17.93
Class R Shares
Inception (3/1/01)	12.04	%
10 Years	11.19
5 Years	7.33
1 Year	-16.77
Class Y Shares
Inception (9/7/05)	10.71	%
10 Years	11.78
5 Years	7.86
1 Year	-16.35
Class R5 Shares
10 Years	11.59	%
5 Years	7.81
1 Year	-16.31
Class R6 Shares
Inception (12/29/11)	13.03	%
10 Years	11.94
5 Years	8.01
1 Year	-16.26

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer International Small-Mid Company Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer International Small-Mid Company Fund. Note: The Fund was subsequently renamed the Invesco International Small-Mid Company Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco International Small-Mid Company Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco International Small-Mid Company Fund

Schedule of Investments

April 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.93%
Australia–3.86%
ALS Ltd.		5,339,911	$	48,347,853
carsales.com Ltd.		3,317,459		48,575,476
Cochlear Ltd.		487,153		78,269,249
IPH Ltd.(a)		12,134,048		64,026,100
				239,218,678
Austria–0.25%
Fabasoft AG		616,109		15,534,829
Brazil–2.52%
Boa Vista Servicos S.A.		13,946,844		22,652,567
Odontoprev S.A.(a)		35,487,540		72,856,427
TOTVS S.A.		9,383,637		60,679,188
				156,188,182
Canada–0.81%
Descartes Systems Group, Inc. (The)(b)		804,257		49,952,646
Denmark–2.74%
Chemometec A/S		505,316		56,665,687
Chr. Hansen Holding A/S		788,988		61,483,922
SimCorp A/S		733,865		51,481,912
				169,631,521
France–3.83%
Alten S.A.		360,299		48,256,073
Gaztransport Et Technigaz S.A. (Acquired 04/20/2020-08/03/2021; Cost $30,639,561)(c)		395,280		46,976,641
Interparfums S.A.		555,761		30,617,497
Lectra		973,503		40,287,132
Neurones		921,048		34,991,962
Thermador Groupe		116,836		11,864,540
Vetoquinol S.A.		185,642		24,123,559
				237,117,404
Germany–8.46%
Amadeus Fire AG		278,227		39,263,334
Atoss Software AG		247,712		36,073,918
Carl Zeiss Meditec AG, BR		735,986		92,960,001
CTS Eventim AG & Co. KGaA(b)		787,113		54,702,323
Fuchs Petrolub SE, Preference Shares		1,313,697		41,823,779
Knorr-Bremse AG		395,831		28,521,088
Nemetschek SE		565,342		45,391,935
New Work SE(a)		326,237		55,025,323
Sartorius AG, Preference Shares		121,853		46,156,030
STRATEC SE		359,685		40,917,816
Symrise AG		361,594		43,234,989
				524,070,536
Iceland–1.93%
Marel HF(d)		10,194,193		52,898,244
Ossur HF(b)		13,469,863		66,450,499
				119,348,743

	Shares		Value
India–2.82%
AIA Engineering Ltd.		1,226,068	$	30,922,799
Britannia Industries Ltd.		908,684		38,794,046
Larsen & Toubro Infotech Ltd.(d)		1,199,697		74,799,642
Triveni Turbine Ltd.		12,014,057		29,990,527
				174,507,014
Ireland–0.86%
ICON PLC(b)		234,183		52,974,536
Israel–1.72%
Nice Ltd., ADR(b)		515,218		106,346,147
Italy–3.93%
Antares Vision S.p.A.(b)		1,596,895		13,805,728
DiaSorin S.p.A.		415,877		54,363,272
GVS S.p.A.(d)		3,763,900		31,213,831
Interpump Group S.p.A.		768,887		30,940,508
Recordati Industria Chimica e Farmaceutica S.p.A.		1,283,799		61,458,934
Technoprobe S.p.A.(b)		2,542,410		17,787,960
Tinexta S.p.A.		1,353,304		33,629,834
				243,200,067
Japan–19.64%
Ariake Japan Co. Ltd.(a)		1,791,900		71,776,486
As One Corp.		1,246,726		65,467,632
Azbil Corp.		3,305,800		100,912,172
Benefit One, Inc.		2,547,300		38,214,294
Daifuku Co. Ltd.		1,453,400		89,713,548
Disco Corp.		294,000		72,463,379
Fukui Computer Holdings, Inc.(a)		1,494,100		37,295,916
Infomart Corp.		8,786,026		44,101,618
Japan Elevator Service Holdings Co. Ltd.		4,058,000		53,309,783
Meitec Corp.(a)		1,473,086		78,358,891
MISUMI Group, Inc.		1,332,200		33,508,381
MonotaRO Co. Ltd.		2,770,220		48,031,223
NSD Co. Ltd.		2,826,300		50,113,345
OBIC Business Consultants Co. Ltd.		1,614,100		58,220,581
Obic Co. Ltd.		782,600		115,805,833
SCSK Corp.		3,097,400		49,399,216
Seria Co. Ltd.		1,387,600		26,809,035
SHO-BOND Holdings Co. Ltd.		959,700		40,439,029
TechnoPro Holdings, Inc.		1,903,200		47,637,002
TKC Corp.		1,368,818		35,921,695
USS Co. Ltd.		3,554,248		58,663,435
				1,216,162,494
Jersey–0.72%
JTC PLC(d)		4,566,188		44,450,278
Netherlands–1.16%
IMCD N.V.		451,781		71,771,438
New Zealand–0.48%
Fisher & Paykel Healthcare Corp. Ltd.		2,152,584		29,618,657

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

5 Invesco International Small-Mid Company Fund

	Shares		Value
Norway–0.38%
Medistim ASA		859,892	$	23,415,649
South Korea–0.39%
NICE Information Service Co. Ltd.		1,671,168		24,328,356
Spain–0.61%
Applus Services S.A.		4,820,907		37,652,002
Sweden–14.82%
AddTech AB, Class B		2,451,563		43,233,232
Alfa Laval AB		1,980,488		54,969,504
Biotage AB		2,827,660		58,109,326
Bravida Holding AB(d)		3,610,682		36,891,136
Cellavision AB		1,087,959		34,139,004
Elekta AB, Class B		6,030,716		40,328,886
Epiroc AB, Class A		2,628,314		53,452,063
Fortnox AB		11,708,760		62,549,919
Hexpol AB		4,642,085		39,538,511
Karnov Group AB(a)		8,078,034		54,553,207
Lifco AB, Class B		2,529,181		53,064,331
Lime Technologies AB(a)		763,284		21,310,357
Loomis AB		3,210,507		79,938,267
MIPS AB(d)		713,213		50,752,116
Mycronic AB		2,368,800		41,351,504
Sdiptech AB, Class B(a)(b)		2,414,636		84,253,035
SmartCraft ASA(b)		8,464,068		13,584,241
Vitec Software Group AB, Class B		1,176,028		58,910,138
Vitrolife AB		1,450,290		36,831,354
				917,760,131
Switzerland–9.64%
Belimo Holding AG		133,502		65,946,347
Bossard Holding AG, Class A		116,963		25,408,241
dormakaba Holding AG		117,035		54,373,040
Forbo Holding AG		24,038		35,218,971
Interroll Holding AG, Class R		8,944		27,109,263
Kardex Holding AG		264,500		50,186,757
LEM Holding S.A.		26,905		61,815,492
Partners Group Holding AG		126,254		133,783,288
Tecan Group AG, Class R		163,271		49,065,875
VAT Group AG(d)		133,700		41,491,403
VZ Holding AG		702,144		52,385,209
				596,783,886

Investment Abbreviations:

ADR – American Depositary Receipt

BR – Bearer Shares

	Shares		Value
Taiwan–0.58%
Advantech Co. Ltd.		2,908,000	$	36,021,642
United Kingdom–15.78%
Alpha Financial Markets Consulting PLC(a)		5,666,234		28,955,171
Auction Technology Group PLC(b)		3,201,943		35,226,152
AVEVA Group PLC		2,041,963		55,005,539
Croda International PLC		1,081,247		104,763,684
Diploma PLC		2,005,065		68,590,227
FDM Group Holdings PLC		3,578,468		45,792,435
Halma PLC		2,602,167		80,127,478
Hill & Smith Holdings PLC		2,422,128		41,908,924
Howden Joinery Group PLC		4,848,615		45,828,002
IMI PLC		2,509,730		42,235,089
Intertek Group PLC		755,749		47,099,293
Johnson Service Group PLC(a)(b)		34,376,491		46,873,599
Restore PLC(a)		11,594,521		64,244,794
Rightmove PLC		8,566,633		65,854,620
Rotork PLC		12,033,507		43,597,487
Spirax-Sarco Engineering PLC		602,800		91,169,709
Victrex PLC		2,267,780		51,476,034
Weir Group PLC (The)		935,451		17,950,860
				976,699,097
United States–1.00%
Bruker Corp.		1,081,138		62,154,624
Total Common Stocks & Other Equity Interests (Cost $4,852,998,002)				6,124,908,557
Money Market Funds–0.62%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(a)(e)		14,480,202		14,480,202
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(a)(e)		7,677,399		7,675,863
Invesco Treasury Portfolio, Institutional Class, 0.23%(a)(e)		16,548,802		16,548,802
Total Money Market Funds (Cost $38,704,099)				38,704,867
TOTAL INVESTMENTS IN SECURITIES-99.55% (Cost $4,891,702,101)				6,163,613,424
OTHER ASSETS LESS LIABILITIES-0.45%				27,736,996
NET ASSETS-100.00%			$	6,191,350,420

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

6 Invesco International Small-Mid Company Fund

Notes to Schedule of Investments:

^(a) Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	26,783,461		$	236,390,112		$	(248,693,371	)		$	-			$	-			$	14,480,202		$	7,144
Invesco Liquid Assets Portfolio, Institutional Class			16,470,796			168,850,080			(177,638,122	)			767				(7,658	)			7,675,863			7,300
Invesco Treasury Portfolio, Institutional Class			30,609,669			270,160,128			(284,220,995	)			-				-				16,548,802			9,193
Investments in Other Affiliates:
Alpha Financial Markets Consulting PLC			-			28,541,369			-				413,802				-				28,955,171			188,497
Amadeus Fire AG*			72,508,225			-			(6,632,436	)			(27,503,985	)			891,530				39,263,334			-
Ariake Japan Co. Ltd.			109,549,953			4,656,937			-				(42,430,404	)			-				71,776,486			740,149
Fukui Computer Holdings, Inc.			38,155,165			12,271,527			-				(13,130,776	)			-				37,295,916			598,450
IPH Ltd.			82,084,407			3,980,215			(7,198,018	)			(14,939,207	)			98,703				64,026,100			1,270,050
Johnson Service Group PLC			46,281,211			17,977,909			(4,069,442	)			(13,499,885	)			183,806				46,873,599			-
Karnov Group AB			49,345,718			9,990,548			(7,244,821	)			2,641,175				(179,413	)			54,553,207			-
Lime Technologies AB			5,833,382			21,963,177			-				(6,486,202	)			-				21,310,357			171,578
Meitec Corp.			90,716,025			6,674,547			(9,774,697	)			(9,453,334	)			196,350				78,358,891			1,163,678
New Work SE			74,916,904			4,347,066			-				(24,238,647	)			-				55,025,323			-
Odontoprev S.A.			76,227,051			5,268,564			(4,843,511	)			(823,185	)			(2,972,492	)			72,856,427			762,554
Restore PLC			86,055,343			-			(10,312,928	)			(12,170,635	)			673,014				64,244,794			-
Sdiptech AB, Class B			130,016,552			2,333,720			(6,710,272	)			(42,812,726	)			1,425,761				84,253,035			-
Total		$	935,553,862		$	793,405,899		$	(767,338,613	)		$	(204,433,242	)		$	309,601			$	757,497,507		$	4,918,593

* At April 30, 2022, this security was no longer an affiliate of the Fund.

^(b) Non-income producing security.

^(c) Restricted security. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(d) 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, 2022 was $332,496,650, which represented 5.37% of the Fund’s Net Assets.

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Industrials	34.79	%
Information Technology	26.20
Health Care	17.12
Materials	6.21
Communication Services	4.50
Financials	3.72
Consumer Discretionary	3.34
Consumer Staples	2.28
Other Sectors, Each Less than 2% of Net Assets	0.76
Money Market Funds Plus Other Assets Less Liabilities	1.08

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

7 Invesco International Small-Mid Company Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $4,225,187,177)	$	5,445,379,251
Investments in affiliates, at value (Cost $666,514,924)		718,234,173
Cash		3,011,951
Foreign currencies, at value (Cost $2,025,328)		2,016,985
Receivable for:
Investments sold		23,838,480
Fund shares sold		2,911,899
Dividends		34,304,910
Investment for trustee deferred compensation and retirement plans		249,193
Other assets		121,909
Total assets		6,230,068,751
Liabilities:
Payable for:
Investments purchased		19,825,203
Fund shares reacquired		11,473,228
Accrued foreign taxes		4,245,160
Accrued fees to affiliates		2,139,783
Accrued trustees’ and officers’ fees and benefits		54,258
Accrued other operating expenses		731,506
Trustee deferred compensation and retirement plans		249,193
Total liabilities		38,718,331
Net assets applicable to shares outstanding	$	6,191,350,420
Net assets consist of:
Shares of beneficial interest	$	4,728,970,589
Distributable earnings		1,462,379,831
	$	6,191,350,420

Net Assets:
Class A	$	1,009,208,293
Class C	$	66,506,737
Class R	$	76,831,080
Class Y	$	2,762,763,907
Class R5	$	473,722
Class R6	$	2,275,566,681
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		23,573,598
Class C		1,800,988
Class R		1,932,055
Class Y		65,055,880
Class R5		10,984
Class R6		53,264,776
Class A:
Net asset value per share	$	42.81
Maximum offering price per share (Net asset value of $42.81 ÷ 94.50%)	$	45.30
Class C:
Net asset value and offering price per share	$	36.93
Class R:
Net asset value and offering price per share	$	39.77
Class Y:
Net asset value and offering price per share	$	42.47
Class R5:
Net asset value and offering price per share	$	43.13
Class R6:
Net asset value and offering price per share	$	42.72

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

8 Invesco International Small-Mid Company Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest	$	199
Dividends (net of foreign withholding taxes of $4,512,063)		39,144,459
Dividends from affiliates		4,918,593
Foreign withholding tax claims		21,750
Total investment income		44,085,001
Expenses:
Advisory fees		34,650,210
Administrative services fees		533,417
Custodian fees		301,551
Distribution fees - Class A		1,494,865
Distribution fees - Class C		462,715
Distribution fees - Class R		230,858
Transfer agent fees – A, C, R and Y		3,299,362
Transfer agent fees – R5		159
Transfer agent fees – R6		467,657
Trustees’ and officers’ fees and benefits		42,152
Registration and filing fees		102,831
Professional services fees		37,756
Other		(372,385	)
Total expenses		41,251,148
Less: Fees waived and/or expense offset arrangement(s)		(14,197	)
Net expenses		41,236,951
Net investment income		2,848,050
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $1,966,594)		265,128,076
Affiliated investment securities		309,601
Foreign currencies		(499,843	)
Forward foreign currency contracts		(2,455	)
		264,935,379
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $5,822,350)		(2,241,744,959	)
Affiliated investment securities		(204,433,242	)
Foreign currencies		(1,783,913	)
		(2,447,962,114	)
Net realized and unrealized gain (loss)		(2,183,026,735	)
Net increase (decrease) in net assets resulting from operations	$	(2,180,178,685	)

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

9 Invesco International Small-Mid Company Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income	$	2,848,050		$	22,078,358
Net realized gain		264,935,379			915,933,338
Change in net unrealized appreciation (depreciation)		(2,447,962,114	)		1,415,006,946
Net increase (decrease) in net assets resulting from operations		(2,180,178,685	)		2,353,018,642
Distributions to shareholders from distributable earnings:
Class A		(128,634,059	)		(102,620,781	)
Class C		(11,532,447	)		(12,866,389	)
Class R		(10,131,133	)		(8,163,910	)
Class Y		(374,453,286	)		(284,649,017	)
Class R5		(34,765	)		(30,241	)
Class R6		(296,558,579	)		(220,448,627	)
Total distributions from distributable earnings		(821,344,269	)		(628,778,965	)
Share transactions–net:
Class A		52,453,354			(36,705,496	)
Class C		(12,690,729	)		(42,639,705	)
Class R		7,139,606			(2,099,240	)
Class Y		86,275,677			27,689,473
Class R5		104,773			232,272
Class R6		129,488,279			63,256,803
Net increase in net assets resulting from share transactions		262,770,960			9,734,107
Net increase (decrease) in net assets		(2,738,751,994	)		1,733,973,784
Net assets:
Beginning of period		8,930,102,414			7,196,128,630
End of period	$	6,191,350,420		$	8,930,102,414

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

10 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 value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/22		$63.38		$(0.04	)		$(14.82	)		$(14.86	)		$(0.02	)		$(5.69	)		$(5.71	)		$42.81		(25.37	)%(e)		$1,009,208	)		1.30	%(e)(f)		1.30	%(e)(f)		(0.15	)%(e)(f)		12	%
Year ended 10/31/21		51.69		0.02			16.17			16.19			–			(4.50	)		(4.50	)		63.38		33.13	(e)		1,439,340			1.31	(e)		1.31	(e)		0.04	(e)		24
Year ended 10/31/20		48.20		(0.10	)		5.95			5.85			(0.18	)		(2.18	)		(2.36	)		51.69		12.53	(e)		1,199,225			1.34	(e)		1.34	(e)		(0.22	)(e)		73
Two months ended 10/31/19		46.25		(0.03	)		1.98			1.95			–			–			–			48.20		4.22			1,417,657			1.31	(f)		1.31	(f)		(0.37	)(f)		0	(g)
Year ended 08/31/19		54.54		(0.03	)		(3.81	)		(3.84	)		(0.22	)		(4.23	)		(4.45	)		46.25		(6.21	)		1,394,542			1.36			1.36			(0.06	)		28
Year ended 08/31/18		47.11		(0.05	)		8.94			8.89			(0.37	)		(1.09	)		(1.46	)		54.54		19.27			1,777,990			1.38			1.38			(0.10	)		27
Year ended 08/31/17		38.28		(0.06	)		8.95			8.89			(0.06	)		–			(0.06	)		47.11		23.25			2,260,943			1.41			1.41			(0.15	)		22
Class C
Six months ended 04/30/22		55.66		(0.21	)		(12.83	)		(13.04	)		–			(5.69	)		(5.69	)		36.93		(25.64	)		66,507			2.06	(f)		2.06	(f)		(0.91	)(f)		12
Year ended 10/31/21		46.22		(0.37	)		14.31			13.94			–			(4.50	)		(4.50	)		55.66		32.10			117,303			2.07			2.07			(0.72	)		24
Year ended 10/31/20		43.62		(0.41	)		5.34			4.93			(0.15	)		(2.18	)		(2.33	)		46.22		11.70			135,265			2.10			2.10			(0.98	)		73
Two months ended 10/31/19		41.91		(0.08	)		1.79			1.71			–			–			–			43.62		4.08			177,238			2.07	(f)		2.07	(f)		(1.13	)(f)		0	(g)
Year ended 08/31/19		50.01		(0.35	)		(3.52	)		(3.87	)		–			(4.23	)		(4.23	)		41.91		(6.91	)		179,992			2.12			2.12			(0.82	)		28
Year ended 08/31/18		43.36		(0.40	)		8.22			7.82			(0.08	)		(1.09	)		(1.17	)		50.01		18.37			323,001			2.13			2.13			(0.85	)		27
Year ended 08/31/17		35.45		(0.34	)		8.25			7.91			–			–			–			43.36		22.35			323,084			2.16			2.16			(0.91	)		22
Class R
Six months ended 04/30/22		59.34		(0.10	)		(13.78	)		(13.88	)		–			(5.69	)		(5.69	)		39.77		(25.45	)		76,831			1.56	(f)		1.56	(f)		(0.41	)(f)		12
Year ended 10/31/21		48.78		(0.12	)		15.18			15.06			–			(4.50	)		(4.50	)		59.34		32.76			106,435			1.57			1.57			(0.22	)		24
Year ended 10/31/20		45.70		(0.21	)		5.63			5.42			(0.16	)		(2.18	)		(2.34	)		48.78		12.26			88,420			1.60			1.60			(0.48	)		73
Two months ended 10/31/19		43.88		(0.05	)		1.87			1.82			–			–			–			45.70		4.15			95,501			1.57	(f)		1.57(f	)		(0.63	)(f)		0	(g)
Year ended 08/31/19		52.05		(0.14	)		(3.65	)		(3.79	)		(0.15	)		(4.23	)		(4.38	)		43.88		(6.44	)		94,864			1.61			1.61			(0.31	)		28
Year ended 08/31/18		45.08		(0.17	)		8.55			8.38			(0.32	)		(1.09	)		(1.41	)		52.05		18.99			103,818			1.63			1.63			(0.35	)		27
Year ended 08/31/17		36.67		(0.15	)		8.56			8.41			–			–			–			45.08		22.93			91,019			1.66			1.66			(0.39	)		22
Class Y
Six months ended 04/30/22		63.00		0.02			(14.69	)		(14.67	)		(0.17	)		(5.69	)		(5.86	)		42.47		(25.27	)		2,762,764			1.06	(f)		1.06	(f)		0.09	(f)		12
Year ended 10/31/21		51.29		0.16			16.05			16.21			–			(4.50	)		(4.50	)		63.00		33.45			4,039,299			1.07			1.07			0.28			24
Year ended 10/31/20		47.75		0.02			5.90			5.92			(0.20	)		(2.18	)		(2.38	)		51.29		12.81			3,240,701			1.10			1.10			0.02			73
Two months ended 10/31/19		45.80		(0.01	)		1.96			1.95			–			–			–			47.75		4.26			4,085,890			1.07	(f)		1.07	(f)		(0.13	)(f)		0	(g)
Year ended 08/31/19		54.15		0.08			(3.80	)		(3.72	)		(0.40	)		(4.23	)		(4.63	)		45.80		(5.98	)		3,986,316			1.12			1.12			0.18			28
Year ended 08/31/18		46.82		0.08			8.87			8.95			(0.53	)		(1.09	)		(1.62	)		54.15		19.57			5,811,651			1.14			1.14			0.15			27
Year ended 08/31/17		38.06		0.05			8.87			8.92			(0.16	)		–			(0.16	)		46.82		23.55			4,125,091			1.16			1.16			0.13			22
Class R5
Six months ended 04/30/22		63.92		0.04			(14.93	)		(14.89	)		(0.21	)		(5.69	)		(5.90	)		43.13		(25.26	)		474			1.00	(f)		1.00	(f)		0.15	(f)		12
Year ended 10/31/21		51.94		0.20			16.28			16.48			–			(4.50	)		(4.50	)		63.92		33.55			512			1.00			1.00			0.35			24
Year ended 10/31/20		48.26		0.07			5.99			6.06			(0.20	)		(2.18	)		(2.38	)		51.94		12.99			191			0.99			0.99			0.13			73
Two months ended 10/31/19		46.29		(0.01	)		1.98			1.97			–			–			–			48.26		4.26			20			1.01	(f)		1.01	(f)		(0.07	)(f)		0	(g)
Period ended 08/31/19(h)		46.97		0.04			(0.72	)		(0.68	)		–			–			–			46.29		(1.45	)		19			1.01	(f)		1.01	(f)		0.29	(f)		28
Class R6
Six months ended 04/30/22		63.39		0.05			(14.79	)		(14.74	)		(0.24	)		(5.69	)		(5.93	)		42.72		(25.24	)		2,275,567			0.95	(f)		0.95	(f)		0.20	(f)		12
Year ended 10/31/21		51.52		0.23			16.14			16.37			–			(4.50	)		(4.50	)		63.39		33.62			3,227,212			0.95			0.95			0.40			24
Year ended 10/31/20		47.90		0.08			5.93			6.01			(0.21	)		(2.18	)		(2.39	)		51.52		12.97			2,532,327			0.95			0.95			0.17			73
Two months ended 10/31/19		45.94		(0.00	)(i)		1.96			1.96			–			–			–			47.90		4.27			2,759,984			0.94	(f)		0.94	(f)		0.00	(f)(g)		0	(g)
Year ended 08/31/19		54.32		0.16			(3.82	)		(3.66	)		(0.49	)		(4.23	)		(4.72	)		45.94		(5.82	)		2,692,561			0.96			0.96			0.34			28
Year ended 08/31/18		46.95		0.16			8.90			9.06			(0.60	)		(1.09	)		(1.69	)		54.32		19.77			3,236,676			0.96			0.96			0.32			27
Year ended 08/31/17		38.17		0.12			8.88			9.00			(0.22	)		–			(0.22	)		46.95		23.76			2,285,847			0.97			0.97			0.30			22

^(a)  Calculated using average shares outstanding.

^(b)  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.

^(c)  Does not include estimated acquired fund fees from underlying funds of 0.00%, 0.01%, 0.01% and 0.01% for the two months ended October 31, 2019 and the years ended August 31, 2019, 2018 and 2017, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended April 30, 2022 and for the years ended October 31, 2021 and 2020, respectively.

^(f)  Annualized.

^(g)  Amount represents less than 0.005%.

^(h)  Commencement date after the close of business on May 24, 2019.

⁽ⁱ⁾  Amount represents less than $(0.005) per share.

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

11 Invesco International Small-Mid Company Fund

Notes to Financial Statements

April 30, 2022

(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.

Effective as of the open of business June 28, 2022, the Fund reopened to all investors.

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

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

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

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

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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, acts of terrorism 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.

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. 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.

12 Invesco International Small-Mid Company Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes –The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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

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

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

I. 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.

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

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

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

K. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant

13 Invesco International Small-Mid Company Fund

economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
Up to $500 million		1.000%
Next $500 million		0.950%
Next $4 billion		0.920%
Next $5 billion		0.900%
Next $10 billion		0.880%
Over $20 billion		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, 2022, the effective advisory fee rate incurred by the Fund was 0.91%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least June 30, 2023, 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 to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, 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 June 30, 2023. 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 this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $13,934.

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, 2022, 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, 2022, 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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $17,495 in front-end sales commissions from the sale of Class A shares and $0 and $330 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $2,421 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

14 Invesco International Small-Mid Company Fund

market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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
Investments in Securities
Australia	$	–	$	239,218,678	$–	$	239,218,678
Austria		–		15,534,829	–		15,534,829
Brazil		156,188,182		–	–		156,188,182
Canada		49,952,646		–	–		49,952,646
Denmark		–		169,631,521	–		169,631,521
France		–		237,117,404	–		237,117,404
Germany		–		524,070,536	–		524,070,536
Iceland		–		119,348,743	–		119,348,743
India		–		174,507,014	–		174,507,014
Ireland		52,974,536		–	–		52,974,536
Israel		106,346,147		–	–		106,346,147
Italy		–		243,200,067	–		243,200,067
Japan		–		1,216,162,494	–		1,216,162,494
Jersey		–		44,450,278	–		44,450,278
Netherlands		–		71,771,438	–		71,771,438
New Zealand		–		29,618,657	–		29,618,657
Norway		–		23,415,649	–		23,415,649
South Korea		–		24,328,356	–		24,328,356
Spain		–		37,652,002	–		37,652,002
Sweden		–		917,760,131	–		917,760,131
Switzerland		–		596,783,886	–		596,783,886
Taiwan		–		36,021,642	–		36,021,642
United Kingdom		–		976,699,097	–		976,699,097
United States		62,154,624		–	–		62,154,624
Money Market Funds		38,704,867		–	–		38,704,867
Total Investments	$	466,321,002	$	5,697,292,422	$–	$	6,163,613,424

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, 2022

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 Statement of Operations
	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts		$(2,455)

15 Invesco International Small-Mid Company Fund

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value	$1,218,001

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $263.

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

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, 2021.

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, 2022 was $888,191,556 and $1,428,380,508, respectively. Cost of investments, including any derivatives, on a tax basis 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
Aggregate unrealized appreciation of investments	$1,528,702,341
Aggregate unrealized (depreciation) of investments	(333,231,286	)
Net unrealized appreciation of investments	$1,195,471,055

Cost of investments for tax purposes is $4,968,142,369.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended				Year ended
	April 30, 2022(a)				October 31, 2021
	Shares		Amount		Shares		Amount
Sold:
Class A		942,203	$	48,160,202		1,688,336	$	96,716,229
Class C		25,724		1,152,180		62,162		3,177,985
Class R		92,077		4,315,348		193,668		10,433,562
Class Y		6,399,064		323,992,246		11,044,718		628,844,474
Class R5		5,316		249,730		5,860		321,103
Class R6		5,038,265		251,954,807		10,066,439		575,754,165

16 Invesco International Small-Mid Company Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		2,117,805		$	115,293,300			1,742,904		$	91,554,723
Class C		219,526			10,339,660			252,485			11,727,933
Class R		198,990			10,072,877			164,658			8,117,615
Class Y		5,895,843			318,139,690			4,462,728			232,552,777
Class R5		612			33,510			554			29,282
Class R6		5,185,947			281,389,504			4,022,670			210,667,252
Automatic conversion of Class C shares to Class A shares:
Class A		337,561			16,954,121			603,668			34,750,110
Class C		(389,937	)		(16,954,121	)		(684,298	)		(34,750,110	)
Reacquired:
Class A		(2,534,095	)		(127,954,269	)		(4,523,290	)		(259,726,558	)
Class C		(161,654	)		(7,228,448	)		(449,511	)		(22,795,513	)
Class R		(152,511	)		(7,248,619	)		(377,420	)		(20,650,417	)
Class Y		(11,354,469	)		(555,856,259	)		(14,571,573	)		(833,707,778	)
Class R5		(2,959	)		(178,467	)		(2,077	)		(118,113	)
Class R6		(7,872,630	)		(403,856,032	)		(12,324,480	)		(723,164,614	)
Net increase in share activity		3,990,678		$	262,770,960			1,378,201		$	9,734,107

^(a)  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.

In addition, 14% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

17 Invesco International Small-Mid Company Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/21)	Ending     Account Value     (04/30/22)1	Expenses       Paid During       Period2	Ending     Account Value     (04/30/22)	Expenses     Paid During     Period2	Annualized       Expense Ratio
Class A	$1,000.00	$746.30	$5.63	$1,018.35	$6.51	1.30%
Class C	1,000.00	743.60	8.91	1,014.58	10.29	2.06
Class R	1,000.00	745.50	6.75	1,017.06	7.80	1.56
Class Y	1,000.00	747.30	4.59	1,019.54	5.31	1.06
Class R5	1,000.00	747.40	4.33	1,019.84	5.01	1.00
Class R6	1,000.00	747.60	4.12	1,020.08	4.76	0.95

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

18 Invesco International Small-Mid Company Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-06463 and 033-44611                  Invesco Distributors, Inc. O-ISMC-SAR-1                                         

Semiannual Report to Shareholders April 30, 2022

Invesco MSCI World SRI Index Fund

Nasdaq:

A: VSQAX ∎ C: VSQCX ∎ R: VSQRX ∎ Y: VSQYX ∎ R5: VSQFX ∎ R6: VSQSX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
10	Financial Statements
13	Financial Highlights
14	Notes to Financial Statements
20	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-13.82	%
Class C Shares	-14.14
Class R Shares	-13.91
Class Y Shares	-13.71
Class R5 Shares	-13.71
Class R6 Shares	-13.71
MSCI World SRI Index▼ (Broad Market Index)	-13.68
Custom Invesco MSCI World SRI Index∎ (Style-Specific Index)	-13.68
Lipper Global Multi-Cap Core Funds Index¨ (Peer Group Index)	-12.59
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ¨Lipper Inc.
The MSCI World SRI Index is an unmanaged index comprised of developed countries’ large- and mid-cap stocks with high ESG rating as determined by MSCI ESG Research. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Custom Invesco MSCI World SRI Index is composed of the MSCI World Index through June 30, 2020, and the MSCI World SRI Index thereafter. Both indexes are computed using the net return, which withholds applicable taxes for non-resident investors.   The Lipper Global Multi-Cap Core Funds Index is an unmanaged index considered representative of global multi-cap core funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco MSCI World SRI Index Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (7/1/16)	6.98	%
5 Years	5.03
1 Year	-6.99
Class C Shares
Inception (7/1/16)	7.21	%
5 Years	5.43
1 Year	-3.32
Class R Shares
Inception (7/1/16)	7.74	%
5 Years	5.95
1 Year	-1.83
Class Y Shares
Inception (7/1/16)	8.28	%
5 Years	6.48
1 Year	-1.38
Class R5 Shares
Inception (7/1/16)	8.28	%
5 Years	6.48
1 Year	-1.38
Class R6 Shares
Inception (7/1/16)	8.28	%
5 Years	6.48
1 Year	-1.38

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 class shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco MSCI World SRI Index Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco MSCI World SRI Index Fund

Schedule of Investments

April 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–93.07%
Australia–2.00%
Ampol Ltd.		249	$	5,825
APA Group		849		6,813
ASX Ltd.		141		8,475
Aurizon Holdings Ltd.		2,440		6,918
BlueScope Steel Ltd.		545		7,726
Brambles Ltd.		1,106		8,167
Cochlear Ltd.		46		7,391
Coles Group Ltd.		954		12,493
Computershare Ltd.		448		7,853
Dexus		805		6,273
Fortescue Metals Group Ltd.		1,267		19,208
GPT Group (The)		1,406		5,002
Insurance Australia Group Ltd.		1,610		5,106
Lendlease Corp. Ltd.		495		4,228
Macquarie Group Ltd.		255		36,542
Mirvac Group		2,727		4,617
Newcrest Mining Ltd.		580		10,873
Northern Star Resources Ltd.		836		5,685
Ramsay Health Care Ltd.		123		6,948
REA Group Ltd.		44		3,905
SEEK Ltd.		284		5,530
Stockland		1,744		5,024
Transurban Group		2,053		20,522
Vicinity Centres		4,613		6,013
				217,137
Austria–0.12%
Mondi PLC		307		5,683
Verbund AG		64		6,853
				12,536
Belgium–0.17%
KBC Group N.V.		189		12,873
Umicore S.A.		141		5,443
				18,316
Brazil–0.13%
Wheaton Precious Metals Corp.		316		14,164
Canada–3.50%
Agnico Eagle Mines Ltd.		243		14,145
Ballard Power Systems, Inc.(a)		323		2,683
Bank of Montreal		479		50,788
Bank of Nova Scotia (The)		893		56,549
Canadian National Railway Co.		525		61,742
Canadian Tire Corp. Ltd., Class A		47		6,474
FirstService Corp.		33		4,115
Fortis, Inc.		321		15,620
Franco-Nevada Corp.		148		22,382
Gildan Activewear, Inc.		175		5,930
Intact Financial Corp.		119		16,648
Magna International, Inc.		235		14,162
Metro, Inc.		148		8,135
National Bank of Canada		259		18,088
Pembina Pipeline Corp.		245		9,271

	Shares		Value
Canada–(continued)
Ritchie Bros. Auctioneers, Inc.		103	$	5,673
Rogers Communications, Inc., Class B		252		13,727
Shopify, Inc., Class A(a)		82		35,077
TMX Group Ltd.		50		5,090
Toromont Industries Ltd.		61		5,370
WSP Global, Inc.		68		7,930
				379,599
China–0.08%
BOC Hong Kong Holdings Ltd.		2,500		9,018
Denmark–2.06%
Coloplast A/S, Class B		85		11,476
Genmab A/S(a)		50		17,638
GN Store Nord A/S		88		3,281
Novo Nordisk A/S, Class B		1,217		139,191
Novozymes A/S, Class B		148		10,283
Orsted A/S(b)		141		15,821
Pandora A/S		85		7,372
Vestas Wind Systems A/S		725		18,652
				223,714
Finland–0.40%
Elisa OYJ		86		5,026
Kesko OYJ, Class B		186		4,693
Neste OYJ		307		13,198
Orion OYJ, Class B		101		3,951
UPM-Kymmene OYJ		347		11,919
Wartsila OYJ Abp		507		4,048
				42,835
France–2.61%
Amundi S.A.(b)		52		3,103
AXA S.A.		1,445		38,257
Bureau Veritas S.A.		219		6,276
Carrefour S.A.		431		9,137
Cie Generale des Etablissements Michelin S.C.A.		124		15,329
Danone S.A.		503		30,239
EssilorLuxottica S.A.		219		37,153
Gecina S.A.		33		3,697
L’Oreal S.A.		184		66,939
Schneider Electric SE		392		55,830
Unibail-Rodamco-Westfield(a)		102		7,317
Valeo		190		3,426
Vivendi SE		546		6,261
				282,964
Germany–2.73%
adidas AG		136		27,700
Allianz SE		297		67,646
Beiersdorf AG		70		7,075
Deutsche Boerse AG		141		24,713
Deutsche Post AG		717		30,951
Henkel AG & Co. KGaA, Preference Shares		178		11,509
Merck KGaA		87		16,134

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

5 Invesco MSCI World SRI Index Fund

	Shares		Value
Germany–(continued)
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		110	$	26,322
Puma SE		71		5,298
SAP SE		764		78,801
				296,149
Hong Kong–0.50%
Hang Seng Bank Ltd.		600		10,595
Hong Kong Exchanges & Clearing Ltd.		900		38,169
MTR Corp. Ltd.		1,000		5,307
				54,071
Ireland–0.31%
CRH PLC		534		21,183
Kerry Group PLC, Class A		110		12,152
				33,335
Israel–0.10%
Bank Leumi Le-Israel BM		1,031		10,814
Italy–0.40%
Amplifon S.p.A.		119		4,735
Intesa Sanpaolo S.p.A.		11,912		23,955
Snam S.p.A.		1,299		7,129
Terna Rete Elettrica Nazionale S.p.A.		929		7,567
				43,386
Japan–5.51%
Aeon Co. Ltd.		500		9,493
Ajinomoto Co., Inc.		400		10,411
Asahi Kasei Corp.		900		7,407
Astellas Pharma, Inc.		1,400		21,316
Capcom Co. Ltd.		200		5,277
Chugai Pharmaceutical Co. Ltd.		500		15,005
Daikin Industries Ltd.		200		30,752
Eisai Co. Ltd.		200		8,711
Fast Retailing Co. Ltd.		45		20,621
FUJIFILM Holdings Corp.		300		16,569
Fujitsu Ltd.		100		14,138
Hankyu Hanshin Holdings, Inc.		200		5,280
Ibiden Co. Ltd.		100		3,789
Kansai Paint Co. Ltd.		200		2,765
Kao Corp.		400		16,086
KDDI Corp.		1,200		39,787
Keio Corp.		100		3,838
Kikkoman Corp.		100		5,622
Kobe Bussan Co. Ltd.		200		4,871
Komatsu Ltd.		600		13,460
Kurita Water Industries Ltd.		100		3,435
Mitsui Fudosan Co. Ltd.		700		14,771
Miura Co. Ltd.		200		4,190
MS&AD Insurance Group Holdings, Inc.		300		8,965
Nippon Express Holdings, Inc.		100		5,824
Nippon Yusen K.K.		100		7,176
Nitto Denko Corp.		100		6,715
Nomura Research Institute Ltd.		300		8,501
Odakyu Electric Railway Co. Ltd.		200		3,036
Omron Corp.		100		5,925
ORIX Corp.		900		16,418
ORIX JREIT, Inc.		3		4,025
Panasonic Holdings Corp.		1,600		14,261

	Shares		Value
Japan–(continued)
Resona Holdings, Inc.		1,500	$	6,509
Secom Co. Ltd.		200		14,109
Sekisui House Ltd.		400		6,899
SG Holdings Co. Ltd.		200		3,524
Shimizu Corp.		900		4,727
Shionogi & Co. Ltd.		200		11,179
Sompo Holdings, Inc.		200		8,156
Sony Group Corp.		900		77,356
Sumitomo Chemical Co. Ltd.		1,400		5,929
Sumitomo Mitsui Trust Holdings, Inc.		200		6,196
Suntory Beverage & Food Ltd.		200		7,941
Sysmex Corp.		100		6,477
Tokyo Electron Ltd.		100		42,421
Tokyu Corp.		300		3,668
Toray Industries, Inc.		900		4,280
TOTO Ltd.		100		3,364
West Japan Railway Co.		100		3,723
Yamaha Corp.		100		3,838
Yamaha Motor Co. Ltd.		200		4,129
Yaskawa Electric Corp.		200		6,824
Z Holdings Corp.		1,900		7,493
				597,182
Netherlands–2.18%
Akzo Nobel N.V.		144		12,425
ASML Holding N.V.		302		170,862
Koninklijke DSM N.V.		125		20,936
NN Group N.V.		210		10,261
Wolters Kluwer N.V.		213		21,545
				236,029
New Zealand–0.20%
Fisher & Paykel Healthcare Corp. Ltd.		417		5,738
Meridian Energy Ltd.		1,313		3,985
Spark New Zealand Ltd.		1,719		5,441
Xero Ltd.(a)		97		6,361
				21,525
Norway–0.32%
DNB Bank ASA		692		13,509
Mowi ASA		283		8,024
Orkla ASA		740		6,019
Telenor ASA		492		6,942
				34,494
Portugal–0.05%
Jeronimo Martins SGPS S.A.		233		4,834
Singapore–0.65%
DBS Group Holdings Ltd.		1,400		33,909
Oversea-Chinese Banking Corp. Ltd.		2,700		23,941
Singapore Telecommunications Ltd.		6,400		12,721
				70,571
Spain–0.46%
Banco Bilbao Vizcaya Argentaria S.A.		5,064		26,647
Industria de Diseno Textil S.A.		818		17,153
Red Electrica Corp. S.A.		322		6,470
				50,270

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

6 Invesco MSCI World SRI Index Fund

	Shares		Value
Sweden–0.44%
Boliden AB		242	$	10,581
Electrolux AB, Class B		197		3,006
Essity AB, Class B		400		10,653
Husqvarna AB, Class B		397		3,798
Svenska Cellulosa AB S.C.A., Class B		423		8,202
Tele2 AB, Class B		329		4,343
Telia Co. AB		1,832		7,589
				48,172
Switzerland–2.85%
Givaudan S.A.		7		27,817
Kuehne + Nagel International AG, Class R		37		10,375
Lonza Group AG		57		33,465
Roche Holding AG		507		187,776
SGS S.A.		4		10,272
Sonova Holding AG, Class A		38		13,682
Swiss Life Holding AG		25		14,587
Swisscom AG		18		10,661
				308,635
United Kingdom–4.48%
abrdn PLC		1,458		3,396
Ashtead Group PLC		350		18,096
Associated British Foods PLC		234		4,664
Barratt Developments PLC		695		4,255
Berkeley Group Holdings PLC		72		3,656
British Land Co. PLC (The)		716		4,592
BT Group PLC		6,928		15,332
Burberry Group PLC		280		5,506
CNH Industrial N.V.		767		10,949
Coca-Cola Europacific Partners PLC		143		7,143
Compass Group PLC		1,320		27,804
Croda International PLC		84		8,139
DCC PLC		66		4,987
Informa PLC(a)		982		7,001
InterContinental Hotels Group PLC		122		7,789
J Sainsbury PLC		1,618		4,717
JD Sports Fashion PLC		2,615		4,328
Johnson Matthey PLC		161		4,442
Kingfisher PLC		1,562		4,910
Liberty Global PLC, Class C(a)		418		9,907
Linde PLC		375		116,985
National Grid PLC		2,557		38,018
RELX PLC		1,431		42,737
Schroders PLC		112		3,952
Segro PLC		825		13,806
St James’s Place PLC		391		6,237
Taylor Wimpey PLC		2,441		3,833
Unilever PLC		1,859		86,347
United Utilities Group PLC		487		7,007
Whitbread PLC(a)		156		5,408
				485,943
United States–60.82%
ABIOMED, Inc.(a)		33		9,457
Agilent Technologies, Inc.		229		27,313
Allegion PLC		65		7,426
Ally Financial, Inc.		283		11,309
American Express Co.		494		86,307
American Tower Corp.		329		79,296

	Shares		Value
United States–(continued)
American Water Works Co., Inc.		97	$	14,946
Ameriprise Financial, Inc.		91		24,160
AmerisourceBergen Corp.		122		18,457
Amgen, Inc.		413		96,307
Aptiv PLC(a)		201		21,386
Atmos Energy Corp.		97		11,000
Automatic Data Processing, Inc.		313		68,290
Baker Hughes Co., Class A		489		15,169
Bank of New York Mellon Corp. (The)		652		27,423
Becton, Dickinson and Co.		218		53,887
Best Buy Co., Inc.		174		15,648
Biogen, Inc.(a)		111		23,026
BlackRock, Inc.		111		69,339
Bunge Ltd.		100		11,312
C.H. Robinson Worldwide, Inc.		102		10,827
Cable One, Inc.		3		3,499
Campbell Soup Co.		140		6,611
Cardinal Health, Inc.		230		13,352
Caterpillar, Inc.		398		83,795
CBRE Group, Inc., Class A(a)		246		20,428
Centene Corp.(a)		450		36,248
Cerner Corp.		222		20,788
Charles Schwab Corp. (The)		1,060		70,310
Cheniere Energy, Inc.		165		22,409
Cigna Corp.		248		61,201
Cisco Systems, Inc.		3,062		149,977
Clorox Co. (The)		90		12,912
CME Group, Inc., Class A		268		58,783
Coca-Cola Co. (The)		2,963		191,439
Colgate-Palmolive Co.		594		45,768
Consolidated Edison, Inc.		250		23,185
CSX Corp.		1,632		56,043
Cummins, Inc.		109		20,622
DaVita, Inc.(a)		71		7,694
DENTSPLY SIRONA, Inc.		158		6,318
eBay, Inc.		481		24,974
Ecolab, Inc.		191		32,344
Edwards Lifesciences Corp.(a)		468		49,505
Electronic Arts, Inc.		223		26,325
Equinix, Inc.		65		46,740
Eversource Energy		245		21,413
Expeditors International of Washington, Inc.		125		12,384
FactSet Research Systems, Inc.		28		11,298
Fastenal Co.		422		23,341
Ferguson PLC		171		21,565
Fortive Corp.		247		14,203
Fortune Brands Home & Security, Inc.		97		6,911
Generac Holdings, Inc.(a)		49		10,750
General Mills, Inc.		449		31,758
Gilead Sciences, Inc.		937		55,602
Hasbro, Inc.		95		8,366
HCA Healthcare, Inc.		189		40,550
Henry Schein, Inc.(a)		98		7,948
Hilton Worldwide Holdings, Inc.(a)		215		33,387
Hologic, Inc.(a)		185		13,318
Home Depot, Inc. (The)		765		229,806
Hormel Foods Corp.		220		11,526
Humana, Inc.		99		44,011
Huntington Bancshares, Inc.		789		10,375

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

7 Invesco MSCI World SRI Index Fund

	Shares		Value
United States–(continued)
IDEX Corp.		55	$	10,440
IDEXX Laboratories, Inc.(a)		63		27,120
Illinois Tool Works, Inc.		227		44,744
Illumina, Inc.(a)		114		33,818
Insulet Corp.(a)		51		12,188
International Flavors & Fragrances, Inc.		191		23,168
Interpublic Group of Cos., Inc. (The)		296		9,656
Jazz Pharmaceuticals PLC(a)		37		5,928
Johnson Controls International PLC		530		31,731
Kellogg Co.		184		12,604
KeyCorp		728		14,058
Kimberly-Clark Corp.		256		35,540
LKQ Corp.		217		10,770
Lowe’s Cos., Inc.		501		99,063
Marsh & McLennan Cos., Inc.		380		61,446
Mettler-Toledo International, Inc.(a)		18		22,996
Microsoft Corp.		5,170		1,434,778
Moody’s Corp.		127		40,193
Newell Brands, Inc.		281		6,505
Norfolk Southern Corp.		179		46,161
Northern Trust Corp.		147		15,148
NVIDIA Corp.		1,817		336,999
ONEOK, Inc.		329		20,836
Owens Corning		83		7,547
Pentair PLC		122		6,192
PepsiCo, Inc.		1,001		171,882
Phillips 66		327		28,371
PNC Financial Services Group, Inc. (The)		314		52,155
Pool Corp.		31		12,562
PPG Industries, Inc.		183		23,422
Prologis, Inc.		532		85,274
Prudential Financial, Inc.		295		32,010
Quest Diagnostics, Inc.		94		12,581
Regions Financial Corp.		721		14,939
ResMed, Inc.		106		21,197
Robert Half International, Inc.		82		8,061
Rockwell Automation, Inc.		85		21,477
Roper Technologies, Inc.		79		37,124
Sempra Energy		247		39,856
State Street Corp.		266		17,814
STERIS PLC		59		13,219

	Shares		Value
United States–(continued)
SVB Financial Group(a)		38	$	18,530
Swiss Re AG		217		17,796
T. Rowe Price Group, Inc.		177		21,778
Take-Two Interactive Software, Inc.(a)		49		5,856
Teladoc Health, Inc.(a)		104		3,511
Teledyne Technologies, Inc.(a)		36		15,536
Tesla, Inc.(a)		616		536,388
Texas Instruments, Inc.		674		114,748
Tractor Supply Co.		83		16,720
Trane Technologies PLC		178		24,900
Travelers Cos., Inc. (The)		190		32,501
Truist Financial Corp.		992		47,963
UGI Corp.		154		5,282
Vail Resorts, Inc.		30		7,625
Valero Energy Corp.		210		23,411
Vertex Pharmaceuticals, Inc.(a)		188		51,365
VF Corp.		247		12,844
W.W. Grainger, Inc.		33		16,501
Walt Disney Co. (The)(a)		1,324		147,798
Waters Corp.(a)		45		13,636
West Pharmaceutical Services, Inc.		51		16,068
Xylem, Inc.		134		10,787
Zoetis, Inc.		346		61,329
ZoomInfo Technologies, Inc., Class A(a)		146		6,920
				6,593,433
Total Common Stocks & Other Equity Interests (Cost $8,148,969)				10,089,126
Money Market Funds–6.73%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(c)(d)		255,571		255,571
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(c)(d)		182,269		182,231
Invesco Treasury Portfolio, Institutional Class, 0.23%(c)(d)		292,081		292,081
Total Money Market Funds (Cost $729,873)				729,883
TOTAL INVESTMENTS IN SECURITIES—99.80% (Cost $8,878,842)				10,819,009
OTHER ASSETS LESS LIABILITIES–0.20%				22,105
NET ASSETS–100.00%			$	10,841,114

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  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, 2022 was $18,924, which represented less than 1% of the Fund’s Net Assets.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	149,384		$	483,779		$	(377,592	)		$	-		$	-			$	255,571		$	43
Invesco Liquid Assets Portfolio, Institutional Class			106,455			345,557			(269,711	)			17			(87	)			182,231			67
Invesco Treasury Portfolio, Institutional Class			170,725			552,891			(431,535	)			-			-				292,081			75
Total		$	426,564		$	1,382,227		$	(1,078,838	)		$	17		$	(87	)		$	729,883		$	185

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

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

8 Invesco MSCI World SRI Index Fund

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value				Unrealized Appreciation (Depreciation)
Equity Risk
MSCI World Index		7		June-2022		$	603,330		$	(28,146	)		$	(28,146	)

^(a)  Futures contracts collateralized by $50,403 cash held with Meril Lynch International, the futures commission merchant.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Information Technology	23.50	%
Financials	12.92
Health Care	12.86
Consumer Discretionary	12.67
Industrials	9.01
Consumer Staples	8.12
Materials	4.28
Communication Services	3.39
Real Estate	2.91
Utilities	2.13
Energy	1.28
Money Market Funds Plus Other Assets Less Liabilities	6.93

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

9 Invesco MSCI World SRI Index Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $8,148,969)	$	10,089,126
Investments in affiliated money market funds, at value (Cost $729,873)		729,883
Other investments:
Variation margin receivable – futures contracts		4,621
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		50,403
Foreign currencies, at value (Cost $3,282)		3,155
Receivable for:
Fund shares sold		6,249
Dividends		26,873
Investment for trustee deferred compensation and retirement plans		23,734
Other assets		29,726
Total assets		10,963,770
Liabilities:
Payable for:
Amount due custodian		2,100
Accrued fees to affiliates		64,958
Accrued trustees’ and officers’ fees and benefits		306
Accrued other operating expenses		31,558
Trustee deferred compensation and retirement plans		23,734
Total liabilities		122,656
Net assets applicable to shares outstanding	$	10,841,114
Net assets consist of:
Shares of beneficial interest	$	9,252,549
Distributable earnings		1,588,565
	$10,841,114

Net Assets:
Class A	$	1,139,042
Class C	$	170,321
Class R	$	493,707
Class Y	$	1,105,625
Class R5	$	14,366
Class R6	$	7,918,053
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		79,814
Class C		12,096
Class R		34,769
Class Y		77,042
Class R5		1,001
Class R6		551,682
Class A:
Net asset value per share	$	14.27
Maximum offering price per share (Net asset value of $14.27 ÷ 94.50%)	$	15.10
Class C:
Net asset value and offering price per share	$	14.08
Class R:
Net asset value and offering price per share	$	14.20
Class Y:
Net asset value and offering price per share	$	14.35
Class R5:
Net asset value and offering price per share	$	14.35
Class R6:
Net asset value and offering price per share	$	14.35

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

10 Invesco MSCI World SRI Index Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $8,986)	$	89,999
Dividends from affiliated money market funds		185
Foreign withholding tax claims		3,178
Total investment income		93,362
Expenses:
Advisory fees		8,385
Administrative services fees		861
Distribution fees:
Class A		1,564
Class C		956
Class R		1,315
Transfer agent fees – A, C, R and Y		1,989
Transfer agent fees – R6		1,818
Trustees’ and officers’ fees and benefits		7,728
Registration and filing fees		38,443
Licensing fees		2,396
Professional services fees		26,930
Other		9,310
Total expenses		101,695
Less: Fees waived and/or expenses reimbursed		(86,483	)
Net expenses		15,212
Net investment income		78,150
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		86,212
Affiliated investment securities		(87	)
Foreign currencies		(2,910	)
Futures contracts		(49,900	)
		33,315
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(1,826,416	)
Affiliated investment securities		17
Foreign currencies		(2,992	)
Futures contracts		(30,770	)
		(1,860,161	)
Net realized and unrealized gain (loss)		(1,826,846	)
Net increase (decrease) in net assets resulting from operations	$	(1,748,696	)

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

11 Invesco MSCI World SRI Index Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income	$	78,150		$	159,049
Net realized gain		33,315			487,849
Change in net unrealized appreciation (depreciation)		(1,860,161	)		3,172,055
Net increase (decrease) in net assets resulting from operations		(1,748,696	)		3,818,953
Distributions to shareholders from distributable earnings:
Class A		(15,688	)		(15,068	)
Class C		(1,138	)		(2,385	)
Class R		(5,699	)		(5,252	)
Class Y		(12,972	)		(7,779	)
Class R5		(238	)		(374	)
Class R6		(132,393	)		(107,235	)
Total distributions from distributable earnings		(168,128	)		(138,093	)
Share transactions–net:
Class A		132			17,376
Class C		(7,324	)		(12,610	)
Class R		5,168			92,567
Class Y		479,102			88,810
Class R5		–			(13,946	)
Class R6		(526,856	)		700,358
Net increase (decrease) in net assets resulting from share transactions		(49,778	)		872,555
Net increase (decrease) in net assets		(1,966,602	)		4,553,415
Net assets:
Beginning of period		12,807,716			8,254,301
End of period	$	10,841,114		$	12,807,716

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

12 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 value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/22		$	16.76		$	0.09		$	(2.38	)		$	(2.29	)		$	(0.20	)		$	–			$	(0.20	)		$	14.27		(13.82	)%		$	1,139		0.44	%(d)		1.96	%(d)		1.12	%(d)		1	%
Year ended 10/31/21			11.78			0.19			4.98				5.17				(0.19	)			–				(0.19	)			16.76		44.35				1,337		0.44			3.31			1.28			19
Year ended 10/31/20			11.86			0.17			(0.06	)			0.11				(0.19	)			–				(0.19	)			11.78		0.89				922		0.70			3.03			1.48			118
Year ended 10/31/19			11.76			0.17			0.21				0.38				(0.18	)			(0.10	)			(0.28	)			11.86		3.48				1,483		0.85			3.58			1.51			116
Year ended 10/31/18			12.91			0.17			(0.85	)			(0.68	)			(0.09	)			(0.38	)			(0.47	)			11.76		(5.55	)			1,387		0.84			3.94			1.33			89
Year ended 10/31/17			10.45			0.14			2.39				2.53				(0.06	)			(0.01	)			(0.07	)			12.91		24.36				531		0.84			9.90			1.16			69
Class C
Six months ended 04/30/22			16.49			0.03			(2.35	)			(2.32	)			(0.09	)			–				(0.09	)			14.08		(14.14	)			170		1.19	(d)		2.71	(d)		0.37	(d)		1
Year ended 10/31/21			11.67			0.08			4.92				5.00				(0.18	)			–				(0.18	)			16.49		43.21				207		1.19			4.06			0.53			19
Year ended 10/31/20			11.75			0.08			(0.05	)			0.03				(0.11	)			–				(0.11	)			11.67		0.21				158		1.45			3.78			0.73			118
Year ended 10/31/19			11.63			0.09			0.20				0.29				(0.07	)			(0.10	)			(0.17	)			11.75		2.66				243		1.60			4.33			0.76			116
Year ended 10/31/18			12.83			0.07			(0.84	)			(0.77	)			(0.05	)			(0.38	)			(0.43	)			11.63		(6.27	)			166		1.59			4.69			0.58			89
Year ended 10/31/17			10.42			0.05			2.39				2.44				(0.02	)			(0.01	)			(0.03	)			12.83		23.49				124		1.59			10.65			0.41			69
Class R
Six months ended 04/30/22			16.66			0.07			(2.36	)			(2.29	)			(0.17	)			–				(0.17	)			14.20		(13.91	)			494		0.69	(d)		2.21	(d)		0.87	(d)		1
Year ended 10/31/21			11.74			0.15			4.96				5.11				(0.19	)			–				(0.19	)			16.66		43.93				571		0.69			3.56			1.03			19
Year ended 10/31/20			11.81			0.15			(0.06	)			0.09				(0.16	)			–				(0.16	)			11.74		0.74				325		0.95			3.28			1.23			118
Year ended 10/31/19			11.71			0.15			0.20				0.35				(0.15	)			(0.10	)			(0.25	)			11.81		3.17				35		1.10			3.83			1.26			116
Year ended 10/31/18			12.88			0.14			(0.85	)			(0.71	)			(0.08	)			(0.38	)			(0.46	)			11.71		(5.82	)			32		1.09			4.19			1.08			89
Year ended 10/31/17			10.44			0.11			2.39				2.50				(0.05	)			(0.01	)			(0.06	)			12.88		24.04				13		1.09			10.15			0.91			69
Class Y
Six months ended 04/30/22			16.87			0.11			(2.39	)			(2.28	)			(0.24	)			–				(0.24	)			14.35		(13.71	)			1,106		0.19	(d)		1.71	(d)		1.37	(d)		1
Year ended 10/31/21			11.83			0.23			5.01				5.24				(0.20	)			–				(0.20	)			16.87		44.73				793		0.19			3.06			1.53			19
Year ended 10/31/20			11.91			0.20			(0.06	)			0.14				(0.22	)			–				(0.22	)			11.83		1.11				485		0.45			2.78			1.73			118
Year ended 10/31/19			11.80			0.20			0.22				0.42				(0.21	)			(0.10	)			(0.31	)			11.91		3.80				522		0.60			3.33			1.76			116
Year ended 10/31/18			12.94			0.20			(0.86	)			(0.66	)			(0.10	)			(0.38	)			(0.48	)			11.80		(5.39	)			446		0.59			3.69			1.58			89
Year ended 10/31/17			10.46			0.17			2.39				2.56				(0.07	)			(0.01	)			(0.08	)			12.94		24.67				189		0.59			9.65			1.41			69
Class R5
Six months ended 04/30/22			16.87			0.11			(2.39	)			(2.28	)			(0.24	)			–				(0.24	)			14.35		(13.71	)			14		0.19	(d)		1.57	(d)		1.37	(d)		1
Year ended 10/31/21			11.83			0.22			5.02				5.24				(0.20	)			–				(0.20	)			16.87		44.73				17		0.19			2.86			1.53			19
Year ended 10/31/20			11.90			0.20			(0.05	)			0.15				(0.22	)			–				(0.22	)			11.83		1.20				22		0.45			2.56			1.73			118
Year ended 10/31/19			11.80			0.20			0.21				0.41				(0.21	)			(0.10	)			(0.31	)			11.90		3.71				21		0.60			2.95			1.76			116
Year ended 10/31/18			12.94			0.20			(0.86	)			(0.66	)			(0.10	)			(0.38	)			(0.48	)			11.80		(5.39	)			19		0.59			3.47			1.58			89
Year ended 10/31/17			10.46			0.17			2.39				2.56				(0.07	)			(0.01	)			(0.08	)			12.94		24.67				21		0.59			9.28			1.41			69
Class R6
Six months ended 04/30/22			16.87			0.11			(2.39	)			(2.28	)			(0.24	)			–				(0.24	)			14.35		(13.71	)			7,918		0.19	(d)		1.61	(d)		1.37	(d)		1
Year ended 10/31/21			11.83			0.22			5.02				5.24				(0.20	)			–				(0.20	)			16.87		44.73				9,884		0.19			2.79			1.53			19
Year ended 10/31/20			11.90			0.20			(0.05	)			0.15				(0.22	)			–				(0.22	)			11.83		1.20				6,342		0.45			2.51			1.73			118
Year ended 10/31/19			11.80			0.20			0.21				0.41				(0.21	)			(0.10	)			(0.31	)			11.90		3.71				6,379		0.60			2.91			1.76			116
Year ended 10/31/18			12.94			0.20			(0.86	)			(0.66	)			(0.10	)			(0.38	)			(0.48	)			11.80		(5.39	)			6,875		0.59			3.42			1.58			89
Year ended 10/31/17			10.46			0.17			2.39				2.56				(0.07	)			(0.01	)			(0.08	)			12.94		24.67				4,935		0.59			9.28			1.41			69

^(a)  Calculated using average shares outstanding.

^(b)  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.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Annualized.

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

13 Invesco MSCI World SRI Index Fund

Notes to Financial Statements

April 30, 2022

(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.

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

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

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

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

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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, acts of terrorism 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.

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. 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.

14 Invesco MSCI World SRI Index Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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 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 Tax reclaims on the Statement of Assets and Liabilities.

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. These 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 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, 2022, 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. 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.

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

15 Invesco MSCI World SRI Index Fund

based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

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

L. Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

M. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 2 billion		0.140%
Over $2 billion		0.120%

    For the six months ended April 30, 2022, 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 separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the 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, 2023, to waive advisory fees and/or reimburse expenses 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, 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, 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 June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

    For the six months ended April 30, 2022, the Adviser waived advisory fees of $8,385, reimbursed fund level expenses of $74,288 and reimbursed class level expenses of $857, $131, $361, $640, $3 and $1,818 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, 2022, 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, 2022, 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

16 Invesco MSCI World SRI Index Fund

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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the 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, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

    The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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
Investments in Securities
Australia	$	–		$	217,137	$	–	$	217,137
Austria		–			12,536		–		12,536
Belgium		–			18,316		–		18,316
Brazil		14,164			–		–		14,164
Canada		379,599			–		–		379,599
China		–			9,018		–		9,018
Denmark		–			223,714		–		223,714
Finland		–			42,835		–		42,835
France		7,317			275,647		–		282,964
Germany		–			296,149		–		296,149
Hong Kong		–			54,071		–		54,071
Ireland		–			33,335		–		33,335
Israel		–			10,814		–		10,814
Italy		–			43,386		–		43,386
Japan		–			597,182		–		597,182
Netherlands		–			236,029		–		236,029
New Zealand		–			21,525		–		21,525
Norway		–			34,494		–		34,494
Portugal		–			4,834		–		4,834
Singapore		–			70,571		–		70,571
Spain		–			50,270		–		50,270
Sweden		–			48,172		–		48,172
Switzerland		–			308,635		–		308,635
United Kingdom		134,035			351,908		–		485,943
United States		6,554,072			39,361		–		6,593,433
Money Market Funds		729,883			–		–		729,883
Total Investments in Securities		7,819,070			2,999,939		–		10,819,009
Other Investments - Liabilities*
Futures Contracts		(28,146	)		–		–		(28,146	)
Total Investments	$	7,790,924		$	2,999,939	$	–	$	10,790,863

* 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.

17 Invesco MSCI World SRI Index Fund

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2022:

	Value
Derivative Liabilities	Equity Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(28,146	)
Derivatives not subject to master netting agreements		28,146
Total Derivative Liabilities subject to master netting agreements	$	–

^(a)  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, 2022

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 Statement of Operations
	Equity
	Risk
Realized Gain (Loss):
Futures contracts		$(49,900)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(30,770)
Total		$(80,670)

    The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts
Average notional value	$535,275

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. Obligations under the deferred compensation plan 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

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

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

    The Fund had a capital loss carryforward as of October 31, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term		Total
Not subject to expiration	$244,766	$149,554	$	394,320

* 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.

18 Invesco MSCI World SRI Index Fund

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, 2022 was $80,858 and $626,899, respectively. Cost of investments, including any derivatives, on a tax basis 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
Aggregate unrealized appreciation of investments	$	2,413,856
Aggregate unrealized (depreciation) of investments		(506,633	)
Net unrealized appreciation of investments	$	1,907,223

    Cost of investments for tax purposes is $8,883,640.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		3,469		$	55,094			6,097		$	89,025
Class C		321			5,265			502			7,444
Class R		2,455			36,812			6,209			87,642
Class Y		31,819			505,992			14,976			222,535
Class R5		-			-			93			1,382
Class R6		50,539			815,520			100,432			1,451,199
Issued as reinvestment of dividends:
Class A		914			15,047			1,093			14,452
Class C		64			1,047			169			2,208
Class R		338			5,534			384			5,065
Class Y		568			9,384			509			6,760
Class R5		-			-			13			176
Class R6		7,148			118,154			6,734			89,424
Automatic conversion of Class C shares to Class A shares:
Class A		-			-			1,661			22,161
Class C		-			-			(1,677	)		(22,161	)
Reacquired:
Class A		(4,354	)		(70,009	)		(7,334	)		(108,262	)
Class C		(818	)		(13,636	)		(7	)		(101	)
Class R		(2,273	)		(37,178	)		(10	)		(140	)
Class Y		(2,360	)		(36,274	)		(9,468	)		(140,485	)
Class R5		-			-			(990	)		(15,504	)
Class R6		(92,015	)		(1,460,530	)		(57,115	)		(840,265	)
Net increase (decrease) in share activity		(4,185	)	$	(49,778	)		62,271		$	872,555

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 69% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

19 Invesco MSCI World SRI Index Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/21)	Ending     Account Value     (04/30/22)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/22)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$861.80	$2.03	$1,022.61	$2.21	0.44%
Class C	1,000.00	858.60	5.48	1,018.89	5.96	1.19
Class R	1,000.00	860.90	3.18	1,021.37	3.46	0.69
Class Y	1,000.00	862.90	0.88	1,023.85	0.95	0.19
Class R5	1,000.00	862.90	0.88	1,023.85	0.95	0.19
Class R6	1,000.00	862.90	0.88	1,023.85	0.95	0.19

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

20 Invesco MSCI World SRI Index Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

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∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-06463 and 033-44611 Invesco Distributors, Inc. GLRE-SAR-1

Semiannual Report to Shareholders April 30, 2022

Invesco Oppenheimer International Growth Fund

Nasdaq:

A: OIGAX ∎ C: OIGCX ∎ R: OIGNX ∎ Y: OIGYX ∎ R5: INGFX ∎ R6: OIGIX

2 Fund Performance

4 Liquidity Risk Management Program

5 Schedule of Investments

8 Financial Statements

11 Financial Highlights

12 Notes to Financial Statements

18 Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-24.70	%
Class C Shares	-24.99
Class R Shares	-24.81
Class Y Shares	-24.62
Class R5 Shares	-24.59
Class R6 Shares	-24.57
MSCI All Country World ex USA Indexq	-11.87
Source(s): qRIMES Technologies Corp.
The MSCI All Country World ex USA® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Oppenheimer International Growth Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (3/25/96)	6.95	%
10 Years	4.81
5 Years	2.42
1 Year	-23.99
Class C Shares
Inception (3/25/96)	6.93	%
10 Years	4.78
5 Years	2.81
1 Year	-20.88
Class R Shares
Inception (3/1/01)	4.79	%
10 Years	5.14
5 Years	3.33
1 Year	-19.77
Class Y Shares
Inception (9/7/05)	6.02	%
10 Years	5.68
5 Years	3.84
1 Year	-19.38
Class R5 Shares
10 Years	5.52	%
5 Years	3.82
1 Year	-19.28
Class R6 Shares
Inception (3/29/12)	5.85	%
10 Years	5.86
5 Years	4.01
1 Year	-19.26

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer International Growth Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer International Growth Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco Oppenheimer International Growth Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Oppenheimer International Growth Fund

Schedule of Investments

April 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.50%
Australia–1.63%
CSL Ltd.		795,932	$   150,637,422
Canada–6.22%
Alimentation Couche-Tard, Inc.		5,318,428	236,765,576
CAE, Inc.(a)		5,716,227	135,936,430
Dollarama, Inc.		3,032,424	168,587,337
Shopify, Inc., Class A(a)		74,238	31,756,516
			573,045,859
Denmark–4.07%
Ascendis Pharma A/S, ADR(a)		549,528	50,155,420
Novo Nordisk A/S, Class B		2,837,255	324,502,415
			374,657,835
France–14.55%
Adevinta ASA, Class B(a)		5,494,041	42,905,778
Airbus SE(b)		1,492,140	162,266,611
Dassault Systemes SE		2,901,114	129,055,449
Edenred		2,116,054	106,066,923
EssilorLuxottica S.A.		373,271	63,324,200
Hermes International		238,389	293,314,916
Kering S.A.		153,906	81,747,675
L’Oreal S.A.		300,029	109,150,750
LVMH Moet Hennessy Louis Vuitton SE		358,738	229,554,914
Sartorius Stedim Biotech		377,843	122,986,530
			1,340,373,746
Germany–4.88%
CTS Eventim AG & Co. KGaA(a)		2,372,664	164,894,026
Hypoport SE(a)		83,788	23,234,847
SAP SE		452,717	46,694,612
Siemens AG		613,358	76,292,528
Siemens Healthineers AG(c)		2,560,914	138,412,091
			449,528,104
India–4.48%
Dr Lal PathLabs Ltd.(c)		2,556,534	85,807,692
Reliance Industries Ltd.		9,035,969	326,733,756
			412,541,448
Ireland–1.54%
Flutter Entertainment PLC(a)		1,413,519	142,012,492
Italy–1.76%
Davide Campari-Milano N.V.		14,440,980	162,520,226
Japan–7.64%
Benefit One, Inc.		3,531,100	52,973,146
Daikin Industries Ltd.		841,400	129,374,003
Hitachi Ltd.		1,415,700	65,924,024
Hoya Corp.		741,410	73,866,138
Keyence Corp.		331,584	133,779,670
Kobe Bussan Co. Ltd.		3,116,400	75,893,051
Nidec Corp.		1,484,840	97,270,458
Nihon M&A Center Holdings, Inc.		6,035,000	74,653,397
			703,733,887

	Shares		Value
Netherlands–6.10%
Aalberts N.V.		2,025,106	$     97,628,682
Adyen N.V.(a)(c)		74,131	123,980,995
ASML Holding N.V.		423,334	239,509,200
Boskalis Westminster		207,424	7,173,830
Shop Apotheke Europe N.V.(a)(c)		379,312	31,599,372
Universal Music Group N.V.		2,673,260	61,846,970
			561,739,049
New Zealand–0.97%
Xero Ltd.(a)		1,365,920	89,579,564
Spain–1.83%
Amadeus IT Group S.A.(a)		2,712,304	169,120,947
Sweden–6.96%
Atlas Copco AB, Class A(b)		3,280,385	148,554,910
Epiroc AB, Class A		11,655,316	237,034,342
SKF AB, Class B		2,076,277	33,694,969
Swedish Match AB(b)		27,846,738	221,902,644
			641,186,865
Switzerland–5.00%
Barry Callebaut AG		20,821	47,980,591
IWG PLC(a)		23,907,397	72,085,585
Lonza Group AG		110,788	65,043,199
Sika AG		576,036	175,160,185
VAT Group AG(c)		267,573	83,036,493
Zur Rose Group AG(a)		143,320	17,566,397
			460,872,450
Taiwan–1.88%
Taiwan Semiconductor Manufacturing Co. Ltd.		9,512,000	173,498,868
United Kingdom–18.74%
Alphawave IP Group PLC(a)(b)		11,934,398	22,251,381
Britvic PLC		10,225,685	109,223,408
Ceres Power Holdings PLC(a)		4,504,021	41,481,713
Compass Group PLC		10,209,890	215,056,955
ConvaTec Group PLC(c)		24,163,544	63,831,578
Entain PLC(a)		8,565,514	161,045,450
Legal & General Group PLC		23,744,370	73,839,449
London Stock Exchange Group PLC		2,208,517	219,144,116
Melrose Industries PLC		31,113,654	44,755,093
Next PLC		2,245,765	168,548,103
Ocado Group PLC(a)		11,288,819	128,701,451
Rentokil Initial PLC		23,571,670	161,951,387
Rightmove PLC		16,421,148	126,234,948
RS GROUP PLC		6,988,818	91,151,663
Trainline PLC(a)(c)(d)		28,618,878	99,730,129
			1,726,946,824
United States–9.25%
Atlassian Corp. PLC, Class A(a)		422,743	95,045,309
EPAM Systems, Inc.(a)		481,178	127,507,358
Ferguson PLC		1,153,286	145,444,925
James Hardie Industries PLC, CDI		6,906,258	198,564,003

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

5 Invesco Oppenheimer International Growth Fund

	Shares		Value
United States–(continued)
Medtronic PLC		833,291	$	86,962,249
ResMed, Inc.		995,217		199,013,544
				852,537,388
Total Common Stocks & Other Equity Interests (Cost $5,975,403,190)				8,984,532,974
Money Market Funds–2.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)		64,886,059		64,886,059
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(d)(e)		47,165,659		47,156,226
Invesco Treasury Portfolio, Institutional Class, 0.23%(d)(e)		74,155,496		74,155,496
Total Money Market Funds (Cost $186,195,823)				186,197,781
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.52% (Cost $6,161,599,013)				9,170,730,755

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.56%
Invesco Private Government Fund, 0.40%(d)(e)(f)		98,542,210	$	98,542,210
Invesco Private Prime Fund, 0.35%(d)(e)(f)		229,931,822		229,931,822
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $328,477,924)				328,474,032
TOTAL INVESTMENTS IN SECURITIES–103.08% (Cost $6,490,076,937)				9,499,204,787
OTHER ASSETS LESS LIABILITIES-(3.08)%				(284,098,377	)
NET ASSETS-100.00%			$	9,215,106,410

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at April 30, 2022.

^(c)  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, 2022 was $626,398,350, which represented 6.80% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value
	October 31, 2021			at Cost			from Sales				(Depreciation)				(Loss)				April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	84,257,016		$	274,761,750		$	(294,132,707	)		$	-			$	-			$	64,886,059		$	19,395
Invesco Liquid Assets Portfolio, Institutional Class			62,153,130			196,258,392			(211,230,698	)			2,042				(26,640)				47,156,226			27,448
Invesco Treasury Portfolio, Institutional Class			96,293,733			314,013,428			(336,151,665	)			-				-				74,155,496			29,710
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			90,872,592			275,352,476			(267,682,858	)			-				-				98,542,210			30,918*
Invesco Private Prime Fund			212,036,049			623,774,766			(605,846,747	)			(3,894	)			(28,352)				229,931,822			76,879*
Investments in Other Affiliates:
Trainline PLC			97,285,290			25,045,073			(2,359,767	)			(17,773,757	)			(2,466,710	)			99,730,129			-
Total		$	642,897,810		$	1,709,205,885		$	(1,717,404,442	)		$	(17,775,609	)		$	(2,521,702	)		$	614,401,942		$	184,350

* 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.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(f)  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 1I.

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

6 Invesco Oppenheimer International Growth Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Industrials	20.47	%
Consumer Discretionary	17.61
Information Technology	16.15
Health Care	14.77
Consumer Staples	12.38
Communication Services	4.30
Materials	4.06
Energy	3.55
Financials	3.43
Other Sectors, Each Less than 2% of Net Assets	0.78
Money Market Funds Plus Other Assets Less Liabilities	2.50

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

7 Invesco Oppenheimer International Growth Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $5,830,151,164)*	$	8,884,802,845
Investments in affiliates, at value (Cost $659,925,773)		614,401,942
Cash		20,000,000
Foreign currencies, at value (Cost $11,439,417)		11,285,696
Receivable for:
Investments sold		1,660
Fund shares sold		8,676,569
Dividends		48,402,176
Investment for trustee deferred compensation and retirement plans		640,451
Other assets		142,949
Total assets		9,588,354,288
Liabilities:
Payable for:
Investments purchased		1,599,070
Fund shares reacquired		17,483,617
Accrued foreign taxes		8,438,112
Collateral upon return of securities loaned		328,477,924
Accrued fees to affiliates		3,192,544
Accrued trustees’ and officers’ fees and benefits		68,383
Accrued other operating expenses		887,777
IRS closing agreement fees for foreign withholding tax claims		12,460,000
Trustee deferred compensation and retirement plans		640,451
Total liabilities		373,247,878
Net assets applicable to shares outstanding	$	9,215,106,410
Net assets consist of:
Shares of beneficial interest	$	5,898,983,388
Distributable earnings		3,316,123,022
	$	9,215,106,410

Net Assets:
Class A	$	1,224,508,528
Class C	$	90,823,176
Class R	$	230,328,433
Class Y	$	3,539,135,336
Class R5	$	36,849,573
Class R6	$	4,093,461,364
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		35,228,078
Class C		2,853,032
Class R		6,834,792
Class Y		102,549,140
Class R5		1,059,002
Class R6		118,653,619
Class A:
Net asset value per share	$	34.76
Maximum offering price per share (Net asset value of $34.76 ÷ 94.50%)	$	36.78
Class C:
Net asset value and offering price per share	$	31.83
Class R:
Net asset value and offering price per share	$	33.70
Class Y:
Net asset value and offering price per share	$	34.51
Class R5:
Net asset value and offering price per share	$	34.80
Class R6:
Net asset value and offering price per share	$	34.50

* At April 30, 2022, securities with an aggregate value of $320,084,197 were on loan to brokers.

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

8 Invesco Oppenheimer International Growth Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest	$	20,609
Dividends (net of foreign withholding taxes of $8,435,233)		61,279,657
Dividends from affiliates (includes securities lending income of $390,626)		467,179
Foreign withholding tax claims		2,503,545
Total investment income		64,270,990
Expenses:
Advisory fees		36,505,008
Administrative services fees		781,743
Distribution fees:
Class A		1,795,313
Class C		611,187
Class R		682,793
Transfer agent fees – A, C, R and Y		4,790,643
Transfer agent fees – R5		20,441
Transfer agent fees – R6		842,175
Trustees’ and officers’ fees and benefits		61,394
Registration and filing fees		106,487
Professional services fees		62,227
Other		(2,452,340	)
Total expenses		43,807,071
Less: Expenses reimbursed		(37,065	)
Net expenses		43,770,006
Net investment income		20,500,984
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		319,807,728
Affiliated investment securities		(2,521,702	)
Foreign currencies		(546,034	)
Forward foreign currency contracts		1,414
		316,741,406
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $4,223,073)		(3,389,468,871	)
Affiliated investment securities		(17,775,609	)
Foreign currencies		(2,974,883	)
		(3,410,219,363	)
Net realized and unrealized gain (loss)		(3,093,477,957	)
Net increase (decrease) in net assets resulting from operations	$	(3,072,976,973	)

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

9 Invesco Oppenheimer International Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income	$	20,500,984		$	34,364,072
Net realized gain		316,741,406			1,750,287,634
Change in net unrealized appreciation (depreciation)		(3,410,219,363	)		1,754,143,798
Net increase (decrease) in net assets resulting from operations		(3,072,976,973	)		3,538,795,504
Distributions to shareholders from distributable earnings:
Class A		(195,067,176	)		(216,288,299	)
Class C		(18,357,534	)		(28,578,549	)
Class R		(36,871,946	)		(40,236,467	)
Class Y		(599,954,915	)		(629,263,155	)
Class R5		(5,380,848	)		(1,827	)
Class R6		(692,317,509	)		(802,185,808	)
Total distributions from distributable earnings		(1,547,949,928	)		(1,716,554,105	)
Share transactions-net:
Class A		144,982,853			(27,064,427	)
Class C		(7,072,551	)		(56,111,542	)
Class R		31,504,484			7,587,661
Class Y		325,274,886			196,572,161
Class R5		9,392,494			41,876,871
Class R6		311,147,308			(489,898,392	)
Net increase (decrease) in net assets resulting from share transactions		815,229,474			(327,037,668	)
Net increase (decrease) in net assets		(3,805,697,427	)		1,495,203,731
Net assets:
Beginning of period		13,020,803,837			11,525,600,106
End of period	$	9,215,106,410		$	13,020,803,837

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

10 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.

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/22		$52.65		$0.03			$(11.74	)		$(11.71	)		$(0.04	)		$(6.14	)		$(6.18	)		$34.76		(24.70	)%		$1,224,509		1.03	%(e)		1.03	%(e)		0.12	%(e)		7	%
Year ended 10/31/21		45.87		0.01			13.72			13.73			-			(6.95	)		(6.95	)		52.65		32.14			1,680,415		1.10			1.10			0.00			18
Year ended 10/31/20		41.74		(0.02	)		4.53			4.51			(0.38	)		-			(0.38	)		45.87		10.84			1,472,093		1.10			1.13			(0.06	)		22
Eleven months ended 10/31/19		37.08		0.33			4.71			5.04			(0.38	)		-			(0.38	)		41.74		13.75			1,746,483		1.10	(e)		1.10	(e)		0.93	(e)		10
Year ended 11/30/18		43.71		0.34			(6.71	)		(6.37	)		(0.26	)		-			(0.26	)		37.08		(14.66	)		2,146,246		1.11			1.11			0.79			18
Year ended 11/30/17		34.34		0.35			9.38			9.73			(0.36	)		-			(0.36	)		43.71		28.61			3,249,744		1.13			1.13			0.89			22
Year ended 11/30/16		37.14		0.38			(2.87	)		(2.49	)		(0.31	)		-			(0.31	)		34.34		(6.73	)		4,253,937		1.14			1.14			1.08			9
Class C
Six months ended 04/30/22		48.88		(0.12	)		(10.79	)		(10.91	)		-			(6.14	)		(6.14	)		31.83		(24.99	)		90,823		1.78	(e)		1.78	(e)		(0.63	)(e)		7
Year ended 10/31/21		43.30		(0.35	)		12.88			12.53			-			(6.95	)		(6.95	)		48.88		31.15			150,110		1.85			1.85			(0.75	)		18
Year ended 10/31/20		39.42		(0.33	)		4.28			3.95			(0.07	)		-			(0.07	)		43.30		10.02			184,361		1.85			1.88			(0.81	)		22
Eleven months ended 10/31/19		34.97		0.06			4.46			4.52			(0.07	)		-			(0.07	)		39.42		12.95			241,807		1.85	(e)		1.85	(e)		0.18	(e)		10
Year ended 11/30/18		41.29		0.02			(6.34	)		(6.32	)		-			-			-			34.97		(15.31	)		345,228		1.86			1.86			0.04			18
Year ended 11/30/17		32.44		0.03			8.91			8.94			(0.09	)		-			(0.09	)		41.29		27.64			468,753		1.88			1.88			0.09			22
Year ended 11/30/16		35.10		0.10			(2.70	)		(2.60	)		(0.06	)		-			(0.06	)		32.44		(7.42	)		453,990		1.89			1.89			0.30			9
Class R
Six months ended 04/30/22		51.26		(0.03	)		(11.39	)		(11.42	)		-			(6.14	)		(6.14	)		33.70		(24.81	)		230,328		1.28	(e)		1.28	(e)		(0.13	)(e)		7
Year ended 10/31/21		44.92		(0.12	)		13.41			13.29			-			(6.95	)		(6.95	)		51.26		31.80			311,920		1.35			1.35			(0.25	)		18
Year ended 10/31/20		40.88		(0.13	)		4.44			4.31			(0.27	)		-			(0.27	)		44.92		10.58			263,106		1.35			1.38			(0.31	)		22
Eleven months ended 10/31/19		36.32		0.24			4.61			4.85			(0.29	)		-			(0.29	)		40.88		13.47			313,081		1.35	(e)		1.35	(e)		0.68	(e)		10
Year ended 11/30/18		42.86		0.23			(6.58	)		(6.35	)		(0.19	)		-			(0.19	)		36.32		(14.88	)		377,926		1.36			1.36			0.54			18
Year ended 11/30/17		33.70		0.21			9.25			9.46			(0.30	)		-			(0.30	)		42.86		28.31			486,089		1.38			1.38			0.55			22
Year ended 11/30/16		36.44		0.27			(2.79	)		(2.52	)		(0.22	)		-			(0.22	)		33.70		(6.96	)		390,589		1.38			1.38			0.78			9
Class Y
Six months ended 04/30/22		52.41		0.08			(11.66	)		(11.58	)		(0.18	)		(6.14	)		(6.32	)		34.51		(24.62	)		3,539,135		0.78	(e)		0.78	(e)		0.37	(e)		7
Year ended 10/31/21		45.63		0.13			13.65			13.78			(0.05	)		(6.95	)		(7.00	)		52.41		32.46			5,009,610		0.85			0.85			0.25			18
Year ended 10/31/20		41.51		0.08			4.52			4.60			(0.48	)		-			(0.48	)		45.63		11.13			4,132,110		0.85			0.88			0.19			22
Eleven months ended 10/31/19		36.92		0.42			4.67			5.09			(0.50	)		-			(0.50	)		41.51		14.01			5,993,234		0.85	(e)		0.85	(e)		1.18	(e)		10
Year ended 11/30/18		43.55		0.44			(6.69	)		(6.25	)		(0.38	)		-			(0.38	)		36.92		(14.47	)		9,329,538		0.86			0.86			1.04			18
Year ended 11/30/17		34.23		0.41			9.37			9.78			(0.46	)		-			(0.46	)		43.55		28.96			12,543,811		0.88			0.88			1.04			22
Year ended 11/30/16		37.01		0.47			(2.85	)		(2.38	)		(0.40	)		-			(0.40	)		34.23		(6.49	)		9,929,295		0.89			0.89			1.33			9
Class R5
Six months ended 04/30/22		52.84		0.09			(11.74	)		(11.65	)		(0.25	)		(6.14	)		(6.39	)		34.80		(24.59	)		36,850		0.73	(e)		0.73	(e)		0.42	(e)		7
Year ended 10/31/21		45.97		0.20			13.76			13.96			(0.14	)		(6.95	)		(7.09	)		52.84		32.66			44,233		0.72			0.72			0.38			18
Year ended 10/31/20		41.80		0.15			4.55			4.70			(0.53	)		-			(0.53	)		45.97		11.29			12		0.69			0.69			0.35			22
Period ended 10/31/19(f)		38.79		0.23			2.78			3.01			-			-			-			41.80		7.76			11		0.74	(e)		0.74	(e)		1.29	(e)		10
Class R6
Six months ended 04/30/22		52.44		0.10			(11.64	)		(11.54	)		(0.26	)		(6.14	)		(6.40	)		34.50		(24.57	)		4,093,461		0.66	(e)		0.66	(e)		0.49	(e)		7
Year ended 10/31/21		45.67		0.20			13.66			13.86			(0.14	)		(6.95	)		(7.09	)		52.44		32.66			5,824,515		0.70			0.70			0.40			18
Year ended 10/31/20		41.55		0.15			4.52			4.67			(0.55	)		-			(0.55	)		45.67		11.29			5,473,919		0.69			0.69			0.35			22
Eleven months ended 10/31/19		36.98		0.48			4.67			5.15			(0.58	)		-			(0.58	)		41.55		14.18			7,389,864		0.69	(e)		0.69	(e)		1.34	(e)		10
Year ended 11/30/18		43.62		0.51			(6.69	)		(6.18	)		(0.46	)		-			(0.46	)		36.98		(14.32	)		8,682,910		0.69			0.69			1.20			18
Year ended 11/30/17		34.31		0.45			9.40			9.85			(0.54	)		-			(0.54	)		43.62		29.14			10,542,873		0.69			0.69			1.15			22
Year ended 11/30/16		37.09		0.49			(2.81	)		(2.32	)		(0.46	)		-			(0.46	)		34.31		(6.31	)		6,435,502		0.70			0.70			1.38			9

^(a)  Calculated using average shares outstanding.

^(b)  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.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the eleven months ended October 31, 2019 and the years ended November 30, 2018, 2017 and 2016, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Annualized.

^(f)  Commencement date after the close of business on May 24, 2019.

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

11 Invesco Oppenheimer International Growth Fund

Notes to Financial Statements

April 30, 2022

(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.

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

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

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

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

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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, acts of terrorism 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.

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. 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.

12 Invesco Oppenheimer International Growth Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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

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

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

I. 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 Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a 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, 2022, there were no securities lending transactions with the Adviser.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the 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

13 Invesco Oppenheimer International Growth Fund

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.

K. Other Risks - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of 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. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

L. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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		0.800%
Next $250 million		0.770%
Next $500 million		0.750%
Next $1 billion		0.690%
Next $3 billion		0.670%
Next $5 billion		0.650%
Next $10 billion		0.630%
Next $10 billion		0.610%
Over $30 billion		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, 2022, 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 separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least June 30, 2023, 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 “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 June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2022, the Adviser waived advisory fees of $36,618.

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, 2022, 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, 2022, 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

14 Invesco Oppenheimer International Growth Fund

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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $47,852 in front-end sales commissions from the sale of Class A shares and $630 and $5,682 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $369 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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
Investments in Securities
Australia	$	-	$	150,637,422	$-	$	150,637,422
Canada		573,045,859		-	-		573,045,859
Denmark		50,155,420		324,502,415	-		374,657,835
France		-		1,340,373,746	-		1,340,373,746
Germany		-		449,528,104	-		449,528,104
India		-		412,541,448	-		412,541,448
Ireland		-		142,012,492	-		142,012,492
Italy		-		162,520,226	-		162,520,226
Japan		-		703,733,887	-		703,733,887
Netherlands		-		561,739,049	-		561,739,049
New Zealand		-		89,579,564	-		89,579,564
Spain		-		169,120,947	-		169,120,947
Sweden		-		641,186,865	-		641,186,865
Switzerland		-		460,872,450	-		460,872,450
Taiwan		-		173,498,868	-		173,498,868
United Kingdom		-		1,726,946,824	-		1,726,946,824
United States		508,528,460		344,008,928	-		852,537,388
Money Market Funds		186,197,781		328,474,032	-		514,671,813
Total Investments	$	1,317,927,520	$	8,181,277,267	$-	$	9,499,204,787

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 Oppenheimer International Growth Fund

Effect of Derivative Investments for the six months ended April 30, 2022

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 Statement of Operations
	Currency Risk
Realized Gain:
Forward foreign currency contracts	$1,414

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value	$3,948,367

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $447.

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

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, 2021.

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, 2022 was $723,966,894 and $1,394,626,720, respectively. Cost of investments, including any derivatives, on a tax basis 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
Aggregate unrealized appreciation of investments	$	3,696,093,576
Aggregate unrealized (depreciation) of investments		(701,633,931	)
Net unrealized appreciation of investments	$	2,994,459,645

Cost of investments for tax purposes is $6,504,745,142.

16 Invesco Oppenheimer International Growth Fund

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		3,069,198		$	127,397,224			4,040,967		$	200,882,672
Class C		89,893			3,441,950			233,044			10,755,270
Class R		548,969			21,881,934			744,656			36,050,894
Class Y		13,312,741			542,656,370			16,277,481			799,477,101
Class R5		128,268			5,221,025			862,492			43,219,714
Class R6		11,449,650			463,510,247			16,294,148			811,809,014
Issued as reinvestment of dividends:
Class A		3,967,563			174,691,830			4,214,597			193,702,887
Class C		417,051			16,865,527			614,969			26,419,071
Class R		861,731			36,821,772			896,402			40,194,683
Class Y		10,649,974			465,084,384			10,643,741			485,886,766
Class R5		122,171			5,379,201			-			-
Class R6		13,677,773			596,897,993			15,502,468			707,222,576
Automatic conversion of Class C shares to Class A shares:
Class A		346,270			14,071,460			1,149,883			56,043,620
Class C		(377,091	)		(14,071,460	)		(1,232,354	)		(56,043,620	)
Reacquired:
Class A		(4,070,436	)		(171,177,661	)		(9,582,936	)		(477,693,606	)
Class C		(347,541	)		(13,308,568	)		(802,280	)		(37,242,263	)
Class R		(661,319	)		(27,199,222	)		(1,413,447	)		(68,657,916	)
Class Y		(17,007,040	)		(682,465,868	)		(21,892,625	)		(1,088,791,706	)
Class R5		(28,591	)		(1,207,732	)		(25,596	)		(1,342,843	)
Class R6		(17,540,839	)		(749,260,932	)		(40,582,197	)		(2,008,929,982	)
Net increase (decrease) in share activity		18,608,395		$	815,229,474			(4,056,587	)	$	(327,037,668	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the 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.

In addition, 7% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

17 Invesco Oppenheimer International Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/21)	Ending     Account Value     (04/30/22)1	Expenses     Paid During       Period2	Ending     Account Value       (04/30/22)	Expenses     Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$753.00	$4.48	$1,019.69	$5.16	1.03%
Class C	1,000.00	750.10	7.72	1,015.97	8.90	1.78
Class R	1,000.00	751.90	5.56	1,018.45	6.41	1.28
Class Y	1,000.00	753.80	3.39	1,020.93	3.91	0.78
Class R5	1,000.00	754.10	3.17	1,021.17	3.66	0.73
Class R6	1,000.00	754.30	2.87	1,021.52	3.31	0.66

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

18 Invesco Oppenheimer International Growth Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-06463 and 033-44611                   Invesco Distributors, Inc. O-IGR-SAR-1                                         

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.     CONTROLS AND PROCEDURES.

(a) As of June 16, 2022, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 16, 2022, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.     EXHIBITS.

13(a) (1)	Not applicable.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.
13(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

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

Registrant:    AIM International Mutual Funds (Invesco International Mutual Funds)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	July 6, 2022

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

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	July 6, 2022
By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	July 6, 2022